N-CSRS 1 f3689d1.htm 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, 4th 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, 2020
Date of reporting period:	February 29, 2020

Item 1. Reports to Stockholders.

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

FEBRUARY 29, 2020

2020 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

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

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

Table of Contents

Page

Fund Summary 3

About Fund Performance 8

Shareholder Expenses 8

Schedules of Investments 9

Financial Statements

Statements of Assets and Liabilities 25

Statements of Operations 27

Statements of Changes in Net Assets 29

Financial Highlights 32

Notes to Financial Statements 37

Statement Regarding Liquidity Risk Management Program 45

Supplemental Information 46

General Information 47

Glossary of Terms Used in this Report 48

Fund Summary as of February 29, 2020

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	(4.50	)%	(8.10	)%	4.47	%	2.25	%	(8.10	)%	24.44	%	24.98	%
Fund Market	(3.13	)	(6.74	)	4.79		2.39		(6.74	)	26.38		26.70
Index	(4.29	)	(8.09	)	4.63		2.39		(8.09	)	25.37		26.59

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 8 for more information.

Expense Example

Actual							Hypothetical 5% Return
Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Annualized Expense Ratio
$	1,000.00	$	955.00	$	2.43		$	1,000.00	$	1,022.40	$	2.51		0.50	%

(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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Financials		36.0	%
Energy		13.7
Real Estate		12.1
Industrials		11.5
Materials		11.2
Utilities		8.0
Communication Services		3.0
Information Technology		2.0
Consumer Discretionary		1.6
Consumer Staples		0.9

TEN LARGEST HOLDINGS
	Percent of
Security	Total Investments		^(a)
Erste Group Bank AG		21.0	%
OMVAG		12.4
Verbund AG		6.3
Raiffeisen Bank International AG		5.3
BAWAG Group AG		4.6
ANDRITZAG		4.6
CA Immobilien Anlagen AG		4.6
voestalpine AG		4.6
IMMOFINANZAG		4.5
Wienerberger AG		4.4

^(a)

Excludes money market funds.

F u n d S u m m a r y 3

Fund Summary as of February 29, 2020

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	(7.65	)%	(3.33	)%	1.83	%	6.07	%	(3.33	)%	9.49	%	80.34	%
Fund Market	(5.90	)	(1.27	)	2.32		6.28		(1.27	)	12.16		83.81
Index	(7.57	)	(3.34	)	1.84		6.87		(3.34	)	9.54		94.35

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 (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Annualized Expense Ratio
$	1,000.00	$	923.50	$	2.39		$	1,000.00	$	1,022.40	$	2.51		0.50	%

^(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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Financials		25.0	%
Consumer Staples		22.7
Health Care		18.8
Materials		10.3
Real Estate		9.6
Communication Services		4.8
Information Technology		2.8
Utilities		1.8
Consumer Discretionary		1.6
Energy		1.4
Industrials		1.2

TEN LARGEST HOLDINGS
	Percent of
Security	Total Investments		^(a)
Anheuser-Busch InBev SA/NV		20.2	%
KBC Group NV		9.8
UCB SA		7.0
Galapagos NV		5.6
Umicore SA		4.6
Groupe Bruxelles Lambert SA		4.5
Ageas		4.3
Solvay SA		4.1
Argenx SE		3.6
Cofinimmo SA		2.5

^(a)

Excludes money market funds.

4 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Fund Summary as of February 29, 2020 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	(2.34	)%	0.45	%	4.00	%	4.73	%	0.45	%	21.67	%	58.68	%
Fund Market	(1.45	)	1.58		4.35		4.88		1.58		23.71		61.10
Index	(2.15	)	0.40		3.95		4.70		0.40		21.37		58.37

Expense Example

Actual							Hypothetical 5% Return
Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Annualized Expense Ratio
$	1,000.00	$	976.60	$	2.46		$	1,000.00	$	1,022.40	$	2.51		0.50	%

(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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Industrials		22.1	%
Consumer Discretionary		18.6
Consumer Staples		10.6
Financials		10.5
Health Care		8.1
Energy		6.8
Information Technology		6.3
Materials		5.3
Communication Services		5.1
Utilities		4.0
Real Estate		2.6

TEN LARGEST HOLDINGS
	Percent of
Security	Total Investments		^(a)
LVMH Moet Hennessy Louis Vuitton SE		7.6	%
Sanofi		7.0
TOTALSA		6.8
Airbus SE		4.6
L'Oreal SA		4.4
Air Liquide SA		4.3
Schneider Electric SE		3.7
BNP Paribas SA		3.6
Vinci SA		3.4
Safran SA		3.0

^(a)

Excludes money market funds.

F u n d S u m m a r y

Fund Summary as of February 29, 2020

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	(0.97	)%	4.58	%	5.60	%	7.05	%	4.58	%	31.34	%	97.70	%
Fund Market	(0.18	)	5.63		5.85		7.14		5.63		32.85		99.34
Index	(0.76	)	5.06		6.10		7.43		5.06		34.48		104.71

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
(09/01/19) Ending
Account Value
(02/29/20) Expenses
Paid During
the Period ^(a) Beginning
Account Value
(09/01/19) Ending
Account Value
(02/29/20) Expenses
Paid During
the
Period ^(a) Annualized
Expense
Ratio

$ 1,000.00 $ 990.30 $ 2.47 $ 1,000.00 $ 1,022.40 $ 2.51 0.50 %

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Information Technology		28.2	%
Consumer Staples		23.8
Financials		11.2
Industrials		10.6
Materials		8.0
Consumer Discretionary		7.2
Health Care		6.7
Communication Services		2.1
Energy		1.4
Real Estate		0.8

TEN LARGEST HOLDINGS
	Percent of
Security	Total Investments		^(a)
ASML Holding NV		19.4	%
Unilever NV		12.7
Koninklijke Philips NV		6.5
ING Groep NV		6.0
Prosus NV		4.7
Koninklijke Ahold Delhaize NV		4.4
NXP Semiconductors NV		4.4
Heineken NV		3.6
Wolters Kluwer NV		3.5
Koninklijke DSM NV		3.5

^(a)

Excludes money market funds.

6 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Fund Summary as of February 29, 2020

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	7.60	%		3.74	%	1.05	%	6.13	%	3.74	%	5.35	%	81.32	%
Fund Market	9.30			5.88		1.42		6.35		5.88		7.29		85.05
Index	7.45			2.85		0.29		5.70		2.85		1.44		74.12

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 (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Annualized Expense Ratio
$	1,000.00	$	1,076.00	$	2.68		$	1,000.00	$	1,022.30	$	2.61		0.52	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Industrials		37.0	%
Financials		28.1
Information Technology		10.5
Consumer Staples		8.5
Consumer Discretionary		6.5
Communication Services		6.1
Materials		1.7
Energy		1.6

TEN LARGEST HOLDINGS
	Percent of
Security	Total Investments		^(a)
Nordea Bank Abp		6.8	%
Telefonaktiebolaget LM Ericsson, Class B		6.6
Volvo AB, Class B		6.4
Atlas Copco AB, Class A		6.4
Investor AB, Class B		6.1
Assa Abloy AB, Class B		6.0
Essity AB, Class B		4.5
Sandvik AB		4.4
Hennes & Mauritz AB, Class B		4.2
Skandinaviska Enskilda Banken AB, Class A		4.1

^(a)

Excludes money market funds.

F u n d S u m m a r y 5

About Fund Performance

Past performance is no guarantee of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

8	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited)	iShares^®MSCI Austria ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.8%
FACC AG^(a)		54,194	$	529,812
Air Freight & Logistics — 2.6%
Oesterreichische Post AG		56,512		1,793,984
Banks — 30.4%
BAWAG Group AG^(b)		73,502		3,156,865
Erste Group Bank AG		418,020		14,248,167
Raiffeisen Bank International AG		176,617		3,623,041
				21,028,073
Chemicals — 2.2%
Lenzing AG		23,122		1,544,220
Construction & Engineering — 0.9%
Porr AG^(a)		33,616		593,762
Construction Materials — 4.3%
Wienerberger AG		116,869		2,962,888
Diversified Telecommunication Services — 3.0%
Telekom Austria AG		273,174		2,055,465
Electric Utilities — 7.8%
EVN AG		67,147		1,118,165
Verbund AG		90,989		4,285,721
				5,403,886
Electrical Equipment — 0.8%
Zumtobel Group AG^(c)		73,210		579,006
Electronic Equipment, Instruments & Components — 1.9%
AT&S Austria Technologie & Systemtechnik AG		51,853		897,656
Kapsch TrafficCom AG		19,185		442,549
				1,340,205
Energy Equipment & Services — 1.3%
Schoeller-Bleckmann Oilfield Equipment AG		22,975		935,026
Food Products — 0.9%
Agrana Beteiligungs AG		32,521		627,290
Hotels, Restaurants & Leisure — 1.6%
DO & CO AG		12,687		1,102,340
Insurance — 5.0%
UNIQA Insurance Group AG		204,888		1,831,982
Vienna Insurance Group AG Wiener Versicherung Gruppe		66,146		1,598,477
				3,430,459

Security	Shares		Value
Machinery — 6.3%
ANDRITZ AG		89,712	$	3,145,528
Palfinger AG		29,635		734,060
Semperit AG Holding^(a)(c)		37,293		446,513
				4,326,101
Metals & Mining — 4.5%
voestalpine AG		142,846		3,103,663
Oil, Gas & Consumable Fuels — 12.2%
OMV AG.		202,222		8,407,646
Real Estate Management & Development — 11.9%
CA Immobilien Anlagen AG		77,307		3,141,960
IMMOFINANZ AG		119,145		3,049,383
S IMMO AG		77,257		2,036,710
				8,228,053
Total Common Stocks — 98.4%
(Cost: $86,976,770)				67,991,879

Short-Term Investments

Money Market Funds — 1.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(d)(e)(f)		1,066,637		1,067,384
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(d)(e)		27,000		27,000
				1,094,384
Total Short-Term Investments — 1.6%
(Cost: $1,093,944)				1,094,384

Total Investments in Securities — 100.0%
(Cost: $88,070,714)				69,086,263

Other Assets, Less Liabilities — 0.0%				3,051
Net Assets — 100.0%			$	69,089,314

^(a)

All or a portion of this security is on loan.

^(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) 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

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Austria ETF
February 29, 2020

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:

Affiliated Issuer	Shares Held at 08/31/19	Net Activity		Shares Held at 02/29/20	Value at 02/29/20		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	1,211,200	(144,563	)	1,066,637	$	1,067,384	$	35,578	(b)	$	(53	)	$	200
BlackRock Cash Funds: Treasury, SL Agency Shares	24,000	3,000		27,000		27,000		287			—			—
					$	1,094,384	$	35,865		$	(53	)	$	200

^(a)

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

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

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		29	03/20/20	$	1,056	$	(134,792	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity
	Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	134,792

^(a)

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

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity
	Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	156,162
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(172,950	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	1,148,087

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

10 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Austria ETF
February 29, 2020

Fair Value Measurements (continued)

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of February 29, 2020. The breakdown of the Fund's investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	67,991,879		$	—	$	—	$	67,991,879
Money Market Funds		1,094,384			—		—		1,094,384
	$	69,086,263		$	—	$	—	$	69,086,263
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(134,792	)	$	—	$	—	$	(134,792	)

^(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

Schedule of Investments (unaudited)	iShares^®MSCI Belgium ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Air Freight & Logistics — 0.6%
bpost SA		26,900	$	218,894
Banks — 9.8%
KBC Group NV		50,039		3,299,019
Beverages — 20.1%
Anheuser-Busch InBev SA/NV		121,906		6,793,133
Biotechnology — 9.2%
Argenx SE^(a)		8,928		1,216,063
Galapagos NV^(a)(b)		9,119		1,876,139
				3,092,202
Capital Markets — 0.8%
Gimv NV		4,942		282,827
Chemicals — 9.6%
Recticel SA		16,325		120,504
Solvay SA		15,171		1,367,829
Tessenderlo Group SA^(a)		7,258		217,651
Umicore SA^(b)		36,860		1,529,264
				3,235,248
Construction & Engineering — 0.6%
Cie. d'Entreprises CFE		2,170		189,022
Distributors — 1.0%
D'ieteren SA/NV		6,100		353,789
Diversified Financial Services — 10.0%
Ackermans & van Haaren NV		5,150		732,584
Groupe Bruxelles Lambert SA		16,779		1,509,121
KBC Ancora		9,225		393,168
Sofina SA		3,391		727,089
				3,361,962
Diversified Telecommunication Services — 2.4%
Proximus SADP		32,975		809,910
Electric Utilities — 1.8%
Elia Group SA/NV		6,180		611,636
Electronic Equipment, Instruments & Components — 1.3%
Barco NV		2,125		452,369
Entertainment — 0.6%
Kinepolis Group NV		4,162		218,529
Equity Real Estate Investment Trusts (REITs) — 9.6%
Aedifica SA		5,416		698,437
Befimmo SA		5,704		304,819
Cofinimmo SA		5,309		840,927
Intervest Offices & Warehouses NV		6,238		174,044
Montea CVA		2,875		268,749
Retail Estates NV		2,571		202,489
Warehouses De Pauw CVA		27,775		738,328
				3,227,793
Food & Staples Retailing — 1.7%
Colruyt SA		12,479		573,250
Health Care Equipment & Supplies — 0.6%
Biocartis NV^(a)(b)(c)		18,307		99,943
Ion Beam Applications^(a)(b)		9,539		92,889
				192,832

Security	Shares		Value

Health Care Providers & Services — 1.0%
Fagron		15,497	$	324,112
Health Care Technology — 0.6%
AGFA-Gevaert NV^(a)		45,547		199,524
Insurance — 4.3%
Ageas		31,213		1,435,894
IT Services — 0.4%
Econocom Group SA/NV		50,321		139,956
Media — 1.2%
Telenet Group Holding NV		10,910		413,691
Metals & Mining — 0.6%
Bekaert SA		10,050		215,158
Oil, Gas & Consumable Fuels — 1.4%
Euronav NV		42,528		383,763
Exmar NV^(a)(b)		18,108		93,188
				476,951
Personal Products — 0.8%
Ontex Group NV		18,256		272,725
Pharmaceuticals — 7.4%
Mithra Pharmaceuticals SA^(a)(b)		5,475		133,270
UCB SA		25,785		2,366,714
				2,499,984
Semiconductors & Semiconductor Equipment — 1.0%
Melexis NV		4,976		340,525
Textiles, Apparel & Luxury Goods — 0.6%
Sioen Industries NV		4,455		90,629
Van de Velde NV		3,645		98,495
				189,124
Wireless Telecommunication Services — 0.5%
Orange Belgium SA		9,287		175,462
Total Common Stocks — 99.5%
(Cost: $43,737,545)				33,595,521

Short-Term Investments
Money Market Funds — 9.2%

BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(d)(e)(f)		3,090,195		3,092,358
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(d)(e)		14,000		14,000
				3,106,358
Total Short-Term Investments — 9.2%
(Cost: $3,105,853)				3,106,358

Total Investments in Securities — 108.7%
(Cost: $46,843,398)				36,701,879

Other Assets, Less Liabilities — (8.7)%.				(2,930,242	)
Net Assets — 100.0%			$	33,771,637

^(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.

12	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued) iShares^®MSCI Belgium ETF

February 29, 2020

^(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 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:

Affiliated Issuer	Shares Held at 08/31/19	Net Activity		Shares Held at 02/29/20	Value at 02/29/20		Income			Net Realized Gain (Loss)		^(a)	Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	1,699,780	1,390,415		3,090,195	$	3,092,358	$	20,013	^(b)	$	145		$	89
BlackRock Cash Funds: Treasury, SL Agency Shares	19,000	(5,000	)	14,000		14,000		192			—			—
					$	3,106,358	$	20,205		$	145		$	89

^(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
Euro STOXX 50 Index	1	03/20/20	$	36	$	(4,652	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity
	Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	4,652

^(a)

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

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity
	Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	3,078
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(4,652	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	52,953

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

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued) iShares^®MSCI Belgium ETF

February 29, 2020

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	33,595,521		$	—	$	—	$	33,595,521
Money Market Funds		3,106,358			—		—		3,106,358
	$	36,701,879		$	—	$	—	$	36,701,879
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(4,652	)	$	—	$	—	$	(4,652	)

^(a)

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

See notes to financial statements.

14	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited)	iShares^®MSCI France ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Aerospace & Defense — 8.5%
Airbus SE		319,716	$	37,963,847
Dassault Aviation SA		1,361		1,403,795
Safran SA		179,189		24,426,615
Thales SA		58,600		5,844,719
				69,638,976
Auto Components — 1.8%
Cie. Generale des Etablissements Michelin SCA		93,808		9,916,894
Faurecia SE		41,726		1,873,690
Valeo SA		131,990		3,302,744
				15,093,328
Automobiles — 1.1%
Peugeot SA		321,442		6,180,803
Renault SA		105,725		3,076,959
				9,257,762
Banks — 6.1%
BNP Paribas SA		616,050		29,629,305
Credit Agricole SA		633,208		7,518,864
Societe Generale SA		443,538		12,467,555
				49,615,724
Beverages — 2.4%
Pernod Ricard SA		116,184		18,683,901
Remy Cointreau SA		12,443		1,247,206
				19,931,107
Building Products — 1.1%
Cie. de Saint-Gobain		269,087		9,340,281
Capital Markets — 0.6%
Amundi SA^(a)		33,134		2,353,004
Natixis SA		521,697		2,101,403
				4,454,407
Chemicals — 4.7%
Air Liquide SA		259,161		34,986,596
Arkema SA		37,819		3,533,585
				38,520,181
Construction & Engineering — 4.6%
Bouygues SA		122,411		4,770,723
Eiffage SA		42,827		4,535,915
Vinci SA		281,856		28,167,829
				37,474,467
Diversified Financial Services — 0.4%
Eurazeo SE		21,496		1,430,904
Wendel SA		14,816		1,801,601
				3,232,505
Diversified Telecommunication Services — 1.9%
Iliad SA		8,161		1,132,209
Orange SA		1,093,972		14,648,396
				15,780,605
Electric Utilities — 0.6%
Electricite de France SA		334,850		4,630,802
Electrical Equipment — 5.0%
Legrand SA		145,966		11,066,412
Schneider Electric SE		302,913		30,112,488
				41,178,900
Electronic Equipment, Instruments & Components — 0.6%
Ingenico Group SA		33,040		4,643,661

Security	Shares		Value

Entertainment — 2.1%
Bollore SA		484,660	$	1,652,491
Ubisoft Entertainment SA^(b)		49,539		3,666,556
Vivendi SA		453,985		11,479,606
				16,798,653
Equity Real Estate Investment Trusts (REITs) — 2.6%
Covivio		26,346		2,778,216
Gecina SA		25,108		4,432,086
ICADE		16,465		1,632,259
Klepierre SA		108,011		3,205,778
Unibail-Rodamco-Westfield.		75,804		9,076,090
				21,124,429
Food & Staples Retailing — 0.8%
Carrefour SA		332,239		5,709,609
Casino Guichard Perrachon SA^(c)		29,143		1,126,506
				6,836,115
Food Products — 2.9%
Danone SA		338,300		23,678,703
Health Care Equipment & Supplies — 0.3%
BioMerieux		22,402		2,051,032
Hotels, Restaurants & Leisure — 1.0%
Accor SA		96,339		3,457,255
Sodexo SA		48,285		4,600,572
				8,057,827
Household Durables — 0.2%
SEB SA		12,450		1,630,143
Insurance — 3.5%
AXA SA		1,058,583		24,366,477
CNP Assurances		94,677		1,471,570
SCOR SE		86,949		3,104,046
				28,942,093
IT Services — 3.1%
Atos SE		53,714		3,970,843
Capgemini SE		87,110		9,493,960
Edenred		133,463		6,915,235
Worldline SA^(a)(b)		69,962		5,291,104
				25,671,142
Life Sciences Tools & Services — 0.7%
Eurofins Scientific SE^(c)		6,311		3,152,817
Sartorius Stedim Biotech		15,247		2,875,642
				6,028,459
Machinery — 0.6%
Alstom SA		104,602		5,111,902
Media — 1.1%
Eutelsat Communications SA		94,205		1,266,589
JCDecaux SA		46,734		1,067,767
Publicis Groupe SA		118,713		4,561,401
SES SA		200,490		2,285,968
				9,181,725
Metals & Mining — 0.6%
ArcelorMittal SA		364,793		5,143,472
Multi-Utilities — 3.4%
Engie SA		1,001,444		16,533,538
Suez		187,713		2,944,440

S c h e d u l e o f I n v e s t m e n t s 15

Schedule of Investments (unaudited) (continued)	iShares^®MSCI France ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares			Value
Multi-Utilities (continued)
Veolia Environnement SA		295,252	$		8,409,604
					27,887,582
Oil, Gas & Consumable Fuels — 6.8%
TOTAL SA		1,314,951			55,436,358
Personal Products — 4.4%
L'Oreal SA		137,589			36,423,436
Pharmaceuticals — 7.1%
Ipsen SA		20,750			1,335,660
Sanofi		617,842			56,960,633
					58,296,293
Professional Services — 1.4%
Bureau Veritas SA		161,204			3,904,492
Teleperformance		32,182			7,769,998
					11,674,490
Semiconductors & Semiconductor Equipment — 1.2%
STMicroelectronics NV		373,805			10,022,892
Software — 1.4%
Dassault Systemes SE		71,967			11,225,402
Textiles, Apparel & Luxury Goods — 14.4%
EssilorLuxottica SA		155,482			21,024,144
Hermes International		17,363			12,015,600
Kering SA		41,501			23,057,783
LVMH Moet Hennessy Louis Vuitton SE		152,304			62,042,565
					118,140,092
Transportation Infrastructure — 0.8%
Aeroports de Paris		16,336			2,400,944
Getlink SE		241,150			3,862,112
					6,263,056
Total Common Stocks — 99.8%
(Cost: $962,853,410)					818,418,002

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(d)(e)(f)		4,056,959	$	4,059,799
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(d)(e)		501,000		501,000
				4,560,799
Total Short-Term Investments — 0.6%
(Cost: $4,559,593)				4,560,799

Total Investments in Securities — 100.4%
(Cost: $967,413,003)				822,978,801

Other Assets, Less Liabilities — (0.4)%				(3,251,313	)

Net Assets — 100.0%			$	819,727,488

^(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 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:

Affiliated Issuer	Shares Held at 08/31/19	Net Activity		Shares Held at 02/29/20	Value at 02/29/20		Income			Net Realized Gain (Loss)		^(a)	Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	9,131,775	(5,074,816	)	4,056,959	$	4,059,799	$	136,231	^(b)	$	662		$	835
BlackRock Cash Funds: Treasury, SL Agency Shares	436,000	65,000		501,000		501,000		3,789			—			—
					$	4,560,799	$	140,020		$	662		$	835

^(a)

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

16	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued) iShares^®MSCI France ETF

February 29, 2020

Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
CAC 40 Index	20	03/20/20	$	1,166	$	(165,258	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity
	Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	165,258

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity
	Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	138,732
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(219,265	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	1,541,740

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	$	818,418,002		$	—	$	—	$	818,418,002
Money Market Funds		4,560,799			—		—		4,560,799
	$	822,978,801		$	—	$	—	$	822,978,801
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(165,258	)	$	—	$	—	$	(165,258	)

^(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

Schedule of Investments (unaudited)	iShares^®MSCI Netherlands ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares			Value
Common Stocks
Air Freight & Logistics — 0.2%
PostNL NV		246,681	$		372,579
Banks — 7.2%
ABN AMRO Bank NV, CVA^(a)		162,575			2,221,541
ING Groep NV		1,342,478			12,695,214
NIBC Holding NV^(a)		23,744			252,731
					15,169,486
Beverages — 6.6%
Coca-Cola European Partners PLC		87,363			4,452,018
Heineken Holding NV		22,440			1,967,007
Heineken NV		75,954			7,527,203
					13,946,228
Biotechnology — 0.2%
Pharming Group NV^(b)		318,656			391,856
Capital Markets — 0.2%
Flow Traders^(a)		19,930			474,621
Chemicals — 7.4%
Akzo Nobel NV		83,211			6,594,733
Corbion NV		29,286			1,058,367
Koninklijke DSM NV		66,027			7,379,656
OCI NV^(b)		40,608			676,002
					15,708,758
Construction & Engineering — 1.2%
Arcadis NV		38,583			877,297
Boskalis Westminster^(c)		40,540			881,494
Koninklijke BAM Groep NV		144,244			389,140
Koninklijke Volkerwessels NV		17,273			415,520
					2,563,451
Diversified Financial Services — 0.0%
SRH NV^(b)(c)(d)		68,952			1
Diversified Telecommunication Services — 1.5%
Koninklijke KPN NV		1,335,796			3,229,537
Electrical Equipment — 1.3%
Kendrion NV		13,982			278,296
SIF Holding NV^(c)		12,575			181,503
Signify NV^(a)		50,801			1,495,503
TKH Group NV		19,630			883,203
					2,838,505
Energy Equipment & Services — 0.7%
Fugro NV, CVA^(b)(c)		43,976			347,412
SBM Offshore NV		75,629			1,182,568
					1,529,980
Equity Real Estate Investment Trusts (REITs) — 0.9%
Eurocommercial Properties NV		24,397			534,102
NSI NV		12,198			612,999
Vastned Retail NV		11,846			297,330
Wereldhave NV^(c)		21,756			345,324
					1,789,755
Food & Staples Retailing — 4.4%
Koninklijke Ahold Delhaize NV		398,323			9,267,050
Food Products — 0.1%
ForFarmers NV		34,073			205,851

Security	Shares		Value
Health Care Equipment & Supplies — 6.5%
Koninklijke Philips NV		320,367	$	13,625,840
Hotels, Restaurants & Leisure — 0.3%
Basic-Fit NV^(a)(b)		16,474		549,209
Household Durables — 0.2%
TomTom NV		39,560		396,785
Insurance — 3.8%
Aegon NV		690,958		2,330,835
ASR Nederland NV		54,150		1,791,569
NN Group NV		114,328		3,872,997
				7,995,401
Internet & Direct Marketing Retail — 6.5%
Just Eat Takeaway^(a)(b)		44,596		3,884,627
Prosus NV^(b)		140,020		9,792,759
				13,677,386
IT Services — 2.8%
Adyen NV^(a)(b)		3,915		3,428,303
InterXion Holding NV^(b)		28,888		2,452,302
				5,880,605
Leisure Products — 0.2%
Accell Group NV		17,222		471,046
Machinery — 0.7%
Aalberts NV		41,214		1,527,913
Media — 0.6%
Altice Europe NV^(b)		240,352		1,278,623
Metals & Mining — 0.5%
AMG Advanced Metallurgical Group NV^(c)		16,849		388,663
Constellium SE, Class A^(b)		55,129		683,600
				1,072,263
Oil, Gas & Consumable Fuels — 0.7%
Koninklijke Vopak NV		30,118		1,427,536
Personal Products — 12.7%
Unilever NV		512,274		26,793,303
Professional Services — 5.0%
Brunel International NV		22,596		185,161
Intertrust NV^(a)		36,598		611,458
Randstad NV		47,011		2,412,068
Wolters Kluwer NV		102,172		7,443,147
				10,651,834
Semiconductors & Semiconductor Equipment — 25.4%
ASM International NV		19,794		2,281,898
ASML Holding NV		149,672		40,789,415
BE Semiconductor Industries NV		34,649		1,335,912
NXP Semiconductors NV		80,565		9,159,435
				53,566,660
Trading Companies & Distributors — 2.0%
AerCap Holdings NV^(b)		48,748		2,538,796
IMCD NV		21,868		1,776,345
				4,315,141
Total Common Stocks — 99.8%
(Cost: $225,615,363)				210,717,203

18 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued) iShares^®MSCI Netherlands ETF

February 29, 2020 (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, 1.74%^(e)(f)(g)		1,490,343	$	1,491,386
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(e)(f)		125,000		125,000
				1,616,386
Total Short-Term Investments — 0.8%
(Cost: $1,615,937)				1,616,386

Total Investments in Securities — 100.6%
(Cost: $227,231,300)				212,333,589
Other Assets, Less Liabilities — (0.6)%				(1,249,688	)

Net Assets — 100.0%			$	211,083,901



	^(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 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:

Affiliated Issuer	Shares Held at 08/31/19	Net Activity		Shares Held at 02/29/20	Value at 02/29/20		Income			Net Realized Gain (Loss)		^(a)	Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	2,182,420	(692,077	)	1,490,343	$	1,491,386	$	23,911	^(b)	$	133		$	228
BlackRock Cash Funds: Treasury, SL Agency Shares	102,000	23,000		125,000		125,000		751			—			—
					$	1,616,386	$	24,662		$	133		$	228

^(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
Euro STOXX 50 Index	7	03/20/20	$	255	$	(35,314	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity
	Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	35,314

^(a)

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued) iShares^®MSCI Netherlands ETF

February 29, 2020

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity
	Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	50,901
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(51,382	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	435,416

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	$	210,717,202		$	—	$	1	$	210,717,203
Money Market Funds		1,616,386			—		—		1,616,386
	$	212,333,588		$	—	$	1	$	212,333,589
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(35,314	)	$	—	$	—	$	(35,314	)

^(a)

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

See notes to financial statements.

20	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited)	iShares^®MSCI Sweden ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 18.3%
Nordea Bank Abp		1,912,908	$	14,932,170
Skandinaviska Enskilda Banken AB, Class A		952,092		8,979,721
Svenska Handelsbanken AB, Class A		897,733		8,933,717
Swedbank AB, Class A		528,289		7,887,472
				40,733,080
Building Products — 5.9%
Assa Abloy AB, Class B		591,599		13,113,287
Commercial Services & Supplies — 1.3%
Securitas AB, Class B		214,244		2,881,602
Communications Equipment — 6.4%
Telefonaktiebolaget LM Ericsson, Class B		1,818,091		14,379,554
Construction & Engineering — 2.1%
Skanska AB, Class B		219,412		4,727,663
Diversified Financial Services — 9.2%
Industrivarden AB, Class C		119,036		2,655,721
Investor AB, Class B		268,997		13,243,006
Kinnevik AB, Class B		135,472		2,717,796
L E Lundbergforetagen AB, Class B		45,575		1,866,229
				20,482,752
Diversified Telecommunication Services — 3.1%
Telia Co. AB		1,770,627		6,927,198
Electronic Equipment, Instruments & Components — 3.9%
Hexagon AB, Class B		163,125		8,624,756
Food & Staples Retailing — 1.0%
ICA Gruppen AB		59,802		2,219,344
Household Durables — 2.3%
Electrolux AB, Series B		156,188		3,132,588
Husqvarna AB, Class B		296,556		1,964,377
				5,096,965
Household Products — 4.4%
Essity AB, Class B		330,823		9,813,689
Machinery — 26.9%
Alfa Laval AB		195,137		4,349,528
Atlas Copco AB, Class A		396,799		13,878,613

Security	Shares		Value
Machinery (continued)
Atlas Copco AB, Class B		226,963	$	6,924,700
Epiroc AB, Class A		391,847		4,468,101
Epiroc AB, Class B		225,874		2,498,683
Sandvik AB.		590,882		9,653,919
SKF AB, Class B		247,336		4,285,922
Volvo AB, Class B		911,031		13,982,467
				60,041,933
Metals & Mining — 1.6%
Boliden AB		175,839		3,598,360
Oil, Gas & Consumable Fuels — 1.6%
Lundin Petroleum AB.		129,232		3,588,334
Specialty Retail — 4.1%
Hennes & Mauritz AB, Class B.		508,797		9,097,900
Tobacco — 2.9%
Swedish Match AB		110,809		6,395,882
Wireless Telecommunication Services — 2.9%
Millicom International Cellular SA, SDR		51,317		2,332,134
Tele2 AB, Class B. .		285,809		4,110,949
				6,443,083
Total Common Stocks — 97.9%
(Cost: $276,100,495)				218,165,382

Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(a)(b)		102,000		102,000
Total Short-Term Investments — 0.0%
(Cost: $102,000)				102,000
Total Investments in Securities — 97.9%
(Cost: $276,202,495)				218,267,382
Other Assets, Less Liabilities — 2.1%				4,609,879
Net Assets — 100.0%			$	222,877,261

^(a)

Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:

Affiliated Issuer	Shares Held at 08/31/19	Net Activity	Shares Held at 02/29/20	Value at 02/29/20		Income			Net Realized Gain (Loss)		^(a)	Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	—	—	—	$	—	$	364	^(b)	$	—		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares	78,000	24,000	102,000		102,000		1,312			—			—
				$	102,000	$	1,676		$	—		$	—

^(a)

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

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Sweden ETF
February 29, 2020

Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
OMXS 30 Index	263	03/20/20	$	4,534	$	(581,554	)

Forward Foreign Currency Exchange Contracts

						Unrealized
						Appreciation
Currency	Purchased	Currency Sold		Counterparty	Settlement Date	(Depreciation)

USD	878,179	EUR	786,934	SCB	03/20/20	$	12,863
USD	8,236,470	SEK	77,306,278	SCB	03/20/20.		256,266
							269,129
SEK	1,784,216	USD	190,792	SCB	03/20/20		(6,611	)
	Net unrealized appreciation					$	262,518

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts		Foreign Currency Exchange Contracts		Total
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	269,129	$	269,129
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	581,554	$	—	$	581,554
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	6,611	$	6,611
	$	581,554	$	6,611	$	588,165

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts			Foreign Currency Exchange Contracts			Total
Net Realized Gain (Loss) from:
Futures contracts	$	1,017,660		$	—		$	1,017,660
Forward foreign currency exchange contracts		—			259,844			259,844
	$	1,017,660		$	259,844		$	1,277,504
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(749,215	)	$	—		$	(749,215	)
Forward foreign currency exchange contracts		—			(249,726	)		(249,726	)
	$	(749,215	)	$	(249,726	)	$	(998,941	)

22 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Sweden ETF
February 29, 2020

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	4,748,459
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	63,597
Average amounts sold — in USD	$	8,985,086

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

Derivative Financial Instruments - Offsetting as of Period End

The Fund's derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Futures contracts	$	—	$	581,554
Forward foreign currency exchange contracts		269,129		6,611
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	269,129	$	588,165
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(581,554	)
Total derivative assets and liabilities subject to an MNA	$	269,129	$	6,611

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

Counterparty		Derivative Assets Subject to an MNA by Counterparty				Derivatives Available for Offset^(a)				Net Amount of Derivative Assets^(b)
Standard Chartered Bank		$	269,129			$	(6,611	)		$	262,518

Counterparty		Derivative Liabilities Subject to an MNA by Counterparty				Derivatives Available for Offset^(a)				Net Amount of Derivative Liabilities
Standard Chartered Bank		$	6,611			$	(6,611	)		$	—

^(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

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Sweden ETF
February 29, 2020

Fair Value Measurements (continued)

	Level 1			Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	218,165,382		$	—		$	—	$	218,165,382
Money Market Funds		102,000			—			—		102,000
	$	218,267,382		$	—		$	—	$	218,267,382
Assets
Forward Foreign Currency Exchange Contracts	$	—		$	269,129		$	—	$	269,129
Liabilities
Forward Foreign Currency Exchange Contracts		—			(6,611	)		—		(6,611	)
Futures Contracts		(581,554	)		—			—		(581,554	)
	$	(581,554	)	$	262,518		$	—	$	(319,036	)

^(a)

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

See notes to financial statements.

24	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statements of Assets and Liabilities (unaudited)

February 29, 2020

	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)	$	67,991,879		$	33,595,521		$	818,418,002		$	210,717,203
Affiliated ^(c)		1,094,384			3,106,358			4,560,799			1,616,386
Cash		719			951			73			14,396
Foreign currency, at value^(d)		—			19,022			1,234,129			79,978
Foreign currency collateral pledged:
Futures contracts^(e)		77,990			3,296			91,172			19,772
Receivables:
Investments sold		2,811,449			878,566			596,816			1,510,449
Securities lending income — Affiliated		8,048			1,987			6,158			4,044
Capital shares sold		—			—			—			247,602
Dividends		40			21			796			182,453
Tax reclaims		1,074,413			39,423			—			—
Total assets		73,058,922			37,645,145			824,907,945			214,392,283

LIABILITIES
Foreign bank overdraft^(f)		7,158			—			—			—
Collateral on securities loaned, at value		1,067,537			3,089,904			4,060,067			1,488,219
Payables:
Investments purchased		2,818,719			756,688			743,239			1,724,035
Variation margin on futures contracts		46,126			1,596			49,839			11,164
Capital shares redeemed		—			8,363			—			—
Investment advisory fees		30,068			16,957			327,312			84,964
Total liabilities		3,969,608			3,873,508			5,180,457			3,308,382

NET ASSETS	$	69,089,314		$	33,771,637		$	819,727,488		$	211,083,901

NET ASSETS CONSIST OF:
Paid-in capital	$	128,500,301		$	60,317,624		$	945,024,178		$	244,386,580
Accumulated loss		(59,410,987	)		(26,545,987	)		(125,296,690	)		(33,302,679	)
NET ASSETS	$	69,089,314		$	33,771,637		$	819,727,488		$	211,083,901

Shares outstanding		3,850,000			2,000,000			28,600,000			7,000,000
Net asset value	$	17.95		$	16.89		$	28.66		$	30.15
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	$	991,067		$	2,309,687		$	3,853,021		$	1,358,059
^(b) Investments, at cost — Unaffiliated	$	86,976,770		$	43,737,545		$	962,853,410		$	225,615,363
^(c) Investments, at cost — Affiliated	$	1,093,944		$	3,105,853		$	4,559,593		$	1,615,937
^(d) Foreign currency, at cost	$	—		$	19,004		$	1,242,511		$	79,604
^(e) Foreign currency collateral pledged, at cost	$	79,132		$	3,328		$	91,654		$	19,748
^(f) Foreign bank overdraft, at cost	$	7,742		$	—		$	—		$	—

See notes to financial statements.

F i n a n c i a l S t a t e m e n t s

Statements of Assets and Liabilities (unaudited) (continued)

February 29, 2020

iShares
MSCI
Sweden ETF

ASSETS

Investments in securities, at value:

Unaffiliated^(a) $ 218,165,382

Affiliated^(b) 102,000

Cash 322

Foreign currency, at value(^c) 411,954

Foreign currency collateral pledged:

Futures contracts^(d) 435,561

Receivables:

Investments sold 539,556

Dividends 475

Tax reclaims 409,575

Foreign withholding tax claims 13,943,022

Unrealized appreciation on:

Forward foreign currency exchange contracts 269,129

Total assets 234,276,976

LIABILITIES

Payables:

Investments purchased. 769,701

Variation margin on futures contracts 3 19,639

Investment advisory fees. 95,533

Professional fees. 1,434,302

IRS compliance fee for foreign withholding tax claims 8,773,929

Unrealized depreciation on:

Forward foreign currency exchange contracts 6,611

Total liabilities. 11,399,715

NET ASSETS $ 222,877,261

NET ASSETS CONSIST OF:

Paid-in capital. $313,081,100

Accumulated loss. (90,203,839 )

NET ASSETS $ 222,877,261

Shares outstanding. 7,425,000

Net asset value. $ 30.02

Shares authorized. 63.6 million

Par value. $ 0001

^(a) Investments, at cost — Unaffiliated $ 276,100,495

^(b) Investments, at cost — Affiliated $ 102,000

^(c) Foreign currency, at cost. $ 369,667

^(d) Foreign currency collateral pledged, at cost $ 440,034

See notes to financial statements.

26	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statements of Operations (unaudited)

Six Months Ended February 29, 2020

iShares

iShares iShares iShares MSCI

MSCI Austria MSCI MSCI France Netherlands

ETF Belgium ETF ETF ETF

INVESTMENT INCOME

Dividends — Unaffiliated $ 51,979 $ 330,483 $ 4,444,663 $ 802,310

Dividends — Affiliated 287 192 3,789 751

Securities lending income — Affiliated — net 35,578 20,013 136,231 23,911

Foreign taxes withheld (7,918 ) (49,610 ) (657,207 ) (113,422 )

Total investment income 79,926 301,078 3,927,476 713,550

EXPENSES

Investment advisory fees 170,463 122,205 2,528,510 450,006

Total expenses 170,463 122,205 2,528,510 450,006

Net investment income (loss) (90,537 ) 178,873 1,398,966 263,544

REALIZED AND UNREALIZED GAIN (LOSS)

Net realized gain (loss) from:

Investments — Unaffiliated (1,681,631 ) (1,275,603 ) (3,229,566 ) (2,251,228 )

Investments — Affiliated (53 ) 145 662 133

In-kind redemptions — Unaffiliated 101,872 1,482,020 69,580,494 3,316,416

Futures contracts 156,162 3,078 138,732 50,901

Foreign currency transactions (382 ) (425 ) (9,221 ) (9,206 )

Net realized gain (loss) (1,424,032 ) 209,215 66,481,101 1,107,016

Net change in unrealized appreciation (depreciation) on:

Investments — Unaffiliated (3,375,196 ) (2,509,325 ) (68,718,944 ) (8,102,181 )

Investments — Affiliated 200 89 835 228

Futures contracts (172,950 ) (4,652 ) (219,265 ) (51,382 )

Foreign currency translations (1,613 ) 288 10,180 9,058

Net change in unrealized appreciation (depreciation) (3,549,559 ) (2,513,600 ) (68,927,194 ) (8,144,277 )

Net realized and unrealized loss (4,973,591 ) (2,304,385 ) (2,446,093 ) (7,037,261 )

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $ (5,064,128 ) $ (2,125,512 ) $ (1,047,127 ) $ (6,773,717 )

See notes to financial statements.

F i n a n c i a l S t a t e m e n t s

Statements of Operations (unaudited) (continued)

Six Months Ended February 29, 2020

	iShares MSCI Sweden ETF
INVESTMENT INCOME
Dividends — Unaffiliated.	$	1,135,382
Dividends — Affiliated.		1,312
Non-cash dividends — Unaffiliated		699,737
Securities lending income — Affiliated — net		364
Foreign taxes withheld.		(16,903	)
Foreign withholding tax claims.		226,240
Total investment income.		2,046,132

EXPENSES
Investment advisory fees.		550,538
Professional fees.		22,624
Total expenses.		573,162
Net investment income		1,472,970

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(322,646	)
In-kind redemptions — Unaffiliated		72,639
Futures contracts		1,017,660
Forward foreign currency exchange contracts		259,844
Foreign currency transactions		26,076
Net realized gain		1,053,573
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		11,827,150
Futures contracts		(749,215	)
Forward foreign currency exchange contracts		(249,726	)
Foreign currency translations		138,184
Net change in unrealized appreciation (depreciation)		10,966,393
Net realized and unrealized gain		12,019,966
NET INCREASE IN NETASSETS RESULTING FROM OPERATIONS	$	13,492,936

See notes to financial statements.

28	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statements of Changes in Net Assets

	iShares MSCI Austria ETF						iShares MSCI Belgium ETF

		Six Months						Six Months
		Ended						Ended
		02/29/20			Year Ended			02/29/20			Year Ended
		(unaudited)			08/31/19			(unaudited)			08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)	$	(90,537	)	$	1,991,632		$	178,873		$	1,205,284
Net realized gain (loss)		(1,424,032	)		(14,361,944	)		209,215			(1,884,910	)
Net change in unrealized appreciation (depreciation)		(3,549,559	)		(6,282,218	)		(2,513,600	)		(1,629,193	)
Net decrease in net assets resulting from operations		(5,064,128	)		(18,652,530	)		(2,125,512	)		(2,308,819	)

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(418,122	)		(2,792,866	)		(543,193	)		(1,172,255	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		19,804,617			(70,251,096	)		(10,864,972	)		(9,116,599	)

NET ASSETS
Total increase (decrease) in net assets		14,322,367			(91,696,492	)		(13,533,677	)		(12,597,673	)
Beginning of period		54,766,947			146,463,439			47,305,314			59,902,987
End of period	$	69,089,314		$	54,766,947		$	33,771,637		$	47,305,314

^(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F i n a n c i a l S t a t e m e n t s

Statements of Changes in Net Assets (continued)

iShares
MSCI France ETF iShares
MSCI Netherlands ETF

Six Months Ended Six Months Ended

02/29/20 Year Ended 02/29/20 Year Ended

(unaudited) 08/31/19 (unaudited) 08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS

Net investment income $ 1,398,966 $ 23,186,901 $ 263,544 $ 4,692,606

Net realized gain 66,481,101 19,210,568 1,107,016 12,102,764

Net change in unrealized appreciation (depreciation) (68,927,194 ) (81,679,760 ) (8,144,277 ) (9,530,024 )

Net increase (decrease) in net assets resulting from operations (1,047,127 ) (39,282,291 ) (6,773,717 ) 7,265,346

DISTRIBUTIONS TO SHAREHOLDERS^(a)

Decrease in net assets resulting from distributions to shareholders (1,712,762 ) (22,272,214 ) (782,943 ) (4,709,077 )

CAPITAL SHARE TRANSACTIONS

Net increase (decrease) in net assets derived from capital share transactions (306,712,691 ) 251,536,596 85,598,170 1,318,549

NET ASSETS

Total increase (decrease) in net assets (309,472,580 ) 189,982,091 78,041,510 3,874,818

Beginning of period 1,129,200,068 939,217,977 133,042,391 129,167,573

End of period $ 819,727,488 $ 1,129,200,068 $ 211,083,901 $ 133,042,391

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

See notes to financial statements.

30	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statements of Changes in Net Assets (continued)

iShares
MSCI Sweden ETF

Six Months

Ended

02/29/20 Year Ended

(unaudited) 08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS

Net investment income $ 1,472,970 $ 7,235,753

Net realized gain (loss) 1,053,573 (6,956,310 )

Net change in unrealized appreciation (depreciation) 10,966,393 (21,010,780 )

Net increase (decrease) in net assets resulting from operations 13,492,936 (20,731,337 )

DISTRIBUTIONS TO SHAREHOLDERS^(a)

Decrease in net assets resulting from distributions to shareholders (2,836,934 ) (7,255,549 )

CAPITAL SHARE TRANSACTIONS

Net increase (decrease) in net assets derived from capital share transactions 6,705,453 (14,965,695 )

NET ASSETS

Total increase (decrease) in net assets 17,361,455 (42,952,581 )

Beginning of period 205,515,806 248,468,387

End of period $ 222,877,261 $ 205,515,806

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

See notes to financial statements.

F i n a n c i a l S t a t e m e n t s

Financial Highlights

(For a share outstanding throughout each period)

iShares MSCI Austria ETF

Six Months Ended

02/29/20 Year Ended Year Ended Year Ended Year Ended Year Ended

(unaudited) 08/31/19 08/31/18 08/31/17 08/31/16 08/31/15

Net asset value, beginning of period $ 18.89 $ 22.88 $ 22.87 $ 15.58 $ 15.59 $ 17.55

Net investment income (loss)^(a) (0.03 ) 0.48 0.58 0.53 0.38 0.25

Net realized and unrealized gain (loss)^(b) (0.79 ) (3.69 ) 0.11 7.13 (0.06 ) (1.96 )

Net increase (decrease) from investment operations (0.82 ) (3.21 ) 0.69 7.66 0.32 (1.71 )

Distributions^(c)

From net investment income (0.12 ) (0.78 ) (0.68 ) (0.37 ) (0.33 ) (0.25 )

Total distributions (0.12 ) (0.78 ) (0.68 ) (0.37 ) (0.33 ) (0.25 )

Net asset value, end of period $ 17.95 $ 18.89 $ 22.88 $ 22.87 $ 15.58 $ 15.59

Total Return

Based on net asset value (4.50 )%^(d) (14.07 )% 3.03 % 49.52 % 2.11 % (9.76 )%

Ratios to Average Net Assets

Total expenses 0.50 %^(e) 0.49 % 0.47 % 0.49 % 0.48 % 0.48 %

Net investment income (loss) (0.26 )%^(e) 2.34 % 2.37 % 2.75 % 2.47 % 1.54 %

Supplemental Data

Net assets, end of period (000) $ 69,089 $ 54,767 $ 146,463 $ 233,322 $ 60,780 $ 56,130

Portfolio turnover rate^(f) 8 %^(d) 17 % 19 % 18 % 15 % 18 %

^(a) Based on average shares outstanding.

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

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

^(d) Not annualized.

^(e) Annualized.

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

See notes to financial statements.

32	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Financial Highlights (continued)

(For a share outstanding throughout each period)

iShares MSCI Belgium ETF

Six Months Ended

02/29/20 Year Ended Year Ended Year Ended Year Ended Year Ended

(unaudited) 08/31/19 08/31/18 08/31/17 08/31/16 08/31/15

Net asset value, beginning of period $ 18.48 $ 19.70 $ 20.59 $ 18.16 $ 17.00 $ 17.02

Net investment income^(a) 0.07 0.44 0.50 0.43 0.34 0.34

Net realized and unrealized gain (loss)^(b) (1.45 ) (1.22 ) (0.77 ) 2.51 1.05 (0.00 )^(c)

Net increase (decrease) from investment operations (1.38 ) (0.78 ) (0.27 ) 2.94 1.39 0.34

Distributions^(d)

From net investment income (0.21 ) (0.44 ) (0.62 ) (0.51 ) (0.23 ) (0.36 )

Total distributions (0.21 ) (0.44 ) (0.62 ) (0.51 ) (0.23 ) (0.36 )

Net asset value, end of period $ 16.89 $ 18.48 $ 19.70 $ 20.59 $ 18.16 $ 17.00

Total Return

Based on net asset value (7.65 )%^(e) (3.80 )% (1.34 )% 16.44 % 8.20 % 1.95 %

Ratios to Average Net Assets

Total expenses 0.50 %^(f) 0.49 % 0.47 % 0.49 % 0.48 % 0.48 %

Net investment income 0.73 %^(f) 2.43 % 2.40 % 2.31 % 1.92 % 2.01 %

Supplemental Data

Net assets, end of period (000) $ 33,772 $ 47,305 $ 59,903 $ 74,128 $ 132,203 $ 153,659

Portfolio turnover rate^(g) 9 %^(e) 11 % 13 % 8 % 19 % 7 %

^(a) Based on average shares outstanding.

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

^(c) Rounds to less than $0.01.

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

^(e) Not annualized.

^(f) Annualized.

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

See notes to financial statements.

F i n a n c i a l H i g h l i g h t s

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI France ETF
	Six Months Ended
		02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			08/31/15

Net asset value, beginning of period	$	29.41		$	31.10		$	29.64		$	23.84		$	25.01		$	27.64
Net investment income^(a)		0.04			0.83			0.80			0.69			0.67			0.74
Net realized and unrealized gain (loss)^(b)		(0.72	)		(1.67	)		1.40			5.69			(1.14	)		(2.69	)
Net increase (decrease) from investment operations		(0.68	)		(0.84	)		2.20			6.38			(0.47	)		(1.95	)

Distributions^(c)
From net investment income		(0.07	)		(0.85	)		(0.74	)		(0.58	)		(0.70	)		(0.68	)
Total distributions		(0.07	)		(0.85	)		(0.74	)		(0.58	)		(0.70	)		(0.68	)

Net asset value, end of period	$	28.66		$	29.41		$	31.10		$	29.64		$	23.84		$	25.01

Total Return
Based on net asset value		(2.34	)%^(d)		(2.64	)%		7.46	%		26.93	%		(1.87	)%		(7.17	)%

Ratios to Average Net Assets
Total expenses		0.50	%^(e)		0.50	%		0.47	%		0.49	%		0.48	%		0.48	%
Net investment income		0.28	%^(e)		2.84	%		2.53	%		2.57	%		2.77	%		2.85	%

Supplemental Data
Net assets, end of period (000)	$	819,727		$	1,129,200		$	939,218		$	640,201		$	329,054		$	350,139
Portfolio turnover rate^(f)		1	%^(d)		2	%		4	%		6	%		6	%		6	%

See notes to financial statements.

34	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Netherlands ETF
		Six Months Ended 02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			08/31/15

Net asset value, beginning of period	$	30.58		$	31.12		$	30.56		$	24.78		$	24.48		$	24.64
Net investment income^(a)		0.05			0.88			0.62			0.46			0.71			0.50
Net realized and unrealized gain (loss)^(b)		(0.34	)		(0.56	)		0.62			5.98			0.08			(0.27	)
Net increase (decrease) from investment operations		(0.29	)		0.32			1.24			6.44			0.79			0.23

Distributions^(c)
From net investment income		(0.14	)		(0.86	)		(0.68	)		(0.66	)		(0.49	)		(0.39	)
Total distributions		(0.14	)		(0.86	)		(0.68	)		(0.66	)		(0.49	)		(0.39	)

Net asset value, end of period	$	30.15		$	30.58		$	31.12		$	30.56		$	24.78		$	24.48

Total Return
Based on net asset value		(0.97	)%^(d)		1.16	%		4.08	%		26.44	%		3.32	%		0.87	%

Ratios to Average Net Assets
Total expenses		0.50	%^(e)		0.50	%		0.47	%		0.49	%		0.48	%		0.48	%
Net investment income		0.29	%^(e)		2.97	%		1.95	%		1.74	%		2.97	%		2.01	%

Supplemental Data
Net assets, end of period (000)	$	211,084		$	133,042		$	129,168		$	192,540		$	184,587		$	176,282
Portfolio turnover rate^(f)		8	%^(d)		13	%		7	%		14	%		24	%		6	%

^(a)	Based on average shares outstanding.
^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.
^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
^(d)	Not annualized.
^(e)	Annualized.
^(f)	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

Financial Highlights (continued)

(For a share outstanding throughout each period)

iShares MSCI Sweden ETF

Six Months
Ended

02/29/20 Year Ended Year Ended Year Ended Year Ended Year Ended

(unaudited) 08/31/19 08/31/18 08/31/17 08/31/16 08/31/15

Net asset value, beginning of period $ 28.25 $ 31.85 $ 34.68 $ 28.54 $ 30.26 $ 34.11

Net investment income^(a) 0.21 0.95 1.14 0.86 1.05 1.30 ^(b)

Net realized and unrealized gain (loss)^(c) 1.98 (3.58 ) (2.19 ) 6.04 (1.63 ) (3.75 )

Net increase (decrease) from investment operations 2.19 (2.63 ) (1.05 ) 6.90 (0.58 ) (2.45 )

Distributions^(d)

From net investment income (0.42 ) (0.97 ) (1.78 ) (0.76 ) (1.14 ) (1.40 )

Total distributions (0.42 ) (0.97 ) (1.78 ) (0.76 ) (1.14 ) (1.40 )

Net asset value, end of period $ 30.02 $ 28.25 $ 31.85 $ 34.68 $ 28.54 $ 30.26

Total Return

Based on net asset value 7.60 %^(e) (8.41 )% (2.88 )% 24.30 % (1.91 )% (7.46 )%^(b)

Ratios to Average Net Assets

Total expenses 0.52 %^(f) 0.55 % 0.53 % 0.53 % 0.48 % 0.92 %

Total expenses excluding professional fees for foreign withholding tax claims 0.50 %^(f) 0.49 % 0.47 % 0.49 % 0.48 % 0.48 %

Net investment income 1.34 %^(f) 3.16 % 3.34 % 2.74 % 3.65 % 3.97 %^(b)

Supplemental Data

Net assets, end of period (000) $ 222,877 $ 205,516 $ 248,468 $ 460,315 $ 284,709 $ 331,387

Portfolio turnover rate^(g) 2 %^(e) 4 % 5 % 9 % 7 % 4 %

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

^(e) Not annualized.

^(f) Annualized.

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

See notes to financial statements.

36	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited)

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”):

			Diversification
iShares ETF			Classification
MSCI Austria			Non-diversified
MSCI Belgium			Non-diversified
MSCI France			Non-diversified
MSCI Netherlands			Non-diversified
MSCI Sweden			Non-diversified

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 29, 2020, if any, are disclosed in the statement of assets and liabilities.

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

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

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

N o t e s t o F i n a n c i a l S t a t e m e n t s

Notes to Financial Statements (unaudited) (continued)

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.

●

Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available.

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

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

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

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

●

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

●

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

●

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

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

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

38	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

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 29, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds' investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of February 29, 2020 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party o r 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 29, 2020:

	Market Value of		Cash Collateral			Non-Cash Collateral
iShares ETF and Counterparty	Securities on Loan		Received		^(a)	Received		Net Amount
MSCI Austria
Credit Suisse AG Dublin Branch	$	96,803	$	96,803		$	—	$	—
Goldman Sachs & Co.		388,113		388,113			—		—
JPMorgan Securities LLC		5,935		5,935			—		—
Morgan Stanley & Co. LLC		385,212		385,212			—		—
Scotia Capital (USA) Inc.		63,746		63,746			—		—
UBSAG		51,258		51,258			—		—
	$	991,067	$	991,067		$	—	$	—
MSCI Belgium
Barclays Capital Inc.	$	10,809	$	10,809		$	—	$	—
BofA Securities, Inc.		3,439		3,439			—		—
Credit Suisse AG Dublin Branch		81,759		81,759			—		—
Deutsche Bank Securities Inc.		51,462		51,462			—		—
Goldman Sachs & Co.		841		841			—		—
HSBC Bank PLC		1,951,029		1,951,029			—		—
JPMorgan Securities LLC		62,253		62,253			—		—
Morgan Stanley & Co. LLC		59,245		59,245			—		—
Scotia Capital (USA) Inc.		75,884		75,884			—		—
UBSAG		12,966		12,966			—		—
	$	2,309,687	$	2,309,687		$	—	$	—
MSCI France
Deutsche Bank Securities Inc.	$	140,432	$	140,432		$	—	$	—
Goldman Sachs & Co.		977,416		977,416			—		—
Morgan Stanley & Co. LLC		2,735,173		2,735,173			—		—
	$	3,853,021	$	3,853,021		$	—	$	—
MSCI Netherlands
BofA Securities, Inc.	$	20,507	$	20,507		$	—	$	—
Credit Suisse AG Dublin Branch		65,910		65,910			—		—
Credit Suisse Securities (USA) LLC		1		1			—		—
Deutsche Bank Securities Inc.		106,997		106,997			—		—
JPMorgan Securities LLC		219,764		219,764			—		—
Morgan Stanley & Co. LLC		944,880		944,880			—		—
	$	1,358,059	$	1,358,059		$	—	$	—

(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.

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

Notes to Financial Statements (unaudited) (continued)

value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

Forward Foreign Currency Exchange Contracts: The iShares MSCI Sweden ETF uses forward foreign currency exchange contracts to better match benchmark currency exposures in order to facilitate tracking of the investment results of its Index. A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency against another currency at an agreed upon price and quantity. The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts ("NDFs") are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies. A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the fund.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a fund may enter into an International Swaps and Derivatives Association, Inc. master agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

The collateral requirements under an ISDA Master Agreement are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty. Except for NDFs, the forward foreign currency exchange contracts held by the Funds generally do not require collateral. Cash collateral pledged to the counterparty, if any, is presented as cash pledged as collateral for OTC derivatives on the statement of assets and liabilities. Cash received as collateral from the counterparty may be reinvested in money market funds, including those managed by the Funds' investment adviser, or its affiliates. Such collateral, if any, is presented in the statement of assets and liabilities as affiliated investments at value and as a liability for cash received as collateral on OTC derivatives. To the extent amounts due to the Funds from the counterparty are not fully collateralized, contractually or otherwise, each Fund bears the risk of loss from counterparty non-performance. Each Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the statement of assets and liabilities.

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).

40	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

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.

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 29, 2020, the Funds paid BTC the following amounts for securities lending agent services:

	Fees Paid
iShares ETF	to BTC
MSCI Austria	$	8,036
MSCI Belgium		4,703
MSCI France		30,782
MSCI Netherlands		5,643
MSCI Sweden		89

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

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

For the six months ended February 29, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

					Net Realized
iShares ETF	Purchases		Sales		Gain (Loss)
MSCI Austria	$	253,679	$	520,502	$	(219,091	)
MSCI Belgium		3,130,929		302,142		(115,612	)
MSCI France		657,460		—		—
MSCI Netherlands		589,519		1,546,813		(178,095	)
MSCI Sweden		662,882		379,316		(6,400	)

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

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

N o t e s t o F i n a n c i a l S t a t e m e n t s

Notes to Financial Statements (unaudited) (continued)

PURCHASES AND SALES

For the six months ended February 29, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
MSCI Austria	$	5,494,703	$	5,519,038
MSCI Belgium		4,040,460		4,553,681
MSCI France		6,961,058		7,866,896
MSCI Netherlands		1 4,552,628		14,246,221
MSCI Sweden		5,406,503		3,336,955

For the six months ended February 29, 2020, in-kind transactions were as follows:

	In-kind		In-kind
iShares ETF	Purchases		Sales
MSCI Austria	$	22,446,498	$	3,013,272
MSCI Belgium		2,957,536		13,726,035
MSCI France		211,614,365		517,432,612
MSCI Netherlands		101,923,009		16,909,636
MSCI Sweden		17,076,473		12,936,768

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 29, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements.

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

iShares ETF	Non-Expiring
MSCI Austria	$	37,451,920
MSCI Belgium		15,794,208
MSCI France		35,111,271
MSCI Netherlands		18,093,630
MSCI Sweden		29,293,453

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 29, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

								Net Unrealized
			Gross Unrealized		Gross Unrealized			Appreciation
iShares ETF	Tax Cost		Appreciation		Depreciation			(Depreciation)
MSCI Austria	$	89,310,482	$	1,205,193	$	(21,564,204	)	$	(20,359,011	)
MSCI Belgium		47,472,405		2,708,339		(13,483,517	)		(10,775,178	)
MSCI France		979,693,461		14,157,565		(171,037,483	)		(156,879,918	)
MSCI Netherlands		228,714,744		10,329,717		(26,746,186	)		(16,416,469	)
MSCI Sweden		277,686,168		5,701,985		(65,439,807	)		(59,737,822	)

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.

42	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

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

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

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

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund's investments. The impact of the pandemic may be short term or may last for an extended period of time.

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

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

When a fund concentrates its investments in issuers located in a single country or a limited number of countries, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.

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

10.

CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended						Year Ended
		02/29/20					08/31/19
iShares ETF		Shares			Amount			Shares			Amount
MSCI Austria
Shares sold		1,100,000		$	22,873,476			1,000,000		$	21,691,523
Shares redeemed		(150,000	)		(3,068,859	)		(4,500,000	)		(91,942,619	)
Net increase(decrease)		950,000		$	19,804,617			(3,500,000	)	$	(70,251,096	)
MSCI Belgium
Shares sold		160,000		$	2,968,551			560,000		$	9,945,400
Shares redeemed		(720,000	)		(13,833,523	)		(1,040,000	)		(19,061,999	)
Net decrease		(560,000	)	$	(10,864,972	)		(480,000	)	$	(9,116,599	)

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

Notes to Financial Statements (unaudited) (continued)

	Six Months Ended						Year Ended
	02/29/20						08/31/19
iShares ETF		Shares			Amount			Shares			Amount
MSCI France
Shares sold		6,800,000		$	212,092,787			19,200,000		$	569,122,479
Shares redeemed		(16,600,000	)		(518,805,478	)		(11,000,000	)		(317,585,883	)
Net increase(decrease)		(9,800,000	)	$	(306,712,691	)		8,200,000		$	251,536,596
MSCI Netherlands
Shares sold		3,150,000		$	102,537,915			4,050,000		$	117,319,587
Shares redeemed		(500,000	)		(16,939,745	)		(3,850,000	)		(116,001,038	)
Net increase		2,650,000		$	85,598,170			200,000		$	1,318,549
MSCI Sweden
Shares sold		600,000		$	19,956,541			2,400,000		$	71,346,070
Shares redeemed		(450,000	)		(13,251,088	)		(2,925,000	)		(86,311,765	)
Net increase(decrease)		150,000		$	6,705,453			(525,000	)	$	(14,965,695	)

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 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 the Swedish tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Swedish tax claim receivables and related liabilities are disclosed in the statement of assets and liabilities. Collection of these receivables, and any payment of associated liabilities, depends upon future determinations made by the Swedish tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Fund, as of February 29, 2020, is $6,419,847 or $0.86 per share.

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

13.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

44	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statement Regarding Liquidity Risk Management Program

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

The Board of Directors (the “Board”) of iShares MSCI Austria ETF, iShares MSCI Belgium ETF, iShares MSCI France ETF, iShares MSCI Netherlands ETF and iShares MSCI Sweden ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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

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

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

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

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

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

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

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

S t a t e m e n t R e g a r d i n g L i q u i d i t y R i s k M a n a g e m e n t P r o g r a m

Supplemental Information (unaudited)

Section 19(a) Notices

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

		Total Cumulative Distributions								% 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 Austria^(a)		$	0.100659	$	—	$	0.015486	$	0.116145		87	%		—%		13	%		100	%
MSCI Belgium^(a)			0.145472		—		0.060283		0.205755		71			—		29			100
MSCI Sweden^(a)			0.303324		—		0.112344		0.415668		73			—		27			100

^(a)

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

46	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

General Information

Electronic Delivery

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

To enroll in electronic delivery:

●

Go to icsdelivery.com.

●

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

G e n e r a l I n f o r m a t i o n

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity

SDR	Swedish Depositary Receipt

Counterparty Abbreviations

SCB	Standard Chartered Bank

Currency Abbreviations

EUR

Euro

SEK	Swedish Krona

USD	United States Dollar

48	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

iS-SAR-802-0220

FEBRUARY 29, 2020


	2020 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	3
About Fund Performance	8
Shareholder Expenses	8
Schedules of Investments	9
Financial Statements
Statements of Assets and Liabilities	24
Statements of Operations	26
Statements of Changes in Net Assets	28
Financial Highlights	31
Notes to Financial Statements	36
Statement Regarding Liquidity Risk Management Program	44
Supplemental Information	45
General Information	46
Glossary of Terms Used in this Report	47

Fund Summary as of February 29, 2020

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	(1.85	)%	(0.94	)%	1.56	%	3.84	%	(0.94	)%	8.05	%	45.73	%
Fund Market	(0.76	)	0.34		1.87		3.99		0.34		9.68		47.89
Index	(1.65	)	(0.86	)	1.67		3.93		(0.86	)	8.62		47.09

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(09/01/19)

(02/29/20)

the Period

^(a)

(09/01/19)

(02/29/20)

the Period

^(a)

Ratio

1,000.00

981.50

2.46

1,000.00

1,022.40

2.51

0.50

^(a)

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments		^(a)
Financials		16.4	%
Industrials		14.5
Consumer Discretionary		14.1
Information Technology		11.0
Consumer Staples		9.9
Health Care		8.2
Utilities		7.6
Materials		6.8
Communication Services		4.9
Energy		4.4
Real Estate		2.2

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	^(a)
France	35.1	%
Germany	26.8
Netherlands	12.7
Spain	8.9
Italy	7.0
Finland	3.1
Belgium	2.8
Ireland	1.8
Austria	0.7
United Kingdom	0.6

^(a)

Excludes money market funds.

F u n d S u m m a r y

Fund Summary as of February 29, 2020

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	(1.14	)%	(2.23	)%	(0.45	)%	4.88	%	(2.23	)%	(2.22	)%	61.04	%
Fund Market	(0.11	)	(1.29	)	(0.21	)	5.01		(1.29	)	(1.07	)	63.00
Index	(0.95	)	(2.05	)	(0.28	)	5.02		(2.05	)	(1.39	)	63.28

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(09/01/19)

(02/29/20)

the Period

^(a)

(09/01/19)

(02/29/20)

the Period

^(a)

Ratio

1,000.00

988.60

2.47

1,000.00

1,022.40

2.51

0.50

^(a)

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments		^(a)
Consumer Discretionary		16.7	%
Financials		16.7
Information Technology		14.2
Health Care		13.1
Industrials		13.0
Materials		8.6
Communication Services		5.2
Real Estate.		4.6
Utilities		4.6
Consumer Staples		3.3

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	^(a)
SAP SE	10.6	%
Allianz SE	7.9
Siemens AG	6.9
Bayer AG	6.2
Deutsche Telekom AG	4.8
BASF SE.	4.7
adidas AG	4.4
Daimler AG	3.3
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen	3.2
Volkswagen AG	2.7

^(a)

Excludes money market funds.

4	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Fund Summary as of February 29, 2020

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	0.96	%	3.09	%	1.15	%	0.62	%	3.09	%	5.89	%	6.35	%
Fund Market	2.04		4.66		1.49		0.77		4.66		7.69		8.01
Index	1.00		3.17		1.26		0.72		3.17		6.46		7.40

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

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(09/01/19)

(02/29/20)

the Period

^(a)

(09/01/19)

(02/29/20)

the Period

^(a)

Ratio

1,000.00

1,009.60

2.50

1,000.00

1,022.40

2.51

0.50

^(a)

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments		^(a)
Financials		30.3	%
Utilities		27.0
Consumer Discretionary		13.2
Industrials		11.3
Energy		10.2
Communication Services.		3.9
Consumer Staples		2.1
Health Care		2.0

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	^(a)
Enel SpA.	19.8	%
Intesa Sanpaolo SpA	9.9
Eni SpA	8.3
UniCredit SpA	6.6
Fiat Chrysler Automobiles NV	4.8
Assicurazioni Generali SpA	4.5
Ferrari NV	4.4
Atlantia SpA	3.9
Snam SpA	3.7
CNH Industrial NV	3.5

^(a)

Excludes money market funds.

F u n d S u m m a r y

Fund Summary as of February 29, 2020

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	(0.33	)%	(7.43	)%	(2.38	)%	0.10	%	(7.43	)%	(11.3	2)%	1.02	%
Fund Market	0.90		(6.03	)	(2.08	)	0.24		(6.03	)	(9.97	)	2.42
Index	(0.05	)	(7.14	)	(2.00	)	0.04		(7.14	)	(9.62	)	0.40

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

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(09/01/19)

(02/29/20)

the Period

^(a)

(09/01/19)

(02/29/20)

the Period

^(a)

Ratio

1,000.00

996.70

2.48

1,000.00

1,022.40

2.51

0.50

^(a)

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments		^(a)
Financials		31.6	%
Utilities		27.9
Industrials		13.0
Communication Services.		8.5
Consumer Discretionary		6.8
Information Technology		4.5
Energy		4.3
Health Care		3.4

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	^(a)
Iberdrola SA	17.0	%
Banco Santander SA	14.7
Banco Bilbao Vizcaya Argentaria SA	7.0
Industria de Diseno Textil SA	6.8
Amadeus IT Group SA	4.5
Ferrovial SA	4.5
Repsol SA	4.3
Telefonica SA	4.3
Cellnex Telecom SA	4.2
Aena SME SA	3.7

^(a)Excludes money market funds.

6	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Fund Summary as of February 29, 2020

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	0.64	%	10.47	%	4.72	%	7.96	%	10.47	%	25.94	%	115.11	%
Fund Market	1.31		11.97		5.05		8.08		11.97		27.93		117.46
Index	0.85		10.62		4.88		7.96		10.62		26.92		115.00

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

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(09/01/19)

(02/29/20)

the Period

^(a)

(09/01/19)

(02/29/20)

the Period

^(a)

Ratio

1,000.00

1,006.40

2.49

1,000.00

1,022.40

2.51

0.50

^(a)

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments		^(a)
Health Care		33.1	%
Consumer Staples		23.0
Financials		18.0
Industrials		9.9
Materials		7.9
Consumer Discretionary		4.7
Communication Services		1.4
Real Estate.		1.0
Information Technology		1.0

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	^(a)
Nestle SA	20.4	%
Roche Holding AG	14.1
Novartis AG	11.0
Zurich Insurance Group AG	4.3
UBS Group AG	3.5
ABB Ltd.	3.3
Cie. Financiere Richemont SA	3.0
Lonza Group AG	2.6
Givaudan SA	2.5
Credit Suisse Group AG	2.5

^(a)

Excludes money market funds.

F u n d S u m m a r y

About Fund Performance

Shareholder Expenses

8	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited)	iShares^®MSCI Eurozone ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Austria — 0.6%
ANDRITZ AG		86,126	$	3,019,794
Erste Group Bank AG		353,149		12,037,046
OMV AG		174,021		7,235,153
Raiffeisen Bank International AG		175,839		3,607,081
Verbund AG		80,534		3,793,274
voestalpine AG		137,762		2,993,201
				32,685,549
Belgium — 2.8%
Ageas		211,171		9,714,515
Anheuser-Busch InBev SA/NV		897,625		50,019,570
Colruyt SA		65,322		3,000,707
Galapagos NV^(a)		53,360		10,978,266
Groupe Bruxelles Lambert SA		95,093		8,552,765
KBC Group NV		294,570		19,420,690
Proximus SADP		177,100		4,349,812
Solvay SA		87,594		7,897,541
Telenet Group Holding NV		55,871		2,118,544
UCB SA		148,680		13,646,810
Umicore SA		232,486		9,645,482
				139,344,702
Finland — 3.1%
Elisa OYJ		167,459		9,554,118
Fortum OYJ		525,080		11,120,202
Kone OYJ, Class B		400,549		22,439,128
Metso OYJ		123,436		3,961,888
Neste OYJ		497,884		19,502,472
Nokia OYJ		6,640,310		25,127,989
Nokian Renkaat OYJ		147,865		3,829,917
Orion OYJ, Class B		123,220		4,865,867
Sampo OYJ, Class A		522,144		21,152,483
Stora Enso OYJ, Class R		686,505		8,076,317
UPM-Kymmene OYJ		629,660		19,179,449
Wartsila OYJ Abp		520,217		5,373,748
				154,183,578
France — 34.9%
Accor SA		207,980		7,463,643
Aeroports de Paris		34,802		5,114,939
Air Liquide SA		556,593		75,139,755
Airbus SE		687,601		81,647,398
Alstom SA		225,572		11,023,709
Amundi SA^(b)		71,968		5,110,791
Arkema SA		81,127		7,580,030
Atos SE		116,033		8,577,816
AXA SA		2,275,690		52,381,861
BioMerieux		48,694		4,458,217
BNP Paribas SA		1,325,145		63,733,667
Bollore SA		1,035,675		3,531,225
Bouygues SA		262,798		10,242,025
Bureau Veritas SA		341,179		8,263,633
Capgemini SE		187,243		20,407,273
Carrefour SA		711,444		12,226,339
Casino Guichard Perrachon SA^(c)		64,647		2,498,894
Cie. de Saint-Gobain		579,592		20,118,223
Cie. Generale des Etablissements Michelin SCA		201,247		21,274,785
CNP Assurances		203,171		3,157,900
Covivio		56,751		5,984,459
Credit Agricole SA		1,363,106		16,185,849
Danone SA		727,258		50,903,123

Security	Shares		Value
France (continued)
Dassault Aviation SA	2,942	$	3,034,509
Dassault Systemes SE	154,621		24,117,760
Edenred	283,099		14,668,455
Eiffage SA	92,549		9,802,097
Electricite de France SA	717,514		9,922,846
Engie SA	2,154,809		35,575,246
EssilorLuxottica SA	333,784		45,133,989
Eurazeo SE	46,494		3,094,922
Eurofins Scientific SE^(c)	13,597		6,792,720
Eutelsat Communications SA	206,508		2,776,505
Faurecia SE	89,301		4,010,028
Gecina SA	53,830		9,502,118
Getlink SE.	517,556		8,288,864
Hermes International	37,314		25,822,157
ICADE	35,423		3,511,662
Iliad SA	17,573		2,437,976
Ingenico Group SA	71,516		10,051,333
Ipsen SA	44,824		2,885,283
JCDecaux SA	100,896		2,305,247
Kering SA	89,241		49,581,928
Klepierre SA	233,682		6,935,707
Legrand SA	314,474		23,841,845
L’Oreal SA	296,010		78,361,651
LVMH Moet Hennessy Louis Vuitton SE.	327,541		133,427,119
Natixis SA	1,120,537		4,513,540
Orange SA	2,353,579		31,514,661
Pernod Ricard SA	249,973		40,198,915
Peugeot SA	690,894		13,284,759
Publicis Groupe SA	250,012		9,606,403
Remy Cointreau SA	26,917		2,697,986
Renault SA	227,349		6,616,634
Safran SA	385,599		52,563,931
Sanofi	1,327,722		122,406,514
Sartorius Stedim Biotech	32,364		6,103,974
Schneider Electric SE	651,358		64,751,299
SCOR SE	187,559		6,695,784
SEB SA	26,911		3,523,597
SES SA	433,477		4,942,465
Societe Generale SA	953,455		26,800,978
Sodexo SA^(c)	104,459		9,952,804
STMicroelectronics NV	804,268		21,564,963
Suez	400,291		6,278,909
Teleperformance	69,292		16,729,807
Thales SA	126,029		12,570,035
TOTAL SA	2,827,831		119,217,106
Ubisoft Entertainment SA^(a).	106,586		7,888,807
Unibail-Rodamco-Westfield.	162,865		19,499,991
Valeo SA	283,540		7,094,932
Veolia Environnement SA	632,411		18,012,836
Vinci SA	606,391		60,600,866
Vivendi SA	976,710		24,697,393
Wendel SA	32,049		3,897,106
Worldline SA^(a)(b).	150,747		11,400,733
			1,748,535,249
Germany — 25.1%
adidas AG	212,529		58,491,500
Allianz SE, Registered	491,730		105,219,398
Aroundtown SA	1,436,612		12,352,944
BASF SE	1,083,540		63,176,566
Bayer AG, Registered	1,157,983		82,946,208

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Eurozone ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Bayerische Motoren Werke AG		390,613	$	25,285,019
Beiersdorf AG		119,226		12,428,461
Brenntag AG		181,946		8,076,283
Carl Zeiss Meditec AG, Bearer		47,859		4,981,074
Commerzbank AG		1,175,956		6,731,197
Continental AG		130,111		14,523,569
Covestro AG^(b)		204,738		7,756,607
Daimler AG, Registered		1,070,648		44,149,027
Delivery Hero SE^(a)(b)		133,895		10,001,230
Deutsche Bank AG, Registered		2,310,141		19,993,542
Deutsche Boerse AG		223,597		34,888,907
Deutsche Lufthansa AG, Registered		282,376		3,625,955
Deutsche Post AG, Registered		1,167,076		34,767,141
Deutsche Telekom AG, Registered		3,925,947		63,634,587
Deutsche Wohnen SE		422,019		16,901,639
E.ON SE		2,648,647		30,345,098
Evonik Industries AG		247,182		6,084,696
Fraport AG Frankfurt Airport Services Worldwide		48,943		3,061,175
Fresenius Medical Care AG & Co. KGaA		251,323		19,136,872
Fresenius SE & Co. KGaA		493,036		22,970,913
GEA Group AG		179,743		4,726,681
Hannover Rueck SE		71,340		12,616,507
HeidelbergCement AG		175,682		10,389,926
Henkel AG & Co. KGaA		121,860		10,286,916
HOCHTIEF AG		29,494		2,881,773
Infineon Technologies AG		1,475,014		30,450,577
KION Group AG		77,203		4,087,534
Knorr-Bremse AG		57,520		5,812,188
LANXESS AG		98,502		5,118,918
Merck KGaA		152,118		18,221,597
METRO AG		212,984		2,452,989
MTU Aero Engines AG		61,398		14,884,584
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		170,255		43,144,717
Puma SE		97,306		7,396,493
QIAGEN NV^(a)		268,460		9,790,341
RWE AG		688,486		23,565,286
SAP SE		1,157,976		141,901,903
Siemens AG, Registered		901,353		92,276,471
Siemens Healthineers AG^(b)		176,057		7,088,701
Symrise AG		152,181		14,733,761
Telefonica Deutschland Holding AG		1,052,589		2,729,826
thyssenkrupp AG^(a)(c)		474,523		4,535,827
Uniper SE		236,443		6,944,932
United Internet AG, Registered^(d)		121,001		3,589,994
Volkswagen AG		38,403		6,424,587
Vonovia SE		607,848		32,436,401
Wirecard AG^(c)		138,176		17,447,040
Zalando SE^(a)(b)		163,575		7,102,707
				1,254,568,785
Ireland — 1.8%
AIB Group PLC		971,164		2,238,093
Bank of Ireland Group PLC		1,137,406		4,192,930
CRH PLC^(a)		931,540		31,178,421
Flutter Entertainment PLC		93,244		9,830,640
Irish Bank Resolution Corp. Ltd.^(a)(e)		446,666		5
Kerry Group PLC, Class A		187,041		23,627,339
Kingspan Group PLC		180,894		11,336,003

Security	Shares		Value
Ireland (continued)
Smurfit Kappa Group PLC.	265,647	$	8,818,192
			91,221,623
Italy — 6.9%
Assicurazioni Generali SpA.	1,296,380		23,154,373
Atlantia SpA	584,595		12,448,042
CNH Industrial NV	1,195,280		10,963,173
Davide Campari-Milano SpA.	680,270		5,634,207
Enel SpA	9,582,999		79,748,324
Eni SpA	2,994,052		36,696,602
Ferrari NV	142,202		22,110,356
FinecoBank Banca Fineco SpA	725,940		7,570,597
Intesa Sanpaolo SpA	17,518,820		42,306,926
Leonardo SpA	480,806		4,878,968
Mediobanca Banca di Credito Finanziario SpA	735,950		6,620,829
Moncler SpA.	213,120		8,245,058
Pirelli & C SpA^(b).	473,104		2,210,203
Poste Italiane SpA^(b)	611,796		6,460,868
Prysmian SpA	285,437		6,703,446
Recordati SpA	123,849		5,262,100
Snam SpA.	2,399,960		11,786,608
Telecom Italia SpA/Milano^(a)	10,788,723		5,926,620
Tenaris SA	553,700		4,967,872
Terna Rete Elettrica Nazionale SpA	1,664,108		10,949,354
UniCredit SpA	2,363,969		29,960,735
			344,605,261
Netherlands — 12.7%
ABN AMRO Bank NV, CVA^(b)	500,301		6,836,470
Adyen NV^(a)(b)	12,213		10,694,729
Aegon NV	2,098,347		7,078,435
AerCap Holdings NV^(a)(c)	145,083		7,555,923
Akzo Nobel NV	238,425		18,895,930
Altice Europe NV^(a)	727,976		3,872,681
ArcelorMittal SA	785,621		11,077,020
ASML Holding NV.	501,531		136,679,915
EXOR NV	127,636		8,984,126
Heineken Holding NV	136,289		11,946,587
Heineken NV	304,921		30,218,320
ING Groep NV	4,587,695		43,383,781
Just Eat Takeaway^(a)(b)	135,484		11,801,613
Koninklijke Ahold Delhaize NV	1,297,426		30,184,828
Koninklijke DSM NV.	213,765		23,891,927
Koninklijke KPN NV	4,225,185		10,215,178
Koninklijke Philips NV	1,068,025		45,425,208
Koninklijke Vopak NV	83,496		3,957,552
NN Group NV.	364,461		12,346,549
NXP Semiconductors NV.	328,121		37,304,076
Prosus NV^(a).	573,726		40,125,415
Randstad NV	139,837		7,174,838
Unilever NV	1,729,064		90,434,681
Wolters Kluwer NV	321,806		23,443,303
			633,529,085
Portugal — 0.5%
EDP - Energias de Portugal SA	3,019,558		13,997,033
Galp Energia SGPS SA	592,878		8,055,921
Jeronimo Martins SGPS SA	299,410		5,230,944
			27,283,898
Spain — 8.9%
ACS Actividades de Construccion y Servicios SA	296,535		8,745,817
Aena SME SA^(b)	79,836		12,715,895

10	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Eurozone ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Spain (continued)
Amadeus IT Group SA		507,611	$	35,406,655
Banco Bilbao Vizcaya Argentaria SA		7,847,054		37,361,629
Banco de Sabadell SA		6,629,896		5,761,999
Banco Santander SA		19,579,448		71,553,915
Bankia SA		1,422,678		2,234,718
Bankinter SA		798,965		4,686,506
CaixaBank SA		4,233,918		10,794,381
Cellnex Telecom SA^(b)		294,767		14,204,523
Enagas SA		287,485		7,389,434
Endesa SA		375,576		9,583,567
Ferrovial SA		578,206		16,437,169
Grifols SA		351,958		11,211,636
Iberdrola SA		7,253,809		82,229,182
Industria de Diseno Textil SA		1,286,926		39,765,227
Mapfre SA		1,281,337		2,850,156
Naturgy Energy Group SA		348,398		8,048,132
Red Electrica Corp. SA		516,056		9,832,213
Repsol SA		1,669,412		18,576,040
Siemens Gamesa Renewable Energy SA		281,985		4,499,065
Telefonica SA		5,512,735		32,457,275
				446,345,134
United Kingdom — 0.6%
Coca-Cola European Partners PLC		272,916		13,907,799
Fiat Chrysler Automobiles NV		1,280,599		15,813,824
				29,721,623
Total Common Stocks — 97.9% (Cost: $6,044,549,851)				4,902,024,487

Preferred Stocks

Germany — 1.6%
Bayerische Motoren Werke AG, Preference
Shares, NVS		66,086		3,376,987
Fuchs Petrolub SE, Preference Shares, NVS		82,434		3,125,772
Henkel AG & Co. KGaA, Preference Shares, NVS		209,792		19,283,717
Porsche Automobil Holding SE, Preference Shares, NVS		179,670		11,107,333
Sartorius AG, Preference Shares, NVS		41,882		9,523,091
Volkswagen AG, Preference Shares, NVS		218,943		35,733,172
				82,150,072
Italy — 0.1%
Telecom Italia SpA/Milano, Preference Shares, NVS		7,020,666		3,885,229
Total Preferred Stocks — 1.7% (Cost: $127,959,469)				86,035,301

Security	Shares		Value
Rights
Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 03/03/20)^(a)	311,704	$	136,374
Total Rights — 0.0% (Cost: $151,473)			136,374

Short-Term Investments
Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares,1.74%^(f)(g)(h)	46,783,147		46,815,895
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(f)(g)	2,026,000		2,026,000
			48,841,895

Total Short-Term Investments — 1.0% (Cost: $48,827,828)			48,841,895
Total Investments in Securities — 100.6% (Cost: $6,221,488,621).			5,037,038,057
Other Assets, Less Liabilities — (0.6)%			(30,059,113	)
Net Assets — 100.0%		$	5,006,978,944

^(a)

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) 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.

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	iShares^® MSCI Eurozone ETF
February 29, 2020

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:

Affiliated Issuer	Shares Held at 08/31/19	Net Activity		Shares Held at 02/29/20		Value at 02/29/20		Income			Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	40,300,373	6,482,774		46,783,147	$	46,815,895	$	423,530	^(b)	$	9,081	$	3,030
BlackRock Cash Funds: Treasury, SL Agency Shares	2,795,000	(769,000	)	2,026,000		2,026,000		20,085			—		—
					$	48,841,895	$	443,615		$	9,081	$	3,030

^(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 Euro STOXX 50 Index		497		03/20/20		$	18,092		$	(1,814,750	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	1,814,750

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

Equity
Contracts

Net Realized Gain (Loss) from:

Futures contracts $ 2,466,209

Net Change in Unrealized Appreciation (Depreciation) on:

Futures contracts $ (2,098,132 )

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	21,604,011

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

Fair Value Measurements

12	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^® MSCI Eurozone ETF
February 29, 2020

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 29, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	4,902,024,482		$	—	$	5	$	4,902,024,487
Preferred Stocks		86,035,301			—		—		86,035,301
Rights		136,374			—		—		136,374
Money Market Funds		48,841,895			—		—		48,841,895
	$	5,037,038,052		$	—	$	5	$	5,037,038,057
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(1,814,750	)	$	—	$	—	$	(1,814,750	)

^(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

Schedule of Investments (unaudited)	iShares^® MSCI Germany ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.1%
MTU Aero Engines AG		91,897	$	22,278,391

Air Freight & Logistics — 2.6%
Deutsche Post AG, Registered		1,743,245		51,931,189

Airlines — 0.3%
Deutsche Lufthansa AG, Registered		421,787		5,416,115

Auto Components — 1.1%
Continental AG		194,323		21,691,199

Automobiles — 5.6%
Bayerische Motoren Werke AG		583,479		37,769,551
Daimler AG, Registered		1,602,542		66,082,101
Volkswagen AG		57,417		9,605,513
				113,457,165

Banks — 0.5%
Commerzbank AG		1,773,958		10,154,173

Capital Markets — 4.1%
Deutsche Bank AG, Registered		3,468,468		30,018,497
Deutsche Boerse AG		334,824		52,244,187
				82,262,684

Chemicals — 7.2%
BASF SE		1,618,606		94,373,968
Covestro AG^(a)		306,824		11,624,189
Evonik Industries AG		369,569		9,097,405
LANXESS AG		146,397		7,607,908
Symrise AG		227,106		21,987,802
				144,691,272

Construction & Engineering — 0.2%
HOCHTIEF AG		44,202		4,318,849

Construction Materials — 0.8%
HeidelbergCement AG		262,244		15,509,249

Diversified Telecommunication Services — 5.2%
Deutsche Telekom AG, Registered		5,873,699		95,205,160
Telefonica Deutschland Holding AG		1,563,738		4,055,460
United Internet AG, Registered^(b)		180,820		5,364,771
				104,625,391

Food & Staples Retailing — 0.2%
METRO AG		321,825		3,706,537

Health Care Equipment & Supplies — 0.9%
Carl Zeiss Meditec AG, Bearer		71,413		7,432,530
Siemens Healthineers AG^(a)		265,031		10,671,121
				18,103,651

Health Care Providers & Services — 3.1%
Fresenius Medical Care AG & Co. KGaA		375,426		28,586,636
Fresenius SE & Co. KGaA		736,341		34,306,674
				62,893,310

Household Products — 0.8%
Henkel AG & Co. KGaA		183,189		15,464,056

Independent Power and Renewable Electricity Producers — 0.5%
Uniper SE		355,783		10,450,252

Industrial Conglomerates — 6.9%
Siemens AG, Registered		1,348,137		138,016,209

Security	Shares		Value

Insurance — 12.0%
Allianz SE, Registered	735,216	$	157,320,043
Hannover Rueck SE	106,254		18,791,061
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered	254,320		64,447,825
			240,558,929

Internet & Direct Marketing Retail — 1.3%
Delivery Hero SE^(a)(c)	199,376		14,892,306
Zalando SE^(a)(c)	243,812		10,586,735
			25,479,041

IT Services — 1.3%
Wirecard AG^(d)	207,014		26,138,993

Life Sciences Tools & Services — 0.7%
QIAGEN NV^(c)	399,974		14,586,463

Machinery — 1.1%
GEA Group AG	272,051		7,154,094
KION Group AG	115,396		6,109,672
Knorr-Bremse AG	85,850		8,674,832
			21,938,598


Metals & Mining — 0.3%
thyssenkrupp AG^(c)(d)	716,024		6,844,265

Multi-Utilities — 4.0%
E.ON SE	3,956,519		45,329,165
RWE AG	1,029,183		35,226,558
			80,555,723

Personal Products — 0.9%
Beiersdorf AG	177,632		18,516,870

Pharmaceuticals — 7.5%
Bayer AG, Registered	1,731,401		124,020,083
Merck KGaA.	227,910		27,300,412
			151,320,495

Real Estate Management & Development — 4.6%
Aroundtown SA	2,146,257		18,454,943
Deutsche Wohnen SE.	633,906		25,387,602
Vonovia SE	907,846		48,445,099
			92,287,644

Semiconductors & Semiconductor Equipment — 2.3%
Infineon Technologies AG	2,203,262		45,484,719

Software — 10.5%
SAP SE	1,731,970		212,240,874

Textiles, Apparel & Luxury Goods — 4.9%
adidas AG	317,869		87,482,812
Puma SE	146,736		11,153,802
			98,636,614

Trading Companies & Distributors — 0.6%
Brenntag AG	272,728		12,105,946

Transportation Infrastructure — 0.2%
Fraport AG Frankfurt Airport Services Worldwide	74,125		4,636,202
Total Common Stocks — 93.3% (Cost: $2,483,449,433)			1,876,301,068

14	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Germany ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security Shares Value

Preferred Stocks

Automobiles — 3.8%

Bayerische Motoren Werke AG, Preference Shares, NVS 99,332 $ 5,075,853

Porsche Automobil Holding SE, Preference Shares, NVS 269,839 16,681,648

Volkswagen AG, Preference Shares, NVS 327,045 53,376,246

75,133,747

Chemicals — 0.2%

Fuchs Petrolub SE, Preference Shares, NVS 124,140 4,707,201

Health Care Equipment & Supplies — 0.7%

Sartorius AG, Preference Shares, NVS 62,993 14,323,290

Household Products — 1.4%

Henkel AG & Co. KGaA, Preference Shares, NVS 314,214 28,882,006

Total Preferred Stocks — 6.1%
(Cost: $170,836,181) 123,046,244

Short-Term Investments

Money Market Funds — 1.8%

BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(e)(f)(g) 35,141,393 35,165,992

Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(e)(f)	1,300,000	$	1,300,000
			36,465,992

Total Short-Term Investments — 1.8% (Cost: $36,454,211)			36,465,992

Total Investments in Securities — 101.2% (Cost: $2,690,739,825)			2,035,813,304

Other Assets, Less Liabilities — (1.2)%			(24,939,347	)
Net Assets — 100.0%		$	2,010,873,957

^(a)

^(b)

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

^(c)

Non-income producing security.

^(d)

All or a portion of this security is on loan. ^(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 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:

Affiliated Issuer	Shares Held at 08/31/19	Net Activity		Shares Held at 02/29/20		Value at 02/29/20		Income			Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	39,070,907	(3,929,514	)	35,141,393	$	35,165,992	$	229,680	(b)	$	180	$	7,521
BlackRock Cash Funds: Treasury, SL Agency Shares	839,000	461,000		1,300,000		1,300,000		8,856			—		—
					$	36,465,992	$	238,536		$	180	$	7,521

^(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 DAX Index		34		03/20/20		$	11,035		$	(1,546,693	)

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Germany ETF
February 29, 2020

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	1,546,693

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	852,066
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,378,783	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	11,958,493

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	$	1,876,301,068		$	—	$	—	$	1,876,301,068
Preferred Stocks		123,046,244			—		—		123,046,244
Money Market Funds		36,465,992			—		—		36,465,992
	$	2,035,813,304		$	—	$	—	$	2,035,813,304
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(1,546,693	)	$	—	$	—	$	(1,546,693	)

^(a)

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

See notes to financial statements.

16	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited)	iShares^®MSCI Italy ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.5%
Leonardo SpA		449,570	$	4,562,002

Auto Components — 1.2%
Pirelli & C SpA^(a)		770,671		3,600,348

Automobiles — 9.2%
Ferrari NV		87,650		13,628,308
Fiat Chrysler Automobiles NV		1,183,805		14,618,537
				28,246,845
Banks — 20.6%
FinecoBank Banca Fineco SpA		533,238		5,560,969
Intesa Sanpaolo SpA		12,530,920		30,261,440
Mediobanca Banca di Credito Finanziario SpA		786,959		7,079,721
UniCredit SpA		1,602,297		20,307,371
				63,209,501
Beverages — 2.1%
Davide Campari-Milano SpA		762,298		6,313,589
Diversified Financial Services — 2.9%
EXOR NV		128,749		9,062,469

Diversified Telecommunication Services — 2.2%
Telecom Italia SpA/Milano^(b)		12,263,718		6,736,885

Electric Utilities — 23.2%
Enel SpA		7,280,986		60,591,306
Terna Rete Elettrica Nazionale SpA		1,627,791		10,710,398
				71,301,704
Electrical Equipment — 2.4%
Prysmian SpA		308,565		7,246,604

Energy Equipment & Services — 1.9%
Tenaris SA		647,879		5,812,859

Gas Utilities — 3.7%
Snam SpA		2,321,345		11,400,516

Insurance — 6.8%
Assicurazioni Generali SpA		769,775		13,748,791
Poste Italiane SpA^(a)		663,635		7,008,314
				20,757,105
Machinery — 3.5%
CNH Industrial NV		1,182,974		10,850,302

Security Shares Value

Oil, Gas & Consumable Fuels — 8.3%

Eni SpA 2,086,446 $ 25,572,528

Pharmaceuticals — 2.0%

Recordati SpA 144,397 6,135,144

Textiles, Apparel & Luxury Goods — 2.8%

Moncler SpA 222,196 8,596,185

Transportation Infrastructure — 3.9%

Atlantia SpA 557,200 11,864,708

Total Common Stocks — 98.2%

(Cost: $345,715,729) 301,269,294

Preferred Stocks

Diversified Telecommunication Services — 1.7%

Telecom Italia SpA/Milano, Preference Shares, NVS 9,324,750 5,160,307

Total Preferred Stocks — 1.7%

(Cost: $6,755,316) 5,160,307

Short-Term Investments

Money Market Funds — 0.1%

BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(c)(d) 175,000 175,000

Total Short-Term Investments — 0.1%

(Cost: $175,000) 175,000

Total Investments in Securities — 100.0%

(Cost: $352,646,045) 306,604,601

Other Assets, Less Liabilities — 0.0% 36,790

Net Assets — 100.0% $ 306,641,391

^(a)

^(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 29, 2020, 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	08/31/19	Net Activity	02/29/20	02/29/20		Income			Gain (Loss)^(a)		(Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	—	—	—	$	—	$	23	^(b)	$	—	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares	103,000	72,000	175,000		175,000		1,655			—		—
				$	175,000	$	1,678		$	—	$	—

^(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.

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited)(continued)	iShares^®MSCI Italy ETF
February 29, 2020

Futures Contracts

Value/

Notional

Unrealized

Number of

Expiration

Amount

Appreciation

Description

Contracts

Date

(000

)

(Depreciation)

Long Contracts

FTSE/MIB Index

03/20/20

121

(10,823

)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity
	Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	10,823

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity
	Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	71,447
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(4,600	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	371,557

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	$	301,269,294		$	—	$	—	$	301,269,294
Preferred Stocks		5,160,307			—		—		5,160,307
Money Market Funds		175,000			—		—		175,000
	$	306,604,601		$	—	$	—	$	306,604,601
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(10,823	)	$	—	$	—	$	(10,823	)

^(a)

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

See notes to financial statements.

18	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) iShares^®MSCI Spain ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 30.1%
Banco Bilbao Vizcaya Argentaria SA		13,197,113	$	62,834,490
Banco de Sabadell SA		21,634,888		18,802,738
Banco Santander SA		35,719,787		130,539,461
Bankia SA		7,222,281		11,344,636
Bankinter SA		2,812,066		16,494,795
CaixaBank SA		11,134,474		28,387,360
				268,403,480
Biotechnology — 3.4%
Grifols SA		956,557		30,471,161
Construction & Engineering — 7.2%
ACS Actividades de Construccion y Servicios SA		832,755		24,560,754
Ferrovial SA		1,398,621		39,759,825
				64,320,579
Diversified Telecommunication Services — 8.5%
Cellnex Telecom SA^(a)		780,834		37,627,598
Telefonica SA		6,445,383		37,948,418
				75,576,016
Electric Utilities — 22.9%
Endesa SA		1,079,639		27,549,132
Iberdrola SA		13,333,437		151,147,847
Red Electrica Corp. SA		1,331,194		25,362,719
				204,059,698
Electrical Equipment — 2.0%
Siemens Gamesa Renewable Energy SA		1,116,611		17,815,507

Gas Utilities — 5.0%
Enagas SA		806,507		20,730,232
Naturgy Energy Group SA		1,027,235		23,729,535
				44,459,767
Insurance — 1.5%
Mapfre SA		5,853,835		13,021,040

IT Services — 4.5%
Amadeus IT Group SA		577,020		40,248,041

Oil, Gas & Consumable Fuels — 4.3%
Repsol SA		3,422,379		38,081,821

Security	Shares		Value
Specialty Retail — 6.8%
Industria de Diseno Textil SA		1,973,805	$	60,989,368

Transportation Infrastructure — 3.7%
Aena SME SA^(a)		206,678		32,918,680

Total Common Stocks — 99.9%
(Cost: $1,195,512,922)				890,365,158

Rights

Construction & Engineering — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 03/03/20)^(b)		841,195		368,033
Total Rights — 0.0%
(Cost: $408,781)				368,033

Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(c)(d)		387,000		387,000
Total Short-Term Investments — 0.1%
(Cost: $387,000)				387,000
Total Investments in Securities — 100.0%
(Cost: $1,196,308,703)				891,120,191
Other Assets, Less Liabilities — 0.0%				315,693
Net Assets — 100.0%			$	891,435,884

^(a)

^(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 29, 2020, 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	08/31/19	Net Activity		02/29/20	02/29/20		Income			Gain (Loss)^(a)		(Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	—	—		—	$	—	$	1,533	^(b)	$	107	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares	419,000	(32,000	)	387,000		387,000		6,250			—		—
					$	387,000	$	7,783		$	107	$	—

^(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 19

Schedule of Investments (unaudited)(continued) iShares^®MSCI Spain ETF

February 29, 2020

Futures Contracts

Value/

Notional

Unrealized

Number of

Expiration

Amount

Appreciation

Description

Contracts

Date

(000

)

(Depreciation)

Long Contracts

IBEX 35 Index

03/20/20

477

(72,880

)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity
	Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	72,880

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity
	Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	82,653
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(96,766	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	1,159,585

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	$	890,365,158		$	—	$	—	$	890,365,158
Rights		368,033			—		—		368,033
Money Market Funds		387,000			—		—		387,000
	$	891,120,191		$	—	$	—	$	891,120,191
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(72,880	)	$	—	$	—	$	(72,880	)

^(a)

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

See notes to financial statements.

20	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited)	iShares^®MSCI Switzerland ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Building Products — 1.7%
Geberit AG, Registered		35,437	$	17,536,363

Capital Markets — 8.4%
Credit Suisse Group AG, Registered		2,263,346		25,276,895
Julius Baer Group Ltd.		240,675		9,997,977
Partners Group Holding AG		18,448		15,837,892
UBS Group AG, Registered		3,319,881		36,355,947
				87,468,711
Chemicals — 5.8%
Clariant AG, Registered		294,591		6,172,122
EMS-Chemie Holding AG, Registered		11,315		6,587,120
Givaudan SA, Registered		8,368		25,987,094
Sika AG, Registered		118,368		20,960,045
				59,706,381
Construction Materials — 2.0%
LafargeHolcim Ltd., Registered		455,667		21,047,442

Diversified Financial Services — 0.5%
Pargesa Holding SA, Bearer		68,640		5,002,895

Diversified Telecommunication Services — 1.3%
Swisscom AG, Registered		26,193		13,898,161

Electrical Equipment — 3.3%
ABB Ltd., Registered		1,603,101		34,465,139

Food Products — 22.8%
Barry Callebaut AG, Registered		3,809		7,803,344
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		1,226		9,537,455
Chocoladefabriken Lindt & Spruengli AG, Registered		117		10,117,155
Nestle SA, Registered		2,052,628		209,620,619
				237,078,573
Health Care Equipment & Supplies — 4.5%
Alcon Inc.^(a)		380,286		23,164,071
Sonova Holding AG, Registered		56,289		13,363,513
Straumann Holding AG, Registered		11,350		10,564,957
				47,092,541
Insurance — 8.9%
Baloise Holding AG, Registered		55,664		8,907,850
Swiss Life Holding AG, Registered		32,547		14,747,780
Swiss Re AG		262,014		24,805,995
Zurich Insurance Group AG		115,472		44,246,671
				92,708,296
Life Sciences Tools & Services — 2.6%
Lonza Group AG, Registered		67,716		26,752,000

Machinery — 1.6%
Schindler Holding AG, Participation Certificates, NVS		45,343		10,048,116

Security	Shares		Value
Machinery (continued)
Schindler Holding AG, Registered		29,326	$	6,277,542
				16,325,658
Marine — 0.9%
Kuehne + Nagel International AG, Registered		62,595		9,089,031
Pharmaceuticals — 25.8%
Novartis AG, Registered		1,350,011		113,320,310
Roche Holding AG, NVS		452,956		144,925,330
Vifor Pharma AG		53,911		8,950,356
				267,195,996
Professional Services — 2.4%
Adecco Group AG, Registered		177,108		9,401,115
SGS SA, Registered		6,085		15,074,983
				24,476,098
Real Estate Management & Development — 1.0%
Swiss Prime Site AG, Registered		87,368		10,470,260

Software — 1.0%
Temenos AG, Registered^(a)		71,165		10,090,807

Specialty Retail — 0.5%
Dufry AG, Registered.		68,213		4,948,517

Textiles, Apparel & Luxury Goods — 4.2%
Cie. Financiere Richemont SA, Registered		459,062		31,016,741
Swatch Group AG (The), Bearer		35,490		8,135,990
Swatch Group AG (The), Registered		107,029		4,566,659
				43,719,390
Total Common Stocks — 99.2%
(Cost: $1,014,521,072)				1,029,072,259

Short-Term Investments

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(b)(c)		526,000		526,000
Total Short-Term Investments — 0.0%
(Cost: $526,000)				526,000
Total Investments in Securities — 99.2%
(Cost: $1,015,047,072)				1,029,598,259
Other Assets, Less Liabilities — 0.8%				7,842,250
Net Assets — 100.0%			$	1,037,440,509

^(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 21

Schedule of Investments (unaudited) (continued) iShares^®MSCI Switzerland ETF

February 29, 2020

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:

Change in

Unrealized

Held at

Value at

Net Realized

Appreciation

Affiliated Issuer

08/31/19

Net Activity

02/29/20

Income

Gain (Loss)^(a)

(Depreciation)

BlackRock Cash Funds: Treasury, SL Agency Shares

516,000

10,000

526,000

4,293

$—

—

^(a)

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

Futures Contracts

Value/

Notional

Unrealized

Number of

Expiration

Amount

Appreciation

Description

Contracts

Date

(000

)

(Depreciation)

Long Contracts

Euro STOXX 50 Index

170

03/20/20

6,188

(846,852

)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity
	Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	846,852

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity
	Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,197,883
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,019,745	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	8,946,256

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 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Switzerland ETF
February 29, 2020

Fair Value Measurements (continued)

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,029,072,259		$	—	$	—	$	1,029,072,259
Money Market Funds		526,000			—		—		526,000
	$	1,029,598,259		$	—	$	—	$	1,029,598,259
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(846,852	)	$	—	$	—	$	(846,852	)

^(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

Statements of Assets and Liabilities (unaudited)

February 29, 2020

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

ASSETS
Investments in securities, at value (including securities on loan)^(a)
Unaffiliated^(b)	$	4,988,196,162		$	1,999,347,312		$	306,429,601		$	890,733,191
Affiliated^(c)		48,841,895			36,465,992			175,000			387,000
Cash		936			28			458			823
Foreign currency, at value^(d)		5,230,690			5,161,702			330,790			1,311,440
Foreign currency collateral pledged:
Futures contracts^(e)		1,038,035			1,123,934			10,985			115,667
Receivables:
Investments sold		10,261,455			2,737,515			20,324,091			33,194,811
Securities lending income — Affiliated		67,775			71,579			—			—
Dividends		1,424,367			2,010			1,783			1,022
Tax reclaims		8,695,793			9,078,875			—			58,724
Foreign withholding tax claims		1,109			—			—			—
Total assets		5,063,758,217			2,053,988,947			327,272,708			925,802,678

LIABILITIES
Collateral on securities loaned, at value		46,809,183			35,167,990			—			—
Payables:
Investments purchased		6,671,521			6,304,406			8,178,151			33,941,547
Variation margin on futures contracts		629,394			700,487			4,318			36,112
Capital shares redeemed		455,161			63,363			12,311,287			—
Investment advisory fees		2,214,003			878,744			137,561			389,135
Professional fees		11			—			—			—
Total liabilities		56,779,273			43,114,990			20,631,317			34,366,794

NET ASSETS	$	5,006,978,944		$	2,010,873,957		$	306,641,391		$	891,435,884

NET ASSETS CONSIST OF:
Paid-in capital	$	6,725,100,524		$	2,902,990,871		$	550,692,009		$	1,420,486,789
Accumulated loss		(1,718,121,580	)		(892,116,914	)		(244,050,618	)		(529,050,905	)
NET ASSETS	$	5,006,978,944		$	2,010,873,957		$	306,641,391		$	891,435,884

Shares outstanding		135,100,000			77,400,000			11,400,000			34,275,000
Net asset value	$	37.06		$	25.98		$	26.90		$	26.01
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	$	43,466,724	$	32,192,187	$	—	$	—
^(b)	Investments, at cost — Unaffiliated	$	6,172,660,793	$	2,654,285,614	$	352,471,045	$	1,195,921,703
^(c)	Investments, at cost — Affiliated	$	48,827,828	$	36,454,211	$	175,000	$	387,000
^(d)	Foreign currency, at cost	$	5,183,057	$	5,114,591	$	330,752	$	1,305,325
^(e)	Foreign currency collateral pledged, at cost	$	1,049,919	$	1,135,017	$	11,014	$	116,213

See notes to financial statements.

24 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statements of Assets and Liabilities (unaudited) (continued)

February 29, 2020

	iShares
		MSCI Switzerland
		ETF

ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	1,029,072,259
Affiliated^(b)		526,000
Cash		853
Foreign currency, at value^(c)		64,647
Foreign currency collateral pledged:
Futures contracts^(d)		456,955
Receivables:
Investments sold		4,432,205
Dividends		2,233
Tax reclaims		8,101,456
Total assets		1,042,656,608

LIABILITIES
Payables:
Investments purchased		4,386,427
Variation margin on futures contracts		270,924
Capital shares redeemed		99,000
Investment advisory fees		459,748
Total liabilities		5,216,099

NET ASSETS	$	1,037,440,509

NET ASSETS CONSIST OF:
Paid-in capital	$	1,040,075,822
Accumulated loss		(2,635,313	)
NET ASSETS	$	1,037,440,509

Shares outstanding		27,625,000
Net asset value	$	37.55
Shares authorized		318.625 million
Par value	$	0.001

^(a)Investments, at cost — Unaffiliated	$	1,014,521,072
^(b)Investments, at cost — Affiliated	$	526,000
^(c)Foreign currency, at cost	$	60,627
^(d)Foreign currency collateral pledged, at cost	$	458,022

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)

Six Months Ended February 29, 2020

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

INVESTMENT INCOME
Dividends — Unaffiliated	$	31,065,778		$	6,763,283		$	3,081,876		$	11,250,722
Dividends — Affiliated		20,085			8,856			1,655			6,250
Non-cash dividends — Unaffiliated		2,723,154			—			—			4,525,737
Securities lending income — Affiliated — net		423,530			229,680			23			1,533
Foreign taxes withheld		(4,296,413	)		(1,000,763	)		(453,607	)		(1,664,234	)
Total investment income		29,936,134			6,001,056			2,629,947			14,120,008

EXPENSES
Investment advisory fees		14,403,479			5,244,047			736,697			2,267,963
Total expenses		14,403,479			5,244,047			736,697			2,267,963
Net investment income		15,532,655			757,009			1,893,250			11,852,045

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(50,265,378	)		(18,539,789	)		(8,682,380	)		(60,012,070	)
Investments — Affiliated		9,081			180			—			107
In-kind redemptions — Unaffiliated		87,522,783			(5,041,736	)		1,657,246			7,528,953
Futures contracts		2,466,209			852,066			71,447			82,653
Foreign currency transactions		(75,051	)		(120,088	)		(20,352	)		(16,172	)
Net realized gain (loss)		39,657,644			(22,849,367	)		(6,974,039	)		(52,416,529	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(117,890,277	)		(11,711,516	)		2,210,521			30,830,811
Investments — Affiliated		3,030			7,521			—			—
Futures contracts		(2,098,132	)		(1,378,783	)		(4,600	)		(96,766	)
Foreign currency translations		144,069			46,065			3,388			13,772
Net change in unrealized appreciation (depreciation)		(119,841,310	)		(13,036,713	)		2,209,309			30,747,817
Net realized and unrealized loss		(80,183,666	)		(35,886,080	)		(4,764,730	)		(21,668,712	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(64,651,011	)	$	(35,129,071	)	$	(2,871,480	)	$	(9,816,667	)

See notes to financial statements.

26	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statements of Operations (unaudited) (continued)

Six Months Ended February 29, 2020

	iShares
	MSCI
	Switzerland
	ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	1,010,495
Dividends — Affiliated		4,293
Foreign taxes withheld		(83,944	)
Total investment income		930,844

EXPENSES
Investment advisory fees		2,850,690
Total expenses		2,850,690
Net investment loss		(1,919,846	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(6,920,221	)
In-kind redemptions — Unaffiliated		52,867,100
Futures contracts		1,197,883
Foreign currency transactions		(156,799	)
Net realized gain		46,987,963
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(28,260,307	)
Futures contracts		(1,019,745	)
Foreign currency translations		346,867
Net change in unrealized appreciation (depreciation)		(28,933,185	)
Net realized and unrealized gain		18,054,778
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	16,134,932

See notes to financial statements.

F i n a n c i a l S t a t e m e n t s

Statements of Changes in Net Assets

	iShares						iShares
	MSCI Eurozone ETF							MSCI Germany ETF
		Six Months Ended						Six Months Ended
		02/29/20			Year Ended			02/29/20			Year Ended
		(unaudited)			08/31/19			(unaudited)			08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	15,532,655		$	188,336,497		$	757,009		$	58,499,817
Net realized gain (loss)		39,657,644			(256,286,586	)		(22,849,367	)		(85,758,069	)
Net change in unrealized appreciation (depreciation)		(119,841,310	)		(541,585,755	)		(13,036,713	)		(329,119,184	)
Net decrease in net assets resulting from operations		(64,651,011	)		(609,535,844	)		(35,129,071	)		(356,377,436	)

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(25,144,798	)		(193,219,136	)		—			(58,677,042	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(134,736,419	)		(3,523,968,012	)		43,318,343			(933,488,410	)

NET ASSETS
Total increase (decrease) in net assets		(224,532,228	)		(4,326,722,992	)		8,189,272			(1,348,542,888	)
Beginning of period		5,231,511,172			9,558,234,164			2,002,684,685			3,351,227,573
End of period	$	5,006,978,944		$	5,231,511,172		$	2,010,873,957		$	2,002,684,685

^(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

28	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statements of Changes in Net Assets (continued)

	iShares						iShares
	MSCI Italy ETF						MSCI Spain ETF
		Six Months						Six Months
		Ended						Ended
		02/29/20			Year Ended			02/29/20			Year Ended
		(unaudited)			08/31/19			(unaudited)			08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,893,250		$	10,103,171		$	11,852,045		$	34,269,377
Net realized loss		(6,974,039	)		(42,250,592	)		(52,416,529	)		(28,332,161	)
Net change in unrealized appreciation (depreciation)		2,209,309			35,984,260			30,747,817			(96,440,348	)
Net increase (decrease) in net assets resulting from operations		(2,871,480	)		3,836,839			(9,816,667	)		(90,503,132	)

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(2,367,408	)		(10,603,637	)		(21,359,646	)		(32,499,998	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		76,423,518			(163,401,382	)		97,401,049			72,772,356

NET ASSETS
Total increase (decrease) in net assets		71,184,630			(170,168,180	)		66,224,736			(50,230,774	)
Beginning of period		235,456,761			405,624,941			825,211,148			875,441,922
End of period	$	306,641,391		$	235,456,761		$	891,435,884		$	825,211,148

^(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F i n a n c i a l S t a t e m e n t s 29

Statements of Changes in Net Assets (continued)

	iShares
	MSCI Switzerland ETF
		Six Months Ended
		02/29/20			Year Ended
		(unaudited)			08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)	$	(1,919,846	)	$	20,527,971
Net realized gain		46,987,963			4,112,266
Net change in unrealized appreciation (depreciation)		(28,933,185	)		53,854,421
Net increase in net assets resulting from operations		16,134,932			78,494,658

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		—			(21,371,038	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(116,730,180	)		46,825,869

NET ASSETS
Total increase (decrease) in net assets		(100,595,248	)		103,949,489
Beginning of period		1,138,035,757			1,034,086,268
End of period	$	1,037,440,509		$	1,138,035,757

^(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

30 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI Eurozone ETF
	Six Months Ended
	02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			08/31/15

Net asset value, beginning of period	$	37.91		$	41.29		$	41.71		$	34.20		$	36.04		$	39.98
Net investment income^(a)		0.11			1.05			1.03			0.99			0.92	^(b)		0.96
Net realized and unrealized gain (loss)^(c)		(0.79	)		(3.22	)		(0.23	)		7.38			(1.84	)		(3.95	)
Net increase (decrease) from investment operations		(0.68	)		(2.17	)		0.80			8.37			(0.92	)		(2.99	)
Distributions^(d)
From net investment income		(0.17	)		(1.21	)		(1.22	)		(0.86	)		(0.92	)		(0.95	)
Total distributions		(0.17	)		(1.21	)		(1.22	)		(0.86	)		(0.92	)		(0.95	)
Net asset value, end of period	$	37.06		$	37.91		$	41.29		$	41.71		$	34.20		$	36.04

Total Return
Based on net asset value		(1.85	)%^(e)		(5.22	)%		1.87	%		24.72	%		(2.53	)%^(b)		(7.62	)%

Ratios to Average Net Assets
Total expenses		0.50	%^(f)		0.49	%		0.47	%		0.49	%		0.48	%		0.48	%
Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.49	%		N/A			0.49	%		0.48	%		N/A
Net investment income		0.54	%^(f)		2.74	%		2.36	%		2.63	%		2.69	%^(b)		2.50	%

Supplemental Data
Net assets, end of period (000)	$	5,006,979		$	5,231,511		$	9,558,234		$	13,286,216		$	8,293,591		$	10,134,616
Portfolio turnover rate^(g)		2	%^(e)		6	%		5	%		4	%		4	%		5	%

^(a)

Based on average shares outstanding.

^(b)

Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended 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)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations. ^(e)Not annualized.

^(f)

Annualized.

^(g)

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F i n a n c i a l H i g h l i g h t s

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Germany ETF
	Six Months Ended
	02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			08/31/15

Net asset value, beginning of period	$	26.28		$	30.36		$	30.71		$	26.18		$	26.34		$	28.97
Net investment income^(a)		0.01			0.65			0.64			0.59			0.49			0.58
Net realized and unrealized gain (loss)^(b)		(0.31	)		(3.99	)		(0.16	)		4.54			(0.04	)		(2.70	)
Net increase (decrease) from investment operations		(0.30	)		(3.34	)		0.48			5.13			0.45			(2.12	)
Distributions^(c)
From net investment income		—			(0.74	)		(0.83	)		(0.60	)		(0.61	)		(0.51	)
Total distributions		—			(0.74	)		(0.83	)		(0.60	)		(0.61	)		(0.51	)
Net asset value, end of period	$	25.98		$	26.28		$	30.36		$	30.71		$	26.18		$	26.34

Total Return
Based on net asset value		(1.14	)%^(d)		(11.07	)%		1.52	%		19.63	%		1.81	%		(7.50	)%

Ratios to Average Net Assets
Total expenses		0.50	%^(e)		0.49	%		0.47	%		0.49	%		0.48	%		0.48	%
Net investment income		0.07	%^(e)		2.38	%		1.99	%		2.08	%		1.90	%		2.03	%

Supplemental Data
Net assets, end of period (000)	$	2,010,874		$	2,002,685		$	3,351,228		$	4,809,899		$	3,596,902		$	6,607,056
Portfolio turnover rate^(f)		1	%^(d)		9	%		6	%		3	%		3	%		3	%

^(a)

Based on average shares outstanding.

^(b)

^(c)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)

Not annualized.

^(e)

Annualized.

^(f)

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

32	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Italy ETF
	Six Months Ended
	02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(unaudited)			08/31/19			08/31/18			08/31/17^(a)			08/31/16^(a)			08/31/15^(a)

Net asset value, beginning of period	$	26.83		$	27.18		$	30.21		$	22.60		$	29.50		$	32.03
Net investment income^(b)		0.18			1.00			0.82			0.57			0.66			0.70
Net realized and unrealized gain (loss)^(c)		0.09			(0.12	)		(2.86	)		7.76			(6.82	)		(2.49	)
Net increase (decrease) from investment operations		0.27			0.88			(2.04	)		8.33			(6.16	)		(1.79	)
Distributions^(d)
From net investment income		(0.20	)		(1.23	)		(0.99	)		(0.72	)		(0.72	)		(0.74	)
Return of capital		—			—			—			—			(0.02	)		—
Total distributions		(0.20	)		(1.23	)		(0.99	)		(0.72	)		(0.74	)		(0.74	)
Net asset value, end of period	$	26.90		$	26.83		$	27.18		$	30.21		$	22.60		$	29.50

Total Return
Based on net asset value		0.96	%^(e)		3.46	%		(6.98	)%		37.37	%		(20.97	)%		(5.66	)%

Ratios to Average Net Assets
Total expenses		0.50	%^(f)		0.49	%		0.47	%		0.49	%		0.48	%		0.48	%
Net investment income		1.28	%^(f)		3.72	%		2.64	%		2.59	%		2.54	%		2.34	%

Supplemental Data
Net assets, end of period (000)	$	306,641		$	235,457		$	405,625		$	840,630		$	461,031		$	1,077,437
Portfolio turnover rate^(g)		4	%^(e)		13	%		10	%		18	%		16	%		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)

^(d)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations. ^(e)Not annualized.

^(f)

Annualized.

^(g)

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F i n a n c i a l H i g h l i g h t s

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Spain ETF
	Six Months Ended
	02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			08/31/15

Net asset value, beginning of period	$	26.71		$	29.85		$	33.63		$	26.49		$	31.96		$	40.61
Net investment income^(a)		0.37			1.04			0.99			0.94			1.00			1.32
Net realized and unrealized gain (loss)^(b)		(0.39	)		(3.26	)		(3.72	)		7.19			(5.40	)		(8.35	)
Net increase (decrease) from investment operations		(0.02	)		(2.22	)		(2.73	)		8.13			(4.40	)		(7.03	)

Distributions^(c)
From net investment income		(0.68	)		(0.92	)		(1.05	)		(0.99	)		(1.07	)		(1.62	)
Total distributions		(0.68	)		(0.92	)		(1.05	)		(0.99	)		(1.07	)		(1.62	)
Net asset value, end of period	$	26.01		$	26.71		$	29.85		$	33.63		$	26.49		$	31.96

Total Return
Based on net asset value		(0.33	)%^(d)		(7.53	)%		(8.28	)%		31.48	%		(13.82	)%		(17.63	)%

Ratios to Average Net Assets
Total expenses		0.50	%^(e)		0.50	%		0.47	%		0.49	%		0.48	%		0.48	%
Net investment income		2.61	%^(e)		3.65	%		3.02	%		3.10	%		3.53	%		3.70	%

Supplemental Data
Net assets, end of period (000)	$	891,436		$	825,211		$	875,442		$	1,528,533		$	599,944		$	1,666,091
Portfolio turnover rate^(f)		7	%^(d)		12	%		21	%		16	%		9	%		15	%

^(a)	Based on average shares outstanding.
^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.
^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
^(d)	Not annualized.
^(e)	Annualized.
^(f)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

34	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Switzerland ETF
Six Months Ended
		02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			08/31/15

Net asset value, beginning of period		$	37.31		$	34.91		$	34.27		$	30.22		$	31.90		$	33.64
Net investment income (loss)^(a)			(0.07	)		0.72			0.66			0.69			0.81			0.83
Net realized and unrealized gain (loss)^(b)			0.31			2.43			0.79			4.11			(1.70	)		(1.77	)
Net increase (decrease) from investment operations			0.24			3.15			1.45			4.80			(0.89	)		(0.94	)

Distributions^(c)
From net investment income			—			(0.75	)		(0.81	)		(0.75	)		(0.79	)		(0.80	)
Total distributions			—			(0.75	)		(0.81	)		(0.75	)		(0.79	)		(0.80	)
Net asset value, end of period		$	37.55		$	37.31		$	34.91		$	34.27		$	30.22		$	31.90

Total Return
Based on net asset value			0.64	%^(d)		9.07	%		4.43	%		15.90	%		(2.76	)%		(2.92	)%

Ratios to Average Net Assets
Total expenses			0.50	%^(e)		0.50	%		0.47	%		0.49	%		0.48	%		0.48	%
Net investment income (loss)			(0.34	)%^(e)		2.06	%		1.91	%		2.18	%		2.68	%		2.49	%

Supplemental Data
Net assets, end of period (000)		$	1,037,441		$	1,138,036		$	1,034,086		$	1,259,258		$	1,091,735		$	1,200,164
Portfolio turnover rate^(f)			4	%^(d)		11	%		9	%		13	%		6	%		7	%

^(a)	Based on average shares outstanding.
^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.
^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
^(d)	Not annualized.
^(e)	Annualized.
^(f)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements

F i n a n c i a l H i g h l i g h t s

Notes to Financial Statements (unaudited)

ORGANIZATION

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

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

SIGNIFICANT ACCOUNTING POLICIES

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.

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.

36	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

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;
	●	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).

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

Notes to Financial Statements (unaudited) (continued)

received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of February 29, 2020 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

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

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of February 29, 2020:

	Market Value of		Cash Collateral			Non-Cash Collateral
iShares ETF and Counterparty	Securities on Loan		Received		^(a)	Received		Net Amount
MSCI Eurozone
BNP Paribas Prime Brokerage International Ltd.	$	2,239,440	$	2,239,440		$	—	$	—
Citigroup Global Markets Inc.		9,952,804		9,952,804			—		—
Goldman Sachs & Co.		7,034,721		7,034,721			—		—
Morgan Stanley & Co. LLC		24,239,759		24,239,759			—		—
	$	43,466,724	$	43,466,724		$	—	$	—
MSCI Germany
Goldman Sachs & Co.	$	6,817,740	$	6,817,740		$	—	$	—
Morgan Stanley & Co. LLC		25,374,447		25,374,447			—		—
	$	32,192,187	$	32,192,187		$	—	$	—

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

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

DERIVATIVE FINANCIAL INSTRUMENTS

38	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

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

	Fees Paid
iShares ETF	to BTC
MSCI Eurozone	$	99,575
MSCI Germany		56,520
MSCI Italy		7
MSCI Spain		486

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 29, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

					Net Realized
iShares ETF	Purchases		Sales		Gain (Loss)
MSCI Eurozone	$	59,409,495	$	1,284,467	$	(1,400,562	)
MSCI Germany		3,978,637		1,128,707		(1,988,350	)
MSCI Italy		731,936		5,798,209		(3,507,297	)
MSCI Spain		17,465,603		6,480,344		(7,529,714	)
MSCI Switzerland		25,787,041		7,839,047		(1,001,376	)

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

Notes to Financial Statements (unaudited) (continued)

PURCHASES AND SALES

For the six months ended February 29, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
MSCI Eurozone	$	117,321,335	$	117,572,061
MSCI Germany		32,755,024		16,144,735
MSCI Italy		17,324,063		12,404,249
MSCI Spain		69,393,729		66,951,029
MSCI Switzerland		43,044,650		42,375,299

For the six months ended February 29, 2020, in-kind transactions were as follows:

	In-kind		In-kind
iShares ETF	Purchases		Sales
MSCI Eurozone	$	542,165,082	$	675,203,828
MSCI Germany		314,772,792		271,788,008
MSCI Italy		91,752,731		20,298,749
MSCI Spain		171,979,941		90,935,230
MSCI Switzerland		128,814,278		241,954,732

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.

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

iShares ETF	Non-Expiring
MSCI Eurozone	$	485,612,043
MSCI Germany		176,437,193
MSCI Italy		185,184,703
MSCI Spain		149,483,044
MSCI Switzerland		48,001,982

								Net Unrealized
			Gross Unrealized		Gross Unrealized			Appreciation
iShares ETF	Tax Cost		Appreciation		Depreciation			(Depreciation)
MSCI Eurozone	$	6,312,246,803	$	389,115,669	$	(1,666,139,165	)	$	(1,277,023,496	)
MSCI Germany		2,727,499,852		119,908,917		(813,142,158	)		(693,233,241	)
MSCI Italy		359,817,828		16,420,279		(69,644,329	)		(53,224,050	)
MSCI Spain		1,220,313,925		43,587,836		(372,854,450	)		(329,266,614	)
MSCI Switzerland		1,028,561,025		100,220,889		(100,030,507	)		190,382

40	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

PRINCIPAL RISKS

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.

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.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The impact of the pandemic may be short term or may last for an extended period of time.

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

Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:

	Six Months Ended						Year Ended
	02/29/20						08/31/19
iShares ETF		Shares			Amount			Shares			Amount
MSCI Eurozone
Shares sold		13,700,000		$	549,085,543			9,500,000		$	367,902,543
Shares redeemed		(16,600,000	)		(683,821,962	)		(103,000,000	)		(3,891,870,555	)
Net decrease		(2,900,000	)	$	(134,736,419	)		(93,500,000	)	$	(3,523,968,012	)
MSCI Germany
Shares sold		10,800,000		$	317,241,894			12,300,000		$	337,288,125
Shares redeemed		(9,600,000	)		(273,923,551	)		(46,500,000	)		(1,270,776,535	)
Net increase(decrease)		1,200,000		$	43,318,343			(34,200,000	)	$	(933,488,410	)
MSCI Italy
Shares sold		3,375,000		$	97,469,039			13,050,000		$	348,776,931
Shares redeemed		(750,000	)		(21,045,521	)		(19,200,000	)		(512,178,313	)
Net increase(decrease)		2,625,000		$	76,423,518			(6,150,000	)	$	(163,401,382	)
MSCI Spain
Shares sold		6,750,000		$	193,540,553			27,900,000		$	803,958,247
Shares redeemed		(3,375,000	)		(96,139,504	)		(26,325,000	)		(731,185,891	)
Net increase		3,375,000		$	97,401,049			1,575,000		$	72,772,356
MSCI Switzerland
Shares sold		3,500,000		$	132,582,113			9,500,000		$	333,118,780
Shares redeemed		(6,375,000	)		(249,312,293	)		(8,625,000	)		(286,292,911	)
Net increase(decrease)		(2,875,000	)	$	(116,730,180	)		875,000		$	46,825,869

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 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 receivables for all recoverable taxes withheld by Finland based upon recent favorable determinations made by the Finnish tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Withholding tax claims may be for the current year and potentially for a limited number of prior calendar years, depending upon statutes of limitation on taxes. The Fund continues to evaluate developments in Finland for potential impact to the receivables and payables recorded. Finnish tax claim receivables and related liabilities are disclosed in the statement of assets and liabilities.

The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior 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

42	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court.

13. SUBSEQUENT EVENTS

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

Statement Regarding Liquidity Risk Management Program

The Board of Directors (the “Board”) of iShares MSCI Eurozone ETF, iShares MSCI Germany ETF, iShares MSCI Italy ETF, iShares MSCI Spain ETF and iShares MSCI Switzerland ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock FundAdvisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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

	a)	*The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions.* During the Program Reporting Period, the Committee reviewed whether each Fund’s investment strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. A factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. Derivative exposure was considered in the calculation of liquidity classification.
	b)	*Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions.* During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size. The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.
	c)	*Holdings of cash and cash equivalents, as well as borrowing arrangements.* The Committee considered that ETFs generally do not hold more than de minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions.
	d)	The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.
	e)	*The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio.* In reviewing the linkage between the composition of baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

44	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Supplemental Information (unaudited)

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Eurozone^(a)	$	0.147179	$	—	$	0.022489	$	0.169668		87	%		—	%		13	%		100	%
MSCI Spain^(a)		0.528020		—		0.150064		0.678084		78			—			22			100

^(a)

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

S u p p l e m e n t a l I n f o r m a t i o n

General Information

Electronic Delivery

To enroll in electronic delivery:

	●	Go to icsdelivery.com.
	●	If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

46	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity

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

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

iS-SAR-807-0220

FEBRUARY 29, 2020

2020 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	3
About Fund Performance	10
Shareholder Expenses	10
Schedules of Investments	11
Financial Statements
Statements of Assets and Liabilities	39
Statements of Operations	41
Statements of Changes in Net Assets	43
Financial Highlights	47
Notes to Financial Statements	54
Statement Regarding Liquidity Risk Management Program	63
Supplemental Information	64
General Information	65
Glossary of Terms Used in this Report	66

Fund Summary as of February 29, 2020

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	0.17	%	(9.36	)%	4.18	%	7.20	%	(9.36	)%	22.73	%	100.48	%
Fund Market	1.61		(8.58	)	4.34		7.26		(8.58	)	23.67		101.56
Index	0.41		(8.87	)	4.79		7.80		(8.87	)	26.34		111.85

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(09/01/19)

(02/29/20)

the Period

^(a)

(09/01/19)

(02/29/20)

the Period

^(a)

Ratio

1,000.00

1,001.70

2.49

1,000.00

1,022.40

2.51

0.50

^(a)

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Financials		38.9	%
Real Estate		22.2
Industrials		13.0
Utilities		11.0
Consumer Discretionary		7.5
Consumer Staples		3.7
Communication Services.		1.7
Health Care		1.3
Information Technology		0.7

TEN LARGEST HOLDINGS
	Percent of
Security	Total Investments		^(a)
AIA Group Ltd.		24.4	%
Hong Kong Exchanges & Clearing Ltd.		8.0
CK Hutchison Holdings Ltd.		4.8
Sun Hung Kai Properties Ltd.		4.6
Hong Kong & China Gas Co. Ltd.		4.0
Link REIT		4.0
CLP Holdings Ltd.		3.5
CK Asset Holdings Ltd.		3.3
Hang Seng Bank Ltd.		3.3
Galaxy Entertainment Group Ltd.		2.9

^(a)

Excludes money market funds.

F u n d S u m m a r y

Fund Summary as of February 29, 2020

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	(4.64	)%		(4.91	)%	5.05	%	6.88	%	(4.91	)%	27.94	%	94.59	%
Fund Market	(5.66	)		(6.15	)	4.82		6.76		(6.15	)	26.52		92.37
Index	(4.56	)		(4.71	)	5.36		7.25		(4.71	)	29.83		101.35

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(09/01/19)

(02/29/20)

the Period

^(a)

(09/01/19)

(02/29/20)

the Period

^(a)

Ratio

1,000.00

953.60

2.43

1,000.00

1,022.40

2.51

0.50

^(a)

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Industrials		24.0	%
Consumer Discretionary		14.6
Real Estate		13.6
Information Technology		12.8
Consumer Staples		9.8
Materials		8.7
Financials		6.3
Health Care		5.4
Communication Services		3.1
Utilities		1.0
Energy		0.7

TEN LARGEST HOLDINGS
	Percent of
Security	Total Investments		^(a)
GLP J-REIT		0.7	%
TIS Inc.		0.7
Nihon M&A Center Inc.		0.6
Advance Residence Investment Corp.		0.6
Sojitz Corp.		0.6
Lasertec Corp.		0.6
Taiyo Yuden Co. Ltd.		0.5
Haseko Corp.		0.5
Activia Properties Inc.		0.5
Sekisui House Reit Inc.		0.5

^(a)

Excludes money market funds.

4	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Fund Summary as of February 29, 2020

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 (8.00 )% (15.00 )% (4.90 )% 1.46 % (15.00 )% (22.23 )% 15.59 %

Fund Market (7.74 ) (14.11 ) (4.91 ) 1.41 (14.11 ) (22.25 ) 15.05

Index (7.79 ) (14.59 ) (4.60 ) 1.84 (14.59 ) (20.98 ) 20.05

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(09/01/19)

(02/29/20)

the Period

^(a)

(09/01/19)

(02/29/20)

the Period

^(a)

Ratio

1,000.00

920.00

2.39

1,000.00

1,022.40

2.51

0.50

^(a)

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Financials		32.2	%
Consumer Staples		15.2
Utilities		12.4
Industrials		10.1
Communication Services		9.6
Health Care		7.1
Materials		4.5
Consumer Discretionary		4.5
Energy		4.4

TEN LARGEST HOLDINGS
	Percent of
Security	Total Investments		^(a)
Public Bank Bhd		12.3	%
Tenaga Nasional Bhd		8.8
Malayan Banking Bhd		7.7
CIMB Group Holdings Bhd		5.6
Petronas Gas Bhd		3.1
Petronas Chemicals Group Bhd		3.0
DiGi.Com Bhd		3.0
Maxis Bhd		3.0
IHH Healthcare Bhd		2.9
Dialog Group Bhd		2.8

^(a)

Excludes money market funds.

F u n d S u m m a r y

Fund Summary as of February 29, 2020

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	(2.90	)%		(3.79	)%	2.34	%	4.78	%	(3.79	)%	12.27	%	59.44	%
Fund Market	(2.29	)		(3.38	)	2.43		4.83		(3.38	)	12.73		60.23
Index	(2.70	)		(3.40	)	2.76		5.21		(3.40	)	14.60		66.17

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(09/01/19)

(02/29/20)

the Period

^(a)

(09/01/19)

(02/29/20)

the Period

^(a)

Ratio

1,000.00

971.00

2.35

1,000.00

1,022.50

2.41

0.48

^(a)

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Financials		37.7	%
Real Estate		13.1
Industrials		9.3
Materials		8.9
Health Care		8.3
Consumer Discretionary		5.9
Consumer Staples		5.1
Utilities		4.9
Communication Services		3.0
Energy		3.0
Information Technology		0.8

GEOGRAPHIC ALLOCATION
	Percent of
Country/Geographic Region	Total Investments		^(a)
Australia		56.2	%
Hong Kong		30.4
Singapore		10.7
New Zealand		2.4
China		0.3
Malta		0.0	^(b)

	^(a)	Excludes money market funds.
	^(b)	Rounds to less than 0.1%.

6	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Fund Summary as of February 29, 2020

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 (2.63 )% (3.61 )% 0.59 % 3.73 % (3.61 )% 3.01 % 44.28 %

Fund Market (1.47 ) (2.39 ) 0.80 3.85 (2.39 ) 4.09 45.97

Index (2.40 ) (3.21 ) 1.04 4.12 (3.21 ) 5.31 49.68

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

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(09/01/19)

(02/29/20)

the Period

^(a)

(09/01/19)

(02/29/20)

the Period

^(a)

Ratio

1,000.00

973.70

2.45

1,000.00

1,022.40

2.51

0.50

^(a)

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Financials		49.0	%
Real Estate		17.2
Industrials		16.9
Communication Services		6.2
Consumer Discretionary		4.3
Consumer Staples		3.9
Information Technology		2.5

TEN LARGEST HOLDINGS
	Percent of
Security	Total Investments		^(a)
DBS Group Holdings Ltd.		18.0	%
Oversea-Chinese Banking Corp. Ltd.		14.6
United Overseas Bank Ltd.		12.9
Singapore Telecommunications Ltd.		4.5
Keppel Corp. Ltd.		4.5
Ascendas REIT		4.3
Wilmar International Ltd.		3.9
Singapore Exchange Ltd.		3.5
Singapore Technologies Engineering Ltd.		3.4
Genting Singapore Ltd.		2.6

^(a)

Excludes money market funds.

F u n d S u m m a r y

Fund Summary as of February 29, 2020

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 12.21 % 15.65 % 6.64 % 7.73 % 15.65 % 37.92 % 110.49 %

Fund Market 10.23 15.84 6.13 7.50 15.84 34.65 106.03

Index 12.55 16.30 7.33 8.31 16.30 42.43 122.08

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

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(09/01/19)

(02/29/20)

the Period

^(a)

(09/01/19)

(02/29/20)

the Period

^(a)

Ratio

1,000.00

1,122.10

3.06

1,000.00

1,022.00

2.92

0.58

^(a)

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Information Technology		55.1	%
Financials		20.2
Materials		8.9
Consumer Discretionary		4.7
Communication Services		3.8
Consumer Staples		3.2
Industrials		2.8
Other (each representing less than 1%)		1.3

TEN LARGEST HOLDINGS
	Percent of
Security	Total Investments		^(a)
Taiwan Semiconductor Manufacturing Co. Ltd.		22.8	%
Hon Hai Precision Industry Co. Ltd.		5.4
MediaTek Inc.		2.9
Largan Precision Co. Ltd.		2.3
CTBC Financial Holding Co. Ltd.		2.2
Chunghwa Telecom Co. Ltd.		2.1
Formosa Plastics Corp.		2.1
Mega Financial Holding Co. Ltd.		1.9
Uni-President Enterprises Corp.		1.9
Nan Ya Plastics Corp.		1.8

^(a)

Excludes money market funds.

8	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Fund Summary as of February 29, 2020

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 (22.00 )% (20.43 )% (0.51 )% 8.02 % (20.43 )% (2.51 )% 116.31 %

Fund Market (21.25 ) (19.62 ) (0.39 ) 8.05 (19.62 ) (1.92 ) 116.89

Index (21.89 ) (20.17 ) (0.24 ) 8.40 (20.17 ) (1.18 ) 123.93

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

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(09/01/19)

(02/29/20)

the Period

^(a)

(09/01/19)

(02/29/20)

the Period

^(a)

Ratio

1,000.00

780.00

2.57

1,000.00

1,022.00

2.92

0.58

^(a)

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Energy		15.7	%
Consumer Staples		13.3
Financials		11.9
Industrials		10.3
Communication Services		9.9
Utilities		9.0
Materials		8.8
Real Estate		7.7
Health Care		6.6
Consumer Discretionary		6.0
Information Technology		0.8

TEN LARGEST HOLDINGS
	Percent of
Security	Total Investments		^(a)
PTT PCL		9.3	%
CP ALL PCL		8.0
Airports of Thailand PCL		5.4
Siam Cement PCL (The)		5.1
Advanced Info Service PCL		5.0
Bangkok Dusit Medical Services PCL		4.4
PTT Exploration & Production PCL		3.1
Kasikornbank PCL		2.9
Intouch Holdings PCL		2.5
Central Pattana PCL		2.5

^(a)

Excludes money market funds.

F u n d S u m m a r y

About Fund Performance

Past performance is no guarantee of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

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.

10	2020 I S h a r e s S e m i-a n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited)	iShares^® MSCI Hong Kong ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Banks — 6.4%
Bank of East Asia Ltd. (The)^(a)		4,997,610	$	10,619,773
BOC Hong Kong Holdings Ltd.		14,244,000		48,893,181
Hang Seng Bank Ltd.		2,943,200		61,371,350
				120,884,304
Beverages — 0.8%
Budweiser Brewing Co. APAC Ltd.^(a)^(b)^(c)		5,083,200		15,263,200

Biotechnology — 1.3%
BeiGene Ltd., ADR^(c)		148,864		23,572,614

Capital Markets — 8.0%
Hong Kong Exchanges & Clearing Ltd.		4,610,600		151,338,883

Diversified Telecommunication Services — 1.7%
HKT Trust & HKT Ltd.		14,584,500		21,821,401
PCCW Ltd.		16,292,169		9,804,925
				31,626,326
Electric Utilities — 7.0%
CK Infrastructure Holdings Ltd.		2,552,000		17,388,724
CLP Holdings Ltd.		6,316,700		66,303,445
HK Electric Investments & HK Electric Investments Ltd.		10,177,500		10,238,815
Power Assets Holdings Ltd.		5,339,500		38,026,479
				131,957,463
Equity Real Estate Investment Trusts (REITs) — 4.0%
Link REIT		8,069,400		74,760,290

Food & Staples Retailing — 0.3%
Dairy Farm International Holdings Ltd.		1,318,800		6,330,240

Food Products — 2.5%
Vitasoy International Holdings Ltd.^(a)		2,878,000		10,322,031
WH Group Ltd.^(b)		36,813,000		37,412,689
				47,734,720
Gas Utilities — 4.0%
Hong Kong & China Gas Co. Ltd.		39,049,100		75,161,394

Hotels, Restaurants & Leisure — 7.1%
Galaxy Entertainment Group Ltd.		8,337,000		55,041,178
Melco Resorts & Entertainment Ltd., ADR		841,216		14,586,685
Sands China Ltd.		9,324,800		43,375,059
SJM Holdings Ltd.		7,624,000		8,628,673
Wynn Macau Ltd.		6,028,800		12,145,714
				133,777,309
Industrial Conglomerates — 9.0%
CK Hutchison Holdings Ltd.		10,384,267		90,410,368
Jardine Matheson Holdings Ltd.		851,600		46,327,040
Jardine Strategic Holdings Ltd.		852,400		24,472,404
NWS Holdings Ltd.		5,983,000		7,316,518
				168,526,330
Insurance — 24.4%
AIA Group Ltd.		46,501,000		458,861,024

Security	Shares		Value

Machinery — 2.3%
Techtronic Industries Co. Ltd.		5,280,647	$	42,723,297

Real Estate Management & Development — 18.3%
CK Asset Holdings Ltd.		9,941,767		62,127,672
Hang Lung Properties Ltd.		7,809,000		17,054,835
Henderson Land Development Co. Ltd.		5,588,762		25,638,003
Hongkong Land Holdings Ltd.		4,488,000		22,036,080
Kerry Properties Ltd.		2,514,500		7,146,903
New World Development Co. Ltd.		23,575,066		30,311,901
Sino Land Co. Ltd.		1 1,758,000		15,993,071
Sun Hung Kai Properties Ltd.		6,128,500		87,133,767
Swire Pacific Ltd., Class A		1,917,000		17,268,387
Swire Properties Ltd.		4,508,200		13,334,190
Wharf Real Estate Investment Co. Ltd.		4,691,150		21,279,493
Wheelock & Co. Ltd.		3,171,357		24,152,294
				343,476,596
Road & Rail — 1.8%
MTR Corp. Ltd.		5,940,083		33,423,710

Semiconductors & Semiconductor Equipment — 0.7%
ASM Pacific Technology Ltd.		1,178,200		13,962,026

Textiles, Apparel & Luxury Goods — 0.4%
Yue Yuen Industrial Holdings Ltd.		2,790,500		6,724,657

Total Common Stocks — 100.0%
(Cost: $2,052,621,197)				1,880,104,383

Short-Term Investments

Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74% (d)(e)(f)		21,142,228		21,157,028
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52% ^(d)^(e)		799,000		799,000
				21,956,028
Total Short-Term Investments — 1.1%
(Cost: $21,953,582)				21,956,028

Total Investments in Securities — 101.1%
(Cost: $2,074,574,779)				1,902,060,411

Other Assets, Less Liabilities — (1.1)%				(21 ,367,135)

Net Assets — 100.0%			$	1,880,693,276

^(a)

All or a portion of this security is on loan.

^(b)

^(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

Schedule of Investments (unaudited) (continued) iShares^® MSCI Hong Kong ETF

February 29, 2020

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

															Change in
	Shares				Shares										Unrealized
	Held at				Held at		Value at					Net Realized			Appreciation
Affiliated Issuer	08/31/19		Net Activity		02/29/20		02/29/20		Income			Gain (Loss)		^(a)	(Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		16,773,322		4,368,906		21,142,228	$	21,157,028	$	20,898	^(b)	$	(1,731	)	$	4,123
BlackRock Cash Funds: Treasury, SL Agency Shares		613,000		186,000		799,000		799,000		21,625			—			—
							$	21,956,028	$	42,523		$	(1,731	)	$	4,123

^(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

Hang Seng Index

03/30/20

168

(3,779

)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity
	Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	3,779

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity
	Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	432,703

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts.	$	(4,230	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	4,420,027

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

Fair Value Measurements

12 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued) iShares^® MSCI Hong Kong ETF

February 29, 2020

Fair Value Measurements (continued)

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,880,104,383		$	—	$	—	$	1,880,104,383
Money Market Funds		21,956,028			—		—		21,956,028
	$	1,902,060,411		$	—	$	—	$	1,902,060,411
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(3,779	)	$	—	$	—	$	(3,779	)

^(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 13

Schedule of Investments (unaudited)	iShares^® MSCI Japan Small-Cap ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.0%
Jamco Corp.		1,200	$	11,959

Air Freight & Logistics — 0.3%
Kintetsu World Express Inc.		4,800		75,339
Konoike Transport Co. Ltd.		3,600		44,556
Maruwa Unyu Kikan Co. Ltd.		2,400		38,848
Mitsui-Soko Holdings Co. Ltd.		2,400		34,932
SBS Holdings Inc.		2,400		35,556
				229,231
Auto Components — 3.1%
Aisan Industry Co. Ltd.		3,600		20,793
Daido Metal Co. Ltd.		4,800		26,121
Daikyonishikawa Corp.		4,800		26,967
Eagle Industry Co. Ltd.		2,400		18,223
Exedy Corp.		2,400		44,878
FCC Co. Ltd.		3,600		64,447
Futaba Industrial Co. Ltd.		6,000		31,873
G-Tekt Corp.		2,400		28,992
Ichikoh Industries Ltd.		3,600		21,794
Kasai Kogyo Co. Ltd.		2,400		14,685
Keihin Corp.		4,800		115,077
KYB Corp.^(a)		2,400		53,267
Mitsuba Corp.		3,600		20,425
Musashi Seimitsu Industry Co. Ltd.		4,800		53,000
NHK Spring Co. Ltd.		22,800		174,173
Nifco Inc./Japan		9,600		233,269
Nihon Tokushu Toryo Co. Ltd.		1,200		11,147
Nippon Seiki Co. Ltd.		6,000		79,266
Nissin Kogyo Co. Ltd.		4,800		99,458
NOK Corp.		10,800		137,272
Pacific Industrial Co. Ltd.		4,800		52,332
Piolax Inc.		3,600		51,765
Press Kogyo Co. Ltd.		10,800		31,039
Riken Corp.		1,200		33,653
Shoei Co. Ltd.		1,200		53,456
Showa Corp.		6,000		127,215
Sumitomo Riko Co. Ltd.		3,600		23,997
Tachi-S Co. Ltd.		3,600		33,976
Taiho Kogyo Co. Ltd.		2,400		12,682
Tokai Rika Co. Ltd.		6,000		90,502
Topre Corp.		3,600		47,025
Toyo Tire Corp.		13,200		175,731
Toyota Boshoku Corp.		7,200		99,524
TPR Co. Ltd.		2,400		33,486
TS Tech Co. Ltd.		4,800		125,401
Unipres Corp.		4,800		51,887
Yorozu Corp.		2,400		28,636
				2,347,434
Automobiles — 0.1%
Nissan Shatai Co. Ltd.		7,200		66,350

Banks — 3.9%
77 Bank Ltd. (The)		6,000		77,819
Aichi Bank Ltd. (The)		1,200		35,822
Akita Bank Ltd. (The)		1,200		18,657
Aomori Bank Ltd. (The)		1,200		24,831
Awa Bank Ltd. (The)		3,600		72,958
Bank of Iwate Ltd. (The)		2,400		49,440

Security	Shares		Value

Banks (continued)
Bank of Nagoya Ltd. (The)		1,200	$	32,218
Bank of Okinawa Ltd. (The)		2,400		67,418
Bank of Saga Ltd. (The)		1,200		15,241
Bank of the Ryukyus Ltd.		4,800		45,079
Chugoku Bank Ltd. (The)		16,800		133,634
Chukyo Bank Ltd. (The)		1,200		23,563
Daishi Hokuetsu Financial Group Inc.		4,800		99,680
Ehime Bank Ltd. (The)		3,600		33,909
Gunma Bank Ltd. (The)		40,800		123,310
Hachijuni Bank Ltd. (The)		42,000		143,680
Hiroshima Bank Ltd. (The)		27,600		120,261
Hokkoku Bank Ltd. (The)		2,400		61 ,499
Hokuhoku Financial Group Inc.		14,400		122,420
Hyakugo Bank Ltd. (The)		24,000		68,308
Hyakujushi Bank Ltd. (The)		2,400		40,606
Iyo Bank Ltd. (The)		27,600		124,867
Juroku Bank Ltd. (The)		3,600		61 ,410
Kansai Mirai Financial Group Inc.		12,074		56,864
Keiyo Bank Ltd. (The)		10,800		50,964
Kiyo Bank Ltd. (The)		7,200		95,186
Kyushu Financial Group Inc.		42,000		143,290
Miyazaki Bank Ltd. (The)		1,200		23,974
Musashino Bank Ltd. (The)		3,600		49,729
Nanto Bank Ltd. (The)		3,600		71 ,756
Nishi-Nippon Financial Holdings Inc.		14,400		82,770
North Pacific Bank Ltd.		32,400		61,277
Ogaki Kyoritsu Bank Ltd. (The)		3,600		67,584
Oita Bank Ltd. (The)		1,200		23,051
San ju San Financial Group Inc.		2,400		32,796
San-in Godo Bank Ltd. (The)		16,800		85,040
Senshu Ikeda Holdings Inc.		27,600		42,475
Shiga Bank Ltd. (The)		4,800		108,447
Shikoku Bank Ltd. (The)		3,600		28,135
Suruga Bank Ltd.^(a)		19,200		69,064
Toho Bank Ltd. (The)		21,600		44,055
Tokyo Kiraboshi Financial Group Inc.		3,630		36,716
TOMONY Holdings Inc.		16,800		47,036
Towa Bank Ltd. (The)		3,600		23,229
Yamagata Bank Ltd. (The)		2,400		24,586
Yamaguchi Financial Group Inc.		24,000		127,938
Yamanashi Chuo Bank Ltd. (The)		3,600		27,301
				3,019,893
Beverages — 0.7%
Ito En Ltd.		6,000		264,775
Sapporo Holdings Ltd.		7,200		144,447
Takara Holdings Inc.		18,000		139,675
				548,897
Biotechnology — 0.4%
AnGes Inc.^(a)		12,000		43,165
GNI Group Ltd. ^(a)		4,197		50,077
HEALIOS KK^(a)		2,400		37,135
Japan Tissue Engineering Co. Ltd.^(a)		1,200		7,654
SanBio Co. Ltd.^(a)		3,600		56,270
Takara Bio Inc.		6,000		103,908
				298,209
Building Products — 1.6%
Aica Kogyo Co. Ltd.		6,000		177,722
Bunka Shutter Co. Ltd.		6,000		43,054
Central Glass Co. Ltd.		4,800		91 ,314

14	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued) iShares^® MSCI Japan Small-Cap ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

Building Products (continued)
Maeda Kosen Co. Ltd.		2,400	$	44,478
Nichias Corp.		7,200		149,053
Nichiha Corp.		2,400		50,107
Nippon Sheet Glass Co. Ltd.		10,800		48,561
Nitto Boseki Co. Ltd.		2,600		100,273
Noritz Corp.		3,600		36,946
Okabe Co. Ltd.		3,600		25,365
Sankyo Tateyama Inc.		2,400		24,141
Sanwa Holdings Corp.		22,800		209,684
Sekisui Jushi Corp.		3,600		70,822
Shin Nippon Air Technologies Co. Ltd.		1,200		20,259
Sinko Industries Ltd.		2,400		33,687
Takara Standard Co. Ltd.		3,600		51,064
Takasago Thermal Engineering Co. Ltd.		4,800		74,226
				1,250,756
Capital Markets — 0.8%
GMO Financial Holdings Inc.		4,800		23,273
Ichiyoshi Securities Co. Ltd.		4,800		23,629
Jafco Co. Ltd.		3,600		137,005
Kyokuto Securities Co. Ltd.		3,600		21,727
M&A Capital Partners Co. Ltd.^(a)		1,200		34,877
Marusan Securities Co. Ltd.		6,000		24,086
Matsui Securities Co. Ltd.		14,400		111,740
Monex Group Inc.		19,200		37,024
Okasan Securities Group Inc.		14,400		45,523
SPARX Group Co. Ltd.		10,800		22,228
Strike Co. Ltd.		1,200		44,778
Tokai Tokyo Financial Holdings Inc.		22,800		60,031
Uzabase Inc.^(a)		1,200		17,722
				603,643
Chemicals — 5.6%
Achilles Corp.		1,200		18,979
ADEKA Corp.		9,600		126,647
C.I. Takiron Corp.		3,600		20,726
Chugoku Marine Paints Ltd.		4,800		41,074
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		1,200		26,088
Denka Co. Ltd.		9,600		242,792
DIC Corp.		8,400		199,283
Fujimi Inc.		2,400		61,588
Fujimori Kogyo Co. Ltd.		1,200		31,929
Fuso Chemical Co. Ltd.		2,400		66,416
Hodogaya Chemical Co. Ltd.		1,200		40,662
Ishihara Sangyo Kaisha Ltd.		3,600		23,897
JCU Corp.		2,400		55,848
JSP Corp.		1,200		18,100
Kaneka Corp.		6,000		161,813
Kanto Denka Kogyo Co. Ltd.		4,800		41,029
KH Neochem Co. Ltd.		3,600		69,821
Koatsu Gas Kogyo Co. Ltd.		3,600		22,094
Konishi Co. Ltd.		3,600		44,789
Kumiai Chemical Industry Co. Ltd.		8,449		56,789
Kureha Corp.		2,400		121,485
Lintec Corp.		4,800		102,795
Nihon Nohyaku Co. Ltd.		3,600		16,854
Nihon Parkerizing Co. Ltd.		10,800		99,525
Nippon Kayaku Co. Ltd.		15,600		172,683
Nippon Shokubai Co. Ltd.		3,600		182,895
Nippon Soda Co. Ltd.		2,400		62,256
NOF Corp.		7,200		231,289

Security	Shares		Value

Chemicals (continued)
Okamoto Industries Inc.		1,200	$	36,101
Osaka Soda Co. Ltd.		1,200		28,402
Sakai Chemical Industry Co. Ltd.		1,200		21 ,282
Sakata INX Corp.		4,800		42,008
Sanyo Chemical Industries Ltd.		1,200		48,839
Sekisui Plastics Co. Ltd.		2,400		13,906
Shikoku Chemicals Corp.		3,600		36,145
Shin-Etsu Polymer Co. Ltd.		4,800		37,603
Stella Chemifa Corp.		1,200		29,704
Sumitomo Bakelite Co. Ltd.		3,600		108,135
Sumitomo Seika Chemicals Co. Ltd.		1,200		31 ,239
T. Hasegawa Co. Ltd.		3,600		66,950
Taiyo Holdings Co. Ltd.		2,400		95,453
Takasago International Corp.		1,200		22,550
Tanaka Chemical Corp.^(a)		1,200		6,631
Tayca Corp.		1,200		16,343
Tenma Corp.		2,400		36,067
Toagosei Co. Ltd.		12,000		119,928
Tokai Carbon Co. Ltd.		22,800		203,977
Tokuyama Corp.		7,200		162,470
Tokyo Ohka Kogyo Co. Ltd.		3,600		129,662
Toyo Ink SC Holdings Co. Ltd		3,600		70,121
Toyobo Co. Ltd.		9,600		120,773
Ube Industries Ltd.		12,000		218,940
Valqua Ltd.		1,200		22,706
Zeon Corp.		16,800		160,890
				4,246,971
Commercial Services & Supplies — 1.7%
Aeon Delight Co. Ltd.		2,400		73,203
Bell System24 Holdings Inc.		3,600		42,987
Central Security Patrols Co. Ltd.		1,300		53,090
Daiseki Co. Ltd.		3,660		87,679
Duskin Co. Ltd.		4,800		124,155
Japan Elevator Service Holdings Co. Ltd.		2,400		46,147
Kokuyo Co. Ltd.		9,600		135,992
Matsuda Sangyo Co. Ltd.		1,260		16,482
Mitsubishi Pencil Co. Ltd.		3,600		49,662
Nichiban Co. Ltd.		1,200		16,999
Nippon Kanzai Co. Ltd.		2,400		39,672
Nippon Parking Development Co. Ltd.		22,800		25,576
Okamura Corp.		7,200		60,342
Oyo Corp.		2,400		27,679
Pilot Corp.		3,600		1 17,313
Prestige International Inc.		12,000		92,783
Raksul Inc.^(a)		2,400		62,945
Relia Inc.		4,800		53,667
Sato Holdings Corp.		3,600		81 ,135
Toppan Forms Co. Ltd.		6,000		57,238
				1,264,746
Communications Equipment — 0.1%
Denki Kogyo Co. Ltd.		1,200		30,115
Icom Inc.		1,200		25,788
				55,903
Construction & Engineering — 5.1%
Chiyoda Corp.^(a)		19,200		54,112
Chudenko Corp.		3,600		75,060
COMSYS Holdings Corp.		14,400		355,644
Dai-Dan Co. Ltd.		1,200		28,969
Daiho Corp.		1,200		25,532

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) iShares^® MSCI Japan Small-Cap ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

Construction & Engineering (continued)
Hazama Ando Corp.		21,600	$	158,398
Hibiya Engineering Ltd.		2,400		39,004
JDC Corp.		3,600		16,921
Kandenko Co. Ltd.		10,800		91,614
Kinden Corp.		15,600		235,884
Kumagai Gumi Co. Ltd.		3,600		95,720
Kyowa Exeo Corp.		12,000		262,439
Kyudenko Corp.		4,800		128,650
Maeda Corp.		16,800		150,455
Maeda Road Construction Co. Ltd.		7,200		213,266
Meisei Industrial Co. Ltd.		3,600		23,830
Mirait Holdings Corp.		8,800		115,604
Nippo Corp.		6,000		136,115
Nippon Densetsu Kogyo Co. Ltd.		3,600		65,715
Nippon Koei Co. Ltd.		1,200		32,908
Nippon Road Co. Ltd. (The)		1,200		72,313
Nishimatsu Construction Co. Ltd.		6,200		130,593
Okumura Corp.		3,600		87,576
OSJB Holdings Corp.		15,600		36,012
Penta-Ocean Construction Co. Ltd.		31,200		166,319
Raito Kogyo Co. Ltd.		4,800		58,340
Raiznext Corp.		3,600		40,617
Sanki Engineering Co. Ltd.		4,800		56,649
Shinnihon Corp.		3,600		25,265
SHO-BOND Holdings Co. Ltd.		3,600		131,498
Sumitomo Densetsu Co. Ltd.		2,400		49,239
Sumitomo Mitsui Construction Co. Ltd.		18,000		91,448
Taihei Dengyo Kaisha Ltd.		1,200		25,476
Taikisha Ltd.		2,400		69,086
Takamatsu Construction Group Co. Ltd.		1,200		25,988
Tekken Corp.		1,200		26,622
Toa Corp./Tokyo		2,400		35,133
Toda Corp.		26,400		158,109
Toenec Corp.		1,200		36,434
Tokyu Construction Co. Ltd.		9,640		60,593
Totetsu Kogyo Co. Ltd.		2,400		61,722
Toyo Construction Co. Ltd.		8,400		35,122
Yahagi Construction Co. Ltd.		3,600		26,667
Yokogawa Bridge Holdings Corp.		3,600		65,549
Yurtec Corp.		4,800		25,231
				3,903,441
Construction Materials — 0.2%
Sumitomo Osaka Cement Co. Ltd.		3,600		123,321

Consumer Finance — 0.5%
Aiful Corp.^(a)		36,000		88,444
Hitachi Capital Corp.		6,000		153,636
J Trust Co. Ltd.		7,200		23,095
Jaccs Co. Ltd.		2,400		48,194
Orient Corp.		52,800		65,104
				378,473
Containers & Packaging — 0.5%
FP Corp.		2,400		144,180
Fuji Seal International Inc.		4,800		85,485
Pack Corp. (The)		1,200		39,104
Rengo Co. Ltd.		20,400		138,251
				407,020
Distributors — 0.3%
Arata Corp.		1,200		45,947

Security	Shares		Value

Distributors (continued)
Doshisha Co. Ltd.		2,400	$	30,816
PALTAC Corp.		3,600		152,524
				229,287
Diversified Consumer Services — 0.1%
Japan Best Rescue System Co. Ltd.		2,400		16,799
Meiko Network Japan Co. Ltd.		2,400		18,022
Riso Kyoiku Co. Ltd.		12,000		34,043
Studio Alice Co. Ltd.		1,200		17,244
				86,108
Diversified Financial Services — 0.9%
eGuarantee Inc.		3,600		40,451
Financial Products Group Co. Ltd.		7,200		57,138
Fuyo General Lease Co. Ltd.		2,400		135,503
Japan Investment Adviser Co. Ltd.		1,200		16,665
Japan Securities Finance Co. Ltd.		9,600		41 ,563
Mizuho Leasing Co. Ltd.		3,600		95,052
NEC Capital Solutions Ltd.		1,200		23,529
Ricoh Leasing Co. Ltd.		1,200		41 ,329
Zenkoku Hosho Co. Ltd.		6,000		225,004
				676,234
Diversified Telecommunication Services — 0.2%
ARTERIA Networks Corp.		2,400		39,583
Internet Initiative Japan Inc.		3,600		98,757
Vision Inc./Tokyo Japan ^(a)^(b)		2,600		25,743
				164,083
Electric Utilities — 0.6%
Hokkaido Electric Power Co. Inc.		21,600		94,118
Hokuriku Electric Power Co.^(a)		20,400		138,061
Okinawa Electric Power Co. Inc. (The)		4,812		82,754
Shikoku Electric Power Co. Inc..		19,200		146,316
				461,249
Electrical Equipment — 1.6%
Chiyoda Integre Co. Ltd.		1,200		20,058
Cosel Co. Ltd.		2,400		22,317
Daihen Corp.		2,400		63,034
Denyo Co. Ltd.		2,400		41 ,296
Fujikura Ltd.		27,600		88,533
Furukawa Electric Co. Ltd.		8,400		185,109
Futaba Corp.		3,600		34,844
GS Yuasa Corp.		7,200		127,292
Idec Corp./Japan		3,600		55,035
Mabuchi Motor Co. Ltd.		4,800		166,653
Nippon Carbon Co. Ltd.^(b)		1,200		39,883
Nissin Electric Co. Ltd.		4,800		45,924
Nitto Kogyo Corp.		2,400		42,142
Sanyo Denki Co. Ltd.		1,200		48,894
Sinfonia Technology Co. Ltd.		2,400		22,562
Tatsuta Electric Wire and Cable Co. Ltd.		4,800		23,007
Toyo Tanso Co. Ltd.		1,200		18,801
Ushio Inc.		12,000		150,188
				1,195,572
Electronic Equipment, Instruments & Components — 5.1%
Ai Holdings Corp.		3,600		50,897
Amano Corp.		6,000		147,406
Anritsu Corp.^(b)		15,600		256,565
Azbil Corp.		14,400		356,846
Canon Electronics Inc.		2,400		41 ,207
Canon Marketing Japan Inc.		6,000		138,729

16	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^® MSCI Japan Small-Cap ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Citizen Watch Co. Ltd.		34,800	$	137,761
CMK Corp.		4,800		20,826
CONEXIO Corp.		1,200		14,974
Daiwabo Holdings Co. Ltd.		2,500		126,779
Dexerials Corp.		6,000		44,055
Elematec Corp.		1,200		10,235
Enplas Corp.		1,200		28,524
ESPEC Corp.		2,400		44,300
Hioki E.E. Corp.		1,200		35,934
Hochiki Corp.		1,200		13,339
Horiba Ltd.		4,700		256,645
Hosiden Corp.		6,000		51,843
Ibiden Co. Ltd.		13,200		292,354
Iriso Electronics Co. Ltd.		2,400		81,658
Japan Aviation Electronics Industry Ltd.		6,000		96,398
Japan Cash Machine Co. Ltd.		2,400		14,485
Japan Display Inc.^(a)		68,400		38,682
Kaga Electronics Co. Ltd.		2,400		44,033
Koa Corp.		2,400		23,363
Macnica Fuji Electronics Holdings Inc.		4,800		67,151
Maruwa Co. Ltd./Aichi		1,200		76,429
Meiko Electronics Co. Ltd.		2,400		35,622
Nichicon Corp.		4,800		35,378
Nippon Ceramic Co. Ltd.		2,400		48,594
Nippon Chemi-Con Corp.		1,200		17,188
Nippon Electric Glass Co. Ltd.		9,600		162,247
Nippon Signal Co. Ltd.		4,800		51,086
Nissha Co. Ltd.		3,600		28,135
Nohmi Bosai Ltd.		2,400		45,145
Ohara Inc.		1,200		11,815
Oki Electric Industry Co. Ltd.		9,600		105,910
Optex Group Co. Ltd.		3,600		41,018
Osaki Electric Co. Ltd.		3,600		18,256
Restar Holdings Corp.		2,400		35,311
Riken Keiki Co. Ltd.		1,200		22,105
Ryosan Co. Ltd.		2,400		49,662
Ryoyo Electro Corp.		1,200		19,647
Sanshin Electronics Co. Ltd.		1,200		16,643
Siix Corp.		3,600		40,350
Taiyo Yuden Co. Ltd.		14,400		403,171
Tamura Corp.		8,400		38,159
Topcon Corp.		12,000		119,816
V Technology Co. Ltd.		1,200		42,219
Yokowo Co. Ltd.		1,200		27,012
				3,925,907
Energy Equipment & Services — 0.1%
Modec Inc.		2,400		40,206

Entertainment — 1.7%
Amuse Inc.		1,200		25,020
Ateam Inc.		1,200		8,633
Avex Inc.		3,600		33,842
Capcom Co. Ltd.		9,600		261,482
COLOPL Inc.		7,200		55,336
Daiichikosho Co. Ltd.		4,800		196,245
DeNA Co. Ltd.		13,200		169,979
GungHo Online Entertainment Inc.		4,800		75,962
KLab Inc.^(a)^(b)		3,600		20,325
Koei Tecmo Holdings Co. Ltd.		6,068		150,821
Marvelous Inc.		3,600		20,459

Security	Shares		Value

Entertainment (continued)
Shochiku Co. Ltd.		1,200	$	129,162
Toei Animation Co. Ltd.		1,200		49,173
Toei Co. Ltd.		1,000		1 13,383
UUUM Inc.^(a)		1,200		25,821
				1,335,643
Equity Real Estate Investment Trusts (REITs) — 11.2%
Activia Properties Inc.		84		400,278
Advance Residence Investment Corp.		156		464,970
AEON REIT Investment Corp.		168		204,344
Comforia Residential REIT Inc.		72		220,609
Daiwa Office Investment Corp.		36		278,014
Frontier Real Estate Investment Corp.		48		178,890
Fukuoka REIT Corp.		84		130,752
Global One Real Estate Investment Corp.		108		129,262
GLP J-REIT		409		518,715
Hankyu Hanshin REIT Inc.		72		106,533
Heiwa Real Estate REIT Inc.		108		133,367
Hoshino Resorts REIT Inc.		24		103,463
Hulic Reit Inc.		132		222,845
Ichigo Office REIT Investment Corp.		144		140,442
Industrial & Infrastructure Fund Investment Corp.		180		283,187
Invesco Office J-Reit Inc.		1,044		212,739
Invincible Investment Corp.		720		293,367
Japan Excellent Inc.		132		220,765
Japan Hotel REIT Investment Corp.		528		295,658
Japan Logistics Fund Inc.		108		268,736
Japan Rental Housing Investments Inc.		204		184,586
Kenedix Office Investment Corp.		48		358,671
Kenedix Residential Next Investment Corp.		108		185,332
Kenedix Retail REIT Corp.		48		106,667
LaSalle Logiport REIT		144		210,930
MCUBS MidCity Investment Corp.		180		187,902
Mirai Corp.		192		89,000
Mitsubishi Estate Logistics REIT Investment Corp.		34		120,410
Mitsui Fudosan Logistics Park Inc.		48		214,713
Mori Hills REIT Investment Corp.		204		321,135
Mori Trust Hotel Reit Inc.		48		56,604
Mori Trust Sogo REIT Inc.		120		203,922
Nippon Accommodations Fund Inc.		48		294,145
NIPPON REIT Investment Corp.		48		207,370
One REIT Inc.		24		72,980
Premier Investment Corp.		156		214,045
Samty Residential Investment Corp.		36		31 ,673
Sekisui House Reit Inc.		480		379,586
Star Asia Investment Corp.		48		44,767
Starts Proceed Investment Corp.		24		43,477
Takara Leben Real Estate Investment Corp.		48		47,927
Tokyu REIT Inc.		108		193,642
				8,576,420
Food & Staples Retailing — 3.4%
Ain Holdings Inc.		2,500		144,625
Arcs Co. Ltd.		4,800		76,896
Axial Retailing Inc.		1,200		38,214
Belc Co. Ltd.		1,200		57,628
Cawachi Ltd.		1,200		22,339
cocokara fine Inc.		2,400		1 10,249
Cosmos Pharmaceutical Corp.		1,200		260,659
Create SD Holdings Co. Ltd.		3,600		81 ,569
Daikokutenbussan Co. Ltd.		1,200		33,876

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued) iShares^® MSCI Japan Small-Cap ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

Food & Staples Retailing (continued)
G-7 Holdings Inc.		1,200	$	24,341
Genky DrugStores Co. Ltd.		1,200		19,903
Halows Co. Ltd.		1,200		27,557
Heiwado Co. Ltd.		3,600		55,903
JM Holdings Co. Ltd.		1,200		23,607
Kansai Super Market Ltd.		1,200		9,656
Kato Sangyo Co. Ltd.		2,400		66,973
Kobe Bussan Co. Ltd.		7,200		262,662
Kusuri no Aoki Holdings Co. Ltd.		2,200		134,613
Life Corp.		1,200		26,155
Matsumotokiyoshi Holdings Co. Ltd.		8,400		275,289
Ministop Co. Ltd.		1,200		15,942
Mitsubishi Shokuhin Co. Ltd.		1,200		29,181
Nihon Chouzai Co. Ltd.		1,200		39,772
Okuwa Co. Ltd.		2,400		29,570
Qol Holdings Co. Ltd.		2,400		27,634
Retail Partners Co. Ltd.		3,000		19,246
San-A Co. Ltd.		1,200		43,554
Shoei Foods Corp.		1,200		35,656
Sogo Medical Holdings Co. Ltd.		2,400		56,626
Sugi Holdings Co. Ltd.		4,200		198,971
United Super Markets Holdings Inc.		6,000		47,559
Valor Holdings Co. Ltd.		4,800		72,758
YAKUODO Holdings Co. Ltd.		1,300		26,744
Yaoko Co. Ltd.		2,400		129,940
Yokohama Reito Co. Ltd.		4,800		37,959
				2,563,826
Food Products — 4.4%
Ariake Japan Co. Ltd.		2,500		159,459
Chubu Shiryo Co. Ltd.		2,400		31,684
DyDo Group Holdings Inc.		1,200		39,104
Ezaki Glico Co. Ltd.		4,800		197,803
Feed One Co. Ltd.		13,200		18,968
Fuji Oil Holdings Inc.		6,000		139,341
Fujicco Co. Ltd.		2,400		38,826
Fujiya Co. Ltd.		1,200		21,316
Hokuto Corp.		2,400		40,896
House Foods Group Inc.		7,200		212,599
Itoham Yonekyu Holdings Inc.		16,800		92,827
J-Oil Mills Inc.		1,200		44,778
Kagome Co. Ltd.		8,400		181,293
Kameda Seika Co. Ltd.		1,200		48,672
Kenko Mayonnaise Co. Ltd.		1,200		21,894
Kewpie Corp.		12,000		220,832
KEY Coffee Inc.		2,400		45,346
Kotobuki Spirits Co. Ltd.		2,400		115,478
Marudai Food Co. Ltd.		2,400		39,316
Maruha Nichiro Corp.		4,800		100,837
Megmilk Snow Brand Co. Ltd.		6,000		120,985
Mitsui Sugar Co. Ltd.		1,200		21,126
Morinaga & Co. Ltd./Japan		4,800		189,793
Morinaga Milk Industry Co. Ltd.		3,600		127,826
Nagatanien Holdings Co. Ltd.		1,200		22,417
Nichirei Corp.		12,200		311,376
Nippon Beet Sugar Manufacturing Co. Ltd.		1,200		19,135
Nippon Flour Mills Co. Ltd.		4,800		71,378
Nippon Suisan Kaisha Ltd.		32,400		153,492
Nisshin Oillio Group Ltd. (The)		2,400		74,204
Prima Meat Packers Ltd.		3,600		74,159
Riken Vitamin Co. Ltd.		1,200		42,108

Security	Shares		Value

Food Products (continued)
Rock Field Co. Ltd.		2,400	$	28,124
Rokko Butter Co. Ltd.		1,200		14,974
S Foods Inc.		2,400		49,862
Sakata Seed Corp.		3,600		100,292
Showa Sangyo Co. Ltd.		2,400		65,504
Starzen Co. Ltd.		1,200		46,781
Warabeya Nichiyo Holdings Co. Ltd.		1,200		18,067
				3,362,872
Gas Utilities — 0.3%
K&O Energy Group Inc.		1,200		16,943
Nippon Gas Co. Ltd.		4,800		152,635
Shizuoka Gas Co. Ltd.		6,000		48,116
				217,694
Health Care Equipment & Supplies — 1.8%
CYBERDYNE Inc.^(a)		13,200		53,600
Eiken Chemical Co. Ltd.		3,600		63,313
Hogy Medical Co. Ltd.		2,400		68,641
Jeol Ltd.		4,800		126,425
Mani Inc.		8,400		178,490
Menicon Co. Ltd.		2,400		98,123
Nagaileben Co. Ltd.		2,400		49,106
Nakanishi Inc.		7,200		108,602
Nihon Kohden Corp.		9,600		285,690
Nikkiso Co. Ltd.		6,000		53,623
Nipro Corp.		16,800		179,113
Paramount Bed Holdings Co. Ltd.		2,400		93,116
				1,357,842
Health Care Providers & Services — 1.3%
As One Corp.		1,200		90,224
BML Inc.		2,400		64,725
Elan Corp.		1,200		15,030
Japan Lifeline Co. Ltd.		7,200		87,643
Japan Medical Dynamic Marketing Inc.		1,200		17,889
Miraca Holdings Inc.		6,000		149,354
NichiiGakkan Co. Ltd.		4,800		49,929
Ship Healthcare Holdings Inc.		4,800		194,910
Solasto Corp.		6,000		54,624
Toho Holdings Co. Ltd.		6,000		1 13,475
Tokai Corp./Gifu		2,400		51 ,798
Tsukui Corp.		6,000		27,590
Vital KSK Holdings Inc.		6,000		55,959
				973,150
Health Care Technology — 0.1%
EM Systems Co. Ltd.		3,600		29,704
Medical Data Vision Co. Ltd.^(a)		2,400		16,287
				45,991
Hotels, Restaurants & Leisure — 3.9%
Aeon Fantasy Co. Ltd.		1,200		20,559
Arcland Service Holdings Co. Ltd.		2,400		36,868
Atom Corp.		10,800		90,012
BRONCO BILLY Co. Ltd.		1,200		23,752
Colowide Co. Ltd.		7,200		1 18,481
Create Restaurants Holdings Inc.		9,600		76,095
Curves Holdings Co. Ltd.^(a)		5,200		39,097
Daisyo Corp.		1,200		14,985
Doutor Nichires Holdings Co. Ltd.		3,600		60,509
Fuji Kyuko Co. Ltd.		2,400		62,055
Fujio Food System Co. Ltd.		2,400		31 ,751
Fujita Kanko Inc.		1,200		22,005

18	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^® MSCI Japan Small-Cap ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Hiday Hidaka Corp.		2,484	$	37,560
HIS Co. Ltd.		3,600		71,089
Ichibanya Co. Ltd.		1,300		53,029
Kappa Create Co. Ltd.		3,600		42,620
Kisoji Co. Ltd.		2,400		55,803
KNT-CT Holdings Co. Ltd.^(a)		1,200		10,458
KOMEDA Holdings Co. Ltd.		6,000		101,683
Koshidaka Holdings Co. Ltd.		4,800		25,054
Kourakuen Holdings Corp.		1,200		16,765
Kura Sushi Inc.		1,200		50,118
Kyoritsu Maintenance Co. Ltd.^(b)		3,680		113,097
Matsuyafoods Holdings Co. Ltd.		1,200		42,331
Monogatari Corp. (The)		600		37,881
MOS Food Services Inc.		2,400		54,735
Ohsho Food Service Corp.		1,200		63,524
Pepper Food Service Co. Ltd.		1,200		7,765
Plenus Co. Ltd.		2,400		37,981
Renaissance Inc.		1,200		15,186
Resorttrust Inc.		9,600		126,914
Ringer Hut Co. Ltd.^(b)		2,400		46,525
Round One Corp.		7,200		53,801
Royal Holdings Co. Ltd.		3,600		59,808
Saizeriya Co. Ltd.		3,600		68,352
SFP Holdings Co. Ltd.		1,200		19,458
Skylark Holdings Co. Ltd.		22,800		342,005
St. Marc Holdings Co. Ltd.		2,400		42,898
Sushiro Global Holdings Ltd.		3,100		221,295
TKP Corp.^(a)		1,600		37,973
Tokyo Dome Corp.		9,600		73,336
Tokyotokeiba Co. Ltd.		2,400		73,091
Toridoll Holdings Corp.		2,400		48,372
Tosho Co. Ltd.		1,200		17,489
WATAMI Co. Ltd.		2,400		21,427
Yoshinoya Holdings Co. Ltd.		7,200		143,179
Zensho Holdings Co. Ltd.		9,600		175,419
				3,004,190
Household Durables — 1.8%
Chofu Seisakusho Co. Ltd.		2,400		47,103
Corona Corp.		1,200		10,636
ES-Con Japan Ltd.		3,600		23,129
Foster Electric Co. Ltd.		2,400		31,973
France Bed Holdings Co. Ltd.		2,400		19,113
Fujitsu General Ltd.		7,200		143,246
Haseko Corp.		31,200		402,058
Hinokiya Group Co. Ltd.		1,200		20,114
JVCKenwood Corp.		20,400		41,419
LEC Inc.		3,000		26,227
Pressance Corp.		3,600		38,048
Sangetsu Corp.		6,000		91,837
Starts Corp. Inc.		3,600		74,226
Sumitomo Forestry Co. Ltd.		15,600		232,557
Tama Home Co. Ltd.		1,200		14,084
Tamron Co. Ltd.		1,200		26,511
Token Corp.		1,220		84,602
Zojirushi Corp.		3,600		55,736
				1,382,619
Household Products — 0.1%
Earth Corp.		1,200		62,411

Security	Shares		Value

Household Products (continued)
S.T. Corp.		1,200	$	16,243
				78,654
Independent Power and Renewable Electricity Producers — 0.1%
eRex Co. Ltd.		2,400		28,881
RENOVA Inc.^(a)		2,400		21 ,271
				50,152
Industrial Conglomerates — 0.4%
Katakura Industries Co. Ltd.		2,400		27,612
Mie Kotsu Group Holdings Inc.		6,000		27,145
Nisshinbo Holdings Inc.		16,800		143,290
Noritsu Koki Co. Ltd.		2,400		28,525
TOKAI Holdings Corp.		12,000		98,234
				324,806
Insurance — 0.1%
Anicom Holdings Inc.		2,100		65,220

Interactive Media & Services — 0.5%
Bengo4.com Inc.^(a)		1,200		43,610
COOKPAD Inc.^(a)		6,000		15,241
Dip Corp.		3,600		87,209
Gree Inc.		14,400		58,740
Gurunavi Inc.		3,600		24,230
Itokuro Inc.^(a)		1,200		15,219
Kamakura Shinsho Ltd.		2,400		29,281
Lifull Co. Ltd.		7,200		27,635
Mixi Inc.		4,800		76,229
MTI Ltd.		2,400		12,482
ZIGExN Co. Ltd.		6,000		21 ,138
				411,014
Internet & Direct Marketing Retail — 0.3%
ASKUL Corp.		2,400		67,640
Belluna Co. Ltd.		6,000		30,149
Demae-Can Co. Ltd.		2,400		22,028
Enigmo Inc.		2,400		16,576
Istyle Inc.^(a)		4,800		12,994
Media Do Holdings Co. Ltd.		1,200		31 ,562
Oisix ra daichi Inc.^(a)		2,400		23,963
Open Door Inc.^(a)		1,200		11 ,403
				216,315
IT Services — 3.4%
Argo Graphics Inc.		1,200		35,600
Change Inc.^(a)		1,200		37,603
Comture Corp.		2,400		47,059
Digital Garage Inc.		3,600		1 12,641
Digital Hearts Holdings Co. Ltd.		1,200		9,000
DTS Corp.		4,800		87,843
Future Corp.		2,400		35,378
GMO internet Inc.		8,400		139,630
Ines Corp.		2,400		32,797
Infocom Corp.		2,400		60,498
Information Services International-Dentsu Ltd.		1,200		51,119
Kanematsu Electronics Ltd.		1,200		34,265
LAC Co. Ltd.		2,400		19,424
Mitsubishi Research Institute Inc.		1,200		41 ,941
NEC Networks & System Integration Corp.		2,400		88,444
NET One Systems Co. Ltd.		9,600		199,627
Nihon Unisys Ltd.		8,400		253,484
NS Solutions Corp.		3,600		99,858
NSD Co. Ltd.		9,600		153,525

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued) iShares^® MSCI Japan Small-Cap ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

IT Services (continued)
Oro Co. Ltd.		1,200	$	30,193
SB Technology Corp.		1,200		22,651
SCSK Corp.		6,056		312,723
SHIFT Inc.^(a)		1,200		71,534
TechMatrix Corp.		2,400		54,757
TIS Inc.		8,448		500,466
TKC Corp.		1,200		54,401
Transcosmos Inc.		2,400		52,755
				2,639,216
Leisure Products — 0.5%
Heiwa Corp.		6,016		112,328
Mars Group Holdings Corp.		1,200		19,691
Mizuno Corp.		2,400		47,682
Tomy Co. Ltd.		9,600		84,995
Universal Entertainment Corp.		3,600		97,422
Yonex Co. Ltd.		6,000		30,482
				392,600
Life Sciences Tools & Services — 0.1%
CMIC Holdings Co. Ltd.		1,200		15,252
EPS Holdings Inc.		3,600		37,547
				52,799
Machinery — 5.8%
Aichi Corp.		3,600		20,759
Aida Engineering Ltd.		6,000		44,723
Anest Iwata Corp.		3,600		32,741
Asahi Diamond Industrial Co. Ltd.		6,000		29,314
Bando Chemical Industries Ltd.		3,600		23,296
CKD Corp.		6,000		92,449
Daiwa Industries Ltd.		3,600		33,242
DMG Mori Co. Ltd.		13,200		166,797
Ebara Corp.		10,800		257,422
Fuji Corp./Aichi		7,200		115,811
Fujitec Co. Ltd.		7,200		100,192
Fukushima Galilei Co. Ltd.		1,200		38,604
Furukawa Co. Ltd.		3,600		40,517
Giken Ltd.		1,800		60,075
Glory Ltd.		6,000		159,866
Harmonic Drive Systems Inc.		4,800		202,030
Hirata Corp.		1,200		55,848
Hisaka Works Ltd.		2,400		17,822
Hitachi Zosen Corp.		19,200		66,750
Iseki & Co. Ltd.		2,400		25,632
Japan Steel Works Ltd. (The)		7,200		105,131
Kitz Corp.		8,400		50,152
Komori Corp.		6,000		45,779
Kyokuto Kaihatsu Kogyo Co. Ltd.		3,600		41,452
Makino Milling Machine Co. Ltd.		2,400		81,658
Max Co. Ltd.		2,400		39,672
Meidensha Corp.		3,600		57,872
METAWATER Co. Ltd.		1,200		42,386
Mitsubishi Logisnext Co. Ltd.		2,400		30,038
Mitsuboshi Belting Ltd.		2,400		32,886
Mitsui E&S Holdings Co. Ltd.^(a)		8,400		60,431
Miura Co. Ltd.		9,600		314,170
Morita Holdings Corp.		3,600		56,204
Nachi-Fujikoshi Corp.		1,200		39,605
Nihon Trim Co. Ltd.		1,200		35,044
Nippon Sharyo Ltd.^(a)		1,200		28,758
Nippon Thompson Co. Ltd.		6,000		20,693

Security	Shares		Value

Machinery (continued)
Nissei ASB Machine Co. Ltd.		1,200	$	38,381
Nitta Corp.		2,400		54,157
Nitto Kohki Co. Ltd.		1,200		22,840
Nittoku Co. Ltd.		1,200		35,044
Noritake Co. Ltd./Nagoya Japan		1,200		42,275
NTN Corp.		48,000		116,145
Obara Group Inc.		1,200		32,151
Oiles Corp.		2,496		32,813
OKUMA Corp.		2,400		101,905
Organo Corp.		1,200		70,755
OSG Corp.		9,600		144,091
Rheon Automatic Machinery Co. Ltd.		2,400		25,810
Ryobi Ltd.		2,400		31 ,239
Shibuya Corp.		1,200		29,114
Shima Seiki Manufacturing Ltd.		3,600		56,504
Shinmaywa Industries Ltd.		4,800		54,201
Sintokogio Ltd.		4,800		34,310
Sodick Co. Ltd.		4,800		32,263
Star Micronics Co. Ltd.		3,600		40,484
Tadano Ltd.		12,000		100,459
Takeuchi Manufacturing Co. Ltd.		3,600		55,236
Takuma Co. Ltd.		8,400		92,204
Teikoku Sen-I Co. Ltd.		2,400		42,742
Tocalo Co. Ltd.		6,800		60,142
Toshiba Machine Co. Ltd.		2,400		65,971
Tsubaki Nakashima Co. Ltd.		4,800		45,657
Tsubakimoto Chain Co.		2,400		65,482
Tsugami Corp.		4,800		38,982
Tsukishima Kikai Co. Ltd.		3,600		41 ,452
Tsurumi Manufacturing Co. Ltd.		2,400		38,470
Union Tool Co.		1,200		29,459
YAMABIKO Corp.		3,600		29,036
Yamashin-Filter Corp.		3,600		22,562
Yushin Precision Equipment Co. Ltd.		2,400		18,000
				4,406,157
Marine — 0.2%
Iino Kaiun Kaisha Ltd.		9,600		29,459
Kawasaki Kisen Kaisha Ltd.^(a)		9,600		108,224
NS United Kaiun Kaisha Ltd.		1,200		19,024
				156,707
Media — 0.6%
F@N Communications Inc.		4,800		19,625
Kadokawa Dwango^(a)		4,808		62,983
Macromill Inc.		4,800		37,558
OPT Holding Inc.		1,200		18,256
Proto Corp.		2,400		24,119
RPA Holdings Inc.^(a)		2,400		19,647
SKY Perfect JSAT Holdings Inc.		15,600		67,251
Tokyo Broadcasting System Holdings Inc.		3,600		56,204
TV Asahi Holdings Corp.		2,400		40,606
ValueCommerce Co. Ltd.		2,400		45,768
Vector Inc.^(a)		3,600		30,204
Wowow Inc.		1,200		26,934
Zenrin Co. Ltd.		3,600		42,086
				491,241
Metals & Mining — 1.9%
Aichi Steel Corp.		1,200		33,331
Asahi Holdings Inc.		4,800		109,159
Daido Steel Co. Ltd.		2,400		87,331

20	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^® MSCI Japan Small-Cap ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Metals & Mining (continued)
Dowa Holdings Co. Ltd.		6,000	$	198,304
Godo Steel Ltd.		1,200		27,479
Kobe Steel Ltd.		36,000		133,834
Kyoei Steel Ltd.		2,400		36,379
Mitsui Mining & Smelting Co. Ltd.		7,200		172,816
Nakayama Steel Works Ltd.		2,400		9,145
Neturen Co. Ltd.		3,600		22,728
Nippon Denko Co. Ltd.^(a)		12,000		16,243
Nippon Light Metal Holdings Co. Ltd.		62,400		109,915
Nittetsu Mining Co. Ltd.		1,200		42,776
Osaka Steel Co. Ltd.		1,200		15,653
OSAKA Titanium Technologies Co. Ltd		2,400		24,497
Pacific Metals Co. Ltd.		1,200		21,749
Sanyo Special Steel Co. Ltd		2,400		26,144
Toho Titanium Co. Ltd.		3,600		24,063
Toho Zinc Co. Ltd.		1,200		16,932
Tokyo Steel Manufacturing Co. Ltd.		12,000		76,540
Topy Industries Ltd.		1,200		16,799
UACJ Corp.		3,614		63,525
Yamato Kogyo Co. Ltd.		4,800		100,570
Yodogawa Steel Works Ltd.		2,400		40,428
				1,426,340
Multiline Retail — 0.7%
Fuji Co. Ltd./Ehime		2,400		35,778
H2O Retailing Corp.		10,835		83,675
Izumi Co. Ltd.		3,600		98,890
Kintetsu Department Store Co. Ltd.		1,200		28,035
Matsuya Co. Ltd.		3,600		21,327
Seria Co. Ltd.		4,800		128,516
Takashimaya Co. Ltd.		16,800		157,152
				553,373
Oil, Gas & Consumable Fuels — 0.6%
Cosmo Energy Holdings Co. Ltd.		7,200		120,284
Itochu Enex Co. Ltd.		6,000		46,836
Iwatani Corp.		3,600		118,315
Japan Petroleum Exploration Co. Ltd.		3,600		77,130
Mitsuuroko Group Holdings Co. Ltd.		2,400		22,561
San-Ai Oil Co. Ltd.		6,000		52,510
Sinanen Holdings Co. Ltd.		1,200		22,328
				459,964
Paper & Forest Products — 0.5%
Daiken Corp.		1,200		18,423
Daio Paper Corp.		8,400		111,595
Hokuetsu Corp.		14,400		58,607
Nippon Paper Industries Co. Ltd.		12,000		173,995
Tokushu Tokai Paper Co. Ltd.		1,200		39,939
				402,559
Personal Products — 1.2%
Euglena Co. Ltd.^(a)		8,400		60,275
Fancl Corp.		8,400		206,992
Kitanotatsujin Corp.		7,200		34,777
Mandom Corp.		4,800		102,617
Milbon Co. Ltd		2,400		115,923
Noevir Holdings Co. Ltd.		1,200		51,175
Rohto Pharmaceutical Co. Ltd.		10,800		307,384
YA-MAN Ltd.		3,600		17,422
				896,565
Pharmaceuticals — 1.8%
ASKA Pharmaceutical Co. Ltd.		2,400		21,671

Security	Shares		Value

Pharmaceuticals (continued)
Fuji Pharma Co. Ltd.		1,200	$	11,826
JCR Pharmaceuticals Co. Ltd.		1,300		115,580
Kaken Pharmaceutical Co. Ltd.		3,600		174,885
Kissei Pharmaceutical Co. Ltd.		3,600		87,276
KYORIN Holdings Inc.		4,800		96,209
Mochida Pharmaceutical Co. Ltd.		2,400		84,439
Nichi-Iko Pharmaceutical Co. Ltd.		6,050		65,175
Sawai Pharmaceutical Co. Ltd.		4,800		272,340
Seikagaku Corp.		4,800		45,079
Sosei Group Corp.^(a)		8,400		128,105
Torii Pharmaceutical Co. Ltd.		1,200		35,878
Towa Pharmaceutical Co. Ltd.		2,400		47,704
Tsumura & Co.		7,200		167,943
ZERIA Pharmaceutical Co. Ltd		3,600		59,174
				1,413,284
Professional Services — 2.6%
Altech Corp.		1,380		20,777
BayCurrent Consulting Inc.		1,200		71 ,645
Benefit One Inc.		8,400		128,182
BeNEXT Group Inc.		2,400		18,668
en-japan Inc		3,600		99,324
FULLCAST Holdings Co. Ltd.		2,400		42,052
Funai Soken Holdings Inc.		4,800		1 10,672
Insource Co. Ltd.		1,200		28,369
IR Japan Holdings Ltd.		1,200		72,201
JAC Recruitment Co. Ltd.		1,200		15,542
Link And Motivation Inc.^(b)		3,600		14,885
Meitec Corp.		2,400		1 13,475
Nihon M&A Center Inc.		15,600		474,371
Nomura Co. Ltd.		9,600		87,487
Outsourcing Inc.		12,000		87,554
Pasona Group Inc.		2,400		24,631
SMS Co. Ltd.		8,400		161,124
S-Pool Inc.		6,000		37,324
Tanseisha Co. Ltd.		3,600		32,641
TechnoPro Holdings Inc.		3,700		220,220
UT Group Co. Ltd.^(b)		3,600		71 ,756
WDB Holdings Co. Ltd.		1,200		24,531
World Holdings Co. Ltd.		1,200		18,501
YAMADA Consulting Group Co. Ltd.		1,200		14,474
Yumeshin Holdings Co. Ltd.^(b)		4,800		31 ,595
				2,022,001
Real Estate Management & Development — 2.3%
Daibiru Corp.		4,800		53,533
Goldcrest Co. Ltd.		1,200		18,423
Heiwa Real Estate Co. Ltd.		3,600		100,292
Ichigo Inc.		30,000		91,225
Japan Asset Marketing Co. Ltd.^(a)		24,000		27,145
Katitas Co. Ltd.		2,400		80,545
Keihanshin Building Co. Ltd.		3,600		44,022
Kenedix Inc.		25,200		135,970
Leopalace21 Corp.^(a)		28,800		87,843
Open House Co. Ltd.		7,200		181,694
Raysum Co. Ltd.		1,200		8,967
Relo Group Inc.		12,000		262,662
SAMTY Co. Ltd.		2,500		35,739
Sun Frontier Fudousan Co. Ltd.		3,600		35,611
Takara Leben Co. Ltd.		9,600		37,914
TOC Co. Ltd.		4,800		30,438

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	iShares^® MSCI Japan Small-Cap ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Real Estate Management & Development (continued)
Tokyo Tatemono Co. Ltd.		22,800	$	311,356
Tosei Corp.		3,600		38,782
Unizo Holdings Co. Ltd.		3,600		197,914
				1,780,075
Road & Rail — 2.2%
Fukuyama Transporting Co. Ltd.		3,600		108,135
Hamakyorex Co. Ltd.		1,200		31,317
Hitachi Transport System Ltd.		4,800		129,317
Maruzen Showa Unyu Co. Ltd.		1,200		26,678
Nankai Electric Railway Co. Ltd.		12,000		265,220
Nikkon Holdings Co. Ltd.		7,200		139,308
Nishi-Nippon Railroad Co. Ltd.		7,200		158,398
Sakai Moving Service Co. Ltd.		1,200		57,183
Sankyu Inc.		6,000		255,597
Seino Holdings Co. Ltd.		16,800		182,228
Senko Group Holdings Co. Ltd.		13,200		96,921
Sotetsu Holdings Inc.		8,400		191,261
Trancom Co. Ltd.		1,200		76,540
				1,718,103
Semiconductors & Semiconductor Equipment — 2.0%
Ferrotec Holdings Corp.		3,600		21,694
Japan Material Co. Ltd.		7,200		85,707
Lasertec Corp.		9,500		433,760
Megachips Corp.		1,200		16,220
Micronics Japan Co. Ltd.		3,600		31,673
Mimasu Semiconductor Industry Co. Ltd.		1,200		22,217
Mitsui High-Tec Inc.		2,400		30,460
Optorun Co. Ltd.		2,400		63,746
Rorze Corp.		1,200		36,824
RS Technologies Co. Ltd.		1,200		26,266
Sanken Electric Co. Ltd.		2,400		56,893
SCREEN Holdings Co. Ltd.		4,900		248,487
Shindengen Electric Manufacturing Co. Ltd.		1,200		33,431
Shinko Electric Industries Co. Ltd.		7,200		79,232
Tokyo Seimitsu Co. Ltd.		3,600		112,808
Tri Chemical Laboratories Inc.		1,100		86,071
Ulvac Inc.		4,800		139,730
				1,525,219
Software — 1.5%
Broadleaf Co. Ltd.		10,800		44,355
Computer Engineering & Consulting Ltd.		2,400		37,558
Cybozu Inc.		2,400		40,473
Digital Arts Inc.		1,200		56,849
Fixstars Corp.		2,400		24,920
Fuji Soft Inc.		2,400		79,321
Fukui Computer Holdings Inc		1,200		29,926
Gunosy Inc.^(a)		1,200		10,936
Infomart Corp.		24,000		141,955
Justsystems Corp.		3,600		172,215
Miroku Jyoho Service Co. Ltd.		2,400		53,467
Money Forward Inc.^(a)^(b)		1,600		68,233
OBIC Business Consultants Co. Ltd.		2,400		83,549
Optim Corp.^(a)		1,000		35,276
PKSHA Technology Inc.^(a)		1,200		26,667
Rakus Co. Ltd.		4,800		67,685
Sansan Inc.^(a)		1,200		55,569
Sourcenext Corp.		9,600		27,590
Systena Corp		8,400		108,636

Security	Shares		Value

Software (continued)
UNITED Inc./Japan		1,200	$	10,658
				1,175,838
Specialty Retail — 2.6%
Adastria Co. Ltd.		3,600		58,406
Alpen Co. Ltd.		2,400		35,511
AOKI Holdings Inc.		4,800		40,406
Aoyama Trading Co. Ltd.		4,800		53,623
Arcland Sakamoto Co. Ltd.		2,400		24,342
Asahi Co. Ltd.		1,200		12,015
Autobacs Seven Co. Ltd.		8,400		107,701
Bic Camera Inc.		12,000		106,021
Chiyoda Co. Ltd.		2,400		27,078
DCM Holdings Co. Ltd.		12,000		109,359
EDION Corp.		9,600		80,634
Geo Holdings Corp.		3,600		39,149
IDOM Inc.		6,000		28,480
JINS Holdings Inc.		1,200		73,759
Joshin Denki Co. Ltd.		2,400		40,072
Joyful Honda Co. Ltd.		6,000		63,246
Keiyo Co. Ltd.		4,800		20,960
Kohnan Shoji Co. Ltd.		3,600		72,557
Komeri Co. Ltd.		3,600		65,081
K's Holdings Corp.		21,600		237,697
LIXIL VIVA Corp.		2,600		48,908
Nextage Co. Ltd.		3,600		28,335
Nishimatsuya Chain Co. Ltd.		4,800		34,710
Nojima Corp.		3,600		64,114
PAL GROUP Holdings Co. Ltd.		2,400		32,240
Sac's Bar Holdings Inc.		2,400		16,131
Sanrio Co. Ltd.		6,000		90,780
Shimachu Co. Ltd.		4,800		1 17,881
T-Gaia Corp.		2,400		45,902
Tokyo Base Co. Ltd.^(a)		1,200		4,194
United Arrows Ltd.		2,400		53,645
VT Holdings Co. Ltd.		8,400		28,191
World Co. Ltd.		2,400		44,789
Xebio Holdings Co. Ltd.		2,400		21 ,872
Yellow Hat Ltd.		3,600		48,594
				1,976,383
Technology Hardware, Storage & Peripherals — 0.6%
Eizo Corp.		1,200		38,437
Elecom Co. Ltd.		2,400		80,768
Maxell Holdings Ltd.		6,000		71 ,701
MCJ Co. Ltd.		7,200		41 ,518
Melco Holdings Inc.		1,200		23,707
Riso Kagaku Corp.		2,400		37,269
Roland DG Corp.		1,200		18,056
Toshiba TEC Corp.		2,400		88,555
Wacom Co. Ltd.		15,600		48,305
				448,316
Textiles, Apparel & Luxury Goods — 1.2%
Asics Corp.		18,900		203,079
Descente Ltd.		3,600		49,228
Fujibo Holdings Inc.		1,200		32,941
Goldwin Inc.		2,400		146,405
Gunze Ltd.		1,200		42,609
Japan Wool Textile Co. Ltd. (The)		4,800		39,872
Kurabo Industries Ltd.		2,400		43,321
Onward Holdings Co. Ltd.		10,800		52,366

22	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^® MSCI Japan Small-Cap ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Textiles, Apparel & Luxury Goods (continued)
Seiko Holdings Corp.		2,400	$	46,569
Seiren Co. Ltd.		4,800		61,766
TSI Holdings Co. Ltd.		7,200		27,902
Wacoal Holdings Corp.		4,800		112,318
Yondoshi Holdings Inc.		2,400		45,813
				904,189
Thrifts & Mortgage Finance — 0.1%
Aruhi Corp.		3,600		52,866

Trading Companies & Distributors — 2.0%
Advan Co. Ltd.		2,400		23,184
Chori Co. Ltd.		1,200		19,825
Daiichi Jitsugyo Co. Ltd.		1,200		37,102
Gecoss Corp.		1,200		9,923
Hanwa Co. Ltd.		3,600		73,926
Inaba Denki Sangyo Co. Ltd.		4,800		106,400
Inabata o. Ltd.		,800		55,93
& C		4		7
Japan Pulp & Paper Co. Ltd.		1,200		38,715
Kamei Corp.		2,400		21,961
Kanamoto Co. Ltd.		3,600		79,733
Kanematsu Corp.		8,400		91,270
Nagase & Co. Ltd.		12,000		144,291
Nichiden Corp.		1,200		19,046
Nippon Steel Trading Corp.		1,344		54,575
Nishio Rent All Co. Ltd.		2,400		59,051
Sojitz Corp.		151,200		437,347
Trusco Nakayama Corp.		4,800		95,764
Wakita & Co. Ltd.		4,800		38,804
Yamazen Corp.		7,200		58,073
Yuasa Trading Co. Ltd.		2,400		67,751
				1,532,678

Security	Shares		Value

Transportation Infrastructure — 0.3%
Mitsubishi Logistics Corp		7,200	$	166,275
Nissin Corp		1,200		16,465
Sumitomo Warehouse Co. Ltd. (The)		7,200		84,305
				267,045
Total Common Stocks — 99.6%
(Cost: $107,648,889)				76,194,819

Short-Term Investments

Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74% ^(c)(d)(e)		726,014		726,523
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52% ^(c)(d)		39,000		39,000
				765,523

Total Short-Term Investments — 1.0%
(Cost: $765,026)				765,523

Total Investments in Securities — 100.6%
(Cost: $108,413,915)				76,960,342

Other Assets, Less Liabilities — (0.6)%				(473,828	)

Net Assets — 100.0%			$	76,486,514

^(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 29, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Change in

Shares Shares Unrealized

Held at Held at Value at Net Realized Appreciation

Affiliated Issuer 08/31/19 Net Activity 02/29/20 02/29/20 Income Gain (Loss) ^(a) (Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares 3,094,708 (2,368,694 ) 726,014 $ 726,523 $ 32,431 ^(b) $ 1,094 $ (951 )

BlackRock Cash Funds: Treasury, SL Agency Shares 48,000 (9,000 ) 39,000 39,000 616 — —

$ 765,523 $ 33,047 $ 1,094 $ (951 )

^(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 26 03/12/20 $ 361 $ (41,448 )

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued) iShares^® MSCI Japan Small-Cap ETF

February 29, 2020

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity
	Contracts

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	41,448

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

Equity

Contracts

Net Realized Gain (Loss) from:

Futures contracts $ 80,076

Net Change in Unrealized Appreciation (Depreciation) on:

Futures contracts $ (28,554 )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	521,011

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 $ 76,194,819 $ — $ — $ 76,194,819

Money Market Funds 765,523 — — 765,523

$ 76,960,342 $ — $ — $ 76,960,342

Derivative financial instruments^(a)

Liabilities

Futures Contracts $ (41,448 ) $ — $ — $ (41,448 )

^(a)

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

See notes to financial statements.

24	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited)	iShares^® MSCI Malaysia ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Airlines — 0.3%
AirAsia Group Bhd		5,1 15,900	$	1,213,737

Banks — 32.2%
AMMB Holdings Bhd		5,639,037		4,950,044
CIMB Group Holdings Bhd		16,884,512		19,308,030
Hong Leong Bank Bhd		2,212,340		8,030,558
Hong Leong Financial Group Bhd		780,800		2,834,221
Malayan Banking Bhd		13,383,581		26,735,410
Public Bank Bhd ^(a)		10,564,280		42,858,645
RHB Bank Bhd		5,456,502		7,184,718
RHB Capital Bhd^(b)(c)		1,621,200		4
				111,901,630
Beverages — 2.2%
Carlsberg Brewery Malaysia Bhd		520,200		3,929,577
Fraser & Neave Holdings Bhd		499,300		3,639,027
				7,568,604
Chemicals — 3.0%
Petronas Chemicals Group Bhd		8,164,100		10,459,345

Construction & Engineering — 2.6%
Gamuda Bhd		5,891,100		4,626,225
IJM Corp. Bhd		9,284,480		4,273,284
				8,899,509
Diversified Telecommunication Services — 1.0%
Telekom Malaysia Bhd		3,842,800		3,373,276

Electric Utilities — 8.8%
Tenaga Nasional Bhd		10,639,512		30,542,846

Energy Equipment & Services — 2.8%
Dialog Group Bhd		12,474,154		9,884,620

Food Products — 12.9%
Genting Plantations Bhd		916,000		2,177,537
IOI Corp. Bhd		6,413,230		6,344,761
Kuala Lumpur Kepong Bhd		1,452,700		7,527,157
Nestle Malaysia Bhd		239,400		8,121,993
PPB Group Bhd		1,935,819		8,312,770
QL Resources Bhd		2,207,700		4,273,982
Sime Darby Plantation Bhd		7,025,855		8,267,673
				45,025,873
Gas Utilities — 3.0%
Petronas Gas Bhd		2,692,500		10,616,690

Health Care Equipment & Supplies — 4.2%
Hartalega Holdings Bhd		5,162,300		7,593,419
Top Glove Corp. Bhd		5,226,000		6,992,797
				14,586,216
Health Care Providers & Services — 2.9%
IHH Healthcare Bhd		7,461,300		10,090,014

Hotels, Restaurants & Leisure — 4.4%
Genting Bhd		7,253,300		8,518,110
Genting Malaysia Bhd		10,099,500		6,924,687
				15,442,797

Security	Shares		Value

Industrial Conglomerates — 2.6%
HAP Seng Consolidated Bhd		2,1 17,400	$	4,501,045
Sime Darby Bhd^(a)		9,254,355		4,391,153
				8,892,198
Marine — 2.4%
MISC Bhd		4,555,420		8,202,998

Metals & Mining — 1.5%
Press Metal Aluminium Holdings Bhd ^(a)		4,807,900		5,315,496

Multi-Utilities — 0.5%
YTL Corp. Bhd		9,368,762		1,878,198

Oil, Gas & Consumable Fuels — 1.6%
Petronas Dagangan Bhd		1,013,900		5,494,063

Tobacco — 0.0%
British American Tobacco Malaysia Bhd. .		1 1,800		34,826

Transportation Infrastructure — 2.2%
Malaysia Airports Holdings Bhd		3,388,700		5,298,110
Westports Holdings Bhd		2,900,200		2,366,948
				7,665,058
Wireless Telecommunication Services — 8.6%
Axiata Group Bhd		9,352,300		9,274,642
DiGi.Com Bhd		10,579,200		10,441,156
Maxis Bhd ^(a)		7,980,900		10,281,444
				29,997,242
Total Common Stocks — 99.7%
(Cost: $254,190,935)				347,085,236

Short-Term Investments

Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74% ^(d)(e)(f)		3,058,522		3,060,663
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52% ^(d)(e)		319,000		319,000
				3,379,663
Total Short-Term Investments — 1.0%
(Cost: $3,377,812)				3,379,663

Total Investments in Securities — 100.7%
(Cost: $257,568,747)				350,464,899

Other Assets, Less Liabilities — (0.7)%				(2,548,525	)

Net Assets — 100.0%			$	347,916,374

^(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) 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

Schedule of Investments (unaudited) (continued) iShares^® MSCI Malaysia ETF

February 29, 2020

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

																Change in
	Shares					Shares										Unrealized
	Held at					Held at		Value at					Net Realized			Appreciation
Affiliated Issuer	08/31/19		Net Activity			02/29/20		02/29/20		Income			Gain (Loss)		^(a)	(Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		3,581,320		(522,798	)		3,058,522	$	3,060,663	$	52,067	^(b)	$	737		$	772
BlackRock Cash Funds: Treasury, SL Agency Shares		198,000		121,000			319,000		319,000		3,198			—			—
								$	3,379,663	$	55,265		$	737		$	772

(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	$	347,085,232	$	—	$	4	$	347,085,236
Money Market Funds		3,379,663		—		—		3,379,663

	$	350,464,895	$	—	$	4	$	350,464,899

See notes to financial statements.

26	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited)	iShares^® MSCI Pacific ex Japan ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Australia — 56.0%
AGL Energy Ltd.		815,904	$	10,068,674
Alumina Ltd.		3,092,620		3,868,295
AMP Ltd.^(a)		4,217,736		4,554,970
APA Group		1,490,672		10,322,328
Aristocrat Leisure Ltd.		730,103		15,585,997
ASX Ltd.		244,587		11,691,688
Aurizon Holdings Ltd.		2,483,589		7,734,249
AusNet Services		2,355,344		2,574,040
Australia & New Zealand Banking Group Ltd.		3,585,680		57,403,653
Bendigo & Adelaide Bank Ltd.		619,118		3,668,430
BHP Group Ltd.		3,726,430		80,727,876
BlueScope Steel Ltd.		649,434		4,949,300
Boral Ltd.		1,481,117		4,316,374
Brambles Ltd.		1,967,197		15,169,467
Caltex Australia Ltd.		315,479		6,651,345
Challenger Ltd.		695,228		4,074,576
CIMIC Group Ltd.		124,118		1,907,798
Coca-Cola Amatil Ltd.		640,290		4,743,381
Cochlear Ltd.		73,644		9,856,780
Coles Group Ltd.		1,441,859		13,210,162
Commonwealth Bank of Australia		2,239,310		118,073,546
Computershare Ltd.		617,372		6,098,134
Crown Resorts Ltd.		470,536		3,082,321
CSL Ltd.		574,132		114,545,884
Dexus		1,397,890		10,959,680
Flight Centre Travel Group Ltd.		71,556		1,504,947
Fortescue Metals Group Ltd.		1,763,626		11,461,945
Goodman Group		2,089,343		20,179,613
GPT Group (The)		2,461,002		9,171,304
Harvey Norman Holdings Ltd.		726,215		1,737,122
Incitec Pivot Ltd.		2,028,739		3,570,920
Insurance Australia Group Ltd.		2,937,535		12,083,563
James Hardie Industries PLC		559,111		10,176,541
Lendlease Group		712,888		8,103,356
Macquarie Group Ltd.		425,870		37,021,573
Magellan Financial Group Ltd.		161,096		5,791,603
Medibank Pvt Ltd.		3,479,389		6,348,640
Mirvac Group		4,970,117		9,741,627
National Australia Bank Ltd.		3,647,083		59,021,555
Newcrest Mining Ltd.		970,645		16,459,152
Oil Search Ltd.		1,733,720		6,136,809
Orica Ltd.		480,819		6,138,158
Origin Energy Ltd.		2,225,103		10,013,752
Qantas Airways Ltd.		918,116		3,273,512
QBE Insurance Group Ltd.		1,661,017		14,554,082
Ramsay Health Care Ltd.		204,248		8,956,161
REA Group Ltd.		67,159		4,257,331
Rio Tinto Ltd.		470,394		26,467,811
Santos Ltd.		2,253,693		9,924,457
Scentre Group		6,646,074		14,826,292
Seek Ltd.		422,492		5,633,267
Sonic Healthcare Ltd.		568,981		10,565,293
South32 Ltd.		6,252,280		8,949,168
Stockland		3,012,374		9,147,893
Suncorp Group Ltd.		1,592,946		11,646,767
Sydney Airport		1,414,156		7,084,507
Tabcorp Holdings Ltd.		2,551,168		6,234,040
Telstra Corp. Ltd.		5,259,068		11,630,388

Security	Shares		Value

Australia (continued)
TPG Telecom Ltd.		473,502	$	2,298,836
Transurban Group .		3,434,706		32,885,716
Treasury Wine Estates Ltd .		909,323		6,466,734
Vicinity Centres . .		4,050,510		5,640,982
Washington H Soul Pattinson & Co. Ltd.		153,104		1,926,893
Wesfarmers Ltd. .		1,435,890		37,633,361
Westpac Banking Corp. .		4,514,593		68,810,919
WiseTech Global Ltd.^(b)		183,899		1,790,390
Woodside Petroleum Ltd.. .		1,186,779		21,363,704
Woolworths Group Ltd		1,594,000		39,875,976
Worley Ltd		426,211		3,440,490
				1,135,786,098
China — 0.2%
Budweiser Brewing Co. APAC Ltd.^(a)(b)(c)		1,673,000		5,023,476

Hong Kong — 30.2%
AIA Group Ltd		15,292,014		150,898,028
ASM Pacific Technology Ltd. .		384,200		4,552,886
Bank of East Asia Ltd. (The)^(b)		1,674,720		3,558,730
BeiGene Ltd., ADR^(a)		49,138		7,781,002
BOC Hong Kong Holdings Ltd		4,675,500		16,048,867
CK Asset Holdings Ltd. .		3,265,732		20,408,075
CK Hutchison Holdings Ltd		3,421,732		29,791,226
CK Infrastructure Holdings Ltd		837,708		5,707,944
CLP Holdings Ltd.. .		2,075,500		21,785,553
Dairy Farm International Holdings Ltd. .		438,400		2,104,320
Galaxy Entertainment Group Ltd.		2,737,000		18,069,774
Hang Lung Properties Ltd.		2,559,736		5,590,457
Hang Seng Bank Ltd		97 1,000		20,247,207
Henderson Land Development Co. Ltd		1,836,442		8,424,532
HK Electric Investments & HK Electric Investments Ltd		3,382,000		3,402,375
HKT Trust & HKT Ltd		4,785,338		7,159,846
Hong Kong & China Gas Co. Ltd.		12,828,366		24,691,936
Hong Kong Exchanges & Clearing Ltd.		1,518,000		49,827,013
Hongkong Land Holdings Ltd		1,474,500		7,239,795
Jardine Matheson Holdings Ltd. .		278,200		15,134,080
Jardine Strategic Holdings Ltd		280,100		8,041,671
Kerry Properties Ltd .		845,500		2,403,145
Link REIT		2,652,386		24,573,469
Melco Resorts & Entertainment Ltd., ADR		268,728		4,659,744
MTR Corp. Ltd.		1,944,786		10,942,938
New World Development Co. Ltd.		7,751,921		9,967,118
NWS Holdings Ltd.		2,009,000		2,456,775
PCCW Ltd. .		5,431,867		3,268,997
Power Assets Holdings Ltd.^(b)		1,754,000		12,491,515
Sands China Ltd.		3,065,600		14,259,885
Sino Land Co. Ltd		3,876,800		5,273,170
SJM Holdings Ltd.		2,540,000		2,874,715
Sun Hung Kai Properties Ltd		2,013,500		28,627,534
Swire Pacific Ltd., Class A .		630,000		5,675,057
Swire Properties Ltd.		1,478,800		4,373,941
Techtronic Industries Co. Ltd		1,735,207		14,038,766
Vitasoy International Holdings Ltd.^(b)		944,000		3,385,683
WH Group Ltd.^(c)		12,088,000		12,284,915
Wharf Real Estate Investment Co. Ltd. .		1,535,600		6,965,625
Wheelock & Co. Ltd.		1,037,000		7,897,543
Wynn Macau Ltd		1,995,200		4,019,561
Yue Yuen Industrial Holdings Ltd.		907,000		2,185,724
				613,091,137

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued) iShares^® MSCI Pacific ex Japan ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

Malta — 0.0%
BGP Holdings PLC^(a)(d)		27,004,595	$	297

New Zealand — 2.4%
a2 Milk Co. Ltd.^(a)		928,809		9,390,329
Auckland International Airport Ltd.		1,224,296		5,976,239
Fisher & Paykel Healthcare Corp. Ltd.		725,152		11,595,214
Fletcher Building Ltd.		1,049,560		3,378,636
Mercury NZ Ltd.		874,354		2,594,992
Meridian Energy Ltd.		1,619,038		4,639,443
Ryman Healthcare Ltd .		513,515		4,857,243
Spark New Zealand Ltd.		2,319,834		6,525,308
				48,957,404
Singapore — 10.7%
Ascendas REIT		3,649,705		8,001,789
CapitaLand Commercial Trust		3,397,293		4,527,452
CapitaLand Ltd.		3,281,400		8,299,307
CapitaLand Mall Trust		3,262,300		5,305,883
City Developments Ltd.		574,600		4,022,241
ComfortDelGro Corp. Ltd.		2,737,000		3,823,995
DBS Group Holdings Ltd.		2,275,400		39,306,365
Genting Singapore Ltd.		7,639,900		4,461,216
Jardine Cycle & Carriage Ltd.		124,200		2,389,317
Keppel Corp. Ltd.		1,836,700		8,343,253
Mapletree Commercial Trust		2,528,000		3,803,683
Oversea-Chinese Banking Corp. Ltd.		4,182,524		31,765,246
SATS Ltd.^(b)		876,800		2,531,707
Sembcorp Industries Ltd.^(b)		1,264,440		1,657,896
Singapore Airlines Ltd.		682,300		3,910,869
Singapore Exchange Ltd.		1,016,700		6,184,555
Singapore Press Holdings Ltd.^(b)		2,066,817		2,798,799
Singapore Technologies Engineering Ltd.		1,972,600		5,893,632
Singapore Telecommunications Ltd.		10,355,328		22,258,354
Suntec REIT		2,474,500		3,014,007
United Overseas Bank Ltd.		1,597,700		28,022,996
UOL Group Ltd.^(b)		592,200		3,127,115

Security	Shares		Value

Singapore (continued)
Venture Corp. Ltd.		352,600	$	4,155,814
Wilmar International Ltd.		2,427,200		6,904,051
Yangzijiang Shipbuilding Holdings Ltd		2,980,400		2,017,968
				216,527,510
Total Common Stocks — 99.5%
(Cost: $2,217,231,836)				2,019,385,922

Short-Term Investments

Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74% ^(e)(f)(g)		15,172,776		15,183,397
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52% ^(e)(f)		823,000		823,000
				16,006,397
Total Short-Term Investments — 0.8%
(Cost: $15,999,406)				16,006,397

Total Investments in Securities — 100.3%
(Cost: $2,233,231,242)				2,035,392,319

Other Assets, Less Liabilities — (0.3)%				(5,652,794	)

Net Assets — 100.0%			$	2,029,739,525

^(a)

Non-income producing security.

^(b)

All or a portion of this security is on loan.

^(c)

^(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 29, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

																Change in
	Shares					Shares										Unrealized
	Held at					Held at		Value at					Net Realized			Appreciation
Affiliated Issuer	08/31/19		Net Activity			02/29/20		02/29/20		Income			Gain (Loss)		^(a)	(Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		10,671,267		4,501,509			15,172,776	$	15,183,397	$	64,858	^(b)	$	440		$	1,739
BlackRock Cash Funds: Treasury, SL Agency Shares		831,000		(8,000	)		823,000		823,000		10,054			—			—

								$	16,006,397	$	74,912		$	440		$	1,739

^(a)

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

^(b)

28 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued) iShares^®MSCI Pacific ex Japan ETF

February 29, 2020

Futures Contracts


								Value/
					Notional			Unrealized
	Number of		Expiration		Amount			Appreciation
Description		Contracts		Date		(000	)		(Depreciation)
Long Contracts
ASX SPI 200 Index		58		03/19/20	$	5,959		$	(469,671	)
Hang Seng Index		16		03/30/20		2,686			(55,480	)
MSCI Sing Index		63		03/30/20		1,553			(76,783	)
								$	(601,934	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

Equity

Contracts

Liabilities — Derivative Financial Instruments

Futures contracts

Unrealized depreciation on futures contracts^(a) $ 60 1,934

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity
	Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	673,083

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(713,410)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	13,864,586

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	$	2,019,385,625		$	—	$	297	$	2,019,385,922
Money Market Funds		16,006,397			—		—		16,006,397

	$	2,035,392,022		$	—	$	297	$	2,035,392,319
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(601,934	)	$	—	$	—	$	(601,934	)

^(a)

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

See notes to financial statements.

S c h e d u l e o f I n v e s t m e n t s 29

Schedule of Investments (unaudited) iShares^® MSCI Singapore ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Aerospace & Defense — 3.4%
Singapore Technologies Engineering Ltd.		5,618,400	$	16,786,364

Airlines — 2.4%
Singapore Airlines Ltd.		2,061,367		11,815,531

Banks — 45.4%
DBS Group Holdings Ltd.		5,183,200		89,537,115
Oversea-Chinese Banking Corp. Ltd.		9,540,150		72,455,105
United Overseas Bank Ltd.		3,636,700		63,786,212
				225,778,432
Capital Markets — 3.5%
Singapore Exchange Ltd.		2,840,300		17,277,457

Distributors — 1.6%
J ardine C cle & Carria e Ltd.		425,344		8,182,62 3

Diversified Telecommunication Services — 4.5%
Singapore Telecommunications Ltd.		10,392,968		22,339,259

Electronic Equipment, Instruments & Components — 2.5%
Venture Corp. Ltd.		1,064,800		12,549,946

Equity Real Estate Investment Trusts (REITs) — 10.2%
Ascendas REIT		9,792,549		21,469,657
CapitaLand Commercial Trust		3,108,983		4,143,232
CapitaLand Mall Trust		3,601,800		5,858,054
Mapletree Commercial Trust		6,153,900		9,259,289
Suntec REIT		8,295,900		10,104,628
				50,834,860
Food Products — 3.9%
Wilmar International Ltd.		6,740,300		19,172,452

Hotels, Restaurants & Leisure — 2.6%
Genting Singapore Ltd.^(a)		22,366,942		13,060,871

Industrial Conglomerates — 5.7%
Keppel Corp. Ltd.		4,904,800		22,280,169
Sembcorp Industries Ltd.^(a)		4,470,700		5,861,848
				28,142,017
Machinery — 1.4%
Yangzijiang Shipbuilding Holdings Ltd.		10,552,500		7,144,883

Security	Shares		Value

Media — 1.7%
Singapore Press Holdings Ltd.^(a)		6,243,700	$	8,454,964

Real Estate Management & Development — 6.9%
CapitaLand Ltd.		4,782,200		12,095,125
City Developments Ltd.		1,748,500		12,239,625
UOL Group Ltd.		1,924,000		10,159,691
				34,494,441
Road & Rail — 2.4%
ComfortDelGro Corp. Ltd.		8,413,400		11,754,768

Transportation Infrastructure — 1.7%
SATS Ltd.		2,882,400		8,322,757

Total Common Stocks — 99.8%
(Cost: $571,216,069)				496,111 ,625

Short-Term Investments

Money Market Funds — 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74% ^(b)(c)(d)		7,949,549		7,955,113
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52% ^(b)(c)		263,000		263,000
				8,218,113
Total Short-Term Investments — 1.7%
(Cost: $8,213,549)				8,218,113

Total Investments in Securities — 101.5%
(Cost: $579,429,618)				504,329,738

Other Assets, Less Liabilities — (1.5)%				(7,267,411	)

Net Assets — 100.0%			$	497,062,327

^(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 29, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Change in

Shares Shares Unrealized

Held at Held at Value at Net Realized Appreciation

Affiliated Issuer 08/31/19 Net Activity 02/29/20 02/29/20 Income Gain (Loss) ^(a) (Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares 15,443,253 (7,493,704 ) 7,949,549 $ 7,955,113 $ 84,945 ^(b) $ 430 $ (111 )

BlackRock Cash Funds: Treasury, SL Agency Shares 236,000 27,000 263,000 263,000 2,932 — —

$ 8,218,113 $ 87,877 $ 430 $ (111 )

(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.

30 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Singapore ETF
February 29, 2020

Futures Contracts

Value/

Notional

Unrealized

Number of

Expiration

Amount

Appreciation

Description

Contracts

Date

(000)

(Depreciation)

Long Contracts

MSCI Sing Index

03/30/20

961

(50,437

)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity
	Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	50,437

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity
	Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	144,400

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(113,534	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	2,484,422

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	$	496,111,625		$	—	$	—	$	496,111,625
Money Market Funds		8,218,113			—		—		8,218,113
	$	504,329,738		$	—	$	—	$	504,329,738
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(50,437	)	$	—	$	—	$	(50,437	)

^(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 31

Schedule of Investments (unaudited)	iShares^® MSCI Taiwan ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares			Value

Common Stocks

Airlines — 0.5%
China Airlines Ltd.		33,028,761	$		8,900,896
Eva Airways Corp.		24,898,101			9,908,424
					18,809,320
Auto Components — 0.5%
Cheng Shin Rubber Industry Co. Ltd.		14,170,670			18,509,222

Banks — 13.1%
Chang Hwa Commercial Bank Ltd.		34,390,576			26,349,886
CTBC Financial Holding Co. Ltd.		102,265,325			76,666,487
E.Sun Financial Holding Co. Ltd.		59,730,826			57,305,454
First Financial Holding Co. Ltd.		58,825,013			46,042,795
Hua Nan Financial Holdings Co. Ltd.		47,965,103			34,136,890
Mega Financial Holding Co. Ltd.		61,540,271			65,748,370
Shanghai Commercial & Savings Bank Ltd. (The)		20,815,306			34,578,176
SinoPac Financial Holdings Co. Ltd.		66,970,724			28,752,767
Taishin Financial Holding Co. Ltd.		61,540,660			28,860,363
Taiwan Business Bank^(a)		43,440,950			17,215,984
Taiwan Cooperative Financial Holding Co. Ltd.		54,300,400			37,569,755
					453,226,927
Chemicals — 5.5%
Formosa Chemicals & Fibre Corp.^(a)		19,910,610			54,051,492
Formosa Plastics Corp.		24,435,518			73,436,884
Nan Ya Plastics Corp.		28,055,938			63,099,106
					190,587,482
Communications Equipment — 0.5%
Accton Technology Corp.		3,498,000			18,888,126

Construction Materials — 1.8%
Asia Cement Corp.^(a)		15,385,136			22,534,414
Taiwan Cement Corp.		28,960,139			40,409,051
					62,943,465
Diversified Financial Services — 1.9%
Chailease Holding Co. Ltd.		7,441,863			28,263,817
Yuanta Financial Holding Co. Ltd.		58,825,248			37,300,641
					65,564,458
Diversified Telecommunication Services — 2.1%
Chunghwa Telecom Co. Ltd.		20,815,648			74,244,621

Electrical Equipment — 0.0%
Ya Hsin Industrial Co. Ltd.^(b)^(c)		6,845,461			2

Electronic Equipment, Instruments & Components — 13.3%
AU Optronics Corp.^(a)		64,255,830			20,159,857
Delta Electronics Inc.^(a)		1 1,852,180			54,799,624
Foxconn Technology Co. Ltd.		7,154,499			14,058,775
Hon Hai Precision Industry Co. Ltd.		70,590,002			187,201,809
Innolux Corp.^(a)		66,065,873			17,236,757
Largan Precision Co. Ltd.		541,794			79,266,415
Pacific Electric Wire & Cable Co. Ltd.^(b)^(c)		197			0	^(d)
Synnex Technology International Corp		1 1,765,364			14,609,808
Walsin Technology Corp.^(a)		2,629,000			18,493,601
WPG Holdings Ltd.		1 1,679,604			14,966,186
Yageo Corp.^(a)		1,810,125			24,510,023
Zhen Ding Technology Holding Ltd.		3,628,072			13,839,143
					459,141,998
Food & Staples Retailing — 1.0%
President Chain Store Corp.		3,620,215			35,449,520

Security	Shares		Value

Food Products — 2.2%
Standard Foods Corp		4,525,056	$	10,147,172
Uni-President Enterprises Corp.		27,150,189		65,634,962
				75,782,134
Household Durables — 0.7% Nien
Made Enterprise Co. Ltd.		1,328,000		10,701,365
Tatung Co. Ltd.^(a)(c)		18,006,000		12,517,588
				23,218,953
Industrial Conglomerates — 0.6%
Far Eastern New Century Corp.^(a)		22,539,843		21,029,098

Insurance — 5.2%
Cathay Financial Holding Co. Ltd.		47,060,315		62,245,599
China Development Financial Holding Corp.		84,165,508		25,461,320
China Life Insurance Co. Ltd.^(c)		20,721,479		16,526,816
Fubon Financial Holding Co. Ltd.		37,105,515		54,470,521
Shin Kong Financial Holding Co. Ltd.^(a)		68,780,049		20,920,565
				179,624,821
Leisure Products — 0.4%
Giant Manufacturing Co. Ltd.		2,715,590		14,753,036

Machinery — 0.9%
Airtac International Group		905,000		14,391,172
Hiwin Technologies Corp.		1,637,339		16,303,364
				30,694,536
Marine — 0.3%
Evergreen Marine Corp. Taiwan Ltd.^(c)		26,245,533		10,011,259

Metals & Mining — 1.6%
China Steel Corp.^(a)		71,495,977		54,307,616

Oil, Gas & Consumable Fuels — 0.7%
Formosa Petrochemical Corp.^(a)		8,059,950		22,918,532

Real Estate Management & Development — 0.6%
Highwealth Construction Corp.^(a)		8,056,790		11,933,719
Ruentex Development Co. Ltd .		6,249,076		8,471,889
				20,405,608
Semiconductors & Semiconductor Equipment — 33.2%
ASE Technology Holding Co. Ltd.^(a)		19,910,432		46,883,661
Globalwafers Co. Ltd.^(a)		1,450,000		19,609,802
MediaTek Inc.		8,403,175		99,907,297
Nanya Technology Corp.		9,050,000		23,103,585
Novatek Microelectronics Corp.^(a)		3,620,544		23,376,091
Phison Electronics Corp.		1,254,698		13,819,310
Powertech Technology Inc.		5,430,036		18,291,705
Realtek Semiconductor Corp.		3,1 13,063		23,132,455
Taiwan Semiconductor Manufacturing Co. Ltd.		75,609,882		789,072,564
United Microelectronics Corp.^(a)		71,495,501		36,126,130
Vanguard International Semiconductor Corp.^(a)		7,154,000		17,530,897
Win Semiconductors Corp.		2,715,000		24,523,275
Winbond Electronics Corp.		24,435,000		12,911,706
				1,148,288,478
Specialty Retail — 1.1%
Hotai Motor Co. Ltd.		1,810,000		37,479,813

Technology Hardware, Storage & Peripherals — 8.1%
Acer Inc.^(a)		23,530,737		12,705,875
Advantech Co. Ltd.		2,425,614		23,591,649
Asustek Computer Inc.		4,525,857		30,790,685
Catcher Technology Co. Ltd.		3,797,743		29,725,230

32	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued) iShares^® MSCI Taiwan ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

Technology Hardware, Storage & Peripherals (continued)
Chicony Electronics Co. Ltd.		5,385,405	$	14,851,015
Compal Electronics Inc.^(a)		29,779,554		18,145,371
Inventec Corp.		19,910,868		15,091,214
Lite-On Technology Corp.		14,480,071		20,969,670
Micro-Star International Co. Ltd.		5,430,000		16,283,096
Pegatron Corp.		12,670,037		26,235,946
Quanta Computer Inc.		16,290,240		33,355,732
Wistron Corp.		19,910,921		17,787,295
Wiwynn Corp.		819,000		19,582,754
				279,115,532
Textiles, Apparel & Luxury Goods — 1.9%
Eclat Textile Co. Ltd.		1,297,601		15,427,479
Feng TAY Enterprise Co. Ltd.^(a)		2,715,623		15,336,169
Formosa Taffeta Co. Ltd.^(a)		8,956,515		9,909,122
Pou Chen Corp.		16,290,103		18,345,498
Ruentex Industries Ltd.		3,620,157		8,082,122
				67,100,390
Transportation Infrastructure — 0.5%
Taiwan High Speed Rail Corp.		14,480,000		16,498,291

Wireless Telecommunication Services — 1.7%
Far EasTone Telecommunications Co. Ltd.		10,860,259		23,707,892
Taiwan Mobile Co. Ltd.		9,955,609		34,522,993
				58,230,885
Total Common Stocks — 99.9%
(Cost: $1,757,862,596)				3,456,824,123

Security	Shares		Value

Short-Term Investments

Money Market Funds — 3.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(e)(f)(g)		116,590,653	$	116,672,267
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52% ^(e)(f)		2,896,000		2,896,000
				119,568,267
Total Short-Term Investments — 3.4%
(Cost: $119,511,109)				119,568,267

Total Investments in Securities — 103.3%
(Cost: $1,877,373,705)				3,576,392,390

Other Assets, Less Liabilities — (3.3)%				(115,465,400	)

Net Assets — 100.0%			$	3,460,926,990

^(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)	Rounds to less than $1.
^(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 29, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

																Change in
	Shares					Shares										Unrealized
	Held at					Held at		Value at					Net Realized			Appreciation
Affiliated Issuer	08/31/19		Net Activity			02/29/20		02/29/20		Income			Gain (Loss		^(a)	(Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		155,033,037		(38,442,384	)		116,590,653	$	116,672,267	$	1,153,324	^(b)	$	591		$	16,231
BlackRock Cash Funds: Treasury, SL Agency Shares .		14,551,000		(11,655,000	)		2,896,000		2,896,000		60,474			—			—
								$	119,568,267	$	1,213,798		$	591		$	16,231

^(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

MSCI Taiwan Index

03/30/20

674

(42,529

)

S c h e d u l e o f I n v e s t m e n t s 33

Schedule of Investments (unaudited) (continued) iShares^® MSCI Taiwan ETF

February 29, 2020

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity
	Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	42,529

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity
	Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,386,420

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(31 9,277)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	8,668,027

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	$	3,456,824,121		$	—	$	2	$	3,456,824,123
Money Market Funds		1 19,568,267			—		—		119,568,267
	$	3,576,392,388		$	—	$	2	$	3,576,392,390
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(42,529	)	$	—	$	—	$	(42,529	)

^(a)

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

See notes to financial statements

34 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) iShares^® MSCI Thailand ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Airlines — 0.2%
Asia Aviation PCL, NVDR^(a)^(b)		6,467,600	$	264,402
Bangkok Airways PCL, NVDR		1,725,500		254,820
Thai Airways International PCL, NVDR^(a)^(b)		2,038,966		252,003
				771,225
Auto Components — 0.2%
Sri Trang Agro-Industry PCL, NVDR		2,180,145		815,266

Banks — 9.4%
Bangkok Bank PCL, Foreign		1,1 19,800		4,666,573
Kasikornbank PCL, NVDR		1,404,000		5,294,755
Kasikornbank PCL		2,751,800		10,421,173
Kiatnakin Bank PCL, NVDR^(b)		500,473		987,306
Krung Thai Bank PCL, NVDR		8,198,900		3,637,604
Siam Commercial Bank PCL (The), NVDR		1,991,900		5,507,630
Thanachart Capital PCL, NVDR^(b)		680,300		1,137,247
TMB Bank PCL, NVDR^(b)		56,528,366		1,952,651
				33,604,939
Beverages — 0.6%
Osotspa PCL, NVDR		1,762,200		2,331,543

Building Products — 0.1%
Dynasty Ceramic PCL, NVDR		5,986,440		326,309

Chemicals — 3.1%
Eastern Polymer Group PCL, NVDR		2,382,000		304,968
Global Green Chemicals PCL, NVDR^(b)		721,100		211,383
Indorama Ventures PCL, NVDR^(b)		3,946,810		3,252,006
PTT Global Chemical PCL, NVDR		5,290,307		6,915,708
Vinythai PCL, NVDR^(b)		556,400		410,842
				11,094,907
Commercial Services & Supplies — 0.1%
JMT Network Services PCL, NVDR		734,700		423,754

Construction & Engineering — 1.0% CH
Karnchang PCL, NVDR^(b)		2,772,900		1,652,053
Italian-Thai Development PCL, NVDR^(b)		9,366,248		344,315
Sino-Thai Engineering & Construction PCL, NVDR		2,343,628		1,106,641
Unique Engineering & Construction PCL, NVDR		1,533,400		306,145
				3,409,154
Construction Materials — 5.5%
Siam Cement PCL (The) NVDR		1,830,300		17,981,081
Tipco Asphalt PCL, NVDR		1,490,600		888,077
TPI Polene PCL, NVDR^(b)		15,870,000		628,664
				19,497,822
Consumer Finance — 2.1%
AEON Thana Sinsap Thailand PCL, NVDR^(b)		177,400		778,637
Muangthai Capital PCL, NVDR		1,492,400		2,719,474
Ratchthani Leasing PCL, NVDR		3,123,685		504,858
Srisawad Corp PCL, NVDR		1,710,360		3,645,119
				7,648,088
Containers & Packaging — 0.1%
Polyplex Thailand PCL, NVDR^(b)		655,000		236,634

Diversified Telecommunication Services — 1.2%
Jasmine International PCL, NVDR^(b)		8,585,768		1,316,911
True Corp. PCL, NVDR^(b)		27,405,218		2,883,388
				4,200,299

Security	Shares		Value

Electrical Equipment — 0.2%
Gunkul Engineering PCL, NVDR^(b)		9,448,922	$	736,630

Electronic Equipment, Instruments & Components — 0.8%
Hana Microelectronics PCL, NVDR		1,319,000		1,400,301
KCE Electronics PCL, NVDR^(b)		1,783,400		1,249,030
SVI PCL, NVDR		1,650,800		122,417
				2,771,748
Entertainment — 0.4%
Major Cineplex Group PCL, NVDR^(b)		1,480,500		886,752
RS PCL, NVDR^(b)		919,600		305,999
Workpoint Entertainment PCL, NVDR		517,100		142,569
				1,335,320
Food & Staples Retailing — 8.9%
Berli Jucker PCL, NVDR^(b)		2,820,700		3,262,733
CP ALL PCL, NVDR		13,701,700		28,549,732
				31,812,465
Food Products — 3.7%
Charoen Pokphand Foods PCL, NVDR		9,087,600		7,703,796
GFPT PCL, NVDR^(b)		1,177,300		399,211
Khon Kaen Sugar Industry PCL, NVDR		3,731,478		250,697
Taokaenoi Food & Marketing PCL, Class R, NVDR^(b) .		1,175,400		296,131
Thai Union Group PCL, NVDR		7,828,100		3,795,593
Thai Vegetable Oil PCL, NVDR		956,053		833,195
				13,278,623
Health Care Providers & Services — 6.4%
Bangkok Chain Hospital PCL, NVDR		2,914,925		1,210,126
Bangkok Dusit Medical Services PCL, NVDR		22,365,700		15,735,019
Bumrungrad Hospital PCL, NVDR		1,026,176		4,178,850
Chularat Hospital PCL, NVDR		10,401,400		824,069
Thonburi Healthcare Group PCL, NVDR^(b)		1,204,300		858,715
				22,806,779
Hotels, Restaurants & Leisure — 1.9%
Central Plaza Hotel PCL, NVDR^(b)		1,1 17,100		637,230
Erawan Group PCL (The), NVDR^(b)		3,226,800		366,089
Minor International PCL, NVDR.		6,497,710		5,662,717
				6,666,036
Independent Power and Renewable Electricity Producers — 8.3%
B Grimm Power PCL, NVDR .		1,835,200		2,631,684
BCPG PCL, NVDR^(b)		1,417,900		651,547
CK Power PCL, NVDR^(b)		5,650,960		676,933
Electricity Generating PCL, NVDR		679,500		5,878,736
Energy Absolute PCL, NVDR^(b)		3,935,400		4,863,907
Global Power Synergy PCL, NVDR .		1,654,100		3,302,434
Gulf Energy Development PCL, NVDR		1,251,500		6,563,881
Ratch Group PCL, NVDR		1,701,300		3,181,008
SPCG PCL, NVDR		1,151,500		638,607
Super Energy Corp. PCL, NVDR^(b)		32,078,850		396,474
TPI Polene Power PCL, NVDR^(b)		5,957,000		751,350
				29,536,561
Industrial Conglomerates — 0.1%
Thoresen Thai Agencies PCL, NVDR		3,233,289		282,804

Insurance — 0.3%
Bangkok Life Assurance PCL, NVDR^(b)		1,211,200		594,949
TQM Corp. PCL, NVDR		248,300		572,455
				1,167,404
Marine — 0.1%
Precious Shipping PCL, NVDR^(a)^(b)		1,830,500		268,005

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued) iShares^® MSCI Thailand ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

Media — 0.3%
BEC World PCL, NVDR^(a)		2,836,700	$	393,749
Plan B Media PCL, NVDR		4,589,300		741,734
				1,135,483
Metals & Mining — 0.1%
STP & I PCL, NVDR^(b)		2,304,900		343,306

Multiline Retail — 1.2%
Central Retail Corp. PCL, NVDR^(a)		4,222,234		4,214,875

Oil, Gas & Consumable Fuels — 15.6%
Bangchak Corp. PCL, NVDR		2,416,900		1,838,238
Banpu PCL, NVDR		10,295,800		2,316,596
Esso Thailand PCL, NVDR^(b)		2,456,200		467,032
IRPC PCL, NVDR^(b)		26,325,700		1,835,416
Prima Marine PCL, NVDR^(b)		1,819,500		274,467
PTT Exploration & Production PCL, NVDR		3,260,584		10,953,000
PTT PCL, NVDR		26,810,100		33,135,601
Siamgas & Petrochemicals PCL, NVDR		1,725,500		431,990
Star Petroleum Refining PCL,NVS^(b)		4,100,200		1,026,512
Thai Oil PCL, NVDR^(b)		2,632,800		3,608,576
				55,887,428
Pharmaceuticals — 0.2%
Mega Lifesciences PCL, NVDR^(b)		824,700		653,383

Real Estate Management & Development — 7.6%
Amata Corp. PCL, NVDR		1,891,900		869,357
Ananda Development PCL, NVDR^(b)		3,223,700		157,328
AP Thailand PCL, NVDR		5,577,786		1,078,260
Bangkok Land PCL, NVDR^(b)		24,478,900		799,026
Central Pattana PCL, NVDR		5,263,000		8,839,772
Land & Houses PCL, NVDR		19,592,900		5,215,667
LPN Development PCL, NVDR^(b)		3,139,847		417,916
MBK PCL, NVDR		2,379,700		1,342,375
Origin Property PCL, NVDR^(b)		1,736,900		280,722
Platinum Group PCL (The), NVDR^(b)		1,972,300		186,261
Pruksa Holding PCL, NVDR^(b)		1,293,700		586,275
Quality Houses PCL, NVDR		18,802,632		1,346,663
Sansiri PCL, NVDR^(b)		29,864,137		671,955
SC Asset Corp. PCL, NVDR^(b)		3,530,204		252,837
Siam Future Development PCL, NVDR^(b)		2,754,053		462,573
Singha Estate PCL, NVDR		7,239,000		486,347
Supalai PCL, NVDR		3,770,900		1,935,940
U City PCL, NVDR^(a)		8,169,541		318,445
Univentures PCL, NVDR^(b)		1,538,000		154,019
WHA Corp. PCL, NVDR^(b)		20,586,940		1,787,616
				27,189,354
Road & Rail — 1.6%
BTS Group Holdings PCL, NVDR		16,459,400		5,685,548

Specialty Retail — 2.7%
Beauty Community PCL, NVDR^(b)		5,331,200		321,004
Com7 PCL, NVDR		1,418,400		997,892
Dohome PLC, NVDR^(a)(b)		1,316,400		348,342
Home Product Center PCL, NVDR		13,887,073		5,633,166
PTG Energy PCL, NVDR		1,776,500		793,809
Siam Global House PCL, NVDR^(b)		3,438,743		1,503,871
				9,598,084

Security	Shares		Value

Transportation Infrastructure — 6.9%
Airports of Thailand PCL, NVDR^(b)		10,054,400	$	19,038,200
Bangkok Aviation Fuel Services PCL, NVDR^(b)		452,500		341,293
Bangkok Expressway & Metro PCL, NVDR		17,933,653		5,257,052
				24,636,545
Water Utilities — 0.6%
Eastern Water Resources Development and Management PCL, NVDR		1,367,100		463,571
TTW PCL, NVDR		3,267,966		1,439,541
WHA Utilities and Power PCL, NVDR^(b)		2,712,900		381,723
				2,284,835
Wireless Telecommunication Services — 8.0%
Advanced Info Service PCL, NVDR		2,790,719		17,687,967
Intouch Holdings PCL, NVDR		5,266,900		9,013,234
Total Access Communication PCL, NVDR		1,666,700		1,927,890
				28,629,091
Total Common Stocks — 99.5%
(Cost: $495,964,931)				355,280,247

Warrants

Media — 0.0%
VGI PCL, (Expires 09/10/22)^(a)		1		0	^(c)

Road & Rail — 0.0%
BTS Group Holdings PCL, (Expires 02/16/21)^(a)		1,888,970		51,482

Total Warrants — 0.0%
(Cost: $0)				51 ,482

Short-Term Investments

Money Market Funds — 5.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74% (d)(e)(f)		19,006,163		19,019,468
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52% (d)(e)		453,000		453,000
				19,472,468
Total Short-Term Investments — 5.4%
(Cost: $19,465,528)				19,472,468

Total Investments in Securities — 104.9%
(Cost: $515,430,459)				374,804,197

Other Assets, Less Liabilities — (4.9)%				(17,545,789	)

Net Assets — 100.0%			$	357,258,408

^(a)	Non-income producing security.
^(b)	All or a portion of this security is on loan.
^(c)	Rounds to less than $1.
^(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.

36	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^® MSCI Thailand ETF
February 29, 2020

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

																Change in
	Shares					Shares										Unrealized
	Held at					Held at		Value at					Net Realized			Appreciation
Affiliated Issuer	08/31/19		Net Activity			02/29/20		02/29/20		Income			Gain (Loss)		^(a)	(Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		14,300,710		4,705,453			19,006,163	$	19,019,468	$	514,537	^(b)	$	(82	)	$	4,356
BlackRock Cash Funds: Treasury, SL Agency Shares		860,000		(407,000	)		453,000		453,000		8,199			—			—
								$	19,472,468	$	522,736		$	(82	)	$	4,356

(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

MSCI Emerging Markets E-Mini

03/20/20

1,160

(87,286

)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity
	Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	87,286

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity
	Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	38,649

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(87,286	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	628,907

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

Schedule of Investments (unaudited) (continued) iShares^® MSCI Thailand ETF

February 29, 2020

Fair Value Measurements (continued)

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	355,280,247		$	—	$	—	$	355,280,247
Warrants		51,482			—		—		51,482
Money Market Funds		19,472,468			—		—		19,472,468
	$	374,804,197		$	—	$	—	$	374,804,197
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(87,286	)	$	—	$	—	$	(87,286	)

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

See notes to financial statements

38 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statements of Assets and Liabilities (unaudited)

February 29, 2020

				iShares			iShares
	iShares			MSCI Japan			MSCI			iShares
	MSCI Hong Kong			Small-Cap			Malaysia			MSCI Pacific ex
	ETF			ETF			ETF			Japan ETF

ASSETS
Investments in securities, at value (including securities on loan) ^(a):
Unaffiliated ^(b)	$	1,880,104,383		$	76,194,819		$	347,085,236		$	2,019,385,922
Affiliated ^(c)		21,956,028			765,523			3,379,663			16,006,397
Cash		735			298			44			400
Foreign currency, at value^(d)		3,922,607			152,787			105,793			2,894,968
Foreign currency collateral pledged:
Futures contracts^(e)		360,911			9,585			—			538,843
Receivables:
Investments sold		4,082,566			29,517			12,195,970			3,669,454
Securities lending income — Affiliated		7,580			2,921			2,774			11,433
Variation margin on futures contracts		67,326			—			—			—
Dividends		138,120			305,373			294,645			7,081,428
Total assets		1,910,640,256			77,460,823			363,064,125			2,049,588,845

LIABILITIES
Collateral on securities loaned, at value		21,154,582			721,147			3,058,569			15,154,863
Payables:
Investments purchased		1,300,501			97,348			4,162,469			3,520,701
Variation margin on futures contracts .		—			23,985			—			332,930
Capital shares redeemed		6,697,660			95,498			7,762,245			—
Investment advisory fees		794,237			36,331			164,468			840,826
Total liabilities		29,946,980			974,309			15,147,751			19,849,320

NET ASSETS	$	1,880,693,276		$	76,486,514		$	347,916,374		$	2,029,739,525

NET ASSETS CONSIST OF:
Paid-in capital	$	2,522,689,471		$	122,969,926		$	370,039,988		$	2,693,642,797
Accumulated loss		(641,996,195	)		(46,483,412	)		(22,123,614	)		(663,903,272	)
NET ASSETS	$	1,880,693,276		$	76,486,514		$	347,916,374		$	2,029,739,525

Shares outstanding		82,350,000			1,200,000			13,650,000			48,300,000
Net asset value	$	22.84		$	63.74		$	25.49		$	42.02
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 .	$	20,109,458		$	653,189		$	2,897,563		$	14,384,724
^(b) Investments, at cost — Unaffiliated	$	2,052,621,197		$	107,648,889		$	254,190,935		$	2,217,231,836
^(c) Investments, at cost — Affiliated .	$	21,953,582		$	765,026		$	3,377,812		$	15,999,406
^(d) Foreign currency, at cost	$	4,035,396		$	149,769		$	105,793		$	2,911,924
^(e) Foreign currency collateral pledged, at cost	$	257,819		$	9,464		$	—		$	551,576

See notes to financial statements

F i n a n c i a l s t a t e m e n t s

Statements of Assets and Liabilities (unaudited) (continued)

February 29, 2020

	iShares
	MSCI					iShares
	Singapore			iShares		MSCI
	ETF			MSCI Taiwan ETF		Thailand ETF

ASSETS
Investments in securities, at value (including securities on loan) ^(a):
Unaffiliated ^(b)	$	496,111,625		$	3,456,824,123	$	355,331,729
Affiliated^(c)		8,218,113			119,568,267		19,472,468
Cash		308			326		892
Foreign currency, at value^(d)		1,342,242			904		—
Cash pledged:
Futures contracts		—			29,000		61,000
Foreign currency collateral pledged:
Futures contracts^(e)		62,592			—		—
Receivables:
Investments sold		4,574,800			28,240,519		2,653,710
Securities lending income — Affiliated		14,192			176,412		103,487
Dividends		239,444			194,244		1,343,784
Total assets		510,563,316			3,605,033,795		378,967,070

LIABILITIES
Foreign bank overdraft		—			—		21
Collateral on securities loaned, at value		7,952,303			116,622,591		18,996,740
Payables:
Investments purchased		4,003,344			25,767,075		2,491,137
Variation margin on futures contracts		53,901			17,119		4,140
Capital shares redeemed		1,278,919			—		25,919
Investment advisory fees		212,522			1,631,766		190,705
Foreign taxes		—			68,254		—
Total liabilities		13,500,989			144,106,805		21,708,662

NETASSETS	$	497,062,327		$	3,460,926,990	$	357,258,408

NET ASSETS CONSIST OF:
Paid-in capital	$	740,527,473		$	2,090,182,874	$	564,262,670
Accumulated earnings (loss)		(243,465,146	)		1,370,744,116		(207,004,262	)
NETASSETS	$	497,062,327		$	3,460,926,990	$	357,258,408

Shares outstanding		23,000,000			90,500,000		5,100,000
Net asset value	$	21.61		$	38.24	$	70.05
Shares authorized		300 million			900 million		200 million
Par value	$	0.001		$	0.001	$	0.001

^(a) Securities loaned, at value	$	7,527,802		$	94,871,932	$	17,223,004
^(b) Investments, at cost — Unaffiliated	$	571,216,069		$	1,757,862,596	$	495,964,931
^(c) Investments, at cost — Affiliated .	$	8,213,549		$	119,511,109	$	19,465,528
^(d) Foreign currency, at cost	$	1,351,562		$	913	$	(21	)
^(e) Foreign currency collateral pledged, at cost .	$	64,043		$	—	$	—

See notes to financial statements

40	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statements of Operations (unaudited)

Six Months Ended February 29, 2020

				iShares			iShares			iShares
	iShares			MSCI Japan			MSCI			MSCI Pacific
	MSCI Hong			Small-Cap			Malaysia			ex Japan
	Kong ETF			ETF			ETF			ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	14,064,708		$	1,098,496		$	5,456,023		$	35,280,080
Dividends — Affiliated		21,625			616			3,198			10,054
Interest — Unaffiliated		1,099			—			—			67
Securities lending income — Affiliated — net		20,898			32,431			52,067			64,858
Foreign taxes withheld		—			(105,670	)		—			(612,444	)
Total investment income		14,108,330			1,025,873			5,511,288			34,742,615

EXPENSES
Investment advisory fees		4,320,046			259,982			1,124,152			5,446,129
Total expenses		4,320,046			259,982			1,124,152			5,446,129
Net investment income		9,788,284			765,891			4,387,136			29,296,486

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(9,387,907	)		(486,418	)		(15,965,018	)		(19,772,794	)
Investments — Affiliated		(1,731	)		1,094			737			440
In-kind redemptions — Unaffiliated		6,801,495			(5,363,487	)		—			25,444,328
Futures contracts		432,703			80,076			—			673,083
Foreign currency transactions		47,049			(13,208	)		(301,878	)		(70,881	)
Net realized gain (loss)		(2,108,391	)		(5,781,943	)		(16,266,159	)		6,274,176
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(46,070,160	)		2,736,214			(22,584,511	)		(86,857,817	)
Investments — Affiliated		4,123			(951	)		772			1,739
Futures contracts		(4,230	)		(28,554	)		—			(713,410	)
Foreign currency translations		(15,791	)		1,061			(26,907	)		(169,231	)
Net change in unrealized appreciation (depreciation)		(46,086,058	)		2,707,770			(22,610,646	)		(87,738,719	)
Net realized and unrealized loss		(48,194,449	)		(3,074,173	)		(38,876,805	)		(81,464,543	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS.	$	(38,406,165	)	$	(2,308,282	)	$	(34,489,669	)	$	(52,168,057	)

See notes to financial statements

F i n a n c i a l s t a t e m e n t s

Statements of Operations (unaudited) (continued)

Six Months Ended February 29, 2020


	iShares
	MSCI			iShares			iShares
	Singapore			MSCI Taiwan			MSCI
	ETF			ETF			Thailand ETF

INVESTMENT INCOME
Dividends — Unaffiliated .	$	4,485,625		$	14,388,357		$	4,516,178
Dividends — Affiliated		2,932			60,474			8,199
Interest — Unaffiliated		—			5,159			75
Securities lending income — Affiliated — net^(a)		84,945			1,153,324			514,537
Foreign taxes withheld		(124,951	)		(2,983,826	)		(372,196	)
Other foreign taxes		—			(31,983	)		—
Total investment income		4,448,551			12,591,505			4,666,793

EXPENSES
Investment advisory fees		1,330,199			9,498,391			1,380,619
Total expenses		1,330,199			9,498,391			1,380,619
Net investment income		3,1 18,352			3,093,114			3,286,174

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(9,942,463	)		(2,339,534	)		(10,658,984	)
Investments — Affiliated		430			591			(82	)
In-kind redemptions — Unaffiliated		2,014,487			—			5,883,837
Futures contracts		144,400			1,386,420			38,649
Foreign currency transactions		32,290			(18,107	)		(89,998	)
Net realized loss		(7,750,856	)		(970,630	)		(4,826,578	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(9,939,445	)		317,183,006			(107,801,978	)
Investments — Affiliated		(111	)		16,231			4,356
Futures contracts		(1 13,534)			(319,277	)		(87,286	)
Foreign currency translations		(12,335	)		34,284			(15,061	)
Net change in unrealized appreciation (depreciation)		(10,065,425	)		316,914,244			(107,899,969	)
Net realized and unrealized gain (loss)		(17,816,281	)		315,943,614			(112,726,547	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(14,697,929	)	$	319,036,728		$	(109,440,373	)

^(a) Net of securities lending income tax paid of	$	—		$	292,726		$	—

See notes to financial statements

42	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statements of Changes in Net Assets

	iShares						iShares
		MSCI Hong Kong ETF					MSCI Japan Small-Cap ETF
		Six Months Ended						Six Months Ended
		02/29/20			Year Ended			02/29/20			Year Ended
		(unaudited)			08/31/19			(unaudited)			08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income .	$	9,788,284		$	62,074,964		$	765,891		$	4,101,539
Net realized gain (loss)		(2,108,391	)		171,568,216			(5,781,943	)		(35,779,750	)
Net change in unrealized appreciation (depreciation)		(46,086,058	)		(205,108,906	)		2,707,770			(2,339,583	)
Net increase (decrease) in net assets resulting from operations		(38,406,165	)		28,534,274			(2,308,282	)		(34,017,794	)

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(14,933,383	)		(67,889,451	)		(3,185,539	)		(4,647,949	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		509,370,258			(1,265,603,711	)		(28,014,920	)		(136,251,360	)

NET ASSETS
Total increase (decrease) in net assets		456,030,710			(1,304,958,888	)		(33,508,741	)		(174,917,103	)
Beginning of period		1,424,662,566			2,729,621,454			109,995,255			284,912,358
End of period	$	1,880,693,276		$	1,424,662,566		$	76,486,514		$	109,995,255

^(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements

F i n a n c i a l S t a t e m e n t s

Statements of Changes in Net Assets (continued)

	iShares						iShares
	MSCI Malaysia ETF						MSCI Pacific ex Japan ETF
		Six Months Ended						Six Months Ended
		02/29/20			Year Ended			02/29/20			Year Ended
		(unaudited)			08/31/19			(unaudited)			08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income .	$	4,387,136		$	17,432,270		$	29,296,486		$	89,927,097
Net realized gain (loss)		(16,266,159	)		(37,554,258	)		6,274,176			(10,840,856	)
Net change in unrealized appreciation (depreciation)		(22,610,646	)		(52,528,128	)		(87,738,719	)		(79,567,765	)
Net decrease in net assets resulting from operations		(34,489,669	)		(72,650,116	)		(52,168,057	)		(481,524	)

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(5,324,752	)		(16,938,304	)		(47,058,472	)		(103,540,539	)

CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(3,158,228	)		(76,742,616	)		(137,149,689	)		(4,695,754	)

NET ASSETS
Total decrease in net assets		(42,972,649	)		(166,331,036	)		(236,376,218	)		(108,717,817	)
Beginning of period		390,889,023			557,220,059			2,266,115,743			2,374,833,560
End of period	$	347,916,374		$	390,889,023		$	2,029,739,525		$	2,266,115,743

^(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements

44	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statements of Changes in Net Assets (continued)

	iShares						iShares
	MSCI Singapore ETF						MSCI Taiwan ETF
		Six Months Ended						Six Months Ended
		02/29/20			Year Ended			02/29/20			Year Ended
		(unaudited)			08/31/19			(unaudited)			08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income .	$	3,1 18,352		$	21,402,424		$	3,093,114		$	89,438,292
Net realized gain (loss)		(7,750,856	)		(4,573,908	)		(970,630	)		171,832,639
Net change in unrealized appreciation (depreciation)		(10,065,425	)		(21,563,424	)		316,914,244			(507,317,120	)
Net increase (decrease) in net assets resulting from operations		(14,697,929	)		(4,734,908	)		319,036,728			(246,046,189	)

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(14,978,438	)		(21,305,119	)		(89,350,677	)		(104,188,903	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		13,087,891			(39,601,577	)		568,746,028			(1,070,161,394	)

NET ASSETS
Total increase (decrease) in net assets		(16,588,476	)		(65,641,604	)		798,432,079			(1,420,396,486	)
Beginning of period		513,650,803			579,292,407			2,662,494,911			4,082,891,397
End of period	$	497,062,327		$	513,650,803		$	3,460,926,990		$	2,662,494,911

^(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements

F i n a n c i a l S t a t e m e n t s 45

Statements of Changes in Net Assets (continued)


	iShares
	MSCI Thailand ETF
		Six Months
		Ended
		02/29/20			Year Ended
		(unaudited)			08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	3,286,174		$	11,152,769
Net realized gain (loss)		(4,826,578	)		13,591,553
Net change in unrealized appreciation (depreciation)		(107,899,969	)		(19,971,905	)
Net increase (decrease) in net assets resulting from operations		(109,440,373	)		4,772,417

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(4,102,360	)		(10,822,599	)

CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		4,564,246			36,445,341

NET ASSETS
Total increase (decrease) in net assets		(108,978,487	)		30,395,159
Beginning of period		466,236,895			435,841,736
End of period	$	357,258,408		$	466,236,895

^(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements

46 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Financial Highlights

(For a share outstanding throughout each period)

		iShares MSCI Hong Kong ETF
	Six Months Ended
		02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			08/31/15

Net asset value, beginning of period		$	23.00		$	24.18		$	24.69		$	21.08		$	19.42		$	21.89
Net investment income^(a)			0.13			0.62			0.71			0.68			0.54			0.52
Net realized and unrealized gain (loss)^(b)			(0.08	)		(1.08	)		(0.12	)		3.54			1.72			(2.50	)
Net increase (decrease) from investment operations			0.05			(0.46	)		0.59			4.22			2.26			(1.98	)

Distributions^(c)
From net investment income			(0.21	)		(0.72	)		(1.10	)		(0.61	)		(0.60	)		(0.49	)
Total distributions			(0.21	)		(0.72	)		(1.10	)		(0.61	)		(0.60	)		(0.49	)

Net asset value, end of period		$	22.84		$	23.00		$	24.18		$	24.69		$	21.08		$	19.42

Total Return
Based on net asset value			0.17	%^(d)		(2.00	)%		2.33	%		20.38	%		11.94	%		(9.29	)%

Ratios to Average Net Assets
Total expenses			0.50	%^(e)		0.49	%		0.48	%		0.49	%		0.48	%		0.48	%
Net investment income			1.13	%^(e)		2.52	%		2.83	%		3.08	%		2.73	%		2.36	%

Supplemental Data
Net assets, end of period (000)		$	1,880,693		$	1,424,663		$	2,729,621		$	1,855,447		$	1,596,576		$	2,722,224
Portfolio turnover rate^(f)			3	%^(d)		12	%		7	%		8	%		9	%		7	%

^(a)

Based on average shares outstanding.

^(b)

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

^(d) Not annualized.

^(e) Annualized.

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

See notes to financial statements

F i n a n c i a l H i g h l i g h t s

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares MSCI Japan Small-Cap ETF
		Six Months Ended
		02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			08/31/15

Net asset value, beginning of period	$	68.75		$	77.00		$	72.78		$	60.95		$	56.79		$	56.61
Net investment income^(a)		0.54			1.37			0.94			1.02			0.84			0.70
Net realized and unrealized gain (loss)^(b)		(3.43	)		(7.90	)		4.24			12.62			4.29			0.71
Net increase (decrease) from investment operations		(2.89	)		(6.53	)		5.18			13.64			5.13			1.41

Distributions^(c)
From net investment income		(2.12	)		(1.72	)		(0.96	)		(1.81	)		(0.97	)		(1.23	)
Total distributions		(2.12	)		(1.72	)		(0.96	)		(1.81	)		(0.97	)		(1.23	)

Net asset value, end of period	$	63.74		$	68.75		$	77.00		$	72.78		$	60.95		$	56.79

Total Return
Based on net asset value		(4.64	)%^(d)		(8.42	)%		7.09	%		22.81	%		9.10	%		2.63	%

Ratios to Average Net Assets
Total expenses		0.50	%^(e)		0.49	%		0.47	%		0.49	%		0.48	%		0.48	%
Net investment income		1.47	%^(e)		1.94	%		1.18	%		1.53	%		1.44	%		1.26	%

Supplemental Data
Net assets, end of period (000)	$	76,487		$	109,995		$	284,912		$	189,216		$	164,553		$	159,004
Portfolio turnover rate^(f)		3	%^(d)		10	%		9	%		8	%		12	%		10	%

^(a)

Based on average shares outstanding.

^(b)

^(c)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)

Not annualized.

^(e)

Annualized.

^(f)

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements

48 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Malaysia ETF
	Six Months Ended
	02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)			08/31/19			08/31/18			08/31/17(a)			08/31/16(a)			08/31/15(a)

Net asset value, beginning of period	$	28.02		$	32.87		$	32.03		$	33.13		$	40.75		$	64.53
Net investment income^(b)		0.27			1.03			0.91			0.56			1.00			1.44
Net realized and unrealized gain (loss)^(c)		(2.49	)		(4.85	)		2.06			(0.05	)		2.79			(23.47	)
Net increase (decrease) from investment operations		(2.22	)		(3.82	)		2.97			0.51			3.79			(22.03	)

Distributions^(d)
From net investment income		(0.31	)		(1.03	)		(2.13	)		(1.61	)		(1.81	)		(1.57	)
From net realized gain		—			—			—			—			(9.60	)		(0.18	)
Total distributions		(0.31	)		(1.03	)		(2.13	)		(1.61	)		(11.41	)		(1.75	)

Net asset value, end of period	$	25.49		$	28.02		$	32.87		$	32.03		$	33.13		$	40.75

Total Return
Based on net asset value		(8.00	)%^(e)		(11.69	)%		9.59	%		2.14	%		12.58	%		(34.62	)%

Ratios to Average Net Assets
Total expenses		0.50	%^(f)		0.49	%		0.47	%		0.49	%		0.48	%		0.48	%
Net investment income		1.95	%^(f)		3.41	%		2.69	%		2.73	%		2.86	%		2.61	%

Supplemental Data
Net assets, end of period (000)	$	347,916		$	390,889		$	557,220		$	437,224		$	335,455		$	263,579
Portfolio turnover rate^(g)		33	%^(e)(h)		48	%^(h)		63	%^(h)		24	%^(h)		72	%^(h)		24	%^(h)

^(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)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
^(e)	Not annualized.
^(f)	Annualized.
^(g)	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").

^(h)

Portfolio turnover rate excluding cash creations was as follows:

See notes to financial statements

F i n a n c i a l H i g h l i g h t s

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Pacific ex Japan ETF
	Six Months Ended
	02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			08/31/15

Net asset value, beginning of period	$	44.17		$	46.02		$	46.43		$	40.94		$	38.01		$	51.21
Net investment income^(a)		0.59			1.74			1.66			1.60			1.54			1.97
Net realized and unrealized gain (loss)^(b)		(1.78	)		(1.58	)		0.03			5.55			2.98			(13.09	)
Net increase (decrease) from investment operations		(1.19	)		0.16			1.69			7.15			4.52			(11.12	)

Distributions^(c)
From net investment income		(0.96	)		(2.01	)		(2.10	)		(1.66	)		(1.59	)		(2.08	)
Total distributions		(0.96	)		(2.01	)		(2.10	)		(1.66	)		(1.59	)		(2.08	)

Net asset value, end of period	$	42.02		$	44.17		$	46.02		$	46.43		$	40.94		$	38.01

Total Return
Based on net asset value		(2.90	)%^(d)		0.56	%		3.63	%		18.06	%		12.20	%		(22.19	)%

Ratios to Average Net Assets
Total expenses		0.48	%^(e)		0.48	%		0.48	%		0.49	%		0.49	%		0.49	%
Net investment income		2.59	%^(e)		3.89	%		3.52	%		3.69	%		4.00	%		4.31	%

Supplemental Data
Net assets, end of period (000)	$	2,029,740		$	2,266,116		$	2,374,834		$	3,120,426		$	2,357,962		$	1,984,205
Portfolio turnover rate^(f)		3	%^(d)		7	%		6	%		3	%		6	%		7	%

^(a)

Based on average shares outstanding.

^(b)

^(c)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)

Not annualized.

^(e)

Annualized.

^(f)

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements

50	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Singapore ETF
	Six Months Ended
	02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)			08/31/19			08/31/18			08/31/17	^(a)		08/31/16	^(a)		08/31/15	^(a)

Net asset value, beginning of period	$	22.83		$	23.84		$	24.70		$	21.22		$	21.25		$	27.93
Net investment income^(b)		0.14			0.91			1.04			0.56			0.84			0.82
Net realized and unrealized gain (loss)^(c)		(0.68	)		(1.02	)		(0.77	)		3.84			(0.24	)		(6.64	)
Net increase (decrease) from investment operations		(0.54	)		(0.11	)		0.27			4.40			0.60			(5.82	)

Distributions^(d)
From net investment income		(0.68	)		(0.90	)		(1.13	)		(0.92	)		(0.63	)		(0.86	)
Total distributions		(0.68	)		(0.90	)		(1.13	)		(0.92	)		(0.63	)		(0.86	)

Net asset value, end of period	$	21.61		$	22.83		$	23.84		$	24.70		$	21.22		$	21.25

Total Return
Based on net asset value		(2.63	)%^(e)		(0.41	)%		0.91	%		21.51	%		2.87	%		(21.27	)%

Ratios to Average Net Assets
Total expenses		0.50	%^(f)		0.50	%		0.47	%		0.49	%		0.48	%		0.48	%
Net investment income		1.17	%^(f)		3.86	%		4.03	%		3.00	%		3.96	%		3.15	%

Supplemental Data
Net assets, end of period (000)	$	497,062		$	513,651		$	579,292		$	600,268		$	562,418		$	609,927
Portfolio turnover rate^(g)		4	%^(e)		9	%		26	%		12	%		7	%		10	%

^(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)

^(d)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)

Not annualized.

^(f)

Annualized.

^(g)

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements

F i n a n c i a l H i g h l i g h t s

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Taiwan ETF
	Six Months Ended
	02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)			08/31/19			08/31/18			08/31/17	^(a)		08/31/16	^(a)		08/31/15	^(a)

Net asset value, beginning of period	$	34.94		$	37.91		$	37.35		$	30.30		$	27.17		$	32.89
Net investment income^(b)		0.04			0.92			0.98			0.87			0.68			0.74
Net realized and unrealized gain (loss)^(c)		4.28			(2.89	)		0.60			6.88			3.25			(5.88	)
Net increase (decrease) from investment operations		4.32			(1.97	)		1.58			7.75			3.93			(5.14	)

Distributions^(d)
From net investment income		(1.02	)		(1.00	)		(1.02	)		(0.70	)		(0.80	)		(0.58	)
Total distributions		(1.02	)		(1.00	)		(1.02	)		(0.70	)		(0.80	)		(0.58	)

Net asset value, end of period	$	38.24		$	34.94		$	37.91		$	37.35		$	30.30		$	27.17

Total Return
Based on net asset value		12.21	%^(e)		(4.92	)%		4.43	%		26.17	%		15.02	%		(15.79	)%

Ratios to Average Net Assets
Total expenses		0.58	%^(f)		0.59	%		0.59	%		0.62	%		0.64	%		0.62	%
Net investment income		0.19	%^(f)		2.70	%		2.65	%		3.10	%		2.51	%		2.36	%

Supplemental Data
Net assets, end of period (000)	$	3,460,927		$	2,662,495		$	4,082,891		$	3,764,790		$	2,656,889		$	3,276,410
Portfolio turnover rate^(g)		6	%^(e)(h)		7	%^(h)		12	%^(h)		11	%^(h)		27	%^(h)		14	%^(h)

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

^(e) Not annualized.

^(f) Annualized.

^(g) 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").

^(h) Portfolio turnover rate excluding cash creations was as follows: 6 % 6 % 11 % 8 % 9 % 4 %

See notes to financial statements

52	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Thailand ETF
		Six Months Ended
		02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			08/31/15

Net asset value, beginning of period	$	90.53		$	90.80		$	82.70		$	75.94		$	65.01		$	83.41
Net investment income^(a)		0.59			2.10			2.12			1.99			2.05			1.66
Net realized and unrealized gain (loss)^(b)		(20.39	)		(0.33	)		8.13			6.90			10.54			(17.98	)
Net increase (decrease) from investment operations		(19.80	)		1.77			10.25			8.89			12.59			(16.32	)

Distributions^(c)
From net investment income		(0.68	)		(2.04	)		(2.15	)		(2.13	)		(1.66	)		(2.08	)
Total distributions		(0.68	)		(2.04	)		(2.15	)		(2.13	)		(1.66	)		(2.08	)

Net asset value, end of period	$	70.05		$	90.53		$	90.80		$	82.70		$	75.94		$	65.01

Total Return
Based on net asset value		(22.00	)%^(d)		2.03	%		12.55	%		12.01	%		19.87	%		(19.92	)%

Ratios to Average Net Assets
Total expenses		0.58	%^(e)		0.59	%		0.59	%		0.62	%		0.63	%		0.62	%
Net investment income		1.38	%^(e)		2.36	%		2.30	%		2.63	%		3.08	%		2.09	%

Supplemental Data
Net assets, end of period (000)	$	357,258		$	466,237		$	435,842		$	355,590		$	448,075		$	237,304
Portfolio turnover rate^(f)		6	%^(d)		17	%		10	%		7	%		16	%		13	%

^(a)

Based on average shares outstanding.

^(b)

^(c)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)

Not annualized.

^(e)

Annualized.

^(f)

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements

F i n a n c i a l H i g h l i g h t s 53

Notes to Financial Statements (unaudited)

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”):

	Diversification
iShares ETF	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

SIGNIFICANT ACCOUNTING POLICIES

54 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

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:

	●	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.

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

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair valu 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;

●

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

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

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 29, 2020:

Market Value of Cash Collateral Non-Cash Collateral

iShares ETF and Counterparty Securities on Loan Received ^(a) Received Net Amount

MSCI Hong Kong

BofA Securities, Inc. $ 510,334 $ 510,334 $ — $ —

Citigroup Global Markets Inc. 7,173,058 7,173,058 — —

Morgan Stanley & Co. LLC. 12,426,066 12,426,066 — —

$ 20,109,458 $ 20,109,458 $ — $ —

MSCI Japan Small-Cap

Credit Suisse Securities (USA) LLC. $ 43,207 $ 43,207 $ — $ —

Goldman Sachs & Co. 312,174 312,174 — —

HSBC Bank PLC 95,272 95,272 — —

JPMorgan Securities LLC. 86,265 86,265 — —

Macquarie Bank Limited 100,145 100,145 — —

UBS AG 16,126 16,126 — —

$ 653,189 $ 653,189 $ — $ —

MSCI Malaysia

Macquarie Bank Limited. $ 99,037 $ 99,037 $ — $ —

Morgan Stanley & Co. International PLC 2,798,526 2,798,526 — —

$ 2,897,563 $ 2,897,563 $ — $ —

MSCI Pacific ex Japan

BofA Securities, Inc. $ 3,216,399 $ 3,216,399 $ — $ —

Goldman Sachs & Co. 3,442,200 3,442,200 — —

Morgan Stanley & Co. LLC. 7,701,291 7,701,291 — —

State Street Bank & Trust Company 24,834 24,834 — —

$ 14,384,724 $ 14,384,724 $ — $ —

MSCI Singapore

Goldman Sachs & Co. $ 5,371,752 $ 5,371,752 $ — $ —

JPMorgan Securities LLC. 583,936 583,936 — —

Morgan Stanley & Co. LLC. 1,572,114 1,572,114 — —

$ 7,527,802 $ 7,527,802 $ — $ —

MSCI Taiwan

Citigroup Global Markets Ltd. $ 24,754,328 $ 24,754,328 $ — $ —

Credit Suisse Securities (Europe) Ltd. 14,243,248 14,243,248 — —

JPMorgan Securities PLC 13,470,169 13,470,169 — —

Macquarie Bank Limited 23,441,053 23,441,053 — —

Morgan Stanley & Co. International PLC 18,963,134 18,963,134 — —

$ 94,871,932 $ 94,871,932 $ — $ —

56	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

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 Thailand

Barclays Capital Inc. $ 509,760 $ 509,760 $ — $ —

Credit Suisse Securities (USA) LLC 1,383,242 1,383,242 — —

Goldman Sachs & Co. 2,441,944 2,441,944 — —

JPMorgan Securities LLC 2,083,219 2,083,219 — —

Macquarie Bank Limited 231,342 231,342 — —

Morgan Stanley & Co. LLC 9,285,137 9,285,137 — —

Scotia Capital (USA) Inc. 48,730 48,730 — —

SG Americas Securities LLC 910,406 910,406 — —

UBS AG 329,224 329,224 — —

$ 17,223,004 $ 17,223,004 $ — $ —

^(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.

DERIVATIVE FINANCIAL INSTRUMENTS

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

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

Notes to Financial Statements (unaudited) (continued)

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

	Fees Paid
iShares ETF	to BTC
MSCI Hong Kong	$	5,756
MSCI Japan Small-Cap		7,424
MSCI Malaysia		12,322
MSCI Pacific ex Japan		18,150
MSCI Singapore		22,000
MSCI Taiwan		343,378
MSCI Thailand		115,925

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

58 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

For the six months ended February 29, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

					Net Realized
iShares ETF	Purchases		Sales		Gain (Loss)
MSCI Hong Kong	$	13,896,548	$	6,092,693	$	(13,653,367	)
MSCI Japan Small-Cap		360,348		2,225,918		313,700
MSCI Pacific ex Japan		2,957,462		8,122,218		(7,407,228	)
MSCI Singapore		9,775,375		3,040,462		(2,672,782	)

PURCHASES AND SALES

For the six months ended February 29, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
MSCI Hong Kong	$	595,080,070	$	57,736,593
MSCI Japan Small-Cap		3,368,108		5,863,164
MSCI Malaysia		145,190,300		147,749,940
MSCI Pacific ex Japan		65,817,287		81,999,687
MSCI Singapore		25,931,979		21,768,804
MSCI Taiwan		695,346,523		188,872,904
MSCI Thailand		29,141,475		29,541,583

For the six months ended February 29, 2020, in-kind transactions were as follows:

	In-kind		In-kind
iShares ETF	Purchases		Sales
MSCI Hong Kong	$	40,890,099	$	66,783,372
MSCI Japan Small-Cap		14,751,309		42,386,688
MSCI Pacific ex Japan		—		130,175,971
MSCI Singapore		19,446,491		19,282,677
MSCI Thailand		171,461,773		166,961,071

INCOME TAX INFORMATION

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

iShares ETF	Non-Expiring
MSCI Hong Kong	$	420,080,374
MSCI Japan Small-Cap		6,835,514
MSCI Malaysia		54,1 08,940
MSCI Pacific ex Japan		386,018,900
MSCI Singapore		1 32,911,937
MSCI Taiwan		146,686,322
MSCI Thailand		51,274,844

N o t e s to 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)

								Net Unrealized
			Gross Unrealized		Gross Unrealized			Appreciation
iShares ETF	Tax Cost		Appreciation		Depreciation			(Depreciation)
MSCI Hong Kong	$	2,099,089,370	$	86,911,474	$	(283,944,212	)	$	(197,032,738	)
MSCI Japan Small-Cap		1 10,283,485		2,155,643		(35,520,234	)		(33,364,591	)
MSCI Malaysia		302,402,032		98,789,515		(50,726,648	)		48,062,867
MSCI Pacific ex Japan		2,311,644,770		260,965,284		(537,819,669	)		(276,854,385	)
MSCI Singapore		597,690,247		12,739,027		(106,149,973	)		(93,410,946	)
MSCI Taiwan		2,053,333,941		1,729,535,934		(206,520,014	)		1,523,015,920
MSCI Thailand		527,010,882		2,357,192		(154,651,163	)		(152,293,971	)

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 su bject 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.

60 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

10.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:

Six Months Ended Year Ended

02/29/20 08/31/19

iShares ETF Shares Amount Shares Amount

MSCI Hong Kong

Shares sold 23,700,000 $ 584,919,221 26,400,000 $ 641,855,226

Shares redeemed (3,300,000 ) (75,548,963 ) (77,325,000 ) (1,907,458,937 )

Net increase(decrease) 20,400,000 $ 509,370,258 (50,925,000 ) $ (1,265,603,711 )

MSCI Japan Small-Cap

Shares sold 200,000 $ 14,987,192 2,600,000 $ 188,325,229

Shares redeemed (600,000 ) (43,002,112 ) (4,700,000 ) (324,576,589 )

Net decrease (400,000 ) $ (28,014,920 ) (2,100,000 ) $ (136,251,360 )

MSCI Malaysia

Shares sold 4,275,000 $ 120,064,883 6,825,000 $ 211,840,133

Shares redeemed (4,575,000 ) (123,223,111 ) (9,825,000 ) (288,582,749 )

Net decrease (300,000 ) $ (3,158,228 ) (3,000,000 ) $ (76,742,616 )

MSCI Pacific ex Japan

Shares sold — $ — 6,000,000 $ 271,812,469

Shares redeemed (3,000,000 ) (137,149,689 ) (6,300,000 ) (276,508,223 )

Net decrease (3,000,000 ) $ (137,149,689 ) (300,000 ) $ (4,695,754 )

MSCI Singapore

Shares sold 1,550,000 $ 37,044,705 4,000,000 $ 93,905,772

Shares redeemed (1,050,000 ) (23,956,814 ) (5,800,000 ) (133,507,349 )

Net increase(decrease) 500,000 $ 13,087,891 (1,800,000 ) $ (39,601,577 )

MSCI Taiwan

Shares sold 14,300,000 $ 568,746,028 100,000 $ 13,078,670

Shares redeemed — — (31,600,000 ) (1,083,240,064 )

Net increase(decrease) 14,300,000 $ 568,746,028 (31,500,000 ) $ (1,070,161,394 )

MSCI Thailand

Shares sold 1,950,000 $ 172,556,067 4,300,000 $ 384,240,938

Shares redeemed (2,000,000 ) (167,991,821 ) (3,950,000 ) (347,795,597 )

Net increase(decrease) (50,000 ) $ 4,564,246 350,000 $ 36,445,341

11. LEGAL PROCEEDINGS

N o t e s to 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)

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 holdin g that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court.

12. SUBSEQUENT EVENTS

62	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statement Regarding Liquidity Risk Management Program

The Board of Directors (the “Board”) of iShares MSCI Hong Kong ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Malaysia ETF, iShares MSCI Pacific ex Japan ETF, iShares MSCI Singapore ETF, iShares MSCI Taiwan ETF and iShares MSCI Thailand ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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

S t a t e m e n t R e g a r d i n g L i q u i d i t y R i s k M a n a g e m en t P r o g r a m

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		Gains		Capital		Share		Income		Capital Gains	Capital		Share
MSCI Japan Small-Cap^(a)	$	1.642501	$	—	$	0.481192	$	2.123693		77	%	—%	23	%	100	%
MSCI Pacific ex Japan^(a)		0.855782		—		0.100691		0.956473		89		—	11		100
MSCI Singapore^(a)		0.181629		—		0.500760		0.682389		27		—	73		100
MSCI Taiwan^(a)		0.957024		—		0.066466		1.023490		94		—	6		100

^(a)

64 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

General Information

Electronic Delivery

To enroll in electronic delivery:

●

Go to icsdelivery.com.

●

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

Householding

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 65

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity

ADR American Depositary Receipt

NVDR Non-Voting Depositary Receipt

NVS Non-Voting Shares

66 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

iS-SAR-803-0220

FEBRUARY 29, 2020

2020 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	3
About Fund Performance	11
Shareholder Expenses	11
Schedules of Investments	12
Financial Statements
Statements of Assets and Liabilities	39
Statements of Operations	41
Statements of Changes in Net Assets	43
Financial Highlights	47
Notes to Financial Statements	55
Statement Regarding Liquidity Risk Management Program	64
Supplemental Information	65
General Information	66
Glossary of Terms Used in this Report	67

Fund Summary as of February 29, 2020

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	(5.53	)%		(9.25	)%	4.19	%	(3.01	)%		(9.25	)%	22.79	%	(26.35	)%
Fund Market	(4.91	)		(8.25	)	4.27		(2.92	)		(8.25	)	23.24		(25.63	)
Index	(5.14	)		(8.54	)	4.91		(2.41	)		(8.54	)	27.10		(21.63	)

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 (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Annualized Expense Ratio
$	1,000.00	$	944.70	$	2.80		$	1,000.00	$	1,022.00	$	2.92			0.58	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR

Percent of

Sector Total Investments ^(a)

Financials 33.3 %

Energy 13.0

Materials 12.2

Consumer Staples 11.3

Consumer Discretionary 9.1

Industrials 7.8

Utilities 6.1

Communication Services. 2.5

Health Care 2.5

Real Estate 1.6

Information Technology 0.6

TEN LARGEST HOLDINGS
	Percent of
Security	Total Investments		^(a)
Itau Unibanco Holding SA (Preferred)		8.7	%
Vale SA		7.8
Banco Bradesco SA (Preferred)		6.8
Petroleo Brasileiro SA (Preferred)		5.8
Petroleo Brasileiro SA		5.4
B3 SA - Brasil, Bolsa, Balcao		5.1
Ambev SA		3.6
Itausa-Investimentos Itau SA (Preferred)		2.7
Lojas Renner SA		2.7
Banco do Brasil SA		2.5

^(a)

Excludes money market funds.

F u n d S u m m a r y

Fund Summary as of February 29, 2020

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	(25.14	)%		(39.61	)%	(6.43	)%	(5.63	)%		(39.61	)%	(28.28	)%	(43.97	)%
Fund Market	(23.28	)		(38.16	)	(6.14	)	(5.48	)		(38.16	)	(27.16	)	(43.06	)
Index	(25.07	)		(39.49	)	(6.37	)	(5.14	)		(39.49	)	(28.04	)	(41.03	)

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 (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Annualized Expense Ratio
$	1,000.00	$	748.60	$	2.52		$	1,000.00	$	1,022.00	$	2.92			0.58	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Utilities		30.1	%
Financials		21.6
Materials		12.1
Consumer Staples		11.9
Energy		6.6
Industrials		5.9
Consumer Discretionary		5.7
Real Estate		3.0
Communication Services		2.1
Information Technology		1.0

TEN LARGEST HOLDINGS
	Percent of
Security	Total Investments		^(a)
Enel Americas SA		15.1	%
Banco de Chile		9.5
Empresas COPEC SA		6.7
Sociedad Quimica y Minera de Chile SA (Preferred), Series
B		6.6
Enel Chile SA		6.0
Banco Santander Chile		4.8
Empresas CMPC SA		4.4
SACI Falabella		4.3
Banco de Credito e Inversiones SA		4.3
Cencosud SA		4.1

^(a) Excludes money market funds.

4	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Fund Summary as of February 29, 2020

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
								Since							Since
	6 Months			1 Year		5 Years		Inception			1 Year		5 Years		Inception
Fund NAV	(2.23	)%		(7.50	)%	(3.59	)%	(8.64	)%		(7.50	)%	(16.72	)%	(45.43	)%
Fund Market	(4.21	)		(9.28	)	(4.26	)	(8.98	)		(9.28	)	(19.55	)	(46.77	)
Index	(1.92	)		(7.00	)	(3.43	)	(8.34	)		(7.00	)	(16.03	)	(44.19	)

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 (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Annualized Expense Ratio
$	1,000.00	$	977.70	$	3.00		$	1,000.00	$	1,021.80	$	3.07			0.61	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Financials		37.2	%
Energy		29.5
Utilities		14.5
Materials		10.6
Consumer Staples		4.4
Industrials		3.8

TEN LARGEST HOLDINGS
	Percent of
Security	Total Investments		^(a)
Ecopetrol SA		20.5	%
Bancolombia SA (Preferred)		15.7
Bancolombia SA		6.4
Grupo Energia Bogota SA ESP		4.9
Canacol Energy Ltd.		4.7
Enel Americas SA		4.6
Interconexion Electrica SA ESP		4.6
Banco Davivienda SA (Preferred)		4.5
Grupo Nutresa SA		4.4
Empresas COPEC SA		4.3

^(a)

Excludes money market funds.

F u n d S u m m a r y 5

Fund Summary as of February 29, 2020

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	5.88	%		3.90	%	5.02	%	2.33	%	3.90	%	27.73	%	25.94	%
Fund Market	6.03			4.06		4.89		2.15		4.06		26.95		23.75
Index	6.21			4.51		5.51		2.70		4.51		30.74		30.58

Expense Example

Actual							Hypothetical 5% Return
Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Annualized Expense Ratio
$	1,000.00	$	1,058.80	$	2.97		$	1,000.00	$	1,022.00	$	2.92			0.58	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Information Technology		30.6	%
Financials		25.7
Real Estate		14.2
Health Care		9.9
Industrials		8.4
Consumer Staples		2.5
Communication Services		2.5
Materials		2.4
Energy		2.0
Other (each representing less than 1%)		1.8

TEN LARGEST HOLDINGS
	Percent of
Security	Total Investments		^(a)
Check Point Software Technologies Ltd.		10.1	%
Teva Pharmaceutical Industries Ltd.		9.7
Bank Leumi Le-Israel BM		7.7
Nice Ltd.		7.6
Bank Hapoalim BM		7.0
Wix. com Ltd.		4.3
Israel Discount Bank Ltd., Class A		4.1
Mizrahi Tefahot Bank Ltd.		3.1
Elbit Systems Ltd.		3.1
CyberArk Software Ltd.		3.0

^(a) Excludes money market funds.

6 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Fund Summary as of February 29, 2020

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
								Since							Since
	6 Months			1 Year		5 Years		Inception			1 Year		5 Years		Inception
Fund NAV	0.49	%		12.82	%	10.62	%	0.18	%		12.82	%	65.62	%	1.65	%
Fund Market	1.51			14.04		10.58		0.21			14.04		65.32		1.96
Index	0.86			13.26		11.36		0.78			13.26		71.24		7.54

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 (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Annualized Expense Ratio
$	1,000.00	$	1,004.90	$	2.89		$	1,000.00	$	1,022.00	$	2.92			0.58	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Energy		47.4	%
Materials		21.2
Financials		18.9
Consumer Staples		6.2
Communication Services		3.7
Utilities		2.6

TEN LARGEST HOLDINGS
	Percent of
Security	Total Investments		^(a)
LUKOIL PJSC		15.6	%
Sberbank of Russia PJSC		15.5
Gazprom PJSC		14.0
MMC Norilsk Nickel PJSC		4.5
Novatek PJSC		4.5
Tatneft PJSC		4.5
Mobile TeleSystems PJSC		3.7
Polyus PJSC		3.1
X5 Retail Group NV		3.1
Magnit PJSC		3.0

^(a) Excludes money market funds.

F u n d S u m m a r y 7

Fund Summary as of February 29, 2020

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	(10.86	)%		(18.71	)%	(6.31	)%	0.49	%		(18.71	)%	(27.80	)%	5.04	%
Fund Market	(7.31	)		(15.14	)	(5.56	)	0.96			(15.14	)	(24.89	)	9.99
Index	(10.61	)		(18.29	)	(5.76	)	1.10			(18.29	)	(25.66	)	11.58

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 (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Annualized Expense Ratio
$	1,000.00	$	891.40	$	2.73		$	1,000.00	$	1,022.00	$	2.92			0.58	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Financials		32.3	%
Consumer Discretionary		26.3
Materials		16.8
Consumer Staples		8.5
Communication Services		7.1
Real Estate		4.5
Health Care		2.1
Industrials		1.5
Energy		0.9

TEN LARGEST HOLDINGS
	Percent of
Security	Total Investments		^(a)
Naspers Ltd., Class N		22.6	%
Standard Bank Group Ltd.		5.3
FirstRand Ltd.		5.1
MTN Group Ltd.		3.5
Sanlam Ltd.		3.4
AngloGold Ashanti Ltd.		3.3
Sasol Ltd.		3.0
Impala Platinum Holdings Ltd.		2.8
Absa Group Ltd.		2.7
Bid Corp. Ltd.		2.7

^(a) Excludes money market funds.

8 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Fund Summary as of February 29, 2020

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 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	(0.31	)%		(12.21	)%	(11.13	)%	(4.84	)%		(12.21	)%	(44.56	)%	(39.14	)%
Fund Market	(0.72	)		(11.75	)	(11.14	)	(4.84	)		(11.75	)	(44.60	)	(39.13	)
Index	(0.19	)		(11.90	)	(10.93	)	(4.52	)		(11.90	)	(43.94	)	(37.05	)

Index performance through May 28, 2019 reflects the performance of MSCI Turkey Investable Market Index. Index performance beginning on May 29, 2019 reflects the performance of the MSCI Turkey IMI 25/50 Index.

Expense Example

Actual							Hypothetical 5% Return
Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Annualized Expense Ratio
$	1,000.00	$	996.90	$	2.88		$	1,000.00	$	1,022.00	$	2.92			0.58	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Financials		27.1	%
Industrials		20.3
Consumer Staples		17.2
Materials		12.9
Consumer Discretionary		7.6
Energy		5.5
Communication Services		4.8
Health Care		1.7
Utilities		1.5
Real Estate		1.4

TEN LARGEST HOLDINGS
	Percent of
Security	Total Investments		^(a)
Turkiye Garanti Bankasi AS		9.8	%
BIM Birlesik Magazalar AS		9.1
Akbank T. A. S.		8.6
KOC Holding AS		5.7
Tupras Turkiye Petrol Rafinerileri AS		5.5
Turkcell Iletisim Hizmetleri AS		4.8
Aselsan Elektronik Sanayi Ve Ticaret AS		4.7
Eregli Demir ve Celik Fabrikalari TAS		4.7
Haci Omer Sabanci Holding AS		3.3
Turk Hava Yollari AO		3.3

^(a) Excludes money market funds.

F u n d S u m m a r y 9

Fund Summary as of February 29, 2020

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
								Since						Since
	6 Months			1 Year		5 Years		Inception		1 Year		5 Years		Inception
Fund NAV	0.05	%		2.43	%	6.83	%	10.95	%	2.43	%	39.13	%	177.38	%
Fund Market	0.17			2.52		6.84		10.95		2.52		39.22		177.57
Index	0.12			2.61		6.97		11.12		2.61		40.05		181.56

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 (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Annualized Expense Ratio
$	1,000.00	$	1,000.50	$	0.75		$	1,000.00	$	1,024.10	$	0.75			0.15	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Information Technology		15.9	%
Financials		14.0
Industrials		13.7
Health Care		12.0
Consumer Discretionary		11.4
Real Estate		6.6
Communication Services		6.0
Consumer Staples		5.7
Materials		5.3
Utilities		5.0
Energy		4.4

TEN LARGEST HOLDINGS
	Percent of
Security	Total Investments		^(a)
Domino's Pizza Inc.		0.2	%
Regeneron Pharmaceuticals Inc.		0.2
Zillow Group Inc., Class C		0.2
Dropbox Inc., Class A		0.2
E*TRADE Financial Corp.		0.2
Gilead Sciences Inc.		0.2
BioMarin Pharmaceutical Inc.		0.2
Square Inc., Class A		0.2
Sprint Corp.		0.2
Zayo Group Holdings Inc.		0.2

^(a)

Excludes money market funds.

10 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

About Fund Performance

Past performance is no guarantee of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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 11

Schedule of Investments (unaudited)	iShares^®MSCI Brazil ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.8%

Embraer SA^(a)		18,283,787	$	68,731,623

Banks — 5.1%
Banco Bradesco SA		22,594,248		136,667,744
Banco do Brasil SA		20,937,587		217,467,075
Banco Santander Brasil SA		10,846,475		95,827,578
				449,962,397
Beverages — 3.6%
Ambev SA		98,321,055		316,865,923

Capital Markets — 5.5%
B3 SA - Brasil, Bolsa, Balcao		42,262,877		449,639,953
Banco BTG Pactual SA		2,725,200		40,808,687
				490,448,640
Containers & Packaging — 0.9%
Klabin SA		19,537,300		83,360,417

Diversified Consumer Services — 1.2%
Cogna Educacao		45,809,819		102,450,561

Electric Utilities — 2.4%
Centrais Eletricas Brasileiras SA		7,952,396		60,863,816
Energisa SA		2,575,500		30,826,194
Equatorial Energia SA		22,680,000		123,965,467
				215,655,477
Electrical Equipment — 2.3%
WEG SA		21,049,481		201,319,940

Food & Staples Retailing — 2.4%
Atacadao SA		11,917,500		54,652,527
Raia Drogasil SA		5,956,600		158,300,476
				212,953,003
Food Products — 2.5%
BRF SA^(a)		14,865,650		89,095,381
JBS SA		27,284,607		137,280,281
				226,375,662
Health Care Providers & Services — 1.6%
Hapvida Participacoes e Investimentos SA^(b)		2,334,800		28,566,258
Notre Dame Intermedica Participacoes SA		8,118,800		113,783,588
				142,349,846
Independent Power and Renewable Electricity Producers — 0.7%
Engie Brasil Energia SA		6,031,443		63,540,941

Insurance — 4.4%
BB Seguridade Participacoes SA		17,629,495		124,455,447
IRB Brasil Resseguros S/A		18,242,700		134,445,219
Porto Seguro SA		3,343,820		45,195,470
Sul America SA		6,917,249		82,884,639
				386,980,775
Internet & Direct Marketing Retail — 0.9%
B2W Cia. Digital^(a)		5,846,088		80,532,481

IT Services — 0.6%
Cielo SA		34,911,296		53,005,525

Metals & Mining — 8.2%
Cia. Siderurgica Nacional SA		18,084,869		44,814,831
Vale SA		69,788,732		685,411,926
				730,226,757

Security	Shares		Value

Multiline Retail — 4.9%
Lojas Renner SA		19,711,309	$	232,866,638
Magazine Luiza SA		18,165,900		203,415,883
				436,282,521
Oil, Gas & Consumable Fuels — 7.1%
Cosan SA		4,559,650		73,948,465
Petroleo Brasileiro SA		78,640,369		473,238,398
Ultrapar Participacoes SA		19,434,110		82,187,851
				629,374,714
Paper & Forest Products — 1.3%
Suzano SA		14,126,930		119,424,404

Personal Products — 1.9%
Natura & Co. Holding SA		16,520,063		166,641,488

Pharmaceuticals — 0.8%
Hypera SA		9,939,900		75,568,488

Real Estate Management & Development — 1.6%
BR Malls Participacoes SA		22,276,538		80,679,714
Multiplan Empreendimentos Imobiliarios SA		8,681,138		58,725,373
				139,405,087
Road & Rail — 3.4%
Localiza Rent a Car SA		15,353,138		168,584,539
Rumo SA^(a)		28,384,790		132,875,281
				301,459,820
Specialty Retail — 0.7%
Petrobras Distribuidora SA		10,191,400		58,957,486

Transportation Infrastructure — 1.3%
CCR SA		32,047,665		115,997,112

Water Utilities — 1.3%
Cia. de Saneamento Basico do Estado de Sao Paulo.		9,021,500		117,476,561

Wireless Telecommunication Services — 1.0%
TIM Participacoes SA		23,843,125		85,243,671

Total Common Stocks — 68.4%
(Cost: $4,830,482,165)				6,070,591,320

Preferred Stocks

Banks — 18.1%
Banco Bradesco SA, Preference Shares, NVS		88,562,146		599,293,455
Itau Unibanco Holding SA, Preference Shares, NVS		107,660,747		763,610,631
Itausa-Investimentos Itau SA, Preference Shares, NVS		89,796,927		239,039,175
				1,601,943,261
Chemicals — 0.4%
Braskem SA, Class A, Preference Shares, NVS		5,249,456		31,287,416

Diversified Telecommunication Services — 1.5%
Telefonica Brasil SA, Preference Shares, NVS		11,587,464		137,098,141

Electric Utilities — 1.6%
Centrais Eletricas Brasileiras SA, Class B, Preference
Shares, NVS		7,607,646		60,451,079
Cia. Energetica de Minas Gerais, Preference
Shares, NVS		25,644,670		79,350,037
				139,801,116
Food & Staples Retailing — 0.8%
Cia. Brasileira de Distribuicao, Preference
Shares, NVS		4,356,864		69,636,045

12 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued) iShares^®MSCI Brazil ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

Metals & Mining — 1.2%
Gerdau SA, Preference Shares, NVS		27,958,726	$	104,915,326

Multiline Retail — 1.3%
Lojas Americanas SA, Preference Shares, NVS		20,080,017		118,388,717

Oil, Gas & Consumable Fuels — 5.7%
Petroleo Brasileiro SA, Preference Shares, NVS		90,707,483		509,464,967

Total Preferred Stocks — 30.6%
(Cost: $2,236,248,752)				2,712,534,989

Short-Term Investments

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(c)(d)		638,000		638,000

Total Short-Term Investments — 0.0%
(Cost: $638,000)				638,000

Total Investments in Securities — 99.0%
(Cost: $7,067,368,917)				8,783,764,309

Other Assets, Less Liabilities — 1.0%				88,018,344

Net Assets — 100.0%			$	8,871,782,653

^(a)

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 29, 2020, 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	08/31/19		Net Activity			02/29/20		02/29/20		Income		Gain (Loss)^(a)		(Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares		5,634,000		(4,996,000	)		638,000	$	638,000	$	186,108	$	—	$	—

^(a)

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

Futures Contracts

Value/

Notional

Unrealized

Number of

Expiration

Amount

Appreciation

Description

Contracts

Date

(000

)

(Depreciation)

Long Contracts

MISC Brazil Index

1,740

03/20/20

85,860

(18,465,582

)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity
	Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	18,465,582

^(a)

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Brazil ETF
February 29, 2020

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity
	Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	5,696,849

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(18,977,535	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	59,045,800

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	$	6,070,591,320		$	—	$	—	$	6,070,591,320
Preferred Stocks		2,712,534,989			—		—		2,712,534,989
Money Market Funds		638,000			—		—		638,000
	$	8,783,764,309		$	—	$	—	$	8,783,764,309
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(18,465,582	)	$	—	$	—	$	(18,465,582	)

^(a)

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

See notes to financial statements.

14 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited)	iShares^®MSCI Chile ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Airlines — 3.9%
Latam Airlines Group SA		2,645,954	$	17,598,192

Banks — 20.7%
Banco de Chile		491,942,467		43,207,557
Banco de Credito e Inversiones SA		521,333		19,383,244
Banco Santander Chile		486,838,055		21,655,578
Grupo Security SA		15,358,975		3,022,067
Itau CorpBanca		1,867,997,205		6,833,664
				94,102,110
Beverages — 4.5%
Cia. Cervecerias Unidas SA		1,701,661		12,744,877
Vina Concha y Toro SA		4,653,438		7,683,593
				20,428,470
Construction & Engineering — 1.1%
Besalco SA		6,143,642		2,462,684
Salfacorp SA		5,294,343		2,477,724
				4,940,408
Diversified Financial Services — 0.8%
Inversiones La Construccion SA		487,069		3,634,864

Electric Utilities — 22.9%
Enel Americas SA		409,729,157		68,427,212
Enel Chile SA		305,999,609		27,230,470
Engie Energia Chile SA		6,441,353		8,282,446
				103,940,128
Food & Staples Retailing — 5.1%
Cencosud SA		16,046,305		18,778,361
SMU SA		29,860,765		4,451,468
				23,229,829
Independent Power and Renewable Electricity Producers — 3.8%
AES Gener SA		37,815,913		5,552,093
Colbun SA		92,029,227		11,521,463
				17,073,556
IT Services — 1.0%
SONDA SA		6,467,351		4,563,719

Marine — 0.9%
Cia. Sud Americana de Vapores SA^(a)		143,497,481		4,196,488

Metals & Mining — 1.1%
CAP SA		897,685		5,066,597

Multiline Retail — 5.2%
Ripley Corp. SA		10,175,426		3,969,301
SACI Falabella		5,918,301		19,623,540
				23,592,841

Security	Shares		Value

Oil, Gas & Consumable Fuels — 6.6%
Empresas COPEC SA		3,895,074	$	30,146,191

Paper & Forest Products — 4.4%
Empresas CMPC SA		9,861,725		19,835,732

Real Estate Management & Development — 3.0%
Parque Arauco SA		6,751,299		13,826,365

Textiles, Apparel & Luxury Goods — 0.4%
Forus SA		1,730,295		2,077,417

Water Utilities — 3.4%
Aguas Andinas SA, Class A		30,862,575		10,534,577
Inversiones Aguas Metropolitanas SA		5,475,977		4,740,155
				15,274,732
Wireless Telecommunication Services — 2.1%
Empresa Nacional de Telecomunicaciones SA^(a)		1,793,280		9,410,058

Total Common Stocks — 90.9%
(Cost: $475,734,092)				412,937,697

Preferred Stocks

Beverages — 2.2%
Embotelladora Andina SA, Class B, Preference Shares		4,239,670		10,207,292

Chemicals — 6.6%
Sociedad Quimica y Minera de Chile SA, Series B,
Preference Shares		1,137,689		29,756,629

Total Preferred Stocks — 8.8%
(Cost: $36,964,091)				39,963,921

Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(b)(c)		412,000		412,000

Total Short-Term Investments — 0.1%
(Cost: $412,000)				412,000

Total Investments in Securities — 99.8%
(Cost: $513,110,183)				453,313,618

Other Assets, Less Liabilities — 0.2%				903,992

Net Assets — 100.0%			$	454,217,610

^(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 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:

Change in

Unrealized

Held at

Value at

Net Realized

Appreciation

Affiliated Issuer

08/31/19

Net Activity

02/29/20

Income

Gain (Loss)

^(a)

(Depreciation)

BlackRock Cash Funds: Treasury, SL Agency Shares

—

412,000

7,819

—

^(a)

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

S c h e d u l e o f I n v e s t m e n t s 15

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Chile ETF
February 29, 2020

Futures Contracts

Value/

Notional

Unrealized

Number of

Expiration

Amount

Appreciation

Description

Contracts

Date

(000

)

(Depreciation)

Long Contracts

MSCI Emerging Markets E-Mini

03/20/20

807

(20,979

)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity
	Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	20,979

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity
	Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	187,717

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(20,979	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	286,313

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	$	412,937,697		$	—	$	—	$	412,937,697
Preferred Stocks		39,963,921			—		—		39,963,921
Money Market Funds		412,000			—		—		412,000
	$	453,313,618		$	—	$	—	$	453,313,618
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(20,979	)	$	—	$	—	$	(20,979	)

^(a)

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

See notes to financial statements.

16 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited)	iShares^®MSCI Colombia ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Banks — 6.6%
Banco de Bogota SA		1,185	$	28,744
Bancolombia SA		114,159		1,255,181
Grupo Aval Acciones y Valores SA		59,591		23,940
				1,307,865
Capital Markets — 1.6%
Bolsa de Valores de Colombia		107,716		314,609

Construction & Engineering — 1.2%
Construcciones El Condor SA		300,219		115,109
Constructora Conconcreto SA^(a)		952,674		127,844
				242,953
Construction Materials — 8.3%
Cementos Argos SA		115,970		173,282
CEMEX Latam Holdings SA^(a)		542,594		547,633
Grupo Argos SA		113,671		480,698
Tecnoglass Inc.		59,256		431,976
				1,633,589
Diversified Financial Services — 5.0%
Corp. Financiera Colombiana SA^(a)		17,209		156,222
Grupo de Inversiones Suramericana SA		96,203		827,218
				983,440
Electric Utilities — 9.3%
Celsia SA ESP		23,605		29,947
Enel Americas SA		5,441,047		908,687
Interconexion Electrica SA ESP		173,069		907,536
				1,846,170
Food Products — 4.4%
Grupo Nutresa SA		130,951		864,624

Gas Utilities — 5.0%
Grupo Energia Bogota SA ESP^(a)		1,433,005		973,635
Promigas SA ESP		11,736		26,966
				1,000,601
Metals & Mining — 1.5%
Mineros SA		298,052		289,476

Oil, Gas & Consumable Fuels — 29.4%
Canacol Energy Ltd.		290,234		925,393
Ecopetrol SA		4,620,496		4,044,657
Empresas COPEC SA		108,137		836,934
				5,806,984

Total Common Stocks — 72.3%
(Cost: $13,246,562)				14,290,311

Security	Shares		Value

Preferred Stocks

Airlines — 2.5%
Avianca Holdings SA, Preference Shares, NVS		1,092,962	$	505,336

Banks — 23.6%
Banco Davivienda SA, Preference Shares, NVS		73,988		876,077
Bancolombia SA, Preference Shares, NVS		260,489		3,090,271
Grupo Aval Acciones y Valores SA, Preference Shares, NVS		1,719,319		702,839
				4,669,187
Construction Materials — 0.8%
Cementos Argos SA, Preference Shares, NVS		18,549		23,898
Grupo Argos SA/Colombia, Preference Shares, NVS		39,515		139,253
				163,151
Diversified Financial Services — 0.3%
Grupo de Inversiones Suramericana SA, Preference
Shares, NVS		7,094		52,799

Total Preferred Stocks — 27.2%
(Cost: $4,589,383)				5,390,473

Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.52%^(b)(c)		12,000		12,000

Total Short-Term Investments — 0.1%
(Cost: $12,000)				12,000

Total Investments in Securities — 99.6%
(Cost: $17,847,945)				19,692,784

Other Assets, Less Liabilities — 0.4%				79,551

Net Assets — 100.0%			$	19,772,335

^(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 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:

Change in

Unrealized

Held at

Value at

Net Realized

Appreciation

Affiliated Issuer

08/31/19

Net Activity

02/29/20

Income

Gain (Loss)

^(a)

(Depreciation)

BlackRock Cash Funds: Treasury, SL Agency Shares

—

12,000

262

—

^(a)

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

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Colombia ETF
February 29, 2020

Fair Value Measurements

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	14,290,311	$	—	$	—	$	14,290,311
Preferred Stocks		5,390,473		—		—		5,390,473
Money Market Funds		12,000		—		—		12,000
	$	19,692,784	$	—	$	—	$	19,692,784

See notes to financial statements.

18 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited)	iShares^®MSCI Israel ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Aerospace & Defense — 3.1%
Elbit Systems Ltd.		23,585	$	3,512,688

Banks — 23.2%
Bank Hapoalim BM		1,020,327		7,969,387
Bank Leumi Le-Israel BM		1,347,293		8,744,246
FIBI Holdings Ltd.		3,251		98,701
First International Bank of Israel Ltd.		50,357		1,349,430
Israel Discount Bank Ltd., Class A		1,110,486		4,646,903
Mizrahi Tefahot Bank Ltd.		138,039		3,558,318
				26,366,985
Biotechnology — 0.2%
UroGen Pharma Ltd.^(a)(b)		10,162		277,016

Building Products — 0.2%
Caesarstone Ltd.		26,740		289,060

Chemicals — 2.4%
Israel Chemicals Ltd.		624,609		2,313,168
Israel Corp. Ltd. (The)^(a)		2,667		374,452
				2,687,620
Communications Equipment — 1.5%
Gilat Satellite Networks Ltd.		16,941		157,940
Ituran Location and Control Ltd.		20,565		470,733
Radware Ltd.^(a)		46,456		1,055,480
				1,684,153
Construction & Engineering — 3.5%
Ashtrom Group Ltd.		16,564		242,430
Elco Ltd.		8,283		316,241
Electra Ltd./Israel		2,375		1,156,413
Shapir Engineering and Industry Ltd.		126,119		883,201
Shikun & Binui Ltd.		257,338		1,399,682
				3,997,967
Consumer Finance — 0.1%
Isracard Ltd.^(a)		29,248		103,039

Diversified Telecommunication Services — 1.4%
Bezeq The Israeli Telecommunication Corp. Ltd.^(a)		2,217,827		1,627,448

Equity Real Estate Investment Trusts (REITs) — 1.0%
REIT 1 Ltd		198,697		1,193,980

Food & Staples Retailing — 1.2%
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		8,659		483,618
Shufersal Ltd.		133,103		840,615
				1,324,233
Food Products — 1.4%
Mehadrin Ltd.^(a).		369		13,275
Strauss Group Ltd.		51,005		1,533,919
				1,547,194
Hotels, Restaurants & Leisure — 0.3%
Fattal Holdings 1998 Ltd.		2,419		293,489

Household Durables — 0.2%
Maytronics Ltd.		25,320		205,090

Independent Power and Renewable Electricity Producers — 0.9%
Energix-Renewable Energies Ltd.^(a)		67,993		232,914
Enlight Renewable Energy Ltd.^(a)		254,722		358,948

Security	Shares		Value

Independent Power and Renewable Electricity Producers (continued)
Kenon Holdings Ltd./Singapore		24,583	$	405,563
				997,425
Insurance — 2.4%
Clal Insurance Enterprises Holdings Ltd.^(a)		37,500		393,002
Harel Insurance Investments & Financial Services Ltd.		129,780		767,216
IDI Insurance Co. Ltd.		8,735		246,058
Menora Mivtachim Holdings Ltd.		35,748		419,180
Migdal Insurance & Financial Holdings Ltd.		487,400		353,049
Phoenix Holdings Ltd. (The)		102,597		516,304
				2,694,809
IT Services — 5.4%
Formula Systems 1985 Ltd.		5,159		341,037
Matrix IT Ltd.		45,273		833,778
Wix.com Ltd.^(a)(b)		36,859		4,940,212
				6,115,027
Machinery — 1.5%
Kornit Digital Ltd.^(a)		43,019		1,714,307

Oil, Gas & Consumable Fuels — 2.0%
Delek Group Ltd.		4,939		483,517
Equital Ltd.^(a)		11,171		269,777
Naphtha Israel Petroleum Corp. Ltd.		51,600		214,300
Oil Refineries Ltd.		1,179,601		398,673
Paz Oil Co. Ltd.		8,158		893,515
				2,259,782
Paper & Forest Products — 0.1%
Hadera Paper Ltd.		2,677		81,428

Pharmaceuticals — 9.7%
Teva Pharmaceutical Industries Ltd., ADR^(a)(b).		952,892		10,986,845

Real Estate Management & Development — 13.2%
AFI Properties Ltd.^(a)		30,429		1,267,246
Airport City Ltd.^(a)		80,777		1,532,524
Alony Hetz Properties & Investments Ltd.		119,065		1,960,886
Amot Investments Ltd.		150,163		1,130,287
Azrieli Group Ltd.		41,858		3,045,177
Bayside Land Corp.		977		803,673
Big Shopping Centers Ltd.		2,841		308,723
Blue Square Real Estate Ltd.		4,420		302,566
Brack Capital Properties NV^(a)		1,466		140,813
Gazit-Globe Ltd.		109,047		1,268,373
Industrial Buildings Corp. Ltd.^(a)		384,161		1,094,255
Melisron Ltd.		20,553		1,277,403
Norstar Holdings Inc.		18,254		424,484
Property & Building Corp. Ltd.		1,439		148,458
Summit Real Estate Holdings Ltd.		17,342		276,268
				14,981,136
Semiconductors & Semiconductor Equipment — 2.1%
Nova Measuring Instruments Ltd.^(a)		17,521		612,237
Tower Semiconductor Ltd.^(a)		94,066		1,809,970
				2,422,207
Software — 21.6%
Check Point Software Technologies Ltd.^(a)(b)		110,174		11,436,061
CyberArk Software Ltd.^(a)(b)		32,471		3,399,714
Hilan Ltd.		8,355		319,469
Nice Ltd.^(a)		53,801		8,598,544
Sapiens International Corp. NV^(b)		34,947		810,766
				24,564,554

S c h e d u l e o f I n v e s t m e n t s 19

Schedule of Investments (unaudited) (continued) iShares^®MSCI Israel ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

Specialty Retail — 0.2%
Delek Automotive Systems Ltd.		53,416	$	287,627

Textiles, Apparel & Luxury Goods — 0.2%
Delta-Galil Industries Ltd.^(b)		12,922		247,973

Wireless Telecommunication Services — 1.0%
Cellcom Israel Ltd.^(a)		109,282		398,453
Partner Communications Co. Ltd.^(a)		165,150		803,660
				1,202,113

Total Common Stocks — 100.0%
(Cost: $129,294,618)				113,665,195

Short-Term Investments

Money Market Funds — 16.0%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.74%^(c)(d)(e)		18,040,902		18,053,530
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.52%^(c)(d)		50,000		50,000
				18,103,530
Total Short-Term Investments — 16.0%
(Cost: $18,098,551)				18,103,530

Total Investments in Securities — 116.0%
(Cost: $147,393,169)				131,768,725

Other Assets, Less Liabilities — (16.0)%				(18,135,563	)

Net Assets — 100.0%			$	113,633,162

^(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 29, 2020, 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	08/31/19		Net Activity			02/29/20		02/29/20		Income			Gain (Loss)		^(a)	(Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		7,807,734		10,233,168			18,040,902	$	18,053,530	$	21,254	^(b)	$	164		$	3,774
BlackRock Cash Funds: Treasury, SL Agency Shares		92,000		(42,000	)		50,000		50,000		675			—			—
								$	18,103,530	$	21,929		$	164		$	3,774

^(a)

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

Futures Contracts

Value/

Notional

Unrealized

Number of

Expiration

Amount

Appreciation

Description

Contracts

Date

(000)

(Depreciation)

Long Contracts

Euro STOXX 50 Index

03/20/20

(4,648

)

20 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued) iShares^®MSCI Israel ETF

February 29, 2020

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity
	Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	4,648

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity
	Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	4,059

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(4,648	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	12,134

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	$	113,665,195		$	—	$	—	$	113,665,195
Money Market Funds		18,103,530			—		—		18,103,530
	$	131,768,725		$	—	$	—	$	131,768,725
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(4,648	)	$	—	$	—	$	(4,648	)

^(a)

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

See notes to financial statements.

S c h e d u l e o f I n v e s t m e n t s 21

Schedule of Investments (unaudited)	iShares^®MSCI Russia ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Banks — 16.7%
Sberbank of Russia PJSC		22,837,190	$	79,304,861
VTB Bank PJSC		10,048,995,016		6,479,508
				85,784,369
Capital Markets — 2.2%
Moscow Exchange MICEX-RTS PJSC		7,764,390		11,447,853

Chemicals — 1.7%
PhosAgro PJSC, GDR^(a)		792,351		8,723,784

Electric Utilities — 2.6%
Inter RAO UES PJSC		171,281,098		13,264,090

Food & Staples Retailing — 6.1%
Magnit PJSC, GDR^(a)		1,435,817		15,636,047
X5 Retail Group NV, GDR^(a)		518,337		15,970,488
				31,606,535
Metals & Mining — 19.4%
Alrosa PJSC		11,791,040		12,526,226
Magnitogorsk Iron & Steel Works PJSC		16,148,300		9,608,479
MMC Norilsk Nickel PJSC		76,924		23,180,223
Novolipetsk Steel PJSC		6,240,450		11,602,408
Polymetal International PLC		980,209		14,952,563
Polyus PJSC		127,139		16,013,460
Severstal PJSC		990,825		12,010,804
				99,894,163
Oil, Gas & Consumable Fuels — 44.6%
Gazprom PJSC		23,892,590		72,051,092
LUKOIL PJSC		942,286		79,919,034
Novatek PJSC, GDR^(a)		161,601		23,157,423
Rosneft Oil Co. PJSC, GDR^(a)		1,323,009		8,004,204
Rosneft Oil Co. PJSC		1,793,520		10,766,458
Surgutneftegas PJSC		21,115,546		12,077,024
Tatneft PJSC		2,315,248		23,138,699
				229,113,934

Security	Shares		Value

Wireless Telecommunication Services — 3.7%
Mobile TeleSystems PJSC, ADR		1,959,845	$	19,010,496

Total Common Stocks — 97.0%
(Cost: $467,432,561)				498,845,224

Preferred Stocks

Oil, Gas & Consumable Fuels — 2.8%
Surgutneftegas PJSC, Preference Shares, NVS		21,539,300		10,503,614
Transneft PJSC, Preference Shares, NVS		1,717		3,879,858
				14,383,472
Total Preferred Stocks — 2.8%
(Cost: $15,744,641)				14,383,472

Short-Term Investments

Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(b)(c)		1,538,000		1,538,000

Total Short-Term Investments — 0.3%
(Cost: $1,538,000)				1,538,000

Total Investments in Securities — 100.1%
(Cost: $484,715,202)				514,766,696

Other Assets, Less Liabilities — (0.1)%				(446,716	)

Net Assets — 100.0%			$	514,319,980

^(a)

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

^(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 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:

Change in

Unrealized

Held at

Value at

Net Realized

Appreciation

Affiliated Issuer

08/31/19

Net Activity

02/29/20

Income

Gain (Loss)

^(a)

(Depreciation)

BlackRock Cash Funds: Treasury, SL Agency Shares

653,000

885,000

1,538,000

15,008

—

^(a)

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

Futures Contracts

Value/

Notional

Unrealized

Number of

Expiration

Amount

Appreciation

Description

Contracts

Date

(000

)

(Depreciation)

Long Contracts

MSCI Emerging Markets E-Mini

03/20/20

555

(71,652

)

22 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued) iShares^®MSCI Russia ETF

February 29, 2020

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity
	Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	71,652

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity
	Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(49,554	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(71,652	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	202,247

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	$	498,845,224		$	—	$	—	$	498,845,224
Preferred Stocks		14,383,472			—		—		14,383,472
Money Market Funds		1,538,000			—		—		1,538,000
	$	514,766,696		$	—	$	—	$	514,766,696
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(71,652	)	$	—	$	—	$	(71,652	)

^(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

Schedule of Investments (unaudited)	iShares^®MSCI South Africa ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Banks — 11.7%
Absa Group Ltd.		911,953	$	7,669,414
Capitec Bank Holdings Ltd.		60,209		4,975,438
Nedbank Group Ltd.		481,267		5,402,953
Standard Bank Group Ltd.		1,598,956		15,093,600
				33,141,405
Capital Markets — 2.2%
Investec Ltd.		419,706		2,104,199
Reinet Investments SCA		196,115		4,018,790
				6,122,989
Chemicals — 2.9%
Sasol Ltd.		706,670		8,350,758

Diversified Financial Services — 10.0%
FirstRand Ltd.		4,155,458		14,559,886
PSG Group Ltd.		211,616		2,510,094
Remgro Ltd.		672,258		6,837,319
RMB Holdings Ltd.		1,017,250		4,530,307
				28,437,606
Diversified Telecommunication Services — 0.3%
Telkom SA SOC Ltd.		546,117		905,364

Equity Real Estate Investment Trusts (REITs) — 3.1%
Fortress REIT Ltd., Series A		1,806,492		1,854,549
Growthpoint Properties Ltd.		3,961,347		4,431,854
Redefine Properties Ltd.		7,594,149		2,621,252
				8,907,655
Food & Staples Retailing — 7.7%
Bid Corp. Ltd.		424,422		7,503,702
Clicks Group Ltd.		340,773		5,101,360
Pick n Pay Stores Ltd.		551,020		1,934,866
Shoprite Holdings Ltd.		627,908		4,475,164
SPAR Group Ltd. (The)		269,036		2,804,685
				21,819,777
Food Products — 0.8%
Tiger Brands Ltd.		232,600		2,238,691

Health Care Providers & Services — 1.0%
Life Healthcare Group Holdings Ltd.		1,934,933		2,742,841

Industrial Conglomerates — 1.5%
Bidvest Group Ltd. (The)		378,738		4,333,524

Insurance — 8.4%
Discovery Ltd.		535,586		3,278,577
Liberty Holdings Ltd.		215,497		1,283,681
Momentum Metropolitan Holdings		1,394,802		1,578,201
Old Mutual Ltd.		6,045,201		6,017,726
Rand Merchant Investment Holdings Ltd.		1,155,206		1,826,270
Sanlam Ltd.		2,344,236		9,683,022
				23,667,477
Internet & Direct Marketing Retail — 22.6%
Naspers Ltd., Class N		423,131		64,040,271

Media — 1.2%
MultiChoice Group Ltd.^(a)		595,951		3,425,350

Metals & Mining — 13.8%
Anglo American Platinum Ltd.		69,912		4,654,460

Security	Shares		Value

Metals & Mining (continued)
AngloGold Ashanti Ltd.		521,599	$	9,209,837
Gold Fields Ltd.		1,064,989		6,243,097
Impala Platinum Holdings Ltd.^(a)		1,001,404		7,934,718
Kumba Iron Ore Ltd.		95,704		1,707,481
Northam Platinum Ltd.^(a)		476,942		3,371,625
Sibanye Stillwater Ltd.^(a)		2,996,759		5,994,852
				39,116,070
Multiline Retail — 1.1%
Woolworths Holdings Ltd.		1,350,300		3,068,571

Oil, Gas & Consumable Fuels — 0.9%
Exxaro Resources Ltd.		354,403		2,523,163

Pharmaceuticals — 1.2%
Aspen Pharmacare Holdings Ltd.^(a)		527,021		3,350,100

Real Estate Management & Development — 1.3%
NEPI Rockcastle PLC		522,558		3,786,772

Specialty Retail — 2.6%
Foschini Group Ltd. (The)		332,364		2,635,207
Mr. Price Group Ltd.		347,465		3,334,507
Pepkor Holdings Ltd.^(b)		1,460,426		1,425,938
				7,395,652
Wireless Telecommunication Services — 5.5%
MTN Group Ltd.^(c)		2,114,640		9,906,809
Vodacom Group Ltd.		826,927		5,764,809
				15,671,618
Total Common Stocks — 99.8%
(Cost: $435,898,840)				283,045,654

Short-Term Investments

Money Market Funds — 4.0%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.74%^(d)(e)(f).		11,152,935		11,160,742
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.52%^(d)(e)		65,000		65,000
				11,225,742
Total Short-Term Investments — 4.0%
(Cost: $11,222,253)				11,225,742

Total Investments in Securities — 103.8%
(Cost: $447,121,093)				294,271,396

Other Assets, Less Liabilities — (3.8)%.				(10,704,150	)

Net Assets — 100.0%			$	283,567,246

^(a)

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.

24	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^®MSCI South Africa ETF
February 29, 2020

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, 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	08/31/19		Net Activity			02/29/20		02/29/20		Income			Gain (Loss)		^(a)	(Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		14,416,634		(3,263,699	)		11,152,935	$	11,160,742	$	38,462	^(b)	$	377		$	1,904
BlackRock Cash Funds: Treasury, SL Agency Shares		242,000		(177,000	)		65,000		65,000		3,448			—			—
								$	11,225,742	$	41,910		$	377		$	1,904

^(a)

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

Futures Contracts

Value/

Notional

Unrealized

Number of

Expiration

Amount

Appreciation

Description

Contracts

Date

(000

)

(Depreciation)

Long Contracts

FTSE/JSE Top 40 Index

03/19/20

203

(225

)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity
	Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	225

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity
	Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	27,002
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	2,032

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	338,329

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 25

Schedule of Investments (unaudited) (continued)	iShares^®MSCI South Africa ETF
February 29, 2020

Fair Value Measurements (continued)

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	283,045,654		$	—	$	—	$	283,045,654
Money Market Funds		11,225,742			—		—		11,225,742
	$	294,271,396		$	—	$	—	$	294,271,396
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(225	)	$	—	$	—	$	(225	)

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

See notes to financial statements.

26 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) iShares^®MSCI Turkey ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Aerospace & Defense — 4.7%
Aselsan Elektronik Sanayi Ve Ticaret AS^(a)		2,824,199	$	12,427,967

Airlines — 4.4%
Pegasus Hava Tasimaciligi AS^(b)		360,690		3,116,736
Turk Hava Yollari AO^(a)(b)		4,582,255		8,615,673
				11,732,409
Auto Components — 0.4%
Kordsa Teknik Tekstil AS		417,456		930,538

Automobiles — 2.9%
Ford Otomotiv Sanayi AS		613,926		7,662,716

Banks — 23.8%
Akbank T.A.S.^(b)		21,075,773		22,798,292
Turkiye Garanti Bankasi AS^(b)		17,109,400		26,009,409
Turkiye Halk Bankasi AS^(a)(b)		5,627,943		5,385,462
Turkiye Is Bankasi AS, Class C^(b)		8,737,584		7,983,615
Turkiye Sinai Kalkinma Bankasi AS^(b)		4,362,669		767,922
				62,944,700
Beverages — 4.4%
Anadolu Efes Biracilik Ve Malt Sanayii AS		1,835,943		6,445,668
Coca-Cola Icecek AS		717,639		5,179,104
				11,624,772
Building Products — 0.3%
Trakya Cam Sanayii AS		1,547,392		827,026

Chemicals — 3.4%
Petkim Petrokimya Holding AS^(a)(b)		9,517,651		5,543,745
Sasa Polyester Sanayi AS		1,873,555		2,614,298
Soda Sanayii AS		942,193		872,952
				9,030,995
Construction & Engineering — 1.7%
Tekfen Holding AS^(a)		1,849,345		4,394,571

Containers & Packaging — 0.3%
Anadolu Cam Sanayii AS		1,432,784		864,359

Diversified Financial Services — 3.3%
Haci Omer Sabanci Holding AS		6,381,676		8,690,333

Electric Utilities — 1.2%
Enerjisa Enerji AS^(c)		2,536,057		3,161,321

Equity Real Estate Investment Trusts (REITs) — 1.4%
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		16,835,987		3,744,773

Food & Staples Retailing — 11.0%
BIM Birlesik Magazalar AS		3,115,233		23,947,801
Migros Ticaret AS^(a)(b)		799,953		2,785,451
Sok Marketler Ticaret AS^(a)(b)		1,814,309		2,467,756
				29,201,008
Food Products — 1.8%
Ulker Biskuvi Sanayi AS^(b)		1,439,329		4,716,959

Gas Utilities — 0.3%
Aygaz AS		460,095		839,314

Health Care Providers & Services — 1.7%
MLP Saglik Hizmetleri AS^(a)(b)(c)		999,458		2,381,394
Selcuk Ecza Deposu Ticaret ve Sanayi AS		2,018,675		2,122,286
				4,503,680

Security	Shares		Value

Household Durables — 2.1%
Arcelik AS^(b)		1,236,677	$	3,676,835
Vestel Elektronik Sanayi ve Ticaret AS^(a)(b)		874,626		1,959,396
				5,636,231
Industrial Conglomerates — 6.9%
Dogan Sirketler Grubu Holding AS		11,070,477		3,046,961
Enka Insaat ve Sanayi AS		2		2
KOC Holding AS		5,497,536		15,131,036
				18,177,999
Machinery — 0.3%
Otokar Otomotiv Ve Savunma Sanayi AS		34,963		844,807

Metals & Mining — 9.2%
Eregli Demir ve Celik Fabrikalari TAS^(a)		9,408,938		12,421,289
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D^(a)		7,812,108		3,250,227
Koza Altin Isletmeleri AS^(b)		426,393		4,980,868
Koza Anadolu Metal Madencilik Isletmeleri AS^(a)(b)		2,012,989		3,639,921
				24,292,305
Oil, Gas & Consumable Fuels — 5.5%
Tupras Turkiye Petrol Rafinerileri AS		899,378		14,578,868

Textiles, Apparel & Luxury Goods — 2.2%
Aksa Akrilik Kimya Sanayii AS		1,889,091		2,388,098
Mavi Giyim Sanayi Ve Ticaret AS, Class B^(b)(c)		385,296		3,298,529
				5,686,627
Transportation Infrastructure — 1.9%
TAV Havalimanlari Holding AS		1,578,180		5,141,696

Wireless Telecommunication Services — 4.8%
Turkcell Iletisim Hizmetleri AS		5,756,166		12,747,984

Total Common Stocks — 99.9%
(Cost: $429,731,176)				264,403,958

Short-Term Investments

Money Market Funds — 7.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(d)(e)(f)		18,420,759		18,433,653
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(d)(e)		125,000		125,000
				18,558,653
Total Short-Term Investments — 7.0%
(Cost: $18,549,801)				18,558,653

Total Investments in Securities — 106.9%
(Cost: $448,280,977)				282,962,611

Other Assets, Less Liabilities — (6.9)%				(18,305,561	)

Net Assets — 100.0%			$	264,657,050

^(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 27

Schedule of Investments (unaudited) (continued) iShares^®MSCI Turkey ETF

February 29, 2020

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, 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	08/31/19		Net Activity			02/29/20		02/29/20		Income			Gain (Loss)		^(a)	(Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		36,992,086		(18,571,327	)		18,420,759	$	18,433,653	$	659,737	^(b)	$	(629	)	$	3,912
BlackRock Cash Funds: Treasury, SL Agency Shares		—		125,000			125,000		125,000		2,559			—			—
								$	18,558,653	$	662,296		$	(629	)	$	3,912

^(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

MSCI Emerging Markets E-Mini

03/20/20

252

(25,861

)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity
	Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	25,861

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity
	Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	19,428

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(25,861	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	291,667

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

Fair Value Measurements

28 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued) iShares^®MSCI Turkey ETF

February 29, 2020

Fair Value Measurements (continued)

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	264,403,958		$	—	$	—	$	264,403,958
Money Market Funds		18,558,653			—		—		18,558,653
	$	282,962,611		$	—	$	—	$	282,962,611
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(25,861	)	$	—	$	—	$	(25,861	)

^(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

Schedule of Investments (unaudited) iShares^®MSCI USA Equal Weighted ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.2%
Arconic Inc.		17,826	$	523,193
Boeing Co. (The)		1,745		480,067
General Dynamics Corp.		3,144		502,065
HEICO Corp.		1,881		202,866
HEICO Corp., Class A		3,369		297,584
Huntington Ingalls Industries Inc.		2,490		511,770
L3Harris Technologies Inc.		2,586		511,330
Lockheed Martin Corp.		1,358		502,283
Northrop Grumman Corp.		1,588		522,198
Raytheon Co.		2,628		495,536
Spirit AeroSystems Holdings Inc., Class A		8,881		469,272
Teledyne Technologies Inc.^(a)		1,522		513,401
Textron Inc.		12,416		504,089
TransDigm Group Inc.		922		514,301
United Technologies Corp.		3,910		510,607
				7,060,562
Air Freight & Logistics — 0.8%
CH Robinson Worldwide Inc.		8,164		562,500
Expeditors International of Washington Inc.		7,947		559,628
FedEx Corp.		3,730		526,564
United Parcel Service Inc., Class B		5,558		502,943
XPO Logistics Inc.^(a)		6,032		446,187
				2,597,822
Airlines — 0.6%
American Airlines Group Inc.		20,659		393,554
Delta Air Lines Inc.		10,063		464,206
Southwest Airlines Co.		10,269		474,325
United Airlines Holdings Inc.^(a)(b)		7,371		453,980
				1,786,065
Auto Components — 0.7%
Aptiv PLC		6,720		524,899
Autoliv Inc.		7,645		510,151
BorgWarner Inc.		17,224		544,278
Lear Corp.		4,793		532,982
				2,112,310
Automobiles — 0.6%
Ford Motor Co.		73,385		510,760
General Motors Co.		17,189		524,264
Harley-Davidson Inc.		17,110		521,342
Tesla Inc.^(a)		689		460,245
				2,016,611
Banks — 3.1%
Bank of America Corp.		17,259		491,882
Citigroup Inc.		7,624		483,819
Citizens Financial Group Inc.		15,582		493,794
Comerica Inc.		9,546		502,501
East West Bancorp. Inc.		12,625		489,093
Fifth Third Bancorp.		20,228		493,563
First Republic Bank/CA		5,064		509,286
Huntington Bancshares Inc./OH		42,522		521,745
JPMorgan Chase & Co.		4,361		506,356
KeyCorp		30,175		493,361
M&T Bank Corp.		3,546		497,787
People's United Financial Inc.		36,898		516,203
PNC Financial Services Group Inc. (The)		3,907		493,845
Regions Financial Corp.		36,265		490,303
Signature Bank/New York NY		4,098		512,660

Security	Shares		Value

Banks (continued)
SVB Financial Group^(a)		2,265	$	471,482
Truist Financial Corp.		10,951		505,279
U.S. Bancorp.		10,869		504,756
Wells Fargo & Co.		12,587		514,179
Zions Bancorp. N.A.		13,118		524,064
				10,015,958
Beverages — 1.0%
Brown-Forman Corp., Class B, NVS		8,354		513,019
Coca-Cola Co. (The)		9,936		531,477
Constellation Brands Inc., Class A		2,902		500,247
Molson Coors Beverage Co., Class B.		10,863		538,913
Monster Beverage Corp.^(a)		8,498		530,360
PepsiCo Inc.		4,062		536,306
				3,150,322
Biotechnology — 2.5%
AbbVie Inc.		6,319		541,601
Alexion Pharmaceuticals Inc.^(a)		5,790		544,434
Alnylam Pharmaceuticals Inc.^(a)		4,597		540,883
Amgen Inc.		2,668		532,880
Biogen Inc.^(a)		1,755		541,224
BioMarin Pharmaceutical Inc.^(a)		6,650		600,961
Exact Sciences Corp.^(a)		5,939		480,762
Gilead Sciences Inc.		8,827		612,241
Incyte Corp.^(a)		7,459		562,483
Ionis Pharmaceuticals Inc.^(a)		9,607		487,843
Neurocrine Biosciences Inc.^(a)		5,647		534,771
Regeneron Pharmaceuticals Inc.^(a)(b)		1,487		661,076
Sarepta Therapeutics Inc.^(a)		4,817		551,402
Seattle Genetics Inc.^(a)(b)		4,930		561,330
Vertex Pharmaceuticals Inc.^(a)		2,405		538,792
				8,292,683
Building Products — 1.1%
Allegion PLC		4,402		506,186
AO Smith Corp.		13,449		531,908
Fortune Brands Home & Security Inc.		8,146		503,015
Johnson Controls International PLC		14,086		515,125
Lennox International Inc.		2,404		548,425
Masco Corp.		12,985		536,540
Owens Corning		9,390		530,441
				3,671,640
Capital Markets — 4.3%
Ameriprise Financial Inc.		3,336		471,377
Bank of New York Mellon Corp. (The)		13,060		521,094
BlackRock Inc.^(c)		1,048		485,234
Blackstone Group Inc. (The), Class A		9,545		513,903
Cboe Global Markets Inc.		4,788		545,832
Charles Schwab Corp. (The)		12,657		515,773
CME Group Inc.		2,769		550,533
E*TRADE Financial Corp.		13,507		618,350
Eaton Vance Corp., NVS		11,764		485,383
FactSet Research Systems Inc.		1,953		519,478
Franklin Resources Inc.		22,706		494,083
Goldman Sachs Group Inc. (The)		2,536		509,153
Intercontinental Exchange Inc.		6,148		548,525
Invesco Ltd.		33,569		483,394
KKR & Co. Inc., Class A, NVS		17,619		503,903
MarketAxess Holdings Inc.		1,704		552,658
Moody's Corp.		2,107		505,743
Morgan Stanley		10,653		479,705

30 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued) iShares® MSCI USA Equal Weighted ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

Capital Markets (continued)
MSCI Inc.		1,808	$	534,155
Nasdaq Inc.		5,114		524,441
Northern Trust Corp.		5,866		514,800
Raymond James Financial Inc.		5,949		497,515
S&P Global Inc.		1,928		512,674
SEI Investments Co.		8,597		470,342
State Street Corp.		7,694		524,038
T Rowe Price Group Inc.		4,293		506,617
TD Ameritrade Holding Corp.		12,071		509,758
				13,898,461
Chemicals — 3.0%
Air Products & Chemicals Inc.		2,313		507,958
Albemarle Corp.		6,668		545,776
Axalta Coating Systems Ltd.^(a)		19,835		494,288
Celanese Corp.		5,489		514,539
CF Industries Holdings Inc.		15,500		571,330
Corteva Inc.^(a)		18,837		512,366
Dow Inc.^(a)		12,390		500,680
DuPont de Nemours Inc.		11,068		474,817
Eastman Chemical Co.		8,136		500,445
Ecolab Inc.		2,848		513,922
FMC Corp.		5,591		520,522
International Flavors & Fragrances Inc.		4,387		525,475
Linde PLC		2,646		505,412
LyondellBasell Industries NV, Class A		7,273		519,728
Mosaic Co. (The)		32,410		551,942
PPG Industries Inc.		4,957		517,759
RPM International Inc.		7,961		510,380
Sherwin-Williams Co. (The)		1,017		525,535
Westlake Chemical Corp.		9,817		548,476
				9,861,350
Commercial Services & Supplies — 1.0%
Cintas Corp.		1,955		521,477
Copart Inc.^(a)		5,775		487,872
Republic Services Inc.		5,899		532,444
Rollins Inc.		15,012		562,049
Waste Connections Inc.		5,651		545,265
Waste Management Inc.		4,686		519,255
				3,168,362
Communications Equipment — 0.8%
Arista Networks Inc.^(a)		2,620		505,974
Cisco Systems Inc.		12,669		505,873
F5 Networks Inc.^(a)		4,632		555,609
Juniper Networks Inc.		24,573		521,439
Motorola Solutions Inc.		3,199		530,010
				2,618,905
Construction & Engineering — 0.2%
Jacobs Engineering Group Inc.		5,882		543,144

Construction Materials — 0.3%
Martin Marietta Materials Inc.		2,300		523,319
Vulcan Materials Co.		4,312		518,561
				1,041,880
Consumer Finance — 0.8%
Ally Financial Inc.		18,455		462,667
American Express Co.		4,362		479,515
Capital One Financial Corp.		5,741		506,700
Discover Financial Services		7,850		514,803

Security	Shares		Value

Consumer Finance (continued)
Synchrony Financial		17,778	$	517,340
				2,481,025
Containers & Packaging — 1.3%
Amcor PLC^(a)		57,932		539,926
Avery Dennison Corp.		4,350		498,032
Ball Corp.		7,579		534,016
Crown Holdings Inc.^(a)(b)		7,417		522,898
International Paper Co.		13,682		505,687
Packaging Corp. of America		5,955		539,642
Sealed Air Corp.		17,060		517,089
Westrock Co.		14,455		480,629
				4,137,919
Distributors — 0.3%
Genuine Parts Co.		6,113		533,298
LKQ Corp.^(a)		17,789		526,199
				1,059,497
Diversified Financial Services — 0.6%
Berkshire Hathaway Inc., Class B^(a)(b)		2,599		536,277
Equitable Holdings Inc.		22,145		473,903
Jefferies Financial Group Inc.		25,266		497,993
Voya Financial Inc.		9,520		501,133
				2,009,306
Diversified Telecommunication Services — 0.7%
AT&T Inc.		15,460		544,501
CenturyLink Inc.		44,339		535,172
Verizon Communications Inc.		10,214		553,190
Zayo Group Holdings Inc.^(a)		16,914		591,821
				2,224,684
Electric Utilities — 2.5%
Alliant Energy Corp.		9,831		512,392
American Electric Power Co. Inc.		5,669		506,015
Duke Energy Corp.		5,798		531,677
Edison International		7,670		515,347
Entergy Corp.		4,388		513,001
Evergy Inc.		8,006		523,192
Eversource Energy		6,239		539,424
Exelon Corp.		11,740		506,111
FirstEnergy Corp.		11,316		503,901
NextEra Energy Inc.		2,097		530,038
NRG Energy Inc.		14,806		491,707
OGE Energy Corp.		12,847		489,471
Pinnacle West Capital Corp.		5,810		519,937
PPL Corp.		16,471		494,295
Southern Co. (The)		8,523		514,448
Xcel Energy Inc.		8,312		518,004
				8,208,960
Electrical Equipment — 1.0%
Acuity Brands Inc.		5,072		521,706
AMETEK Inc.		5,866		504,476
Eaton Corp. PLC		5,662		513,657
Emerson Electric Co.		8,279		530,767
Rockwell Automation Inc.		2,976		546,096
Sensata Technologies Holding PLC^(a)		12,442		507,633
				3,124,335
Electronic Equipment, Instruments & Components — 1.9%
Amphenol Corp., Class A		5,834		534,861
Arrow Electronics Inc.^(a)(b)		7,525		504,627
CDW Corp./DE		4,386		500,969

S c h e d u l e o f I n v e s t m e n t s 31

Schedule of Investments (unaudited) (continued) iShares^®MSCI USA Equal Weighted ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Cognex Corp.		11,611	$	517,154
Corning Inc.		21,147		504,568
Flex Ltd.^(a)(b)		44,775		497,450
FLIR Systems Inc.		10,454		443,981
IPG Photonics Corp.^(a)		4,355		555,872
Keysight Technologies Inc. ^(a)		6,060		574,246
TE Connectivity Ltd.		6,431		532,937
Trimble Inc.^(a)		12,965		511,858
Zebra Technologies Corp., Class A^(a)		2,499		527,214
				6,205,737
Energy Equipment & Services — 0.7%
Baker Hughes Co.		28,287		455,138
Halliburton Co.		27,058		458,904
National Oilwell Varco Inc.		25,786		482,456
Schlumberger Ltd.		17,577		476,161
TechnipFMC PLC		34,529		512,410
				2,385,069
Entertainment — 1.3%
Activision Blizzard Inc.		9,280		539,446
Electronic Arts Inc.^(a)		5,404		547,804
Liberty Media Corp.-Liberty Formula One, Class C, NVS^(a)		12,723		496,960
Live Nation Entertainment Inc.^(a)		7,979		484,884
Netflix Inc.^(a)		1,525		562,771
Roku Inc.^(a)		4,652		528,793
Take-Two Interactive Software Inc.^(a)		5,215		560,508
Walt Disney Co. (The)		4,251		500,130
				4,221,296
Equity Real Estate Investment Trusts (REITs) — 6.2%
Alexandria Real Estate Equities Inc.		3,402		516,696
American Tower Corp.		2,339		530,485
AvalonBay Communities Inc.		2,593		520,130
Boston Properties Inc.		4,010		517,049
Camden Property Trust		4,983		528,098
Crown Castle International Corp.		3,559		509,969
Digital Realty Trust Inc.		4,441		533,409
Duke Realty Corp.		15,355		498,577
Equinix Inc.		919		526,403
Equity LifeStyle Properties Inc.		7,811		533,726
Equity Residential		6,856		514,886
Essex Property Trust Inc.		1,828		517,982
Extra Space Storage Inc.		5,125		514,345
Federal Realty Investment Trust		4,662		542,377
Healthpeak Properties Inc.		15,845		501,336
Host Hotels & Resorts Inc.		35,103		508,291
Invitation Homes Inc.		18,138		520,379
Iron Mountain Inc.		17,366		528,100
Kimco Realty Corp.		31,016		538,128
Medical Properties Trust Inc.		24,512		517,939
Mid-America Apartment Communities Inc.		4,048		523,245
National Retail Properties Inc.		10,331		525,331
Omega Healthcare Investors Inc.		13,289		526,244
Prologis Inc.		6,180		520,850
Public Storage		2,552		533,674
Realty Income Corp.		7,368		533,370
Regency Centers Corp.		9,207		528,850
SBA Communications Corp.		2,028		537,603
Simon Property Group Inc.		4,250		523,090
SL Green Realty Corp.		6,176		484,445
Sun Communities Inc.		3,502		535,386

Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
UDR Inc.		11,729	$	527,570
Ventas Inc.		9,893		531,947
VEREIT Inc.		59,267		513,252
VICI Properties Inc.		21,215		531,648
Vornado Realty Trust		8,729		467,700
Welltower Inc.		6,584		492,615
Weyerhaeuser Co.		19,637		510,169
WP Carey Inc.		6,886		533,045
				20,298,339
Food & Staples Retailing — 0.8%
Costco Wholesale Corp.		1,837		516,454
Kroger Co. (The)		19,908		560,012
Sysco Corp.		7,699		513,138
Walgreens Boots Alliance Inc.		11,405		521,893
Walmart Inc.		4,944		532,370
				2,643,867
Food Products — 2.4%
Archer-Daniels-Midland Co.		13,305		500,933
Bunge Ltd.		11,035		518,093
Campbell Soup Co.		12,271		553,668
Conagra Brands Inc.		19,279		514,557
General Mills Inc.		11,047		541,303
Hershey Co. (The)		3,695		532,043
Hormel Foods Corp.		12,256		509,850
Ingredion Inc.		6,140		511,462
JM Smucker Co. (The)		5,410		557,176
Kellogg Co.		8,808		532,620
Kraft Heinz Co. (The)		21,642		536,072
Lamb Weston Holdings Inc.		6,170		536,111
McCormick & Co. Inc./MD, NVS		3,587		524,384
Mondelez International Inc., Class A		9,914		523,459
Tyson Foods Inc., Class A		7,380		500,585
				7,892,316
Gas Utilities — 0.3%
Atmos Energy Corp.		4,906		506,545
UGI Corp.		14,332		516,525
				1,023,070
Health Care Equipment & Supplies — 3.7%
Abbott Laboratories		6,655		512,635
ABIOMED Inc.^(a)		3,500		525,910
Align Technology Inc.^(a)		2,186		477,313
Baxter International Inc.		6,414		535,377
Becton Dickinson and Co.		2,310		549,364
Boston Scientific Corp.^(a)		14,029		524,544
Cooper Companies Inc. (The)		1,660		538,786
Danaher Corp.		3,607		521,500
Dentsply Sirona Inc.		10,159		500,229
DexCom Inc.^(a)		1,998		551,448
Edwards Lifesciences Corp.^(a)		2,577		527,873
Hologic Inc.^(a)		11,243		529,770
IDEXX Laboratories Inc.^(a)		2,063		525,054
Insulet Corp.^(a)(b)		2,786		529,256
Intuitive Surgical Inc.^(a)		978		522,213
Medtronic PLC		5,256		529,122
ResMed Inc.		3,384		537,921
Steris PLC		3,522		558,660
Stryker Corp.		2,665		507,922
Teleflex Inc.		1,525		510,906
Varian Medical Systems Inc.^(a)		4,054		498,520

32 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued) iShares^®MSCI USA Equal Weighted ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

Health Care Equipment & Supplies (continued)
West Pharmaceutical Services Inc.		3,415	$	514,162
Zimmer Biomet Holdings Inc.		3,714		505,661
				12,034,146
Health Care Providers & Services — 2.4%
AmerisourceBergen Corp.		6,272		528,855
Anthem Inc.		1,956		502,868
Cardinal Health Inc.		10,023		522,399
Centene Corp.^(a)		8,866		470,075
Cigna Corp.^(a)		2,665		487,535
CVS Health Corp.		8,215		486,164
DaVita Inc.^(a)(b)		6,926		537,596
HCA Healthcare Inc.		3,990		506,770
Henry Schein Inc.^(a)(b)		8,104		493,858
Humana Inc.		1,590		508,291
Laboratory Corp. of America Holdings^(a)		3,098		544,288
McKesson Corp.		3,528		493,426
Quest Diagnostics Inc.		5,253		557,133
UnitedHealth Group Inc.		1,958		499,212
Universal Health Services Inc., Class B		4,253		526,266
				7,664,736
Health Care Technology — 0.3%
Cerner Corp.		7,704		533,656
Veeva Systems Inc., Class A^(a)		3,651		518,333
				1,051,989
Hotels, Restaurants & Leisure — 2.4%
Aramark		13,836		480,663
Carnival Corp.		13,781		461,112
Chipotle Mexican Grill Inc.^(a)		638		493,544
Darden Restaurants Inc.		4,909		478,628
Domino's Pizza Inc.		2,000		678,920
Hilton Worldwide Holdings Inc.		5,284		513,605
Las Vegas Sands Corp.		8,678		506,014
Marriott International Inc./MD, Class A		4,081		506,044
McDonald's Corp.		2,736		531,249
MGM Resorts International		18,472		453,672
Norwegian Cruise Line Holdings Ltd.^(a)		11,443		426,366
Royal Caribbean Cruises Ltd.		5,309		426,897
Starbucks Corp.		6,629		519,912
Vail Resorts Inc.		2,373		504,524
Wynn Resorts Ltd.		4,432		478,567
Yum! Brands Inc.		5,686		507,476
				7,967,193
Household Durables — 1.4%
DR Horton Inc.		9,566		509,581
Garmin Ltd.		6,090		538,295
Leggett & Platt Inc.		13,127		520,617
Lennar Corp., Class A		8,435		508,968
Mohawk Industries Inc.^(a)		4,501		545,296
Newell Brands Inc.		29,544		455,864
NVR Inc.^(a)		149		546,410
PulteGroup Inc.		12,679		509,695
Whirlpool Corp.		3,994		510,673
				4,645,399
Household Products — 0.8%
Church & Dwight Co. Inc.		7,767		539,962
Clorox Co. (The)		3,589		572,158
Colgate-Palmolive Co.		7,775		525,357
Kimberly-Clark Corp.		4,112		539,453

Security	Shares		Value

Household Products (continued)
Procter & Gamble Co. (The)		4,730	$	535,578
				2,712,508
Independent Power and Renewable Electricity Producers — 0.3%
AES Corp./VA		28,126		470,548
Vistra Energy Corp.		25,320		486,904
				957,452
Industrial Conglomerates — 0.8%
3M Co.		3,723		555,621
General Electric Co.		46,391		504,734
Honeywell International Inc.		3,297		534,675
Roper Technologies Inc.		1,519		534,232
Trane Technologies PLC		4,080		526,483
				2,655,745
Insurance — 4.9%
Aflac Inc.		11,401		488,533
Alleghany Corp.^(a)		708		475,953
Allstate Corp. (The)		4,758		500,779
American Financial Group Inc./OH		5,257		485,852
American International Group Inc.		12,069		508,829
Aon PLC		2,514		522,912
Arch Capital Group Ltd.^(a)		12,351		499,351
Arthur J Gallagher & Co.		5,451		531,418
Assurant Inc.		4,171		502,981
Athene Holding Ltd., Class A^(a)		11,830		487,987
Brown & Brown Inc.		12,294		528,765
Chubb Ltd.		3,618		524,719
Cincinnati Financial Corp.		5,195		484,382
Erie Indemnity Co., Class A, NVS		3,649		521,515
Everest Re Group Ltd.		2,041		505,923
Fidelity National Financial Inc.		13,298		515,430
Globe Life Inc.		5,361		496,750
Hartford Financial Services Group Inc. (The)		10,105		504,745
Lincoln National Corp.		9,830		446,184
Loews Corp.		11,015		502,614
Markel Corp.^(a)		446		526,994
Marsh & McLennan Companies Inc.		4,952		517,781
MetLife Inc.		11,412		487,521
Principal Financial Group Inc.		10,704		475,151
Progressive Corp. (The)		7,092		518,851
Prudential Financial Inc.		6,348		478,957
Reinsurance Group of America Inc.		3,883		473,842
RenaissanceRe Holdings Ltd.		2,980		507,792
Travelers Companies Inc. (The)		4,353		521,533
Unum Group		19,962		465,314
Willis Towers Watson PLC		2,781		526,304
WR Berkley Corp.		7,453		500,394
				16,036,056
Interactive Media & Services — 1.4%
Alphabet Inc., Class A^(a)		192		257,136
Alphabet Inc., Class C, NVS^(a)		198		265,187
Facebook Inc., Class A^(a)		2,716		522,749
IAC/InterActiveCorp.^(a)		2,495		508,830
Match Group Inc.^(a)(b)		7,712		501,280
Pinterest Inc., Class A^(a)		25,988		506,766
Snap Inc., Class A, NVS^(a)		34,449		488,142
TripAdvisor Inc.		20,488		480,444
Twitter Inc.^(a)		15,541		515,961
Zillow Group Inc., Class C, NVS^(a)		11,314		631,435
				4,677,930

S c h e d u l e o f I n v e s t m e n t s 33

Schedule of Investments (unaudited) (continued) iShares^®MSCI USA Equal Weighted ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

Internet & Direct Marketing Retail — 1.1%
Amazon.com Inc.^(a)		274	$	516,148
Booking Holdings Inc.^(a)		299		507,002
eBay Inc.		15,619		541,042
Expedia Group Inc.		4,884		481,660
Grubhub Inc.^(a)(b)		11,340		545,568
MercadoLibre Inc.^(a)		812		500,216
Wayfair Inc., Class A^(a)(b)		7,253		458,462
				3,550,098
IT Services — 4.7%
Accenture PLC, Class A		2,767		499,693
Akamai Technologies Inc.^(a)		5,859		506,862
Alliance Data Systems Corp.		5,885		505,404
Automatic Data Processing Inc.		3,287		508,630
Black Knight Inc.^(a)		7,896		526,742
Booz Allen Hamilton Holding Corp.		7,645		545,088
Broadridge Financial Solutions Inc.		4,828		503,850
Cognizant Technology Solutions Corp., Class A		8,593		523,571
DXC Technology Co.		19,862		478,873
EPAM Systems Inc.^(a)		2,496		557,107
Fidelity National Information Services Inc.		3,800		530,936
Fiserv Inc.^(a)		4,838		529,084
FleetCor Technologies Inc.^(a)		1,845		490,383
Gartner Inc.^(a)		3,874		501,257
Global Payments Inc.		2,856		525,418
GoDaddy Inc., Class A^(a)		7,619		533,178
International Business Machines Corp.		3,914		509,407
Jack Henry & Associates Inc.		3,422		519,254
Leidos Holdings Inc.		4,800		492,720
Mastercard Inc., Class A^(b)		1,733		503,003
MongoDB Inc.^(a)(b)		3,344		509,960
Okta Inc.^(a)		4,289		549,249
Paychex Inc.		6,619		512,840
PayPal Holdings Inc.^(a)		4,837		522,348
Sabre Corp.		26,825		365,222
Square Inc., Class A^(a)		7,176		597,976
Twilio Inc., Class A^(a)		4,616		519,946
VeriSign Inc.^(a)		2,810		533,198
Visa Inc., Class A^(b)		2,801		509,110
Western Union Co. (The)		22,935		513,515
				15,423,824
Leisure Products — 0.3%
Hasbro Inc.		6,071		468,985
Polaris Inc.		6,302		520,104
				989,089
Life Sciences Tools & Services — 1.3%
Agilent Technologies Inc.		6,976		537,640
Bio-Rad Laboratories Inc., Class A^(a)		1,452		511,133
Illumina Inc.^(a)		1,972		523,901
IQVIA Holdings Inc.^(a)		3,576		498,816
Mettler-Toledo International Inc.^(a)		786		551,536
PerkinElmer Inc.^(b)		6,282		543,016
Thermo Fisher Scientific Inc.		1,753		509,773
Waters Corp.^(a)		2,732		532,440
				4,208,255
Machinery — 2.8%
Caterpillar Inc.		4,331		538,083
Cummins Inc.		3,562		538,895
Deere & Co.		3,557		556,599
Dover Corp.		4,932		506,714

Security	Shares		Value

Machinery (continued)
Flowserve Corp.		12,864	$	517,004
Fortive Corp.		7,617		526,792
IDEX Corp.		3,381		500,388
Illinois Tool Works Inc.		3,172		532,198
Middleby Corp. (The)^(a)(b)		5,267		588,903
PACCAR Inc.		7,961		532,591
Parker-Hannifin Corp.		2,809		519,019
Pentair PLC		13,610		536,098
Snap-on Inc.		3,754		543,392
Stanley Black & Decker Inc.		3,586		515,308
WABCO Holdings Inc.^(a)		4,350		587,685
Westinghouse Air Brake Technologies Corp.		7,393		507,899
Xylem Inc./NY		6,718		519,570
				9,067,138
Media — 2.2%
Altice USA Inc., Class A^(a)		20,340		525,992
Charter Communications Inc., Class A^(a)		1,100		542,487
Comcast Corp., Class A		12,816		518,151
Discovery Inc., Class A^(a)(b)		6,152		158,106
Discovery Inc., Class C, NVS^(a)		13,923		349,467
DISH Network Corp., Class A^(a)		14,325		480,174
Fox Corp., Class A, NVS		10,573		325,014
Fox Corp., Class B^(a)		5,160		157,122
Interpublic Group of Companies Inc. (The)		23,792		508,197
Liberty Broadband Corp., Class C, NVS^(a)		4,286		539,565
Liberty Global PLC, Class A^(a)(b)		8,494		165,803
Liberty Global PLC, Class C, NVS^(a)		21,672		402,882
Liberty Media Corp.-Liberty SiriusXM, Class A^(a)		4,174		186,453
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(a)		7,819		348,884
News Corp., Class A, NVS		40,792		492,563
Omnicom Group Inc.		7,524		521,263
Sirius XM Holdings Inc.^(b)		81,528		516,888
ViacomCBS Inc., Class B, NVS		16,851		414,703
				7,153,714
Metals & Mining — 0.7%
Freeport-McMoRan Inc.		49,208		490,112
Newmont Corp.		12,977		579,163
Nucor Corp.		12,481		516,089
Steel Dynamics Inc.		20,595		548,445
				2,133,809
Mortgage Real Estate Investment — 0.3%
AGNC Investment Corp.		30,270		515,801
Annaly Capital Management Inc.		56,439		500,049
				1,015,850
Multi-Utilities — 1.6%
Ameren Corp.		6,818		538,622
CenterPoint Energy Inc.		21,842		502,803
CMS Energy Corp.		8,590		519,008
Consolidated Edison Inc.		6,269		494,123
Dominion Energy Inc.		6,647		519,662
DTE Energy Co.		4,393		490,566
NiSource Inc.		19,579		529,025
Public Service Enterprise Group Inc.		10,022		514,229
Sempra Energy		3,676		513,831
WEC Energy Group Inc.		5,749		530,805
				5,152,674
Multiline Retail — 0.8%
Dollar General Corp.		3,658		549,798
Dollar Tree Inc.^(a)		6,494		539,197

34 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued) iShares^®MSCI USA Equal Weighted ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

Multiline Retail (continued)
Kohl's Corp.		13,495	$	528,329
Nordstrom Inc.		14,806		513,768
Target Corp.		5,020		517,060
				2,648,152
Oil, Gas & Consumable Fuels — 3.7%
Apache Corp.		21,042		524,367
Cabot Oil & Gas Corp.		38,659		538,520
Cheniere Energy Inc.^(a)		10,709		549,265
Chevron Corp.		5,365		500,769
Concho Resources Inc.		7,718		524,978
ConocoPhillips		10,145		491,221
Continental Resources Inc./OK		22,732		430,771
Devon Energy Corp.		26,691		433,462
Diamondback Energy Inc.		7,933		491,846
EOG Resources Inc.		7,936		502,031
Exxon Mobil Corp.		9,878		508,124
Hess Corp.		9,674		543,485
HollyFrontier Corp.		13,911		468,523
Kinder Morgan Inc./DE		26,873		515,156
Marathon Oil Corp.		57,425		475,479
Marathon Petroleum Corp.		10,474		496,677
Noble Energy Inc.		31,180		493,579
Occidental Petroleum Corp.		14,232		465,956
ONEOK Inc.		7,688		512,943
Phillips 66		6,721		503,134
Pioneer Natural Resources Co.		4,363		535,689
Targa Resources Corp.		16,047		519,923
Valero Energy Corp.		7,168		474,880
Williams Companies Inc. (The)		27,524		524,332
				12,025,110
Personal Products — 0.3%
Coty Inc., Class A		51,255		473,084
Estee Lauder Companies Inc. (The), Class A		2,797		513,529
				986,613
Pharmaceuticals — 1.8%
Allergan PLC		2,987		569,531
Bristol-Myers Squibb Co.		8,952		528,705
Elanco Animal Health Inc.^(a)		19,425		532,245
Eli Lilly & Co.		4,195		529,115
Jazz Pharmaceuticals PLC^(a)		4,323		495,329
Johnson & Johnson		3,966		533,348
Merck & Co. Inc.		7,173		549,165
Mylan NV^(a)		27,795		477,796
Perrigo Co. PLC		10,034		508,624
Pfizer Inc.		16,285		544,245
Zoetis Inc.		4,118		548,641
				5,816,744
Professional Services — 1.3%
CoStar Group Inc.^(a)		804		536,742
Equifax Inc.		3,705		526,258
IHS Markit Ltd.		7,367		524,825
ManpowerGroup Inc.		6,476		491,788
Nielsen Holdings PLC		27,232		495,895
Robert Half International Inc.		9,961		502,134
TransUnion		6,026		535,832
Verisk Analytics Inc.		3,448		534,819
				4,148,293
Real Estate Management & Development — 0.3%
CBRE Group Inc., Class A^(a)		9,321		523,281

Security	Shares		Value

Real Estate Management & Development (continued)
Jones Lang LaSalle Inc.		3,478	$	513,944
				1,037,225
Road & Rail — 1.4%
AMERCO		1,700		548,267
CSX Corp.		7,439		524,078
JB Hunt Transport Services Inc.		5,396		520,390
Kansas City Southern.		3,338		502,970
Knight-Swift Transportation Holdings Inc.		15,053		480,793
Norfolk Southern Corp.		2,843		518,421
Old Dominion Freight Line Inc.		2,658		515,121
Uber Technologies Inc.^(a)		14,721		498,600
Union Pacific Corp.		3,256		520,341
				4,628,981
Semiconductors & Semiconductor Equipment — 3.1%
Advanced Micro Devices Inc.^(a)		10,397		472,856
Analog Devices Inc.		4,988		543,941
Applied Materials Inc.		9,077		527,555
Broadcom Inc.		1,903		518,796
Intel Corp.		8,943		496,515
KLA Corp.		3,495		537,216
Lam Research Corp.		1,818		533,456
Marvell Technology Group Ltd.		23,860		508,218
Maxim Integrated Products Inc.		9,471		526,777
Microchip Technology Inc.		5,530		501,626
Micron Technology Inc.^(a)		10,242		538,319
NVIDIA Corp.		1,994		538,520
ON Semiconductor Corp.^(a)		28,019		522,835
Qorvo Inc.^(a)		5,730		576,323
QUALCOMM Inc.		6,719		526,098
Skyworks Solutions Inc.		5,065		507,412
Teradyne Inc.		8,777		515,737
Texas Instruments Inc.		4,507		514,429
Xilinx Inc.		6,628		553,372
				9,960,001
Software — 4.2%
Adobe Inc.^(a)		1,561		538,732
ANSYS Inc.^(a)		2,033		492,372
Autodesk Inc.^(a)		2,857		545,344
Cadence Design Systems Inc.^(a)		7,527		497,836
CDK Global Inc.		11,294		519,750
Citrix Systems Inc.		4,789		495,135
DocuSign Inc.^(a)		6,517		562,482
Dropbox Inc., Class A^(a)		32,163		629,108
Fortinet Inc.^(a)		4,952		505,401
Guidewire Software Inc.^(a)(b)		4,847		531,280
Intuit Inc.		1,948		517,876
Microsoft Corp.		3,159		511,790
NortonLifeLock Inc.		28,811		548,273
Oracle Corp.		10,667		527,590
Palo Alto Networks Inc.^(a)		2,373		438,103
Paycom Software Inc.^(a)(b)		1,859		525,446
PTC Inc.^(a)		6,771		511,549
RingCentral Inc., Class A^(a)(b)		2,407		567,450
salesforce.com Inc.^(a)(b)		3,095		527,388
ServiceNow Inc.^(a)		1,655		539,679
Splunk Inc.^(a)		3,421		504,016
SS&C Technologies Holdings Inc.		9,146		507,603
Synopsys Inc.^(a)		3,630		500,686
Tyler Technologies Inc.^(a)		1,777		556,823

S c h e d u l e o f I n v e s t m e n t s 35

Schedule of Investments (unaudited) (continued) iShares^®MSCI USA Equal Weighted ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

Software (continued)
VMware Inc., Class A^(a)		3,688	$	444,478
Workday Inc., Class A^(a)		2,967		514,033
				13,560,223
Specialty Retail — 2.3%
Advance Auto Parts Inc.		4,171		554,659
AutoZone Inc.^(a)		551		568,913
Best Buy Co. Inc.		6,560		496,264
Burlington Stores Inc.^(a)		2,395		517,943
CarMax Inc.^(a)		6,019		525,519
Gap Inc. (The)		33,993		487,120
Home Depot Inc. (The)		2,427		528,698
Lowe's Companies Inc.		4,800		511,536
O'Reilly Automotive Inc.^(a)		1,494		550,868
Ross Stores Inc.		4,829		525,298
Tiffany & Co.		4,405		588,464
TJX Companies Inc. (The)		9,321		557,396
Tractor Supply Co.		6,046		535,131
Ulta Salon Cosmetics & Fragrance Inc.^(a)		1,980		509,038
				7,456,847
Technology Hardware, Storage & Peripherals — 1.3%
Apple Inc.		1,854		506,810
Dell Technologies Inc., Class C^(a)		11,209		453,516
Hewlett Packard Enterprise Co.		41,132		526,078
HP Inc.		26,595		552,910
NetApp Inc.		11,070		517,191
Seagate Technology PLC		10,913		523,278
Western Digital Corp.		8,659		481,094
Xerox Holdings Corp.^(a)		15,891		511,690
				4,072,567
Textiles, Apparel & Luxury Goods — 1.4%
Capri Holdings Ltd.^(a)		20,982		541,755
Hanesbrands Inc.		40,764		539,715
Lululemon Athletica Inc.^(a)		2,282		496,130
NIKE Inc., Class B		5,799		518,315
PVH Corp.		6,850		507,653
Ralph Lauren Corp.		4,904		517,421
Tapestry Inc.		21,049		493,599
Under Armour Inc., Class A^(a)		18,347		260,344
Under Armour Inc., Class C, NVS^(a)		18,969		236,733
VF Corp.		7,155		515,160
				4,626,825
Tobacco — 0.3%
Altria Group Inc.		13,080		528,039

Security	Shares		Value

Tobacco (continued)
Philip Morris International Inc.		6,803	$	556,962
				1,085,001
Trading Companies & Distributors — 0.6%
Fastenal Co.		15,447		528,596
HD Supply Holdings Inc.^(a)		14,122		536,919
United Rentals Inc.^(a)(b)		3,841		508,856
WW Grainger Inc.		1,919		532,599
				2,106,970
Water Utilities — 0.3%
American Water Works Co. Inc.		4,247		525,184
Essential Utilities Inc.		10,939		470,486
				995,670
Wireless Telecommunication Services — 0.3%
Sprint Corp.^(a)		64,502		592,773
T-Mobile U.S. Inc.^(a)(b)		5,922		533,928
				1,126,701
Total Common Stocks — 99.8% (Cost: $310,925,334)				325,131,023

Short-Term Investments

Money Market Funds — 3.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(c)(d)(e)		10,827,110		10,834,689
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(c)(d)		325,000		325,000
				11,159,689
Total Short-Term Investments — 3.4% (Cost: $11,155,682)				11,159,689

Total Investments in Securities — 103.2% (Cost: $322,081,016)				336,290,712

Other Assets, Less Liabilities — (3.2)%.				(10,442,756	)

Net Assets — 100.0%			$	325,847,956

^(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.

36 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued) iShares^®MSCI USA Equal Weighted ETF

February 29, 2020

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:

																			Change in
	Shares								Shares							Net			Unrealized
	Held at		Shares			Shares			Held at		Value at					Realized			Appreciation
Affiliated Issuer	08/31/19		Purchased			Sold			02/29/20		02/29/20		Income			Gain (Loss)		^(a)	(Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		10,638,607		188,503	^(b)		—			10,827,110	$	10,834,689	$	24,631	^(c)	$	28		$	2,336
BlackRock Cash Funds: Treasury, SL Agency Shares		619,000		—			(294,000	)^(b)		325,000		325,000		5,248			—			—
BlackRock Inc.		1,160		163			(275	)		1,048		485,234		7,574			9,276			39,550
											$	11,644,923	$	37,453		$	9,304		$	41,886

^(a)

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

^(b)

Net of purchases and sales.

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

Futures Contracts

								Value/
					Notional			Unrealized
	Number of		Expiration		Amount			Appreciation
Description		Contracts		Date		(000	)		(Depreciation)
Long Contracts
S&P 500 E-Mini Index		3		03/20/20	$	443		$	(50,089	)
S&P MidCap 400 E-Mini Index		1		03/20/20		181			(22,540	)
								$	(72,629	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity
	Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	72,629

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity
	Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	106,100
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(75,949	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	766,527

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 37

Schedule of Investments (unaudited) (continued) iShares® MSCI USA Equal Weighted ETF

February 29, 2020

Fair Value Measurements (continued)

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	325,131,023		$	—	$	—	$	325,131,023
Money Market Funds		11,159,689			—		—		11,159,689
	$	336,290,712		$	—	$	—	$	336,290,712
Derivative financial instruments^(a)
Liabilities
Futures Contracts.	$	(72,629	)	$	—	$	—	$	(72,629	)

^(a)

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

See notes to financial statements.

38 2 0 2 0 | S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statements of Assets and Liabilities (unaudited)

February 29, 2020

							iShares
				iShares			MSCI			iShares
	iShares			MSCI Chile			Colombia			MSCI Israel
	MSCI Brazil ETF			ETF			ETF			ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a)
Unaffiliated^(b)	$	8,783,126,309		$	452,901,618		$	19,680,784		$	113,665,195
Affiliated^(c)		638,000			412,000			12,000			18,103,530
Cash		653			335			273			115
Foreign currency, at value^(d)		15,386,643			—			11,496			49,760
Cash pledged:
Futures contracts		9,297,000			11,000			—			—
Foreign currency collateral pledged:
Futures contracts^(e)		—			—			—			3,295
Receivables:
Investments sold		85,379,130			13,814,083			646,888			395,514
Securities lending income — Affiliated		—			—			—			4,668
Variation margin on futures contracts		—			1,286			—			—
Dividends		71,570,753			795			2,608			389
Total assets		8,965,398,488			467,141,117			20,354,049			132,222,466

LIABILITIES
Collateral on securities loaned, at value		—			—			—			18,041,567
Deferred foreign capital gain tax		—			—			—			77,750
Payables:
Investments purchased		86,735,649			12,696,272			571,123			388,466
Variation margin on futures contracts		2,311,463			—			—			1,601
Investment advisory fees		4,568,723			227,235			10,591			55,751
Foreign taxes		—			—			—			24,169
Total liabilities		93,615,835			12,923,507			581,714			18,589,304

NET ASSETS	$	8,871,782,653		$	454,217,610		$	19,772,335		$	113,633,162

NET ASSETS CONSIST OF:
Paid-in capital	$	10,126,952,698		$	720,828,768		$	33,079,244		$	162,989,612
Accumulated loss		(1,255,170,045	)		(266,611,158	)		(13,306,909	)		(49,356,450	)
NET ASSETS	$	8,871,782,653		$	454,217,610		$	19,772,335		$	113,633,162

Shares outstanding		232,950,000			16,950,000			1,650,000			2,050,000
Net asset value	$	38.08		$	26.80		$	11.98		$	55.43
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	$	—		$	—		$	—		$	17,833,262
^(b) Investments, at cost — Unaffiliated	$	7,066,730,917		$	512,698,183		$	17,835,945		$	129,294,618
^(c) Investments, at cost — Affiliated	$	638,000		$	412,000		$	12,000		$	18,098,551
^(d) Foreign currency, at cost	$	15,786,152		$	—		$	11,862		$	50,114
^(e) Foreign currency collateral pledged, at cost	$	—		$	—		$	—		$	3,341

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 Assets and Liabilities (unaudited) (continued)

February 29, 2020

										iShares
											MSCI USA
		iShares			iShares			iShares			Equal
		MSCI Russia			MSCI South			MSCI Turkey			Weighted
		ETF			Africa ETF			ETF			ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a)
Unaffiliated^(b)	$	513,228,696		$	283,045,654		$	264,403,958		$	324,645,789
Affiliated^(c)		1,538,000			11,225,742			18,558,653			11,644,923
Cash		584			596			467			1,880
Foreign currency, at value^(d)		—			82,947			260,340			—
Cash pledged:
Futures contracts		29,000			—			14,000			31,000
Receivables:
Investments sold		18,872,364			15,527,567			7,263,344			10,573,171
Securities lending income — Affiliated		—			4,028			101,198			3,887
Dividends		406,903			178			395			514,312
Total assets		534,075,547			309,886,712			290,602,355			347,414,962

LIABILITIES
Collateral on securities loaned, at value		—			11,156,719			18,420,711			10,831,148
Payables:
Investments purchased		10,642,424			14,541,998			7,266,708			10,637,584
Variation margin on futures contracts		1,980			225			900			4,776
Capital shares redeemed		8,828,395			451,401			93,754			50,132
Investment advisory fees		282,768			169,123			163,232			43,366
Total liabilities		19,755,567			26,319,466			25,945,305			21,567,006

NET ASSETS	$	514,319,980		$	283,567,246		$	264,657,050		$	325,847,956

NET ASSETS CONSIST OF:
Paid-in capital	$	583,631,072		$	646,686,771		$	612,139,621		$	314,796,750
Accumulated earnings (loss)		(69,311,092	)		(363,119,525	)		(347,482,571	)		11,051,206
NET ASSETS	$	514,319,980		$	283,567,246		$	264,657,050		$	325,847,956

Shares outstanding		14,350,000			7,300,000			11,150,000			5,650,000
Net asset value	$	35.84		$	38.84		$	23.74		$	57.67
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	$	—		$	9,806,333		$	15,831,599		$	10,652,965
^(b) Investments, at cost — Unaffiliated	$	483,177,202		$	435,898,840		$	429,731,176		$	310,481,140
^(c) Investments, at cost — Affiliated	$	1,538,000		$	11,222,253		$	18,549,801		$	11,599,876
^(d) Foreign currency, at cost	$	—		$	89,518		$	262,930		$	—

See notes to financial statements.

40 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statements of Operations (unaudited)

Six Months Ended February 29, 2020

							iShares
	iShares			iShares			MSCI			iShares
	MSCI Brazil			MSCI Chile			Colombia			MSCI Israel
	ETF			ETF			ETF			ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	195,164,727		$	3,717,021		$	361,348		$	698,271
Dividends — Affiliated		186,108			7,819			262			675
Non-cash dividends — Unaffiliated		—			—			—			39,160
Interest — Unaffiliated		—			127			—			—
Securities lending income — Affiliated — net.		—			—			—			21,254
Foreign taxes withheld		(17,379,453	)		(1,142,531	)		(23,663	)		(172,410	)
Total investment income		177,971,382			2,582,436			337,947			586,950

EXPENSES
Investment advisory fees		27,519,944			1,262,840			74,687			343,852
Commitment fees		—			—			20			—
Total expenses		27,519,944			1,262,840			74,707			343,852
Net investment income		150,451,438			1,319,596			263,240			243,098

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(a)		(52,162,587	)		(14,148,590	)		(129,653	)		(1,581,863	)
Investments — Affiliated		—			—			—			164
In-kind redemptions — Unaffiliated		—			—			40,255			1,638,008
Futures contracts		5,696,849			187,717			—			4,059
Foreign currency transactions		(2,579,405	)		60,272			(22,216	)		587
Net realized gain (loss)		(49,045,143	)		(13,900,601	)		(111,614	)		60,955
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(b)		(703,393,813	)		(110,528,143	)		(236,255	)		6,478,372
Investments — Affiliated		—			—			—			3,774
Futures contracts		(18,977,535	)		(20,979	)		—			(4,648	)
Foreign currency translations		(4,162,913	)		(5	)		(572	)		1,747
Net change in unrealized appreciation (depreciation)		(726,534,261	)		(110,549,127	)		(236,827	)		6,479,245
Net realized and unrealized gain (loss)		(775,579,404	)		(124,449,728	)		(348,441	)		6,540,200
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(625,127,966	)	$	(123,130,132	)	$	(85,201	)	$	6,783,298

^(a) Net of foreign capital gain tax of	$	—		$	—		$	—		$	34,585
^(b) Net of deferred foreign capital gain tax of	$	—		$	—		$	—		$	(4,939	)

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 Operations (unaudited) (continued)

Six Months Ended February 29, 2020

										iShares
											MSCI USA
		iShares			iShares			iShares			Equal
		MSCI Russia			MSCI South			MSCI Turkey			Weighted
		ETF			Africa ETF			ETF			ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	15,722,608		$	5,658,583		$	1,692,056		$	3,597,088
Dividends — Affiliated		15,008			3,448			2,559			12,822
Non-cash dividends — Unaffiliated		—			31,301,922			—			—
Interest — Unaffiliated		291			—			63			230
Securities lending income — Affiliated — net		—			38,462			659,737			24,631
Foreign taxes withheld		(1,637,534	)		(777,897	)		(248,145	)		(321	)
Total investment income		14,100,373			36,224,518			2,106,270			3,634,450

EXPENSES
Investment advisory fees		1,877,980			1,125,998			1,037,242			257,505
Total expenses		1,877,980			1,125,998			1,037,242			257,505
Net investment income		12,222,393			35,098,520			1,069,028			3,376,945

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(5,950,757	)		(60,629,297	)		(10,166,922	)		(5,570,125	)
Investments — Affiliated		—			377			(629	)		(4,920	)
In-kind redemptions — Unaffiliated		31,202,434			1,539,047			13,799,602			8,665,892
In-kind redemptions — Affiliated		—			—			—			14,224
Futures contracts		(49,554	)		27,002			19,428			106,100
Foreign currency transactions		23,643			318,217			(19,466	)		—
Net realized gain (loss)		25,225,766			(58,744,654	)		3,632,013			3,211,171
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(23,059,279	)		(10,883,007	)		645,602			(7,637,485	)
Investments — Affiliated		—			1,904			3,912			41,886
Futures contracts		(71,652	)		2,032			(25,861	)		(75,949	)
Foreign currency translations		(310	)		(11,223	)		(1,625	)		—
Net change in unrealized appreciation (depreciation)		(23,131,241	)		(10,890,294	)		622,028			(7,671,548	)
Net realized and unrealized gain (loss)		2,094,525			(69,634,948	)		4,254,041			(4,460,377	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	14,316,918		$	(34,536,428	)	$	5,323,069		$	(1,083,432	)

See notes to financial statements.

42 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statements of Changes in Net Assets

	iShares						iShares
		MSCI Brazil ETF						MSCI Chile ETF
		Six Months Ended						Six Months Ended
		02/29/20			Year Ended			02/29/20			Year Ended
		(unaudited)			08/31/19			(unaudited)			08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	150,451,438		$	220,475,060		$	1,319,596		$	7,102,577
Net realized gain (loss)		(49,045,143	)		5,485,759			(13,900,601	)		(24,033,169	)
Net change in unrealized appreciation (depreciation)		(726,534,261	)		1,552,041,207			(110,549,127	)		(51,312,409	)
Net increase (decrease) in net assets resulting from operations		(625,127,966	)		1,778,002,026			(123,130,132	)		(68,243,001	)

DISTRIBUTIONS TO SHAREHOLDERS^(a)
From net investment income		(149,254,572	)		(220,258,100	)		(1,176,181	)		(7,045,063	)
Return of capital		—			—			—			(197,183	)
Decrease in net assets resulting from distributions to shareholders		(149,254,572	)		(220,258,100	)		(1,176,181	)		(7,242,246	)

CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,440,421,277			1,146,968,776			248,384,044			12,273,938

NET ASSETS
Total increase (decrease) in net assets		666,038,739			2,704,712,702			124,077,731			(63,211,309	)
Beginning of period		8,205,743,914			5,501,031,212			330,139,879			393,351,188
End of period	$	8,871,782,653		$	8,205,743,914		$	454,217,610		$	330,139,879

^(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F i n a n c i a l S t a t e m e n t s
43

Statements of Changes in Net Assets (continued)

	iShares						iShares
	MSCI Colombia ETF						MSCI Israel ETF
		Six Months						Six Months
		Ended						Ended
		02/29/20			Year Ended			02/29/20			Year Ended
		(unaudited)			08/31/19			(unaudited)			08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	263,240		$	547,978		$	243,098		$	762,089
Net realized gain (loss)		(111,614	)		(2,444,444	)		60,955			17,699,076
Net change in unrealized appreciation (depreciation)		(236,827	)		(153,891	)		6,479,245			(24,641,152	)
Net increase (decrease) in net assets resulting from operations		(85,201	)		(2,050,357	)		6,783,298			(6,179,987	)

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(311,132	)		(580,532	)		(2,125,821	)		(616,740	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(3,436,318	)		401,594			(5,577,506	)		(385,452	)

NET ASSETS
Total decrease in net assets		(3,832,651	)		(2,229,295	)		(920,029	)		(7,182,179	)
Beginning of period		23,604,986			25,834,281			114,553,191			121,735,370
End of period	$	19,772,335		$	23,604,986		$	113,633,162		$	114,553,191

^(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

44 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statements of Changes in Net Assets (continued)

	iShares						iShares
		MSCI Russia ETF						MSCI South Africa ETF
		Six Months						Six Months
		Ended						Ended
		02/29/20			Year Ended			02/29/20			Year Ended
		(unaudited)			08/31/19			(unaudited)			08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	12,222,393		$	37,401,597		$	35,098,520		$	11,108,795
Net realized gain (loss)		25,225,766			(12,393,198	)		(58,744,654	)		(8,135,491	)
Net change in unrealized appreciation (depreciation)		(23,131,241	)		93,343,563			(10,890,294	)		(46,627,365	)
Net increase (decrease) in net assets resulting from operations		14,316,918			118,351,962			(34,536,428	)		(43,654,061	)

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(35,932,824	)		(32,427,517	)		(37,167,359	)		(18,209,216	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(91,645,099	)		62,796,717			(18,796,392	)		62,816,771

NET ASSETS
Total increase (decrease) in net assets		(113,261,005	)		148,721,162			(90,500,179	)		953,494
Beginning of period		627,580,985			478,859,823			374,067,425			373,113,931
End of period	$	514,319,980		$	627,580,985		$	283,567,246		$	374,067,425

^(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F i n a n c i a l S t a t e m e n t s
45

Statements of Changes in Net Assets (continued)

	iShares						iShares
		MSCI Turkey ETF						MSCI USA Equal Weighted ETF
		Six Months						Six Months
		Ended						Ended
		02/29/20			Year Ended			02/29/20			Year Ended
		(unaudited)			08/31/19			(unaudited)			08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,069,028		$	10,801,241		$	3,376,945		$	3,880,060
Net realized gain (loss)		3,632,013			(66,447,393	)		3,211,171			3,288,858
Net change in unrealized appreciation (depreciation)		622,028			155,589,697			(7,671,548	)		(3,125,494	)
Net increase (decrease) in net assets resulting from operations		5,323,069			99,943,545			(1,083,432	)		4,043,424

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(4,116,823	)		(10,891,206	)		(2,858,157	)		(4,050,996	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(50,739,442	)		(161,658,897	)		21,699,603			115,277,153

NET ASSETS
Total increase (decrease) in net assets		(49,533,196	)		(72,606,558	)		17,758,014			115,269,581
Beginning of period		314,190,246			386,796,804			308,089,942			192,820,361
End of period	$	264,657,050		$	314,190,246		$	325,847,956		$	308,089,942

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

See notes to financial statements.

46 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI Brazil ETF
	Six Months Ended
	02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			08/31/15

Net asset value, beginning of period	$	40.92		$	32.03		$	40.06		$	33.52		$	24.71		$	53.61
Net investment income^(a)		0.69			1.12			1.14			0.76			0.63			1.00
Net realized and unrealized gain (loss)^(b)		(2.86	)		8.88			(8.22	)		6.45			8.62			(28.87	)
Net increase (decrease) from investment operations		(2.17	)		10.00			(7.08	)		7.21			9.25			(27.87	)

Distributions^(c)
From net investment income		(0.67	)		(1.11	)		(0.95	)		(0.67	)		(0.44	)		(1.03	)
Total distributions		(0.67	)		(1.11	)		(0.95	)		(0.67	)		(0.44	)		(1.03	)

Net asset value, end of period	$	38.08		$	40.92		$	32.03		$	40.06		$	33.52		$	24.71

Total Return
Based on net asset value		(5.53	)%^(d)		31.36	%		(17.87	)%		22.03	%		38.22	%		(52.49	)%

Ratios to Average Net Assets
Total expenses		0.58	%^(e)		0.59	%		0.59	%		0.62	%		0.63	%		0.62	%
Net investment income		3.17	%^(e)		2.75	%		2.86	%		2.10	%		2.41	%		2.73	%

Supplemental Data
Net assets, end of period (000)	$	8,871,783		$	8,205,744		$	5,501,031		$	6,327,919		$	3,899,630		$	1,989,135
Portfolio turnover rate^(f)		6	%^(d)(g)		16	%^(g)		30	%^(g)		20	%^(g)		18	%^(g)		63	%^(g)

^(a)

Based on average shares outstanding.

^(b)

^(c)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(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: 6 % 10 % 13 % 13 % 4 % 48 %

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 Chile ETF
	Six Months Ended
	02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			08/31/15

Net asset value, beginning of period	$	35.88		$	43.71		$	47.96		$	36.77		$	34.75		$	43.52
Net investment income^(a)		0.10			0.74			0.78			0.69			0.78			0.66
Net realized and unrealized gain (loss)^(b)		(9.11	)		(7.76	)		(4.06	)		11.21			2.03			(8.81	)
Net increase (decrease) from investment operations		(9.01	)		(7.02	)		(3.28	)		11.90			2.81			(8.15	)

Distributions^(c)
From net investment income		(0.07	)		(0.79	)		(0.92	)		(0.67	)		(0.75	)		(0.62	)
Return of capital		—			(0.02	)		(0.05	)		(0.04	)		(0.04	)		—
Total distributions		(0.07	)		(0.81	)		(0.97	)		(0.71	)		(0.79	)		(0.62	)

Net asset value, end of period	$	26.80		$	35.88		$	43.71		$	47.96		$	36.77		$	34.75

Total Return
Based on net asset value		(25.14	)%^(d)		(16.22	)%		(7.03	)%		32.65	%		8.17	%		(18.85	)%

Ratios to Average Net Assets
Total expenses		0.58	%^(e)		0.59	%		0.59	%		0.62	%		0.64	%		0.62	%
Net investment income		0.61	%^(e)		1.74	%		1.55	%		1.68	%		2.20	%		1.64	%

Supplemental Data
Net assets, end of period (000)	$	454,218		$	330,140		$	393,351		$	467,645		$	327,244		$	234,536
Portfolio turnover rate^(f)		18	%^(d)(g)		75	%^(g)		54	%^(g)		54	%^(g)		73	%^(g)		71	%^(g)

^(a)

Based on average shares outstanding.

^(b)

^(c)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(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:

See notes to financial statements.

48 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares MSCI Colombia ETF
		Six Months Ended
		02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			08/31/15

Net asset value, beginning of period	$	12.42		$	13.96		$	14.58		$	13.18		$	11.88		$	28.22
Net investment income^(a)		0.14			0.35			0.30			0.23			0.25			0.46	^(b)
Net realized and unrealized gain (loss)^(c)		(0.40	)		(1.50	)		(0.70	)		1.34			1.23			(16.34	)
Net increase (decrease) from investment operations		(0.26	)		(1.15	)		(0.40	)		1.57			1.48			(15.88	)

Distributions^(d)
From net investment income		(0.18	)		(0.39	)		(0.22	)		(0.17	)		(0.18	)		(0.45	)
Return of capital		—			—			—			—						(0.01	)
Total distributions		(0.18	)		(0.39	)		(0.22	)		(0.17	)		(0.18	)		(0.46	)

Net asset value, end of period	$	11.98		$	12.42		$	13.96		$	14.58		$	13.18		$	11.88

Total Return
Based on net asset value		(2.23	)%^(e)		(8.18	)%		(2.69	)%		12.05	%		12.49	%		(56.73	)%

Ratios to Average Net Assets
Total expenses		0.61	%^(f)		0.61	%		0.61	%		0.61	%		0.61	%		0.61	%
Net investment income		2.15	%^(f)		2.71	%		2.01	%		1.72	%		2.16	%		2.60	%^(b)

Supplemental Data
Net assets, end of period (000)	$	19,772		$	23,605		$	25,834		$	22,594		$	17,136		$	14,251
Portfolio turnover rate^(g)		22	%^(e)		88	%		26	%		14	%		68	%		86	%

^(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)

^(d)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e) Not annualized.

^(f) Annualized.

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

See notes to financial statements.

F i n a n c i a l H i g h l i g h t s 49

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Israel ETF
	Six Months Ended
	02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			08/31/15

Net asset value, beginning of period	$	53.28		$	56.62		$	48.19		$	49.36		$	50.51		$	50.69
Net investment income^(a)		0.12			0.33			0.59			0.62			0.71			1.23
Net realized and unrealized gain (loss)^(b)		3.04			(3.42	)		8.88			(0.98	)		(0.87	)		(0.34	)
Net increase (decrease) from investment operations		3.16			(3.09	)		9.47			(0.36	)		(0.16	)		0.89

Distributions^(c)
From net investment income		(1.01	)		(0.25	)		(1.04	)		(0.81	)		(0.99	)		(1.07	)
Total distributions		(1.01	)		(0.25	)		(1.04	)		(0.81	)		(0.99	)		(1.07	)

Net asset value, end of period	$	55.43		$	53.28		$	56.62		$	48.19		$	49.36		$	50.51

Total Return
Based on net asset value		5.88	%^(d)		(5.45	)%		19.91	%		(0.77	)%		(0.23	)%		1.80	%

Ratios to Average Net Assets
Total expenses		0.58	%^(e)		0.59	%		0.59	%		0.62	%		0.64	%		0.62	%
Net investment income		0.41	%(e)		0.60	%		1.15	%		1.25	%		1.46	%		2.45	%

Supplemental Data
Net assets, end of period (000)	$	113,633		$	114,553		$	121,735		$	89,152		$	93,793		$	126,285
Portfolio turnover rate^(f)		2	%^(d)		17	%		6	%		28	%		46	%		14	%

^(a)

Based on average shares outstanding.

^(b)

^(c)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)

Not annualized.

^(e)

Annualized.

^(f)

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

50 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares MSCI Russia ETF
		Six Months Ended
		02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)			08/31/19			08/31/18			08/31/17	^(a)		08/31/16	^(a)		08/31/15	^(a)

Net asset value, beginning of period	$	37.81		$	32.47		$	32.13		$	27.92		$	25.03		$	36.68
Net investment income^(b)		0.78			2.33			1.21			1.14			1.06			0.94
Net realized and unrealized gain (loss)^(c)		(0.25	)		5.04			0.22			4.07			2.65			(11.27	)
Net increase (decrease) from investment operations		0.53			7.37			1.43			5.21			3.71			(10.33	)

Distributions^(d)
From net investment income		(2.50	)		(2.03	)		(1.09	)		(1.00	)		(0.82	)		(1.32	)
Total distributions		(2.50	)		(2.03	)		(1.09	)		(1.00	)		(0.82	)		(1.32	)

Net asset value, end of period	$	35.84		$	37.81		$	32.47		$	32.13		$	27.92		$	25.03

Total Return
Based on net asset value		0.49	%^(e)		23.64	%		4.37	%		18.73	%		15.62	%		(27.57	)%

Ratios to Average Net Assets
Total expenses		0.58	%^(f)		0.59	%		0.59	%		0.62	%		0.64	%		0.62	%
Net investment income		3.78	%^(f)		6.60	%		3.50	%		4.27	%		4.17	%		3.33	%

Supplemental Data
Net assets, end of period (000)	$	514,320		$	627,581		$	478,860		$	530,076		$	319,629		$	210,912
Portfolio turnover rate^(g)		13	%^(e)		18	%		32	%		18	%		23	%		19	%

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

^(e) Not annualized.

^(f) Annualized.

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

See notes to financial statements

F i n a n c i a l H i g h l i g h t s
51

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares MSCI South Africa ETF
		Six Months Ended
		02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			08/31/15

Net asset value, beginning of period	$	47.96		$	54.87		$	62.62		$	52.78		$	57.44		$	70.77
Net investment income^(a)		4.39			1.31			1.41			1.07			1.02			1.28
Net realized and unrealized gain (loss)^(b)		(8.81	)		(5.84	)		(7.69	)		9.79			(3.24	)		(13.24	)
Net increase (decrease) from investment operations		(4.42	)		(4.53	)		(6.28	)		10.86			(2.22	)		(11.96	)

Distributions^(c)
From net investment income		(4.70	)		(2.38	)		(1.47	)		(1.02	)		(2.44	)		(1.37	)
Total distributions		(4.70	)		(2.38	)		(1.47	)		(1.02	)		(2.44	)		(1.37	)

Net asset value, end of period	$	38.84		$	47.96		$	54.87		$	62.62		$	52.78		$	57.44

Total Return
Based on net asset value		(10.86	)%^(d)		(8.45	)%		(10.20	)%		20.91	%		(3.64	)%		(17.07	)%

Ratios to Average Net Assets
Total expenses		0.58	%^(e)		0.59	%		0.59	%		0.62	%		0.64	%		0.62	%
Net investment income		18.09	%^(e)		2.48	%		2.20	%		1.91	%		1.96	%		1.94	%

Supplemental Data
Net assets, end of period (000)	$	283,567		$	374,067		$	373,114		$	419,587		$	406,443		$	373,346
Portfolio turnover rate^(f)		26	%^(d)		12	%		15	%		13	%		12	%		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) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) Not annualized.

^(e) Annualized.

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

See notes to financial statements

52 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares MSCI Turkey ETF
		Six Months Ended
		02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			08/31/15

Net asset value, beginning of period	$	24.08		$	20.09		$	46.17		$	38.16		$	38.27		$	55.72
Net investment income^(a)		0.08			0.60			1.01			0.97			0.96			1.13	^(b)
Net realized and unrealized gain (loss)^(c)		(0.12	)		4.06			(26.05	)		8.12			(0.17	)		(17.49	)
Net increase (decrease) from investment operations		(0.04	)		4.66			(25.04	)		9.09			0.79			(16.36	)

Distributions^(d)
From net investment income		(0.30	)		(0.67	)		(1.04	)		(1.08	)		(0.90	)		(1.09	)
Total distributions		(0.30	)		(0.67	)		(1.04	)		(1.08	)		(0.90	)		(1.09	)

Net asset value, end of period	$	23.74		$	24.08		$	20.09		$	46.17		$	38.16		$	38.27

Total Return
Based on net asset value		(0.31	)%^(e)		23.38	%		(54.97	)%		24.23	%		1.98	%		(29.69	)%

Ratios to Average Net Assets
Total expenses		0.58	%^(f)		0.59	%		0.59	%		0.62	%		0.64	%		0.62	%
Net investment income		0.60	%^(f)		2.43	%		2.76	%		2.58	%		2.45	%		2.31	%^(b)

Supplemental Data
Net assets, end of period (000)	$	264,657		$	314,190		$	386,797		$	424,727		$	368,225		$	371,225
Portfolio turnover rate^(g).		6	%^(e)		20	%		7	%		6	%		6	%		6	%

^(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.

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

^(e) Not annualized.

^(f) Annualized.

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

See notes to financial statements

F i n a n c i a l H i g h l i g h t s 53

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares MSCI USA Equal Weighted ETF
		Six Months Ended
		02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			08/31/15

Net asset value, beginning of period	$	58.13		$	59.33		$	51.30		$	46.05		$	42.51		$	43.08
Net investment income^(a)		0.61			0.92			0.98			0.85			0.77			0.80
Net realized and unrealized gain (loss)^(b)		(0.55	)		(1.11	)		7.94			5.18			3.63			(0.57	)
Net increase (decrease) from investment operations		0.06			(0.19	)		8.92			6.03			4.40			0.23

Distributions^(c)
From net investment income		(0.52	)		(1.01	)		(0.89	)		(0.78	)		(0.86	)		(0.80	)
Total distributions		(0.52	)		(1.01	)		(0.89	)		(0.78	)		(0.86	)		(0.80	)

Net asset value, end of period	$	57.67		$	58.13		$	59.33		$	51.30		$	46.05		$	42.51

Total Return
Based on net asset value		0.05	%^(d)		(0.23	)%		17.55	%		13.22	%		10.54	%		0.48	%

Ratios to Average Net Assets
Total expenses		0.15	%^(e)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net investment income		1.97	%^(e)		1.63	%		1.76	%		1.72	%		1.79	%		1.82	%

Supplemental Data
Net assets, end of period (000)	$	325,848		$	308,090		$	192,820		$	135,945		$	73,673		$	44,632
Portfolio turnover rate^(f)		12	%^(d)		24	%		23	%		27	%		28	%		39	%

^(a)

Based on average shares outstanding.

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

^(d) Not annualized.

^(e) Annualized.

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

See notes to financial statements

54 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited)

ORGANIZATION

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

	Diversification
iShares ETF	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

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
55

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.

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 valu 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).

SECURITIES AND OTHER INVESTMENTS

56 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

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 29, 2020:

	Market Value of		Cash Collateral		Non-Cash Collateral
iShares ETF and Counterparty	Securities on Loan		Received^(a)		Received		Net Amount
MSCI Israel
Barclays Capital Inc.	$	53,038	$	53,038	$	—	$	—
Citigroup Global Markets Inc.		5,709,000		5,707,282		—		(1,718	)^(b)
Credit Suisse AG Dublin Branch		887,018		887,018		—		—
Goldman Sachs & Co.		184,439		184,439		—		—
JPMorgan Securities LLC		6,059,555		6,059,555		—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		4,940,212		4,940,212		—		—
	$	17,833,262	$	17,831,544	$	—	$	(1,718	)
MSCI South Africa
Citigroup Global Markets Inc.	$	9,806,333	$	9,806,333	$	—	$	—

MSCI Turkey
BofA Securities, Inc.	$	1,815,874	$	1,815,874	$	—	$	—
Citigroup Global Markets Inc.		4,196,944		4,196,944		—		—
Credit Suisse AG Dublin Branch		1,496,063		1,496,063		—		—
Credit Suisse Securities (USA) LLC		1,712,669		1,712,669		—		—
Goldman Sachs & Co.		3,636,843		3,636,843		—		—
HSBC Bank PLC		372,469		372,469		—		—
JPMorgan Securities LLC		1,143,759		1,143,759		—		—
Morgan Stanley & Co. LLC		1,456,978		1,456,978		—		—
	$	15,831,599	$	15,831,599	$	—	$	—
MSCI USA Equal Weighted
Barclays Bank PLC	$	683,082	$	683,082	$	—	$	—
Barclays Capital Inc.		364,120		364,120		—		—
BNP Paribas Prime Brokerage International Ltd.		1,407,947		1,407,947		—		—
BofA Securities, Inc.		1,070,123		1,059,856		—		(10,267	)^(b)
Citigroup Global Markets Inc.		1,121,448		1,121,448		—		—
Credit Suisse AG Dublin Branch		1,687,236		1,687,236		—		—
Goldman Sachs & Co.		1,393,516		1,393,516		—		—
HSBC Bank PLC		1,640		1,640		—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		507,975		507,975		—		—
Nomura Securities International Inc.		704,643		699,214		—		(5,429	)^(b)
RBC Capital Markets LLC		14,100		14,100		—		—
SG Americas Securities LLC		503,003		503,003		—		—
UBS AG		599,386		599,386		—		—
UBS Securities LLC		594,746		594,746		—		—
	$	10,652,965	$	10,637,269	$	—	$	(15,696	)

^(a)

^(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
57

Notes to Financial Statements (unaudited) (continued)

DERIVATIVE FINANCIAL INSTRUMENTS

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

58 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

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 75% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, each of iShares 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: (1) the Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 80% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) Each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2020, each Group 1 Fund retained 73.5% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 65% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund retained 82% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 80% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) Each Group 2 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

	Fees Paid
iShares ETF	to BTC
MSCI Israel	$	6,710
MSCI South Africa		11,140
MSCI Turkey		149,190
MSCI USA Equal Weighted		10,448

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 29, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

					Net Realized
iShares ETF	Purchases		Sales		Gain (Loss)
MSCI Israel	$	38,415	$	493,870	$	(1,083,607	)
MSCI Russia		8,018,863		217,172		(173,524	)
MSCI South Africa		—		28,469,713		(2,519,170	)
MSCI USA Equal Weighted		15,634,693		14,962,353		(1,987,099	)

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)

PURCHASES AND SALES

For the six months ended February 29, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
MSCI Brazil	$	1,916,503,018	$	532,446,425
MSCI Chile		320,849,420		72,937,732
MSCI Colombia		5,332,999		8,648,352
MSCI Israel		2,624,533		4,920,045
MSCI Russia		80,078,281		132,571,180
MSCI South Africa		95,433,380		119,458,379
MSCI Turkey		19,871,025		20,973,689
MSCI USA Equal Weighted		41,948,806		40,849,198

For the six months ended February 29, 2020, in-kind transactions were as follows:

	In-kind		In-kind
iShares ETF	Purchases		Sales
MSCI Colombia	$	149,972	$	367,543
MSCI Israel		—		4,976,998
MSCI Russia		28,954,623		92,635,078
MSCI South Africa		48,321,187		75,920,273
MSCI Turkey		58,657,094		111,345,257
MSCI USA Equal Weighted		45,475,232		23,902,500

INCOME TAX INFORMATION

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

iShares ETF	Non-Expiring
MSCI Brazil	$	2,428,319,347
MSCI Chile		138,772,701
MSCI Colombia		11,656,921
MSCI Israel		28,754,391
MSCI Russia		89,746,813
MSCI South Africa		122,895,248
MSCI Turkey		151,898,678
MSCI USA Equal Weighted		2,269,871

60 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

								Net Unrealized
			Gross Unrealized		Gross Unrealized			Appreciation
iShares ETF	Tax Cost		Appreciation		Depreciation			(Depreciation)
MSCI Brazil	$	7,590,710,949	$	1,948,485,504	$	(773,897,726	)	$	1,174,587,778
MSCI Chile		567,296,869		9,390,358		(123,394,588	)		(114,004,230	)
MSCI Colombia		21,206,420		2,716,066		(4,229,702	)		(1,513,636	)
MSCI Israel		152,022,364		19,602,072		(39,860,359	)		(20,258,287	)
MSCI Russia		516,768,114		61,383,003		(63,456,073	)		(2,073,070	)
MSCI South Africa		471,394,469		11,435,526		(188,558,824	)		(177,123,298	)
MSCI Turkey		480,965,294		4,867,301		(202,895,845	)		(198,028,544	)
MSCI USA Equal Weighted		327,311,199		34,595,477		(25,688,593	)		8,906,884

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 21, 2020. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

The Funds did not borrow under the credit agreement during the six months ended February 29, 2020.

10.

PRINCIPAL RISKS

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.

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.

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)

monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

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

Transactions in capital shares were as follows:

	Six Months Ended						Year Ended
	02/29/20						08/31/19
iShares ETF		Shares			Amount			Shares			Amount
MSCI Brazil
Shares sold		32,650,000		$	1,450,867,480			39,900,000		$	1,597,335,848
Shares redeemed		(250,000	)		(10,446,203	)		(11,100,000	)		(450,367,072	)
Net increase		32,400,000		$	1,440,421,277			28,800,000		$	1,146,968,776

MSCI Chile
Shares sold		8,700,000		$	280,414,308			6,150,000		$	266,264,905
Shares redeemed		(950,000	)		(32,030,264	)		(5,950,000	)		(253,990,967	)
Net increase		7,750,000		$	248,384,044			200,000		$	12,273,938

MSCI Colombia
Shares sold		200,000		$	2,656,091			1,050,000		$	13,424,743
Shares redeemed		(450,000	)		(6,092,409	)		(1,000,000	)		(13,023,149	)
Net increase(decrease)		(250,000	)	$	(3,436,318	)		50,000		$	401,594

MSCI Israel
Shares sold		—		$	114			900,000		$	48,475,728
Shares redeemed		(100,000	)		(5,577,620	)		(900,000	)		(48,861,180	)
Net decrease		(100,000	)	$	(5,577,506	)		—		$	(385,452	)

MSCI Russia
Shares sold		950,000		$	40,668,118			3,000,000		$	102,646,729
Shares redeemed		(3,200,000	)		(132,313,217	)		(1,150,000	)		(39,850,012	)
Net increase(decrease)		(2,250,000	)	$	(91,645,099	)		1,850,000		$	62,796,717

MSCI South Africa
Shares sold		1,200,000		$	57,776,241			8,400,000		$	448,398,024
Shares redeemed		(1,700,000	)		(76,572,633	)		(7,400,000	)		(385,581,253	)
Net increase(decrease)		(500,000	)	$	(18,796,392	)		1,000,000		$	62,816,771

MSCI Turkey
Shares sold		2,400,000		$	61,671,522			6,500,000		$	152,434,904
Shares redeemed		(4,300,000	)		(112,410,964	)		(12,700,000	)		(314,093,801	)
Net decrease		(1,900,000	)	$	(50,739,442	)		(6,200,000	)	$	(161,658,897	)

62 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

	Six Months Ended						Year Ended
		02/29/20					08/31/19
iShares ETF		Shares			Amount			Shares			Amount
MSCI USA Equal Weighted
Shares sold		750,000		$	45,752,331			2,450,000		$	138,103,245
Shares redeemed		(400,000	)		(24,052,728	)		(400,000	)		(22,826,092	)
Net increase		350,000		$	21,699,603			2,050,000		$	115,277,153

12.

LEGAL PROCEEDINGS

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
63

Statement Regarding Liquidity Risk Management Program

The Board of Directors (the “Board”) 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, iShares MSCI Turkey ETF, iShares MSCI USA Equal Weighted ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40Act Liquidity Risk Management Committee (the “Committee”).At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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

64 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

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 Brazil^(a)	$	0.499868	$	—	$	0.174805	$	0.674673		74	%	—	%	26	%	100	%
MSCI Chile^(a)		0.034549		—		0.039658		0.074207		47		—		53		100
MSCI Colombia^(a)		0.073655		—		0.109364		0.183019		40		—		60		100
MSCI Israel^(a)		0.893021		—		0.119275		1.012296		88		—		12		100
MSCI Russia^(a)		1.721038		—		0.774297		2.495335		69		—		31		100
MSCI Turkey^(a)		0.215433		—		0.085065		0.300498		72		—		28		100
MSCI USA Equal Weighted^(a)		0.455109		—		0.065021		0.520130		87		—		13		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

General Information

Electronic Delivery

To enroll in electronic delivery:

●

Go to icsdelivery.com.

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

Householding

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records

66 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity

ADR	American Depositary Receipt

GDR	Global 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

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

iS-SAR-804-0220

FEBRUARY 29, 2020

2020 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 3

About Fund Performance 8

Shareholder Expenses 8

Schedules of Investments 9

Financial Statements

Statements of Assets and Liabilities 28

Statements of Operations 30

Statements of Changes in Net Assets 32

Financial Highlights 35

Notes to Financial Statements 40

Statement Regarding Liquidity Risk Management Program 48

Supplemental Information 49

General Information 50

Glossary of Terms Used in this Report 51

Fund Summary as of February 29, 2020

iShares^® MSCI Australia ETF

Investment Objective

The iShares MSCI Australia ETF (the “Fund”) seeks to track the investment results of an index composed ofAustralian equities, as represented by the MSCIAustralia 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		(5.01	)%		(1.57	)%		1.51	%		3.82	%		(1.57	)%		7.76	%		45.45	%
Fund Market		(5.20	)		(1.49	)		1.46			3.80			(1.49	)		7.51			45.26
Index		(4.83	)		(1.17	)		1.87			4.21			(1.17	)		9.71			51.09

Expense Example

Actual							Hypothetical 5% Return
Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		^(a)	Expenses Paid During the Period		Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Annualized Expense Ratio
$	1,000.00	$	949.90		$	2.42	$	1,000.00	$	1,022.40	$	2.51			0.50	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments		^(a)
Financials		36.5	%
Materials		15.6
Health Care		12.7
Real Estate		7.7
Industrials		6.5
Consumer Discretionary		5.8
Consumer Staples		5.7
Energy		5.2
Utilities		2.0
Communication Services		1.6
Information Technology		0.7

^(a)	Excludes money market funds

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	^(a)
Commonwealth Bank of Australia	10.4	%
CSL Ltd.	10.1
BHP Group Ltd.	7.1
Westpac Banking Corp.	6.1
National Australia Bank Ltd.	5.2
Australia & New Zealand Banking Group Ltd.	5.0
Woolworths Group Ltd.	3.5
Wesfarmers Ltd.	3.3
Macquarie Group Ltd.	3.3
Transurban Group	2.9

F u n d S u m m a r y

Fund Summary as of February 29, 2020

iShares^® MSCI Canada ETF

Investment Objective

The iShares MSCICanada 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	(1.04	)%		1.26	%		1.80	%		2.81	%		1.26	%		9.32	%		31.88	%
Fund Market	(0.64	)		1.45			1.85			2.79			1.45			9.60			31.67
Index	(0.97	)		1.36			1.95			3.00			1.36			10.16			34.35

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 (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Annualized Expense Ratio
$	1,000.00	$	989.60	$	2.47		$	1,000.00	$	1,022.40	$	2.51			0.50	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	^(a)
Financials	38.2	%
Energy	18.4
Materials	10.0
Industrials	9.2
Information Technology	7.2
Consumer Staples	4.4
Consumer Discretionary	3.9
Utilities	3.8
Communication Services	3.1
Health Care	1.0
Real Estate	0.8

^(a)	Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	^(a)
Royal Bank of Canada	7.7	%
Toronto-Dominion Bank (The)	6.7
Enbridge Inc.	5.4
Bank of Nova Scotia (The)	4.6
Canadian National Railway Co.	4.4
Brookfield Asset Management Inc., Class A	3.8
TC Energy Corp.	3.5
Shopify Inc., Class A	3.5
Bank of Montreal	3.1
Suncor Energy Inc.	3.0

4	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Fund Summary as of February 29, 2020

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		0.19	%		0.69	%		3.31	%		4.66	%		0.69	%		17.70	%		57.73	%
Fund Market		(0.59	)		(0.43	)		3.08			4.57			(0.43	)		16.36			56.28
Index		0.37			1.07			3.65			5.11			1.07			19.66			64.59

Expense Example

Actual							Hypothetical 5% Return
Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Annualized Expense Ratio
$	1,000.00	$	1,001.90	$	2.49		$	1,000.00	$	1,022.40	$	2.51			0.50	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	^(a)
Industrials	20.5	%
Consumer Discretionary	18.2
Information Technology	11.8
Financials	10.7
Health Care	10.2
Communication Services	9.1
Consumer Staples	7.7
Materials	5.1
Real Estate.	4.3
Utilities	1.6
Energy	0.8

^(a)	Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	^(a)
Toyota Motor Corp.	4.6	%
Sony Corp.	2.4
SoftBank Group Corp.	2.2
Mitsubishi UFJ Financial Group Inc.	1.9
Keyence Corp.	1.8
Takeda Pharmaceutical Co. Ltd.	1.6
KDDI Corp.	1.5
Recruit Holdings Co. Ltd.	1.5
Honda Motor Co. Ltd.	1.3
Sumitomo Mitsui Financial Group Inc.	1.3

F u n d S u m m a r y

Fund Summary as of February 29, 2020

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		0.27	%		(2.70	)%		(5.23	)%		0.10	%		(2.70	)%		(23.56	)%		0.99	%
Fund Market		1.68			(1.13	)		(4.94	)		0.28			(1.13	)		(22.39	)		2.80
Index		0.48			(2.38	)		(4.96	)		0.20			(2.38	)		(22.45	)		1.98

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 (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Annualized Expense Ratio
$	1,000.00	$	1,002.70	$	2.49		$	1,000.00	$	1,022.40	$	2.51			0.50	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	^(a)
Consumer Staples	28.1	%
Communication Services	22.0
Financials	15.4
Industrials	11.9
Materials	10.8
Real Estate	7.1
Consumer Discretionary	2.3
Utilities	1.7
Health Care	0.7

^(a)	Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	^(a)
America Movil SAB de CV, Series L	17.0	%
Fomento Economico Mexicano SAB de CV	9.7
Wal-Mart de Mexico SAB de CV	9.0
Grupo Financiero Banorte SAB de CV, Class O	8.6
Grupo Mexico SAB de CV, Series B	4.3
Cemex SAB de CV	3.4
Fibra Uno Administracion SA de CV	3.3
Grupo Televisa SAB	3.1
Grupo Aeroportuario del Pacifico SAB de CV, Series B	2.8
Grupo Aeroportuario del Sureste SAB de CV, Class B	2.4

6	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Fund Summary as of February 29, 2020

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	3.05	%		(12.99	)%	0.86	%	3.26	%		(12.99	)%	4.40	%	37.78	%
Fund Market	5.39			(10.81	)	1.41		3.46			(10.81	)	7.26		40.51
Index	3.13			(12.77	)	1.25		3.79			(12.77	)	6.39		45.08

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 (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Annualized Expense Ratio
$	1,000.00	$	1,030.50	$	2.93		$	1,000.00	$	1,022.00	$	2.92			0.58	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	^(a)
Information Technology	34.8	%
Consumer Discretionary	12.1
Financials	11.9
Industrials	10.2
Communication Services	8.5
Materials	7.7
Consumer Staples	6.6
Health Care	5.3
Energy	1.9
Utilities	1.0

^(a)	Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	^(a)
Samsung Electronics Co. Ltd.	22.6	%
SK Hynix Inc.	6.7
NAVER Corp.	3.4
Hyundai Motor Co.	2.5
LG Chem Ltd.	2.4
Samsung SDI Co. Ltd.	2.3
Celltrion Inc.	2.2
KB Financial Group Inc.	2.2
POSCO	2.1
Shinhan Financial Group Co. Ltd.	2.1

F u n d S u m m a r y

About Fund Performance

Past performance is no guarantee of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Shareholder Expenses

8	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited)	iShares^®MSCI Australia ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Airlines — 0.3%
Qantas Airways Ltd.		1,044,079	$	3,722,629

Banks — 26.8%
Australia & New Zealand Banking Group Ltd.		4,063,291		65,049,794
Bendigo & Adelaide Bank Ltd.		748,480		4,434,932
Commonwealth Bank of Australia		2,537,589		133,801,096
National Australia Bank Ltd.		4,132,880		66,883,317
Westpac Banking Corp.		5,122,276		78,073,155
				348,242,294
Beverages — 1.0%
Coca-Cola Amatil Ltd.		725,797		5,376,832
Treasury Wine Estates Ltd.		1,037,122		7,375,588
				12,752,420
Biotechnology — 10.0%
CSL Ltd.		650,775		129,837,037

Capital Markets — 4.8%
ASX Ltd.		277,103		13,246,011
Macquarie Group Ltd.		483,678		42,046,916
Magellan Financial Group Ltd.		182,615		6,565,238
				61,858,165
Chemicals — 0.9%
Incitec Pivot Ltd.		2,299,721		4,047,893
Orica Ltd.		581,352		7,421,568
				11,469,461
Commercial Services & Supplies — 1.3%
Brambles Ltd.		2,226,888		17,171,998

Construction & Engineering — 0.2%
CIMIC Group Ltd.		139,761		2,148,244

Construction Materials — 1.3%
Boral Ltd.		1,673,704		4,877,624
James Hardie Industries PLC		637,106		11,596,151
				16,473,775
Diversified Financial Services — 0.8%
AMP Ltd.^(a)		4,931,666		5,325,982
Challenger Ltd.		788,296		4,620,027
				9,946,009
Diversified Telecommunication Services — 1.2%
Telstra Corp. Ltd.		5,961,444		13,183,686
TPG Telecom Ltd.		531,129		2,578,614
				15,762,300
Electric Utilities — 0.2%
AusNet Services		2,679,053		2,927,806

Energy Equipment & Services — 0.3%
Worley Ltd.		483,155		3,900,157

Equity Real Estate Investment Trusts (REITs) — 6.9%
BGP Holdings PLC^(a)(b)		18,888,372		207
Dexus		1,571,003		12,316,913
Goodman Group		2,357,247		22,767,125
GPT Group (The)		2,789,694		10,396,225
Mirvac Group		5,633,890		11,042,648
Scentre Group		7,525,810		16,788,838
Stockland		3,414,702		10,369,671

Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Vicinity Centres		4,591,452	$	6,394,331
				90,075,958
Food & Staples Retailing — 4.6%
Coles Group Ltd.		1,623,452		14,873,899
Woolworths Group Ltd.		1,807,211		45,209,725
				60,083,624
Gas Utilities — 0.9%
APA Group		1,689,786		11,701,116

Health Care Equipment & Supplies — 0.8%
Cochlear Ltd.		82,786		11,080,379

Health Care Providers & Services — 1.7%
Ramsay Health Care Ltd.		231,524		10,152,198
Sonic Healthcare Ltd.		648,585		12,043,443
				22,195,641
Hotels, Restaurants & Leisure — 2.3%
Aristocrat Leisure Ltd.		826,047		17,634,178
Crown Resorts Ltd.		533,401		3,494,128
Flight Centre Travel Group Ltd.		80,837		1,700,143
Tabcorp Holdings Ltd.		2,891,884		7,066,614
				29,895,063
Insurance — 3.9%
Insurance Australia Group Ltd.		3,322,888		13,668,714
Medibank Pvt Ltd.		3,944,089		7,196,551
QBE Insurance Group Ltd.		1,877,178		16,448,118
Suncorp Group Ltd.		1,804,328		13,192,279
				50,505,662
Interactive Media & Services — 0.4%
REA Group Ltd.		76,230		4,832,358

IT Services — 0.5%
Computershare Ltd.		699,840		6,912,717

Metals & Mining — 13.3%
Alumina Ltd.		3,498,376		4,375,820
BHP Group Ltd.		4,222,791		91,480,841
BlueScope Steel Ltd.		726,693		5,538,087
Fortescue Metals Group Ltd.		1,994,020		12,959,293
Newcrest Mining Ltd.		1,104,352		18,726,411
Rio Tinto Ltd.		531,794		29,922,625
South32 Ltd.		7,081,632		10,136,257
				173,139,334
Multi-Utilities — 0.9%
AGL Energy Ltd.		923,860		11,400,906

Multiline Retail — 3.4%
Harvey Norman Holdings Ltd.		795,541		1,902,952
Wesfarmers Ltd.		1,625,337		42,598,593
				44,501,545
Oil, Gas & Consumable Fuels — 4.9%
Caltex Australia Ltd.		357,647		7,540,387
Oil Search Ltd.		1,965,269		6,956,417
Origin Energy Ltd.		2,534,241		11,404,983
Santos Ltd.		2,532,865		11,153,830
Washington H Soul Pattinson & Co. Ltd.		171,307		2,155,987
Woodside Petroleum Ltd.		1,351,235		24,324,145
				63,535,749
Professional Services — 0.5%
Seek Ltd.		478,934		6,385,832

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Australia ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Real Estate Management & Development — 0.7%
Lendlease Group		807,901	$	9,183,363

Road & Rail — 0.7%
Aurizon Holdings Ltd.		2,812,661		8,759,026

Software — 0.1%
WiseTech Global Ltd.^(c)		207,454		2,019,715

Transportation Infrastructure — 3.5%
Sydney Airport		1,584,951		7,940,140
Transurban Group		3,919,528		37,527,662
				45,467,802
Total Common Stocks — 99.1%
(Cost: $1,633,601,912)				1,287,888,085

Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(d)(e)(f)		9,108		9,114

Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(d)(e)		572,000	$	572,000
				581,114
Total Short-Term Investments — 0.1%
(Cost: $581,112)				581,114

Total Investments in Securities — 99.2%
(Cost: $1,634,183,024)				1,288,469,199

Other Assets, Less Liabilities — 0.8%				10,584,698

Net Assets — 100.0%			$	1,299,053,897

^(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.

^(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 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:


Affiliated Issuer	Shares Held at 08/31/19		Net Activity			Shares Held at 02/29/20		Value at 02/29/20		Income			Net Realized Gain (Loss)		^(a)	Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		—		9,108			9,108	$	9,114	$	1,441	^(b)	$	332		$	2
BlackRock Cash Funds: Treasury, SL Agency Shares		603,000		(31,000	)		572,000		572,000		8,844			—			—
								$	581,114	$	10,285		$	332		$	2

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

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

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
ASX SPI 200 Index		108	03/19/20	$	11,096	$	(830,837	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:


	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	830,837

^(a)

10	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Australia ETF
February 29, 2020

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	454,800

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(937,733	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	13,032,157

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	$	1,287,887,878		$	—	$	207	$	1,287,888,085
Money Market Funds		581,114			—		—		581,114
	$	1,288,468,992		$	—	$	207	$	1,288,469,199
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(830,837	)	$	—	$	—	$	(830,837	)

^(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

Schedule of Investments (unaudited)	iShares^® MSCI Canada ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.6%
Bombardier Inc., Class B^(a)		3,663,918	$	2,620,301
CAE Inc.		458,382		12,262,449
				14,882,750
Airlines — 0.2%
Air Canada^(a)		222,003		5,664,397

Auto Components — 0.9%
Magna International Inc.		499,984		22,754,142

Banks — 25.7%
Bank of Montreal		1,098,741		74,657,255
Bank of Nova Scotia (The)		2,095,684		109,627,840
Canadian Imperial Bank of Commerce		765,643		58,269,519
National Bank of Canada		575,604		29,917,601
Royal Bank of Canada		2,465,921		183,371,128
Toronto-Dominion Bank (The)		3,115,404		160,232,050
				616,075,393
Capital Markets — 4.2%
Brookfield Asset Management Inc., Class A		1,531,034		91,552,948
CI Financial Corp.		378,592		6,286,599
IGM Financial Inc.		145,533		3,880,229
				101,719,776
Chemicals — 1.8%
Methanex Corp.		111,176		3,200,239
Nutrien Ltd.		985,110		39,812,431
				43,012,670
Construction & Engineering — 0.5%
WSP Global Inc.		182,596		12,034,319

Containers & Packaging — 0.4%
CCL Industries Inc., Class B, NVS		257,851		8,511,475

Diversified Financial Services — 0.3%
Onex Corp.		146,870		8,245,333

Diversified Telecommunication Services — 1.0%
BCE Inc.		264,863		11,631,597
TELUS Corp.		342,223		12,349,448
				23,981,045
Electric Utilities — 2.5%
Emera Inc.		413,767		17,434,098
Fortis Inc.		753,502		30,491,473
Hydro One Ltd.^(b)		568,916		11,417,735
				59,343,306
Equity Real Estate Investment Trusts (REITs) — 0.8%
Canadian Apartment Properties REIT		142,724		5,967,965
First Capital Real Estate Investment Trust		188,713		2,814,493
H&R Real Estate Investment Trust		247,750		3,582,395
RioCan REIT		267,813		5,001,730
SmartCentres Real Estate Investment Trust		127,495		2,733,494
				20,100,077
Food & Staples Retailing — 3.9%
Alimentation Couche-Tard Inc., Class B		1,496,768		45,448,850
Empire Co. Ltd., Class A, NVS		299,070		6,681,647
George Weston Ltd.		132,775		9,995,094
Loblaw Companies Ltd.		314,251		15,567,990
Metro Inc.		436,293		16,992,139
				94,685,720

Security	Shares		Value

Food Products — 0.5%
Saputo Inc.		418,897	$	11,658,652

Gas Utilities — 0.3%
AltaGas Ltd.		481,175		7,194,236

Hotels, Restaurants & Leisure — 1.6%
Restaurant Brands International Inc.		485,813		28,630,883
Stars Group Inc. (The)^(a)		394,997		9,051,371
				37,682,254
Insurance — 7.8%
Fairfax Financial Holdings Ltd.		46,168		19,886,616
Great-West Lifeco Inc.		479,224		11,270,609
iA Financial Corp. Inc.		183,891		8,752,409
Intact Financial Corp.		239,779		25,988,339
Manulife Financial Corp.		3,351,610		56,328,321
Power Corp. of Canada		971,482		21,472,694
Sun Life Financial Inc.		1,011,050		43,677,721
				187,376,709
IT Services — 4.7%
CGI Inc.^(a)		412,858		29,006,323
Shopify Inc., Class A^(a)		178,250		82,757,079
				111,763,402
Media — 0.9%
Quebecor Inc., Class B		305,591		7,139,221
Shaw Communications Inc., Class B, NVS		803,808		13,910,277
				21,049,498
Metals & Mining — 7.6%
Agnico Eagle Mines Ltd.		410,879		19,494,829
Barrick Gold Corp.		3,057,413		58,308,022
First Quantum Minerals Ltd.		1,185,741		8,762,656
Franco-Nevada Corp.		324,314		34,814,800
Kinross Gold Corp.^(a)		2,161,562		10,869,403
Kirkland Lake Gold Ltd.		467,907		15,089,726
Lundin Mining Corp.		1,142,339		5,829,346
Teck Resources Ltd., Class B.		844,513		8,493,258
Wheaton Precious Metals Corp.		769,079		21,868,921
				183,530,961
Multi-Utilities — 1.1%
Algonquin Power & Utilities Corp.		893,570		13,579,788
Atco Ltd., Class I, NVS		133,162		4,967,969
Canadian Utilities Ltd., Class A, NVS.		226,113		6,690,660
				25,238,417
Multiline Retail — 1.0%
Canadian Tire Corp. Ltd., Class A, NVS		100,283		9,860,583
Dollarama Inc.		514,284		15,117,999
				24,978,582
Oil, Gas & Consumable Fuels — 18.3%
Cameco Corp.		683,198		5,908,987
Canadian Natural Resources Ltd.		2,034,788		52,372,276
Cenovus Energy Inc.		1,798,327		13,222,697
Enbridge Inc.		3,479,280		129,492,926
Husky Energy Inc.		609,514		2,901,475
Imperial Oil Ltd.		455,053		9,963,130
Inter Pipeline Ltd.		710,028		10,504,828
Keyera Corp.		368,683		8,849,381
Ovintiv Inc.		446,746		5,161,866
Parkland Fuel Corp.		254,252		7,993,023
Pembina Pipeline Corp.		942,792		33,958,352
PrairieSky Royalty Ltd.		362,918		3,365,984

12	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^® MSCI Canada ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Suncor Energy Inc.		2,644,158	$	72,862,818
TC Energy Corp.		1,605,216		83,659,933
				440,217,676
Paper & Forest Products — 0.1%
West Fraser Timber Co. Ltd.		91,746		3,425,567

Pharmaceuticals — 1.0%
Aurora Cannabis Inc.^(a)(c)		1,860,502		2,508,667
Bausch Health Companies Inc.^(a)		545,626		12,088,440
Canopy Growth Corp.^(a)(c)		359,039		6,732,232
Cronos Group Inc.^(a)(c)		321,929		1,868,236
				23,197,575
Professional Services — 1.1%
Thomson Reuters Corp.		344,144		25,563,078

Road & Rail — 6.8%
Canadian National Railway Co.		1,230,487		104,307,458
Canadian Pacific Railway Ltd.		236,063		58,502,684
				162,810,142
Software — 2.5%
BlackBerry Ltd.^(a)		897,584		4,633,856
Constellation Software Inc.		34,668		35,315,725
Open Text Corp.		465,706		19,497,655
				59,447,236
Textiles, Apparel & Luxury Goods — 0.4%
Gildan Activewear Inc.		350,762		8,495,007

Wireless Telecommunication Services — 1.2%
Rogers Communications Inc., Class B, NVS		619,894		28,405,170

Total Common Stocks — 99.7%
(Cost: $2,812,777,858)				2,393,044,565

Security	Shares		Value

Short-Term Investments

Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(d)(e)(f)		8,156,331	$	8,162,041
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(d)(e)		1,209,000		1,209,000
				9,371,041
Total Short-Term Investments — 0.4%
(Cost: $9,366,094)				9,371,041

Total Investments in Securities — 100.1%
(Cost: $2,822,143,952)				2,402,415,606

Other Assets, Less Liabilities — (0.1)%				(2,053,274	)

Net Assets — 100.0%			$	2,400,362,332

^(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)	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 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:


Affiliated Issuer	Shares Held at 08/31/19		Net Activity			Shares Held at 02/29/20		Value at 02/29/20		Income			Net Realized Gain (Loss)		^(a)	Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		52,307,444		(44,151,113	)		8,156,331	$	8,162,041	$	1,181,192	^(b)	$	8,941		$	(6,873	)
BlackRock Cash Funds: Treasury, SL Agency Shares		986,000		223,000			1,209,000		1,209,000		12,619			—			—
								$	9,371,041	$	1,193,811		$	8,941		$	(6,873	)

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

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

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P/TSX 60 Index		49	03/19/20	$	7,090	$	(331,363	)

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Canada ETF
February 29, 2020

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	331,363

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	84,131

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(400,325	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	9,624,872

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	$	2,393,044,565		$	—	$	—	$	2,393,044,565
Money Market Funds		9,371,041			—		—		9,371,041
	$	2,402,415,606		$	—	$	—	$	2,402,415,606
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(331,363	)	$	—	$	—	$	(331,363	)

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

See notes to financial statements.

14	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited)	iShares^®MSCI Japan ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Air Freight & Logistics — 0.2%
SG Holdings Co. Ltd.		455,700	$	8,990,216
Yamato Holdings Co. Ltd.		976,900		15,414,488
				24,404,704
Airlines — 0.2%
ANA Holdings Inc.		364,800		9,833,180
Japan Airlines Co. Ltd.		365,600		9,076,872
				18,910,052
Auto Components — 2.2%
Aisin Seiki Co. Ltd.		519,100		16,843,740
Bridgestone Corp.		1,820,500		60,860,548
Denso Corp.		1,381,300		54,040,569
Koito Manufacturing Co. Ltd.		330,500		13,052,705
NGK Spark Plug Co. Ltd.		498,400		8,201,548
Stanley Electric Co. Ltd.		425,500		10,398,350
Sumitomo Electric Industries Ltd.		2,393,600		28,637,100
Sumitomo Rubber Industries Ltd.		551,400		5,740,715
Toyoda Gosei Co. Ltd.		200,300		4,282,128
Toyota Industries Corp.		464,400		24,583,730
Yokohama Rubber Co. Ltd. (The)		379,600		6,183,259
				232,824,392
Automobiles — 7.6%
Honda Motor Co. Ltd.		5,195,300		134,837,457
Isuzu Motors Ltd.		1,745,000		16,436,472
Mazda Motor Corp.		1,819,100		12,648,449
Mitsubishi Motors Corp.		2,118,700		7,051,530
Nissan Motor Co. Ltd.		7,367,500		31,665,258
Subaru Corp.		1,963,700		47,688,427
Suzuki Motor Corp.		1,174,700		47,231,946
Toyota Motor Corp.		7,301,500		482,434,437
Yamaha Motor Co. Ltd.		889,700		14,253,016
				794,246,992
Banks — 5.5%
Aozora Bank Ltd.		376,900		9,441,281
Bank of Kyoto Ltd. (The)		177,600		6,050,897
Chiba Bank Ltd. (The)		1,713,100		8,465,047
Concordia Financial Group Ltd.		3,322,400		11,458,145
Fukuoka Financial Group Inc.		555,600		8,468,052
Japan Post Bank Co. Ltd.		1,273,000		11,376,925
Mebuki Financial Group Inc.		2,772,780		5,423,970
Mitsubishi UFJ Financial Group Inc.		39,303,580		193,812,397
Mizuho Financial Group Inc.		76,736,980		105,005,129
Resona Holdings Inc.		6,628,400		25,145,703
Seven Bank Ltd.		1,840,100		4,844,838
Shinsei Bank Ltd.		616,400		8,211,809
Shizuoka Bank Ltd. (The)		1,417,500		8,962,453
Sumitomo Mitsui Financial Group Inc.		4,164,000		134,495,675
Sumitomo Mitsui Trust Holdings Inc.		1,017,332		34,896,662
				576,058,983
Beverages — 1.2%
Asahi Group Holdings Ltd.		1,152,900		44,356,696
Coca-Cola Bottlers Japan Holdings Inc.		396,300		9,129,982
Kirin Holdings Co. Ltd.		2,626,600		50,527,929
Suntory Beverage & Food Ltd.		454,500		17,317,897
				121,332,504
Biotechnology — 0.1%
PeptiDream Inc.^(a)		303,300		12,090,947

Security	Shares		Value

Building Products — 1.5%
AGC Inc.		584,800	$	16,806,935
Daikin Industries Ltd.		797,200		108,828,350
LIXIL Group Corp.		847,000		12,720,901
TOTO Ltd.		455,300		17,285,065
				155,641,251
Capital Markets — 1.1%
Daiwa Securities Group Inc.		4,841,200		20,609,827
Japan Exchange Group Inc.		1,628,100		27,395,369
Nomura Holdings Inc.		10,559,100		46,939,123
SBI Holdings Inc.		753,310		15,189,814
				110,134,133
Chemicals — 4.0%
Air Water Inc.		581,800		7,707,711
Asahi Kasei Corp.		4,013,700		33,515,409
Daicel Corp.		778,800		6,721,947
Hitachi Chemical Co. Ltd.		323,400		13,656,765
JSR Corp.		609,000		10,727,298
Kansai Paint Co. Ltd.		574,000		12,542,697
Kuraray Co. Ltd.		1,002,400		10,445,442
Mitsubishi Chemical Holdings Corp.		4,067,500		27,388,173
Mitsubishi Gas Chemical Co. Inc.		521,200		7,905,096
Mitsui Chemicals Inc.		584,900		12,683,272
Nippon Paint Holdings Co. Ltd.		454,700		20,761,113
Nissan Chemical Corp.		401,100		16,975,122
Nitto Denko Corp.		505,800		25,415,436
Shin-Etsu Chemical Co. Ltd.		1,128,800		127,096,611
Showa Denko KK.		437,200		9,452,097
Sumitomo Chemical Co. Ltd.		4,739,300		17,267,370
Taiyo Nippon Sanso Corp.		419,600		7,511,682
Teijin Ltd.		578,800		9,524,591
Toray Industries Inc.		4,387,900		25,412,517
Tosoh Corp.		822,900		11,298,520
				414,008,869
Commercial Services & Supplies — 1.0%
Dai Nippon Printing Co. Ltd.		774,500		18,632,805
Park24 Co. Ltd.		368,700		7,188,394
Secom Co. Ltd.		673,400		53,533,630
Sohgo Security Services Co. Ltd.		222,500		10,416,956
Toppan Printing Co. Ltd.		892,900		15,570,805
				105,342,590
Construction & Engineering — 0.8%
JGC Holdings Corp.		709,200		8,711,723
Kajima Corp.		1,423,000		15,342,780
Obayashi Corp.		2,056,600		20,763,338
Shimizu Corp.		1,869,700		17,021,697
Taisei Corp.		645,200		22,101,831
				83,941,369
Construction Materials — 0.1%
Taiheiyo Cement Corp.		385,200		9,509,921

Consumer Finance — 0.2%
Acom Co. Ltd.		1,227,500		5,052,705
AEON Financial Service Co. Ltd.		352,770		5,128,108
Credit Saison Co. Ltd.		496,500		7,217,466
				17,398,279
Containers & Packaging — 0.1%
Toyo Seikan Group Holdings Ltd.		455,200		7,300,756

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Japan ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Diversified Consumer Services — 0.1%
Benesse Holdings Inc.		221,600	$	5,715,396

Diversified Financial Services — 0.8%
Mitsubishi UFJ Lease & Finance Co. Ltd.		1,261,300		7,214,779
ORIX Corp.		4,219,100		68,137,692
Tokyo Century Corp.		137,300		5,702,536
				81,055,007
Diversified Telecommunication Services — 0.9%
Nippon Telegraph & Telephone Corp.		4,095,400		96,039,626

Electric Utilities — 1.0%
Chubu Electric Power Co. Inc.		2,057,600		26,849,043
Chugoku Electric Power Co. Inc. (The)		880,000		11,715,385
Kansai Electric Power Co. Inc. (The)		2,235,100		24,129,921
Kyushu Electric Power Co. Inc.		1,209,800		8,770,811
Tohoku Electric Power Co. Inc.		1,343,800		11,810,341
Tokyo Electric Power Co. Holdings Inc.^(a)		4,819,600		18,319,529
				101,595,030
Electrical Equipment — 1.6%
Fuji Electric Co. Ltd.		407,600		11,196,577
Mitsubishi Electric Corp.		5,818,000		73,948,714
Nidec Corp.		718,300		85,105,215
				170,250,506
Electronic Equipment, Instruments & Components — 5.8%
Alps Alpine Co. Ltd.		660,700		10,161,788
Hamamatsu Photonics KK		455,500		17,672,716
Hirose Electric Co. Ltd.		102,158		10,853,666
Hitachi High-Technologies Corp.		212,300		15,686,562
Hitachi Ltd.		3,089,100		104,158,501
Keyence Corp.		582,704		185,888,329
Kyocera Corp.		1,019,300		64,220,672
Murata Manufacturing Co. Ltd.		1,833,300		97,235,520
Omron Corp.		605,900		32,804,487
Shimadzu Corp.		718,300		17,500,509
TDK Corp.		417,800		40,476,614
Yokogawa Electric Corp.		721,900		11,625,090
				608,284,454
Entertainment — 1.7%
Konami Holdings Corp.		304,100		10,981,037
Nexon Co. Ltd.		1,564,700		24,906,966
Nintendo Co. Ltd.		355,000		119,370,046
Square Enix Holdings Co. Ltd.		301,700		12,167,014
Toho Co. Ltd.		357,700		11,026,306
				178,451,369
Equity Real Estate Investment Trusts (REITs) — 1.6%
Daiwa House REIT Investment Corp.		5,845		14,587,438
Japan Prime Realty Investment Corp.		2,482		10,929,866
Japan Real Estate Investment Corp.		4,255		29,033,329
Japan Retail Fund Investment Corp.		8,350		15,877,115
Nippon Building Fund Inc.		4,346		32,595,504
Nippon Prologis REIT Inc.		6,323		17,157,948
Nomura Real Estate Master Fund Inc.		13,114		20,826,294
Orix JREIT Inc.		8,401		15,966,300
United Urban Investment Corp.		9,292		14,868,578
				171,842,372
Food & Staples Retailing — 1.7%
Aeon Co. Ltd.		2,085,200		38,943,452
FamilyMart Co. Ltd.		816,400		18,058,966
Lawson Inc.		166,200		8,828,870

Security	Shares		Value

Food & Staples Retailing (continued)
Seven & i Holdings Co. Ltd.		2,403,980	$	82,372,503
Sundrug Co. Ltd.		224,800		7,033,792
Tsuruha Holdings Inc.		116,100		13,486,608
Welcia Holdings Co. Ltd.		152,900		9,213,832
				177,938,023
Food Products — 1.4%
Ajinomoto Co. Inc.		1,399,800		23,514,927
Calbee Inc.		255,300		6,539,599
Kikkoman Corp.		461,300		21,425,977
MEIJI Holdings Co. Ltd.		361,356		21,574,492
NH Foods Ltd.		263,700		9,950,021
Nisshin Seifun Group Inc.		627,875		10,629,025
Nissin Foods Holdings Co. Ltd.		201,600		15,886,525
Toyo Suisan Kaisha Ltd.		287,600		11,398,415
Yakult Honsha Co. Ltd.		380,400		17,403,921
Yamazaki Baking Co. Ltd.		388,700		6,612,567
				144,935,469
Gas Utilities — 0.5%
Osaka Gas Co. Ltd.		1,191,600		19,277,263
Toho Gas Co. Ltd.		235,100		8,031,739
Tokyo Gas Co. Ltd.		1,204,400		24,374,961
				51,683,963
Health Care Equipment & Supplies — 2.8%
Asahi Intecc Co. Ltd.		618,900		14,837,764
Hoya Corp.		1,211,500		107,924,753
Olympus Corp.		3,709,000		67,464,497
Sysmex Corp.		536,100		34,388,133
Terumo Corp.		2,052,800		66,190,501
				290,805,648
Health Care Providers & Services — 0.3%
Alfresa Holdings Corp.		592,500		10,414,685
Medipal Holdings Corp.		582,500		10,649,330
Suzuken Co. Ltd.		225,740		7,481,764
				28,545,779
Health Care Technology — 0.3%
M3 Inc.		1,402,600		36,227,169

Hotels, Restaurants & Leisure — 0.8%
McDonald's Holdings Co. Japan Ltd.		204,400		8,584,175
Oriental Land Co. Ltd.		634,800		72,181,171
				80,765,346
Household Durables — 4.0%
Casio Computer Co. Ltd.		613,600		10,563,716
Iida Group Holdings Co. Ltd.		464,280		6,279,929
Nikon Corp.		1,007,700		10,360,537
Panasonic Corp.		7,024,015		67,104,691
Rinnai Corp.		103,200		7,051,258
Sekisui Chemical Co. Ltd.		1,157,800		17,270,664
Sekisui House Ltd.		1,985,900		38,976,038
Sharp Corp.		674,400		7,877,847
Sony Corp.		4,069,300		249,405,667
				414,890,347
Household Products — 0.6%
Lion Corp.		715,500		11,847,059
Pigeon Corp.		366,300		12,429,036
Unicharm Corp.		1,283,200		41,613,439
				65,889,534

16	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Japan ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Independent Power and Renewable Electricity Producers — 0.1%
Electric Power Development Co. Ltd.		459,500	$	9,866,055

Industrial Conglomerates — 0.4%
Keihan Holdings Co. Ltd.		315,200		12,799,110
Toshiba Corp.		1,227,200		33,278,264
				46,077,374
Insurance — 3.1%
Dai-ichi Life Holdings Inc.		3,434,100		47,071,032
Japan Post Holdings Co. Ltd.		5,005,500		43,653,398
Japan Post Insurance Co. Ltd.		715,500		10,991,364
MS&AD Insurance Group Holdings Inc.		1,513,340		48,866,298
Sompo Holdings Inc.		1,077,350		40,111,599
Sony Financial Holdings Inc.		482,200		9,647,129
T&D Holdings Inc.		1,758,800		17,365,429
Tokio Marine Holdings Inc.		2,039,100		109,663,182
				327,369,431
Interactive Media & Services — 0.5%
Kakaku.com Inc.		444,400		9,517,118
LINE Corp.^(a)(b)		196,400		9,668,419
Z Holdings Corp.		8,477,000		30,885,468
				50,071,005
Internet & Direct Marketing Retail — 0.3%
Mercari Inc.^(a)(b)		236,000		5,345,089
Rakuten Inc.		2,729,800		22,852,727
ZOZO Inc.		345,100		4,843,845
				33,041,661
IT Services — 1.9%
Fujitsu Ltd.		626,700		65,130,552
GMO Payment Gateway Inc.^(b)		131,048		8,042,811
Itochu Techno-Solutions Corp.		316,200		8,776,738
NEC Corp.		845,000		31,648,820
Nomura Research Institute Ltd.		1,090,912		23,817,714
NTT Data Corp.		2,008,700		24,041,457
Obic Co. Ltd.		202,500		24,949,937
Otsuka Corp.		323,200		13,828,100
				200,236,129
Leisure Products — 1.0%
Bandai Namco Holdings Inc.		636,698		31,697,662
Sankyo Co. Ltd.		146,300		4,808,172
Sega Sammy Holdings Inc.		559,100		7,375,880
Shimano Inc.		235,200		32,969,211
Yamaha Corp.		458,900		22,548,278
				99,399,203
Machinery — 5.2%
Amada Holdings Co. Ltd.		1,042,800		9,744,981
Daifuku Co. Ltd.		328,200		19,534,084
FANUC Corp.		617,000		102,790,433
Hino Motors Ltd.		899,800		7,440,983
Hitachi Construction Machinery Co. Ltd.		336,100		8,297,727
Hoshizaki Corp.		181,000		15,337,134
IHI Corp.		461,200		9,701,597
JTEKT Corp.		643,500		6,281,978
Kawasaki Heavy Industries Ltd.		455,300		8,273,193
Komatsu Ltd.		2,933,900		59,363,433
Kubota Corp.		3,330,300		47,022,175
Kurita Water Industries Ltd.		322,300		8,351,444
Makita Corp.		714,500		24,740,718
MINEBEA MITSUMI Inc.		1,160,600		20,486,556
MISUMI Group Inc.		905,900		19,123,296

Security	Shares		Value

Machinery (continued)
Mitsubishi Heavy Industries Ltd.		1,017,500	$	32,251,727
Nabtesco Corp.		355,900		9,608,129
NGK Insulators Ltd.		832,100		13,091,120
NSK Ltd.		1,140,300		8,742,670
SMC Corp.		189,700		75,746,340
Sumitomo Heavy Industries Ltd.		347,300		7,572,888
THK Co. Ltd.		385,000		8,826,821
Yaskawa Electric Corp.		764,300		23,985,125
				546,314,552
Marine — 0.1%
Mitsui OSK Lines Ltd.		364,300		7,568,686
Nippon Yusen KK.		481,100		6,886,556
				14,455,242
Media — 0.4%
CyberAgent Inc.^(b)		328,200		12,459,825
Dentsu Group Inc.		698,500		18,209,632
Hakuhodo DY Holdings Inc.		736,700		8,598,761
				39,268,218
Metals & Mining — 0.8%
Hitachi Metals Ltd.		677,800		9,695,874
JFE Holdings Inc.		1,558,750		14,479,836
Maruichi Steel Tube Ltd.		189,700		4,607,741
Mitsubishi Materials Corp.		352,500		8,058,824
Nippon Steel Corp.		2,570,070		28,973,301
Sumitomo Metal Mining Co. Ltd.		733,100		18,251,889
				84,067,465
Multiline Retail — 0.6%
Isetan Mitsukoshi Holdings Ltd.		1,063,860		6,973,059
J Front Retailing Co. Ltd.		727,000		7,730,673
Marui Group Co. Ltd.		602,100		11,755,645
Pan Pacific International Holdings Corp.		1,412,600		23,415,647
Ryohin Keikaku Co. Ltd.		751,400		10,295,918
				60,170,942
Oil, Gas & Consumable Fuels — 0.8%
Idemitsu Kosan Co. Ltd.		623,529		15,364,947
Inpex Corp.		3,252,800		28,132,732
JXTG Holdings Inc.		9,771,495		39,316,079
				82,813,758
Paper & Forest Products — 0.1%
Oji Holdings Corp.		2,715,200		12,963,686

Personal Products — 2.1%
Kao Corp.		1,538,900		112,252,030
Kobayashi Pharmaceutical Co. Ltd.^(b)		163,000		11,862,513
Kose Corp.		102,700		12,320,382
Pola Orbis Holdings Inc.		299,600		5,732,855
Shiseido Co. Ltd.		1,269,400		75,529,683
				217,697,463
Pharmaceuticals — 6.7%
Astellas Pharma Inc.		6,022,050		94,854,336
Chugai Pharmaceutical Co. Ltd.		712,700		77,404,909
Daiichi Sankyo Co. Ltd.		1,805,169		110,286,596
Eisai Co. Ltd.		810,200		59,947,214
Hisamitsu Pharmaceutical Co. Inc.		174,800		7,835,331
Kyowa Kirin Co. Ltd.		774,800		18,460,446
Nippon Shinyaku Co. Ltd.		149,600		11,081,482
Ono Pharmaceutical Co. Ltd.		1,221,700		25,030,890
Otsuka Holdings Co. Ltd.		1,233,100		46,642,080

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Japan ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Pharmaceuticals (continued)
Santen Pharmaceutical Co. Ltd.		1,143,800	$	18,366,121
Shionogi & Co. Ltd.		856,500		46,412,112
Sumitomo Dainippon Pharma Co. Ltd.		505,000		7,308,256
Taisho Pharmaceutical Holdings Co. Ltd.		103,500		6,419,274
Takeda Pharmaceutical Co. Ltd.		4,787,900		167,031,639
				697,080,686
Professional Services — 1.5%
Persol Holdings Co. Ltd.		574,800		7,614,974
Recruit Holdings Co. Ltd.		4,331,300		150,901,826
				158,516,800
Real Estate Management & Development — 2.6%
Aeon Mall Co. Ltd.		325,700		4,622,878
Daito Trust Construction Co. Ltd.		224,000		22,791,452
Daiwa House Industry Co. Ltd.		1,801,700		49,767,442
Hulic Co. Ltd.		968,100		10,841,930
Mitsubishi Estate Co. Ltd.		3,776,600		64,562,652
Mitsui Fudosan Co. Ltd.		2,850,700		65,476,376
Nomura Real Estate Holdings Inc.		401,500		8,665,387
Sumitomo Realty & Development Co. Ltd.		1,069,600		33,437,085
Tokyu Fudosan Holdings Corp.		1,952,900		12,329,531
				272,494,733
Road & Rail — 3.7%
Central Japan Railway Co.		459,700		75,774,959
East Japan Railway Co.		973,300		75,064,967
Hankyu Hanshin Holdings Inc.		718,400		23,643,629
Keikyu Corp.		701,500		10,652,733
Keio Corp.		328,200		15,791,573
Keisei Electric Railway Co. Ltd.		416,400		13,337,616
Kintetsu Group Holdings Co. Ltd.		552,700		23,903,449
Kyushu Railway Co.		508,700		15,303,681
Nagoya Railroad Co. Ltd.		587,900		15,364,484
Nippon Express Co. Ltd.		247,900		11,881,917
Odakyu Electric Railway Co. Ltd.		944,100		18,240,434
Seibu Holdings Inc.		633,700		8,965,153
Tobu Railway Co. Ltd.		604,200		18,036,657
Tokyu Corp.		1,592,000		24,441,218
West Japan Railway Co.		519,100		36,661,603
				387,064,073
Semiconductors & Semiconductor Equipment — 1.9%
Advantest Corp.		633,900		28,884,425
Disco Corp.		82,500		16,734,807
Renesas Electronics Corp.^(a)		2,450,800		14,791,367
Rohm Co. Ltd.		306,300		20,161,591
SUMCO Corp.		791,200		12,036,891
Tokyo Electron Ltd.		500,052		103,496,601
				196,105,682
Software — 0.3%
Oracle Corp. Japan		120,900		9,459,936
Trend Micro Inc.		405,800		20,202,531
				29,662,467
Specialty Retail — 1.7%
ABC-Mart Inc.		101,100		5,773,661
Fast Retailing Co. Ltd.		190,600		94,429,741
Hikari Tsushin Inc.		65,400		12,423,363
Nitori Holdings Co. Ltd.		254,300		35,281,134
Shimamura Co. Ltd.		67,300		4,498,521
USS Co. Ltd.		698,000		11,039,614

Security	Shares		Value

Specialty Retail (continued)
Yamada Denki Co. Ltd.		1,966,600	$	9,462,434
				172,908,468
Technology Hardware, Storage & Peripherals — 1.8%
Brother Industries Ltd.		712,100		12,695,205
Canon Inc.		3,190,350		80,849,411
FUJIFILM Holdings Corp.		1,143,400		55,937,717
Konica Minolta Inc.		1,411,400		7,667,737
Ricoh Co. Ltd.		2,128,600		19,832,596
Seiko Epson Corp.		889,000		12,593,445
				189,576,111
Tobacco — 0.7%
Japan Tobacco Inc.		3,827,200		76,072,098

Trading Companies & Distributors — 3.9%
ITOCHU Corp.		4,323,500		98,663,100
Marubeni Corp.		4,968,600		33,018,055
Mitsubishi Corp.		4,311,700		107,527,678
Mitsui & Co. Ltd.		5,266,200		87,074,284
MonotaRO Co. Ltd.		402,400		8,953,414
Sumitomo Corp.		3,787,400		54,231,116
Toyota Tsusho Corp.		685,300		20,743,564
				410,211,211
Transportation Infrastructure — 0.1%
Japan Airport Terminal Co. Ltd.		166,100		6,498,326
Kamigumi Co. Ltd.		336,800		6,472,780
				12,971,106
Wireless Telecommunication Services — 5.5%
KDDI Corp.		5,639,200		159,872,745
NTT DOCOMO Inc.		4,243,900		115,181,173
Softbank Corp.		5,333,100		69,837,331
SoftBank Group Corp.		5,009,100		232,796,721
				577,687,970
Total Common Stocks — 99.5%
(Cost: $12,299,123,592)				10,392,224,369

Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(c)(d)(e)		16,347,768		16,359,212
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(c)(d)		5,531,000		5,531,000
				21,890,212
Total Short-Term Investments — 0.2%
(Cost: $21,881,280)				21,890,212

Total Investments in Securities — 99.7%
(Cost: $12,321,004,872)				10,414,114,581

Other Assets, Less Liabilities — 0.3%				28,417,032

Net Assets — 100.0%			$	10,442,531,613

^(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.

18	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Japan ETF
February 29, 2020

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:

Affiliated Issuer	Shares Held at 08/31/19		Net Activity			Shares Held at 02/29/20		Value at 02/29/20		Income			Net Realized Gain (Loss)		^(a)	Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		53,752,562		(37,404,794	)		16,347,768	$	16,359,212	$	139,183	^(b)	$	9,806		$	(3,311	)
BlackRock Cash Funds: Treasury, SL Agency Shares		5,212,000		319,000			5,531,000		5,531,000		56,897			—			—
								$	21,890,212	$	196,080		$	9,806		$	(3,311	)

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

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

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional

Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

TOPIX Index

363

03/12/20

50,463

(7,036,533

)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	7,036,533

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	10,651,726

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(6,262,319	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	64,186,103

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

Schedule of Investments (unaudited) (continued)	iShares^® MSCI Japan ETF
February 29, 2020

Fair Value Measurements (continued)

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	10,392,224,369		$	—	$	—	$	10,392,224,369
Money Market Funds		21,890,212			—		—		21,890,212
	$	10,414,114,581		$	—	$	—	$	10,414,114,581
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(7,036,533	)	$	—	$	—	$	(7,036,533	)

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

See notes to financial statements.

20	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited)	iShares^® MSCI Mexico ETF
February 29, 2020	(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)		3,798,500	$	3,849,060
Grupo Aeromexico SAB de CV^(a)		2,559,868		1,533,606
				5,382,666
Auto Components — 0.3%
Nemak SAB de CV^(b)		5,415,000		1,821,731

Banks — 12.2%
Banco del Bajio SA^(b)		3,994,530		6,194,634
Grupo Financiero Banorte SAB de CV, Class O		11,371,861		61,258,064
Grupo Financiero Inbursa SAB de CV, Class O		11,950,392		12,749,338
Regional SAB de CV		1,281,600		7,084,358
				87,286,394
Beverages — 12.5%
Arca Continental SAB de CV		2,287,729		12,479,572
Coca-Cola Femsa SAB de CV		1,380,843		7,601,559
Fomento Economico Mexicano SAB de CV		8,635,610		69,450,432
				89,531,563
Building Products — 0.2%
Grupo Rotoplas SAB de CV^(c)		1,809,670		1,356,578

Capital Markets — 0.7%
Bolsa Mexicana de Valores SAB de CV		2,534,187		5,322,734

Chemicals — 1.5%
Orbia Advance Corp. SAB de CV		5,457,242		10,610,423

Construction Materials — 4.1%
Cemex SAB de CV, CPO, NVS		75,817,629		24,281,250
Grupo Cementos de Chihuahua SAB de CV		983,600		4,868,190
				29,149,440
Consumer Finance — 1.3%
Credito Real SAB de CV SOFOM ER		1,961,274		2,079,516
Gentera SAB de CV		5,912,706		5,641,958
Unifin Financiera SAB de CV		1,121,548		1,770,999
				9,492,473
Diversified Telecommunication Services — 1.0%
Axtel SAB de CV, CPO^(a)		8,132,000		1,758,137
Telesites SAB de CV^(a)		7,650,646		5,731,270
				7,489,407
Equity Real Estate Investment Trusts (REITs) — 6.1%
Concentradora Fibra Danhos SA de CV		1,961,400		2,727,620
Fibra Uno Administracion SA de CV		15,766,100		23,565,726
Macquarie Mexico Real Estate Management SA de CV^(b)		4,577,000		6,039,009
PLA Administradora Industrial S. de RL de CV		4,472,100		6,695,782
Prologis Property Mexico SA de CV		2,108,700		4,429,053
				43,457,190
Food & Staples Retailing — 9.9%
Grupo Comercial Chedraui SA de CV^(c)		2,279,700		2,916,920
La Comer SAB de CV^(a)(c)		3,075,855		3,626,422
Wal-Mart de Mexico SAB de CV		22,993,533		64,114,516
				70,657,858
Food Products — 3.6%
Gruma SAB de CV, Series B		1,101,520		10,519,707
Grupo Bimbo SAB de CV, Series A		8,340,104		12,508,155
Grupo Herdez SAB de CV		1,485,444		2,660,765
				25,688,627

Security	Shares		Value

Gas Utilities — 1.7%
Infraestructura Energetica Nova SAB de CV		2,786,200	$	12,050,334

Hotels, Restaurants & Leisure — 1.1%
Alsea SAB de CV^(a)		3,039,566		6,129,340
Hoteles City Express SAB de CV^(a)		3,005,500		1,844,610
				7,973,950
Household Durables — 0.2%
Consorcio ARA SAB de CV		7,610,219		1,372,388

Household Products — 2.1%
Kimberly-Clark de Mexico SAB de CV, Class A.		7,886,954		14,848,421

Industrial Conglomerates — 2.3%
Alfa SAB de CV, Class A		15,907,951		10,100,924
Grupo Carso SAB de CV, Series A1		2,461,633		6,718,462
				16,819,386
Insurance — 0.7%
Qualitas Controladora SAB de CV		1,221,300		5,198,846

Media — 3.9%
Grupo Televisa SAB, CPO		12,045,947		22,410,640
Megacable Holdings SAB de CV, CPO		1,678,900		5,588,842
				27,999,482
Metals & Mining — 5.3%
Grupo Mexico SAB de CV, Series B		13,185,586		30,918,339
Industrias Penoles SAB de CV		760,498		6,816,496
				37,734,835
Mortgage Real Estate Investment — 0.4%
Concentradora Hipotecaria SAPI de CV^(c)		2,773,200		2,576,170

Multiline Retail — 0.7%
El Puerto de Liverpool SAB de CV, Series C1, NVS^(c)		1,085,865		5,035,904

Pharmaceuticals — 0.7%
Genomma Lab Internacional SAB de CV, Class B^(a)		4,977,593		5,008,646

Real Estate Management & Development — 1.0%
Corp Inmobiliaria Vesta SAB de CV		3,393,649		5,353,656
Grupo GICSA SAB de CV^(a)		5,481,766		1,791,581
				7,145,237
Road & Rail — 0.2%
Grupo Traxion SAB de CV^(a)(b)		2,238,500		1,723,271

Transportation Infrastructure — 8.3%
Grupo Aeroportuario del Centro Norte SAB de CV		1,691,492		11,045,345
Grupo Aeroportuario del Pacifico SAB de CV, Series B		1,819,149		19,633,742
Grupo Aeroportuario del Sureste SAB de CV, Class B		1,052,145		17,267,264
Promotora y Operadora de Infraestructura SAB de CV		1,192,825		11,576,666
				59,523,017
Wireless Telecommunication Services — 16.9%
America Movil SAB de CV, Series L, NVS.		154,640,718		121,234,762

Total Common Stocks — 99.6%
(Cost: $1,095,809,679)				713,491,733

Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(d)(e)(f)		1,584,544		1,585,653

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Mexico ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(d)(e)		194,000	$	194,000
				1,779,653
Total Short-Term Investments — 0.2%
(Cost: $1,779,324)				1,779,653

Total Investments in Securities — 99.8%
(Cost: $1,097,589,003)				715,271,386

Other Assets, Less Liabilities — 0.2%				1,383,888

Net Assets — 100.0%			$	716,655,274

^(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 29, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 08/31/19		Net Activity			Shares Held at 02/29/20		Value at 02/29/20		Income			Net Realized Gain (Loss)		^(a)	Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		3,758,756		(2,174,212	)		1,584,544	$	1,585,653	$	6,259	^(b)	$	(35	)	$	343
BlackRock Cash Funds: Treasury, SL Agency Shares		371,000		(177,000	)		194,000		194,000		6,752			—			—
								$	1,779,653	$	13,011		$	(35	)	$	343

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

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

Futures Contracts


Description	Number of Contracts		Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MEX BOLSA Index		45	03/20/20	$	946	$	(29,659	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	29,659

^(a)

22	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Mexico ETF
February 29, 2020

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	13,079

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(113,315	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	2,020,133

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	$	713,491,733		$	—	$	—	$	713,491,733
Money Market Funds		1,779,653			—		—		1,779,653
	$	715,271,386		$	—	$	—	$	715,271,386
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(29,659	)	$	—	$	—	$	(29,659	)

^(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

Schedule of Investments (unaudited)	iShares^® MSCI South Korea ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.4%
Korea Aerospace Industries Ltd.^(a)		688,674	$	14,544,659

Air Freight & Logistics — 0.4%
Hyundai Glovis Co. Ltd.		167,429		16,956,580

Airlines — 0.3%
Korean Air Lines Co. Ltd.^(a)		581,464		10,676,531

Auto Components — 2.7%
Hankook Tire & Technology Co. Ltd.		713,265		14,975,922
Hanon Systems		1,803,397		15,665,573
Hyundai Mobis Co. Ltd.		471,390		81,508,357
				112,149,852
Automobiles — 3.8%
Hyundai Motor Co.		1,054,170		99,818,485
Kia Motors Corp.		1,880,754		56,136,132
				155,954,617
Banks — 7.1%
BNK Financial Group Inc.		2,776,571		14,105,758
Hana Financial Group Inc.		2,101,957		54,344,545
Industrial Bank of Korea^(a)		2,325,489		18,209,469
KB Financial Group Inc.		2,715,232		86,967,909
Shinhan Financial Group Co. Ltd.		3,215,867		85,526,969
Woori Financial Group Inc.		4,101,450		32,453,631
				291,608,281
Biotechnology — 2.8%
Celltrion Inc.^(a)(b)		642,079		89,875,200
Helixmith Co. Ltd.^(a)(b)		225,540		11,532,346
Medy-Tox Inc.		48,550		11,732,750
				113,140,296
Capital Markets — 1.9%
Korea Investment Holdings Co. Ltd.^(a)		363,304		18,785,913
Meritz Securities Co. Ltd.		3,872,441		11,080,060
Mirae Asset Daewoo Co. Ltd.^(a)		3,486,749		18,201,720
NH Investment & Securities Co. Ltd.^(a)		1,512,334		12,427,413
Samsung Securities Co. Ltd.		588,826		16,047,872
				76,542,978
Chemicals — 3.9%
Hanwha Solutions Corp.		1,032,318		15,172,397
KCC Corp.		63,700		8,732,853
Kumho Petrochemical Co. Ltd.		218,498		10,668,532
LG Chem Ltd.		316,659		95,949,372
Lotte Chemical Corp.		141,317		21,817,157
OCI Co. Ltd.^(a)		232,595		9,432,115
				161,772,426
Commercial Services & Supplies — 0.3%
S-1 Corp.		186,943		12,652,709

Communications Equipment — 0.3%
KMW Co. Ltd.^(a)(b)		283,222		11,345,204

Construction & Engineering — 1.9%
Daelim Industrial Co. Ltd.^(a)		261,608		15,616,780
Daewoo Engineering & Construction Co. Ltd.^(a)		2,730,821		9,106,484
GS Engineering & Construction Corp.		617,433		13,345,094
HDC Hyundai Development Co-Engineering & Construction, Class E^(b)		397,191		5,903,086
Hyundai Engineering & Construction Co. Ltd.		670,408		19,154,514

Security	Shares		Value

Construction & Engineering (continued)
Samsung Engineering Co. Ltd.^(a)		1,423,422	$	16,525,525
				79,651,483
Construction Materials — 0.3%
POSCO Chemical Co. Ltd.^(b)		281,970		12,746,112

Consumer Finance — 0.3%
Samsung Card Co. Ltd.		373,917		10,375,466

Diversified Telecommunication Services — 0.5%
LG Uplus Corp.		1,825,887		19,844,964

Electric Utilities — 0.8%
Korea Electric Power Corp.^(a)		1,886,283		33,081,785

Electronic Equipment, Instruments & Components — 4.2%
LG Display Co. Ltd.^(a)(b)		1,901,004		21,287,488
LG Innotek Co. Ltd.		139,349		14,915,908
Samsung Electro-Mechanics Co. Ltd.		413,622		42,911,792
Samsung SDI Co. Ltd.		383,381		93,122,598
				172,237,786
Entertainment — 2.3%
NCSoft Corp.		125,581		67,107,508
Netmarble Corp.^(a)(b)(c)		235,337		17,168,265
Pearl Abyss Corp.^(a)(b)		79,112		11,542,731
				95,818,504
Food & Staples Retailing — 0.9%
BGF retail Co. Ltd.		90,152		11,245,803
E-MART Inc.		194,943		16,853,862
GS Retail Co. Ltd.		348,362		10,139,643
				38,239,308
Food Products — 1.0%
CJ CheilJedang Corp.		77,947		15,659,998
Orion Corp.		213,878		16,606,583
Ottogi Corp.		21,056		8,616,577
				40,883,158
Gas Utilities — 0.2%
Korea Gas Corp.		383,221		8,866,620

Health Care Providers & Services — 0.6%
Celltrion Healthcare Co. Ltd.^(a)		456,048		24,332,573

Hotels, Restaurants & Leisure — 0.5%
Kangwon Land Inc.^(a)		1,005,876		18,883,469

Household Durables — 1.5%
Coway Co. Ltd.		417,744		23,699,104
LG Electronics Inc.		770,497		38,318,665
				62,017,769
Industrial Conglomerates — 3.9%
CJ Corp.		165,230		10,951,844
Hanwha Corp.		565,475		9,335,343
LG Corp.		692,733		38,501,011
Lotte Corp.		372,022		8,898,509
Samsung C&T Corp.		607,616		52,781,793
SK Holdings Co. Ltd.		252,869		39,975,997
				160,444,497
Insurance — 2.4%
DB Insurance Co. Ltd.		473,580		16,884,326
Hanwha Life Insurance Co. Ltd.		5,243,638		7,123,922
Hyundai Marine & Fire Insurance Co. Ltd.		706,418		13,145,366
Samsung Fire & Marine Insurance Co. Ltd.		227,811		37,140,039

24	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^® MSCI South Korea ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Insurance (continued)
Samsung Life Insurance Co. Ltd.		544,246	$	26,215,225
				100,508,878
Interactive Media & Services — 4.6%
Kakao Corp.		371,528		52,616,563
NAVER Corp.		958,650		137,344,669
				189,961,232
Internet & Direct Marketing Retail — 0.3%
CJ ENM Co. Ltd.		113,624		11,769,369

IT Services — 0.8%
Samsung SDS Co. Ltd.		254,402		34,876,849

Leisure Products — 0.7%
HLB Inc.^(a)(b)		355,011		28,207,955

Life Sciences Tools & Services — 1.1%
Samsung Biologics Co. Ltd.^(a)(c)		121,377		46,322,140

Machinery — 2.1%
Daewoo Shipbuilding & Marine Engineering Co. Ltd.^(a)		511,683		9,332,053
Doosan Bobcat Inc.		545,542		12,757,013
Hyundai Heavy Industries Holdings Co. Ltd.		85,094		18,952,595
Korea Shipbuilding & Offshore Engineering Co. Ltd.^(a)		305,370		26,149,428
Samsung Heavy Industries Co. Ltd.^(a)		3,818,885		18,331,906
				85,522,995
Marine — 0.3%
Pan Ocean Co. Ltd.^(a)		3,429,114		10,545,690

Media — 0.3%
Cheil Worldwide Inc.		751,363		11,971,078

Metals & Mining — 3.0%
Hyundai Steel Co.		744,836		14,626,874
Korea Zinc Co. Ltd.^(a)		69,373		23,676,499
POSCO		533,344		85,853,234
				124,156,607
Multiline Retail — 0.8%
Hyundai Department Store Co. Ltd.		175,838		10,265,059
Lotte Shopping Co. Ltd.		132,199		10,362,573
Shinsegae Inc.		70,470		13,693,635
				34,321,267
Oil, Gas & Consumable Fuels — 1.8%
GS Holdings Corp.		472,969		16,064,200
SK Innovation Co. Ltd.		416,714		38,772,073
S-Oil Corp.		372,748		20,440,524
				75,276,797
Personal Products — 2.7%
Amorepacific Corp.^(a)		240,280		31,852,680
AMOREPACIFIC Group^(a)		278,893		14,237,436
LG Household & Health Care Ltd.		65,221		65,570,063
				111,660,179
Pharmaceuticals — 0.7%
Hanmi Pharm Co. Ltd.^(a)		65,277		14,028,240
Yuhan Corp.		90,625		15,968,505
				29,996,745
Road & Rail — 0.3%
CJ Logistics Corp.^(a)		106,868		11,747,121

Semiconductors & Semiconductor Equipment — 6.6%
SK Hynix Inc.		3,723,342		269,478,602

Security	Shares		Value

Specialty Retail — 0.4%
Hotel Shilla Co. Ltd.		273,638	$	18,092,327

Technology Hardware, Storage & Peripherals — 22.3%
Samsung Electronics Co. Ltd.		20,494,574		914,619,935

Textiles, Apparel & Luxury Goods — 0.4%
Fila Holdings Corp.^(b)		469,553		14,846,303

Tobacco — 1.4%
KT&G Corp.		814,390		56,796,075

Trading Companies & Distributors — 0.2%
Posco International Corp.		697,979		8,591,837

Wireless Telecommunication Services — 0.7%
SK Telecom Co. Ltd.		157,913		27,629,899

Total Common Stocks — 96.7%
(Cost: $2,676,380,428)				3,971,667,507

Preferred Stocks

Automobiles — 0.8%
Hyundai Motor Co.
Preference Shares, NVS		238,015		12,993,326
Series 2, Preference Shares, NVS		312,378		19,264,810
				32,258,136
Chemicals — 0.3%
LG Chem Ltd., Preference Shares, NVS		82,300		12,671,964

Personal Products — 0.5%
Amorepacific Corp., Preference Shares, NVS		134,160		8,108,147
LG Household & Health Care Ltd., Preference Shares, NVS		21,149		12,764,279
				20,872,426
Technology Hardware, Storage & Peripherals — 0.1%
Samsung Electronics Co. Ltd., Preference Shares, NVS		78,045		2,927,089

Total Preferred Stocks — 1.7%
(Cost: $61,031,806)				68,729,615

Rights

Construction & Engineering — 0.0%
HDC Hyundai Development Co., (Expires 06/03/20)^(a)		184,104		0	^(d)

Total Rights — 0.0%
(Cost: $0)				0	^(d)

Short-Term Investments

Money Market Funds — 2.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(e)(f)(g)		102,750,921		102,822,847

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	iShares^® MSCI South Korea ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(e)(f)		7,795,000	$	7,795,000
				110,617,847
Total Short-Term Investments — 2.7%
(Cost: $110,545,921)				110,617,847

Total Investments in Securities — 101.1%
(Cost: $2,847,958,155)				4,151,014,969

Other Assets, Less Liabilities — (1.1)%				(44,012,217	)

Net Assets — 100.0%			$	4,107,002,752

^(a)	Non-income producing security.

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

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

^(d)	Rounds to less than $1.

^(e)	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 29, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 08/31/19		Net Activity			Shares Held at 02/29/20		Value at 02/29/20		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		202,603,206		(99,852,285	)		102,750,921	$	102,822,847	$	5,809,056	(b)	$	(3,648	)	$	20,079
BlackRock Cash Funds: Treasury, SL Agency Shares		6,894,000		901,000			7,795,000		7,795,000		68,525			—			—
								$	110,617,847	$	5,877,581		$	(3,648	)	$	20,079

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

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

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
KOSPI 200 Index		1,122	03/12/20	$	61,862	$	(5,966,209	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:


	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	5,966,209

^(a)

26	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^® MSCI South Korea ETF
February 29, 2020

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	927,042

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(5,178,007	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	29,137,707

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	$	3,971,667,507		$	—		$	—	$	3,971,667,507
Preferred Stocks		68,729,615			—			—		68,729,615
Rights		—			0	^(a)		—		0	^(a)
Money Market Funds		110,617,847			—			—		110,617,847
	$	4,151,014,969		$	0	^(a)	$	—	$	4,151,014,969
Derivative financial instruments^(b)
Liabilities
Futures Contracts	$	(5,966,209	)	$	—		$	—	$	(5,966,209	)

^(a)	Rounds to less than $1.

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

See notes to financial statements.

S c h e d u l e o f I n v e s t m e n t s

Statements of Assets and Liabilities (unaudited)

February 29, 2020

	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)	$	1,287,888,085		$	2,393,044,565		$	10,392,224,369		$	713,491,733
Affiliated^(c)		581,114			9,371,041			21,890,212			1,779,653
Cash		448			614			933			452
Foreign currency, at value^(d)		4,970,502			9,334,284			28,505,916			2,153,411
Foreign currency collateral pledged:
Futures contracts^(e)		644,750			496,145			1,380,244			46,473
Receivables:
Investments sold		2,412,846			75,551,359			22,086,416			8,682,368
Securities lending income — Affiliated		493			218,048			16,427			486
Capital shares sold		—			—			—			981,930
Dividends		8,302,433			4,374,709			25,324,318			6,465
Total assets		1,304,800,671			2,492,390,765			10,491,428,835			727,142,971

LIABILITIES
Collateral on securities loaned, at value		8,780			8,154,067			16,305,696			1,585,416
Payables:
Investments purchased		4,565,818			82,122,742			23,165,722			8,240,397
Variation margin on futures contracts		566,584			352,587			3,252,498			1,624
Capital shares redeemed		—			309,921			1,125,336			349,415
Investment advisory fees		605,592			1,089,116			5,047,970			310,845
Total liabilities		5,746,774			92,028,433			48,897,222			10,487,697

NET ASSETS	$	1,299,053,897		$	2,400,362,332		$	10,442,531,613		$	716,655,274

NET ASSETS CONSIST OF:
Paid-in capital	$	1,850,579,226		$	3,438,354,140		$	13,229,578,735		$	1,393,267,260
Accumulated loss		(551,525,329	)		(1,037,991,808	)		(2,787,047,122	)		(676,611,986	)
NET ASSETS	$	1,299,053,897		$	2,400,362,332		$	10,442,531,613		$	716,655,274

Shares outstanding		64,400,000			87,100,000			195,150,000			17,400,000
Net asset value	$	20.17		$	27.56		$	53.51		$	41.19
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	$	8,275		$	7,519,650		$	15,634,742		$	1,379,864
^(b) Investments, at cost — Unaffiliated	$	1,633,601,912		$	2,812,777,858		$	12,299,123,592		$	1,095,809,679
^(c) Investments, at cost — Affiliated	$	581,112		$	9,366,094		$	21,881,280		$	1,779,324
^(d) Foreign currency, at cost	$	5,110,843		$	9,436,576		$	27,853,919		$	2,238,790
^(e) Foreign currency collateral pledged, at cost	$	675,785		$	507,039		$	1,362,083		$	48,132

See notes to financial statements.

28	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statements of Assets and Liabilities (unaudited) (continued)

February 29, 2020

	iShares
	MSCI South Korea
	ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a)
Unaffiliated^(b)	$	4,040,397,122
Affiliated^(c)		110,617,847
Cash		700
Foreign currency, at value^(d)		1,576
Foreign currency collateral pledged:
Futures contracts^(e)		9,266,771
Receivables:
Investments sold		82,680,949
Securities lending income — Affiliated		878,375
Dividends		56,324,831
Total assets		4,300,168,171

LIABILITIES
Collateral on securities loaned, at value		102,747,534
Payables:
Investments purchased		82,352,950
Variation margin on futures contracts		5,963,794
Investment advisory fees		2,072,764
Foreign taxes		28,377
Total liabilities		193,165,419

NET ASSETS	$	4,107,002,752

NET ASSETS CONSIST OF:
Paid-in capital	$	3,889,762,383
Accumulated earnings		217,240,369
NET ASSETS	$	4,107,002,752

Shares outstanding		76,350,000
Net asset value	$	53.79
Shares authorized		200 million
Par value	$	0.001

^(a) Securities loaned, at value	$	97,567,315
^(b) Investments, at cost — Unaffiliated	$	2,737,412,234
^(c) Investments, at cost — Affiliated	$	110,545,921
^(d) Foreign currency, at cost	$	1,576
^(e) Foreign currency collateral pledged, at cost	$	9,962,782

See notes to financial statements.

F i n a n c i a l S t a t e m e n t s

Statements of Operations (unaudited)

Six Months Ended February 29, 2020


	iShares MSCI Australia ETF			iShares MSCI Canada ETF			iShares MSCI Japan ETF			iShares MSCI Mexico ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	31,077,959		$	42,926,337		$	142,018,002		$	8,134,060
Dividends — Affiliated		8,844			12,619			56,897			6,752
Interest — Unaffiliated		208			2,465			—			4,616
Securities lending income — Affiliated — net		1,441			1,181,192			139,183			6,259
Foreign taxes withheld		(580,258	)		(6,431,987	)		(14,197,842	)		(535,200	)
Total investment income		30,508,194			37,690,626			128,016,240			7,616,487

EXPENSES
Investment advisory fees		3,927,183			6,879,065			32,667,310			2,062,094
Total expenses		3,927,183			6,879,065			32,667,310			2,062,094
Net investment income		26,581,011			30,811,561			95,348,930			5,554,393

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(16,115,062	)		(108,840,900	)		(64,484,977	)		(30,627,167	)
Investments — Affiliated		332			8,941			9,806			(35	)
In-kind redemptions — Unaffiliated		53,089,385			90,048,664			326,422,258			26,844,750
Futures contracts		454,800			84,131			10,651,726			13,079
Foreign currency transactions		(140,949	)		83,839			(2,019,721	)		(43,768	)
Net realized gain (loss)		37,288,506			(18,615,325	)		270,579,092			(3,813,141	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(124,885,416	)		(22,673,780	)		(279,077,314	)		20,655,290
Investments — Affiliated		2			(6,873	)		(3,311	)		343
Futures contracts		(937,733	)		(400,325	)		(6,262,319	)		(113,315	)
Foreign currency translations		(348,277	)		(158,373	)		816,867			(85,535	)
Net change in unrealized appreciation (depreciation)		(126,171,424	)		(23,239,351	)		(284,526,077	)		20,456,783
Net realized and unrealized gain (loss)		(88,882,918	)		(41,854,676	)		(13,946,985	)		16,643,642
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(62,301,907	)	$	(11,043,115	)	$	81,401,945		$	22,198,035

See notes to financial statements.

30	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statements of Operations (unaudited) (continued)

Six Months Ended February 29, 2020


	iShares MSCI South Korea ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	81,238,715
Dividends — Affiliated		68,525
Interest — Unaffiliated		557
Securities lending income — Affiliated — net		5,809,056
Foreign taxes withheld		(12,167,567	)
Other foreign taxes		(7,994	)
Total investment income		74,941,292

EXPENSES
Investment advisory fees		12,606,844
Total expenses		12,606,844
Net investment income		62,334,448

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(35,724,739	)
Investments — Affiliated		(3,648	)
Futures contracts		927,042
Foreign currency transactions		(106,804	)
Net realized loss		(34,908,149	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		76,029,656
Investments — Affiliated		20,079
Futures contracts		(5,178,007	)
Foreign currency translations		(2,592,950	)
Net change in unrealized appreciation (depreciation)		68,278,778
Net realized and unrealized gain		33,370,629
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.	$	95,705,077

See notes to financial statements.

F i n a n c i a l S t a t e m e n t s

Statements of Changes in Net Assets

	iShares MSCI Australia ETF						iShares MSCI Canada ETF
	Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19			Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	26,581,011		$	59,623,655		$	30,811,561		$	60,051,016
Net realized gain (loss)		37,288,506			(34,512,791	)		(18,615,325	)		(103,704,795	)
Net change in unrealized appreciation (depreciation)		(126,171,424	)		(9,995,015	)		(23,239,351	)		18,680,770
Net increase (decrease) in net assets resulting from operations		(62,301,907	)		15,115,849			(11,043,115	)		(24,973,009	)

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(35,038,080	)		(71,965,308	)		(37,421,735	)		(63,960,878	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(3,196,318	)		93,669,497			(169,759,150	)		(287,106,743	)

NET ASSETS
Total increase (decrease) in net assets		(100,536,305	)		36,820,038			(218,224,000	)		(376,040,630	)
Beginning of period		1,399,590,202			1,362,770,164			2,618,586,332			2,994,626,962
End of period	$	1,299,053,897		$	1,399,590,202		$	2,400,362,332		$	2,618,586,332

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

See notes to financial statements.

32	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statements of Changes in Net Assets (continued)


	iShares MSCI Japan ETF						iShares MSCI Mexico ETF
	Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19			Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	95,348,930		$	247,265,802		$	5,554,393		$	23,960,370
Net realized gain (loss)		270,579,092			409,682,495			(3,813,141	)		(100,111,090	)
Net change in unrealized appreciation (depreciation)		(284,526,077	)		(1,725,742,453	)		20,456,783			(62,853,146	)
Net increase (decrease) in net assets resulting from operations		81,401,945			(1,068,794,156	)		22,198,035			(139,003,866	)

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(169,474,596	)		(229,873,912	)		(8,809,713	)		(25,697,670	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(1,639,569,977	)		(3,504,195,955	)		77,023,725			(377,985,490	)

NET ASSETS
Total increase (decrease) in net assets		(1,727,642,628	)		(4,802,864,023	)		90,412,047			(542,687,026	)
Beginning of period		12,170,174,241			16,973,038,264			626,243,227			1,168,930,253
End of period	$	10,442,531,613		$	12,170,174,241		$	716,655,274		$	626,243,227

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

See notes to financial statements.

F i n a n c i a l S t a t e m e n t s

Statements of Changes in Net Assets (continued)


	iShares MSCI South Korea ETF
	Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	62,334,448		$	69,657,107
Net realized loss		(34,908,149	)		(154,004,207	)
Net change in unrealized appreciation (depreciation)		68,278,778			(823,249,004	)
Net increase (decrease) in net assets resulting from operations		95,705,077			(907,596,104	)

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(94,999,174	)		(52,766,055	)

CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		257,732,666			902,035,428

NET ASSETS
Total increase (decrease) in net assets		258,438,569			(58,326,731	)
Beginning of period		3,848,564,183			3,906,890,914
End of period	$	4,107,002,752		$	3,848,564,183

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

See notes to financial statements.

34	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI Australia ETF
	Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15

Net asset value, beginning of period	$	21.67		$	22.56		$	22.58		$	20.30		$	18.66		$	27.15
Net investment income^(a)		0.38			1.00			0.90			0.84			0.84			1.23
Net realized and unrealized gain (loss)^(b)		(1.42	)		(0.70	)		0.07			2.45			1.59			(8.49	)
Net increase (decrease) from investment operations		(1.04	)		0.30			0.97			3.29			2.43			(7.26	)

Distributions^(c)
From net investment income		(0.46	)		(1.19	)		(0.99	)		(1.01	)		(0.79	)		(1.23	)
Total distributions		(0.46	)		(1.19	)		(0.99	)		(1.01	)		(0.79	)		(1.23	)

Net asset value, end of period	$	20.17		$	21.67		$	22.56		$	22.58		$	20.30		$	18.66

Total Return
Based on net asset value		(5.01	)%^(d)		1.75	%		4.43	%		16.70	%		13.36	%		(27.31	)%

Ratios to Average Net Assets
Total expenses		0.50	%^(e)		0.50	%		0.47	%		0.49	%		0.48	%		0.48	%
Net investment income		3.38	%^(e)		4.68	%		3.95	%		3.90	%		4.41	%		5.37	%

Supplemental Data
Net assets, end of period (000)	$	1,299,054		$	1,399,590		$	1,362,770		$	1,765,912		$	1,668,702		$	1,228,063
Portfolio turnover rate^(f)		3	%^(d)		9	%		3	%		4	%		7	%		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)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Not annualized.

^(e)	Annualized.

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

See notes to financial statements.

F i n a n c i a l H i g h l i g h t s

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Canada ETF
	Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15

Net asset value, beginning of period	$	28.22		$	28.79		$	27.83		$	25.33		$	24.02		$	32.93
Net investment income^(a)		0.33			0.62			0.58			0.51			0.51			0.54
Net realized and unrealized gain (loss)^(b)		(0.60	)		(0.53	)		0.97			2.47			1.29			(8.85	)
Net increase (decrease) from investment operations		(0.27	)		0.09			1.55			2.98			1.80			(8.31	)

Distributions^(c)
From net investment income		(0.39	)		(0.66	)		(0.59	)		(0.48	)		(0.49	)		(0.60	)
Total distributions		(0.39	)		(0.66	)		(0.59	)		(0.48	)		(0.49	)		(0.60	)

Net asset value, end of period	$	27.56		$	28.22		$	28.79		$	27.83		$	25.33		$	24.02

Total Return
Based on net asset value		(1.04	)%^(d)		0.56	%		5.61	%		11.88	%		7.73	%		(25.48	)%

Ratios to Average Net Assets
Total expenses		0.50	%^(e)		0.49	%		0.47	%		0.49	%		0.48	%		0.48	%
Net investment income		2.24	%^(e)		2.26	%		2.01	%		1.93	%		2.18	%		1.92	%

Supplemental Data
Net assets, end of period (000)	$	2,400,362		$	2,618,586		$	2,994,627		$	3,127,920		$	3,097,794		$	1,931,454
Portfolio turnover rate^(f)		6	%^(d)		6	%		3	%		6	%		4	%		5	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Not annualized.

^(e)	Annualized.

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

See notes to financial statements.

36	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Japan ETF
	Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17^(a)			Year Ended 08/31/16^(a)			Year Ended 08/31/15^(a)

Net asset value, beginning of period	$	54.05		$	58.45		$	54.57		$	49.05		$	48.61		$	47.32
Net investment income^(b)		0.42			0.92			0.87			0.49			0.72			0.60
Net realized and unrealized gain (loss)^(c)		(0.24	)		(4.43	)		3.87			5.96			0.44			1.22
Net increase (decrease) from investment operations		0.18			(3.51	)		4.74			6.45			1.16			1.82

Distributions^(d)
From net investment income		(0.72	)		(0.89	)		(0.86	)		(0.93	)		(0.72	)		(0.53	)
Total distributions		(0.72	)		(0.89	)		(0.86	)		(0.93	)		(0.72	)		(0.53	)

Net asset value, end of period	$	53.51		$	54.05		$	58.45		$	54.57		$	49.05		$	48.61

Total Return
Based on net asset value		0.19	%^(e)		(5.96	)%		8.67	%		13.31	%		2.44	%		3.84	%

Ratios to Average Net Assets
Total expenses		0.50	%^(f)		0.49	%		0.47	%		0.49	%		0.48	%		0.48	%
Net investment income		1.46	%^(f)		1.68	%		1.46	%		1.45	%		1.53	%		1.20	%

Supplemental Data
Net assets, end of period (000)	$	10,442,532		$	12,170,174		$	16,973,038		$	16,017,689		$	14,015,180		$	19,147,802
Portfolio turnover rate^(g)		1	%^(e)		7	%		4	%		4	%		4	%		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)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.

F i n a n c i a l H i g h l i g h t s

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Mexico ETF
	Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15

Net asset value, beginning of period	$	41.47		$	50.38		$	56.68		$	50.48		$	52.70		$	71.51
Net investment income^(a)		0.30			1.09			0.95			0.88			0.93			0.68
Net realized and unrealized gain (loss)^(b)		(0.15	)		(8.75	)		(6.17	)		6.10			(1.82	)		(18.56	)
Net increase (decrease) from investment operations		0.15			(7.66	)		(5.22	)		6.98			(0.89	)		(17.88	)

Distributions^(c)
From net investment income		(0.43	)		(1.25	)		(1.08	)		(0.78	)		(1.33	)		(0.93	)
Total distributions		(0.43	)		(1.25	)		(1.08	)		(0.78	)		(1.33	)		(0.93	)

Net asset value, end of period	$	41.19		$	41.47		$	50.38		$	56.68		$	50.48		$	52.70

Total Return
Based on net asset value		0.27	%^(d)		(15.23	)%		(9.02	)%		14.03	%		(1.68	)%		(25.10	)%

Ratios to Average Net Assets
Total expenses		0.50	%^(e)		0.49	%		0.47	%		0.49	%		0.48	%		0.48	%
Net investment income		1.34	%^(e)		2.46	%		1.87	%		1.79	%		1.82	%		1.10	%

Supplemental Data
Net assets, end of period (000)	$	716,655		$	626,243		$	1,168,930		$	1,320,642		$	1,317,518		$	1,206,942
Portfolio turnover rate^(f)		4	%^(d)		5	%		7	%		8	%		8	%		13	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Not annualized.

^(e)	Annualized.

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

See notes to financial statements.

38	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares MSCI South Korea ETF
		Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15

Net asset value, beginning of period		$	53.34		$	67.65		$	68.19		$	56.89		$	48.15		$	66.42
Net investment income^(a)			0.85			0.97			0.94			0.64			0.56			0.46
Net realized and unrealized gain (loss)^(b)			0.91			(14.49	)		0.70			11.31			9.38			(18.07	)
Net increase (decrease) from investment operations			1.76			(13.52	)		1.64			11.95			9.94			(17.61	)

Distributions^(c)
From net investment income			(1.31	)		(0.79	)		(2.18	)		(0.65	)		(1.20	)		(0.66	)
Total distributions			(1.31	)		(0.79	)		(2.18	)		(0.65	)		(1.20	)		(0.66	)

Net asset value, end of period		$	53.79		$	53.34		$	67.65		$	68.19		$	56.89		$	48.15

Total Return
Based on net asset value			3.05	%^(d)		(20.08	)%		2.15	%		21.28	%		20.92	%		(26.58	)%

Ratios to Average Net Assets
Total expenses			0.58	%^(e)		0.59	%		0.59	%		0.62	%		0.64	%		0.62	%
Net investment income			2.87	%^(e)		1.62	%		1.31	%		1.05	%		1.09	%		0.81	%

Supplemental Data
Net assets, end of period (000)		$	4,107,003		$	3,848,564		$	3,906,891		$	3,784,638		$	3,452,970		$	3,160,954
Portfolio turnover rate^(f)			7	%^(d)(g)		16	%^(g)		18	%^(g)		16	%^(g)		22	%^(g)		24	%^(g)
^(a)	Based on average shares outstanding.
^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.
^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
^(d)	Not annualized.
^(e)	Annualized.
^(f)	Portfolio turnover rate 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:		5	%		5	%		11	%		6	%		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

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

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

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

40	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

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.

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 valu 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;

•

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

Notes to Financial Statements (unaudited) (continued)

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 29, 2020:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received		^(a)	Non-Cash Collateral Received		Net Amount
MSCI Australia
Goldman Sachs & Co.	$	8,275	$	8,275		$	—	$	—

MSCI Canada
Barclays Capital Inc.	$	128,664	$	128,664		$	—	$	—
Citigroup Global Markets Inc.		371,417		371,417			—		—
Credit Suisse Securities (USA) LLC		1,944,059		1,944,059			—		—
Goldman Sachs & Co.		1,805,690		1,805,690			—		—
Morgan Stanley & Co. LLC		1,607,572		1,607,572			—		—
Scotia Capital (USA) Inc.		587,517		587,517			—		—
UBS AG		245,536		245,536			—		—
Wells Fargo Securities LLC		829,195		829,195			—		—
	$	7,519,650	$	7,519,650		$	—	$	—
MSCI Japan
BofA Securities, Inc.	$	476,891	$	476,891		$	—	$	—
Goldman Sachs & Co.		5,139,982		5,139,982			—		—
JPMorgan Securities LLC		1,199,691		1,199,691			—		—
Macquarie Bank Limited		1,594,994		1,594,994			—		—
Morgan Stanley & Co. LLC		7,198,635		7,198,635			—		—
State Street Bank & Trust Company		24,549		24,549			—		—
	$	15,634,742	$	15,634,742		$	—	$	—
MSCI Mexico
BofA Securities, Inc.	$	67,813	$	67,813		$	—	$	—
Morgan Stanley & Co. LLC		511,266		511,266			—		—
UBS Securities LLC		800,785		800,785			—		—
	$	1,379,864	$	1,379,864		$	—	$	—
MSCI South Korea
Barclays Capital Inc.	$	3,792,102	$	3,792,102		$	—	$	—
BofA Securities, Inc.		20,507,625		20,507,625			—		—
Citigroup Global Markets Inc.		7,704,652		7,704,652			—		—
Goldman Sachs & Co.		25,713,668		25,713,668			—		—
Jefferies LLC		262,207		262,207			—		—
JPMorgan Securities LLC		19,041,993		19,041,993			—		—
Macquarie Bank Limited		1,188,967		1,188,967			—		—
Morgan Stanley & Co. LLC		19,284,516		19,284,516			—		—
UBS Securities LLC		71,585		71,585			—		—
	$	97,567,315	$	97,567,315		$	—	$	—

^(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.

42	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

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

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $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

Notes to Financial Statements (unaudited) (continued)

iShares ETF	Fees Paid to BTC
MSCI Australia	$	371
MSCI Canada		263,509
MSCI Japan		38,240
MSCI Mexico		1,567
MSCI South Korea		1,308,478

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 29, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI Australia	$	4,302,401	$	4,813,196	$	(2,893,650	)
MSCI Japan		50,442,620		13,225,531		(2,913,123	)

7. PURCHASES AND SALES

For the six months ended February 29, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
MSCI Australia	$	49,794,038	$	43,964,617
MSCI Canada		154,491,865		157,889,176
MSCI Japan		133,359,471		173,287,534
MSCI Mexico		38,897,665		32,793,070
MSCI South Korea		449,793,089		285,242,138

For the six months ended February 29, 2020, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Australia	$	370,919,875	$	384,798,777
MSCI Canada		375,276,237		543,767,431
MSCI Japan		2,513,142,188		4,200,877,756
MSCI Mexico		1,099,469,612		1,031,899,210

44	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

8. INCOME TAX INFORMATION

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

iShares ETF	Non-Expiring
MSCI Australia	$	180,293,854
MSCI Canada		546,535,951
MSCI Japan		917,415,410
MSCI Mexico		256,843,766
MSCI South Korea		472,501,073


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Australia	$	1,703,153,997	$	65,371,809	$	(480,887,444	)	$	(415,515,635	)
MSCI Canada		2,873,361,474		171,400,033		(642,677,264	)		(471,277,231	)
MSCI Japan		12,525,168,217		476,007,820		(2,594,097,989	)		(2,118,090,169	)
MSCI Mexico		1,131,496,807		4,970,994		(421,226,074	)		(416,255,080	)
MSCI South Korea		3,412,430,586		1,621,632,891		(889,014,717	)		732,618,174

9. PRINCIPAL RISKS

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.

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.

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

Notes to Financial Statements (unaudited) (continued)

10. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:

	Six Months Ended 02/29/20						Year Ended 08/31/19
iShares ETF		Shares			Amount			Shares			Amount
MSCI Australia
Shares sold		17,200,000		$	384,832,552			17,200,000		$	365,456,184
Shares redeemed		(17,400,000	)		(388,028,870	)		(13,000,000	)		(271,786,687	)
Net increase(decrease)		(200,000	)	$	(3,196,318	)		4,200,000		$	93,669,497
MSCI Canada
Shares sold		12,800,000		$	377,258,166			16,000,000		$	450,405,632
Shares redeemed		(18,500,000	)		(547,017,316	)		(27,200,000	)		(737,512,375	)
Net decrease		(5,700,000	)	$	(169,759,150	)		(11,200,000	)	$	(287,106,743	)
MSCI Japan
Shares sold		43,950,000		$	2,567,996,616			96,150,000		$	5,263,571,116
Shares redeemed		(73,950,000	)		(4,207,566,593	)		(161,400,000	)		(8,767,767,071	)
Net decrease		(30,000,000	)	$	(1,639,569,977	)		(65,250,000	)	$	(3,504,195,955	)
MSCI Mexico
Shares sold		25,200,000		$	1,112,553,553			34,300,000		$	1,475,864,783
Shares redeemed		(22,900,000	)		(1,035,529,828	)		(42,400,000	)		(1,853,850,273	)
Net increase(decrease)		2,300,000		$	77,023,725			(8,100,000	)	$	(377,985,490	)
MSCI South Korea
Shares sold		4,200,000		$	257,732,666			23,050,000		$	1,390,211,716
Shares redeemed		—			—			(8,650,000	)		(488,176,288	)
Net increase		4,200,000		$	257,732,666			14,400,000		$	902,035,428

46	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

11. LEGAL PROCEEDINGS

12. 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

Statement Regarding Liquidity Risk Management Program

The Board of Directors (the “Board”) of iShares MSCI Australia ETF, iShares MSCI Canada ETF, iShares MSCI Japan ETF, iShares MSCI Mexico ETF and iShares MSCI South Korea ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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

48	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

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)	$	0.422777	$	—	$	0.033448	$	0.456225		93	%		—	%		7	%		100	%
MSCI Canada^(a)		0.254649		—		0.139264		0.393913		65			—			35			100
MSCI Japan^(a)		0.574175		—		0.141814		0.715989		80			—			20			100
MSCI Mexico^(a)		0.429796		—		0.004180		0.433976		99			—			1			100
MSCI South Korea^(a)		0.427177		—		0.880451		1.307628		33			—			67			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

General Information

Electronic Delivery

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records

50	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity

CPO	Certificates of Participation (Ordinary)

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

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

iS-SAR-815-0220

FEBRUARY 29, 2020

2020 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	3
About Fund Performance	7
Shareholder Expenses	7
Consolidated Schedules of Investments	8
Consolidated Financial Statements
Consolidated Statements of Assets and Liabilities	64
Consolidated Statements of Operations	65
Consolidated Statements of Changes in Net Assets	66
Consolidated Financial Highlights	68
Notes to Consolidated Financial Statements	72
Statement Regarding Liquidity Risk Management Program	81
Supplemental Information	82
General Information	83
Glossary of Terms Used in this Report	84

Fund Summary as of February 29, 2020

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

Since Since

6 Months 1 Year 5 Years Inception 1 Year 5 Years Inception

Fund NAV 2.53 % (2.44 )% 2.46 % 2.20 % (2.44 )% 12.92 % 17.41 %

Fund Market 3.22 (1.52 ) 2.50 2.27 (1.52 ) 13.16 18.01

Index 2.58 (2.43 ) 2.40 2.16 (2.43 ) 12.59 17.06

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

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(09/01/19)

(02/29/20)

the Period

^(a)

(09/01/19)

(02/29/20)

the Period

^(a)

Ratio

1,000.00

1,025.30

0.70

1,000.00

1,024.20

0.70

0.14

^(a)

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Financials		22.0	%
Information Technology		16.5
Consumer Discretionary		14.7
Communication Services		11.0
Materials		7.4
Consumer Staples		6.3
Energy		6.2
Industrials		5.9
Health Care		3.8
Real Estate		3.5
Utilities		2.7

TEN LARGEST GEOGRAPHIC ALLOCATION
	Percent of
Country/Geographic Region		Total Investments	^(a)
China		34.1	%
Taiwan		13.0
South Korea		11.7
India		9.4
Brazil		7.0
South Africa		4.2
Russia		3.4
Saudi Arabia		2.6
Thailand		2.4
Mexico		2.3

^(a)

Excludes money market funds.

F u n d S u m m a r y

Fund Summary as of February 29, 2020

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 5.43 % 1.66 % 4.57 % 1.98 % 1.66 % 25.05 % 21.63 %

Fund Market 6.72 2.51 4.70 2.06 2.51 25.81 22.57

Index 5.61 1.99 5.05 2.67 1.99 27.93 30.17

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(09/01/19)

(02/29/20)

the Period

^(a)

(09/01/19)

(02/29/20)

the Period

^(a)

Ratio

1,000.00

1,054.30

3.58

1,000.00

1,021.40

3.52

0.70

^(a)

Portfolio Information

ALLOCATION BY SECTOR

Percent of

Sector Total Investments ^(a)

Financials 23.0 %

Consumer Discretionary 20.6

Communication Services 15.2

Energy 9.2

Information Technology 5.7

Consumer Staples 5.6

Materials 5.4

Industrials 5.0

Real Estate 3.8

Health Care 3.8

Utilities 2.7

GEOGRAPHIC ALLOCATION

Percent of

Country/Geographic Region Total Investments ^(a)

China 65.8 %

India 15.7

Brazil 12.0

Russia 6.5

^(a)

Excludes money market funds.

4	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Fund Summary as of February 29, 2020

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
							Since						Since
	6 Months		1 Year		5 Years		Inception		1 Year		5 Years		Inception
Fund NAV	5.38	%	0.26	%	3.52	%	4.19	%	0.26	%	18.86	%	39.17	%
Fund Market	6.26		0.89		3.42		4.23		0.89		18.34		39.66
Index	5.68		0.68		3.90		4.56		0.68		21.07		43.20

The inception date of the Fund was 2/8/12. The first day of secondary market trading was 2/9/12.

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 EMAsia Custom Capped Index.

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(09/01/19)

(02/29/20)

the Period

^(a)

(09/01/19)

(02/29/20)

the Period

^(a)

Ratio

1,000.00

1,053.80

2.55

1,000.00

1,022.40

2.51

0.50

^(a)

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Financials		20.8	%
Information Technology		19.9
Consumer Discretionary		15.9
Communication Services		13.2
Industrials		5.7
Consumer Staples		5.6
Materials		5.1
Energy		4.5
Health Care		3.6
Real Estate		3.4
Utilities		2.3

GEOGRAPHIC ALLOCATION

Percent of

Country/Geographic Region Total Investments ^(a)

China 47.0 %

Taiwan 16.2

South Korea 14.6

India 12.5

Thailand 3.2

Malaysia 2.6

Indonesia 2.6

Philippines 1.3

Pakistan 0.0 ^(b)

^(a)

Excludes money market funds.

^(b)

Rounds to less than 0.1%.

F u n d S u m m a r y

Fund Summary as of February 29, 2020

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
							Since						Since
	6 Months		1 Year		5 Years		Inception		1 Year		5 Years		Inception
Fund NAV	(0.46	)%	(7.13	)%	(0.34	)%	0.21	%	(7.13	)%	(1.70	)%	1.85	%
Fund Market	0.33		(6.68	)	(0.48	)	0.21		(6.68	)	(2.39	)	1.83
Index	(0.35	)	(6.79	)	(0.08	)	0.65		(6.79	)	(0.42	)	5.70

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

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(09/01/19)

(02/29/20)

the Period

^(a)

(09/01/19)

(02/29/20)

the Period

^(a)

Ratio

1,000.00

995.40

3.47

1,000.00

1,021.40

3.52

0.70

^(a)

Portfolio Information

ALLOCATION BY SECTOR

Percent of

Sector Total Investments ^(a)

Information Technology 16.8 %

Consumer Discretionary 14.5

Industrials 13.2

Materials 11.1

Financials 10.0

Health Care 9.2

Real Estate. 8.1

Consumer Staples 5.9

Utilities 4.9

Communication Services 4.1

Energy 2.2

TEN LARGEST GEOGRAPHIC ALLOCATION

Percent of

Country/Geographic Region Total Investments ^(a)

Taiwan 21.2 %

South Korea 14.6

India 14.6

China 11.5

Brazil 10.2

South Africa 4.1

Thailand 3.5

Malaysia 3.2

Mexico 2.8

Saudi Arabia 2.7

^(a)

Excludes money market funds.

6	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

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

Consolidated Schedule of Investments (unaudited)	iShares^® Core MSCI Emerging Markets ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security Shares Value

Common Stocks

Argentina — 0.2%

Adecoagro SA^(a)(b) 1,138,665 $ 7,446,869

Arcos Dorados Holdings Inc., Class A 1,096,524 7,061,615

Banco BBVA Argentina SA, ADR^(a)(b) 671,182 2,704,864

Banco Macro SA, ADR 399,403 11,574,699

Central Puerto SA, ADR 917,692 2,973,322

Despegar.com Corp.^(a)(b) 516,703 6,195,269

Globant SA^(a)(b) 319,839 36,145,005

Grupo Financiero Galicia SA, ADR 891,053 11,262,910

Loma Negra Cia Industrial Argentina SA, ADR^(a)(b) 498,513 2,891,375

Pampa Energia SA, ADR^(a)(b) 501,584 5,943,770

Telecom Argentina SA, ADR 806,318 9,353,289

Transportadora de Gas del Sur SA, Class B 765,242 4,293,008

YPF SA, ADR 1,544,004 12,336,592

120,182,587

Brazil — 4.9%

AES Tiete Energia SA 1,998,644 6,737,973

Aliansce Sonae Shopping Centers SA^(a) 1,030,801 10,434,471

Alupar Investimento SA 1,614,824 10,093,433

Ambev SA 40,861,699 131,687,765

Anima Holding SA 537,000 4,284,907

Arezzo Industria e Comercio SA 469,912 6,259,730

Atacadao SA 3,267,000 14,982,153

B2W Cia. Digital^(a) 1,860,303 25,626,507

B3 SA - Brasil, Bolsa, Balcao 18,628,228 198,188,012

Banco Bradesco SA 10,612,808 64,194,592

Banco BTG Pactual SA 2,031,000 30,413,343

Banco do Brasil SA 7,488,313 77,776,944

Banco Inter SA 621,300 6,389,751

Banco Santander Brasil SA 3,449,563 30,476,562

BB Seguridade Participacoes SA 6,092,143 43,007,493

BK Brasil Operacao e Assessoria a Restaurantes SA 1,683,900 5,467,874

BR Malls Participacoes SA 6,733,724 24,387,763

BR Properties SA^(a) 2,017,391 6,161,748

BRF SA^(a) 4,978,058 29,835,357

Camil Alimentos SA 1,523,582 2,856,938

CCR SA 10,717,887 38,793,589

Centrais Eletricas Brasileiras SA 2,383,600 18,242,928

Cia. de Locacao das Americas 2,682,036 12,578,964

Cia. de Saneamento Basico do Estado de Sao Paulo 2,976,828 38,763,788

Cia. de Saneamento de Minas Gerais-COPASA 597,400 7,985,813

Cia. de Saneamento do Parana 531,802 11,846,243

Cia. Hering 1,266,600 6,327,877

Cia. Siderurgica Nacional SA 5,542,356 13,734,119

Cielo SA 10,657,718 16,181,523

Cogna Educacao 15,396,515 34,433,264

Cosan Logistica SA^(a) 1,637,123 6,582,384

Cosan SA 1,339,272 21,720,331

CVC Brasil Operadora e Agencia de Viagens SA 1,172,840 6,688,722

Cyrela Brazil Realty SA Empreendimentos e Participacoes 2,403,300 15,890,071

Dommo Energia SA^(a) 1,647,870 474,822

Duratex SA 2,815,608 10,852,664

EcoRodovias Infraestrutura e Logistica SA^(a) 2,227,000 7,789,181

EDP - Energias do Brasil SA 2,583,500 11,698,803

Embraer SA^(a) 6,246,483 23,481,509

Enauta Participacoes SA 1,118,800 3,295,657

Security Shares Value

Brazil (continued)

Energisa SA 1,361,975 $ 16,301,497

Eneva SA^(a) 1,155,600 10,949,852

Engie Brasil Energia SA 1,714,975 18,067,173

Equatorial Energia SA 7,793,480 42,597,989

Ez Tec Empreendimentos e Participacoes SA 902,706 9,303,875

Fleury SA 1,837,814 12,122,692

Grendene SA 2,724,200 5,857,001

Guararapes Confeccoes SA 1,020,738 6,221,736

Hapvida Participacoes e Investimentos SA^(c) 1,884,754 23,059,949

Hypera SA 3,280,100 24,937,092

Iguatemi Empresa de Shopping Centers SA 754,600 8,334,361

Instituto Hermes Pardini SA 562,444 3,584,113

Iochpe Maxion SA 1,147,228 4,943,228

IRB Brasil Resseguros S/A 6,158,639 45,387,995

JBS SA 9,751,861 49,065,695

Klabin SA 6,105,024 26,048,499

Light SA 1,995,852 9,595,166

Linx SA 1,376,200 9,571,921

Localiza Rent a Car SA 5,545,303 60,889,989

LOG Commercial Properties e Participacoes SA 714,372 4,367,001

Lojas Renner SA 7,227,436 85,383,915

M. Dias Branco SA 955,697 8,684,977

Magazine Luiza SA 6,510,068 72,897,640

Mahle-Metal Leve SA 446,271 2,665,766

Marfrig Global Foods SA^(a) 4,059,113 10,859,330

Movida Participacoes SA 1,659,600 6,621,258

MRV Engenharia e Participacoes SA 2,617,942 11,309,319

Multiplan Empreendimentos Imobiliarios SA 2,323,229 15,715,968

Natura & Co. Holding SA 5,456,570 55,041,615

Notre Dame Intermedica Participacoes SA 4,136,979 57,979,050

Odontoprev SA 2,396,400 8,758,799

Omega Geracao SA^(a) 704,500 6,050,863

Petrobras Distribuidora SA 6,210,312 35,926,799

Petroleo Brasileiro SA 32,378,379 194,845,121

Porto Seguro SA 842,198 11,383,249

Qualicorp Consultoria e Corretora de Seguros SA 2,032,400 15,428,879

Raia Drogasil SA 2,042,357 54,276,951

Rumo SA^(a) 10,037,581 46,988,067

Santos Brasil Participacoes SA 3,384,800 4,448,897

Sao Martinho SA 1,554,511 9,127,259

Ser Educacional SA^(c) 630,000 3,602,673

SLC Agricola SA 1,043,378 4,664,576

Smiles Fidelidade SA 669,700 4,865,795

Sul America SA 2,573,732 30,839,261

Suzano SA 4,779,954 40,408,153

TIM Participacoes SA 7,438,500 26,594,041

TOTVS SA 1,334,700 21,007,181

Transmissora Alianca de Energia Eletrica SA 1,757,300 11,681,187

Tupy SA 699,000 3,391,467

Ultrapar Participacoes SA 6,284,060 26,575,613

Vale SA 27,796,483 272,995,946

Via Varejo SA^(a) 8,556,815 26,192,106

Vulcabras Azaleia SA^(a) 1,156,400 2,024,882

WEG SA 7,706,059 73,701,738

Wiz Solucoes e Corretagem de Seguros SA 924,800 2,890,224

YDUQS Part 2,356,624 27,104,323

2,720,765,280

Chile — 0.6%

AES Gener SA 28,510,103 4,185,824

Aguas Andinas SA, Class A 23,699,526 8,089,555

8	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued)	iShares^® Core MSCI Emerging Markets ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security Shares Value

Chile (continued)

Banco de Chile 383,156,419 $ 33,652,823

Banco de Credito e Inversiones SA 423,697 15,753,122

Banco Santander Chile 548,133,237 24,382,117

Besalco SA 2,554,650 1,024,034

CAP SA 682,743 3,853,449

Cencosud SA 12,685,808 14,845,703

Cia. Cervecerias Unidas SA 1,301,959 9,751,242

Cia. Sud Americana de Vapores SA^(a) 123,898,151 3,623,318

Colbun SA 71,717,050 8,978,510

Empresa Nacional de Telecomunicaciones SA^(a) 1,387,966 7,283,213

Empresas CMPC SA 10,244,914 20,606,473

Empresas COPEC SA 3,405,288 26,355,459

Enel Americas SA 332,150,772 55,471,159

Enel Chile SA 243,791,601 21,694,668

Engie Energia Chile SA 5,259,050 6,762,213

Forus SA 559,926 672,255

Grupo Security SA 9,032,962 1,777,346

Inversiones Aguas Metropolitanas SA 4,702,195 4,070,348

Inversiones La Construccion SA 336,106 2,508,268

Itau CorpBanca 1,389,277,109 5,082,370

Latam Airlines Group SA 2,040,332 13,570,211

Parque Arauco SA 5,141,662 10,529,899

Ripley Corp. SA 6,551,889 2,555,806

SACI Falabella 6,395,975 21,207,382

Salfacorp SA 4,101,337 1,919,403

SMU SA 18,149,387 2,705,604

SONDA SA 4,636,746 3,271,943

Vina Concha y Toro SA 3,793,772 6,264,143

342,447,860

China — 34.0%

21Vianet Group Inc., ADR^(a)(b) 525,948 7,878,701

360 Security Technology Inc., Class A 755,988 2,417,146

361 Degrees International Ltd.^(b) 10,234,000 1,838,510

3SBio Inc.^(a)(c) 11,372,000 11,790,731

500.com Ltd., ADR^(a)(b) 179,117 965,441

51job Inc., ADR^(a)(b) 229,321 17,146,331

58.com Inc., ADR^(a)(b) 817,285 45,089,613

AAC Technologies Holdings Inc.^(b) 6,353,500 41,619,927

AECC Aviation Power Co. Ltd., Class A 1,278,916 4,226,340

Agile Group Holdings Ltd. 11,324,500 15,897,502

Agricultural Bank of China Ltd., Class A 42,793,147 20,875,602

Agricultural Bank of China Ltd., Class H 245,448,000 98,266,758

AGTech Holdings Ltd.^(a)(b) 39,524,000 1,369,359

Aier Eye Hospital Group Co. Ltd., Class A 2,168,756 12,410,266

Air China Ltd., Class H 16,286,000 13,103,114

Aisino Corp., Class A 1,118,781 3,777,178

Ajisen China Holdings Ltd. 6,487,000 1,639,844

AK Medical Holdings Ltd.^(b)(c) 4,650,000 9,618,570

Alibaba Group Holding Ltd., ADR^(a) 15,182,400 3,157,939,200

Alibaba Health Information Technology Ltd.^(a)(b) 32,468,000 62,244,169

Alibaba Pictures Group Ltd.^(a)(b) 132,520,000 17,855,140

A-Living Services Co. Ltd., Class H^(c) 3,730,500 16,706,482

Aluminum Corp. of China Ltd., Class H^(a) 35,432,000 9,411,494

Anhui Conch Cement Co. Ltd., Class A 2,609,007 20,475,827

Anhui Conch Cement Co. Ltd., Class H 10,634,000 77,983,986

Anhui Gujing Distillery Co. Ltd., Class A 218,280 3,819,010

Anhui Kouzi Distillery Co. Ltd., Class A 345,324 2,211,690

ANTA Sports Products Ltd. 10,026,000 80,601,164

Anton Oilfield Services Group/Hong Kong^(b) 26,360,000 2,503,051

Ascletis Pharma Inc.^(a)(b)(c) 4,644,000 2,324,071

Security Shares Value

China (continued)

Asia Cement China Holdings Corp. 5,803,500 $ 7,655,537

Asymchem Laboratories Tianjin Co. Ltd., Class A 123,100 3,153,665

Atlas Crop. 769,795 8,159,827

Autobio Diagnostics Co. Ltd., Class A 156,890 2,694,436

Autohome Inc., ADR^(a)(b) 513,086 39,851,390

AVIC Aircraft Co. Ltd., Class A 1,927,187 4,689,630

Avic Capital Co. Ltd., Class A 5,685,391 3,464,817

AVIC Jonhon Optronic Technology Co. Ltd., Class A 626,393 3,520,784

AVIC Shenyang Aircraft Co. Ltd., Class A^(a) 714,367 2,841,035

AviChina Industry & Technology Co. Ltd., Class H 23,236,000 10,107,729

BAIC Motor Corp. Ltd., Class H^(c) 14,778,500 7,244,130

Baidu Inc., ADR^(a)(b) 2,390,197 286,775,836

Bank of Beijing Co. Ltd., Class A 14,519,534 10,614,120

Bank of Chengdu Co. Ltd., Class A 2,627,575 3,071,055

Bank of China Ltd., Class A 22,925,400 11,642,753

Bank of China Ltd., Class H 677,489,000 267,759,878

Bank of Communications Co. Ltd., Class A 24,020,380 17,868,727

Bank of Communications Co. Ltd., Class H 71,371,000 45,791,442

Bank of Guiyang Co. Ltd., Class A 2,455,460 2,950,683

Bank of Hangzhou Co. Ltd., Class A 2,864,440 3,520,005

Bank of Jiangsu Co. Ltd., Class A 9,790,614 8,935,956

Bank of Nanjing Co. Ltd., Class A 7,064,321 7,842,284

Bank of Ningbo Co. Ltd., Class A 4,018,376 14,463,440

Bank of Shanghai Co. Ltd., Class A 8,812,295 10,854,319

Baoshan Iron & Steel Co. Ltd., Class A 13,504,529 10,046,000

Baozun Inc., ADR^(a)(b) 367,288 11,650,375

BBMG Corp., Class A 6,558,400 3,161,828

BBMG Corp., Class H 23,381,000 6,570,520

Beijing Capital International Airport Co. Ltd., Class H. 14,904,000 11,627,838

Beijing Capital Land Ltd., Class H^(b) 12,078,000 3,254,669

Beijing Enlight Media Co. Ltd., Class A 1,703,394 2,641,525

Beijing Enterprises Holdings Ltd. 4,312,000 18,204,015

Beijing Enterprises Water Group Ltd.^(b) 44,056,000 20,464,737

Beijing Gas Blue Sky Holdings Ltd.^(a)(b) 89,864,000 2,190,947

Beijing New Building Materials PLC, Class A 996,322 3,591,788

Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A 817,097 3,630,659

Beijing Shiji Information Technology Co. Ltd.,

Class A 486,995 2,703,825

Beijing Shunxin Agriculture Co. Ltd., Class A 425,100 3,344,754

Beijing Sinnet Technology Co. Ltd., Class A 852,287 3,060,342

Beijing Tiantan Biological Products Corp. Ltd., Class A 601,798 2,981,355

Beijing Tong Ren Tang Chinese Medicine Co. Ltd.^(b) 3,366,000 5,658,195

Beijing Tongrentang Co. Ltd., Class A 813,296 3,041,338

BEST Inc., ADR^(a)(b) 1,654,184 8,949,135

Betta Pharmaceuticals Co. Ltd., Class A 225,894 2,607,886

Bitauto Holdings Ltd., ADR^(a)(b) 241,008 3,591,019

BOC Aviation Ltd.^(c) 2,198,700 19,086,501

BOE Technology Group Co. Ltd., Class A 20,983,800 14,709,253

Bosideng International Holdings Ltd. 32,514,000 9,470,846

Brilliance China Automotive Holdings Ltd.^(b) 27,012,000 22,876,691

BYD Co. Ltd., Class A 1,419,886 13,278,296

BYD Co. Ltd., Class H^(b) 5,095,000 31,185,672

BYD Electronic International Co. Ltd. 6,105,500 11,438,436

C&D International Investment Group Ltd. 3,281,000 4,555,395

CA Cultural Technology Group Ltd. 8,833,000 2,391,571

Caitong Securities Co. Ltd., Class A 2,246,186 3,566,803

Camsing International Holding Ltd.^(a)(b)(d) 4,108,000 519,756

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

Consolidated Schedule of Investments (unaudited) (continued) iShares^® Core MSCI Emerging Markets ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

China (continued)
Canvest Environmental Protection Group Co. Ltd.		7,897,000	$	3,810,154
CAR Inc.^(a)(b)		7,248,000		4,547,991
CGN Power Co. Ltd., Class H^(c)		87,646,000		21,368,707
Changchun High & New Technology Industry Group Inc., Class A		130,493		9,035,308
Changjiang Securities Co. Ltd., Class A		3,455,296		3,331,621
Changyou.com Ltd., ADR		159,714		1,718,523
Chaowei Power Holdings Ltd.		6,957,000		2,196,088
Chaozhou Three-Circle Group Co. Ltd., Class A		993,046		3,381,090
China Agri-Industries Holdings Ltd.		23,656,200		12,840,380
China Aircraft Leasing Group Holdings Ltd.		4,584,500		4,429,753
China Animal Healthcare Ltd.^(a)(d)		1,237,000		6,349
China Aoyuan Group Ltd.		12,188,000		17,547,605
China BlueChemical Ltd., Class H		19,042,000		3,616,320
China Cinda Asset Management Co. Ltd., Class H		74,005,000		15,478,940
China CITIC Bank Corp. Ltd., Class H		76,700,000		39,860,517
China Coal Energy Co. Ltd., Class H		18,876,000		6,103,839
China Communications Construction Co. Ltd., Class H		38,599,000		28,776,947
China Communications Services Corp. Ltd., Class H		21,742,000		16,823,228
China Conch Venture Holdings Ltd.		14,413,000		70,094,854
China Construction Bank Corp., Class A		8,998,781		8,367,726
China Construction Bank Corp., Class H		836,043,000		675,867,715
China Datang Corp. Renewable Power Co. Ltd., Class H		29,743,000		2,404,462
China Dongxiang Group Co. Ltd.		41,723,000		4,176,021
China East Education Holdings Ltd.^(a)(c)		529,000		1,076,593
China Eastern Airlines Corp. Ltd., Class H^(a)(b)		16,430,000		7,041,685
China Education Group Holdings Ltd.		5,844,000		8,308,880
China Everbright Bank Co. Ltd., Class A		24,175,482		13,073,063
China Everbright Bank Co. Ltd., Class H		20,000,000		8,007,135
China Everbright Greentech Ltd.^(c)		8,019,000		3,879,307
China Everbright International Ltd.^(b)		32,348,148		21,543,156
China Everbright Ltd.^(b)		8,352,000		13,932,414
China Everbright Water Ltd.^(b)		9,643,400		2,141,903
China Evergrande Group^(b)		17,329,000		38,913,840
China Fiber Optic Network System Group Ltd.^(a)(d)		10,394,800		13
China First Capital Group Ltd.^(a)		31,268,000		862,643
China Foods Ltd.		9,708,000		3,587,689
China Fortune Land Development Co. Ltd., Class A		2,130,673		7,190,435
China Galaxy Securities Co. Ltd., Class H		31,426,500		17,340,316
China Gas Holdings Ltd.		16,003,400		58,526,110
China Gezhouba Group Co. Ltd., Class A		2,676,193		2,545,948
China Grand Automotive Services Group Co. Ltd., Class A		4,874,200		2,872,837
China Grand Pharmaceutical and Healthcare Holdings Ltd., Class A^(b)		8,600,000		5,451,524
China Greatwall Technology Group Co. Ltd., Class A		1,603,700		3,209,602
China Harmony New Energy Auto Holding Ltd.		7,532,500		3,721,281
China High Speed Transmission Equipment Group Co. Ltd.^(b)		4,957,000		3,148,594
China Hongqiao Group Ltd.		15,817,000		8,483,849
China Huarong Asset Management Co. Ltd., Class H^(c)		85,229,000		11,592,732
China Huishan Dairy Holdings Co. Ltd.^(a)(d)		16,599,187		31,950
China Huiyuan Juice Group Ltd.^(a)(d)		10,877,000		1,507,389
China International Capital Corp. Ltd., Class H^(b)(c)		11,574,800		21,358,213

Security	Shares		Value

China (continued)
China International Travel Service Corp. Ltd.,
Class A		1,164,873	$	13,081,533
China Jinmao Holdings Group Ltd.		46,772,000		34,150,003
China Jushi Co. Ltd., Class A		2,158,893		2,896,972
China Lesso Group Holdings Ltd.		8,033,000		12,060,246
China Life Insurance Co. Ltd., Class A		1,622,721		6,836,590
China Life Insurance Co. Ltd., Class H		64,854,000		151,960,277
China Lilang Ltd.		4,795,000		3,107,224
China Literature Ltd.^(a)(b)(c)		2,365,600		10,700,226
China LNG Group Ltd.^(a)(b)		27,112,000		1,356,809
China Logistics Property Holdings Co. Ltd.^(a)(b)(c)		10,439,000		4,018,581
China Longyuan Power Group Corp. Ltd., Class H		27,419,000		14,355,037
China Lumena New Materials Corp.^(a)(b)(d)		64,600		0	^(e)
China Maple Leaf Educational Systems Ltd.		14,764,000		5,153,063
China Medical System Holdings Ltd.		12,156,000		14,974,573
China Mengniu Dairy Co. Ltd.^(b)		25,644,000		91,972,950
China Merchants Bank Co. Ltd., Class A		10,945,563		53,551,866
China Merchants Bank Co. Ltd., Class H		34,653,464		163,416,737
China Merchants Energy Shipping Co. Ltd., Class A		3,855,488		2,790,874
China Merchants Land Ltd..		25,898,000		3,854,932
China Merchants Port Holdings Co. Ltd.		11,744,270		17,270,431
China Merchants Securities Co. Ltd., Class A		5,402,647		13,641,487
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		4,827,834		11,976,001
China Metal Recycling Holdings Ltd.^(a)(d)		62,400		0	^(e)
China Metal Resources Utilization Ltd.^(a)(b)(c)		5,276,000		2,017,500
China Minsheng Banking Corp. Ltd., Class A		22,732,015		18,601,346
China Minsheng Banking Corp. Ltd., Class H		56,609,720		38,209,318
China Mobile Ltd.		53,745,000		422,757,264
China Molybdenum Co. Ltd., Class A		20,907,371		12,173,185
China Molybdenum Co. Ltd., Class H^(b)		25,863,000		9,657,494
China National Building Material Co. Ltd., Class H.		34,172,850		39,509,227
China National Chemical Engineering Co. Ltd., Class A		2,725,997		2,710,320
China National Nuclear Power Co. Ltd., Class A		14,347,626		9,421,133
China National Software & Service Co. Ltd., Class A		270,099		3,293,259
China New Higher Education Group Ltd.^(b)(c)		6,633,000		2,255,529
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		2,152,800		2,802,564
China Oilfield Services Ltd., Class H		14,502,000		18,608,889
China Oriental Group Co. Ltd.		12,484,000		4,261,161
China Overseas Grand Oceans Group Ltd.		14,330,500		9,801,241
China Overseas Land & Investment Ltd.		31,636,000		106,156,306
China Overseas Property Holdings Ltd.^(b)		13,510,000		10,921,655
China Pacific Insurance Group Co. Ltd., Class A		3,530,938		16,108,497
China Pacific Insurance Group Co. Ltd., Class H^(b)		22,935,400		75,489,444
China Petroleum & Chemical Corp., Class A		16,698,410		10,988,625
China Petroleum & Chemical Corp., Class H		218,148,200		112,530,494
China Power International Development Ltd.		37,161,000		6,914,295
China Railway Construction Corp. Ltd., Class A		7,644,812		10,389,648
China Railway Construction Corp. Ltd., Class H		16,133,000		18,465,987
China Railway Group Ltd., Class A		16,247,966		12,481,986
China Railway Group Ltd., Class H		30,505,000		17,223,295
China Railway Signal & Communication Corp. Ltd., Class H^(c)		13,512,000		6,935,410
China Reinsurance Group Corp., Class H.		44,948,000		6,113,765
China Renewable Energy Investment Ltd.^(a)(d)		8,046		0	^(e)
China Resources Beer Holdings Co. Ltd.		13,148,000		60,905,910
China Resources Cement Holdings Ltd.		21,686,000		27,298,639

10	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued)	iShares^® Core MSCI Emerging Markets ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
China Resources Gas Group Ltd.		8,002,000	$	39,943,000
China Resources Land Ltd.		26,935,777		124,257,022
China Resources Medical Holdings Co. Ltd.		9,987,500		5,177,626
China Resources Pharmaceutical Group Ltd.^(c)		13,391,500		11,650,685
China Resources Power Holdings Co. Ltd.		16,680,000		19,841,217
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		527,296		2,474,222
China SCE Group Holdings Ltd.		17,246,200		9,405,348
China Shenhua Energy Co. Ltd., Class A		3,184,456		7,288,961
China Shenhua Energy Co. Ltd., Class H		28,825,000		50,007,892
China Shineway Pharmaceutical Group Ltd.		3,165,000		2,761,692
China Shipbuilding Industry Co. Ltd., Class A		13,851,918		8,738,943
China South City Holdings Ltd.		42,608,000		4,701,995
China Southern Airlines Co. Ltd., Class A		7,188,867		5,923,704
China Southern Airlines Co. Ltd., Class H^(b)		13,386,000		7,059,683
China State Construction Engineering Corp. Ltd., Class A		23,665,819		18,180,517
China State Construction International Holdings Ltd.		17,820,000		14,428,779
China Suntien Green Energy Corp. Ltd., Class H		17,896,000		4,363,170
China Taiping Insurance Holdings Co. Ltd.		14,514,508		29,650,903
China Telecom Corp. Ltd., Class H		119,446,000		44,908,833
China Tian Lun Gas Holdings Ltd.		3,042,500		2,490,828
China Tower Corp. Ltd., Class H^(c)		387,134,000		93,889,204
China Traditional Chinese Medicine Holdings Co. Ltd.		20,186,000		10,620,052
China Travel International Investment Hong Kong Ltd.		25,568,000		4,035,473
China Unicom Hong Kong Ltd.		53,630,000		42,322,903
China United Network Communications Ltd., Class A		18,643,082		14,615,331
China Vanke Co. Ltd., Class A		5,821,368		24,642,253
China Vanke Co. Ltd., Class H		12,710,487		48,930,086
China Vast Industrial Urban Development Co. Ltd.^(b)(c)		2,532,000		994,209
China Water Affairs Group Ltd.^(b)		8,378,000		6,676,126
China Yangtze Power Co. Ltd., Class A		11,856,662		28,886,005
China Youzan Ltd.^(a)(b)		110,852,000		11,237,331
China Yuchai International Ltd.		107,862		1,339,646
China Yuhua Education Corp Ltd.^(b)(c)		12,106,000		9,367,216
China ZhengTong Auto Services Holdings Ltd.^(b)		10,908,500		3,023,509
China Zhongwang Holdings Ltd.		17,190,400		5,779,361
Chinasoft International Ltd.^(b)		17,704,000		10,859,050
Chongqing Changan Automobile Co. Ltd., Class A		2,254,483		3,280,034
Chongqing Rural Commercial Bank Co. Ltd., Class H		19,977,000		9,023,302
Chongqing Zhifei Biological Products Co. Ltd., Class A		978,363		8,394,926
CIFI Holdings Group Co. Ltd.		24,626,000		18,801,971
CIMC Enric Holdings Ltd.		7,390,000		3,831,055
CITIC Ltd.		50,844,000		56,434,977
CITIC Resources Holdings Ltd.		39,550,000		2,156,890
CITIC Securities Co. Ltd., Class A		6,358,345		21,284,838
CITIC Securities Co. Ltd., Class H		17,247,500		36,871,745
CNOOC Ltd.		156,392,000		214,327,710
COFCO Meat Holdings Ltd.^(a)(b)		13,867,000		3,469,842
Colour Life Services Group Co. Ltd.^(b)		4,096,000		2,165,458
Concord New Energy Group Ltd.		100,170,000		4,370,279
Consun Pharmaceutical Group Ltd.^(b)		5,049,000		2,468,442
Contemporary Amperex Technology Co. Ltd.,
Class A		1,242,673		24,118,544

Security	Shares		Value
China (continued)
COSCO SHIPPING Energy Transportation Co. Ltd., Class H	12,294,000	$	4,795,781
COSCO SHIPPING Holdings Co. Ltd., Class H^(a)(b)	24,607,000		8,209,648
COSCO SHIPPING International Hong Kong Co. Ltd.^(b)	12,346,000		3,643,734
COSCO SHIPPING Ports Ltd.	15,538,000		10,347,966
Country Garden Holdings Co. Ltd.	66,496,733		88,058,755
Country Garden Services Holdings Co. Ltd.	11,652,000		45,453,423
CPMC Holdings Ltd.	7,517,000		2,874,441
CRRC Corp. Ltd., Class A	15,586,669		14,270,648
CRRC Corp. Ltd., Class H	36,189,750		23,219,247
CSC Financial Co. Ltd., Class A	2,342,092		10,792,078
CSPC Pharmaceutical Group Ltd.	40,984,000		93,400,638
CT Environmental Group Ltd.^(a)(d)	33,362,000		1,113,058
Dali Foods Group Co. Ltd.^(c)	17,565,500		11,608,077
Daqin Railway Co. Ltd., Class A	9,313,539		9,433,186
Daqo New Energy Corp., ADR^(a)(b)	93,515		6,131,779
Datang International Power Generation Co. Ltd., Class H	28,406,000		4,446,952
Dawning Information Industry Co. Ltd., Class A	505,387		3,266,485
Dawnrays Pharmaceutical Holdings Ltd.	14,024,000		2,375,409
DHC Software Co. Ltd., Class A	1,698,698		3,584,418
Digital China Holdings Ltd.	7,963,000		3,995,269
Dongfeng Motor Group Co. Ltd., Class H	24,118,000		19,064,022
Dongxing Securities Co. Ltd., Class A	1,805,277		3,122,343
Dongyue Group Ltd.^(b)	12,139,000		6,308,563
East Money Information Co. Ltd., Class A	4,305,276		10,685,894
ENN Energy Holdings Ltd.	7,099,300		78,662,982
Eve Energy Co. Ltd., Class A^(a)	528,285		5,029,522
Everbright Securities Co. Ltd., Class A	2,343,086		3,982,127
Fangda Carbon New Material Co. Ltd., Class A^(a)	1,696,472		2,443,918
Fanhua Inc., ADR	438,695		8,905,508
Fantasia Holdings Group Co. Ltd.	20,545,500		3,928,217
Far East Horizon Ltd.	18,944,000		16,554,320
Fiberhome Telecommunication Technologies Co. Ltd., Class A	674,498		2,892,829
FingerTango Inc.^(a)	1,200,000		97,010
Focus Media Information Technology Co. Ltd., Class A	9,154,599		6,993,442
Foshan Haitian Flavouring & Food Co. Ltd., Class A	1,227,817		17,491,061
Fosun International Ltd.	23,222,500		29,590,395
Founder Securities Co. Ltd., Class A	6,399,087		6,700,998
Foxconn Industrial Internet Co. Ltd., Class A	2,717,261		6,639,412
Fu Shou Yuan International Group Ltd.	9,759,000		8,340,116
Fufeng Group Ltd.	15,808,400		6,126,147
Fuyao Glass Industry Group Co. Ltd., Class H^(c)	4,628,400		13,214,582
Ganfeng Lithium Co. Ltd., Class A	593,084		4,410,247
GCL New Energy Holdings Ltd.^(a)	92,090,000		1,654,372
GCL System Integration Technology Co. Ltd., Class A^(a)	2,792,300		2,205,015
GCL-Poly Energy Holdings Ltd.^(a)	124,664,000		5,918,823
GD Power Development Co. Ltd., Class A	9,730,400		2,923,213
GDS Holdings Ltd., ADR^(a)(b)	600,415		34,806,058
Geely Automobile Holdings Ltd.	43,990,000		78,236,557
Gemdale Corp., Class A	3,811,643		7,797,559
Gemdale Properties & Investment Corp. Ltd.	44,204,000		7,827,682
Genertec Universal Medical Group Co. Ltd.^(b)(c)	9,433,000		6,560,571
Genscript Biotech Corp.^(a)	8,298,000		17,270,973
GF Securities Co. Ltd., Class A	5,442,985		11,290,561
GF Securities Co. Ltd., Class H	10,982,400		13,134,263

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

Consolidated Schedule of Investments (unaudited) (continued) iShares^® Core MSCI Emerging Markets ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Gigadevice Semiconductor Beijing Inc., Class A		287,382	$	14,925,347
Glodon Co. Ltd., Class A		615,993		3,939,951
Glorious Property Holdings Ltd.^(a)		2,016,000		42,684
Glory Sun Financial Group Ltd.^(b)		127,692,000		4,096,342
GoerTek Inc., Class A		2,702,600		8,610,183
GOME Retail Holdings Ltd.^(a)(b)		89,617,000		9,199,684
Goodbaby International Holdings Ltd. ^(a)(b)		9,750,000		1,663,983
Grand Baoxin Auto Group Ltd.^(a)(b)		6,971,500		1,127,170
Great Wall Motor Co. Ltd., Class H		27,545,500		19,935,278
Gree Electric Appliances Inc. of Zhuhai, Class A		1,832,341		15,518,095
Greenland Holdings Corp. Ltd., Class A		8,208,832		6,858,113
Greenland Hong Kong Holdings Ltd.		8,445,000		3,283,483
Greentown Service Group Co. Ltd.		10,362,000		12,950,755
Guangdong Haid Group Co. Ltd., Class A		859,999		4,207,600
Guangdong HEC Technology Holding Co. Ltd., Class A		2,181,695		2,602,978
Guangdong Investment Ltd.		26,526,000		49,831,663
Guangzhou Automobile Group Co. Ltd., Class H		26,779,200		29,861,383
Guangzhou Baiyun International Airport Co. Ltd., Class A		1,161,823		2,572,891
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		1,330,388		6,484,266
Guangzhou R&F Properties Co. Ltd., Class H^(b)		9,387,600		14,551,711
Guorui Properties Ltd.		11,218,000		1,986,493
Guosen Securities Co. Ltd., Class A		2,451,267		4,127,409
Guotai Junan Securities Co. Ltd., Class A		5,454,625		13,265,518
Guotai Junan Securities Co. Ltd., Class H^(c)		5,256,000		8,781,301
Guoyuan Securities Co. Ltd., Class A		2,169,600		2,799,604
Haidilao International Holding Ltd.^(b)(c)		3,261,000		13,327,625
Haier Electronics Group Co. Ltd.		11,142,000		31,883,101
Haier Smart Home Co. Ltd., Class A		3,417,605		8,321,312
Haitian International Holdings Ltd.		6,070,000		11,901,579
Haitong Securities Co. Ltd., Class A		6,530,056		13,274,598
Haitong Securities Co. Ltd., Class H		24,179,600		25,969,710
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		5,010,165		25,085,945
Hangzhou Robam Appliances Co. Ltd., Class A		567,101		2,516,591
Hangzhou Steam Turbine Co. Ltd., Class B		3,634,577		3,885,003
Hangzhou Tigermed Consulting Co. Ltd., Class A		688,274		7,532,397
Hansoh Pharmaceutical Group Co. Ltd.^(a)(c)		4,370,000		15,168,451
Harbin Electric Co. Ltd., Class H^(a)(b)		6,036,000		1,626,526
HC Group Inc.^(a)(b)		5,989,000		1,621,546
Hefei Meiya Optoelectronic Technology Inc., Class A		506,842		2,615,346
Henan Shuanghui Investment & Development Co. Ltd., Class A		2,035,210		9,899,165
Hengan International Group Co. Ltd.		6,252,000		46,410,353
Hengli Petrochemical Co. Ltd., Class A		3,810,210		8,121,674
HengTen Networks Group Ltd.^(a)(b)		236,624,000		3,005,983
Hengtong Optic-Electric Co. Ltd., Class A		1,357,400		3,198,246
Hengyi Petrochemical Co. Ltd., Class A		1,683,432		3,325,827
Hi Sun Technology China Ltd.^(a)		31,827,000		4,451,586
Hithink RoyalFlush Information Network Co. Ltd., Class A		492,373		8,698,341
Hope Education Group Co. Ltd.^(c)		22,610,000		4,990,241
Hua Han Health Industry Holdings Ltd.^(a)(b)(d)		22,424,288		690,593
Hua Hong Semiconductor Ltd.^(b)(c)		4,010,000		8,726,955
Huabao International Holdings Ltd.		9,946,000		3,930,897
Huadian Power International Corp. Ltd., Class H		17,140,000		5,168,580
Huadong Medicine Co. Ltd., Class A		1,006,451		2,778,820

Security	Shares		Value
China (continued)
Hualan Biological Engineering Inc., Class A		752,400	$	4,466,911
Huaneng Power International Inc., Class H		34,362,000		13,845,244
Huangshi Dongbei Electrical Appliance Co. Ltd., Class B		2,598,284		3,162,112
Huatai Securities Co. Ltd., Class A		4,912,551		13,036,511
Huatai Securities Co. Ltd., Class H^(c)		13,638,200		23,695,630
Huaxia Bank Co. Ltd., Class A		12,029,512		11,960,331
Huaxin Cement Co. Ltd., Class A		802,569		2,800,300
Huayu Automotive Systems Co. Ltd., Class A		2,423,718		9,760,473
Huazhu Group Ltd., ADR^(b)		1,149,387		38,791,811
Hubei Biocause Pharmaceutical Co. Ltd., Class A		3,176,671		2,708,500
Hundsun Technologies Inc., Class A		675,522		9,295,651
Hutchison China MediTech Ltd., ADR^(a)(b)		526,310		12,273,549
HUYA Inc., ADR^(a)(b)		553,523		10,965,291
Iflytek Co. Ltd., Class A		1,796,784		9,919,301
IGG Inc.^(b)		11,621,000		8,455,107
IMAX China Holding Inc.^(c)		1,293,800		2,423,888
Industrial & Commercial Bank of China Ltd., Class A		30,099,280		22,821,405
Industrial & Commercial Bank of China Ltd., Class H		565,716,000		386,917,353
Industrial Bank Co. Ltd., Class A		11,333,578		28,033,184
Industrial Securities Co. Ltd., Class A		4,159,200		4,111,481
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		40,572,800		6,790,961
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		3,383,188		13,992,155
Inner Mongolia Yitai Coal Co. Ltd., Class B		10,210,995		7,004,743
Innovent Biologics Inc.^(a)(c)		6,658,500		30,417,179
Inspur Electronic Information Industry Co. Ltd., Class A		689,700		4,148,935
Inspur International Ltd.^(b)		5,134,000		2,108,135
iQIYI Inc., ADR^(a)(b)		1,133,868		25,432,659
Jafron Biomedical Co. Ltd., Class A		233,470		3,016,653
JD.com Inc., ADR^(a)(b)		6,410,670		246,874,902
Jiangsu Expressway Co. Ltd., Class H		10,498,000		12,137,351
Jiangsu Hengli Hydraulic Co. Ltd., Class A		466,400		3,869,875
Jiangsu Hengrui Medicine Co. Ltd., Class A		2,489,455		29,947,394
Jiangsu King’s Luck Brewery JSC Ltd., Class A		740,095		3,123,344
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		843,447		11,750,003
Jiangsu Zhongnan Construction Group Co. Ltd., Class A		2,029,700		2,410,018
Jiangxi Copper Co. Ltd., Class H		10,666,000		12,509,510
Jiangxi Zhengbang Technology Co. Ltd., Class A		1,343,800		2,906,677
Jiayuan International Group Ltd.^(b)		11,244,000		4,443,898
Jinchuan Group International Resources Co. Ltd.^(b)		29,556,000		2,920,310
Jinke Properties Group Co. Ltd., Class A		3,020,900		3,254,181
JinkoSolar Holding Co. Ltd., ADR^(a)(b)		288,625		6,592,195
JNBY Design Ltd.		1,752,500		1,888,991
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		445,842		2,410,922
JOYY Inc.^(a)		499,908		26,980,035
Juewei Food Co. Ltd., Class A		436,400		2,535,917
Jumei International Holding Ltd., ADR^(a)(b)		86,256		1,670,779
Kaisa Group Holdings Ltd.		22,316,000		9,907,977
Kama Co. Ltd., Class B^(a)		4,211,624		1,773,094
Kasen International Holdings Ltd.^(a)(b)		5,729,000		1,073,308
Kingboard Holdings Ltd.		6,078,200		16,066,998
Kingboard Laminates Holdings Ltd.		9,936,500		9,907,110

12	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued) iShares^® Core MSCI Emerging Markets ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Kingdee International Software Group Co. Ltd.^(b)		20,760,000	$	26,559,203
Kingsoft Corp. Ltd.^(a)(b)		7,263,000		23,486,004
Konka Group Co. Ltd., Class B		9,188,818		3,843,880
Kunlun Energy Co. Ltd.		30,092,000		21,005,958
Kweichow Moutai Co. Ltd., Class A		660,692		99,904,358
KWG Group Holdings Ltd.		11,465,500		16,801,639
Lee & Man Paper Manufacturing Ltd.		12,871,000		10,041,727
Lee’s Pharmaceutical Holdings Ltd.^(b)		3,507,000		1,764,064
Legend Holdings Corp., Class H^(c)		3,657,300		6,288,657
Lenovo Group Ltd.^(b)		63,010,000		38,890,819
Lens Technology Co. Ltd., Class A		1,718,900		4,787,700
Lepu Medical Technology Beijing Co. Ltd., Class A		1,083,200		5,315,121
Li Ning Co. Ltd.		17,693,000		46,542,304
Lifetech Scientific Corp.^(a)(b)		28,560,000		5,607,150
Lingyi iTech Guangdong Co., Class A^(a)		4,841,433		7,847,191
Logan Property Holdings Co. Ltd.^(b)		12,226,000		20,865,489
Lomon Billions Group Co. Ltd., Class A		1,568,375		3,504,623
Longfor Group Holdings Ltd.^(c)		15,709,500		72,670,838
LONGi Green Energy Technology Co. Ltd., Class A		2,293,558		10,072,992
Lonking Holdings Ltd.		19,772,000		5,505,577
Luckin Coffee Inc., ADR^(a)		525,426		20,785,853
Luthai Textile Co. Ltd., Class B		3,310,921		3,088,700
Luxshare Precision Industry Co. Ltd., Class A		3,106,779		21,244,605
Luye Pharma Group Ltd.^(b)(c)		10,788,000		6,575,474
Luzhou Laojiao Co. Ltd., Class A		832,554		8,908,907
Mango Excellent Media Co. Ltd., Class A^(a)		1,386,287		8,739,903
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A		2,429,228		4,576,827
Meitu Inc.^(a)(b)(c)		20,807,500		4,912,813
Meituan Dianping, Class B^(a)		9,076,900		115,193,077
Metallurgical Corp. of China Ltd., Class H		23,322,000		4,518,926
MMG Ltd.^(a)(b)		23,939,999		4,884,429
Momo Inc., ADR		1,302,182		36,617,358
Muyuan Foodstuff Co. Ltd., Class A		1,136,531		18,941,641
NARI Technology Co. Ltd., Class A		2,718,702		7,712,492
NAURA Technology Group Co. Ltd., Class A		260,300		5,511,574
NavInfo Co. Ltd., Class A		1,229,100		3,010,242
NetDragon Websoft Holdings Ltd.^(b)		2,214,500		6,109,514
NetEase Inc., ADR		618,314		197,062,855
New China Life Insurance Co. Ltd., Class A		1,348,301		8,521,636
New China Life Insurance Co. Ltd., Class H		7,110,800		27,054,262
New Hope Liuhe Co. Ltd., Class A		2,499,250		8,652,378
New Oriental Education & Technology Group Inc., ADR^(a)(b)		1,283,694		164,171,626
Nexteer Automotive Group Ltd.		8,131,000		5,988,918
Nine Dragons Paper Holdings Ltd.^(b)		15,193,000		17,935,930
Ninestar Corp., Class A		574,500		3,417,314
Ningbo Zhoushan Port Co. Ltd., Class A		5,642,000		2,655,458
NIO Inc., ADR^(a)(b)		5,801,765		23,961,289
Noah Holdings Ltd.^(a)(b)		282,701		8,023,054
Offshore Oil Engineering Co. Ltd., Class A		2,322,400		1,930,294
OFILM Group Co. Ltd., Class A^(a)		1,480,700		3,918,765
OneSmart International Education Group Ltd., ADR^(a)(b)		787,867		4,285,996
Oppein Home Group Inc., Class A		164,600		2,593,965
Orient Securities Co. Ltd., Class A		4,906,568		6,998,152
Oriental Pearl Group Co. Ltd., Class A		2,212,500		3,215,788
Panda Green Energy Group Ltd.^(a)(b)		49,746,852		1,391,601
PAX Global Technology Ltd.		10,476,000		5,202,343

Security	Shares		Value
China (continued)
People’s Insurance Co. Group of China Ltd. (The), Class H		73,263,000	$	25,946,950
Perfect World Co. Ltd., Class A		708,200		5,172,042
PetroChina Co. Ltd., Class A		8,541,000		6,194,797
PetroChina Co. Ltd., Class H		182,462,000		70,708,547
PICC Property & Casualty Co. Ltd., Class H		60,223,040		62,363,251
Pinduoduo Inc., ADR^(a)(b)		1,697,768		60,746,139
Ping An Bank Co. Ltd., Class A		10,209,536		21,177,974
Ping An Healthcare and Technology Co. Ltd.^(a)(c)		2,841,700		27,767,749
Ping An Insurance Group Co. of China Ltd., Class A		5,826,636		64,783,003
Ping An Insurance Group Co. of China Ltd., Class H		48,737,000		541,900,931
Poly Developments and Holdings Group Co. Ltd., Class A		7,117,911		16,485,791
Poly Property Group Co. Ltd.		20,853,000		7,840,228
Postal Savings Bank of China Co. Ltd., Class H^(c)		68,995,000		43,558,735
Pou Sheng International Holdings Ltd.		20,877,000		5,331,062
Power Construction Corp. of China Ltd., Class A		15,836,544		9,628,525
Q Technology Group Co. Ltd.^(a)(b)		4,055,000		5,702,876
Qudian Inc., ADR^(a)(b)		1,415,848		3,709,522
Realord Group Holdings Ltd.^(a)(b)		5,828,000		3,380,263
Redco Properties Group Ltd.^(c)		8,150,000		3,764,893
Redsun Properties Group Ltd.		9,964,000		3,132,509
RISE Education Cayman Ltd., ADR^(a)(b)		281,689		1,560,557
RiseSun Real Estate Development Co. Ltd., Class A		2,644,062		3,237,843
Road King Infrastructure Ltd.		3,813,000		6,507,452
Rongsheng Petro Chemical Co. Ltd., Class A		3,900,600		5,775,401
Ronshine China Holdings Ltd.		5,599,000		6,200,316
SAIC Motor Corp. Ltd., Class A		4,486,300		14,254,345
Sanan Optoelectronics Co. Ltd., Class A		3,348,700		11,808,740
Sangfor Technologies Inc., Class A		181,400		5,169,363
Sany Heavy Equipment International Holdings Co. Ltd.		12,517,000		7,468,713
Sany Heavy Industry Co. Ltd., Class A		5,758,016		14,357,560
SDIC Capital Co. Ltd., Class A		1,999,300		3,706,751
SDIC Power Holdings Co. Ltd., Class A		5,184,754		5,607,385
Seazen Group Ltd^(b)		17,664,000		18,155,746
Seazen Holdings Co. Ltd., Class A		1,383,200		6,351,853
Semiconductor Manufacturing International Corp.^(a)(b)		27,003,700		52,323,015
SF Holding Co. Ltd., Class A		878,092		6,148,980
Shaanxi Coal Industry Co. Ltd., Class A		6,542,054		7,393,526
Shandong Airlines Co. Ltd., Class B		2,048,918		2,119,103
Shandong Gold Mining Co. Ltd., Class A		1,482,778		7,195,192
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		1,237,700		2,988,809
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		18,084,000		23,298,113
Shang Gong Group Co. Ltd., Class B^(a)		4,663,060		2,033,094
Shanghai Baosight Software Co. Ltd., Class A		458,700		2,978,512
Shanghai Chlor-Alkali Chemical Co. Ltd., Class B		5,062,327		2,804,529
Shanghai Construction Group Co. Ltd., Class A		4,764,600		2,283,398
Shanghai Electric Group Co. Ltd., Class H		25,744,000		7,267,604
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		4,728,500		13,318,351
Shanghai Fudan Microelectronics Group Co. Ltd., Class H^(a)(b)		2,834,000		2,167,398
Shanghai Haixin Group Co., Class B		5,874,110		2,273,281
Shanghai Haohai Biological Technology Co. Ltd., Class H^(a)(b)(c)		488,500		2,491,691

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

Consolidated Schedule of Investments (unaudited) (continued) iShares^® Core MSCI Emerging Markets ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Shanghai Industrial Holdings Ltd.		4,428,000	$	7,818,413
Shanghai Industrial Urban Development Group Ltd.		25,138,000		2,806,354
Shanghai International Airport Co. Ltd., Class A		635,203		5,971,101
Shanghai International Port Group Co. Ltd., Class A		7,670,500		4,981,842
Shanghai Jinjiang International Industrial Investment Co. Ltd., Class B		2,979,041		2,204,490
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		9,901,004		7,841,595
Shanghai M&G Stationery Inc., Class A		523,900		3,327,682
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		7,526,700		13,772,623
Shanghai Pudong Development Bank Co. Ltd., Class A		16,328,822		25,345,157
Shanxi Meijin Energy Co. Ltd., Class A^(a)		2,313,717		2,760,493
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		533,514		6,582,871
Shenergy Co. Ltd., Class A		3,049,900		2,299,358
Sheng Ye Capital Ltd.^(b)		2,706,000		2,423,683
Shengyi Technology Co. Ltd., Class A		2,097,000		9,254,735
Shennan Circuits Co. Ltd., Class A		303,900		9,024,572
Shenwan Hongyuan Group Co. Ltd., Class A		20,038,472		13,415,932
Shenzhen Goodix Technology Co. Ltd., Class A		296,900		13,160,916
Shenzhen Inovance Technology Co. Ltd., Class A		980,616		3,971,451
Shenzhen International Holdings Ltd.		8,895,250		17,030,191
Shenzhen Investment Ltd.		26,610,000		8,946,202
Shenzhen Kangtai Biological Products Co. Ltd., Class A		559,400		8,885,323
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		524,400		17,929,616
Shenzhen Overseas Chinese Town Co. Ltd., Class A		7,383,902		6,897,783
Shenzhen Sunway Communication Co. Ltd., Class A^(a)		566,600		4,047,143
Shenzhou International Group Holdings Ltd.		6,849,800		84,160,675
Shimao Property Holdings Ltd.		10,099,500		36,157,352
Shougang Concord International Enterprises Co. Ltd.		177,588,000		7,633,979
Shougang Fushan Resources Group Ltd.		26,724,000		5,178,106
Shui On Land Ltd.		39,364,666		7,829,442
Sichuan Chuantou Energy Co. Ltd., Class A		1,689,855		2,211,979
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		824,800		2,707,957
Sichuan Swellfun Co. Ltd., Class A		285,500		1,837,113
Sihuan Pharmaceutical Holdings Group Ltd.^(b)		35,844,000		4,231,524
Silver Grant International Holdings Group Ltd.^(a)		13,488,000		1,955,773
SINA Corp.^(a)(b)		543,931		17,813,740
Sino Biopharmaceutical Ltd.^(b)		61,988,000		89,724,131
Sinofert Holdings Ltd.		31,914,000		3,194,246
Sino-Ocean Group Holding Ltd.		26,290,000		9,547,058
Sinopec Engineering Group Co. Ltd., Class H		13,162,000		6,519,311
Sinopec Kantons Holdings Ltd.^(b)		11,188,000		4,522,260
Sinopec Shanghai Petrochemical Co. Ltd., Class H		31,319,000		7,997,486
Sinopharm Group Co. Ltd., Class H		10,681,600		32,964,305
Sinosoft Technology Group Ltd.^(b)		7,357,600		1,538,921
Sinotrans Ltd., Class H		24,780,000		6,995,464
Sinotruk Hong Kong Ltd.		6,238,000		11,926,807
Skyfame Realty Holdings Ltd.		30,686,000		4,016,363
Skyworth Group Ltd.^(a)(b)		17,960,000		4,494,004
SMI Holdings Group Ltd.^(a)(b)(d)		14,455,599		2,819,501
SOHO China Ltd.		20,630,000		7,465,190
Sohu.com Ltd., ADR^(a)(b)		304,871		2,905,421

Security	Shares		Value
China (continued)
Songcheng Performance Development Co. Ltd., Class A		708,891	$	2,796,946
Spring Airlines Co. Ltd., Class A		517,896		2,637,564
SSY Group Ltd.^(b)		14,588,411		12,224,010
Sun Art Retail Group Ltd.		21,220,500		27,121,112
Sunac China Holdings Ltd.		21,335,000		116,352,070
Suning.com Co. Ltd., Class A		7,024,050		9,324,938
Sunny Optical Technology Group Co. Ltd.		6,233,600		96,946,936
Superb Summit International Group Ltd.^(a)(b)(d)		6,035,000		7,744
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		897,900		3,635,171
TAL Education Group, ADR^(a)(b)		3,437,150		186,946,588
TCL Electronics Holdings Ltd.		8,574,000		4,774,916
TCL Technology Group Corp., Class A		7,618,400		6,408,428
Tencent Holdings Ltd.		50,133,700		2,483,187,994
Tencent Music Entertainment Group, ADR^(a)(b)		850,370		10,314,988
Texhong Textile Group Ltd.		2,358,500		2,484,686
Tian Ge Interactive Holdings Ltd.^(a)(b)(c)		7,370,000		1,655,000
Tiangong International Co. Ltd.		12,386,000		4,418,434
Tianjin Development Holdings Ltd.		10,730,000		2,684,892
Tianjin Port Development Holdings Ltd.		44,356,000		3,927,299
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		1,484,291		3,732,917
Tianma Microelectronics Co. Ltd., Class A		1,165,776		2,701,721
Tianneng Power International Ltd.		6,590,000		4,879,258
Tianqi Lithium Corp., Class A		817,793		3,710,966
Tingyi Cayman Islands Holding Corp.		17,418,000		31,693,270
Toly Bread Co. Ltd., Class A		420,979		2,648,659
Tong Ren Tang Technologies Co. Ltd., Class H		5,939,000		5,487,043
Tongda Group Holdings Ltd.^(b)		39,250,000		3,727,039
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		1,202,499		1,961,101
Tongwei Co. Ltd., Class A		3,686,759		9,097,965
Topchoice Medical Corp., Class A^(a)		196,099		2,920,080
Topsports International Holdings Ltd.^(c)		4,278,000		4,946,046
Towngas China Co. Ltd.		10,232,000		5,934,601
TravelSky Technology Ltd., Class H		8,063,000		15,767,911
Trip.com Group Ltd., ADR^(a)(b)		4,102,732		124,558,944
Truly International Holdings Ltd.^(a)		21,230,000		2,860,433
Tsaker Chemical Group Ltd.^(c)		4,296,500		931,739
Tsingtao Brewery Co. Ltd., Class H		3,512,000		18,251,647
Unigroup Guoxin Microelectronics Co. Ltd., Class A		334,410		2,772,318
Uni-President China Holdings Ltd.		11,516,000		11,880,925
Unisplendour Corp. Ltd., Class A		1,590,497		10,334,522
Venustech Group Inc., Class A		497,384		2,959,315
Vinda International Holdings Ltd.		2,972,000		7,646,377
Vipshop Holdings Ltd., ADR^(a)(b)		3,824,054		49,062,613
Walvax Biotechnology Co. Ltd., Class A		1,087,588		4,449,804
Wanda Film Holding Co. Ltd., Class A^(a)		1,165,638		2,701,401
Wanhua Chemical Group Co. Ltd., Class A		2,068,778		13,921,679
Want Want China Holdings Ltd.^(b)		44,320,000		34,236,454
Wasion Holdings Ltd.		6,370,000		2,574,794
Weibo Corp., ADR^(a)(b)		476,797		20,092,226
Weichai Power Co. Ltd., Class A		4,639,600		9,511,240
Weichai Power Co. Ltd., Class H		18,198,000		35,821,318
Wens Foodstuffs Group Co. Ltd., Class A		2,878,624		13,396,132
West China Cement Ltd.		26,474,000		4,280,383
Western Securities Co. Ltd., Class A		2,340,535		3,170,849
Wharf Holdings Ltd. (The)		8,853,000		18,676,041
Will Semiconductor Ltd., Class A		465,703		11,606,932
Wingtech Technology Co. Ltd., Class A^(a)		491,700		9,803,472

14	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued) iShares^® Core MSCI Emerging Markets ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Winning Health Technology Group Co. Ltd., Class A		1,226,435	$	4,512,590
Wisdom Education International Holdings Co. Ltd.		6,750,000		2,572,484
Wise Talent Information Technology Co. Ltd.^(a)		1,264,000		3,114,159
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,149,983		5,570,431
Wuliangye Yibin Co. Ltd., Class A		2,072,866		35,762,588
WUS Printed Circuit Kunshan Co. Ltd., Class A		923,597		3,448,525
WuXi AppTec Co. Ltd., Class A		907,995		13,768,915
WuXi AppTec Co. Ltd., Class H^(c)		1,374,240		20,261,666
Wuxi Biologics Cayman Inc.^(a)(c)		6,605,000		96,620,707
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		479,773		3,853,860
XCMG Construction Machinery Co. Ltd., Class A		5,045,978		3,804,226
Xiamen International Port Co. Ltd., Class H		22,768,000		2,629,420
Xiaomi Corp., Class B^(a)(b)(c)		90,911,800		146,521,863
Xingda International Holdings Ltd.		13,117,000		3,888,114
Xinhu Zhongbao Co. Ltd., Class A		4,834,400		2,178,530
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		7,022,634		6,974,828
Xinyi Solar Holdings Ltd.		32,228,800		25,516,543
Xtep International Holdings Ltd.		10,564,500		4,256,681
Yadea Group Holdings Ltd.^(c)		11,290,000		3,056,813
Yango Group Co. Ltd., Class A		2,308,600		2,645,402
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		596,098		2,950,558
Yanzhou Coal Mining Co. Ltd., Class H		16,118,000		12,223,376
Yealink Network Technology Corp. Ltd., Class A		279,685		4,172,749
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H^(c)		1,550,400		9,459,906
Yifeng Pharmacy Chain Co. Ltd., Class A		220,384		2,575,802
Yihai International Holding Ltd.		4,375,000		29,276,888
Yintech Investment Holdings Ltd., ADR^(a)(b)		220,930		1,369,766
Yonghui Superstores Co. Ltd., Class A		5,792,696		7,126,718
Yonyou Network Technology Co. Ltd., Class A		1,859,863		12,255,056
Youyuan International Holdings Ltd.^(a)(b)(d)		5,307,000		150,499
Yuexiu Property Co. Ltd.		57,362,880		11,703,631
Yuexiu REIT		13,775,000		8,838,003
Yuexiu Transport Infrastructure Ltd.		11,048,000		8,576,924
Yum China Holdings Inc.		3,138,824		137,449,103
Yunda Holding Co. Ltd., Class A		784,300		3,318,874
Yunnan Baiyao Group Co. Ltd., Class A		754,364		8,492,018
Yunnan Energy New Material Co. Ltd., Class A		518,795		4,329,848
Yuzhou Properties Co. Ltd.		17,240,400		8,450,905
Zai Lab Ltd., ADR^(a)(b)		330,607		18,173,467
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		476,369		8,184,589
Zhaojin Mining Industry Co. Ltd., Class H		11,273,500		13,439,002
Zhejiang Chint Electrics Co. Ltd., Class A		1,983,673		7,653,524
Zhejiang Dahua Technology Co. Ltd., Class A		2,684,229		7,441,898
Zhejiang Expressway Co. Ltd., Class H		13,052,000		9,864,723
Zhejiang Huayou Cobalt Co. Ltd., Class A		589,792		3,188,498
Zhejiang Longsheng Group Co. Ltd., Class A		1,793,874		3,315,621
Zhejiang NHU Co. Ltd., Class A		2,023,508		6,976,416
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		1,516,185		4,312,002
Zhejiang Supor Co. Ltd., Class A		261,297		2,745,596
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		302,598		1,869,214
Zhengzhou Yutong Bus Co. Ltd., Class A		1,373,179		2,962,367
Zhenro Properties Group Ltd.		11,857,000		7,713,923

Security	Shares		Value
China (continued)
ZhongAn Online P&C Insurance Co. Ltd., Class H^(a)(b)(c)		2,826,400	$	11,895,974
Zhongji Innolight Co. Ltd., Class A		460,180		4,084,228
Zhongjin Gold Corp. Ltd., Class A		2,507,079		2,908,702
Zhongsheng Group Holdings Ltd.^(b)		5,105,500		19,424,753
Zhuguang Holdings Group Co. Ltd.^(a)		17,842,000		2,518,423
Zhuzhou CRRC Times Electric Co. Ltd., Class H		4,758,800		16,640,122
Zijin Mining Group Co. Ltd., Class A		13,114,700		7,804,806
Zijin Mining Group Co. Ltd., Class H		46,906,000		21,066,335
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		5,358,800		4,442,144
ZTE Corp., Class A^(a)		2,012,900		14,398,014
ZTE Corp., Class H^(a)		6,681,240		27,648,994
ZTO Express Cayman Inc., ADR		2,772,377		65,039,964
				18,831,920,316
Colombia — 0.2%
Bancolombia SA		1,862,530		20,478,557
Cementos Argos SA		4,232,024		6,323,470
Corp. Financiera Colombiana SA^(a)		897,773		8,149,930
Ecopetrol SA		43,234,990		37,846,736
Grupo Argos SA		2,689,916		11,375,263
Grupo de Inversiones Suramericana SA		2,130,623		18,320,525
Interconexion Electrica SA ESP		3,981,196		20,876,513
				123,370,994
Czech Republic — 0.1%
Central European Media Enterprises Ltd.,
Class A^(a)		780,681		3,365,338
CEZ AS		1,340,875		25,513,832
Komercni Banka AS		680,039		20,725,657
Moneta Money Bank AS^(c)		4,722,676		15,574,161
				65,178,988
Egypt — 0.2%
Commercial International Bank Egypt SAE		11,883,808		62,762,014
Eastern Co. SAE		8,465,914		7,765,950
Egyptian Financial Group-Hermes Holding Co.		6,521,511		6,053,230
EISewedy Electric Co.		6,626,213		4,005,611
Ezz Steel Co. SAE^(a)		2,374,237		1,211,989
Heliopolis Housing.		5,686,644		2,026,202
Juhayna Food Industries		2,772,405		1,417,017
Medinet Nasr Housing^(a)		9,831,429		2,679,155
Oriental Weavers		2,364,462		1,576,056
Palm Hills Developments SAE^(a)		16,480,076		1,485,394
Pioneers Holding For Financial Investments SAE^(a)		4,803,828		1,404,349
Six of October Development & Investment		3,016,654		2,365,852
Talaat Moustafa Group.		7,051,367		3,392,054
Telecom Egypt Co.		4,816,660		3,780,612
				101,925,485
Greece — 0.3%
Alpha Bank AE^(a)		13,614,494		19,246,874
Athens Water Supply & Sewage Co. SA		440,274		3,095,160
Eurobank Ergasias SA^(a)		23,198,728		14,423,171
FF Group^(a)(d)		343,633		3,775
GEK Terna Holding Real Estate Construction SA^(a)		503,378		3,339,730
Hellenic Exchanges-Athens Stock Exchange SA		836,149		3,306,483
Hellenic Telecommunications Organization SA		2,106,592		29,665,291
Holding Co. ADMIE IPTO SA		1,372,335		3,225,924
Jumbo SA.		984,594		15,379,313
Motor Oil Hellas Corinth Refineries SA		538,190		8,749,384
Mytilineos SA		998,496		7,469,192

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

Consolidated Schedule of Investments (unaudited) (continued) iShares^® Core MSCI Emerging Markets ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value
Greece (continued)
National Bank of Greece SA^(a)		4,928,993	$	10,825,794
OPAP SA		1,744,999		18,592,897
Piraeus Bank SA^(a)(b)		2,540,139		5,535,786
Piraeus Port Authority SA		77,066		1,386,618
Public Power Corp. SA^(a)(b)		1,066,802		3,461,581
Sarantis SA		234,742		1,859,115
Terna Energy SA^(a)		422,667		3,500,659
Titan Cement International SA^(a)		383,512		5,383,813
				158,450,560
Hungary — 0.3%
Magyar Telekom Telecommunications PLC		4,691,347		6,074,361
MOL Hungarian Oil & Gas PLC		3,462,389		26,628,290
Opus Global Nyrt^(a)(b)		2,015,203		1,720,293
OTP Bank Nyrt		1,994,151		86,218,997
Richter Gedeon Nyrt		1,239,193		25,055,324
				145,697,265
India — 9.3%
Aarti Industries Ltd.		383,315		5,184,253
Aarti Surfactants Ltd.^(a)		17,751		118,287
Aavas Financiers Ltd.^(a)		224,339		5,840,570
Adani Enterprises Ltd.		1,399,207		4,239,257
Adani Ports & Special Economic Zone Ltd.		5,203,421		24,673,304
Adani Power Ltd.^(a)		7,127,972		4,671,813
Adani Transmission Ltd.^(a)		1,922,943		6,712,015
Aditya Birla Fashion and Retail Ltd.^(a)		1,588,309		5,532,974
Aegis Logistics Ltd.		767,231		2,373,959
AIA Engineering Ltd.		375,399		9,304,152
Ajanta Pharma Ltd.		218,494		4,193,674
Alembic Pharmaceuticals Ltd.		362,650		3,165,571
Amara Raja Batteries Ltd.		352,846		3,117,884
Ambuja Cements Ltd.		4,930,433		14,008,872
Apollo Hospitals Enterprise Ltd.		724,203		17,418,804
Apollo Tyres Ltd.		2,513,323		4,973,188
Arvind Fashions Ltd.^(a)		290,474		1,391,643
Ashok Leyland Ltd.		10,407,268		10,080,272
Asian Paints Ltd.		2,577,492		64,214,525
Astral Poly Technik Ltd.		515,483		8,174,299
Atul Ltd.		126,427		9,010,929
AU Small Finance Bank Ltd.^(c)		1,314,425		21,180,515
Aurobindo Pharma Ltd.		2,294,339		16,070,785
Avanti Feeds Ltd.		397,469		2,548,362
Avenue Supermarts Ltd.^(a)(c)		1,084,215		34,914,074
Axis Bank Ltd.		18,561,886		179,349,473
Bajaj Auto Ltd.		713,232		28,561,894
Bajaj Consumer Care Ltd.^(a)		618,746		1,648,732
Bajaj Electricals Ltd.		278,629		1,557,087
Bajaj Electricals Ltd./New		30,696		39,685
Bajaj Finance Ltd.		1,664,747		103,017,430
Bajaj Finserv Ltd.		369,471		46,336,504
Balkrishna Industries Ltd.		682,970		10,375,977
Bandhan Bank Ltd.^(c)		3,372,835		17,923,334
BASF India Ltd.		96,052		1,366,696
Bata India Ltd.		470,860		10,769,738
Bayer CropScience Ltd./India		104,627		6,353,009
Berger Paints India Ltd.		1,913,373		15,020,909
Bharat Forge Ltd.		1,827,658		11,026,602
Bharat Petroleum Corp. Ltd.		5,652,279		33,392,443
Bharti Airtel Ltd.^(a)		21,128,014		153,261,722
Bharti Infratel Ltd.		2,963,978		8,807,636

Security	Shares		Value
India (continued)
Birlasoft Ltd.^(a)		1,828,969	$	2,273,302
Blue Dart Express Ltd.		84,020		3,199,903
Blue Star Ltd.		207,370		2,306,091
Bosch Ltd.		65,057		10,933,461
Britannia Industries Ltd.		486,448		20,020,755
Can Fin Homes Ltd.		298,248		2,066,566
Ceat Ltd.		213,189		3,016,713
Century Plyboards India Ltd.		677,346		1,471,685
Century Textiles & Industries Ltd.		397,440		2,790,768
CESC Ltd.		594,050		5,325,398
Chambal Fertilizers and Chemicals Ltd.		1,047,536		2,045,212
Cholamandalam Financial Holdings Ltd.^(a)		664,623		4,724,448
Cipla Ltd.		2,941,597		16,389,873
City Union Bank Ltd.		2,391,221		7,132,162
Coal India Ltd.		10,537,424		24,588,661
Colgate-Palmolive India Ltd.		510,706		9,096,359
Container Corp. of India Ltd.		1,780,196		12,571,821
Coromandel International Ltd.		632,834		5,397,296
CRISIL Ltd.		217,247		4,572,971
Crompton Greaves Consumer Electricals Ltd.		3,209,580		12,408,256
Dabur India Ltd.		4,811,555		33,076,003
Dalmia Bharat Ltd.^(a)		421,728		4,570,388
DCB Bank Ltd.		1,933,369		4,334,626
Dilip Buildcon Ltd.^(c)		335,943		1,392,790
Dish TV India Ltd.^(a)		6,601,927		754,715
Dishman Carbogen Amcis Ltd.		680,134		726,149
Divi’s Laboratories Ltd.		704,093		20,556,189
DLF Ltd.		5,117,141		14,301,830
Dr Lal PathLabs Ltd.^(c)		239,823		5,410,577
Dr. Reddy’s Laboratories Ltd.		982,064		39,832,328
Edelweiss Financial Services Ltd.		4,102,630		4,965,736
Eicher Motors Ltd.		115,654		26,606,550
EIH Ltd.		1,388,650		2,537,063
Endurance Technologies Ltd.^(c)		261,871		3,561,525
Engineers India Ltd.		1,949,185		1,890,643
Equitas Holdings Ltd./India^(a)		434,912		649,950
Escorts Ltd.		546,837		5,911,076
Exide Industries Ltd.		2,135,410		4,863,057
Federal Bank Ltd.		12,829,777		15,271,110
Finolex Cables Ltd.		919,336		4,137,601
Fortis Healthcare Ltd.^(a)		4,105,168		8,762,963
Future Consumer Ltd.^(a)		5,864,562		999,537
GAIL India Ltd.		13,588,565		19,657,688
GE T&D India Ltd.		825,295		1,378,017
Gillette India Ltd.		53,666		4,310,235
Glenmark Pharmaceuticals Ltd.		1,294,545		4,978,709
GMR Infrastructure Ltd.^(a)		12,543,072		3,476,100
Godrej Consumer Products Ltd.		3,046,456		23,660,770
Godrej Industries Ltd.		896,520		4,870,346
Godrej Properties Ltd.^(a)		548,642		7,625,529
Granules India Ltd.		1,278,579		2,786,857
Graphite India Ltd.		580,261		1,793,428
Grasim Industries Ltd.		2,601,060		24,768,053
Great Eastern Shipping Co. Ltd. (The)		509,261		1,705,946
Gujarat Fluorochemicals Ltd.^(a)		250,860		1,751,944
Gujarat Narmada Valley Fertilizers &
Chemicals Ltd.		576,030		1,243,971
Gujarat Pipavav Port Ltd.		2,481,662		2,463,866
Gujarat State Petronet Ltd.		1,357,224		4,239,944
Havells India Ltd.		2,260,811		19,205,185

16	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued) iShares^® Core MSCI Emerging Markets ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
HCL Technologies Ltd.		9,461,276	$	70,054,149
HDFC Asset Management Co. Ltd.^(c)		364,436		15,863,640
HDFC Life Insurance Co. Ltd. ^(c)		4,387,805		33,081,438
HEG Ltd.		108,368		1,315,943
Hemisphere Properties India Ltd.^(a)		713,675		1,522,632
Hero MotoCorp Ltd.		837,482		23,809,938
Hexaware Technologies Ltd.		1,109,130		5,525,094
HFCL Ltd.		6,064,367		1,222,663
Himadri Speciality Chemical Ltd.		1,246,737		850,823
Hindalco Industries Ltd.		10,218,642		22,074,844
Hindustan Petroleum Corp. Ltd.		5,228,610		14,312,702
Hindustan Unilever Ltd.		5,961,289		179,641,989
Housing Development Finance Corp. Ltd.		14,402,767		434,223,443
ICICI Bank Ltd.		41,793,837		287,968,759
ICICI Lombard General Insurance Co. Ltd.^(c)		1,550,729		26,573,028
ICICI Prudential Life Insurance Co. Ltd.^(c)		2,861,619		18,692,170
ICICI Securities Ltd.^(c)		648,961		4,282,194
IDFC First Bank Ltd.^(a)		17,094,446		8,716,882
IDFC Ltd.		8,581,454		3,822,964
IIFL Finance Ltd.		1,233,786		2,784,962
IIFL Wealth Management Ltd.		204,322		4,144,763
India Cements Ltd. (The)		2,359,927		3,150,711
Indiabulls Housing Finance Ltd.		2,206,648		8,556,905
Indiabulls Ventures Ltd.		1,746,440		4,112,758
Indian Hotels Co. Ltd. (The)		4,308,071		8,058,885
Indian Oil Corp. Ltd.		16,201,694		23,741,007
Indraprastha Gas Ltd.		1,833,742		11,241,175
Info Edge India Ltd.		567,055		20,377,207
Infosys Ltd.		30,017,148		304,341,250
Inox Leisure Ltd.		451,050		2,680,331
InterGlobe Aviation Ltd.^(c)		886,749		15,974,199
Ipca Laboratories Ltd.		372,249		7,022,014
IRB Infrastructure Developers Ltd.^(a)		1,594,476		1,855,904
ITC Ltd.		29,787,195		81,538,925
Jammu & Kashmir Bank Ltd. (The)^(a)		2,330,025		637,655
Jindal Steel & Power Ltd. ^(a)		3,754,854		8,007,372
JM Financial Ltd.		2,022,870		2,962,793
JSW Energy Ltd.		2,633,019		2,090,581
JSW Steel Ltd.		7,543,211		24,636,226
Jubilant Foodworks Ltd.		656,865		15,990,761
Jubilant Life Sciences Ltd.		700,814		4,916,647
Just Dial Ltd.^(a)		384,031		2,480,297
Jyothy Labs Ltd.		859,392		1,466,507
Kajaria Ceramics Ltd.		600,779		4,365,934
Karnataka Bank Ltd. (The)		1,789,981		1,726,299
Karur Vysya Bank Ltd. (The)		3,499,439		2,026,903
Kaveri Seed Co. Ltd.		291,865		1,733,375
KEC International Ltd.		601,420		2,584,271
KEI Industries Ltd.		385,766		2,621,931
KPIT Technologies Ltd.^(a)		1,535,395		1,739,267
KRBL Ltd.		528,219		1,828,739
L&T Technology Services Ltd. ^(c)		195,559		4,392,168
Lakshmi Machine Works Ltd.		36,019		1,613,724
Larsen & Toubro Ltd.		4,035,041		66,398,489
Lemon Tree Hotels Ltd.^(a)(c)		2,344,349		1,676,217
LIC Housing Finance Ltd.		2,549,007		11,311,456
Lupin Ltd.		1,892,753		16,785,422
Mahanagar Gas Ltd.		424,839		5,918,047
Mahindra & Mahindra Financial Services Ltd.		1,793,960		8,532,605
Mahindra & Mahindra Ltd.		6,552,185		41,496,188

Security	Shares		Value
India (continued)
Mahindra CIE Automotive Ltd.^(a)		911,672	$	1,676,362
Manappuram Finance Ltd.		4,221,580		9,520,382
Marico Ltd.		3,730,622		15,443,563
Maruti Suzuki India Ltd.		915,650		79,718,994
Max Financial Services Ltd.^(a)		1,368,853		10,950,065
Minda Industries Ltd.		605,485		3,130,307
Mindtree Ltd.		635,382		8,311,229
Motherson Sumi Systems Ltd.		8,415,320		12,086,437
Motilal Oswal Financial Services Ltd.		337,259		3,479,491
Mphasis Ltd.		796,181		9,615,292
Natco Pharma Ltd.		796,486		6,640,189
National Aluminium Co. Ltd.		6,965,156		3,233,211
NBCC India Ltd.		5,225,120		1,911,431
NCC Ltd./India		4,564,796		2,251,799
Nestle India Ltd.		216,616		47,361,366
NIIT Technologies Ltd.		187,121		4,381,303
NTPC Ltd.		20,346,953		30,040,778
Oberoi Realty Ltd.		520,062		3,674,862
Oil & Natural Gas Corp. Ltd.		21,776,995		27,746,488
Oil India Ltd.		2,214,470		3,313,995
Page Industries Ltd.		47,056		14,440,146
Persistent Systems Ltd.		367,763		3,548,830
Petronet LNG Ltd.		5,078,288		17,282,399
Pfizer Ltd.		98,581		5,729,152
Phillips Carbon Black Ltd.		739,666		1,087,450
Phoenix Mills Ltd. (The)		461,459		5,476,379
PI Industries Ltd.		670,460		14,225,820
Pidilite Industries Ltd.		1,119,966		23,481,769
Piramal Enterprises Ltd.		830,105		15,028,561
PNB Housing Finance Ltd.^(c)		549,704		2,741,379
Power Finance Corp. Ltd.		5,505,737		8,350,059
Power Grid Corp. of India Ltd.		15,748,229		39,606,520
Prestige Estates Projects Ltd.		1,088,635		4,379,883
Procter & Gamble Health Ltd.^(a)		38,126		2,209,108
PTC India Ltd.		2,609,540		1,800,743
PVR Ltd.		306,477		8,100,242
Quess Corp. Ltd.^(a)(c)		644,650		4,593,190
Radico Khaitan Ltd.		596,940		3,394,661
Rain Industries Ltd.		1,181,613		1,691,352
Rajesh Exports Ltd.		685,296		6,250,207
Rallis India Ltd.		1,076,052		3,339,202
Ramco Cements Ltd. (The)		660,031		7,043,196
Raymond Ltd.		311,913		2,182,429
RBL Bank Ltd.^(c)		2,970,299		11,972,979
REC Ltd.		5,962,117		9,732,045
Redington India Ltd.		2,739,911		4,174,361
Reliance Industries Ltd.		24,957,385		459,481,478
Repco Home Finance Ltd.		244,517		962,923
Sadbhav Engineering Ltd.		886,550		866,065
Sanofi India Ltd.		49,261		4,978,250
SBI Life Insurance Co. Ltd.^(c)		3,015,757		37,208,301
Schaeffler India Ltd.		41,500		2,510,529
Shree Cement Ltd.		72,973		22,923,993
Shriram Transport Finance Co. Ltd.		1,211,919		20,089,635
Siemens Ltd.		599,627		10,832,628
Sobha Ltd.		498,346		2,050,906
Sonata Software Ltd.		379,943		1,763,424
SpiceJet Ltd.^(a)		1,489,634		1,720,456
SRF Ltd.		178,373		9,624,122
State Bank of India^(a)		15,608,979		65,535,326

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

Consolidated Schedule of Investments (unaudited) (continued) iShares^® Core MSCI Emerging Markets ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Sterlite Technologies Ltd.		1,116,216	$	1,422,192
Strides Pharma Science Ltd.		438,619		2,857,474
Sun Pharma Advanced Research Co. Ltd.^(a)		840,266		1,699,336
Sun Pharmaceutical Industries Ltd.		7,281,569		37,624,929
Sundaram Finance Ltd.		255,734		5,594,840
Sundram Fasteners Ltd.		488,871		2,812,952
Sunteck Realty Ltd.		489,764		2,349,822
Supreme Industries Ltd.		339,855		6,212,446
Symphony Ltd.		133,700		2,353,772
Syngene International Ltd.^(c)		884,582		3,682,107
Tata Chemicals Ltd.		735,767		7,279,421
Tata Communications Ltd.		692,652		3,463,860
Tata Consultancy Services Ltd.		7,967,311		220,817,087
Tata Consumer Products Ltd.		2,756,202		13,220,069
Tata Elxsi Ltd.		203,577		2,490,146
Tata Motors Ltd.^(a)		14,237,231		25,439,304
Tata Power Co. Ltd. (The)		11,053,898		7,153,040
Tata Steel Ltd.		3,140,593		16,613,037
TeamLease Services Ltd.^(a)		94,835		3,051,264
Tech Mahindra Ltd.		4,108,645		42,380,231
Thermax Ltd.		277,290		3,545,493
Titan Co. Ltd.		2,945,547		51,202,948
Torrent Power Ltd.		1,281,567		5,379,856
TTK Prestige Ltd.		61,536		4,857,437
Tube Investments of India Ltd.		906,598		6,632,955
TV18 Broadcast Ltd.^(a)		7,262,022		2,269,146
UltraTech Cement Ltd.		866,928		50,688,875
United Spirits Ltd.^(a)		2,500,105		23,777,283
UPL Ltd.		4,646,520		33,460,996
Varun Beverages Ltd.		610,722		6,880,910
Vedanta Ltd.		16,697,823		26,376,857
Venky’s India Ltd.		52,476		891,185
V-Guard Industries Ltd.		1,059,999		2,980,937
Vinati Organics Ltd.		225,632		2,938,132
VIP Industries Ltd.		311,257		1,767,675
V-Mart Retail Ltd.		79,578		2,459,593
Vodafone Idea Ltd.^(a)		89,505,853		4,774,968
Voltas Ltd.		944,908		8,887,052
WABCO India Ltd.		38,416		3,604,479
Welspun India Ltd.		3,246,141		1,857,701
Westlife Development Ltd.^(a)		333,416		2,076,934
Wipro Ltd.		9,744,606		29,901,867
Wockhardt Ltd.^(a)		391,365		1,666,762
Yes Bank Ltd.		16,868,423		8,087,400
Zee Entertainment Enterprises Ltd.		7,305,163		24,223,168
Zensar Technologies Ltd.		528,480		1,000,683
				5,159,965,975
Indonesia — 1.8%
Ace Hardware Indonesia Tbk PT		77,872,200		8,222,783
Adaro Energy Tbk PT		129,704,200		10,441,425
Adhi Karya Persero Tbk PT		19,877,300		1,045,991
AKR Corporindo Tbk PT		18,980,200		3,505,665
Alam Sutera Realty Tbk PT^(a)		137,577,000		1,457,516
Alfa Energi Investama Tbk PT^(a)		9,318,600		61,702
Aneka Tambang Tbk		84,875,443		3,401,525
Astra International Tbk PT		174,745,300		67,291,708
Bank Central Asia Tbk PT		88,321,300		193,602,013
Bank Mandiri Persero Tbk PT		162,289,900		82,290,226
Bank Negara Indonesia Persero Tbk PT		64,722,100		31,690,033

Security	Shares		Value
Indonesia (continued)
Bank Pembangunan Daerah Jawa Barat Dan
Banten Tbk PT.		25,681,700	$	1,593,080
Bank Rakyat Indonesia Persero Tbk PT		502,085,500		146,627,513
Bank Tabungan Negara Persero Tbk PT		39,494,876		4,679,651
Barito Pacific Tbk PT^(a)		239,785,900		16,462,040
Bukit Asam Tbk PT		33,321,900		5,202,374
Bumi Resources Tbk PT^(a)		495,009,100		1,725,071
Bumi Serpong Damai Tbk PT^(a)		76,652,500		5,342,568
Charoen Pokphand Indonesia Tbk PT		65,829,500		26,152,859
Ciputra Development Tbk PT		97,015,627		6,389,947
Gudang Garam Tbk PT		4,166,800		14,811,417
Hanjaya Mandala Sampoerna Tbk PT		78,180,600		9,263,427
Hanson International Tbk PT^(a)(d)		787,265,600		2,261,794
Indah Kiat Pulp & Paper Corp. Tbk PT		24,917,500		9,769,015
Indika Energy Tbk PT		21,932,500		1,146,498
Indocement Tunggal Prakarsa Tbk PT		16,305,600		16,961,915
Indofood CBP Sukses Makmur Tbk PT		20,483,300		14,669,169
Indofood Sukses Makmur Tbk PT		38,266,700		17,336,369
Inti Agri Resources Tbk PT^(a)(d)		291,349,000		843,739
Japfa Comfeed Indonesia Tbk PT		35,195,200		3,434,276
Jasa Marga Persero Tbk PT		21,244,680		6,929,786
Kalbe Farma Tbk PT.		179,803,400		15,289,085
Krakatau Steel Persero Tbk PT^(a)		70,304,914		1,127,035
Kresna Graha Investama Tbk PT^(a)		129,450,900		4,258,639
Link Net Tbk PT		15,323,700		3,727,459
Matahari Department Store Tbk PT		21,988,300		4,812,216
Medco Energi Internasional Tbk PT^(a)		68,005,900		2,986,145
Media Nusantara Citra Tbk PT		51,744,100		4,634,338
Mitra Adiperkasa Tbk PT		101,414,900		5,654,778
Pabrik Kertas Tjiwi Kimia Tbk PT		12,896,700		5,393,288
Pakuwon Jati Tbk PT		167,485,600		6,186,957
Panin Financial Tbk PT^(a)		176,161,400		3,094,105
Perusahaan Gas Negara Tbk PT		96,497,100		8,608,907
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		34,909,100		2,360,120
Pool Advista Indonesia Tbk PT^(a)		13,195,900		45,987
PP Persero Tbk PT		31,958,750		2,684,112
PP Properti Tbk PT		201,194,600		715,172
Ramayana Lestari Sentosa Tbk PT		33,562,700		2,421,146
Sawit Sumbermas Sarana Tbk PT		51,654,900		2,916,220
Semen Indonesia Persero Tbk PT		26,106,300		19,060,010
Sentul City Tbk PT^(a)		175,746,900		612,465
Sugih Energy Tbk PT^(a)(d)		27,492,211		7,665
Summarecon Agung Tbk PT		87,136,300		5,101,550
Surya Citra Media Tbk PT		64,787,900		5,057,498
Telekomunikasi Indonesia Persero Tbk PT		431,992,200		105,081,218
Timah Tbk PT		38,077,752		1,526,029
Tower Bersama Infrastructure Tbk PT.		91,314,400		7,032,752
Trada Alam Minera Tbk PT^(a)(d)		280,960,700		813,655
Unilever Indonesia Tbk PT		64,697,600		30,776,172
United Tractors Tbk PT		14,893,700		17,231,951
Waskita Beton Precast Tbk PT		118,722,700		1,539,113
Waskita Karya Persero Tbk PT		46,970,900		3,191,959
Wijaya Karya Persero Tbk PT		31,910,823		4,170,259
				992,731,100
Malaysia — 1.9%
Aeon Co. M Bhd		5,146,800		1,685,073
AEON Credit Service M Bhd^(b)		2,374,600		7,774,491
AirAsia Group Bhd		14,201,300		3,369,229
Alliance Bank Malaysia Bhd^(b)		9,474,700		5,192,540

18	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued) iShares^® Core MSCI Emerging Markets ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value
Malaysia (continued)
AMMB Holdings Bhd		14,529,800	$	12,754,510
Axiata Group Bhd		24,305,900		24,104,072
Berjaya Corp. Bhd^(a)(b)		44,034,606		2,246,131
Berjaya Sports Toto Bhd		6,425,873		3,826,558
Bermaz Auto Bhd		7,876,100		3,326,087
British American Tobacco Malaysia Bhd		1,344,400		3,967,814
Bursa Malaysia Bhd		5,269,500		6,888,480
Cahya Mata Sarawak Bhd^(b)		5,772,000		2,615,544
Carlsberg Brewery Malaysia Bhd		1,750,400		13,222,476
CIMB Group Holdings Bhd		41,478,900		47,432,574
Dialog Group Bhd		33,701,696		26,705,496
DiGi.Com Bhd		26,276,100		25,933,233
DRB-Hicom Bhd^(b)		8,459,400		4,455,485
FGV Holdings Bhd^(a)		16,589,000		4,486,705
Fraser & Neave Holdings Bhd		1,215,400		8,858,147
Gamuda Bhd		15,339,500		12,045,966
Genting Bhd		18,788,000		22,064,199
Genting Malaysia Bhd		26,355,400		18,070,488
Genting Plantations Bhd^(b)		3,407,300		8,099,916
Globetronics Technology Bhd		6,617,000		3,265,329
HAP Seng Consolidated Bhd		5,574,000		11,848,883
Hartalega Holdings Bhd		13,014,200		19,143,070
Hibiscus Petroleum Bhd^(a)		16,623,200		2,957,865
Hong Leong Bank Bhd		5,410,000		19,637,722
Hong Leong Financial Group Bhd		1,934,700		7,022,754
IGB REIT		7,947,300		3,695,542
IHH Healthcare Bhd		19,291,200		26,087,744
IJM Corp. Bhd		23,915,000		11,007,141
Inari Amertron Bhd^(b)		22,746,600		7,609,183
IOI Corp. Bhd		15,408,900		15,244,392
Kossan Rubber Industries		5,824,800		6,633,224
KPJ Healthcare Bhd^(b)		28,519,900		6,563,298
Kuala Lumpur Kepong Bhd		3,566,600		18,480,319
Magnum Bhd^(b)		8,437,200		4,824,117
Mah Sing Group Bhd^(b)		15,355,323		2,459,037
Malayan Banking Bhd		32,555,800		65,034,362
Malaysia Airports Holdings Bhd		8,470,700		13,243,633
Malaysia Building Society Bhd^(b)		14,522,900		2,653,056
Malaysian Pacific Industries Bhd^(b)		881,300		2,283,226
Malaysian Resources Corp. Bhd^(b)		20,966,900		2,835,381
Maxis Bhd^(b)		20,379,500		26,254,018
MISC Bhd		10,661,100		19,197,568
My EG Services Bhd^(b)		19,607,800		5,210,139
Nestle Malaysia Bhd		578,600		19,629,846
Padini Holdings Bhd^(b)		3,657,800		2,620,772
Pavilion REIT		12,603,400		5,382,235
Petronas Chemicals Group Bhd		20,979,000		26,877,011
Petronas Dagangan Bhd		1,982,300		10,741,573
Petronas Gas Bhd		5,859,100		23,102,786
Pos Malaysia Bhd^(b)		4,993,500		1,350,555
PPB Group Bhd		5,492,820		23,587,199
Press Metal Aluminium Holdings Bhd		12,822,600		14,176,350
Public Bank Bhd		26,793,260		108,698,635
QL Resources Bhd		6,679,995		12,932,090
RHB Bank Bhd		13,096,666		17,244,720
RHB Capital Bhd^(a)(d)		1,769,000		4
Sapura Energy Bhd^(b)		77,402,400		3,397,258
Scientex Bhd		2,150,500		4,591,815
Serba Dinamik Holdings Bhd		14,752,320		7,699,906
Sime Darby Bhd		23,941,000		11,359,905

Security	Shares		Value
Malaysia (continued)
Sime Darby Plantation Bhd		18,317,400	$	21,554,995
Sime Darby Property Bhd		25,741,000		4,732,924
SKP Resources Bhd^(b)		8,398,500		2,650,060
SP Setia Bhd Group		14,904,900		4,490,919
Sunway Bhd		19,631,386		8,243,785
Sunway Construction Group Bhd^(b)		6,721,770		2,982,138
Sunway REIT^(b)		18,867,700		8,505,013
Supermax Corp. Bhd		8,514,812		3,211,993
Telekom Malaysia Bhd		10,031,000		8,805,386
Tenaga Nasional Bhd		26,853,300		77,087,765
TIME dotCom Bhd		4,890,400		10,825,014
Top Glove Corp. Bhd		13,289,500		17,782,391
UEM Sunrise Bhd^(a)(b)		16,273,800		2,277,946
UMW Holdings Bhd^(b)		2,782,800		2,086,275
ViTrox Corp. Bhd		1,762,800		3,513,053
VS Industry Bhd		14,562,375		4,422,263
WCT Holdings Bhd^(a)		10,452,954		1,611,962
Westports Holdings Bhd		7,900,000		6,447,450
Yinson Holdings Bhd^(b)		5,124,800		8,693,314
YTL Corp. Bhd		27,407,166		5,494,438
				1,071,127,961
Mexico — 2.3%
Alfa SAB de CV, Class A		26,171,647		16,617,968
Alsea SAB de CV^(a)		4,837,295		9,754,493
America Movil SAB de CV, Series L, NVS		293,424,572		230,038,106
Arca Continental SAB de CV		3,591,138		19,589,675
Banco del Bajio SA^(c)		6,433,397		9,976,778
Bolsa Mexicana de Valores SAB de CV^(b)		4,016,378		8,435,885
Cemex SAB de CV, CPO, NVS		132,345,783		42,384,879
Coca-Cola Femsa SAB de CV^(b)		4,466,400		24,587,592
Concentradora Hipotecaria SAPI de CV^(b)		2,751,181		2,555,715
Consorcio ARA SAB de CV		12,307,234		2,219,424
Controladora Vuela Cia. de Aviacion SAB de CV, Class A^(a)		6,802,859		6,893,408
Corp Inmobiliaria Vesta SAB de CV		5,344,800		8,431,698
Credito Real SAB de CV SOFOM ER		1,638,000		1,736,753
El Puerto de Liverpool SAB de CV,
Series C1, NVS^(b)		1,603,105		7,434,702
Fibra Uno Administracion SA de CV		28,049,800		41,926,279
Fomento Economico Mexicano SAB de CV		16,699,345		134,301,655
Genomma Lab Internacional SAB de CV, Class B^(a)(b)		6,475,924		6,516,324
Gentera SAB de CV		8,814,692		8,411,059
Gruma SAB de CV, Series B		1,775,070		16,952,226
Grupo Aeromexico SAB de CV^(a)		4,211,982		2,523,381
Grupo Aeroportuario del Centro Norte SAB de CV		3,003,900		19,615,293
Grupo Aeroportuario del Pacifico SAB de CV, Series B		3,183,400		34,357,853
Grupo Aeroportuario del Sureste SAB de CV, Class B		1,854,835		30,440,600
Grupo Bimbo SAB de CV, Series A		14,135,102		21,199,261
Grupo Carso SAB de CV, Series A1		4,204,136		11,474,224
Grupo Cementos de Chihuahua SAB de CV^(b)		1,488,357		7,366,414
Grupo Comercial Chedraui SA de CV		3,801,059		4,863,528
Grupo Financiero Banorte SAB de CV, Class O		22,706,778		122,317,117
Grupo Financiero Inbursa SAB de CV, Class O		20,296,542		21,653,473
Grupo Herdez SAB de CV^(b)		2,785,600		4,989,638
Grupo Mexico SAB de CV, Series B		30,830,720		72,293,689
Grupo Televisa SAB, CPO		21,179,156		39,402,335
Hoteles City Express SAB de CV^(a)(b)		3,756,044		2,305,253

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

Consolidated Schedule of Investments (unaudited) (continued) iShares^® Core MSCI Emerging Markets ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value
Mexico (continued)
Industrias Penoles SAB de CV		1,246,425	$	11,171,957
Infraestructura Energetica Nova SAB de CV		4,719,471		20,411,745
Kimberly-Clark de Mexico SAB de CV, Class A		13,159,075		24,774,012
La Comer SAB de CV^(a)(b)		5,502,896		6,487,894
Macquarie Mexico Real Estate Management SA de CV^(c)		7,683,000		10,137,143
Megacable Holdings SAB de CV, CPO		2,555,477		8,506,854
Orbia Advance Corp. SAB de CV		9,335,183		18,150,238
PLA Administradora Industrial S. de RL de CV		7,299,649		10,929,285
Prologis Property Mexico SA de CV		2,650,345		5,566,709
Promotora y Operadora de Infraestructura SAB de CV^(b)		2,024,215		19,645,515
Qualitas Controladora SAB de CV		2,336,378		9,945,524
Regional SAB de CV		2,130,847		11,778,778
Telesites SAB de CV^(a)(b)		14,342,495		10,744,283
Unifin Financiera SAB de CV^(b)		585,694		924,850
Wal-Mart de Mexico SAB de CV		45,453,396		126,740,962
				1,289,482,427
Pakistan — 0.1%
Engro Corp. Ltd./Pakistan		3,324,759		6,677,483
Engro Fertilizers Ltd.		6,132,847		2,510,200
Fauji Fertilizer Co. Ltd.		5,842,140		3,914,542
Habib Bank Ltd.		5,029,216		5,101,943
Hub Power Co. Ltd. (The)^(a)		7,195,979		4,205,705
Lucky Cement Ltd.		1,176,129		3,721,866
MCB Bank Ltd.		3,793,700		4,809,534
National Bank of Pakistan^(a)		5,096,314		1,295,553
Nishat Mills Ltd.		2,093,800		1,383,042
Oil & Gas Development Co. Ltd.		5,666,800		4,312,568
Pakistan Oilfields Ltd.		1,354,570		3,235,613
Pakistan State Oil Co. Ltd.		2,404,885		2,565,387
Searle Co. Ltd. (The)		1,044,775		1,182,711
United Bank Ltd./Pakistan		4,460,200		4,791,349
				49,707,496
Peru — 0.3%
Cia. de Minas Buenaventura SAA, ADR		1,822,375		20,319,481
Credicorp Ltd.		586,738		106,357,997
Southern Copper Corp.		746,330		25,114,005
				151,791,483
Philippines — 0.9%
Aboitiz Equity Ventures Inc.		17,920,630		14,993,916
Aboitiz Power Corp.		11,808,200		6,370,289
Alliance Global Group Inc.^(a)		34,139,800		6,724,151
Altus San Nicolas Corp.		409,331		41,707
Ayala Corp.		2,346,895		30,501,578
Ayala Land Inc.		66,139,240		50,601,871
Bank of the Philippine Islands		7,623,523		11,081,963
BDO Unibank Inc.		17,199,976		46,901,357
Bloomberry Resorts Corp.		36,185,800		5,785,469
Cebu Air Inc.		2,826,890		4,078,818
Cosco Capital Inc.		30,898,600		3,782,389
D&L Industries Inc.		32,557,300		4,611,353
DoubleDragon Properties Corp.^(a)		6,725,700		2,242,999
Filinvest Land Inc.		111,503,000		2,690,509
First Gen Corp.		12,824,700		4,614,125
Globe Telecom Inc.		297,990		10,399,690
GT Capital Holdings Inc.		842,370		11,749,388
International Container Terminal Services Inc.		8,916,780		18,542,004
JG Summit Holdings Inc.		25,991,733		34,417,694

Security	Shares		Value
Philippines (continued)
Jollibee Foods Corp.		3,810,860	$	12,709,097
MacroAsia Corp.		4,775,900		787,005
Manila Electric Co.		1,754,900		9,288,318
Manila Water Co. Inc.		12,521,200		2,888,657
Megawide Construction Corp.		6,349,700		1,576,993
Megaworld Corp		94,185,200		6,282,093
Metro Pacific Investments Corp		125,722,800		7,571,731
Metropolitan Bank & Trust Co..		15,150,153		16,658,481
Petron Corp.		16,635,500		1,096,523
Pilipinas Shell Petroleum Corp.		2,001,100		1,022,632
PLDT Inc.		767,430		14,904,477
Robinsons Land Corp		20,176,413		8,430,752
Security Bank Corp.		2,142,780		6,490,343
Semirara Mining & Power Corp.		8,408,200		3,199,982
SM Investments Corp.		2,069,577		39,564,547
SM Prime Holdings Inc.		87,977,096		66,101,477
Universal Robina Corp		7,689,360		21,314,499
Vista Land & Lifescapes Inc.		46,244,400		5,697,201
Wilcon Depot Inc.		12,089,400		4,292,656
				500,008,734
Poland — 0.8%
Alior Bank SA^(a)		889,254		4,736,433
Asseco Poland SA		520,512		8,013,564
Bank Millennium SA^(a)		5,560,238		6,805,922
Bank Polska Kasa Opieki SA		1,440,093		32,157,097
Budimex SA		120,934		5,343,217
CCC SA^(b)		263,847		4,814,922
CD Projekt SA.		643,420		45,449,177
Ciech SA^(a)(b)		303,972		2,698,410
Cyfrowy Polsat SA		2,196,227		14,037,315
Dino Polska SA^(a)(c)		470,201		16,910,874
Enea SA^(a)(b)		2,143,482		3,044,487
Energa SA^(a)		2,083,308		3,709,342
Eurocash SA^(b)		789,040		3,626,298
Famur SA		1,397,208		917,840
Grupa Azoty SA^(a)(b)		452,559		2,334,707
Grupa Lotos SA		815,016		12,291,286
Jastrzebska Spolka Weglowa SA^(b)		668,464		2,293,940
KGHM Polska Miedz SA^(a)		1,248,023		22,328,745
KRUK SA^(b)		142,508		4,987,979
LPP SA		11,243		19,676,034
Lubelski Wegiel Bogdanka SA^(b)		180,688		754,337
mBank SA^(a)		131,277		9,922,273
Orange Polska SA^(a)		5,821,915		9,110,816
PGE Polska Grupa Energetyczna SA^(a)		7,515,933		8,521,120
PLAY Communications SA^(c)		1,020,848		7,917,806
Polski Koncern Naftowy ORLEN SA		2,613,596		38,872,161
Polskie Gornictwo Naftowe i Gazownictwo SA.		15,689,255		12,606,478
Powszechna Kasa Oszczednosci Bank Polski SA		7,570,953		60,084,490
Powszechny Zaklad Ubezpieczen SA		5,185,515		45,703,869
Santander Bank Polska SA		309,690		19,699,762
Tauron Polska Energia SA^(a)(b)		10,727,808		2,993,022
Warsaw Stock Exchange		328,335		3,164,514
				435,528,237
Qatar — 0.9%
Al Meera Consumer Goods Co. QSC		1,050,565		4,442,681
Barwa Real Estate Co.		15,153,710		12,816,550
Commercial Bank PSQC (The)		18,043,133		22,275,169
Doha Bank QPSC		13,434,516		8,503,554

20	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued) iShares^® Core MSCI Emerging Markets ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value
Qatar (continued)
Gulf International Services QSC^(a)		9,270,384	$	3,262,706
Industries Qatar QSC		15,914,330		39,033,592
Masraf Al Rayan QSC		32,731,219		36,345,200
Medicare Group		1,333,966		2,401,306
Mesaieed Petrochemical Holding Co.		39,425,301		19,038,764
Ooredoo QPSC		7,239,235		12,490,362
Qatar Aluminum Manufacturing Co.		27,226,649		4,553,498
Qatar Electricity & Water Co. QSC		4,764,688		19,564,171
Qatar Fuel QSC		4,218,000		22,210,297
Qatar Gas Transport Co. Ltd.		23,540,711		14,065,467
Qatar Insurance Co. SAQ		14,972,294		11,029,164
Qatar International Islamic Bank QSC		6,089,816		14,122,565
Qatar Islamic Bank SAQ		10,432,821		44,403,461
Qatar National Bank QPSC		39,392,678		202,482,212
Qatar National Cement Co. QSC		2,092,529		2,377,809
Qatar Navigation QSC		2,817,134		4,311,822
United Development Co. QSC		17,687,944		5,834,372
Vodafone Qatar QSC		18,004,097		5,074,136
				510,638,858
Russia — 3.3%
Aeroflot PJSC		5,401,857		7,470,961
Alrosa PJSC		21,836,140		23,197,649
Credit Bank of Moscow PJSC		58,195,531		4,892,928
Detsky Mir PJSC^(c)		2,789,921		4,641,565
Gazprom PJSC		84,840,000		255,845,625
Gazprom PJSC, ADR		4,419,691		26,650,737
Inter RAO UES PJSC		326,265,681		25,266,170
LSR Group PJSC, GDR^(f)		2,443,492		5,583,379
LUKOIL PJSC		3,678,569		311,994,107
M.Video PJSC		1,261,962		9,091,009
Magnit PJSC, GDR^(f)		3,135,458		34,145,138
Magnitogorsk Iron & Steel Works PJSC		22,691,295		13,501,658
Mechel PJSC, ADR^(a)		1,059,117		2,478,334
MMC Norilsk Nickel PJSC		570,315		171,858,315
Mobile TeleSystems PJSC, ADR		4,384,195		42,526,691
Moscow Exchange MICEX-RTS PJSC		11,135,951		16,418,899
Novatek PJSC, GDR^(f)		801,759		114,892,065
Novolipetsk Steel PJSC		10,583,208		19,676,577
PhosAgro PJSC, GDR^(f)		1,023,247		11,265,949
Polymetal International PLC		1,506,637		22,982,940
Polyus PJSC		241,528		30,421,027
Rosneft Oil Co. PJSC		1,867,320		11,209,478
Rosneft Oil Co. PJSC, GDR^(f)		8,470,420		51,246,041
Rostelecom PJSC^(a)		5,447,951		7,027,208
Safmar Financial Investment		522,326		3,957,863
Sberbank of Russia PJSC		94,898,980		329,548,006
Severstal PJSC		1,891,901		22,933,669
Sistema PJSFC, GDR^(f)		1,413,455		6,414,259
Surgutneftegas PJSC		63,718,232		36,443,605
Tatneft PJSC		13,437,977		134,299,782
Unipro PJSC		118,466,082		5,267,510
VTB Bank PJSC		5,234,790,000		3,375,349
VTB Bank PJSC, GDR^(f)		11,664,688		14,825,818
X5 Retail Group NV, GDR^(f)		1,089,129		33,557,167
				1,814,907,478
Saudi Arabia — 2.6%
Abdullah Al Othaim Markets Co.		405,877		8,947,362
Advanced Petrochemical Co.		1,001,629		11,974,693
Al Hammadi Co. for Development and Investment^(a)		706,252		4,488,084

Security	Shares		Value
Saudi Arabia (continued)
Al Rajhi Bank		10,660,444	$	175,898,036
Aldrees Petroleum and Transport Services Co.		286,391		4,572,790
Alinma Bank		6,612,043		40,995,900
Almarai Co. JSC		2,297,421		28,047,949
Arab National Bank		5,077,004		34,239,158
Arabian Cement Co./Saudi Arabia		490,775		4,408,668
Arriyadh Development Co.		1,097,834		4,781,716
Bank AlBilad		3,277,962		20,935,618
Bank Al-Jazira		3,714,473		13,782,611
Banque Saudi Fransi		4,839,814		43,927,940
Bupa Arabia for Cooperative Insurance Co.		257,036		6,646,006
City Cement Co.		1,044,426		4,743,974
Co for Cooperative Insurance (The)^(a)		560,432		10,277,948
Dallah Healthcare Co.		305,212		4,173,631
Dar Al Arkan Real Estate Development Co.^(a)		4,761,601		11,892,897
Eastern Province Cement Co.		459,227		4,247,681
Emaar Economic City^(a)		3,703,248		9,140,897
Etihad Etisalat Co.^(a)		3,474,804		21,248,035
Fawaz Abdulaziz Al Hokair & Co.^(a)		745,982		5,617,484
Herfy Food Services Co.		231,480		2,912,397
Jarir Marketing Co.		519,377		21,015,975
Leejam Sports Co. JSC		202,719		4,014,933
Mobile Telecommunications Co.^(a)		2,675,038		7,216,149
Mouwasat Medical Services Co.		447,925		10,375,765
National Agriculture Development Co. (The)^(a)		507,090		3,487,384
National Commercial Bank		10,568,939		124,804,478
National Industrialization Co.^(a)		3,211,646		10,084,817
National Medical Care Co.		214,836		2,714,441
Qassim Cement Co. (The)		443,106		8,031,776
Rabigh Refining & Petrochemical Co.^(a)		2,104,565		8,807,589
Riyad Bank		10,570,854		61,765,459
Sahara International Petrochemical Co..		3,331,994		13,855,553
Samba Financial Group		8,725,190		62,447,381
Saudi Airlines Catering Co.		388,472		9,443,862
Saudi Arabian Fertilizer Co.		1,505,956		26,975,941
Saudi Arabian Mining Co.^(a)		3,788,236		38,473,089
Saudi Arabian Oil Co.^(a)(c)		9,498,557		84,440,058
Saudi Basic Industries Corp		6,596,186		138,376,606
Saudi British Bank (The)		6,275,569		47,173,410
Saudi Cement Co.		682,183		11,092,406
Saudi Electricity Co.		7,425,157		33,251,403
Saudi Industrial Investment Group		2,110,003		11,856,288
Saudi Kayan Petrochemical Co.^(a)		6,946,339		16,405,321
Saudi Pharmaceutical Industries & Medical
Appliances Corp.		639,480		4,772,875
Saudi Research & Marketing Group^(a)		345,540		6,419,869
Saudi Telecom Co.		3,522,228		77,551,921
Saudia Dairy & Foodstuff Co.		152,246		5,608,529
Savola Group (The)^(a)		2,384,602		21,262,145
Seera Group Holding		1,579,618		8,337,048
Southern Province Cement Co.		576,995		9,182,088
United Electronics Co.		224,317		4,693,825
United International Transportation Co.		366,013		3,390,364
Yamama Cement Co.^(a)		1,036,648		6,609,788
Yanbu Cement Co.		734,251		7,222,141
Yanbu National Petrochemical Co.		2,081,003		27,458,256
				1,416,520,408
South Africa — 4.2%
Absa Group Ltd.		6,239,190		52,470,828
Adcock Ingram Holdings Ltd.		649,372		1,656,504

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

Consolidated Schedule of Investments (unaudited) (continued) iShares^® Core MSCI Emerging Markets ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value
South Africa (continued)
Advtech Ltd.		6,238,171	$	3,671,962
AECI Ltd.		1,150,448		7,620,900
African Rainbow Minerals Ltd.		1,035,146		8,981,157
Alexander Forbes Group Holdings Ltd.		6,046,249		1,802,556
Anglo American Platinum Ltd.		499,199		33,234,662
AngloGold Ashanti Ltd.		3,562,200		62,897,517
Aspen Pharmacare Holdings Ltd.^(a)		3,431,606		21,813,597
Astral Foods Ltd.		386,806		4,615,166
Attacq Ltd.		6,199,716		3,645,385
AVI Ltd.		2,846,918		13,210,756
Barloworld Ltd.		1,858,521		9,575,255
Bid Corp. Ltd.		2,931,616		51,830,427
Bidvest Group Ltd. (The)		2,457,975		28,124,178
Brait SE^(a)(b)		9,103,897		3,761,582
Capitec Bank Holdings Ltd.		400,127		33,064,940
Cashbuild Ltd.^(b)		239,056		2,461,753
City Lodge Hotels Ltd.^(b)		435,122		1,352,539
Clicks Group Ltd.		2,286,546		34,229,513
Coronation Fund Managers Ltd.		2,085,155		5,213,053
Curro Holdings Ltd.^(b)		1,300,290		943,096
DataTec Ltd.		1,736,470		3,377,681
Dis-Chem Pharmacies Ltd.^(b)(c)		3,203,875		4,403,126
Discovery Ltd.		3,504,034		21,449,860
Emira Property Fund Ltd.		5,693,913		4,260,074
Equites Property Fund Ltd.		3,873,476		4,252,292
Exxaro Resources Ltd.		2,216,989		15,783,795
Famous Brands Ltd.		901,935		3,073,052
FirstRand Ltd.		28,987,311		101,565,686
Fortress REIT Ltd., Series A		11,033,604		11,327,127
Foschini Group Ltd. (The)		2,028,920		16,086,654
Gold Fields Ltd.		7,349,780		43,085,320
Grindrod Ltd.		5,374,083		1,451,855
Growthpoint Properties Ltd.		25,763,286		28,823,306
Harmony Gold Mining Co. Ltd.^(a)		4,167,936		14,717,531
Hosken Consolidated Investments Ltd.		725,888		3,358,238
Hudaco Industries Ltd.		513,773		3,122,841
Hyprop Investments Ltd.		2,437,573		6,915,353
Impala Platinum Holdings Ltd.^(a)		7,004,008		55,496,907
Imperial Logistics Ltd.		1,500,133		4,336,907
Investec Ltd.		2,570,171		12,885,573
JSE Ltd.		823,844		5,236,907
KAP Industrial Holdings Ltd.		24,146,622		4,481,972
Kumba Iron Ore Ltd.		573,004		10,223,121
Liberty Holdings Ltd.		1,080,369		6,435,583
Life Healthcare Group Holdings Ltd.		12,126,689		17,190,043
Massmart Holdings Ltd.^(b)		1,103,953		3,140,317
Momentum Metropolitan Holdings		7,864,630		8,898,733
Motus Holdings Ltd.		1,481,312		6,873,838
Mr. Price Group Ltd.		2,257,420		21,663,713
MTN Group Ltd.^(b)		14,878,783		69,705,133
MultiChoice Group Ltd.^(a)		4,087,681		23,494,779
Murray & Roberts Holdings Ltd.		3,711,094		2,165,581
Nampak Ltd.^(a)		6,491,888		1,361,805
Naspers Ltd., Class N		3,863,053		584,667,540
Nedbank Group Ltd.		3,193,187		35,848,378
NEPI Rockcastle PLC		3,374,013		24,450,147
Netcare Ltd.		10,666,920		12,408,520
Northam Platinum Ltd.^(a)		3,260,736		23,050,977
Oceana Group Ltd.		772,514		2,686,108
Old Mutual Ltd.		42,342,323		42,149,876

Security	Shares		Value
South Africa (continued)
Omnia Holdings Ltd.^(a)(b)		1,742,810	$	2,770,726
Pepkor Holdings Ltd.^(c)		6,254,206		6,106,513
Pick n Pay Stores Ltd.		3,214,568		11,287,718
Pioneer Foods Group Ltd.		1,079,784		7,479,520
PPC Ltd.^(a)		15,867,940		1,492,836
PSG Group Ltd.		1,315,439		15,603,148
Rand Merchant Investment Holdings Ltd.		7,035,417		11,122,323
Redefine Properties Ltd.		47,684,885		16,459,265
Reinet Investments SCA		1,301,340		26,667,068
Remgro Ltd.		4,562,052		46,399,156
Resilient REIT Ltd.^(b)		2,568,415		9,389,413
Reunert Ltd.		1,707,817		6,018,585
RMB Holdings Ltd.		6,846,295		30,489,872
Royal Bafokeng Platinum Ltd.^(a)		1,109,851		3,526,774
SA Corporate Real Estate Ltd.		21,618,952		2,858,432
Sanlam Ltd.		16,188,322		66,866,933
Sappi Ltd.^(a)		5,121,891		9,500,479
Sasol Ltd.		4,977,049		58,814,062
Shoprite Holdings Ltd.		4,127,800		29,419,250
Sibanye Stillwater Ltd.^(a)(b)		20,456,782		40,922,667
SPAR Group Ltd. (The)		1,626,201		16,953,054
Standard Bank Group Ltd.		11,192,914		105,657,294
Steinhoff International Holdings NV^(a)(b)		36,479,269		3,107,283
Sun International Ltd./South Africa^(a)		1,119,597		2,241,827
Super Group Ltd./South Africa^(a)		3,481,703		4,716,339
Telkom SA SOC Ltd.		2,888,016		4,787,812
Tiger Brands Ltd.		1,421,392		13,680,384
Tongaat Hulett Ltd.^(a)		56,414		11,619
Truworths International Ltd.		3,933,286		11,233,674
Tsogo Sun Gaming Ltd.		4,849,716		2,826,933
Tsogo Sun Hotels Ltd.^(a)		4,846,189		927,250
Vodacom Group Ltd.		5,565,094		38,796,291
Vukile Property Fund Ltd.		6,469,290		6,028,655
Wilson Bayly Holmes-Ovcon Ltd.		523,207		3,285,280
Woolworths Holdings Ltd.		8,680,459		19,726,435
Zeder Investments Ltd.		13,428,694		3,619,341
				2,292,877,786
South Korea — 11.0%
ABLBio Inc.^(a)(b)		233,885		3,341,214
Advanced Process Systems Corp.^(a)		116,299		2,556,759
Aekyung Industrial Co. Ltd.^(b)		85,894		1,838,818
AfreecaTV Co. Ltd.^(b)		74,199		3,329,638
Ahnlab Inc.^(b)		63,698		2,811,209
AK Holdings Inc.		72,815		1,441,911
Amicogen Inc.^(a)		155,693		2,801,064
Amorepacific Corp.^(a)(b)		282,073		37,392,963
AMOREPACIFIC Group^(a)		257,050		13,122,355
Ananti Inc.^(a)(b)		476,406		2,687,016
Anterogen Co. Ltd.^(a)		55,405		1,478,075
Asia Cement Co. Ltd.^(b)		18,396		946,686
Asiana Airlines Inc.^(a)		1,115,748		3,734,471
BGF retail Co. Ltd.		68,909		8,595,894
BH Co. Ltd.^(a)(b)		211,626		3,092,928
Binex Co. Ltd.^(a)(b)		359,597		2,075,566
Binggrae Co. Ltd.^(a)(b)		68,544		3,030,723
BNK Financial Group Inc.		2,333,661		11,855,651
Bukwang Pharmaceutical Co. Ltd.		391,196		4,042,412
Cafe24 Corp.^(a)(b)		63,426		1,786,059
Caregen Co. Ltd.^(a)(d)		51,993		2,540,677
Celltrion Healthcare Co. Ltd.^(a)(b)		465,708		24,847,986

22	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued) iShares^® Core MSCI Emerging Markets ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Celltrion Inc.^(a)(b)		825,728	$	115,581,523
Celltrion Pharm Inc.^(a)(b)		159,029		5,224,584
Chabiotech Co. Ltd.^(a)(b)		384,769		3,928,477
Cheil Worldwide Inc.		581,686		9,267,702
Chong Kun Dang Pharmaceutical Corp.^(a)		63,660		4,528,797
CJ CGV Co. Ltd.^(a)(b)		143,278		2,784,159
CJ CheilJedang Corp.		72,532		14,572,094
CJ Corp.		128,413		8,511,525
CJ ENM Co. Ltd.		95,863		9,929,655
CJ Freshway Corp.^(b)		69,742		1,217,398
CJ Logistics Corp.^(a)(b)		77,904		8,563,346
CMG Pharmaceutical Co. Ltd.^(a)(b)		1,042,593		3,068,975
Com2uSCorp.		93,256		7,494,266
Cosmax Inc.^(b)		73,936		4,571,917
Coway Co. Ltd.		450,341		25,548,370
CrystalGenomics Inc.^(a)(b)		399,812		3,571,807
Cuckoo Holdings Co. Ltd.^(a)		17,132		1,365,482
Cuckoo Homesys Co. Ltd.^(a)		62,596		1,953,387
Dae Hwa Pharmaceutical Co. Ltd.^(b)		167,698		1,355,944
Daea TI Co. Ltd.^(b)		574,798		1,907,317
Daeduck Electronics Co.		629,553		4,857,070
Daekyo Co. Ltd.		433,510		1,788,296
Daelim Industrial Co. Ltd.^(a)		236,568		14,122,009
Daesang Corp.^(a)		201,013		3,244,014
Daewoo Engineering & Construction Co. Ltd.^(a)		1,695,923		5,655,404
Daewoo Shipbuilding & Marine Engineering Co. Ltd.^(a)		352,469		6,428,315
Daewoong Co. Ltd.		226,334		1,891,552
Daewoong Pharmaceutical Co. Ltd.		43,104		3,726,571
Daishin Securities Co. Ltd. ^(a)		394,124		3,050,445
Daou Technology Inc.^(b)		293,019		3,860,275
DB HiTek Co. Ltd.		358,576		7,026,850
DB Insurance Co. Ltd.		429,085		15,297,967
Dentium Co. Ltd.^(a)(b)		67,588		2,331,772
DGB Financial Group Inc.		1,491,595		6,889,953
DIO Corp.^(a)		100,182		2,734,486
Dong-A Socio Holdings Co. Ltd.		44,162		3,112,612
Dong-A ST Co. Ltd.		52,191		3,828,916
DongKook Pharmaceutical Co. Ltd.		62,680		4,314,572
Dongkuk Steel Mill Co. Ltd. ^(a)(b)		696,068		2,682,255
Dongsuh Cos. Inc.		324,724		4,184,381
Dongsung Pharmaceutical Co. Ltd.^(a)(b)		183,542		1,836,176
Dongwon F&B Co. Ltd.		10,951		1,898,053
Dongwon Industries Co. Ltd.^(b)		15,814		2,552,115
Doosan Bobcat Inc.		437,273		10,225,239
Doosan Heavy Industries & Construction
Co. Ltd.^(a)(b)		1,270,218		5,239,845
Doosan Infracore Co. Ltd.^(a)(b)		1,338,955		4,630,392
DoubleUGames Co. Ltd.		83,376		2,821,534
Douzone Bizon Co. Ltd.^(b)		177,618		12,577,314
E1 Corp.^(b)		38,928		1,304,545
Ecopro Co. Ltd.^(b)		213,176		3,993,210
E-MART Inc.		185,841		16,066,945
Enzychem Lifesciences Corp.^(a)(b)		67,648		3,174,916
Eo Technics Co Ltd.^(a)(b)		82,318		5,991,693
Eugene Corp.^(b)		565,600		1,765,026
F&F Co. Ltd.^(b)		56,850		4,428,168
Feelux Co. Ltd.^(a)(b)		539,520		2,327,777
Fila Holdings Corp.^(b)		448,431		14,178,469
Foosung Co. Ltd.^(b)		492,793		2,905,227

Security	Shares		Value
South Korea (continued)
GemVax & Kael Co. Ltd.^(a)(b)		307,718	$	6,967,678
Genexine Co. Ltd.^(a)		138,378		6,790,719
Grand Korea Leisure Co. Ltd.		304,738		4,215,396
Green Cross Cell Corp.		64,993		1,835,537
Green Cross Corp./South Korea		58,584		5,474,915
Green Cross Holdings Corp.		248,344		3,588,668
Green Cross LabCell Corp.^(b)		65,847		1,556,039
GS Engineering & Construction Corp.^(b)		527,208		11,394,986
GS Holdings Corp.		413,130		14,031,793
GS Home Shopping Inc.		32,551		3,323,445
GS Retail Co. Ltd.		228,003		6,636,399
G-treeBNT Co. Ltd.^(a)(b)		205,310		3,972,651
Halla Holdings Corp.		83,129		2,419,605
Hana Financial Group Inc.		2,597,654		67,160,425
Hana Tour Service Inc.^(b)		101,930		3,550,135
Hanall Biopharma Co. Ltd.^(a)(b)		269,682		5,207,116
Hancom Inc.^(a)(b)		273,108		2,248,728
Handok Inc.^(b)		89,223		1,612,552
Handsome Co. Ltd.		133,498		2,693,043
Hanil Cement Co. Ltd./New		23,999		1,434,605
Hanjin Kal Corp.^(a)(b)		404,180		22,363,850
Hanjin Transportation Co. Ltd.^(a)(b)		77,272		1,965,998
Hankook Shell Oil Co. Ltd.^(b)		10,843		2,330,196
Hankook Technology Group Co. Ltd.^(b)		282,580		2,850,231
Hankook Tire & Technology Co. Ltd.		651,443		13,677,889
Hanmi Pharm Co. Ltd.^(a)		57,770		12,414,961
Hanon Systems		1,541,951		13,394,469
Hansae Co. Ltd.^(b)		165,778		1,856,386
Hansol Chemical Co. Ltd.		86,595		6,616,728
Hanssem Co. Ltd.^(b)		99,279		5,231,664
Hanwha Aerospace Co. Ltd.^(a)		325,987		7,381,344
Hanwha Corp		363,975		6,008,809
Hanwha General Insurance Co. Ltd.^(a)(b)		735,810		1,335,909
Hanwha Investment & Securities Co. Ltd.^(a)		1,628,123		2,352,701
Hanwha Life Insurance Co. Ltd.		3,381,489		4,594,036
Hanwha Solutions Corp		922,295		13,555,344
Harim Holdings Co. Ltd.		349,386		2,031,013
HDC Holdings Co. Ltd.		369,772		2,773,671
HDC Hyundai Development Co-Engineering & Construction, Class E^(b)		233,072		3,463,935
Helixmith Co. Ltd.^(a)(b)		174,240		8,909,266
Hite Jinro Co. Ltd.^(a)		300,942		6,591,237
HLB Inc.^(a)(b)		296,737		23,577,703
HLB Life Science Co. Ltd.^(a)(b)		373,597		6,875,169
Hotel Shilla Co. Ltd.^(b)		275,136		18,191,372
HS Industries Co. Ltd.^(a)		380,495		3,414,900
Huchems Fine Chemical Corp.		183,089		2,773,847
Hugel Inc.^(a)		25,135		7,758,840
Huons Co. Ltd.		65,460		2,368,849
Huons Global Co. Ltd.		73,300		1,695,949
Hy-Lok Corp.		131,419		1,536,558
Hyosung Advanced Materials Corp.^(a)		25,098		1,702,820
Hyosung Chemical Corp.		19,606		1,678,900
Hyosung Corp.^(b)		86,597		4,941,270
Hyosung Heavy Industries Corp.^(a)(b)		60,451		983,044
Hyosung TNC Co. Ltd.		22,828		2,772,441
Hyundai Construction Equipment Co. Ltd.^(a)		122,826		2,073,226
Hyundai Department Store Co. Ltd.		123,397		7,203,662
Hyundai Electric & Energy System Co. Ltd.^(a)(b)		222,649		1,582,100
Hyundai Elevator Co. Ltd.^(a)		149,214		6,609,891

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

Consolidated Schedule of Investments (unaudited) (continued) iShares^® Core MSCI Emerging Markets ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Hyundai Engineering & Construction Co. Ltd.		684,120	$	19,546,286
Hyundai Glovis Co. Ltd.		161,096		16,315,198
Hyundai Greenfood Co. Ltd.		450,019		3,205,158
Hyundai Heavy Industries Holdings Co. Ltd.		85,999		19,154,162
Hyundai Home Shopping Network Corp.		61,642		3,766,024
Hyundai Livart Furniture Co. Ltd.		162,466		1,245,417
Hyundai Marine & Fire Insurance Co. Ltd.		546,550		10,170,465
Hyundai Merchant Marine Co. Ltd. ^(a)(b)		2,542,273		6,813,585
Hyundai Mipo Dockyard Co. Ltd.		219,021		6,537,267
Hyundai Mobis Co. Ltd.		582,705		100,755,908
Hyundai Motor Co.		1,302,984		123,378,477
Hyundai Rotem Co. Ltd.^(a)(b)		444,093		4,826,700
Hyundai Steel Co.		713,854		14,018,459
Hyundai Wia Corp.^(b)		149,780		4,741,903
Il Dong Pharmaceutical Co. Ltd.		142,924		1,600,466
Iljin Materials Co. Ltd.^(a)(b)		199,779		7,624,336
Ilyang Pharmaceutical Co. Ltd.		204,723		3,472,453
InBody Co. Ltd.^(a)		118,608		1,899,486
Industrial Bank of Korea^(a)		2,121,518		16,612,298
Innocean Worldwide Inc.^(b)		83,666		4,663,803
Innox Advanced Materials Co. Ltd. ^(a)(b)		68,808		2,365,364
Inscobee Inc.^(a)(b)		889,127		2,024,237
iNtRON Biotechnology Inc.^(a)(b)		256,224		2,278,484
IS Dongseo Co. Ltd.		149,958		3,309,077
JB Financial Group Co. Ltd.		1,078,287		4,448,100
Jcontentree Corp.^(a)		61,628		1,778,560
Jeil Pharmaceutical Co. Ltd.		69,050		1,580,560
Jejuair Co. Ltd.^(a)		99,738		1,650,666
Jusung Engineering Co. Ltd.		404,994		2,014,132
JW Holdings Corp.^(b)		422,763		1,743,963
JW Pharmaceutical Corp.		155,376		3,108,799
JYP Entertainment Corp.		248,151		4,321,444
Kakao Corp.		440,263		62,350,956
Kangwon Land Inc.^(a)		1,015,596		19,065,944
KB Financial Group Inc.		3,458,055		110,760,263
KCC Corp.		45,144		6,188,947
KCC Glass Corp.^(a)		45,549		997,615
KEPCO Engineering & Construction Co. Inc.^(a)(b)		144,037		2,140,690
KEPCO Plant Service & Engineering Co. Ltd.^(a)		217,192		5,946,179
Kginicis Co. Ltd.		166,310		2,725,047
Kia Motors Corp.		2,298,724		68,611,564
KISWIRE Ltd.^(a)		109,969		1,539,294
KIWOOM Securities Co. Ltd.^(a)		108,693		5,915,691
KMW Co. Ltd.^(a)(b)		231,242		9,263,008
Koh Young Technology Inc.^(a)		102,816		8,076,284
Kolmar BNH Co. Ltd.^(a)		87,409		1,925,229
Kolmar Korea Co. Ltd.^(a)(b)		138,150		4,658,084
Kolmar Korea Holdings Co. Ltd.^(a)		140,643		2,518,720
Kolon Corp.		97,012		1,130,276
Kolon Industries Inc.		167,314		4,608,195
Komipharm International Co. Ltd.^(a)(b)		378,725		6,189,948
Korea Aerospace Industries Ltd.^(a)		655,239		13,838,518
Korea Electric Power Corp.^(a)		2,226,787		39,053,572
Korea Gas Corp.		267,019		6,178,044
Korea Investment Holdings Co. Ltd.^(a)		359,973		18,613,672
Korea Line Corp.^(a)		128,330		1,785,737
Korea Petrochemical Ind. Co Ltd.		35,518		2,503,368
Korea REIT Co. Ltd.		1,863,515		2,946,026
Korea Shipbuilding & Offshore Engineering Co. Ltd.^(a)		342,289		29,310,874

Security	Shares		Value
South Korea (continued)
Korea Zinc Co. Ltd.^(a)		71,856	$	24,523,929
Korean Air Lines Co. Ltd.^(a)		400,098		7,346,386
Korean Reinsurance Co.		916,906		6,152,972
KT Skylife Co. Ltd.		316,301		1,916,818
KT&G Corp.		995,027		69,393,814
Kumho Industrial Co. Ltd.^(a)(b)		176,415		1,128,649
Kumho Petrochemical Co. Ltd.		163,750		7,995,368
Kumho Tire Co. Inc.^(a)(b)		981,951		2,963,236
Kwang Dong Pharmaceutical Co. Ltd.		503,088		2,356,995
Kyung Dong Navien Co. Ltd.^(b)		65,132		1,989,623
L&F Co. Ltd.^(b)		152,321		2,721,586
LEENO Industrial Inc.		98,275		6,538,180
LegoChem Biosciences Inc.^(a)(b)		72,452		2,678,547
LF Corp.		176,495		1,823,806
LG Chem Ltd.		399,122		120,936,102
LG Corp.		809,603		44,996,462
LG Display Co. Ltd.^(a)(b)		2,019,674		22,616,358
LG Electronics Inc.		918,666		45,687,465
LG Hausys Ltd.		71,438		2,688,116
LG Household & Health Care Ltd.		81,489		81,925,129
LG Innotek Co. Ltd.		123,237		13,191,280
LG International Corp.^(b)		328,818		3,045,865
LG Uplus Corp.		1,409,027		15,314,250
LIG Nex1 Co. Ltd.		97,157		2,083,936
Lock&Lock Co. Ltd.^(a)		226,030		2,279,842
Lotte Chemical Corp.^(b)		148,119		22,867,281
Lotte Chilsung Beverage Co. Ltd.^(a)		33,708		3,122,396
Lotte Confectionery Co. Ltd.^(b)		20,944		2,328,069
Lotte Corp.		258,417		6,181,156
LOTTE Fine Chemical Co. Ltd.		174,647		4,774,212
Lotte Food Co. Ltd.^(a)		5,453		1,488,406
LOTTE Himart Co. Ltd.		101,429		1,762,167
Lotte Shopping Co. Ltd.		100,127		7,848,572
Lotte Tour Development Co. Ltd.^(a)(b)		145,743		1,254,026
LS Corp.		172,191		5,111,145
LS Industrial Systems Co. Ltd.		146,799		5,270,018
Maeil Dairies Co. Ltd.^(a)		40,565		2,688,746
Mando Corp.^(b)		286,494		7,029,659
Medipost Co. Ltd.^(a)(b)		162,046		3,695,903
Medy-Tox Inc.^(b)		40,823		9,865,418
MeereCo. Inc.^(b)		57,182		1,205,318
Meritz Financial Group Inc..		330,200		2,773,191
Meritz Fire & Marine Insurance Co. Ltd.		443,461		5,367,539
Meritz Securities Co. Ltd.^(b)		2,601,141		7,442,540
Mezzion Pharma Co. Ltd.^(a)(b)		58,881		6,777,739
Mirae Asset Daewoo Co. Ltd.^(a)		3,299,418		17,223,804
Mirae Asset Life Insurance Co. Ltd.		653,883		2,148,204
Modetour Network Inc.^(a)		178,978		2,085,252
Muhak Co. Ltd.^(a)(b)		212,563		1,078,129
Namhae Chemical Corp.^(a)(b)		263,047		1,503,126
Namyang Dairy Products Co. Ltd.^(a)(b)		6,353		1,979,918
Naturecell Co. Ltd.^(a)(b)		469,681		2,807,644
NAVER Corp.		1,221,170		174,955,603
NCSoft Corp.		149,571		79,927,196
Netmarble Corp.^(a)(b)(c)		223,799		16,326,547
Nexen Corp.		523,380		2,154,714
Nexen Tire Corp.^(a)		319,770		1,690,345
NH Investment & Securities Co. Ltd.^(a)		1,151,740		9,464,278
NHN Corp.^(a)		94,187		5,405,380
NICE Holdings Co. Ltd.^(a)		214,470		3,637,779

24	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued) iShares^® Core MSCI Emerging Markets ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
NICE Information Service Co. Ltd.^(a)		362,550	$	4,656,879
NKMax Co. Ltd.^(a)		339,933		2,636,615
Nong Shim Holdings Co. Ltd.^(b)		36,733		2,289,574
NongShim Co. Ltd.		28,383		6,169,709
NS Shopping Co. Ltd.		212,841		1,288,087
OCI Co. Ltd.^(a)(b)		173,854		7,050,070
Orion Corp.		210,753		16,363,942
Orion Holdings Corp.		238,557		2,799,043
Oscotec Inc.^(a)(b)		193,274		3,222,559
Osstem Implant Co. Ltd.^(a)		106,163		2,840,920
Ottogi Corp.		12,187		4,987,187
Pan Ocean Co. Ltd.^(a)		2,367,059		7,279,510
Paradise Co. Ltd.^(b)		453,585		6,124,985
Partron Co. Ltd.^(b)		369,442		2,722,524
Pearl Abyss Corp.^(a)(b)		56,363		8,223,568
Pharmicell Co. Ltd.^(a)(b)		526,944		3,358,210
Poongsan Corp.		224,503		3,770,985
POSCO		686,706		110,540,159
POSCO Chemical Co. Ltd.^(b)		213,113		9,633,515
Posco ICT Co. Ltd.		734,035		2,695,592
Posco International Corp.		479,268		5,899,594
RFHIC Corp.^(b)		121,731		2,981,883
S&T Motiv Co. Ltd.		77,712		2,511,483
S-1 Corp.		144,512		9,780,886
Sam Chun Dang Pharm Co. Ltd.		128,837		4,190,252
Samchully Co. Ltd.^(a)		33,205		2,143,493
Samjin Pharmaceutical Co. Ltd.^(b)		126,081		2,356,557
Samsung Biologics Co. Ltd.^(a)(b)(c)		145,089		55,371,553
Samsung C&T Corp.		741,368		64,400,431
Samsung Card Co. Ltd.		164,062		4,552,400
Samsung Electro-Mechanics Co. Ltd.^(b)		484,620		50,277,579
Samsung Electronics Co. Ltd.		41,661,767		1,859,257,119
Samsung Engineering Co. Ltd.^(a)		1,383,996		16,067,800
Samsung Fire & Marine Insurance Co. Ltd.		267,371		43,589,508
Samsung Heavy Industries Co. Ltd.^(a)(b)		3,889,637		18,671,539
Samsung Life Insurance Co. Ltd.		597,283		28,769,910
Samsung SDI Co. Ltd.		482,589		117,220,054
Samsung SDS Co. Ltd.		297,572		40,795,173
Samsung Securities Co. Ltd.		511,973		13,953,319
Samwha Capacitor Co. Ltd.^(b)		79,877		3,840,936
Samyang Corp.^(b)		64,442		2,013,647
Samyang Foods Co. Ltd.^(b)		43,716		3,077,578
Samyang Holdings Corp.		50,482		2,042,973
Sangsangin Co. Ltd.^(b)		371,815		2,372,636
Seah Besteel Corp.		154,450		1,386,171
Sebang Global Battery Co. Ltd.^(b)		87,664		2,291,751
Seegene Inc.^(a)		181,867		5,465,744
Seobu T&D^(a)		323,683		1,806,975
Seoul Semiconductor Co. Ltd.^(a)(b)		367,913		4,528,859
SFA Engineering Corp.		165,937		5,021,148
Shinhan Financial Group Co. Ltd.		4,090,714		108,793,794
Shinsegae Food Co. Ltd.^(b)		27,714		1,339,491
Shinsegae Inc.		65,379		12,704,359
Shinsegae International Inc.^(b)		25,634		3,873,066
Silicon Works Co. Ltd.		113,454		3,078,064
SillaJen Inc.^(a)(b)		586,255		5,358,115
Sindoh Co. Ltd.		90,865		2,248,245
SK Chemicals Co. Ltd.^(b)		84,408		3,996,262
SK D&D Co. Ltd.^(b)		67,501		1,539,545
SK Discovery Co. Ltd.		130,685		2,324,245

Security	Shares		Value
South Korea (continued)
SK Gas Ltd.		41,677	$	2,662,936
SK Holdings Co. Ltd.		304,983		48,214,686
SK Hynix Inc..		4,754,105		344,080,551
SK Innovation Co. Ltd.		480,664		44,722,134
SK Materials Co. Ltd.^(b)		42,455		5,173,602
SK Networks Co. Ltd.		1,396,782		4,979,881
SK Telecom Co. Ltd.		168,286		29,444,854
SKC Co. Ltd.^(b)		190,698		8,070,710
SKCKOLONPI Inc.^(b)		139,136		3,837,839
SL Corp.^(a)(b)		141,014		1,741,630
SM Entertainment Co. Ltd.^(a)(b)		175,241		4,105,069
S-Oil Corp.		391,228		21,453,919
Songwon Industrial Co. Ltd.		154,173		1,415,421
Soulbrain Co. Ltd.		93,679		6,672,074
SPC Samlip Co. Ltd.^(a)		24,302		1,346,665
Ssangyong Motor Co.^(a)(b)		726,627		1,100,859
STCUBE^(a)(b)		233,151		1,889,013
Sungwoo Hitech Co. Ltd.		671,524		1,680,883
Taekwang Industrial Co. Ltd.^(a)		4,337		2,878,240
Taeyoung Engineering & Construction Co. Ltd.		352,060		3,739,460
Taihan Fiberoptics Co. Ltd.^(a)(b)		714,104		1,643,409
Tego Science Inc.^(a)		66,663		944,095
Telcon RF Pharmaceutical Inc.^(a)		712,959		2,627,000
Tera Resource Co. Ltd.^(a)(d)		49,111		0	^(e)
Theragen Etex Co. Ltd.^(a)(b)		291,140		1,733,176
Tokai Carbon Korea Co. Ltd.		54,364		2,967,751
Tongyang Inc.^(a)(b)		2,303,099		2,645,387
Tongyang Life Insurance Co. Ltd.		601,784		1,590,553
Toptec Co. Ltd.^(b)		224,074		1,798,865
Value Added Technology Co. Ltd.		111,463		2,349,488
Vieworks Co. Ltd.^(b)		87,148		2,159,864
Webzen Inc.^(a)		164,569		1,964,801
Wemade Co. Ltd.^(b)		99,182		2,466,279
Wonik Holdings Co. Ltd.^(a)		638,565		2,276,646
WONIK IPS Co. Ltd.^(a)(b)		277,195		7,109,612
Woori Financial Group Inc.		4,605,714		36,443,731
Woori Investment Bank Co. Ltd.^(a)(b)		2,809,562		1,304,729
YG Entertainment Inc.^(a)		113,840		2,840,142
Youlchon Chemical Co. Ltd.^(b)		119,146		1,201,761
Youngone Corp.^(b)		189,194		4,907,049
Youngone Holdings Co. Ltd.		65,927		2,187,615
Yuanta Securities Korea Co. Ltd.^(a)		1,098,104		2,120,258
Yuhan Corp.		81,411		14,344,960
Yungjin Pharmaceutical Co. Ltd.^(a)(b)		1,027,886		4,240,188
Yuyang DNU Co. Ltd.^(a)(b)		557,962		797,089
				6,108,567,532
Taiwan — 13.0%
AcBel Polytech Inc.		6,300,000		4,858,237
Accton Technology Corp.		4,408,000		23,801,846
Acer Inc.^(b)		24,997,872		13,498,083
A-DATA Technology Co. Ltd.^(b)		2,311,820		5,130,676
Advanced Ceramic X Corp.		423,000		4,135,075
Advantech Co. Ltd.		3,170,165		30,833,191
Airtac International Group		1,096,880		17,442,419
AmTRAN Technology Co. Ltd.^(a)(b)		8,025,000		2,446,234
Arcadyan Technology Corp.^(b)		1,495,391		3,886,698
Ardentec Corp.		4,490,546		3,915,204
ASE Technology Holding Co. Ltd.		30,477,222		71,765,582
Asia Cement Corp.^(b)		19,901,050		29,148,816
Asia Optical Co. Inc.		2,308,000		6,379,881

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

Consolidated Schedule of Investments (unaudited) (continued) iShares^® Core MSCI Emerging Markets ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Asia Pacific Telecom Co. Ltd.^(a)		15,593,173	$	3,800,512
ASMedia Technology Inc.^(b)		247,000		6,354,563
Asustek Computer Inc.		6,068,000		41,282,320
AU Optronics Corp.^(b)		70,255,000		22,042,058
Bank of Kaohsiung Co. Ltd.^(b)		23,788,836		7,699,288
BES Engineering Corp.^(b)		16,045,000		3,756,966
Bizlink Holding Inc.^(b)		1,012,926		6,406,160
Brighton-Best International Taiwan Inc.		4,728,000		4,442,332
Capital Securities Corp.		22,086,050		7,184,649
Career Technology MFG. Co. Ltd. ^(b)		3,969,940		4,182,403
Casetek Holdings Ltd.^(b)		1,791,485		2,455,345
Catcher Technology Co. Ltd.		5,713,000		44,716,095
Cathay Financial Holding Co. Ltd.		66,568,872		88,049,120
Cathay Real Estate Development Co. Ltd.^(b)		6,852,900		4,809,331
Center Laboratories Inc.^(b)		2,513,031		4,299,113
Century Iron & Steel Industrial Co. Ltd.^(b)		1,123,000		2,729,662
Chailease Holding Co. Ltd.		11,252,637		42,736,943
Chang Hwa Commercial Bank Ltd.		52,064,963		39,891,912
Charoen Pokphand Enterprise		1,732,000		3,557,866
Cheng Loong Corp.^(b)		8,330,000		6,506,201
Cheng Shin Rubber Industry Co. Ltd.		16,232,650		21,202,507
Cheng Uei Precision Industry Co. Ltd.		3,583,000		4,401,909
Chicony Electronics Co. Ltd.^(b)		5,088,787		14,033,049
Chilisin Electronics Corp.^(b)		1,959,000		6,922,604
China Airlines Ltd.		21,846,000		5,887,262
China Bills Finance Corp.^(b)		14,182,000		7,142,638
China Development Financial Holding Corp.		106,349,000		32,172,157
China General Plastics Corp.^(b)		4,623,040		2,969,604
China Life Insurance Co. Ltd.^(a)		21,814,707		17,398,741
China Man-Made Fiber Corp.		13,863,514		3,328,580
China Metal Products		3,332,146		3,191,342
China Motor Corp.		2,100,800		2,442,186
China Petrochemical Development Corp.^(b)		25,740,245		6,885,714
China Steel Chemical Corp.^(b)		1,799,000		7,010,750
China Steel Corp.		98,225,529		74,611,112
Chin-Poon Industrial Co. Ltd.^(b)		3,748,000		3,707,214
Chipbond Technology Corp.		4,988,000		9,636,817
ChipMOS Technologies Inc.^(b)		5,389,000		5,241,370
Chlitina Holding Ltd.^(b)		419,000		2,580,739
Chong Hong Construction Co. Ltd.		1,824,122		4,927,861
Chroma ATE Inc.^(b)		3,112,000		14,594,164
Chung Hung Steel Corp.^(b)		11,359,000		3,398,753
Chunghwa Precision Test Tech Co. Ltd.^(b)		182,000		4,868,641
Chunghwa Telecom Co. Ltd.		31,936,000		113,908,354
Cleanaway Co. Ltd.^(b)		830,000		4,358,394
Clevo Co.^(b)		4,512,175		4,567,386
CMC Magnetics Corp.^(a)(b)		10,871,640		2,872,343
Compal Electronics Inc.		29,478,000		17,961,628
Compeq Manufacturing Co. Ltd.^(b)		8,980,000		11,566,241
Concraft Holding Co. Ltd.^(b)		638,747		2,826,734
Continental Holdings Corp.^(b)		7,372,600		3,007,038
Coretronic Corp.		4,080,200		4,972,321
CSBC Corp. Taiwan^(a)(b)		2,476,712		1,889,465
CTBC Financial Holding Co. Ltd.		156,867,599		117,600,835
CTCI Corp.^(b)		4,885,000		5,969,220
Cub Elecparts Inc.^(b)		506,726		3,380,460
Darfon Electronics Corp.		2,166,000		2,700,391
Darwin Precisions Corp.^(b)		4,195,000		1,821,835
Delta Electronics Inc.^(b)		16,821,000		77,773,411
Depo Auto Parts Ind. Co. Ltd.^(b)		888,000		1,542,588

Security	Shares		Value
Taiwan (continued)
E Ink Holdings Inc.^(b)		7,834,000	$	7,994,538
E.Sun Financial Holding Co. Ltd.		94,523,557		90,685,425
Eclat Textile Co. Ltd.^(b)		1,615,683		19,209,230
Egis Technology Inc.^(b)		588,000		4,175,102
Elan Microelectronics Corp.		2,614,100		7,251,916
Elite Material Co. Ltd.^(b)		2,418,000		9,582,721
Elite Semiconductor Memory Technology Inc.^(b)		4,011,000		4,550,202
eMemory Technology Inc.		654,000		6,825,212
Ennoconn Corp.^(b)		586,384		4,231,408
Epistar Corp.^(b)		9,390,000		9,055,235
Eternal Materials Co. Ltd.		10,265,915		9,137,086
Eva Airways Corp.		14,297,326		5,689,750
Evergreen Marine Corp. Taiwan Ltd.^(a)		18,936,449		7,223,236
Everlight Chemical Industrial Corp.		8,527,781		4,182,287
Everlight Electronics Co. Ltd.^(b)		4,014,000		4,189,052
Far Eastern Department Stores Ltd.^(b)		9,562,167		7,658,071
Far Eastern International Bank		23,808,042		9,278,056
Far Eastern New Century Corp.		26,706,916		24,916,870
Far EasTone Telecommunications Co. Ltd.		12,524,000		27,339,831
Faraday Technology Corp.^(b)		2,454,000		3,570,029
Farglory Land Development Co. Ltd.^(b)		2,870,782		3,588,537
Feng Hsin Steel Co. Ltd.		4,660,000		8,356,743
Feng TAY Enterprise Co. Ltd.		3,262,656		18,425,475
Firich Enterprises Co. Ltd.		2,727,041		2,809,943
First Financial Holding Co. Ltd.		88,447,807		69,228,786
FLEXium Interconnect Inc.^(b)		2,677,616		10,036,804
Formosa Chemicals & Fibre Corp.		29,893,210		81,151,335
Formosa Petrochemical Corp.^(b)		10,258,000		29,168,705
Formosa Plastics Corp.		38,326,800		115,184,821
Formosa Taffeta Co. Ltd.		4,516,000		4,996,318
Foxconn Technology Co. Ltd.		7,765,424		15,259,259
Foxsemicon Integrated Technology Inc.^(b)		628,000		3,463,597
Fubon Financial Holding Co. Ltd.		54,761,000		80,388,595
Fusheng Precision Co. Ltd.^(b)		786,000		5,022,903
General Interface Solution Holding Ltd.^(b)		2,187,000		7,092,700
Genius Electronic Optical Co. Ltd.		657,287		10,962,200
Getac Technology Corp.		4,008,000		6,459,499
Giant Manufacturing Co. Ltd.		2,693,000		14,630,311
Gigabyte Technology Co. Ltd.^(b)		4,943,000		8,505,104
Ginko International Co. Ltd.		359,000		2,086,692
Global Unichip Corp.^(b)		756,000		5,592,695
Globalwafers Co. Ltd.^(b)		1,893,000		25,600,935
Goldsun Building Materials Co. Ltd.^(b)		16,866,000		7,213,286
Gourmet Master Co. Ltd.^(b)		858,471		2,679,222
Grand Pacific Petrochemical^(a)		9,469,000		5,159,877
Grape King Bio Ltd.^(b)		1,080,000		7,846,893
Great Wall Enterprise Co. Ltd.^(b)		6,756,789		8,992,837
Greatek Electronics Inc.^(b)		3,303,000		5,148,751
HannStar Display Corp.^(b)		25,501,640		5,550,151
Highwealth Construction Corp.^(b)		5,394,230		7,989,934
Hiwin Technologies Corp.^(b)		2,039,386		20,306,639
Holtek Semiconductor Inc.		1,826,000		3,955,997
Holy Stone Enterprise Co. Ltd.^(b)		1,324,330		4,417,422
Hon Hai Precision Industry Co. Ltd.		108,686,928		288,233,304
Hota Industrial Manufacturing Co. Ltd.^(b)		1,880,216		7,172,012
Hotai Motor Co. Ltd.^(b)		2,658,000		55,039,416
Hsin Kuang Steel Co. Ltd.^(b)		2,843,000		2,746,338
HTC Corp.^(b)		6,819,000		7,882,065
Hua Nan Financial Holdings Co. Ltd.		73,795,167		52,520,215
Huaku Development Co. Ltd.		2,667,000		7,610,060

26	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued) iShares^® Core MSCI Emerging Markets ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Hung Sheng Construction Ltd.		5,443,200	$	3,712,151
IBF Financial Holdings Co. Ltd.		24,480,741		9,176,387
IEI Integration Corp.		1,964,373		2,961,529
Innolux Corp.^(b)		72,099,241		18,810,879
International CSRC Investment Holdings Co.^(b)		7,201,685		6,445,472
International Games System Co. Ltd.^(b)		590,000		11,885,929
Inventec Corp.		19,951,000		15,121,632
ITEQ Corp.^(b)		1,737,000		8,231,956
Jih Sun Financial Holdings Co. Ltd.		12,712,646		4,190,036
Kenda Rubber Industrial Co. Ltd.		5,290,889		4,918,791
Kindom Development Co. Ltd.^(b)		3,389,000		2,932,406
King Slide Works Co. Ltd.		560,000		6,445,285
King Yuan Electronics Co. Ltd.^(b)		9,272,000		10,028,501
King’s Town Bank Co. Ltd.^(b)		8,303,000		10,077,288
Kinpo Electronics^(b)		14,526,000		6,380,416
Kinsus Interconnect Technology Corp.^(b)		2,715,000		4,626,695
LandMark Optoelectronics Corp.^(b)		685,900		6,025,509
Largan Precision Co. Ltd.^(b)		886,000		129,624,994
Lealea Enterprise Co. Ltd.^(b)		9,808,173		2,856,985
Lien Hwa Industrial Holdings Corp.^(b)		7,229,392		9,072,703
Lite-On Technology Corp.		18,150,238		26,284,712
Longchen Paper & Packaging Co. Ltd.^(b)		6,629,646		3,984,860
Lotes Co. Ltd.^(b)		682,722		6,674,011
Lotus Pharmaceutical Co. Ltd.^(a)(b)		905,000		2,600,274
Machvision Inc.^(b)		333,000		4,003,104
Macronix International^(b)		15,941,554		17,373,843
Makalot Industrial Co. Ltd.^(b)		1,649,568		8,089,990
MediaTek Inc.		13,122,572		156,017,303
Mega Financial Holding Co. Ltd.		99,223,958		106,008,852
Mercuries Life Insurance Co. Ltd.^(a)(b)		12,923,000		4,972,108
Merida Industry Co. Ltd.		1,863,850		9,110,117
Merry Electronics Co. Ltd.^(b)		1,652,051		7,665,687
Micro-Star International Co. Ltd.		5,772,000		17,308,661
Mitac Holdings Corp.		9,440,226		10,615,753
momo.com Inc.		344,000		4,016,050
Nan Kang Rubber Tire Co. Ltd.^(b)		5,663,000		8,013,988
Nan Ya Plastics Corp.		42,887,440		96,455,842
Nan Ya Printed Circuit Board Corp.^(b)		2,378,000		4,162,354
Nanya Technology Corp.		10,504,000		26,815,476
Nien Made Enterprise Co. Ltd.		1,411,000		11,370,201
Novatek Microelectronics Corp.^(b)		5,110,000		32,992,784
OBI Pharma Inc.^(a)		1,344,258		5,061,029
On-Bright Electronics Inc.		403,000		2,954,672
Oriental Union Chemical Corp.^(b)		5,684,000		3,744,969
Pan Jit International Inc.^(b)		2,705,200		2,170,986
Pan-International Industrial Corp.		6,129,366		3,967,555
Parade Technologies Ltd.		623,000		13,744,084
PChome Online Inc.^(a)(b)		837,070		2,944,169
Pegatron Corp.		16,989,000		35,179,257
PharmaEngine Inc.^(b)		1,293,793		2,614,975
PharmaEssentia Corp.^(a)		1,761,000		5,873,974
Pharmally International Holding Co. Ltd.^(b)		576,543		3,960,466
Phison Electronics Corp.		1,283,000		14,131,029
Pixart Imaging Inc.		1,356,000		8,351,987
Pou Chen Corp.		16,653,000		18,754,184
Powertech Technology Inc.		6,249,000		21,050,480
Poya International Co. Ltd.		475,447		7,489,827
President Chain Store Corp.		4,885,000		47,834,426
President Securities Corp.		10,025,135		4,568,994
Primax Electronics Ltd.^(b)		3,738,000		6,042,871

Security	Shares		Value
Taiwan (continued)
Prince Housing & Development Corp.		10,710,995	$	3,802,678
Qisda Corp.^(b)		12,988,000		8,042,570
Quanta Computer Inc.^(b)		22,847,000		46,781,288
Radiant Opto-Electronics Corp.^(b)		4,106,000		13,316,244
Radium Life Tech Co. Ltd.^(b)		7,395,279		2,466,762
Realtek Semiconductor Corp.		4,382,110		32,562,452
Ritek Corp.^(a)		13,678,583		2,412,313
Roo Hsing Co. Ltd.^(a)(b)		5,301,000		1,759,443
Ruentex Development Co. Ltd.		5,383,391		7,298,278
Ruentex Industries Ltd.		2,838,943		6,338,036
Sanyang Motor Co. Ltd.		5,894,000		3,990,390
ScinoPharm Taiwan Ltd.		2,813,027		2,638,418
SDI Corp.^(b)		1,238,000		2,416,348
Sercomm Corp.^(b)		2,166,000		5,279,176
Shanghai Commercial & Savings Bank Ltd. (The)		29,213,346		48,528,916
Shin Kong Financial Holding Co. Ltd.		94,161,404		28,640,715
Shin Zu Shing Co. Ltd.		1,769,000		8,120,709
Shining Building Business Co. Ltd.^(a)(b)		8,180,184		2,442,209
Shinkong Synthetic Fibers Corp.		15,555,000		6,292,995
Sigurd Microelectronics Corp.^(b)		5,322,700		5,994,289
Silergy Corp.^(b)		666,000		22,325,005
Simplo Technology Co. Ltd.^(b)		1,466,400		13,729,566
Sinbon Electronics Co. Ltd.^(b)		2,404,809		10,404,068
Sino-American Silicon Products Inc.^(b)		4,449,000		15,427,765
SinoPac Financial Holdings Co. Ltd.		89,239,660		38,313,565
Sinyi Realty Inc.		3,704,704		3,535,922
Sitronix Technology Corp.^(b)		1,093,000		5,197,972
Soft-World International Corp.^(b)		1,065,000		2,803,233
Sporton International Inc.		637,000		4,417,840
St. Shine Optical Co. Ltd.		462,000		6,026,850
Standard Foods Corp.		4,092,096		9,176,285
Sunny Friend Environmental Technology Co. Ltd.		698,000		5,751,449
Sunonwealth Electric Machine Industry Co. Ltd.^(b)		2,113,000		2,756,436
Supreme Electronics Co. Ltd.^(b)		3,971,000		4,085,162
Synnex Technology International Corp.		10,592,250		13,153,077
TA Chen Stainless Pipe^(b)		7,966,596		8,129,851
Taichung Commercial Bank Co. Ltd.		26,668,577		10,877,225
TaiDoc Technology Corp.		461,000		2,352,235
Taigen Biopharmaceuticals Holdings Ltd.^(a)(b)		4,612,000		3,122,443
TaiMed Biologics Inc.^(a)		1,727,000		5,076,141
Tainan Spinning Co. Ltd.^(b)		11,360,894		3,752,008
Taishin Financial Holding Co. Ltd.		73,719,267		34,571,693
Taiwan Business Bank		43,120,691		17,089,063
Taiwan Cement Corp.^(b)		42,719,158		59,607,471
Taiwan Cogeneration Corp.^(b)		4,484,000		5,012,745
Taiwan Cooperative Financial Holding Co. Ltd.		79,830,672		55,233,824
Taiwan Fertilizer Co. Ltd.^(b)		6,203,000		9,833,187
Taiwan Glass Industry Corp.^(b)		12,543,053		4,204,560
Taiwan High Speed Rail Corp.		17,459,000		19,892,518
Taiwan Hon Chuan Enterprise Co. Ltd.		3,158,674		6,165,149
Taiwan Mobile Co. Ltd.		13,503,000		46,824,254
Taiwan Paiho Ltd.^(b)		2,305,000		5,305,851
Taiwan Secom Co. Ltd.^(b)		2,455,185		7,159,723
Taiwan Semiconductor Co. Ltd.^(b)		2,444,000		3,543,374
Taiwan Semiconductor Manufacturing Co. Ltd.		214,900,000		2,242,718,671
Taiwan Shin Kong Security Co. Ltd.		5,332,770		6,701,296
Taiwan Styrene Monomer^(b)		5,195,000		3,174,012
Taiwan Surface Mounting Technology Corp.^(b)		2,185,000		6,732,624
Taiwan TEA Corp.^(b)		9,508,000		4,961,324
Taiwan Union Technology Corp.^(b)		2,092,000		9,188,923

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

Consolidated Schedule of Investments (unaudited) (continued) iShares^® Core MSCI Emerging Markets ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Tanvex BioPharma Inc.^(a)(b)		1,208,738	$	1,774,415
Tatung Co. Ltd.^(a)(b)		16,662,000		11,583,253
TCI Co. Ltd.^(b)		833,446		5,972,945
Teco Electric and Machinery Co. Ltd.^(b)		16,719,000		14,770,166
Test Research Inc.^(b)		1,765,400		2,973,477
Test Rite International Co. Ltd.^(b)		7,532,000		5,012,295
Thinking Electronic Industrial Co. Ltd.		1,032,000		2,852,702
Ton Yi Industrial Corp.^(b)		9,505,000		3,358,824
Tong Hsing Electronic Industries Ltd.^(b)		1,351,000		6,759,573
Tong Yang Industry Co. Ltd.^(b)		3,600,400		4,631,370
Topco Scientific Co. Ltd.		2,015,639		6,923,049
TPK Holding Co. Ltd.^(a)(b)		3,067,000		4,542,841
Transcend Information Inc.		2,334,000		6,020,093
Tripod Technology Corp.		3,598,000		13,070,890
TSRC Corp.^(b)		7,768,900		5,503,489
TTY Biopharm Co. Ltd.		1,992,124		5,144,870
Tung Ho Steel Enterprise Corp.^(b)		9,354,000		6,950,742
TXC Corp.^(b)		3,230,000		5,061,626
U-Ming Marine Transport Corp.		4,794,000		4,638,921
Unimicron Technology Corp.^(b)		11,557,000		15,267,095
Union Bank of Taiwan^(a)		6,078,830		2,208,330
Uni-President Enterprises Corp.		42,695,369		103,215,080
Unitech Printed Circuit Board Corp.^(b)		5,409,000		4,894,618
United Integrated Services Co. Ltd.		1,560,400		9,456,345
United Microelectronics Corp.		95,204,000		48,105,854
United Renewable Energy Co. Ltd.^(a)		21,512,388		4,966,119
UPC Technology Corp.^(b)		10,817,365		3,558,215
USI Corp.^(b)		13,414,300		5,294,040
Vanguard International Semiconductor Corp.^(b)		7,199,000		17,641,170
Via Technologies Inc.^(a)		2,041,000		1,937,904
Visual Photonics Epitaxy Co. Ltd.^(b)		1,839,000		5,945,874
Voltronic Power Technology Corp.		514,272		11,939,867
Wafer Works Corp.^(b)		4,941,404		5,573,043
Wah Lee Industrial Corp.		2,641,000		4,779,696
Walsin Lihwa Corp.^(b)		22,802,000		10,505,058
Walsin Technology Corp.^(b)		2,780,597		19,560,005
Win Semiconductors Corp.		2,939,427		26,550,415
Winbond Electronics Corp.		25,647,480		13,552,393
Wistron Corp.		24,823,004		22,175,474
Wistron NeWeb Corp.^(b)		2,859,654		6,516,492
Wiwynn Corp.^(b)		693,000		16,570,023
WPG Holdings Ltd.		10,680,200		13,685,555
WT Microelectronics Co. Ltd.^(b)		5,116,734		6,455,167
XinTec Inc.^(a)(b)		1,701,000		4,994,102
XPEC Entertainment Inc.^(a)(d)		31,000		0	(e)
Xxentria Technology Materials Corp.^(b)		1,433,000		2,943,662
Yageo Corp.^(b)		2,246,454		30,418,142
Yang Ming Marine Transport Corp.^(a)		13,474,677		3,083,919
YFY Inc.^(b)		16,000,000		7,344,903
Yieh Phui Enterprise Co. Ltd.^(b)		14,945,026		4,476,672
Yuanta Financial Holding Co. Ltd.		91,492,912		58,014,958
Yulon Finance Corp.^(b)		1,615,200		5,707,703
Yulon Motor Co. Ltd.^(b)		8,156,000		5,494,886
YungShin Global Holding Corp.		3,245,650		4,727,065
Zhen Ding Technology Holding Ltd.		4,619,950		17,622,623
				7,165,328,817
Thailand — 2.4%
Advanced Info Service PCL, NVDR^(b)		10,399,700		65,914,752
Airports of Thailand PCL, NVDR		36,901,200		69,873,133
Amata Corp. PCL, NVDR^(b)		9,758,200		4,484,041

Security	Shares		Value
Thailand (continued)
AP Thailand PCL, NVDR		26,614,190	$	5,144,876
B Grimm Power PCL, NVDR		5,715,700		8,196,337
Bangchak Corp. PCL, NVDR^(b)		10,572,400		8,041,122
Bangkok Airways PCL, NVDR^(b)		10,895,600		1,609,048
Bangkok Bank PCL, Foreign		4,137,900		17,243,982
Bangkok Chain Hospital PCL, NVDR		14,396,450		5,976,660
Bangkok Dusit Medical Services PCL, NVDR		82,228,000		57,850,154
Bangkok Expressway & Metro PCL, NVDR^(b)		72,472,885		21,244,626
Bangkok Land PCL, NVDR^(b)		175,162,900		5,717,566
Banpu PCL, NVDR		39,774,000		8,949,308
BCPG PCL, NVDR^(b)		8,400,700		3,860,249
Beauty Community PCL, NVDR^(b)		25,196,700		1,517,152
BEC World PCL, NVDR^(a)(b)		13,368,300		1,855,590
Berli Jucker PCL, NVDR		10,442,000		12,078,371
BTS Group Holdings PCL, NVDR^(b)		67,072,700		23,168,830
Bumrungrad Hospital PCL, NVDR		3,904,100		15,898,490
Central Pattana PCL, NVDR		19,353,200		32,505,771
Central Retail Corp. PCL, NVDR^(a)		9,013,817		8,998,106
CH Karnchang PCL, NVDR^(b)		11,405,200		6,795,049
Charoen Pokphand Foods PCL, NVDR		33,934,400		28,767,080
Chularat Hospital PCL, NVDR		62,931,600		4,985,866
CK Power PCL, NVDR^(b)		30,891,300		3,700,495
CP ALL PCL, NVDR		50,304,300		104,817,231
Dynasty Ceramic PCL, NVDR^(b)		44,067,420		2,402,027
Eastern Polymer Group PCL, NVDR^(b)		14,735,600		1,886,605
Electricity Generating PCL, NVDR		2,700,700		23,365,270
Energy Absolute PCL, NVDR^(b)		14,720,000		18,192,996
Esso Thailand PCL, NVDR^(b)		14,563,200		2,769,108
GFPT PCL, NVDR^(b)		7,057,300		2,393,063
Global Power Synergy PCL, NVDR		5,662,800		11,305,860
Gulf Energy Development PCL, NVDR		5,057,000		26,523,007
Gunkul Engineering PCL, NVDR^(b)		61,228,041		4,773,284
Hana Microelectronics PCL, NVDR		6,268,500		6,654,880
Home Product Center PCL, NVDR		53,350,875		21,641,299
Indorama Ventures PCL, NVDR^(b)		14,883,700		12,263,546
Intouch Holdings PCL, NVDR		20,388,500		34,890,794
IRPC PCL, NVDR^(b)		103,029,700		7,183,183
Italian-Thai Development PCL, NVDR^(b)		59,536,600		2,188,638
Jasmine International PCL, NVDR		40,142,900		6,157,238
Kasikornbank PCL^(b)		10,259,000		38,851,228
Kasikornbank PCL, NVDR		5,188,700		19,567,590
KCE Electronics PCL, NVDR^(b)		7,400,400		5,182,977
Khon Kaen Sugar Industry PCL, NVDR		25,937,186		1,742,571
Kiatnakin Bank PCL, NVDR^(b)		3,274,300		6,459,362
Krung Thai Bank PCL, NVDR		27,308,700		12,116,045
Land & Houses PCL, NVDR		69,505,800		18,502,574
LPN Development PCL, NVDR^(b)		15,946,900		2,122,547
Major Cineplex Group PCL, NVDR^(b)		7,276,500		4,358,290
MBK PCL, NVDR		10,609,100		5,984,534
Mega Lifesciences PCL, NVDR^(b)		4,276,700		3,388,290
Minor International PCL, NVDR		24,043,060		20,953,388
Muangthai Capital PCL, NVDR^(b)		6,330,200		11,534,987
Origin Property PCL, NVDR^(b)		11,851,300		1,915,437
Osotspa PCL, NVDR		3,882,300		5,136,619
Plan B Media PCL, NVDR		26,595,300		4,298,401
Precious Shipping PCL, NVDR^(a)(b)		10,344,700		1,514,578
Prima Marine PCL, NVDR^(b)		12,890,400		1,944,488
PTG Energy PCL, NVDR.		7,991,200		3,570,779
PTT Exploration & Production PCL, NVDR		12,457,401		41,847,077
PTT Global Chemical PCL, NVDR		20,009,000		26,156,592

28	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued) iShares^® Core MSCI Emerging Markets ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value
Thailand (continued)
PTT PCL, NVDR		98,729,100	$	122,022,973
Quality Houses PCL, NVDR^(b)		87,352,217		6,256,251
Ratch Group PCL, NVDR		6,692,400		12,513,123
Ratchthani Leasing PCL, NVDR		12,743,150		2,059,581
RS PCL, NVDR^(b)		5,351,400		1,780,691
Siam Cement PCL (The), NVDR		6,690,400		65,727,270
Siam Commercial Bank PCL (The), NVDR		7,141,800		19,747,173
Siam Global House PCL, NVDR^(b)		15,436,683		6,750,950
Siamgas & Petrochemicals PCL, NVDR^(b)		11,349,900		2,841,521
Singha Estate PCL, NVDR		42,722,800		2,870,301
Sino-Thai Engineering & Construction PCL, NVDR		9,408,528		4,442,626
Sri Trang Agro-Industry PCL, NVDR^(b)		10,387,460		3,884,393
Srisawad Corp PCL, NVDR		8,335,249		17,764,078
Supalai PCL, NVDR		14,757,600		7,576,394
Super Energy Corp. PCL, NVDR		178,414,000		2,205,085
Taokaenoi Food & Marketing PCL, Class R, NVDR^(b)		6,700,300		1,688,081
Thai Airways International PCL, NVDR^(a)(b)		14,251,900		1,761,445
Thai Oil PCL, NVDR^(b)		10,308,500		14,129,064
Thai Union Group PCL, NVDR		28,783,700		13,956,286
Thai Vegetable Oil PCL, NVDR		6,484,500		5,651,204
Thanachart Capital PCL, NVDR		5,021,200		8,393,862
Thonburi Healthcare Group PCL, NVDR^(b)		6,201,300		4,421,779
Thoresen Thai Agencies PCL, NVDR^(b)		21,534,323		1,883,528
TMB Bank PCL, NVDR^(b)		163,847,827		5,659,773
Total Access Communication PCL, NVDR^(b)		6,794,000		7,858,691
TPI Polene PCL, NVDR^(b)		81,661,600		3,234,891
True Corp. PCL, NVDR^(b)		104,450,311		10,989,543
TTW PCL, NVDR^(b)		19,039,100		8,386,737
U City PCL, NVDR^(a)(b)		36,771,100		1,433,321
Unique Engineering & Construction PCL, NVDR^(b)		10,182,100		2,032,871
WHA Corp. PCL, NVDR^(b)		81,428,000		7,070,598
Workpoint Entertainment PCL, NVDR^(b)		3,073,200		847,309
				1,328,774,430
Turkey — 0.6%
Akbank T.A.S.^(a)		25,053,393		27,101,002
Aksa Akrilik Kimya Sanayii AS		2,124,503		2,685,694
Anadolu Efes Biracilik Ve Malt Sanayii AS		1,978,018		6,944,468
Arcelik AS^(a)		1,831,055		5,444,014
Aselsan Elektronik Sanayi Ve Ticaret AS		3,059,991		13,465,576
BIM Birlesik Magazalar AS		3,706,053		28,489,624
Coca-Cola Icecek AS		795,465		5,740,764
Dogan Sirketler Grubu Holding AS		10,617,954		2,922,412
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		20,029,539		4,455,104
Eregli Demir ve Celik Fabrikalari TAS		13,060,795		17,242,318
Ford Otomotiv Sanayi AS		653,591		8,157,795
Haci Omer Sabanci Holding AS		8,341,392		11,359,002
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D^(b)		11,529,009		4,796,643
KOC Holding AS		6,430,414		17,698,623
Koza Altin Isletmeleri AS^(a)		481,542		5,625,086
Koza Anadolu Metal Madencilik Isletmeleri AS^(a)(b)		2,121,550		3,836,223
Mavi Giyim Sanayi Ve Ticaret AS, Class B^(a)(b)(c)		365,166		3,126,196
MLP Saglik Hizmetleri AS^(a)(b)(c)		882,901		2,103,676
Petkim Petrokimya Holding AS^(a)(b)		10,045,535		5,851,222
Sasa Polyester Sanayi AS^(b)		1,631,889		2,277,085
Soda Sanayii AS^(b)		4,299,114		3,983,177
Sok Marketler Ticaret AS^(a)(b)		1,621,093		2,204,951
TAV Havalimanlari Holding AS		1,734,935		5,652,402
Tekfen Holding AS		2,003,102		4,759,942

Security	Shares		Value
Turkey (continued)
Trakya Cam Sanayii AS		6,082,090	$	3,250,659
Tupras Turkiye Petrol Rafinerileri AS^(b)		1,094,450		17,740,974
Turk Hava Yollari AO^(a)(b)		4,679,968		8,799,396
Turkcell Iletisim Hizmetleri AS		9,880,211		21,881,365
Turkiye Garanti Bankasi AS^(a)		20,122,096		30,589,257
Turkiye Halk Bankasi AS^(a)		6,280,212		6,009,628
Turkiye Is Bankasi AS, Class C^(a)		13,747,218		12,560,966
Ulker Biskuvi Sanayi AS^(a)		1,595,939		5,230,200
				301,985,444
United Arab Emirates — 0.6%
Abu Dhabi Commercial Bank PJSC.		24,711,614		47,971,306
Air Arabia PJSC^(a)		24,562,985		9,362,678
Aldar Properties PJSC		34,056,235		19,657,279
Amanat Holdings PJSC		12,983,721		2,820,934
Arabtec Holding PJSC		6,705,106		1,360,044
Dana Gas PJSC		33,449,239		7,968,658
Deyaar Development PJSC^(a)		30,801,465		2,599,704
DP World PLC.		1,483,941		24,114,041
Dubai Investments PJSC.		20,134,920		6,962,168
Dubai Islamic Bank PJSC		14,838,562		21,816,068
DXB Entertainments PJSC^(a)		40,366,869		1,956,302
Emaar Malls PJSC.		22,891,199		10,034,259
Emaar Properties PJSC		31,279,269		29,806,813
Emirates Telecommunications Group Co. PJSC		15,312,524		65,871,077
Eshraq Investments PJSC^(a)		25,179,547		2,125,203
First Abu Dhabi Bank PJSC		24,183,760		94,288,285
				348,714,819
Total Common Stocks — 96.8%
(Cost: $50,429,029,279)				53,548,598,320

Preferred Stocks
Brazil — 2.1%
Alpargatas SA, Preference Shares, NVS		2,065,175		14,437,206
Azul SA, Preference Shares, NVS		2,479,879		24,426,944
Banco ABC Brasil SA, Preference Shares, NVS		941,463		4,169,302
Banco Bradesco SA, Preference Shares, NVS		35,038,742		237,104,561
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS		1,751,579		7,046,459
Bradespar SA, Preference Shares, NVS		1,913,200		14,159,287
Braskem SA, Class A, Preference Shares, NVS		1,654,500		9,861,028
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		2,131,100		16,933,923
Cia. Brasileira de Distribuicao, Preference Shares, NVS		1,349,900		21,575,541
Cia. de Saneamento do Parana, Preference Shares, NVS		1,282,473		5,628,310
Cia. Energetica de Minas Gerais, Preference Shares, NVS		8,006,294		24,773,168
Cia. Energetica de Sao Paulo, Class B, Preference Shares, NVS		1,658,400		11,983,164
Cia. Paranaense de Energia, Preference Shares, NVS		920,800		14,635,570
Gerdau SA, Preference Shares, NVS		9,595,074		36,005,586
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS		1,028,300		5,834,779
Itau Unibanco Holding SA, Preference Shares, NVS.		42,125,082		298,782,624
Itausa-Investimentos Itau SA, Preference Shares, NVS		38,499,177		102,484,704

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

Consolidated Schedule of Investments (unaudited) (continued) iShares^® Core MSCI Emerging Markets ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value
Brazil (continued)
Lojas Americanas SA, Preference Shares, NVS		6,614,327	$	38,997,063
Marcopolo SA, Preference Shares, NVS		6,066,979		6,589,207
Metalurgica Gerdau SA, Preference Shares, NVS		6,696,936		11,800,703
Petroleo Brasileiro SA, Preference Shares, NVS		36,843,208		206,932,473
Randon SA Implemetos e Participacoes, Preference Shares, NVS		2,106,200		5,452,643
Telefonica Brasil SA, Preference Shares, NVS		3,858,740		45,655,035
Unipar Carbocloro SA, Preference Shares, NVS		516,894		3,070,442
				1,168,339,722
Chile — 0.1%
Embotelladora Andina SA, Class B, Preference Shares		3,183,834		7,665,296
Sociedad Quimica y Minera de Chile SA, Series B, Preference Shares		1,013,985		26,521,110
				34,186,406
Colombia — 0.1%
Avianca Holdings SA, Preference Shares, NVS		4,109,639		1,900,111
Bancolombia SA, Preference Shares, NVS		4,013,253		47,610,609
Grupo Aval Acciones y Valores SA, Preference Shares, NVS		34,510,389		14,107,476
				63,618,196
Russia — 0.1%
Surgutneftegas PJSC, Preference Shares, NVS		59,524,677		29,027,138
Transneft PJSC, Preference Shares, NVS		3,409		7,703,224
				36,730,362
South Korea — 0.6%
Amorepacific Corp., Preference Shares, NVS		79,600		4,810,737
Hyundai Motor Co.
Preference Shares, NVS		199,419		10,886,356
Series 2, Preference Shares, NVS		318,854		19,664,195
LG Chem Ltd., Preference Shares, NVS^(b)		66,443		10,230,416
LG Household & Health Care Ltd., Preference Shares, NVS		18,457		11,139,548
Samsung Electronics Co. Ltd., Preference Shares, NVS		7,223,499		270,918,386
				327,649,638
Total Preferred Stocks — 3.0%
(Cost: $1,507,162,834)				1,630,524,324

Rights
China — 0.0%
Legend Holdings Corp. Class H,
(Expires 04/16/20)^(a)		221,423		0	^(e)

Security	Shares		Value
South Korea — 0.0%
HDC Hyundai Development Co.,
(Expires 06/03/20)^(a)		118,693	$	0	^(e)
Total Rights — 0.0%
(Cost: $0)				0	^(e)

Warrants
Thailand — 0.0%
BTS Group Holdings PCL (Expires 02/16/21)^(a)(b)		6,892,910		187,859
Total Warrants — 0.0%
(Cost: $0)				187,859

Short-Term Investments
Money Market Funds — 3.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(g)(h)(i)		1,658,909,241		1,660,070,478
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(g)(h)		3,018,433		3,018,433
				1,663,088,911
Total Short-Term Investments — 3.0%
(Cost: $1,661,970,331)				1,663,088,911
Total Investments in Securities — 102.8%
(Cost: $53,598,162,444)				56,842,399,414
Other Assets, Less Liabilities — (2.8)%				(1,525,451,378	)
Net Assets — 100.0%			$	55,316,948,036

^(a)

Non-income producing security.

^(b)

All or a portion of this security is on loan.

^(c)

^(d)

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

^(e)

Rounds to less than $1.

^(f)

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

^(g)

Affiliate of the Fund.

^(h)

Annualized 7-day yield as of period-end.

⁽ⁱ⁾

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

30	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued)

iShares^® Core MSCI Emerging Markets ETF

February 29, 2020

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:

Affiliated Issuer	Shares Held at 08/31/19	Net Activity		Shares Held at 02/29/20	Value at 02/29/20		Income			Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	2,014,538,692	(355,629,451	)	1,658,909,241	$	1,660,070,478	$	26,465,171	^(b)	$	175,766	$	153,675
BlackRock Cash Funds: Treasury, SL Agency Shares	139,883,000	(136,864,567	)	3,018,433		3,018,433		894,811			—		—
					$	1,663,088,911	$	27,359,982		$	175,766	$	153,675

^(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	2,172	03/20/20	$	109,556	$	(12,517,103	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

Equity

Contracts

Liabilities — Derivative Financial Instruments

Futures contracts

Unrealized depreciation on futures contracts^(a) $ 12,517,103

^(a)

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

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Equity
	Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	9,191,415

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(4,579,401	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:

Average notional value of contracts — long $ 123,215,460

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

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 31

Consolidated Schedule of Investments (unaudited) (continued)

iShares^® Core MSCI Emerging Markets ETF

February 29, 2020

Fair Value Measurements (continued)

Level 1 Level 2 Level 3 Total

Investments

Assets

Common Stocks $ 53,533,597,533 $ 1,682,626 $ 13,318,161 $ 53,548,598,320

Preferred Stocks 1,630,524,324 — — 1,630,524,324

Rights — 0 ^(a) — 0 ^(a)

Warrants 187,859 — — 187,859

Money Market Funds 1,663,088,911 — — 1,663,088,911

$ 56,827,398,627 $ 1,682,626 $ 13,318,161 $ 56,842,399,414

Derivative financial instruments^(b)

Liabilities

Futures Contracts $ (12,517,103 ) $ — $ — $ (12,517,103 )

^(a) Rounds to less than $1.

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

See notes to consolidated financial statements

32 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) iShares^® MSCI BRIC ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Brazil — 8.3%
Ambev SA		384,465	$	1,239,041
Atacadao SA		37,200		170,596
B2W Cia. Digital^(a)		12,420		171,091
B3 SA - Brasil, Bolsa, Balcao		173,669		1,847,686
Banco Bradesco SA		99,226		600,197
Banco BTG Pactual SA		24,800		371,369
Banco do Brasil SA		74,489		773,676
Banco Santander Brasil SA		37,200		328,658
BB Seguridade Participacoes SA		62,000		437,689
BR Malls Participacoes SA		62,018		224,613
BRF SA^(a)		49,600		297,271
CCR SA		99,200		359,056
Centrais Eletricas Brasileiras SA		28,075		214,873
Cia. de Saneamento Basico do Estado de Sao Paulo		24,800		322,942
Cia. Siderurgica Nacional SA		49,600		122,910
Cielo SA		99,221		150,646
Cogna Educacao		124,064		277,461
Cosan SA		12,400		201,103
Embraer SA^(a)		62,000		233,068
Energisa SA		12,400		148,416
Engie Brasil Energia SA		14,725		155,127
Equatorial Energia SA		62,000		338,883
Hapvida Participacoes e Investimentos SA^(b)		12,400		151,714
Hypera SA		37,200		282,814
IRB Brasil Resseguros S/A		62,000		456,928
JBS SA		86,852		436,989
Klabin SA		62,000		264,537
Localiza Rent a Car SA		51,283		563,110
Lojas Renner SA		66,716		788,173
Magazine Luiza SA		62,000		694,256
Multiplan Empreendimentos Imobiliarios SA		24,830		167,968
Natura & Co. Holding SA		49,600		500,326
Notre Dame Intermedica Participacoes SA		37,200		521,352
Petrobras Distribuidora SA		62,000		358,671
Petroleo Brasileiro SA		297,600		1,790,884
Porto Seguro SA		12,400		167,600
Raia Drogasil SA		24,850		660,405
Rumo SA^(a)		86,800		406,329
Sul America SA		24,889		298,228
Suzano SA		49,615		419,429
TIM Participacoes SA		74,469		266,241
Ultrapar Participacoes SA		49,600		209,761
Vale SA		260,429		2,557,736
WEG SA		74,472		712,260
				21,662,083
China — 65.6%
360 Security Technology Inc., Class A		7,999		25,575
3SBio Inc.^(a)(b)		124,000		128,566
51job Inc., ADR^(a)(c)		2,604		194,701
58.com Inc., ADR^(a)		7,316		403,624
AAC Technologies Holdings Inc.^(c)		76,000		497,854
AECC Aviation Power Co. Ltd., Class A		24,800		81,955
Agricultural Bank of China Ltd., Class A		421,600		205,667
Agricultural Bank of China Ltd., Class H		2,232,000		893,596
Aier Eye Hospital Group Co. Ltd., Class A		24,800		141,913
Air China Ltd., Class H		248,000		199,532
Aisino Corp., Class A		24,800		83,729
Alibaba Group Holding Ltd., ADR^(a)		142,848		29,712,384

Security	Shares		Value

China (continued)
Alibaba Health Information Technology Ltd.^(a)(c)		326,000	$	624,972
Alibaba Pictures Group Ltd.^(a)		1,240,000		167,072
A-Living Services Co. Ltd., Class H^(b)		31,000		138,829
Aluminum Corp. of China Ltd., Class A^(a)		111,600		48,854
Aluminum Corp. of China Ltd., Class H^(a)		248,000		65,874
Angang Steel Co. Ltd., Class A		142,420		58,270
Anhui Conch Cement Co. Ltd., Class A		24,800		194,634
Anhui Conch Cement Co. Ltd., Class H		124,000		909,349
ANTA Sports Products Ltd.		124,040		997,184
Anxin Trust Co. Ltd., Class A^(a)		24,800		10,608
Autohome Inc., ADR^(a)		4,464		346,719
AVIC Aircraft Co. Ltd., Class A		12,400		30,174
Avic Capital Co. Ltd., Class A		45,199		27,545
AVIC Electromechanical Systems Co. Ltd., Class A		24,800		27,496
AviChina Industry & Technology Co. Ltd., Class H		248,000		107,881
BAIC BluePark New Energy Technology Co. Ltd., Class A^(a)		24,800		22,813
BAIC Motor Corp. Ltd., Class H^(b)		124,000		60,782
Baidu Inc., ADR^(a)		22,196		2,663,076
Bank of Beijing Co. Ltd., Class A		135,890		99,339
Bank of Chengdu Co. Ltd., Class A		24,800		28,986
Bank of China Ltd., Class A		198,400		100,758
Bank of China Ltd., Class H		6,324,000		2,499,396
Bank of Communications Co. Ltd., Class A		235,600		175,262
Bank of Communications Co. Ltd., Class H		620,200		397,919
Bank of Guiyang Co. Ltd., Class A		12,400		14,901
Bank of Hangzhou Co. Ltd., Class A		20,399		25,068
Bank of Jiangsu Co. Ltd., Class A		86,800		79,223
Bank of Nanjing Co. Ltd., Class A		62,000		68,828
Bank of Ningbo Co. Ltd., Class A		37,200		133,895
Bank of Shanghai Co. Ltd., Class A		73,890		91,012
Baoshan Iron & Steel Co. Ltd., Class A		86,800		64,570
Baozun Inc., ADR^(a)(c)		3,844		121,932
BBMG Corp., Class A		49,600		23,912
BBMG Corp., Class H		124,000		34,846
Beijing Capital International Airport Co. Ltd., Class H		248,000		193,485
Beijing Dabeinong Technology Group Co. Ltd., Class A		37,200		36,454
Beijing Enlight Media Co. Ltd., Class A		12,400		19,229
Beijing Enterprises Holdings Ltd.		62,000		261,746
Beijing Enterprises Water Group Ltd.		496,000		230,400
Beijing New Building Materials PLC, Class A		12,400		44,703
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		12,400		55,098
Beijing Originwater Technology Co. Ltd., Class A		24,800		34,982
Beijing Sinnet Technology Co. Ltd., Class A		12,400		44,525
Beijing Tongrentang Co. Ltd., Class A		24,269		90,754
Beijing Yanjing Brewery Co. Ltd., Class A		24,800		20,755
BEST Inc., ADR^(a)		18,848		101,968
BOC Aviation Ltd.^(b)		12,400		107,642
BOE Technology Group Co. Ltd., Class A		161,200		112,998
Bohai Leasing Co. Ltd., Class A^(a)		49,600		23,416
Bosideng International Holdings Ltd.		248,000		72,239
Brilliance China Automotive Holdings Ltd.		248,000		210,033
BYD Co. Ltd., Class A		12,400		115,961
BYD Co. Ltd., Class H^(c)		62,000		379,492
BYD Electronic International Co. Ltd.		62,000		116,155
Caitong Securities Co. Ltd., Class A		12,400		19,690
CGN Power Co. Ltd., Class H^(b)		744,000		181,392
Changjiang Securities Co. Ltd., Class A		37,200		35,868
Chaozhou Three-Circle Group Co. Ltd., Class A		12,400		42,219

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

Consolidated Schedule of Investments (unaudited) (continued) iShares^® MSCI BRIC ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

China (continued)
Chengdu Xingrong Environment Co. Ltd., Class A		37,200	$	24,054
China Agri-Industries Holdings Ltd.		248,000		134,612
China Aoyuan Group Ltd.		124,000		178,528
China Cinda Asset Management Co. Ltd., Class H		496,000		103,744
China CITIC Bank Corp. Ltd., Class A		24,800		19,265
China CITIC Bank Corp. Ltd., Class H		744,000		386,652
China Coal Energy Co. Ltd., Class H		248,000		80,195
China Communications Construction Co. Ltd., Class A		24,800		30,972
China Communications Construction Co. Ltd., Class H		248,000		184,893
China Communications Services Corp. Ltd., Class H		248,800		192,513
China Conch Venture Holdings Ltd.		124,000		603,050
China Construction Bank Corp., Class A		37,200		34,591
China Construction Bank Corp., Class H		7,936,370		6,415,862
China East Education Holdings Ltd.^(a)(b)		62,000		126,179
China Eastern Airlines Corp. Ltd., Class A^(a)		111,600		72,482
China Enterprise Co. Ltd., Class A		37,200		22,245
China Everbright Bank Co. Ltd., Class A		248,000		134,108
China Everbright Bank Co. Ltd., Class H		124,000		49,644
China Everbright International Ltd.		248,000		165,163
China Evergrande Group		124,000		278,453
China First Capital Group Ltd.^(a)		224,000		6,180
China Fortune Land Development Co. Ltd., Class A		12,400		41,847
China Galaxy Securities Co. Ltd., Class H		310,000		171,050
China Gas Holdings Ltd.		148,800		544,177
China Gezhouba Group Co. Ltd., Class A		24,800		23,593
China Grand Automotive Services Group Co. Ltd., Class A		74,400		43,851
China Greatwall Technology Group Co. Ltd., Class A		12,400		24,817
China Hongqiao Group Ltd.		186,000		99,766
China Huarong Asset Management Co. Ltd., Class H^(b)		868,000		118,064
China Huishan Dairy Holdings Co. Ltd.^(a)(d)		51,450		99
China International Capital Corp. Ltd., Class H^(b)		99,200		183,047
China International Travel Service Corp. Ltd., Class A		12,400		139,252
China Jinmao Holdings Group Ltd.^(c)		496,000		362,148
China Jushi Co. Ltd., Class A		62,000		83,196
China Lesso Group Holdings Ltd.		124,000		186,166
China Life Insurance Co. Ltd., Class A		11,893		50,106
China Life Insurance Co. Ltd., Class H		620,000		1,452,730
China Literature Ltd.^(a)(b)		24,800		112,177
China Longyuan Power Group Corp. Ltd., Class H		248,000		129,839
China Medical System Holdings Ltd.		128,000		157,679
China Mengniu Dairy Co. Ltd.^(c)		248,000		889,459
China Merchants Bank Co. Ltd., Class A		111,600		546,010
China Merchants Bank Co. Ltd., Class H		310,456		1,464,030
China Merchants Energy Shipping Co. Ltd., Class A		24,800		17,952
China Merchants Port Holdings Co. Ltd.		86,000		126,467
China Merchants Securities Co. Ltd., Class A		37,200		93,929
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		36,681		90,991
China Minsheng Banking Corp. Ltd., Class A		235,600		192,789
China Minsheng Banking Corp. Ltd., Class H		434,000		292,933
China Mobile Ltd.		496,000		3,901,528
China Molybdenum Co. Ltd., Class A		99,200		57,759
China Molybdenum Co. Ltd., Class H		372,000		138,908
China National Building Material Co. Ltd., Class H		294,000		339,911
China National Nuclear Power Co. Ltd., Class A		111,600		73,280
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		12,400		16,143
China Overseas Land & Investment Ltd.		344,800		1,156,995
China Pacific Insurance Group Co. Ltd., Class A		37,200		169,710

Security	Shares		Value

China (continued)
China Pacific Insurance Group Co. Ltd., Class H		198,400	$	653,013
China Petroleum & Chemical Corp., Class A		148,800		97,920
China Petroleum & Chemical Corp., Class H		1,984,600		1,023,744
China Power International Development Ltd.		620,000		115,359
China Railway Construction Corp. Ltd., Class A		62,000		84,261
China Railway Construction Corp. Ltd., Class H.		124,000		141,932
China Railway Group Ltd., Class A		74,400		57,155
China Railway Group Ltd., Class H		248,000		140,022
China Railway Signal & Communication Corp. Ltd., Class H^(b)		128,000		65,700
China Reinsurance Group Corp., Class H		496,000		67,465
China Renewable Energy Investment Ltd.^(a)(d)		7,709		0	^(e)
China Resources Beer Holdings Co. Ltd.		98,000		453,969
China Resources Cement Holdings Ltd.		248,000		312,186
China Resources Gas Group Ltd.		73,000		364,389
China Resources Land Ltd.		248,444		1,146,093
China Resources Pharmaceutical Group Ltd.^(b)		124,000		107,881
China Resources Power Holdings Co. Ltd.		248,200		295,239
China Shenhua Energy Co. Ltd., Class A		24,800		56,765
China Shenhua Energy Co. Ltd., Class H		248,000		430,250
China Shipbuilding Industry Co. Ltd., Class A		124,000		78,230
China Southern Airlines Co. Ltd., Class A		62,000		51,089
China Southern Airlines Co. Ltd., Class H		248,000		130,793
China State Construction Engineering Corp. Ltd., Class A		272,800		209,570
China State Construction International Holdings Ltd.^(c)		248,000		200,805
China Taiping Insurance Holdings Co. Ltd.		124,040		253,395
China Telecom Corp. Ltd., Class H		992,000		372,968
China Tower Corp. Ltd., Class H^(b)		3,472,000		842,043
China Traditional Chinese Medicine Holdings Co. Ltd.		248,000		130,475
China Unicom Hong Kong Ltd.		539,900		426,070
China United Network Communications Ltd., Class A		148,800		116,652
China Vanke Co. Ltd., Class A		49,601		209,964
China Vanke Co. Ltd., Class H		111,601		429,617
China Yangtze Power Co. Ltd., Class A		111,656		272,024
China Zhongwang Holdings Ltd.		148,800		50,026
Chongqing Changan Automobile Co. Ltd., Class A		24,800		36,081
Chongqing Rural Commercial Bank Co. Ltd., Class H		248,000		112,018
Chongqing Zhifei Biological Products Co. Ltd., Class A		12,400		106,399
CIFI Holdings Group Co. Ltd.		248,000		189,348
CITIC Guoan Information Industry Co. Ltd., Class A^(a)		49,600		24,551
CITIC Ltd.		496,000		550,542
CITIC Securities Co. Ltd., Class A		49,600		166,038
CITIC Securities Co. Ltd., Class H.		186,000		397,631
CNOOC Ltd.		1,488,000		2,039,232
Contemporary Amperex Technology Co. Ltd., Class A		12,400		240,667
COSCO SHIPPING Development Co. Ltd., Class A		24,800		7,486
COSCO SHIPPING Holdings Co. Ltd., Class A^(a)		99,200		57,333
COSCO SHIPPING Holdings Co. Ltd., Class H^(a)(c)		186,000		62,055
COSCO SHIPPING Ports Ltd.		248,000		165,163
Country Garden Holdings Co. Ltd.		620,046		821,100
Country Garden Services Holdings Co. Ltd.		128,000		499,317
CRRC Corp. Ltd., Class A		124,000		113,530
CRRC Corp. Ltd., Class H		372,400		238,931
CSC Financial Co. Ltd., Class A		12,400		57,138
CSPC Pharmaceutical Group Ltd.		248,000		565,180
Dali Foods Group Co. Ltd.^(b)		186,000		122,917
Dalian Port PDA Co. Ltd., Class A		86,800		22,103
Daqin Railway Co. Ltd., Class A		74,400		75,356
DHC Software Co. Ltd., Class A		12,400		26,165

34	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued) iShares^® MSCI BRIC ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares			Value

China (continued)
Dongfang Electric Corp. Ltd., Class A		24,800	$		32,817
Dongfeng Motor Group Co. Ltd., Class H		248,000			196,031
Dongxing Securities Co. Ltd., Class A		45,199			78,175
East Money Information Co. Ltd., Class A		37,200			92,332
ENN Energy Holdings Ltd.		62,000			686,984
Everbright Securities Co. Ltd., Class A		37,297			63,387
Fangda Carbon New Material Co. Ltd., Class A^(a)		12,400			17,863
Far East Horizon Ltd.		124,000			108,358
Fiberhome Telecommunication Technologies Co. Ltd., Class A		12,400			53,182
Financial Street Holdings Co. Ltd., Class A		24,800			24,622
First Capital Securities Co. Ltd., Class A		24,800			26,999
Focus Media Information Technology Co. Ltd., Class A		86,839			66,339
Foshan Haitian Flavouring & Food Co. Ltd., Class A		11,843			168,711
Fosun International Ltd.		186,000			237,003
Founder Securities Co. Ltd., Class A		49,699			52,044
Foxconn Industrial Internet Co. Ltd., Class A		24,800			60,597
Fujian Sunner Development Co. Ltd., Class A		12,400			38,476
Fuyao Glass Industry Group Co. Ltd., Class A		12,400			41,102
Fuyao Glass Industry Group Co. Ltd., Class H^(b)		49,600			141,613
Ganfeng Lithium Co. Ltd., Class A		12,400			92,208
GCL System Integration Technology Co. Ltd., Class A^(a)		24,800			19,584
GD Power Development Co. Ltd., Class A		136,400			40,977
GDS Holdings Ltd., ADR^(a)		5,456			316,284
Geely Automobile Holdings Ltd.		372,000			661,605
GEM Co. Ltd., Class A		32,799			25,103
Gemdale Corp., Class A		24,800			50,734
GF Securities Co. Ltd., Class A		37,200			77,165
GF Securities Co. Ltd., Class H		74,400			88,978
GoerTek Inc., Class A		24,800			79,010
GOME Retail Holdings Ltd.^(a)(c)		992,400			101,875
Grandjoy Holdings Group Co. Ltd., Class A		24,800			19,797
Great Wall Motor Co. Ltd., Class H		248,000			179,483
Gree Electric Appliances Inc. of Zhuhai, Class A		12,400			105,016
Greenland Holdings Corp. Ltd., Class A		57,599			48,121
Guangdong Haid Group Co. Ltd., Class A		12,400			60,668
Guangdong HEC Technology Holding Co. Ltd., Class A		24,800			29,589
Guangdong Investment Ltd.		248,000			465,892
Guanghui Energy Co. Ltd., Class A		49,600			20,152
Guangshen Railway Co. Ltd., Class A		49,600			18,307
Guangzhou Automobile Group Co. Ltd., Class A		12,400			19,247
Guangzhou Automobile Group Co. Ltd., Class H		254,235			283,496
Guangzhou Baiyun International Airport Co. Ltd., Class A		12,400			27,460
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		12,400			60,437
Guangzhou R&F Properties Co. Ltd., Class H		99,200			153,770
Guosen Securities Co. Ltd., Class A		24,800			41,758
Guotai Junan Securities Co. Ltd., Class A		62,000			150,783
Guotai Junan Securities Co. Ltd., Class H^(b)		49,600			82,868
Guoyuan Securities Co. Ltd., Class A		24,800			32,001
Haier Electronics Group Co. Ltd.		144,000			412,059
Haier Smart Home Co. Ltd., Class A		37,279			90,768
Haitong Securities Co. Ltd., Class A		62,000			126,036
Haitong Securities Co. Ltd., Class H		198,400			213,088
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		49,004			245,363
Henan Shuanghui Investment & Development Co. Ltd., Class A		12,400			60,313
Hengan International Group Co. Ltd.		62,000			460,243
Hengli Petrochemical Co. Ltd., Class A		37,200			79,294
Hengtong Optic-Electric Co. Ltd., Class A		12,400			29,216

Security	Shares		Value

China (continued)
Hengyi Petrochemical Co. Ltd., Class A		12,400	$	24,498
Hesteel Co. Ltd., Class A		62,000		19,957
HLA Corp. Ltd., Class A		24,800		24,161
Holitech Technology Co. Ltd., Class A		37,200		38,104
Huaan Securities Co. Ltd., Class A		24,800		27,318
Huadian Power International Corp. Ltd., Class A		99,200		46,831
Huadong Medicine Co. Ltd., Class A		12,400		34,236
Hualan Biological Engineering Inc., Class A		12,400		73,617
Huaneng Power International Inc., Class A		24,800		16,675
Huaneng Power International Inc., Class H		248,000		99,925
Huatai Securities Co. Ltd., Class A		49,600		131,624
Huatai Securities Co. Ltd., Class H^(b)		99,200		172,355
Huaxia Bank Co. Ltd., Class A		99,200		98,630
Huaxin Cement Co. Ltd., Class A		12,400		43,266
Huayu Automotive Systems Co. Ltd., Class A		13,099		52,751
Huazhu Group Ltd., ADR		11,160		376,650
Hubei Biocause Pharmaceutical Co. Ltd., Class A		62,000		52,863
Hubei Energy Group Co. Ltd., Class A		99,200		52,082
Hunan Valin Steel Co. Ltd., Class A^(a)		37,200		21,127
Hutchison China MediTech Ltd., ADR^(a)		6,448		150,367
HUYA Inc., ADR^(a)(c)		5,084		100,714
Iflytek Co. Ltd., Class A		12,400		68,455
Industrial & Commercial Bank of China Ltd., Class A		297,600		225,642
Industrial & Commercial Bank of China Ltd., Class H		5,208,050		3,562,008
Industrial Bank Co. Ltd., Class A		99,200		245,367
Industrial Securities Co. Ltd., Class A		37,200		36,773
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		310,000		51,887
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A^(a)		49,600		19,158
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A		61,407		24,773
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		37,200		153,851
Inner Mongolia Yitai Coal Co. Ltd., Class B		111,600		76,558
Innovent Biologics Inc.^(a)(b)		62,000		283,227
Inspur Electronic Information Industry Co. Ltd., Class A		11,828		71,152
iQIYI Inc., ADR^(a)(c)		11,532		258,663
JD.com Inc., ADR^(a)(c)		62,000		2,387,620
Jiangsu Hengrui Medicine Co. Ltd., Class A		24,800		298,337
Jiangsu King's Luck Brewery JSC Ltd., Class A		12,400		52,330
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		12,400		172,744
Jiangsu Zhongnan Construction Group Co. Ltd., Class A		24,800		29,447
Jiangsu Zhongtian Technology Co. Ltd., Class A		24,800		29,873
Jiangxi Copper Co. Ltd., Class A		12,400		24,285
Jiangxi Copper Co. Ltd., Class H		124,000		145,432
Jiangxi Zhengbang Technology Co. Ltd., Class A		12,400		26,822
Jinke Properties Group Co. Ltd., Class A		24,800		26,715
JOYY Inc.^(a)(c)		5,208		281,076
Kaisa Group Holdings Ltd.		248,000		110,108
Kingboard Holdings Ltd.		62,000		163,890
Kingboard Laminates Holdings Ltd.		124,000		123,633
Kingdee International Software Group Co. Ltd.^(c)		248,000		317,278
Kingsoft Corp. Ltd.^(a)(c)		124,000		400,973
Kunlun Energy Co. Ltd.		248,000		173,118
Kweichow Moutai Co. Ltd., Class A		5,300		801,422
KWG Group Holdings Ltd.		124,000		181,711
Lee & Man Paper Manufacturing Ltd.		124,000		96,743
Legend Holdings Corp., Class H^(b)		37,200		63,965
Lenovo Group Ltd.		496,000		306,139
Lens Technology Co. Ltd., Class A		12,400		34,538
Lepu Medical Technology Beijing Co. Ltd., Class A		12,400		60,845

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

Consolidated Schedule of Investments (unaudited) (continued) iShares^® MSCI BRIC ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

China (continued)
Li Ning Co. Ltd.		186,000	$	489,282
Lingyi iTech Guangdong Co., Class A^(a)		24,800		40,197
Longfor Group Holdings Ltd.^(b)		124,000		573,614
LONGi Green Energy Technology Co. Ltd., Class A		24,800		108,918
Luckin Coffee Inc., ADR^(a)		6,820		269,799
Luxshare Precision Industry Co. Ltd., Class A		36,641		250,556
Luye Pharma Group Ltd.^(b)		124,000		75,580
Luzhou Laojiao Co. Ltd., Class A		12,400		132,689
Maanshan Iron & Steel Co. Ltd., Class A		62,000		24,569
Mango Excellent Media Co. Ltd., Class A^(a)		12,400		78,176
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A		17,153		32,317
Meituan Dianping, Class B^(a)		86,800		1,101,561
Metallurgical Corp. of China Ltd., Class A		198,400		77,201
Metallurgical Corp. of China Ltd., Class H		372,000		72,080
Momo Inc., ADR		10,540		296,385
Muyuan Foodstuff Co. Ltd., Class A		12,400		206,661
NanJi E-Commerce Co. Ltd., Class A^(a)		12,400		17,331
Nanjing Iron & Steel Co. Ltd., Class A		49,600		21,855
Nanjing Securities Co. Ltd., Class A		24,800		47,931
NARI Technology Co. Ltd., Class A		24,800		70,353
NavInfo Co. Ltd., Class A		12,400		30,369
NetEase Inc., ADR		5,828		1,857,442
New China Life Insurance Co. Ltd., Class A		12,400		78,371
New China Life Insurance Co. Ltd., Class H		37,200		141,534
New Hope Liuhe Co. Ltd., Class A		24,800		85,857
New Oriental Education & Technology Group Inc., ADR^(a)		11,780		1,506,544
Nexteer Automotive Group Ltd.		124,000		91,333
Nine Dragons Paper Holdings Ltd.		124,000		146,387
Ningbo Zhoushan Port Co. Ltd., Class A		49,600		23,345
NIO Inc., ADR^(a)(c)		49,352		203,824
Noah Holdings Ltd.^(a)(c)		3,100		87,978
Oceanwide Holdings Co. Ltd., Class A		37,200		22,458
Offshore Oil Engineering Co. Ltd., Class A		20,324		16,893
OFILM Group Co. Ltd., Class A^(a)		12,400		32,817
Orient Securities Co. Ltd., Class A		37,200		53,058
Pacific Securities Co. Ltd. (The), Class A^(a)		49,600		25,473
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A^(a)		62,000		21,198
People's Insurance Co. Group of China Ltd. (The), Class A		37,200		36,028
People's Insurance Co. Group of China Ltd. (The), Class H		620,000		219,580
Perfect World Co. Ltd., Class A		12,400		90,558
PetroChina Co. Ltd., Class A		62,000		44,969
PetroChina Co. Ltd., Class H		1,488,000		576,637
PICC Property & Casualty Co. Ltd., Class H		496,322		513,960
Pinduoduo Inc., ADR^(a)		15,996		572,337
Ping An Bank Co. Ltd., Class A		86,800		180,052
Ping An Healthcare and Technology Co. Ltd.^(a)(b)		24,800		242,334
Ping An Insurance Group Co. of China Ltd., Class A		49,600		551,474
Ping An Insurance Group Co. of China Ltd., Class H		496,000		5,514,965
Poly Developments and Holdings Group Co. Ltd., Class A		62,000		143,598
Postal Savings Bank of China Co. Ltd., Class H^(b)		620,000		391,426
Power Construction Corp. of China Ltd., Class A		124,000		75,391
RiseSun Real Estate Development Co. Ltd., Class A		24,800		30,369
Rongsheng Petro Chemical Co. Ltd., Class A		37,200		55,080
SAIC Motor Corp. Ltd., Class A		37,200		118,196
Sanan Optoelectronics Co. Ltd., Class A		24,894		87,785

Security	Shares		Value

China (continued)
Sany Heavy Industry Co. Ltd., Class A		49,053	$	122,313
SDIC Capital Co. Ltd., Class A		24,800		45,980
SDIC Power Holdings Co. Ltd., Class A		49,699		53,750
Sealand Securities Co. Ltd., Class A		44,400		29,282
Seazen Group Ltd.		248,000		254,904
Seazen Holdings Co. Ltd., Class A		12,400		56,943
Semiconductor Manufacturing International Corp.^(a)(c)		248,200		480,918
SF Holding Co. Ltd., Class A		12,400		86,833
Shaanxi Coal Industry Co. Ltd., Class A		49,005		55,383
Shandong Gold Mining Co. Ltd., Class A		12,400		60,171
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		12,400		29,944
Shandong Nanshan Aluminum Co. Ltd., Class A		74,400		22,564
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		184,000		237,052
Shandong Xinchao Energy Corp. Ltd., Class A^(a)		136,400		37,270
Shanghai 2345 Network Holding Group Co. Ltd., Class A		86,885		39,277
Shanghai Construction Group Co. Ltd., Class A		49,600		23,770
Shanghai Electric Group Co. Ltd., Class A		124,000		79,649
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		12,400		47,683
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		65,500		184,488
Shanghai International Port Group Co. Ltd., Class A		49,600		32,214
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		99,276		78,627
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		12,400		33,119
Shanghai Pharmaceuticals Holding Co. Ltd., Class H.		99,200		181,520
Shanghai Pudong Development Bank Co. Ltd., Class A		148,800		230,963
Shanghai RAAS Blood Products Co. Ltd., Class A^(a)		37,200		48,481
Shanghai Tunnel Engineering Co. Ltd., Class A		24,800		19,868
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		24,800		24,977
Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A		24,252		21,025
Shanxi Meijin Energy Co. Ltd., Class A^(a)		24,800		29,589
Shanxi Securities Co. Ltd., Class A		24,800		27,886
Shanxi Taigang Stainless Steel Co. Ltd., Class A		37,200		18,733
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A		24,800		17,952
Shanying International Holding Co. Ltd., Class A^(a)		49,600		24,054
Shenergy Co. Ltd., Class A		49,600		37,394
Shengyi Technology Co. Ltd., Class A		12,400		54,725
Shenwan Hongyuan Group Co. Ltd., Class A		148,899		99,689
Shenzhen Energy Group Co. Ltd., Class A		74,400		57,794
Shenzhen Inovance Technology Co. Ltd., Class A		11,898		48,186
Shenzhen International Holdings Ltd.		62,000		118,701
Shenzhen Investment Ltd.		248,000		83,377
Shenzhen Overseas Chinese Town Co. Ltd., Class A		62,000		57,918
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A		37,200		19,690
Shenzhou International Group Holdings Ltd.		62,000		761,768
Shimao Property Holdings Ltd.		124,000		443,934
Shui On Land Ltd.		372,000		73,989
Sichuan Chuantou Energy Co. Ltd., Class A		36,605		47,915
Sichuan Hebang Biotechnology Co. Ltd., Class A^(a)		111,600		26,183
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		12,400		40,711
Sichuan Languang Development Co. Ltd., Class A		24,800		23,025
SINA Corp.^(a)		5,704		186,806
Sino Biopharmaceutical Ltd.^(c)		620,000		897,415
Sinolink Securities Co. Ltd., Class A		24,800		35,478
Sino-Ocean Group Holding Ltd.		124,000		45,030
Sinopec Engineering Group Co. Ltd., Class H		124,000		61,419
Sinopec Shanghai Petrochemical Co. Ltd., Class A		49,600		28,383
Sinopec Shanghai Petrochemical Co. Ltd., Class H		249,000		63,584

36	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued) iShares^® MSCI BRIC ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

China (continued)
Sinopharm Group Co. Ltd., Class H		99,200	$	306,139
Sinotrans Ltd., Class A		37,200		19,052
Sinotrans Ltd., Class H		248,000		70,011
Sinotruk Hong Kong Ltd.		62,000		118,542
SOHO China Ltd.		186,000		67,306
Songcheng Performance Development Co. Ltd., Class A		12,400		48,924
SooChow Securities Co. Ltd., Class A		24,800		32,888
Southwest Securities Co. Ltd., Class A		37,200		26,715
SSY Group Ltd.		248,000		207,806
Sun Art Retail Group Ltd.		248,000		316,959
Sunac China Holdings Ltd.		248,000		1,352,487
Suning.com Co. Ltd., Class A		49,600		65,848
Sunny Optical Technology Group Co. Ltd.		62,000		964,244
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		12,400		50,202
TAL Education Group, ADR^(a)		32,736		1,780,511
TangShan Port Group Co. Ltd., Class A		62,000		20,489
TBEA Co. Ltd., Class A		24,800		22,103
TCL Technology Group Corp., Class A		99,200		83,445
Tencent Holdings Ltd.		471,200		23,339,155
Tencent Music Entertainment Group, ADR^(a)		9,300		112,809
Tian Di Science & Technology Co. Ltd., Class A		49,600		21,713
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		12,400		31,185
Tianma Microelectronics Co. Ltd., Class A		12,400		28,737
Tingyi Cayman Islands Holding Corp.		248,000		451,253
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		12,400		20,223
Tongling Nonferrous Metals Group Co. Ltd., Class A		74,400		21,926
Tongwei Co. Ltd., Class A		24,895		61,434
Towngas China Co. Ltd.		124,000		71,920
Transfar Zhilian Co. Ltd., Class A		24,800		22,067
TravelSky Technology Ltd., Class H		124,000		242,493
Trip.com Group Ltd., ADR^(a)		38,936		1,182,097
Tsingtao Brewery Co. Ltd., Class H		24,000		124,727
Uni-President China Holdings Ltd.		124,000		127,929
Unisplendour Corp. Ltd., Class A		12,400		80,571
Vipshop Holdings Ltd., ADR^(a)		36,952		474,094
Walvax Biotechnology Co. Ltd., Class A		12,400		50,734
Wanda Film Holding Co. Ltd., Class A^(a)		12,400		28,737
Wanhua Chemical Group Co. Ltd., Class A		12,400		83,445
Want Want China Holdings Ltd.		372,000		287,364
Wanxiang Qianchao Co. Ltd., Class A		86,827		69,559
Weibo Corp., ADR^(a)(c)		5,084		214,240
Weichai Power Co. Ltd., Class A		49,600		101,681
Weichai Power Co. Ltd., Class H		124,100		244,281
Wens Foodstuffs Group Co. Ltd., Class A		24,800		115,411
Western Securities Co. Ltd., Class A		49,600		67,196
Wharf Holdings Ltd. (The)		124,000		261,587
Winning Health Technology Group Co. Ltd., Class A		12,400		45,625
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		12,400		60,065
Wuliangye Yibin Co. Ltd., Class A		24,800		427,868
WUS Printed Circuit Kunshan Co. Ltd., Class A		12,400		46,299
WuXi AppTec Co. Ltd., Class A		12,400		188,035
WuXi AppTec Co. Ltd., Class H^(b)		15,840		233,543
Wuxi Biologics Cayman Inc.^(a)(b)		62,000		906,962
XCMG Construction Machinery Co. Ltd., Class A		49,600		37,394
Xiamen C & D Inc., Class A		24,800		27,212
Xiaomi Corp., Class B^(a)(b)		868,000		1,398,949
Xinhu Zhongbao Co. Ltd., Class A		49,600		22,351

Security	Shares		Value

China (continued)
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		37,253	$	56,064
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		30,234		30,028
Xinxing Ductile Iron Pipes Co. Ltd., Class A		37,200		18,945
Xinyi Solar Holdings Ltd.		312,000		247,020
Xinyu Iron & Steel Co. Ltd., Class A		37,200		22,671
Yango Group Co. Ltd., Class A		24,800		28,418
Yanzhou Coal Mining Co. Ltd., Class H		248,000		188,075
Yonghui Superstores Co. Ltd., Class A		49,693		61,137
Yonyou Network Technology Co. Ltd., Class A		12,400		81,706
Yuexiu Property Co. Ltd.		496,000		101,198
Yum China Holdings Inc..		29,264		1,281,471
Yunda Holding Co. Ltd., Class A		12,400		52,472
Yunnan Baiyao Group Co. Ltd., Class A		11,820		133,060
Yuzhou Properties Co. Ltd.		124,000		60,782
Zai Lab Ltd., ADR^(a)		3,720		204,488
Zhaojin Mining Industry Co. Ltd., Class H		62,000		73,909
Zhejiang Chint Electrics Co. Ltd., Class A		12,400		47,842
Zhejiang Dahua Technology Co. Ltd., Class A		24,800		68,757
Zhejiang Juhua Co. Ltd., Class A		24,800		29,270
Zhejiang Longsheng Group Co. Ltd., Class A		12,400		22,919
Zhejiang NHU Co. Ltd., Class A		24,230		83,537
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		12,400		35,265
Zhengzhou Yutong Bus Co. Ltd., Class A		12,400		26,751
Zhenro Properties Group Ltd.		124,000		80,672
Zheshang Securities Co. Ltd., Class A		24,800		37,394
ZhongAn Online P&C Insurance Co. Ltd., Class H^(a)(b)(c)		24,800		104,380
Zhongjin Gold Corp. Ltd., Class A		24,800		28,773
Zhongsheng Group Holdings Ltd.^(c)		62,000		235,890
Zhuzhou CRRC Times Electric Co. Ltd., Class H		49,600		173,437
Zijin Mining Group Co. Ltd., Class A		86,800		51,656
Zijin Mining Group Co. Ltd., Class H		527,000		236,685
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		24,000		21,562
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H.		95,200		78,915
ZTE Corp., Class A^(a)		12,400		88,696
ZTE Corp., Class H^(a)		74,448		308,088
ZTO Express Cayman Inc., ADR		26,660		625,444
				170,521,989
India — 15.7%
Adani Ports & Special Economic Zone Ltd.		48,485		229,903
Ambuja Cements Ltd.		46,996		133,530
Ashok Leyland Ltd.		112,592		109,054
Asian Paints Ltd.		24,180		602,410
Aurobindo Pharma Ltd.		21,204		148,524
Avenue Supermarts Ltd.^(a)(b)		10,292		331,425
Axis Bank Ltd.		171,616		1,658,196
Bajaj Auto Ltd.		6,696		268,146
Bajaj Finance Ltd.		14,260		882,434
Bajaj Finserv Ltd.		3,348		419,883
Bandhan Bank Ltd.^(b)		34,472		183,185
Berger Paints India Ltd.		18,476		145,046
Bharat Forge Ltd.		19,592		118,202
Bharat Petroleum Corp. Ltd.		54,312		320,864
Bharti Airtel Ltd.^(a)		203,732		1,477,863
Bharti Infratel Ltd.		31,124		92,487
Bosch Ltd.		744		125,036
Britannia Industries Ltd.		4,216		173,518

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

Consolidated Schedule of Investments (unaudited) (continued) iShares^® MSCI BRIC ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

India (continued)
Cipla Ltd.		28,520	$	158,907
Coal India Ltd.		99,944		233,215
Colgate-Palmolive India Ltd.		4,836		86,136
Container Corp. of India Ltd.		18,352		129,603
Dabur India Ltd.		46,996		323,064
Divi's Laboratories Ltd.		6,572		191,871
DLF Ltd.		46,996		131,348
Dr. Reddy's Laboratories Ltd.		8,308		336,971
Eicher Motors Ltd.		1,116		256,739
GAIL India Ltd.		119,164		172,387
Godrej Consumer Products Ltd.		28,892		224,394
Grasim Industries Ltd.		22,196		211,357
Havells India Ltd.		23,312		198,031
HCL Technologies Ltd.		90,520		670,237
HDFC Asset Management Co. Ltd.^(b)		3,596		156,531
HDFC Life Insurance Co. Ltd.^(b)		43,648		329,080
Hero MotoCorp Ltd.		7,812		222,098
Hindalco Industries Ltd.		78,009		168,519
Hindustan Petroleum Corp. Ltd.		50,096		137,132
Hindustan Unilever Ltd.		54,312		1,636,679
Housing Development Finance Corp. Ltd.		133,796		4,033,764
ICICI Bank Ltd.		397,792		2,740,875
ICICI Lombard General Insurance Co. Ltd.^(b)		14,508		248,607
ICICI Prudential Life Insurance Co. Ltd.^(b)		25,916		169,284
Indian Oil Corp. Ltd.		153,140		224,402
Info Edge India Ltd.		4,836		173,782
Infosys Ltd.		282,472		2,863,959
InterGlobe Aviation Ltd.^(b)		8,680		156,364
ITC Ltd.		280,364		767,463
JSW Steel Ltd.		66,836		218,287
Larsen & Toubro Ltd.		39,184		644,791
LIC Housing Finance Ltd.		24,304		107,851
Lupin Ltd.		20,088		178,146
Mahindra & Mahindra Financial Services Ltd.		27,776		132,111
Mahindra & Mahindra Ltd.		54,188		343,183
Marico Ltd.		36,704		151,943
Maruti Suzuki India Ltd.		8,556		744,909
Motherson Sumi Systems Ltd.		78,120		112,199
Nestle India Ltd.		1,984		433,786
NTPC Ltd.		186,248		274,981
Oil & Natural Gas Corp. Ltd.		194,556		247,888
Page Industries Ltd.		496		152,208
Petronet LNG Ltd.		48,236		164,156
Pidilite Industries Ltd.		10,664		223,587
Piramal Enterprises Ltd.		7,068		127,962
Power Grid Corp. of India Ltd.		145,948		367,057
REC Ltd.		63,984		104,442
Reliance Industries Ltd.		236,220		4,348,962
SBI Life Insurance Co. Ltd.^(b)		28,148		347,289
Shree Cement Ltd.		744		233,723
Shriram Transport Finance Co. Ltd.		14,260		236,384
Siemens Ltd.		5,580		100,806
State Bank of India^(a)		143,840		603,922
Sun Pharmaceutical Industries Ltd.		70,308		363,292
Tata Consultancy Services Ltd.		75,392		2,089,518
Tata Motors Ltd.^(a)		131,564		235,081
Tata Power Co. Ltd. (The)		71,796		46,460
Tata Steel Ltd.		16,244		85,927
Tech Mahindra Ltd.		38,440		396,504
Titan Co. Ltd.		25,916		450,502

Security	Shares		Value

India (continued)
UltraTech Cement Ltd.		8,060	$	471,264
United Spirits Ltd.^(a)		23,188		220,530
UPL Ltd.		45,136		325,038
Vedanta Ltd.		111,972		176,878
Wipro Ltd.		94,612		290,322
Zee Entertainment Enterprises Ltd.		64,108		212,576
				40,736,970
Russia — 6.3%
Alrosa PJSC		215,760		229,213
Gazprom PJSC		869,244		2,621,314
Inter RAO UES PJSC		3,224,000		249,668
LUKOIL PJSC		34,472		2,923,708
Magnit PJSC, GDR^(f)		24,990		272,141
Magnitogorsk Iron & Steel Works PJSC		272,800		162,320
MMC Norilsk Nickel PJSC		5,208		1,569,375
Mobile TeleSystems PJSC, ADR		41,044		398,127
Moscow Exchange MICEX-RTS PJSC		108,290		159,663
Novatek PJSC, GDR^(f)		7,812		1,119,459
Novolipetsk Steel PJSC		91,760		170,603
PhosAgro PJSC, GDR^(f)		11,904		131,063
Polymetal International PLC		13,685		208,757
Polyus PJSC		2,142		269,790
Rosneft Oil Co. PJSC		90,682		544,362
Sberbank of Russia PJSC		883,930		3,069,552
Severstal PJSC		13,020		157,829
Surgutneftegas PJSC		582,810		333,338
Tatneft PJSC		128,092		1,280,157
VTB Bank PJSC		230,366,001		148,538
X5 Retail Group NV, GDR^(f)		10,664		328,569
				16,347,546

Total Common Stocks — 95.9%
(Cost: $251,742,387)				249,268,588

Preferred Stocks

Brazil — 3.6%
Banco Bradesco SA, Preference Shares, NVS		310,002		2,097,760
Braskem SA, Class A, Preference Shares, NVS		12,400		73,906
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		12,482		99,183
Cia. Brasileira de Distribuicao, Preference Shares, NVS		12,756		203,880
Cia. Energetica de Minas Gerais, Preference Shares, NVS		74,487		230,478
Gerdau SA, Preference Shares, NVS		86,800		325,718
Itau Unibanco Holding SA, Preference Shares, NVS		396,856		2,814,800
Itausa-Investimentos Itau SA, Preference Shares, NVS		334,844		891,354
Lojas Americanas SA, Preference Shares, NVS		62,390		367,842
Petroleo Brasileiro SA, Preference Shares, NVS		340,814		1,914,206
Telefonica Brasil SA, Preference Shares, NVS		37,264		440,892
				9,460,019
Russia — 0.2%
Surgutneftegas PJSC, Preference Shares, NVS		570,400		278,155
Transneft PJSC, Preference Shares, NVS		38		85,868
				364,023

Total Preferred Stocks — 3.8%
(Cost: $8,773,429)				9,824,042

38	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued)	iShares^® MSCI BRIC ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Rights

China — 0.0%
Legend Holdings Corp. Class H, (Expires 04/16/20)^(a)		2,030	$	0	^(e)

Total Rights — 0.0%
(Cost: $0)				0	^(e)

Short-Term Investments

Money Market Funds — 2.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(g)(h)(i)		5,370,787		5,374,547
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(g)(h)		383,000		383,000
				5,757,547

Total Short-Term Investments — 2.2%
(Cost: $5,756,148)				5,757,547

Total Investments in Securities — 101.9%
(Cost: $266,271,964)				264,850,177

Other Assets, Less Liabilities — (1.9)%				(4,877,276	)

Net Assets — 100.0%			$	259,972,901

^(a)

Non-income producing security.

^(b)

^(c)

All or a portion of this security is on loan.

^(d)

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

^(e)

Rounds to less than $1.

^(f)

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

^(g)

Affiliate of the Fund.

^(h)

Annualized 7-day yield as of period-end.

(i)

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:

Affiliated Issuer	Shares Held at 08/31/19	Net Activity	Shares Held at 02/29/20	Value at 02/29/20		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	4,935,586	435,201	5,370,787	$	5,374,547	$	31,596	^(b)	$	(293	)	$	1,175
BlackRock Cash Funds: Treasury, SL Agency Shares	181,000	202,000	383,000		383,000		2,716			—			—
				$	5,757,547	$	34,312		$	(293	)	$	1,175

^(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 China Enterprises Index 4 03/30/20 $ 266 $ (3,651 )

MSCI Emerging Markets E-Mini 11 03/20/20 555 (21,695 )

$ (25,346 )

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) iShares^® MSCI BRIC ETF

February 29, 2020

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

Equity

Contracts

Liabilities — Derivative Financial Instruments

Futures contracts

Unrealized depreciation on futures contracts^(a) $ 25,346

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Equity
	Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	62,114

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(33,115	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:

Average notional value of contracts — long $ 509,197

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 $ 249,268,489 $ — $ 99 $ 249,268,588

Preferred Stocks 9,824,042 — — 9,824,042

Rights — 0 ^(a) — 0 ^(a)

Money Market Funds 5,757,547 — — 5,757,547

$ 264,850,078 $ 0 ^(a) $ 99 $ 264,850,177

Derivative financial instruments^(b)

Liabilities

Futures Contracts $ (25,346 ) $ — $ — $ (25,346 )

^(a) Rounds to less than $1.

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

See notes to consolidated financial statements

40 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) iShares^® MSCI Emerging Markets Asia ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

China — 46.8%
360 Security Technology Inc., Class A		8,199	$	26,215
3SBio Inc.^(a)(b)		182,500		189,220
51job Inc., ADR^(b)(c)		3,489		260,873
58.com Inc., ADR^(b)(c)		11,748		648,137
AAC Technologies Holdings Inc.^(c)		93,500		612,491
AECC Aviation Power Co. Ltd., Class A		14,700		48,578
Agile Group Holdings Ltd.		192,000		269,532
Agricultural Bank of China Ltd., Class A		460,500		224,644
Agricultural Bank of China Ltd., Class H		3,388,000		1,356,409
Aier Eye Hospital Group Co. Ltd., Class A		16,100		92,129
Air China Ltd., Class A		20,400		21,771
Air China Ltd., Class H		280,000		225,278
Aisino Corp., Class A		21,100		71,237
Alibaba Group Holding Ltd., ADR^(b)		166,541		34,640,528
Alibaba Health Information Technology Ltd.^(b)		22,000		42,176
Alibaba Pictures Group Ltd.^(b)(c)		1,850,000		249,261
A-Living Services Co. Ltd., Class H^(a)		36,250		162,340
Aluminum Corp. of China Ltd., Class A^(b)		51,600		22,588
Aluminum Corp. of China Ltd., Class H^(b)		532,000		141,311
Angang Steel Co. Ltd., Class A		86,760		35,497
Anhui Conch Cement Co. Ltd., Class A		19,700		154,608
Anhui Conch Cement Co. Ltd., Class H		155,000		1,136,686
ANTA Sports Products Ltd.		135,000		1,085,294
Anxin Trust Co. Ltd., Class A^(b)		40,100		17,152
Autohome Inc., ADR^(b)		7,574		588,273
AVIC Aircraft Co. Ltd., Class A		17,000		41,368
Avic Capital Co. Ltd., Class A		85,700		52,228
AVIC Shenyang Aircraft Co. Ltd., Class A^(b)		6,300		25,055
AviChina Industry & Technology Co. Ltd., Class H		343,000		149,206
BAIC BluePark New Energy Technology Co. Ltd.,
Class A^(b)		31,600		29,068
BAIC Motor Corp. Ltd., Class H^(a)		199,500		97,791
Baidu Inc., ADR^(b)		34,448		4,133,071
Bank of Beijing Co. Ltd., Class A		75,000		54,827
Bank of Chengdu Co. Ltd., Class A		19,900		23,259
Bank of China Ltd., Class A		175,100		88,925
Bank of China Ltd., Class H		9,747,000		3,852,248
Bank of Communications Co. Ltd., Class A		202,200		150,416
Bank of Communications Co. Ltd., Class H		1,062,000		681,376
Bank of Guiyang Co. Ltd., Class A		44,900		53,956
Bank of Hangzhou Co. Ltd., Class A		44,700		54,930
Bank of Jiangsu Co. Ltd., Class A		71,199		64,984
Bank of Nanjing Co. Ltd., Class A		57,700		64,054
Bank of Ningbo Co. Ltd., Class A		28,800		103,661
Bank of Shanghai Co. Ltd., Class A		68,770		84,706
Baoshan Iron & Steel Co. Ltd., Class A		82,600		61,446
Baozun Inc., ADR^(b)(c)		5,267		167,069
BBMG Corp., Class A		54,000		26,034
BBMG Corp., Class H		457,000		128,426
Beijing Capital International Airport Co. Ltd., Class H		266,000		207,529
Beijing Dabeinong Technology Group Co. Ltd., Class A		39,200		38,414
Beijing Enterprises Holdings Ltd.		65,000		274,411
Beijing Enterprises Water Group Ltd.		690,000		320,516
Beijing Shiji Information Technology Co. Ltd., Class A		5,400		29,981
Beijing Tongrentang Co. Ltd., Class		18,600		69,555
Betta Pharmaceuticals Co. Ltd., Class A		2,600		30,016
BOC Aviation Ltd.^(a)		26,500		230,042
BOE Technology Group Co. Ltd., Class A		214,000		150,010

Security	Shares		Value

China (continued)
Bosideng International Holdings Ltd.		444,000	$	129,331
Brilliance China Automotive Holdings Ltd.		380,000		321,825
BYD Co. Ltd., Class A		10,300		96,322
BYD Co. Ltd., Class H^(c)		81,000		495,788
BYD Electronic International Co. Ltd.		92,500		173,295
Caitong Securities Co. Ltd., Class A		54,700		86,860
CGN Power Co. Ltd., Class H^(a)		1,271,000		309,879
Changjiang Securities Co. Ltd., Class A		56,700		54,671
Chaozhou Three-Circle Group Co. Ltd., Class A		10,799		36,768
Chengdu Kanghong Pharmaceutical Group Co. Ltd.,
Class A		4,900		23,202
China Agri-Industries Holdings Ltd.		337,000		182,921
China Aoyuan Group Ltd.		164,000		236,118
China Avionics Systems Co. Ltd., Class A		12,900		26,076
China Cinda Asset Management Co. Ltd., Class H		1,142,000		238,862
China CITIC Bank Corp. Ltd., Class A		88,000		68,359
China CITIC Bank Corp. Ltd., Class H		999,000		519,174
China Coal Energy Co. Ltd., Class H		319,000		103,153
China Communications Construction Co. Ltd., Class A		20,300		25,352
China Communications Construction Co. Ltd., Class H		531,000		395,880
China Communications Services Corp. Ltd., Class H		336,000		259,986
China Conch Venture Holdings Ltd.		211,000		1,026,158
China Construction Bank Corp., Class A		34,800		32,360
China Construction Bank Corp., Class H		11,902,000		9,621,727
China Eastern Airlines Corp. Ltd., Class A^(b)		200,472		130,203
China Education Group Holdings Ltd.		93,000		132,226
China Everbright Bank Co. Ltd., Class A		228,100		123,347
China Everbright Bank Co. Ltd., Class H		309,000		123,710
China Everbright International Ltd.		467,481		311,332
China Everbright Ltd.		122,000		203,515
China Evergrande Group		234,000		525,468
China Film Co. Ltd., Class A		13,300		24,297
China First Capital Group Ltd.^(b)		950,000		26,209
China Fortune Land Development Co. Ltd., Class A		17,400		58,720
China Galaxy Securities Co. Ltd., Class H		447,000		246,643
China Gas Holdings Ltd.		223,600		817,729
China Gezhouba Group Co. Ltd., Class A		37,600		35,770
China Grand Automotive Services Group Co. Ltd., Class A		51,300		30,236
China Hongqiao Group Ltd.		280,000		150,185
China Huarong Asset Management Co. Ltd., Class H^(a)		1,284,000		174,648
China Huishan Dairy Holdings Co. Ltd.^(b)(d)		20,200		39
China International Capital Corp. Ltd., Class H^(a)		172,800		318,856
China International Marine Containers Group Co. Ltd., Class A		44,540		50,974
China International Travel Service Corp. Ltd., Class A		10,500		117,915
China Jinmao Holdings Group Ltd.		684,000		499,414
China Life Insurance Co. Ltd., Class A		10,900		45,922
China Life Insurance Co. Ltd., Class H		930,000		2,179,095
China Literature Ltd.^(a)(b)		6,400		28,949
China Longyuan Power Group Corp. Ltd., Class H		404,000		211,512
China Medical System Holdings Ltd.		177,000		218,040
China Mengniu Dairy Co. Ltd.		344,000		1,233,766
China Merchants Bank Co. Ltd., Class A		122,500		599,339
China Merchants Bank Co. Ltd., Class H		484,831		2,286,337
China Merchants Energy Shipping Co. Ltd., Class A		28,500		20,630
China Merchants Port Holdings Co. Ltd.		178,000		261,756
China Merchants Securities Co. Ltd., Class A		33,600		84,839
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		32,800		81,364
China Minsheng Banking Corp. Ltd., Class A		226,900		185,670

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) iShares^® MSCI Emerging Markets Asia ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

China (continued)
China Minsheng Banking Corp. Ltd., Class H		819,160	$	552,901
China Mobile Ltd.		760,000		5,978,147
China Molybdenum Co. Ltd., Class A		136,700		79,593
China Molybdenum Co. Ltd., Class H		519,000		193,800
China National Building Material Co. Ltd., Class H		492,000		568,830
China National Chemical Engineering Co. Ltd., Class A		66,400		66,018
China National Nuclear Power Co. Ltd., Class A		92,900		61,001
China National Software & Service Co. Ltd., Class A		2,500		30,482
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		22,300		29,031
China Oilfield Services Ltd., Class H		214,000		274,604
China Overseas Land & Investment Ltd.		472,000		1,583,821
China Pacific Insurance Group Co. Ltd., Class A		32,700		149,181
China Pacific Insurance Group Co. Ltd., Class H		330,200		1,086,818
China Petroleum & Chemical Corp., Class A		164,100		107,988
China Petroleum & Chemical Corp., Class H		3,080,600		1,589,110
China Power International Development Ltd.		632,000		117,592
China Railway Construction Corp. Ltd., Class A		58,999		80,182
China Railway Construction Corp. Ltd., Class H		244,000		279,285
China Railway Group Ltd., Class A		101,000		77,590
China Railway Group Ltd., Class H		454,000		256,331
China Railway Signal & Communication Corp. Ltd., Class H^(a)		284,000		145,771
China Reinsurance Group Corp., Class H		676,000		91,949
China Renewable Energy Investment Ltd.^(b)(d)		2,513		0	^(e)
China Resources Beer Holdings Co. Ltd.		182,000		843,085
China Resources Cement Holdings Ltd.		332,000		417,926
China Resources Gas Group Ltd.		110,000		549,079
China Resources Land Ltd.		343,777		1,585,872
China Resources Pharmaceutical Group Ltd.^(a)		240,000		208,801
China Resources Power Holdings Co. Ltd.		242,000		287,864
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		14,100		66,161
China Shenhua Energy Co. Ltd., Class A		25,400		58,139
China Shenhua Energy Co. Ltd., Class H		415,500		720,842
China Shipbuilding Industry Co. Ltd., Class A		121,099		76,399
China South Publishing & Media Group Co. Ltd., Class A		14,899		23,957
China Southern Airlines Co. Ltd., Class A		84,500		69,629
China Southern Airlines Co. Ltd., Class H^(c)		194,000		102,314
China Spacesat Co. Ltd., Class A		15,300		74,440
China State Construction Engineering Corp. Ltd., Class A		225,640		173,341
China State Construction International Holdings Ltd.		264,000		213,760
China Taiping Insurance Holdings Co. Ltd.		204,100		416,945
China Telecom Corp. Ltd., Class H		1,740,000		654,198
China Tower Corp. Ltd., Class H^(a)		5,248,000		1,272,765
China Traditional Chinese Medicine Holdings Co. Ltd.		364,000		191,504
China Unicom Hong Kong Ltd.		752,000		593,452
China United Network Communications Ltd., Class A		160,700		125,982
China Vanke Co. Ltd., Class A		56,200		237,898
China Vanke Co. Ltd., Class H		179,000		689,076
China Yangtze Power Co. Ltd., Class A		117,300		285,774
China Zhongwang Holdings Ltd.		236,800		79,611
Chongqing Brewery Co. Ltd., Class A		3,499		22,805
Chongqing Changan Automobile Co. Ltd., Class A		21,100		30,698
Chongqing Rural Commercial Bank Co. Ltd., Class H		258,000		116,535
Chongqing Zhifei Biological Products Co. Ltd., Class A		9,100		78,083
CIFI Holdings Group Co. Ltd.		370,000		282,495
CITIC Ltd.		705,000		782,524
CITIC Securities Co. Ltd., Class A		59,700		199,848
CITIC Securities Co. Ltd., Class H		241,500		516,279

Security	Shares		Value

China (continued)
CNOOC Ltd.		2,218,000	$	3,039,662
Contemporary Amperex Technology Co. Ltd., Class A		11,700		227,081
COSCO SHIPPING Development Co. Ltd., Class A		196,500		59,314
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		284,000		110,786
COSCO SHIPPING Holdings Co. Ltd., Class A^(b)		95,400		55,137
COSCO SHIPPING Holdings Co. Ltd., Class H^(b)		287,000		95,752
COSCO SHIPPING Ports Ltd.		228,000		151,843
Country Garden Holdings Co. Ltd.		938,828		1,243,249
Country Garden Services Holdings Co. Ltd.		164,000		639,750
CRRC Corp. Ltd., Class A		109,000		99,797
CRRC Corp. Ltd., Class H		554,750		355,926
CSPC Pharmaceutical Group Ltd.		584,000		1,330,909
Dali Foods Group Co. Ltd.^(a)		268,500		177,437
Daqin Railway Co. Ltd., Class A		64,899		65,733
Datang International Power Generation Co. Ltd., Class H		640,000		100,192
DHC Software Co. Ltd., Class A		22,500		47,477
Dong-E-E-Jiao Co. Ltd., Class A		5,300		23,338
Dongfang Electric Corp. Ltd., Class A		20,000		26,466
Dongfeng Motor Group Co. Ltd., Class H		356,000		281,399
Dongxing Securities Co. Ltd., Class A		35,200		60,881
East Money Information Co. Ltd., Class A		37,400		92,829
ENN Energy Holdings Ltd.		98,700		1,093,634
Everbright Securities Co. Ltd., Class A		45,100		76,648
Fangda Carbon New Material Co. Ltd., Class A^(b)		21,100		30,396
Far East Horizon Ltd.		260,000		227,202
Financial Street Holdings Co. Ltd., Class A		47,900		47,556
First Capital Securities Co. Ltd., Class A		23,200		25,257
Focus Media Information Technology Co. Ltd., Class A		78,400		59,892
Foshan Haitian Flavouring & Food Co. Ltd., Class A		13,851		197,317
Fosun International Ltd.		330,000		420,490
Founder Securities Co. Ltd., Class A		77,000		80,633
Foxconn Industrial Internet Co. Ltd., Class A		34,600		84,542
Fuyao Glass Industry Group Co. Ltd., Class A		16,000		53,034
Fuyao Glass Industry Group Co. Ltd., Class H^(a)		72,000		205,568
Ganfeng Lithium Co. Ltd., Class A		8,900		66,182
G-Bits Network Technology Xiamen Co. Ltd., Class A		700		41,879
GD Power Development Co. Ltd., Class A		93,000		27,939
GDS Holdings Ltd., ADR^(b)		7,918		459,006
Geely Automobile Holdings Ltd.		618,000		1,099,118
Gemdale Corp., Class A		28,800		58,917
Genscript Biotech Corp.^(b)(c)		120,000		249,761
GF Securities Co. Ltd., Class A		58,600		121,556
GF Securities Co. Ltd., Class H.		147,600		176,520
Giant Network Group Co. Ltd., Class A		11,400		30,970
GoerTek Inc., Class A		22,800		72,638
GOME Retail Holdings Ltd.^(b)(c)		1,713,000		175,849
Great Wall Motor Co. Ltd., Class H		393,000		284,423
Gree Electric Appliances Inc. of Zhuhai, Class A		15,600		132,116
Greenland Holdings Corp. Ltd., Class A		49,200		41,104
Greentown Service Group Co. Ltd.		152,000		189,974
Guangdong HEC Technology Holding Co. Ltd., Class A		19,700		23,504
Guangdong Investment Ltd.		362,000		680,052
Guanghui Energy Co. Ltd., Class A		52,900		21,492
Guangzhou Automobile Group Co. Ltd., Class A		15,300		23,748
Guangzhou Automobile Group Co. Ltd., Class H		376,800		420,168
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		7,300		35,580
Guangzhou Haige Communications Group Inc. Co., Class A		21,900		37,564

42 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued) iShares^® MSCI Emerging Markets Asia ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

China (continued)
Guangzhou R&F Properties Co. Ltd., Class H		164,800	$	255,456
Guosen Securities Co. Ltd., Class A		46,200		77,791
Guotai Junan Securities Co. Ltd., Class A		27,700		67,366
Guotai Junan Securities Co. Ltd., Class H^(a)		105,400		176,094
Guoyuan Securities Co. Ltd., Class A		47,000		60,648
Haidilao International Holding Ltd.^(a)(c)		51,000		208,436
Haier Electronics Group Co. Ltd.		160,000		457,844
Haier Smart Home Co. Ltd., Class A		29,100		70,854
Haitian International Holdings Ltd.		83,000		162,740
Haitong Securities Co. Ltd., Class A		66,800		135,794
Haitong Securities Co. Ltd., Class H		328,400		352,713
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		46,100		230,823
Hangzhou Robam Appliances Co. Ltd., Class A		5,600		24,851
Hangzhou Tigermed Consulting Co. Ltd., Class A		8,500		93,023
Henan Shuanghui Investment & Development Co. Ltd., Class A		11,300		54,963
Hengan International Group Co. Ltd.		91,500		679,230
Hengli Petrochemical Co. Ltd., Class A		44,200		94,215
Hengtong Optic-Electric Co. Ltd., Class A		37,300		87,885
Hengyi Petrochemical Co. Ltd., Class A		43,500		85,940
Hesteel Co. Ltd., Class A		96,000		30,900
Hithink RoyalFlush Information Network Co. Ltd., Class A		5,600		98,931
HLA Corp. Ltd., Class A		22,200		21,628
Hongfa Technology Co. Ltd., Class A		6,100		29,845
Hua Hong Semiconductor Ltd.^(a)(c)		58,000		126,225
Huaan Securities Co. Ltd., Class A		28,400		31,284
Huadian Power International Corp. Ltd., Class A		48,900		23,085
Huadian Power International Corp. Ltd., Class H		244,000		73,578
Huadong Medicine Co. Ltd., Class A		8,800		24,297
Huaneng Power International Inc., Class A		95,500		64,211
Huaneng Power International Inc., Class H		420,000		169,228
Huatai Securities Co. Ltd., Class A		23,900		63,424
Huatai Securities Co. Ltd., Class H^(a)		216,000		375,288
Huaxi Securities Co. Ltd., Class A		18,000		28,969
Huaxia Bank Co. Ltd., Class A		81,400		80,932
Huayu Automotive Systems Co. Ltd., Class A		19,100		76,917
Huazhu Group Ltd., ADR		16,441		554,884
Hubei Biocause Pharmaceutical Co. Ltd., Class A		41,000		34,958
Hubei Energy Group Co. Ltd., Class A		93,100		48,879
Hunan Valin Steel Co. Ltd., Class A^(b)		38,700		21,979
Hundsun Technologies Inc., Class A		6,600		90,821
Hutchison China MediTech Ltd., ADR^(b)(c)		8,419		196,331
Iflytek Co. Ltd., Class A		12,300		67,903
Industrial & Commercial Bank of China Ltd., Class A		320,700		243,156
Industrial & Commercial Bank of China Ltd., Class H		7,945,000		5,433,925
Industrial Bank Co. Ltd., Class A		116,600		288,406
Industrial Securities Co. Ltd., Class A		60,600		59,905
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		336,100		56,255
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A^(b)		150,700		58,209
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		37,000		153,024
Inner Mongolia Yitai Coal Co. Ltd., Class B		189,600		130,066
Innovent Biologics Inc.^(a)(b)		71,500		326,624
iQIYI Inc., ADR^(b)(c)		16,203		363,433
JD.com Inc., ADR^(b)		91,511		3,524,089
Jiangsu Expressway Co. Ltd., Class H		190,000		219,670
Jiangsu Hengli Hydraulic Co. Ltd., Class A		4,000		33,189
Jiangsu Hengrui Medicine Co. Ltd., Class A		23,720		285,344
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		7,203		100,345
Jiangxi Copper Co. Ltd., Class A		12,600		24,677

Security	Shares		Value

China (continued)
Jiangxi Copper Co. Ltd., Class H		169,000	$	198,210
Jinduicheng Molybdenum Co. Ltd., Class A		24,800		22,848
Jinke Properties Group Co. Ltd., Class A		30,900		33,286
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		16,600		27,191
Jointown Pharmaceutical Group Co. Ltd., Class A		12,900		29,915
JOYY Inc.^(b)		6,771		365,431
Kaisa Group Holdings Ltd.		379,000		168,270
Kingboard Holdings Ltd.		98,500		260,373
Kingboard Laminates Holdings Ltd.		154,000		153,545
Kingdee International Software Group Co. Ltd.^(c)		308,000		394,038
Kingsoft Corp. Ltd.^(b)		108,000		349,234
Kunlun Energy Co. Ltd.		412,000		287,600
Kweichow Moutai Co. Ltd., Class A		8,218		1,242,658
KWG Group Holdings Ltd.		166,000		243,258
Lee & Man Paper Manufacturing Ltd.		180,000		140,433
Legend Holdings Corp., Class H^(a)		50,200		86,318
Lenovo Group Ltd.		924,000		570,308
Lens Technology Co. Ltd., Class A		26,800		74,647
Lepu Medical Technology Beijing Co. Ltd., Class A		13,100		64,280
Li Ning Co. Ltd.		251,500		661,583
Liaoning Cheng Da Co. Ltd., Class A^(b)		12,600		31,634
Logan Property Holdings Co. Ltd.		194,000		331,090
Longfor Group Holdings Ltd.^(a)		218,500		1,010,763
LONGi Green Energy Technology Co. Ltd., Class A		20,900		91,790
Luxshare Precision Industry Co. Ltd., Class A		30,340		207,469
Luye Pharma Group Ltd.^(a)(c)		209,000		127,389
Luzhou Laojiao Co. Ltd., Class A		7,700		82,395
Maanshan Iron & Steel Co. Ltd., Class H		180,000		65,828
Mango Excellent Media Co. Ltd., Class A^(b)		7,100		44,762
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A		39,384		74,202
Meituan Dianping, Class B^(b)		125,400		1,591,426
Metallurgical Corp. of China Ltd., Class A		150,000		58,367
Metallurgical Corp. of China Ltd., Class H		316,000		61,229
Momo Inc., ADR		18,034		507,116
Muyuan Foodstuff Co. Ltd., Class A		8,000		133,330
NARI Technology Co. Ltd., Class A		27,100		76,878
NavInfo Co. Ltd., Class A		10,800		26,451
NetEase Inc., ADR.		8,771		2,795,405
New China Life Insurance Co. Ltd., Class A		12,300		77,739
New China Life Insurance Co. Ltd., Class H		100,300		381,609
New Hope Liuhe Co. Ltd., Class A		21,500		74,433
New Oriental Education & Technology Group Inc., ADR^(b)		17,893		2,288,336
Nexteer Automotive Group Ltd.		98,000		72,182
Nine Dragons Paper Holdings Ltd.		218,000		257,358
Ninestar Corp., Class A		7,200		42,828
NIO Inc., ADR^(b)(c)		84,200		347,746
Noah Holdings Ltd.^(b)(c)		3,876		110,001
OFILM Group Co. Ltd., Class A^(b)		24,800		65,635
Oppein Home Group Inc., Class A		2,000		31,518
Orient Securities Co. Ltd., Class A		34,100		48,636
Oriental Pearl Group Co. Ltd., Class A		57,300		83,283
Pacific Securities Co. Ltd. (The), Class A^(b)		51,900		26,655
People's Insurance Co. Group of China Ltd. (The), Class H		1,029,000		364,432
Perfect World Co. Ltd., Class A		6,264		45,747
PetroChina Co. Ltd., Class A		53,500		38,804
PetroChina Co. Ltd., Class H		2,612,000		1,012,215
PICC Property & Casualty Co. Ltd., Class H.		862,740		893,400
Pinduoduo Inc., ADR^(b)		24,135		863,550
Ping An Bank Co. Ltd., Class A		93,500		193,950

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) iShares^® MSCI Emerging Markets Asia ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

China (continued)
Ping An Healthcare and Technology Co. Ltd.^(a)(b)		29,700	$	290,214
Ping An Insurance Group Co. of China Ltd., Class A		66,400		738,263
Ping An Insurance Group Co. of China Ltd., Class H		691,000		7,683,147
Poly Developments and Holdings Group Co. Ltd., Class A		59,700		138,271
Postal Savings Bank of China Co. Ltd., Class H^(a)		1,012,000		638,908
Power Construction Corp. of China Ltd., Class A		112,000		68,095
RiseSun Real Estate Development Co. Ltd., Class A		30,200		36,982
Rongsheng Petro Chemical Co. Ltd., Class A		20,000		29,613
SAIC Motor Corp. Ltd., Class A		46,522		147,815
Sanan Optoelectronics Co. Ltd., Class A		24,900		87,807
Sansteel Minguang Co. Ltd. Fujian, Class A		21,100		23,635
Sany Heavy Industry Co. Ltd., Class A		43,700		108,966
SDIC Capital Co. Ltd., Class A		27,800		51,542
SDIC Power Holdings Co. Ltd., Class A		26,000		28,119
Seazen Group Ltd.		304,000		312,463
Seazen Holdings Co. Ltd., Class A		11,300		51,891
Semiconductor Manufacturing International Corp.^(b)(c)		378,300		733,003
SF Holding Co. Ltd., Class A		6,400		44,817
Shaanxi Coal Industry Co. Ltd., Class A		70,900		80,128
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		18,700		56,981
Shandong Gold Mining Co. Ltd., Class A		16,100		78,125
Shandong Linglong Tyre Co. Ltd., Class A		19,000		61,837
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		264,000		340,118
Shanghai Electric Group Co. Ltd., Class A		82,900		53,249
Shanghai Electric Group Co. Ltd., Class H		300,000		84,691
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		17,300		66,525
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		65,000		183,080
Shanghai Industrial Holdings Ltd.		63,000		111,238
Shanghai International Airport Co. Ltd., Class A		8,800		82,723
Shanghai International Port Group Co. Ltd., Class A		41,100		26,694
Shanghai Jinjiang International Hotels Co. Ltd., Class A		7,456		30,164
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		169,936		134,589
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		26,700		71,313
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		111,800		204,576
Shanghai Pudong Development Bank Co. Ltd., Class A		158,400		245,864
Shanghai Tunnel Engineering Co. Ltd., Class A		81,300		65,131
Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A		26,000		22,540
Shanxi Securities Co. Ltd., Class A		50,600		56,896
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		5,500		67,863
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A		30,600		22,150
Shenergy Co. Ltd., Class A		30,700		23,145
Shenwan Hongyuan Group Co. Ltd., Class A		133,100		89,112
Shenzhen Energy Group Co. Ltd., Class A		77,600		60,280
Shenzhen Goodix Technology Co. Ltd., Class A		2,100		93,088
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A		10,156		37,020
Shenzhen Inovance Technology Co. Ltd., Class A		9,300		37,665
Shenzhen International Holdings Ltd.		133,500		255,589
Shenzhen Investment Ltd.		360,000		121,031
Shenzhen Kangtai Biological Products Co. Ltd., Class A		5,000		79,418
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		2,600		88,896
Shenzhen Overseas Chinese Town Co. Ltd., Class A		38,900		36,339
Shenzhou International Group Holdings Ltd.		94,100		1,156,168
Shimao Property Holdings Ltd.		143,000		511,956
Shui On Land Ltd.		646,000		128,486
Sichuan Chuantou Energy Co. Ltd., Class A		22,800		29,845

Security	Shares		Value

China (continued)
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		7,600	$	24,952
SINA Corp.^(b)(c)		8,558		280,275
Sino Biopharmaceutical Ltd.^(c)		867,500		1,255,657
Sinolink Securities Co. Ltd., Class A		46,100		65,949
Sino-Ocean Group Holding Ltd.		481,500		174,854
Sinopec Engineering Group Co. Ltd., Class H		174,500		86,432
Sinopec Shanghai Petrochemical Co. Ltd., Class H		251,000		64,094
Sinopharm Group Co. Ltd., Class H		169,600		523,400
Sinotrans Ltd., Class H.		342,000		96,548
Sinotruk Hong Kong Ltd.		95,500		182,592
SOHO China Ltd.		269,000		97,341
Songcheng Performance Development Co. Ltd., Class A		18,500		72,992
SooChow Securities Co. Ltd., Class A		19,400		25,727
Spring Airlines Co. Ltd., Class A		9,000		45,836
SSY Group Ltd.		212,000		177,640
Sun Art Retail Group Ltd.		323,000		412,814
Sunac China Holdings Ltd.		302,000		1,646,980
Suning.com Co. Ltd., Class A		40,500		53,767
Sunny Optical Technology Group Co. Ltd.		89,000		1,384,156
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		15,300		61,942
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A		22,899		28,402
TAL Education Group, ADR^(b)		46,465		2,527,231
Tasly Pharmaceutical Group Co. Ltd., Class A		13,400		29,291
TBEA Co. Ltd., Class A		67,600		60,248
TCL Technology Group Corp., Class A		137,900		115,998
Tencent Holdings Ltd.		587,500		29,099,646
Tencent Music Entertainment Group, ADR^(b)(c)		2,196		26,637
Tianma Microelectronics Co. Ltd., Class A		12,500		28,969
Tianqi Lithium Corp., Class A		9,620		43,653
Tingyi Cayman Islands Holding Corp		246,000		447,614
Toly Bread Co. Ltd., Class A		3,800		23,908
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		12,900		21,038
Tongling Nonferrous Metals Group Co. Ltd., Class A		80,300		23,664
Tongwei Co. Ltd., Class A		37,800		93,281
Towngas China Co. Ltd.		131,000		75,981
Transfar Zhilian Co. Ltd., Class A		33,599		29,897
TravelSky Technology Ltd., Class H		111,000		217,070
Trip.com Group Ltd., ADR^(b)(c)		57,814		1,755,233
Tsingtao Brewery Co. Ltd., Class A		3,300		20,158
Tsingtao Brewery Co. Ltd., Class H		54,000		280,635
Uni-President China Holdings Ltd.		193,000		199,116
Unisplendour Corp. Ltd., Class A		6,700		43,534
Vipshop Holdings Ltd., ADR^(b)		53,989		692,679
Visual China Group Co. Ltd., Class A		8,400		20,308
Walvax Biotechnology Co. Ltd., Class A		21,000		85,920
Wangsu Science & Technology Co. Ltd., Class A		19,400		27,170
Wanhua Chemical Group Co. Ltd., Class A		16,500		111,035
Want Want China Holdings Ltd.^(c)		624,000		482,030
Weibo Corp., ADR^(b)		7,022		295,907
Weichai Power Co. Ltd., Class A		43,100		88,356
Weichai Power Co. Ltd., Class H		238,200		468,878
Wens Foodstuffs Group Co. Ltd., Class A		32,300		150,313
Western Securities Co. Ltd., Class A		43,000		58,254
Wharf Holdings Ltd. (The)		91,000		191,971
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		11,800		57,158
Wuliangye Yibin Co. Ltd., Class A		24,500		422,692
WuXi AppTec Co. Ltd., Class A		7,800		118,280

44 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued)	iShares^®MSCI Emerging Markets Asia ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

China (continued)
WuXi AppTec Co. Ltd., Class H^(a)		20,200	$	297,827
Wuxi Biologics Cayman Inc.^(a)(b)		71,000		1,038,618
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		5,200		41,770
XCMG Construction Machinery Co. Ltd., Class A		75,200		56,694
Xiamen C & D Inc., Class A		22,200		24,359
Xiaomi Corp., Class B^(a)(b)		933,600		1,504,676
Xinhu Zhongbao Co. Ltd., Class A		45,100		20,323
Xinjiang Goldwind Science & Technology Co. Ltd.,
Class A		34,702		52,225
Xinjiang Goldwind Science & Technology Co. Ltd.,
Class H		98,962		98,288
Xinyi Solar Holdings Ltd.		436,000		345,195
Yango Group Co. Ltd., Class A		25,900		29,679
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		5,600		27,719
Yanzhou Coal Mining Co. Ltd., Class A		18,600		23,602
Yanzhou Coal Mining Co. Ltd., Class H		252,000		191,109
Yifan Pharmaceutical Co. Ltd., Class A		12,600		34,536
Yihai International Holding Ltd.		63,000		421,587
Yonghui Superstores Co. Ltd., Class A		47,200		58,070
Yonyou Network Technology Co. Ltd., Class A		13,800		90,931
Youzu Interactive Co. Ltd., Class A^(b)		11,500		44,436
Yuexiu Property Co. Ltd.		932,000		190,154
Yum China Holdings Inc.		45,047		1,972,608
Yunda Holding Co. Ltd., Class A		5,600		23,697
Yunnan Baiyao Group Co. Ltd., Class A		5,500		61,915
Yuzhou Properties Co. Ltd.		227,000		111,271
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd.,
Class A		5,800		99,651
Zhaojin Mining Industry Co. Ltd., Class H		128,500		153,183
Zhejiang Chint Electrics Co. Ltd., Class A		22,200		85,653
Zhejiang Dahua Technology Co. Ltd., Class A		22,400		62,103
Zhejiang Expressway Co. Ltd., Class H		198,000		149,649
Zhejiang Huayou Cobalt Co. Ltd., Class A		7,100		38,384
Zhejiang Longsheng Group Co. Ltd., Class A		39,400		72,823
Zhejiang NHU Co. Ltd., Class A		7,800		26,892
Zhejiang Semir Garment Co. Ltd., Class A		17,100		19,008
Zhengzhou Yutong Bus Co. Ltd., Class A		11,900		25,672
ZhongAn Online P&C Insurance Co. Ltd., Class H^(a)(b)(c)		47,200		198,659
Zhongjin Gold Corp. Ltd., Class A		22,200		25,756
Zhongsheng Group Holdings Ltd.		73,500		279,643
Zhuzhou CRRC Times Electric Co. Ltd., Class H		69,600		243,371
Zijin Mining Group Co. Ltd., Class A		140,900		83,852
Zijin Mining Group Co. Ltd., Class H		720,000		323,365
ZTE Corp., Class A^(b)		13,100		93,703
ZTE Corp., Class H^(b)		97,160		402,078
ZTO Express Cayman Inc., ADR		40,740		955,760
				229,095,969
India — 12.4%
Adani Ports & Special Economic Zone Ltd.		77,460		367,296
Ambuja Cements Ltd.		81,003		230,154
Ashok Leyland Ltd.		185,125		179,308
Asian Paints Ltd.		36,502		909,395
Aurobindo Pharma Ltd.		36,042		252,458
Avenue Supermarts Ltd.^(a)(b)		16,250		523,285
Axis Bank Ltd.		259,127		2,503,748
Bajaj Auto Ltd.		10,483		419,799
Bajaj Finance Ltd.		21,836		1,351,250
Bajaj Finserv Ltd.		4,798		601,732
Bandhan Bank Ltd.^(a)		45,339		240,933
Bharat Forge Ltd.		35,894		216,555

Security	Shares		Value

India (continued)
Bharat Petroleum Corp. Ltd.		83,836	$	495,285
Bharti Airtel Ltd.^(b)		300,829		2,182,201
Bharti Infratel Ltd..		44,436		132,044
Bosch Ltd..		1,061		178,311
Britannia Industries Ltd		7,534		310,077
Cipla Ltd.		43,991		245,107
Coal India Ltd.		158,128		368,985
Container Corp. of India Ltd.		29,127		205,696
Dabur India Ltd.		65,601		450,960
Divi's Laboratories Ltd..		10,447		305,003
Dr. Reddy's Laboratories Ltd..		14,170		574,733
Eicher Motors Ltd		1,872		430,659
GAIL India Ltd		196,029		283,582
Godrej Consumer Products Ltd		44,091		342,440
Grasim Industries Ltd..		37,577		357,819
Havells India Ltd		32,315		274,510
HCL Technologies Ltd		136,538		1,010,969
HDFC Life Insurance Co. Ltd.^(a)		58,906		444,116
Hero MotoCorp Ltd.		11,619		330,333
Hindalco Industries Ltd		141,437		305,540
Hindustan Petroleum Corp. Ltd		78,182		214,014
Hindustan Unilever Ltd.		80,970		2,440,011
Housing Development Finance Corp. Ltd		202,933		6,118,148
ICICI Bank Ltd.		538,655		3,711,452
ICICI Lombard General Insurance Co. Ltd.^(a)		17,500		299,877
ICICI Prudential Life Insurance Co. Ltd.^(a)		27,190		177,606
Indian Oil Corp. Ltd		229,071		335,667
Info Edge India Ltd.		5,528		198,650
Infosys Ltd.		433,901		4,399,284
InterGlobe Aviation Ltd.^(a)		12,455		224,369
ITC Ltd		428,030		1,171,682
JSW Steel Ltd.		108,255		353,562
Larsen & Toubro Ltd..		59,235		974,740
LIC Housing Finance Ltd.		39,967		177,357
Lupin Ltd		28,618		253,792
Mahindra & Mahindra Financial Services Ltd		40,913		194,594
Mahindra & Mahindra Ltd.		92,296		584,528
Marico Ltd.		58,257		241,165
Maruti Suzuki India Ltd.		13,232		1,152,014
Motherson Sumi Systems Ltd.		122,709		176,240
Nestle India Ltd		2,985		652,647
NTPC Ltd..		304,040		448,893
Oil & Natural Gas Corp. Ltd.		321,839		410,061
Page Industries Ltd		680		208,673
Petronet LNG Ltd		78,927		268,604
Pidilite Industries Ltd.		17,347		363,706
Piramal Enterprises Ltd.		12,267		222,087
Power Grid Corp. of India Ltd.		232,861		585,641
REC Ltd.		90,227		147,279
Reliance Industries Ltd.		353,664		6,511,181
SBI Life Insurance Co. Ltd.^(a).		36,482		450,114
Shree Cement Ltd..		1,082		339,903
Shriram Transport Finance Co. Ltd..		21,654		358,952
State Bank of India^(b)		224,535		942,725
Sun Pharmaceutical Industries Ltd		103,829		536,500
Tata Consultancy Services Ltd		111,957		3,102,931
Tata Motors Ltd.^(b)		212,532		379,755
Tata Power Co. Ltd. (The)		152,885		98,933
Tata Steel Ltd		46,319		245,017
Tech Mahindra Ltd.		59,126		609,878

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)	iShares^®MSCI Emerging Markets Asia ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

India (continued)
Titan Co. Ltd.		39,792	$	691,711
UltraTech Cement Ltd.		12,832		750,281
United Spirits Ltd.^(b)		38,943		370,368
UPL Ltd.		74,057		533,307
Vedanta Ltd.		231,095		365,051
Wipro Ltd.		141,428		433,980
Zee Entertainment Enterprises Ltd.		109,986		364,702
				60,815,915
Indonesia — 2.6%
Adaro Energy Tbk PT		1,840,600		148,172
Astra International Tbk PT		2,449,500		943,265
Bank Central Asia Tbk PT		1,230,200		2,696,622
Bank Mandiri Persero Tbk PT		2,322,200		1,177,488
Bank Negara Indonesia Persero Tbk PT		965,600		472,789
Bank Rakyat Indonesia Persero Tbk PT		6,900,400		2,015,172
Bank Tabungan Negara Persero Tbk PT		665,700		78,877
Barito Pacific Tbk PT^(b)		3,469,800		238,212
Bukit Asam Tbk PT		429,800		67,102
Bumi Serpong Damai Tbk PT^(b)		1,098,900		76,592
Charoen Pokphand Indonesia Tbk PT		919,200		365,181
Gudang Garam Tbk PT		64,200		228,207
Hanjaya Mandala Sampoerna Tbk PT		1,177,600		139,531
Indah Kiat Pulp & Paper Corp. Tbk PT		398,300		156,155
Indocement Tunggal Prakarsa Tbk PT		233,400		242,795
Indofood CBP Sukses Makmur Tbk PT		346,200		247,932
Indofood Sukses Makmur Tbk PT		570,400		258,414
Jasa Marga Persero Tbk PT		253,298		82,623
Kalbe Farma Tbk PT		2,720,800		231,356
Pabrik Kertas Tjiwi Kimia Tbk PT		200,200		83,722
Pakuwon Jati Tbk PT		2,643,000		97,633
Perusahaan Gas Negara Tbk PT		1,502,800		134,071
Semen Indonesia Persero Tbk PT		376,100		274,588
Telekomunikasi Indonesia Persero Tbk PT		6,119,500		1,488,556
Unilever Indonesia Tbk PT		959,900		456,617
United Tractors Tbk PT		212,900		246,324
				12,647,996
Malaysia — 2.6%
AirAsia Group Bhd		297,000		70,463
AMMB Holdings Bhd		237,400		208,394
Axiata Group Bhd		340,000		337,177
British American Tobacco Malaysia Bhd.		100		295
CIMB Group Holdings Bhd		588,000		672,399
Dialog Group Bhd		476,678		377,723
DiGi.Com Bhd		399,100		393,892
Fraser & Neave Holdings Bhd		20,900		152,324
Gamuda Bhd		242,600		190,511
Genting Bhd		255,200		299,701
Genting Malaysia Bhd		371,800		254,923
Genting Plantations Bhd		52,700		125,280
HAP Seng Consolidated Bhd		96,400		204,921
Hartalega Holdings Bhd		201,500		296,394
Hong Leong Bank Bhd		81,700		296,562
Hong Leong Financial Group Bhd		26,300		95,466
IHH Healthcare Bhd		275,400		372,427
IJM Corp. Bhd		424,600		195,427
IOI Corp. Bhd		246,100		243,473
Kuala Lumpur Kepong Bhd		52,300		270,992
Malayan Banking Bhd		469,200		937,287
Malaysia Airports Holdings Bhd		66,300		103,658

Security	Shares		Value

Malaysia (continued)
Maxis Bhd		305,300	$	393,305
MISC Bhd		173,400		312,243
Nestle Malaysia Bhd		8,500		288,375
Petronas Chemicals Group Bhd		304,000		389,466
Petronas Dagangan Bhd		43,500		235,715
Petronas Gas Bhd		98,300		387,603
PPB Group Bhd		77,080		330,996
Press Metal Aluminium Holdings Bhd^(c)		206,200		227,970
Public Bank Bhd		384,510		1,559,934
QL Resources Bhd		90,300		174,816
RHB Bank Bhd		203,862		268,430
RHB Capital Bhd^(b)(d)		28,800		0	^(e)
Sime Darby Bhd		361,400		171,483
Sime Darby Plantation Bhd		270,600		318,428
Telekom Malaysia Bhd		155,000		136,062
Tenaga Nasional Bhd		385,400		1,106,368
Top Glove Corp. Bhd		202,500		270,961
Westports Holdings Bhd.		105,600		86,184
YTL Corp. Bhd.		412,708		82,737
				12,840,765
Pakistan — 0.1%
Habib Bank Ltd.		51,700		52,448
MCB Bank Ltd.		80,800		102,436
Oil & Gas Development Co. Ltd.		89,500		68,111
				222,995
Philippines — 1.3%
Aboitiz Equity Ventures Inc		274,930		230,030
Aboitiz Power Corp..		175,400		94,625
Altus San Nicolas Corp		5,021		512
Ayala Corp..		34,330		446,172
Ayala Land Inc		883,060		675,612
Bank of the Philippine Islands		127,752		185,707
BDO Unibank Inc		248,709		678,186
Globe Telecom Inc		5,190		181,128
GT Capital Holdings Inc		11,260		157,055
International Container Terminal Services Inc.		127,940		266,045
JG Summit Holdings Inc.		357,596		473,521
Jollibee Foods Corp.		55,830		186,191
Manila Electric Co..		24,330		128,774
Megaworld Corp.		1,622,900		108,246
Metro Pacific Investments Corp.		1,977,400		119,090
Metropolitan Bank & Trust Co.		226,512		249,063
PLDT Inc		11,770		228,588
Robinsons Land Corp		290,990		121,591
Security Bank Corp		28,200		85,416
SM Investments Corp.		29,549		564,895
SM Prime Holdings Inc		1,253,850		942,079
Universal Robina Corp.		116,660		323,375
				6,445,901
South Korea — 14.4%
Amorepacific Corp.^(b)		4,125		546,830
AMOREPACIFIC Group^(b)		3,784		193,172
BGF retail Co. Ltd		942		117,508
BNK Financial Group Inc		39,750		201,941
Celltrion Healthcare Co. Ltd.^(b)		6,786		362,069
Celltrion Inc.^(b).		11,500		1,609,716
Cheil Worldwide Inc		8,517		135,697
CJ CheilJedang Corp..		1,092		219,389
CJ Corp.		2,226		147,545

46	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued)	iShares^®MSCI Emerging Markets Asia ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

South Korea (continued)
CJ ENM Co. Ltd.		1,436	$	148,743
CJ Logistics Corp.^(b)		1,121		123,222
Coway Co. Ltd.		6,457		366,313
Daelim Industrial Co. Ltd.^(b)		3,658		218,366
Daewoo Engineering & Construction Co. Ltd.^(b)		34,245		114,197
Daewoo Shipbuilding & Marine Engineering Co. Ltd.^(b)		4,953		90,333
DB Insurance Co. Ltd.		6,454		230,101
Doosan Bobcat Inc.		6,977		163,151
E-MART Inc.		2,691		232,651
Fila Holdings Corp.		6,632		209,690
GS Engineering & Construction Corp.		8,648		186,916
GS Holdings Corp.		6,394		217,170
GS Retail Co. Ltd.		3,321		96,663
Hana Financial Group Inc		37,282		963,899
Hankook Tire & Technology Co. Ltd.		9,912		208,115
Hanmi Pharm Co. Ltd.^(b)		880		189,115
Hanon Systems		26,371		229,077
Hanwha Corp.		4,771		78,764
Hanwha Life Insurance Co. Ltd.		34,705		47,150
Hanwha Solutions Corp.		14,397		211,599
HDC Hyundai Development Co-Engineering &
Construction, Class E		3,968		58,973
Helixmith Co. Ltd.^(b)		2,790		142,659
HLB Inc.^(b)		4,190		332,923
Hotel Shilla Co. Ltd.		4,075		269,430
Hyundai Department Store Co. Ltd.		2,338		136,488
Hyundai Engineering & Construction Co. Ltd.		9,791		279,743
Hyundai Glovis Co. Ltd.		2,439		247,013
Hyundai Heavy Industries Holdings Co. Ltd.		1,234		274,843
Hyundai Marine & Fire Insurance Co. Ltd.		8,257		153,650
Hyundai Mobis Co. Ltd.		8,485		1,467,147
Hyundai Motor Co.		18,705		1,771,161
Hyundai Steel Co.		10,526		206,707
Industrial Bank of Korea^(b)		31,160		243,995
Kakao Corp.		6,355		900,008
Kangwon Land Inc.^(b)		15,272		286,704
KB Financial Group Inc.		49,412		1,582,649
KCC Corp.		669		91,716
Kia Motors Corp.		32,921		982,615
Korea Aerospace Industries Ltd.^(b)		9,723		205,348
Korea Electric Power Corp.^(b)		32,268		565,919
Korea Gas Corp.		3,407		78,828
Korea Investment Holdings Co. Ltd.^(b)		5,496		284,190
Korea Shipbuilding & Offshore Engineering Co. Ltd.^(b)		4,869		416,942
Korea Zinc Co. Ltd.^(b)		1,062		362,453
Korean Air Lines Co. Ltd.^(b)		5,225		95,939
KT&G Corp.		14,582		1,016,958
Kumho Petrochemical Co. Ltd.		2,415		117,916
LG Chem Ltd.		5,788		1,753,795
LG Corp.		12,002		667,052
LG Display Co. Ltd.^(b)		29,501		330,353
LG Electronics Inc.		13,418		667,309
LG Household & Health Care Ltd.		1,177		1,183,299
LG Innotek Co. Ltd.		2,041		218,468
LG Uplus Corp.		13,918		151,270
Lotte Chemical Corp.		2,131		328,993
Lotte Corp.		3,097		74,078
Lotte Shopping Co. Ltd.		1,293		101,353
Medy-Tox Inc		620		149,831
Meritz Securities Co. Ltd.		39,342		112,568

Security	Shares		Value

South Korea (continued)
Mirae Asset Daewoo Co. Ltd.^(b)		45,445	$	237,234
NAVER Corp.		17,458		2,501,187
NCSoft Corp		2,077		1,109,900
Netmarble Corp.^(a)(b)		3,318		242,054
NH Investment & Securities Co. Ltd.^(b)		15,550		127,780
OCI Co. Ltd.^(b)		2,481		100,609
Orion Corp		3,047		236,585
Ottogi Corp		213		87,164
Pan Ocean Co. Ltd.^(b)		37,519		115,384
Pearl Abyss Corp.^(b)		823		120,079
POSCO		9,744		1,568,507
POSCO Chemical Co. Ltd.		3,646		164,813
Posco International Corp		7,040		86,660
S-1 Corp..		2,359		159,662
Samsung Biologics Co. Ltd.^(a)(b)		2,060		786,175
Samsung C&T Corp.		10,483		910,627
Samsung Card Co. Ltd.		3,549		98,478
Samsung Electro-Mechanics Co. Ltd.		7,175		744,380
Samsung Electronics Co. Ltd.		474,115		21,158,529
Samsung Engineering Co. Ltd.^(b)		16,797		195,008
Samsung Fire & Marine Insurance Co. Ltd.		3,860		629,296
Samsung Heavy Industries Co. Ltd.^(b)		56,674		272,054
Samsung Life Insurance Co. Ltd.		8,468		407,886
Samsung SDI Co. Ltd.		6,873		1,669,440
Samsung SDS Co. Ltd		4,298		589,228
Samsung Securities Co. Ltd.		8,494		231,496
Shinhan Financial Group Co. Ltd..		58,154		1,546,623
Shinsegae Inc.		982		190,821
SK Holdings Co. Ltd.		4,416		698,124
SK Hynix Inc.		67,744		4,903,003
SK Innovation Co. Ltd.		6,886		640,690
SK Telecom Co. Ltd		2,538		444,072
S-Oil Corp.		5,557		304,731
Woori Financial Group Inc		59,816		473,307
Yuhan Corp..		1,277		225,013
				70,146,987
Taiwan — 16.1%
Accton Technology Corp.		38,000		205,188
Acer Inc.		420,062		226,821
Advantech Co. Ltd.		43,282		420,963
Airtac International Group		18,000		286,233
ASE Technology Holding Co. Ltd.		437,484		1,030,156
Asia Cement Corp.		276,229		404,589
Asustek Computer Inc		86,000		585,082
AU Optronics Corp.		1,094,000		343,236
Catcher Technology Co. Ltd		80,000		626,166
Cathay Financial Holding Co. Ltd.		952,624		1,260,014
Chailease Holding Co. Ltd		148,428		563,722
Chang Hwa Commercial Bank Ltd		716,356		548,868
Cheng Shin Rubber Industry Co. Ltd		240,776		314,493
Chicony Electronics Co. Ltd		88,518		244,101
China Airlines Ltd		280,000		75,457
China Development Financial Holding Corp.		1,625,200		491,647
China Life Insurance Co. Ltd.^(b)		348,040		277,586
China Steel Corp.		1,449,867		1,101,304
Chunghwa Telecom Co. Ltd		466,000		1,662,115
Compal Electronics Inc.		503,000		306,490
CTBC Financial Holding Co. Ltd		2,295,265		1,720,719
Delta Electronics Inc.		243,000		1,123,532
E.Sun Financial Holding Co. Ltd		1,321,769		1,268,099

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

Consolidated Schedule of Investments (unaudited) (continued)	iShares^®MSCI Emerging Markets Asia ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Taiwan (continued)
Eclat Textile Co. Ltd.		23,604	$	280,633
Eva Airways Corp.		278,610		110,875
Evergreen Marine Corp. Taiwan Ltd.^(b)		410,867		156,724
Far Eastern New Century Corp.		387,460		361,490
Far EasTone Telecommunications Co. Ltd.		192,000		419,135
Feng TAY Enterprise Co. Ltd.		37,970		214,431
First Financial Holding Co. Ltd.		1,255,762		982,895
Formosa Chemicals & Fibre Corp.		436,950		1,186,192
Formosa Petrochemical Corp.		149,000		423,683
Formosa Plastics Corp.		552,400		1,660,146
Formosa Taffeta Co. Ltd.		137,000		151,571
Foxconn Technology Co. Ltd..		111,521		219,142
Fubon Financial Holding Co. Ltd.		802,396		1,177,909
Giant Manufacturing Co. Ltd.		39,000		211,876
Globalwafers Co. Ltd.		29,000		392,196
Highwealth Construction Corp		119,840		177,507
Hiwin Technologies Corp.		31,116		309,829
Hon Hai Precision Industry Co. Ltd.		1,542,651		4,091,048
Hotai Motor Co. Ltd.		37,000		766,162
Hua Nan Financial Holdings Co. Ltd.		1,050,081		747,345
Innolux Corp.		1,064,620		277,762
Inventec Corp.		352,980		267,537
Largan Precision Co. Ltd.		13,000		1,901,947
Lite-On Technology Corp.		270,032		391,053
MediaTek Inc.		188,176		2,237,268
Mega Financial Holding Co. Ltd.		1,358,542		1,451,439
Micro-Star International Co. Ltd.		89,000		266,887
Nan Ya Plastics Corp.		636,090		1,430,596
Nanya Technology Corp.		164,000		418,673
Nien Made Enterprise Co. Ltd.		23,000		185,340
Novatek Microelectronics Corp.		73,000		471,325
Pegatron Corp.		242,000		501,111
Phison Electronics Corp.		22,000		242,309
Pou Chen Corp.		262,000		295,058
Powertech Technology Inc.		97,000		326,756
President Chain Store Corp.		72,000		705,031
Quanta Computer Inc.		328,000		671,610
Realtek Semiconductor Corp.		61,140		454,317
Ruentex Development Co. Ltd.		80,439		109,051
Ruentex Industries Ltd.		62,113		138,669
Shanghai Commercial & Savings Bank Ltd. (The)		426,980		709,295
Shin Kong Financial Holding Co. Ltd.		1,330,407		404,665
SinoPac Financial Holdings Co. Ltd.		1,390,699		597,074
Standard Foods Corp.		75,987		170,396
Synnex Technology International Corp.		200,050		248,415
Taishin Financial Holding Co. Ltd.		1,159,631		543,825
Taiwan Business Bank		748,641		296,692
Taiwan Cement Corp.		622,069		867,994
Taiwan Cooperative Financial Holding Co. Ltd.		1,144,224		791,674
Taiwan High Speed Rail Corp.		250,000		284,846
Taiwan Mobile Co. Ltd.		199,000		690,071
Taiwan Semiconductor Manufacturing Co. Ltd.		2,457,000		25,641,507
Tatung Co. Ltd.^(b)		253,000		175,883
Uni-President Enterprises Corp.		596,650		1,442,388
United Microelectronics Corp.		1,494,000		754,907
Vanguard International Semiconductor Corp.		120,000		294,060
Walsin Technology Corp.		41,000		288,413
Win Semiconductors Corp.		45,000		406,463
Winbond Electronics Corp.		423,000		223,518
Wistron Corp.		373,080		333,289

Security	Shares		Value

Taiwan (continued)
Wiwynn Corp.		6,000	$	143,463
WPG Holdings Ltd		207,320		265,659
Yageo Corp		32,151		435,341
Yuanta Financial Holding Co. Ltd		1,208,893		766,550
Zhen Ding Technology Holding Ltd.		61,455		234,418
				78,881,915
Thailand — 3.2%
Advanced Info Service PCL, NVDR.		149,400		946,918
Airports of Thailand PCL, NVDR.		533,900		1,010,950
Bangkok Bank PCL, Foreign		62,200		259,208
Bangkok Dusit Medical Services PCL, NVDR		1,180,100		830,240
Bangkok Expressway & Metro PCL, NVDR		967,100		283,495
Banpu PCL, NVDR		597,700		134,485
Berli Jucker PCL, NVDR		154,000		178,133
BTS Group Holdings PCL, NVDR		892,900		308,433
Bumrungrad Hospital PCL, NVDR		60,700		247,186
Central Pattana PCL, NVDR		271,400		455,845
Central Retail Corp. PCL, NVDR^(b)		101,174		100,998
Charoen Pokphand Foods PCL, NVDR		502,900		426,322
CP ALL PCL, NVDR		722,300		1,505,030
Electricity Generating PCL, NVDR		37,900		327,894
Energy Absolute PCL, NVDR		213,400		263,749
Gulf Energy Development PCL, NVDR		77,200		404,899
Home Product Center PCL, NVDR.		732,849		297,274
Indorama Ventures PCL, NVDR^(c)		241,800		199,233
Intouch Holdings PCL, NVDR		292,400		500,384
IRPC PCL, NVDR		1,657,800		115,581
Kasikornbank PCL		156,500		592,672
Kasikornbank PCL, NVDR		75,500		284,725
Krung Thai Bank PCL, NVDR		394,750		175,139
Land & Houses PCL, NVDR.		1,100,100		292,849
Minor International PCL, NVDR.		352,480		307,184
Muangthai Capital PCL, NVDR		110,800		201,901
PTT Exploration & Production PCL, NVDR		179,710		603,684
PTT Global Chemical PCL, NVDR		283,000		369,949
PTT PCL, NVDR.		1,411,500		1,744,525
Ratch Group PCL, NVDR		100,700		188,284
Siam Cement PCL (The), NVDR.		96,300		946,062
Siam Commercial Bank PCL (The), NVDR		106,400		294,197
Thai Oil PCL, NVDR		153,300		210,117
Thai Union Group PCL, NVDR		469,600		227,694
TMB Bank PCL, NVDR		3,401,222		117,488
Total Access Communication PCL, NVDR.		111,000		128,395
True Corp. PCL, NVDR^(c)		1,473,705		155,053
				15,636,175
Total Common Stocks — 99.5%
(Cost: $454,297,859)				486,734,618

Preferred Stocks
South Korea — 0.2%
Amorepacific Corp., Preference Shares, NVS		1,114		67,326
Hyundai Motor Co.
Preference Shares, NVS		2,717		148,322
Series 2, Preference Shares, NVS		4,657		287,204
LG Chem Ltd., Preference Shares, NVS		906		139,500
LG Household & Health Care Ltd., Preference
Shares, NVS		274		165,370

48	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued)	iShares^®MSCI Emerging Markets Asia ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

South Korea (continued)
Samsung Electronics Co. Ltd., Preference Shares, NVS		8,105	$	303,979
				1,111,701
Total Preferred Stocks — 0.2%
(Cost: $1,074,862)				1,111,701

Rights

China — 0.0%
Legend Holdings Corp. Class H, (Expires 04/16/20)^(b)		3,561		0	^(e)
South Korea — 0.0%
HDC Hyundai Development Co., (Expires 06/03/20)^(b)		1,984		0	^(e)
Total Rights — 0.0%
(Cost: $0)				0	^(e)

Warrants

Thailand — 0.0%
BTS Group Holdings PCL (Expires 02/16/21)^(b)		80,220		2,186
Total Warrants — 0.0%
(Cost: $0)				2,186

Short-Term Investments

Money Market Funds — 1.6%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.74%^(f)(g)(h)		7,330,613		7,335,745

Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.52%^(f)(g)		629,000	$	629,000
				7,964,745
Total Short-Term Investments — 1.6%
(Cost: $7,961,340)				7,964,745

Total Investments in Securities — 101.3%
(Cost: $463,334,061)				495,813,250

Other Assets, Less Liabilities — (1.3)%				(6,379,780	)

Net Assets — 100.0%			$	489,433,470

^(a)

^(b)

Non-income producing security.

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

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

^(e) Rounds to less than $1.

^(f) Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

														Change in
	Shares					Shares								Unrealized
	Held at					Held at	Value at					Net Realized		Appreciation
Affiliated Issuer	08/31/19		Net Activity			02/29/20	02/29/20		Income			(Loss)^(a)		(Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		8,491,856		(1,161,243	)	7,330,613	$	7,335,745	$	92,336	^(b)	$	527	$	1,624
BlackRock Cash Funds: Treasury, SL Agency Shares		788,000		(159,000	)	629,000		629,000		6,270			—		—
							$	7,964,745	$	98,606		$	527	$	1,624

^(a)

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

Futures Contracts

								Value/
					Notional			Unrealized
	Number of		Expiration		Amount			Appreciation
Description		Contracts		Date		(000	)		(Depreciation)
Long Contracts
Hang Seng China Enterprises Index		3		03/30/20	$	199		$	(17,873	)
MSCI Emerging Markets E-Mini		17		03/20/20		858			(83,602	)
								$	(101,475	)

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) iShares^®MSCI Emerging Markets Asia ETF

February 29, 2020

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

	Equity
	Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	101,475

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Equity
	Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	97,744

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(116,799	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	673,960

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	$	486,734,067		$	512		$	39	$	486,734,618
Preferred Stocks		1,111,701			—			—		1,111,701
Rights		—			0	(a)		—		0	^(a)
Warrants		2,186			—			—		2,186
Money Market Funds		7,964,745			—			—		7,964,745
	$	495,812,699		$	512		$	39	$	495,813,250
Derivative financial instruments^(b)
Liabilities
Futures Contracts	$	(101,475	)	$	—		$	—	$	(101,475	)

^(a)

Rounds to less than $1.

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

See notes to consolidated financial statements.

50	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited)	iShares^®MSCI Emerging Markets Small-Cap ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Argentina — 0.7%
Adecoagro SA^(a)(b)		34,301	$	224,329
Arcos Dorados Holdings Inc., Class A		36,907		237,681
Banco BBVA Argentina SA, ADR^(a)		21,781		87,778
Central Puerto SA, ADR		30,855		99,970
Cresud SACIF y A, ADR^(a)		12,307		59,443
Despegar.com Corp.^(a)(b)		14,577		174,778
Empresa Distribuidora y Comercializadora
Norte SA, ADR^(a)(b)		9,767		43,561
Grupo Supervielle SA, ADR		21,024		56,344
Loma Negra Cia Industrial Argentina SA, ADR^(a)(b)		19,683		114,161
Pampa Energia SA, ADR^(a)(b)		16,363		193,902
Transportadora de Gas del Sur SA, Class B		22,317		125,198
				1,417,145
Brazil — 8.0%
AES Tiete Energia SA		43,941		148,137
Aliansce Sonae Shopping Centers SA^(a)		40,049		405,403
Alupar Investimento SA		43,308		270,696
Anima Holding SA		22,900		182,727
Arezzo Industria e Comercio SA		14,500		193,155
Banco Inter SA		21,300		219,060
BK Brasil Operacao e Assessoria a Restaurantes SA		50,600		164,306
BR Properties SA^(a)		66,641		203,543
Camil Alimentos SA		46,100		86,444
Cia. de Locacao das Americas		99,700		467,601
Cia. de Saneamento de Minas Gerais-COPASA		18,800		251,311
Cia. de Saneamento do Parana		19,200		427,693
Cia. Hering		41,500		207,332
Construtora Tenda SA		21,800		169,456
Cosan Logistica SA^(a)		42,122		169,360
CVC Brasil Operadora e Agencia de Viagens SA		38,700		220,707
Cyrela Brazil Realty SA Empreendimentos
e Participacoes		76,200		503,817
Dommo Energia SA^(a)		41,800		12,044
Duratex SA		95,900		369,643
EcoRodovias Infraestrutura e Logistica SA^(a)		58,899		206,006
EDP - Energias do Brasil SA		86,400		391,243
Enauta Participacoes SA		25,900		76,294
Eneva SA^(a)		33,500		317,428
Even Construtora e Incorporadora SA^(a)		38,600		122,688
Ez Tec Empreendimentos e Participacoes SA		27,477		283,196
Fleury SA		62,800		414,245
Grendene SA		89,100		191,564
Grupo SBF SA^(a)		20,500		198,064
Guararapes Confeccoes SA		31,000		188,955
Iguatemi Empresa de Shopping Centers SA		26,600		293,790
Instituto Hermes Pardini SA		17,500		111,517
Iochpe Maxion SA		32,805		141,352
JHSF Participacoes SA		89,200		138,595
JSL SA		21,200		130,255
Light SA		67,600		324,991
Linx SA		47,600		331,073
LOG Commercial Properties e Participacoes SA		19,160		117,126
M. Dias Branco SA		25,600		232,642
Mahle-Metal Leve SA		12,200		72,876
Marfrig Global Foods SA^(a)		135,700		363,038
Marisa Lojas SA^(a)		40,700		123,769
Minerva SA^(a)		79,100		203,726
Movida Participacoes SA		44,600		177,939

Security	Shares		Value

Brazil (continued)
MRV Engenharia e Participacoes SA		89,900	$	388,361
Odontoprev SA		78,500		286,916
Omega Geracao SA^(a)		16,900		145,152
Petro Rio SA^(a)		27,200		237,536
Qualicorp Consultoria e Corretora de Seguros SA		68,100		516,978
Santos Brasil Participacoes SA		84,100		110,539
Sao Martinho SA		52,300		307,078
Ser Educacional SA^(c)		19,535		111,711
SLC Agricola SA		29,600		132,331
Smiles Fidelidade SA		19,100		138,774
TOTVS SA		46,100		725,580
Transmissora Alianca de Energia Eletrica SA		62,300		414,123
Trisul SA		32,700		104,660
Tupy SA		19,100		92,671
Via Varejo SA^(a)		289,600		886,455
Wiz Solucoes e Corretagem de Seguros SA		25,300		79,069
YDUQS Part		79,200		910,906
				15,413,647
Chile — 0.9%
AES Gener SA		824,167		121,003
Besalco SA		126,280		50,619
CAP SA		20,748		117,103
Cia. Sud Americana de Vapores SA^(a)		3,267,206		95,547
Engie Energia Chile SA		149,258		191,920
Forus SA		32,587		39,124
Grupo Security SA		356,168		70,080
Inversiones Aguas Metropolitanas SA		120,610		104,403
Inversiones La Construccion SA		10,561		78,814
Parque Arauco SA		176,213		360,877
Ripley Corp. SA		248,793		97,051
Salfacorp SA		106,524		49,853
SMU SA		727,461		108,446
SONDA SA		153,140		108,064
Vina Concha y Toro SA		113,588		187,553
				1,780,457
China — 11.4%
21Vianet Group Inc., ADR^(a)		17,775		266,269
360 Finance Inc., ADR^(a)(b)		13,423		112,216
361 Degrees International Ltd.		298,000		53,535
500.com Ltd., ADR^(a)(b)		5,713		30,793
AGTech Holdings Ltd.^(a)(b)		1,256,000		43,516
Ajisen China Holdings Ltd.		158,000		39,941
AK Medical Holdings Ltd.^(c)		92,000		190,303
Anxin-China Holdings Ltd.^(a)(d)		1,084,000		1
Aoyuan Healthy Life Group Co. Ltd.		83,000		89,038
Ascletis Pharma Inc.^(a)(b)(c)		113,000		56,550
Asia Cement China Holdings Corp.		147,500		194,571
Atlas Crop.		26,710		283,126
AVIC International Holdings Ltd., Class H^(a)		78,000		83,274
Beijing Capital Land Ltd., Class H		430,000		115,872
Beijing Chunlizhengda Medical Instruments Co. Ltd.,
Class H		10,200		102,287
Beijing Gas Blue Sky Holdings Ltd.^(a)(b)		2,888,000		70,411
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.^(b)		84,000		141,203
Bitauto Holdings Ltd., ADR^(a)(b)		8,753		130,420
Boshiwa International Holding Ltd.^(a)(b)(d)		32,000		0	^(e)
Camsing International Holding Ltd.^(a)(b)(d)		164,000		20,750
CanSino Biologics Inc., Class H^(a)(c)		17,200		180,099
Canvest Environmental Protection Group Co. Ltd.		297,000		143,297

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

Consolidated Schedule of Investments (unaudited) (continued) iShares^®MSCI Emerging Markets Small-Cap ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

China (continued)
CAR Inc.^(a)(b)		248,000	$	155,616
Central China Real Estate Ltd.		290,000		169,690
CGN Meiya Power Holdings Co. Ltd.^(a)(c)		434,000		66,272
Changyou.com Ltd., ADR		6,186		66,561
Chaowei Power Holdings Ltd.		200,000		63,133
China Aircraft Leasing Group Holdings Ltd.		122,000		117,882
China Animal Healthcare Ltd.^(a)(b)(d)		126,000		647
China BlueChemical Ltd., Class H		622,000		118,126
China Datang Corp. Renewable Power Co. Ltd., Class H		870,000		70,332
China Dongxiang Group Co. Ltd.		1,385,000		138,623
China Everbright Greentech Ltd.^(c)		153,000		74,016
China Foods Ltd.		284,000		104,955
China Grand Pharmaceutical and Healthcare Holdings
Ltd., Class A		328,000		207,919
China Harmony New Energy Auto Holding Ltd.		269,000		132,894
China High Speed Transmission Equipment Group
Co. Ltd.^(b)		124,000		78,762
China Huiyuan Juice Group Ltd.^(a)(d)		379,000		52,524
China Lilang Ltd.		141,000		91,370
China LNG Group Ltd.^(a)		794,000		39,735
China Logistics Property Holdings Co. Ltd.^(a)(b)(c)		316,000		121,647
China Lumena New Materials Corp.^(a)(b)(d)		5,249		0	^(e)
China Maple Leaf Educational Systems Ltd.		476,000		166,138
China Meidong Auto Holdings Ltd.		136,000		199,994
China Merchants Land Ltd.		772,000		114,913
China Metal Recycling Holdings Ltd.^(a)(d)		12,000		0	^(e)
China Metal Resources Utilization Ltd.^(a)(b)(c)		312,000		119,306
China Modern Dairy Holdings Ltd.^(a)		771,000		92,998
China New Higher Education Group Ltd.^(c)		224,000		76,170
China Oriental Group Co. Ltd.		376,000		128,340
China Overseas Grand Oceans Group Ltd.		462,000		315,982
China Overseas Property Holdings Ltd.^(b)		385,000		311,239
China Resources Medical Holdings Co. Ltd.		291,000		150,857
China SCE Group Holdings Ltd.		570,000		310,854
China Shineway Pharmaceutical Group Ltd.		101,000		88,130
China South City Holdings Ltd.		1,782,000		196,652
China Suntien Green Energy Corp. Ltd., Class H		491,000		119,709
China Tian Lun Gas Holdings Ltd.		86,000		70,406
China Travel International Investment Hong Kong Ltd.		762,000		120,269
China Water Affairs Group Ltd.^(b)		262,000		208,778
China Youzan Ltd.^(a)(b)		3,136,000		317,904
China Yuhua Education Corp Ltd.^(b)(c)		370,000		286,294
China ZhengTong Auto Services Holdings Ltd.^(b)		341,000		94,515
Chinasoft International Ltd.^(b)		622,000		381,514
CIMC Enric Holdings Ltd.		192,000		99,535
CITIC Resources Holdings Ltd.		818,000		44,610
COFCO Meat Holdings Ltd.^(a)		406,000		101,591
Colour Life Services Group Co. Ltd.^(b)		122,000		64,498
Concord New Energy Group Ltd.		2,520,000		109,944
Consun Pharmaceutical Group Ltd.		172,000		84,090
COSCO SHIPPING International Hong Kong Co. Ltd.		238,000		70,242
Cosmo Lady China Holdings Co. Ltd.^(c)		232,000		30,068
CPMC Holdings Ltd.		207,000		79,155
Daqo New Energy Corp., ADR^(a)		2,749		180,252
Dawnrays Pharmaceutical Holdings Ltd.		395,000		66,906
Digital China Holdings Ltd.		226,000		113,391
Dongyue Group Ltd.		389,000		202,161
Essex Bio-Technology Ltd.		130,000		91,748
Ever Sunshine Lifestyle Services Group Ltd.		148,000		149,461
Fanhua Inc., ADR		15,746		319,644

Security	Shares		Value

China (continued)
Fantasia Holdings Group Co. Ltd.		598,500	$	114,431
FinVolution Group		32,255		63,865
Fu Shou Yuan International Group Ltd.		304,000		259,801
Fufeng Group Ltd.		492,400		190,817
GCL-Poly Energy Holdings Ltd.^(a)		4,119,000		195,563
Gemdale Properties & Investment Corp. Ltd.		1,394,000		246,851
Genertec Universal Medical Group Co. Ltd.^(b)(c)		322,500		224,296
Glorious Property Holdings Ltd.^(a)		69,000		1,461
Glory Sun Financial Group Ltd.^(b)		4,200,000		134,735
Goodbaby International Holdings Ltd.^(a)		318,000		54,271
Grand Baoxin Auto Group Ltd.^(a)		258,500		41,795
Greenland Hong Kong Holdings Ltd.		295,000		114,698
Guorui Properties Ltd.		362,000		64,103
Haichang Ocean Park Holdings Ltd.^(a)(c)		489,000		47,689
Hangzhou Steam Turbine Co. Ltd., Class B		87,280		93,294
Harbin Electric Co. Ltd., Class H^(a)		210,000		56,589
HC Group Inc.^(a)(b)		191,000		51,714
HengTen Networks Group Ltd.^(a)(b)		7,716,000		98,021
Hi Sun Technology China Ltd.^(a)		933,000		130,497
Honghua Group Ltd.^(a)		855,000		45,531
Hope Education Group Co. Ltd.^(c)		528,000		116,535
Hua Han Health Industry Holdings Ltd.^(a)(d)		1,112,400		34,258
Huabao International Holdings Ltd.		293,000		115,801
Huami Corp., ADR^(a)		8,907		126,479
Huangshi Dongbei Electrical Appliance Co. Ltd., Class B		66,700		81,174
Huifu Payment Ltd.^(a)(b)(c)		229,600		86,619
IGG Inc.^(b)		310,000		225,547
IMAX China Holding Inc.^(c)		38,100		71,379
Jianpu Technology Inc., ADR^(a)(b)		17,270		17,270
Jiayuan International Group Ltd.		354,000		139,909
Jinchuan Group International Resources Co. Ltd.		870,000		85,961
JinkoSolar Holding Co. Ltd., ADR^(a)		9,615		219,607
JNBY Design Ltd.		68,500		73,835
Jumei International Holding Ltd., ADR^(a)(b)		2,782		53,887
Kasen International Holdings Ltd.^(a)(b)		196,000		36,720
Konka Group Co. Ltd., Class B		240,300		100,523
Lifetech Scientific Corp.^(a)		888,000		174,340
Lonking Holdings Ltd.		606,000		168,743
Luthai Textile Co. Ltd., Class B		58,900		54,947
LVGEM China Real Estate Investment Co. Ltd.		382,000		114,212
Meitu Inc.^(a)(b)(c)		609,500		143,908
MMG Ltd.^(a)		680,000		138,739
Nam Tai Property Inc.^(a)		12,941		87,999
National Agricultural Holdings Ltd.^(a)(b)(d)		354,000		21,804
NetDragon Websoft Holdings Ltd.^(b)		63,500		175,188
NOVA Group Holdings Ltd.^(b)		480,000		93,006
OneSmart International Education Group Ltd., ADR^(a)(b)		26,611		144,764
Panda Green Energy Group Ltd.^(a)		1,476,000		41,289
PAX Global Technology Ltd.		257,000		127,625
Phoenix Media Investment Holdings Ltd.		754,000		46,441
Poly Property Group Co. Ltd.		680,000		255,664
Pou Sheng International Holdings Ltd.		646,000		164,960
Q Technology Group Co. Ltd.^(a)(b)		120,000		168,766
Qudian Inc., ADR^(a)		57,711		151,203
Qutoutiao Inc., ADR^(a)		19,396		101,053
Realord Group Holdings Ltd.^(a)		250,000		145,001
Redco Properties Group Ltd.^(c)		280,000		129,346
Road King Infrastructure Ltd.		69,000		117,759
Ronshine China Holdings Ltd.		181,500		200,993
Sany Heavy Equipment International Holdings Co. Ltd.		311,000		185,569

52 2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued) iShares^®MSCI Emerging Markets Small-Cap ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

China (continued)
Shandong Airlines Co. Ltd., Class B		50,400	$	52,126
Shanghai Fudan Microelectronics Group Co. Ltd.,
Class H^(a)(b)		92,000		70,360
Shanghai Haixin Group Co., Class B		211,400		81,812
Shanghai Haohai Biological Technology Co. Ltd.,
Class H^(a)(c)		13,000		66,309
Shanghai Industrial Urban Development Group Ltd.		768,000		85,738
Shanghai Jinjiang International Industrial Investment Co.
Ltd., Class B		115,100		85,174
Sheng Ye Capital Ltd.		124,000		111,063
Shougang Concord International Enterprises Co. Ltd.		2,366,000		101,707
Shougang Fushan Resources Group Ltd.		788,000		152,685
Sihuan Pharmaceutical Holdings Group Ltd.		1,247,000		147,213
Silver Grant International Holdings Group Ltd.^(a)		584,000		84,681
Sinopec Kantons Holdings Ltd.		284,000		114,795
Skyfame Realty Holdings Ltd.		1,074,000		140,571
Skyworth Group Ltd.^(a)		574,000		143,628
SMI Holdings Group Ltd.^(a)(d)		468,800		91,437
Sohu.com Ltd., ADR^(a)(b)		10,376		98,883
Superb Summit International Group Ltd.^(a)(b)(d)		238,250		306
TCL Electronics Holdings Ltd.		252,000		140,340
Texhong Textile Group Ltd.		100,000		105,350
Tian Ge Interactive Holdings Ltd.^(a)(c)		233,000		52,322
Tiangong International Co. Ltd.		316,000		112,726
Tianjin Development Holdings Ltd.		392,000		98,087
Tianjin Port Development Holdings Ltd.^(b)		1,156,000		102,353
Tianli Education International Holdings Ltd.		193,000		100,549
Tianneng Power International Ltd.		226,000		167,331
Tong Ren Tang Technologies Co. Ltd., Class H		179,000		165,378
Tongda Group Holdings Ltd.		1,190,000		112,998
Truly International Holdings Ltd.^(a)		704,000		94,854
Vinda International Holdings Ltd.		89,000		228,980
Wasion Holdings Ltd.		170,000		68,715
West China Cement Ltd.		836,000		135,167
Wisdom Education International Holdings Co. Ltd.		236,000		89,942
Wise Talent Information Technology Co. Ltd.^(a)		41,800		102,984
X Financial, ADR		27,449		45,291
Xiamen International Port Co. Ltd., Class H		716,000		82,689
Xingda International Holdings Ltd.		386,000		114,417
Xtep International Holdings Ltd.		343,000		138,203
Yadea Group Holdings Ltd.^(c)		342,000		92,598
YiChang HEC ChangJiang Pharmaceutical Co. Ltd.,
Class H^(c)		37,800		230,640
Yixin Group Ltd.^(a)(c)		600,000		129,346
Yuexiu REIT		483,000		309,891
Yuexiu Transport Infrastructure Ltd.		318,000		246,874
Zhou Hei Ya International Holdings Co. Ltd.^(b)(c)		191,500		101,487
Zhuguang Holdings Group Co. Ltd.^(a)		898,000		126,754
				21,990,033
Colombia — 0.3%
Cementos Argos SA		128,924		192,638
CEMEX Latam Holdings SA^(a)		68,504		69,140
Corp. Financiera Colombiana SA^(a)		25,620		232,577
				494,355
Czech Republic — 0.1%
Central European Media Enterprises Ltd., Class A^(a)		38,165		164,521

Egypt — 0.5%
Egyptian Financial Group-Hermes Holding Co.		182,859		169,729
Ezz Steel Co. SAE^(a)		62,196		31,749

Security	Shares		Value

Egypt (continued)
Heliopolis Housing		178,272	$	63,520
Juhayna Food Industries		183,976		94,033
Medinet Nasr Housing^(a)		284,527		77,536
Oriental Weavers		115,698		77,120
Palm Hills Developments SAE^(a)		486,901		43,886
Pioneers Holding For Financial Investments SAE^(a)		184,547		53,950
Six of October Development & Investment		76,514		60,007
Talaat Moustafa Group		296,414		142,590
Telecom Egypt Co.		99,508		78,104
				892,224
Greece — 0.7%
Aegean Airlines SA		21,543		149,082
GEK Terna Holding Real Estate Construction SA^(a)		31,508		209,044
Hellenic Exchanges-Athens Stock Exchange SA		45,969		181,781
Mytilineos SA		38,506		288,042
Piraeus Bank SA^(a)(b)		86,413		188,322
Public Power Corp. SA^(a)(b)		34,109		110,677
Terna Energy SA^(a)		19,063		157,886
				1,284,834
Hungary — 0.1%
Magyar Telekom Telecommunications PLC		145,255		188,076
Opus Global Nyrt^(a)		67,358		57,501
				245,577
India — 14.5%
Aarti Industries Ltd.		14,100		190,699
Aarti Surfactants Ltd.^(a)		853		5,684
Aavas Financiers Ltd.^(a)		7,630		198,644
Adani Enterprises Ltd.		41,990		127,220
Adani Power Ltd.^(a)		240,171		157,413
Adani Transmission Ltd.^(a)		83,629		291,906
Aditya Birla Fashion and Retail Ltd.^(a)		63,097		219,802
Aegis Logistics Ltd.		29,705		91,913
AIA Engineering Ltd.		12,952		321,011
Ajanta Pharma Ltd.		7,891		151,456
Alembic Pharmaceuticals Ltd.		16,919		147,686
Amara Raja Batteries Ltd.		11,502		101,636
Apollo Hospitals Enterprise Ltd.		25,557		614,707
Apollo Tyres Ltd.		83,261		164,751
Arvind Fashions Ltd.^(a)		9,860		47,239
Astral Poly Technik Ltd.		19,130		303,355
Atul Ltd.		5,274		375,898
AU Small Finance Bank Ltd.^(c)		44,417		715,731
Avanti Feeds Ltd.		12,512		80,220
Bajaj Consumer Care Ltd.^(a)		21,362		56,922
Balkrishna Industries Ltd.		24,727		375,663
Balrampur Chini Mills Ltd.		40,885		80,900
BASF India Ltd.		5,039		71,698
Bata India Ltd.		10,675		244,164
Bayer CropScience Ltd./India		3,465		210,397
Birla Corp. Ltd.		7,078		67,924
Blue Dart Express Ltd.		1,975		75,218
Can Fin Homes Ltd.		10,884		75,415
Ceat Ltd.		6,939		98,190
Century Textiles & Industries Ltd.		11,201		78,652
CESC Ltd.		20,911		187,458
Chalet Hotel Ltd.^(a)		20,685		94,156
Cholamandalam Financial Holdings Ltd.^(a)		25,435		180,804
City Union Bank Ltd.		93,115		277,729
Coromandel International Ltd.		24,381		207,940

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) iShares^®MSCI Emerging Markets Small-Cap ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

India (continued)
CRISIL Ltd.		6,246	$	131,476
Crompton Greaves Consumer Electricals Ltd.		127,706		493,712
Dalmia Bharat Ltd.^(a)		14,745		159,796
DCB Bank Ltd.		58,577		131,330
Dilip Buildcon Ltd.^(c)		10,078		41,782
Dish TV India Ltd.^(a)		192,556		22,013
Dr Lal PathLabs Ltd.^(c)		8,972		202,415
eClerx Services Ltd.		6,166		46,364
Edelweiss Financial Services Ltd.		134,878		163,253
EIH Ltd.		60,161		109,914
Endurance Technologies Ltd.^(c)		10,512		142,966
Engineers India Ltd.		69,034		66,961
Equitas Holdings Ltd./India^(a)		55,769		83,343
Eris Lifesciences Ltd.^(a)(c)		13,631		81,908
Escorts Ltd.		17,769		192,075
Exide Industries Ltd.		74,016		168,560
Federal Bank Ltd.		455,732		542,452
Finolex Cables Ltd.		26,729		120,298
Fortis Healthcare Ltd.^(a)		143,885		307,139
Future Consumer Ltd.^(a)		198,078		33,760
Future Lifestyle Fashions Ltd.		18,119		87,497
GE T&D India Ltd.		24,730		41,292
Gillette India Ltd.		2,313		185,771
Glenmark Pharmaceuticals Ltd.		43,900		168,836
GMR Infrastructure Ltd.^(a)		338,362		93,771
Godrej Industries Ltd.		29,986		162,899
Godrej Properties Ltd.^(a)		18,818		261,550
Graphite India Ltd.		19,487		60,229
Great Eastern Shipping Co. Ltd. (The)		21,188		70,977
Gujarat Fluorochemicals Ltd.^(a)		11,581		80,879
Gujarat Gas Ltd.		51,177		195,794
Gujarat Pipavav Port Ltd.		87,626		86,998
Gujarat State Petronet Ltd.		45,910		143,422
HEG Ltd.		3,476		42,210
Hemisphere Properties India Ltd.^(a)		28,290		60,357
Hexaware Technologies Ltd.		39,652		197,525
ICICI Securities Ltd.^(c)		19,344		127,642
IDFC First Bank Ltd.^(a)		611,716		311,929
IDFC Ltd.		235,361		104,851
IIFL Finance Ltd.		39,997		90,283
IIFL Wealth Management Ltd.		8,273		167,822
India Cements Ltd. (The)		71,536		95,507
Indiabulls Housing Finance Ltd.		82,804		321,096
Indiabulls Real Estate Ltd.^(a)		69,331		72,244
Indiabulls Ventures Ltd.		57,579		135,595
Indian Hotels Co. Ltd. (The)		154,910		289,782
Indraprastha Gas Ltd.		65,597		402,122
Inox Leisure Ltd.		20,342		120,881
Ipca Laboratories Ltd.		13,736		259,113
IRB Infrastructure Developers Ltd.^(a)		48,382		56,315
Jindal Steel & Power Ltd.^(a)		130,544		278,390
JK Cement Ltd.		9,293		178,675
JM Financial Ltd.		73,913		108,257
JSW Energy Ltd.		113,064		89,771
Jubilant Foodworks Ltd.		22,220		540,925
Jubilant Life Sciences Ltd.		24,216		169,890
Just Dial Ltd.^(a)		12,359		79,822
Kajaria Ceramics Ltd.		20,273		147,326
Karur Vysya Bank Ltd. (The)		109,857		63,630
Kaveri Seed Co. Ltd.		10,004		59,413

Security	Shares		Value

India (continued)
KEC International Ltd.		19,960	$	85,767
KEI Industries Ltd.		13,433		91,300
KPIT Technologies Ltd.^(a)		67,146		76,062
KRBL Ltd.		18,207		63,034
L&T Technology Services Ltd.^(c)		6,761		151,849
Lemon Tree Hotels Ltd.^(a)(c)		185,404		132,564
Mahanagar Gas Ltd.		12,256		170,727
Mahindra CIE Automotive Ltd.^(a)		38,351		70,519
Manappuram Finance Ltd.		77,501		174,778
Max Financial Services Ltd.^(a)		45,963		367,679
Minda Industries Ltd.		23,416		121,059
Mindtree Ltd.		13,976		182,816
Motilal Oswal Financial Services Ltd.		11,414		117,758
Mphasis Ltd.		28,500		344,188
Multi Commodity Exchange of India Ltd.		8,647		153,098
Natco Pharma Ltd.		26,803		223,453
National Aluminium Co. Ltd.		163,526		75,908
NBCC India Ltd.		154,471		56,508
NCC Ltd./India.		134,146		66,174
NIIT Technologies Ltd.		7,046		164,977
Oberoi Realty Ltd.		18,745		132,456
Oil India Ltd.		68,069		101,867
Persistent Systems Ltd.		12,563		121,230
Pfizer Ltd.		3,515		204,278
Phoenix Mills Ltd. (The)		18,225		216,286
PI Industries Ltd.		18,321		388,735
PNB Housing Finance Ltd.^(c)		19,404		96,768
Polycab India Ltd.^(a)		10,451		153,896
Power Finance Corp. Ltd.		203,713		308,953
Prestige Estates Projects Ltd.		37,413		150,523
Procter & Gamble Health Ltd.^(a)		1,403		81,293
PVR Ltd.		10,220		270,116
Quess Corp. Ltd.^(a)(c)		18,493		131,764
Radico Khaitan Ltd.		17,679		100,536
Rain Industries Ltd.		28,378		40,620
Rajesh Exports Ltd.		24,189		220,615
Ramco Cements Ltd. (The)		23,518		250,961
Raymond Ltd.		9,453		66,142
RBL Bank Ltd.^(c)		106,615		429,754
Redington India Ltd.		85,885		130,849
Sadbhav Engineering Ltd.		29,833		29,144
Sanofi India Ltd.		1,888		190,799
Schaeffler India Ltd.		2,727		164,969
Sobha Ltd.		14,901		61,324
Spandana Sphoorty Financial Ltd.^(a)		5,989		90,025
SpiceJet Ltd.^(a)		51,967		60,019
SRF Ltd.		4,427		238,859
Sterlite Technologies Ltd.		33,573		42,776
Strides Pharma Science Ltd.		13,644		88,887
Sundaram Finance Ltd.		9,982		218,382
Sundram Fasteners Ltd.		21,033		121,023
Sunteck Realty Ltd.		19,285		92,527
Supreme Industries Ltd.		12,275		224,383
Symphony Ltd.		6,864		120,840
Syngene International Ltd.^(c)		34,304		142,792
Tata Chemicals Ltd.		23,422		231,729
Tata Communications Ltd.		23,241		116,225
Tata Consumer Products Ltd.		92,086		441,689
Tata Elxsi Ltd.		5,804		70,994
TeamLease Services Ltd.^(a)		3,390		109,071

54 2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued) iShares^®MSCI Emerging Markets Small-Cap ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

India (continued)
Thermax Ltd.		9,183	$	117,416
Timken India Ltd.		7,851		103,268
Torrent Power Ltd.		39,082		164,061
TTK Prestige Ltd.		1,476		116,510
Tube Investments of India Ltd.		24,060		176,030
Vakrangee Ltd.		155,581		85,155
Varun Beverages Ltd.		23,807		268,230
V-Guard Industries Ltd.		42,560		119,688
Vinati Organics Ltd.		9,648		125,634
VIP Industries Ltd.		13,017		73,926
V-Mart Retail Ltd.		2,959		91,457
Vodafone Idea Ltd.^(a)		2,495,194		133,114
Voltas Ltd.		31,428		295,587
WABCO India Ltd.		2,036		191,033
Welspun Corp. Ltd.		35,658		91,853
Welspun India Ltd.		102,821		58,842
Yes Bank Ltd.		577,443		276,849
				27,975,976
Indonesia — 1.8%
AKR Corporindo Tbk PT		536,400		99,074
Alam Sutera Realty Tbk PT^(a)		4,811,000		50,969
Aneka Tambang Tbk		2,591,000		103,839
Bank Pembangunan Daerah Jawa Barat Dan Banten
Tbk PT		750,700		46,567
Bank Tabungan Pensiunan Nasional Syariah Tbk PT^(a)		666,400		174,641
Bumi Resources Tbk PT^(a)		19,161,100		66,775
Ciputra Development Tbk PT		3,068,763		202,124
Global Mediacom Tbk PT^(a)		2,536,500		54,805
Hanson International Tbk PT^(a)(d)		25,794,200		74,106
Indika Energy Tbk PT		643,900		33,659
Indo Tambangraya Megah Tbk PT		123,600		97,347
Indosat Tbk PT^(a)		414,400		58,921
Inti Agri Resources Tbk PT^(a)(d)		12,327,500		35,700
Japfa Comfeed Indonesia Tbk PT		1,114,300		108,731
Kresna Graha Investama Tbk PT^(a)		3,646,600		119,965
Link Net Tbk PT		418,400		101,775
Lippo Karawaci Tbk PT^(a)		9,105,400		144,696
Matahari Department Store Tbk PT		726,300		158,953
Medco Energi Internasional Tbk PT^(a)		1,620,366		71,150
Media Nusantara Citra Tbk PT		1,612,700		144,438
Mitra Adiperkasa Tbk PT		2,640,100		147,209
Panin Financial Tbk PT^(a)		4,299,500		75,516
Pelayaran Tamarin Samudra Tbk PT^(a)		2,499,900		16,553
Perusahaan Perkebunan London Sumatra Indonesia
Tbk PT		974,800		65,904
PP Persero Tbk PT		976,925		82,049
PP Properti Tbk PT		7,401,569		26,310
Ramayana Lestari Sentosa Tbk PT		952,100		68,683
Sawit Sumbermas Sarana Tbk PT		1,444,000		81,522
Sentul City Tbk PT^(a)		7,030,000		24,499
Sitara Propertindo Tbk PT^(a)(d)		2,167,400		29,911
Sri Rejeki Isman Tbk PT		4,680,000		65,238
Sugih Energy Tbk PT^(a)(d)		1,824,800		509
Summarecon Agung Tbk PT		2,617,800		153,264
Surya Citra Media Tbk PT		1,853,200		144,665
Timah Tbk PT		1,045,796		41,912
Tower Bersama Infrastructure Tbk PT		2,794,800		215,247
Tunas Baru Lampung Tbk PT		1,054,600		45,205
Waskita Beton Precast Tbk PT		3,746,800		48,573
Waskita Karya Persero Tbk PT		1,536,200		104,394

Security	Shares		Value

Indonesia (continued)
Wijaya Karya Persero Tbk PT		1,004,348	$	131,253
				3,516,651
Malaysia — 3.1%
Aeon Co. M Bhd		243,000		79,559
AEON Credit Service M Bhd^(b)		36,200		118,520
Alliance Bank Malaysia Bhd		275,700		151,095
Berjaya Sports Toto Bhd		266,700		158,818
Bermaz Auto Bhd		260,200		109,883
Bumi Armada Bhd^(a)		780,500		58,329
Bursa Malaysia Bhd		169,150		221,119
Cahya Mata Sarawak Bhd		171,000		77,488
DRB-Hicom Bhd^(b)		262,200		138,098
Ekovest Bhd		443,800		67,386
FGV Holdings Bhd^(a)		500,500		135,367
Frontken Corp. Bhd		225,000		121,174
Globetronics Technology Bhd		195,066		96,260
Hengyuan Refining Co. Bhd^(a)		39,400		33,558
Hibiscus Petroleum Bhd^(a)		427,600		76,085
IGB REIT		542,600		252,312
Inari Amertron Bhd^(b)		756,950		253,215
Kossan Rubber Industries		176,600		201,110
KPJ Healthcare Bhd		713,700		164,244
Magnum Bhd		257,600		147,287
Mah Sing Group Bhd		279,857		44,817
Malaysia Building Society Bhd		478,700		87,449
Malaysian Pacific Industries Bhd		29,500		76,427
Malaysian Resources Corp. Bhd		610,900		82,613
My EG Services Bhd^(b)		581,400		154,488
Padini Holdings Bhd^(b)		110,800		79,387
Pavilion REIT		201,300		85,965
Pentamaster Corp. Bhd^(a)		117,500		127,954
Pos Malaysia Bhd^(b)		147,700		39,947
Sapura Energy Bhd		1,994,000		87,518
Scientex Bhd^(b)		90,000		192,171
Serba Dinamik Holdings Bhd		427,620		223,194
Sime Darby Property Bhd		737,000		135,510
SKP Resources Bhd		253,400		79,958
SP Setia Bhd Group		477,200		143,783
Sunway Bhd		602,374		252,954
Sunway Construction Group Bhd		190,020		84,303
Sunway REIT		482,100		217,317
Supermax Corp. Bhd		248,292		93,662
Syarikat Takaful Malaysia Keluarga Bhd		73,800		82,992
TIME dotCom Bhd		129,700		287,094
UMW Holdings Bhd^(b)		98,600		73,921
Velesto Energy Bhd^(a)		862,700		61,402
ViTrox Corp. Bhd		60,500		120,569
VS Industry Bhd^(b)		450,425		136,784
WCT Holdings Bhd^(a)		248,315		38,293
Yinson Holdings Bhd^(b)		175,000		296,857
				6,048,236
Mexico — 2.8%
Banco del Bajio SA^(c)		213,900		331,712
Bolsa Mexicana de Valores SAB de CV		131,600		276,409
Concentradora Fibra Danhos SA de CV		83,000		115,424
Concentradora Hipotecaria SAPI de CV^(b)		143,400		133,212
Consorcio ARA SAB de CV		342,100		61,693
Controladora Vuela Cia. de Aviacion SAB de CV,
Class A^(a)		200,700		203,371

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) iShares^®MSCI Emerging Markets Small-Cap ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

Mexico (continued)
Corp Inmobiliaria Vesta SAB de CV		178,600	$	281,751
Credito Real SAB de CV SOFOM ER		79,100		83,869
Genomma Lab Internacional SAB de CV, Class B^(a)		209,100		210,404
Gentera SAB de CV		324,000		309,164
Grupo Aeromexico SAB de CV^(a)		116,900		70,034
Grupo Aeroportuario del Centro Norte SAB de CV		98,700		644,505
Grupo Cementos de Chihuahua SAB de CV		52,300		258,851
Grupo Comercial Chedraui SA de CV		103,000		131,790
Grupo Herdez SAB de CV^(b)		72,000		128,968
Hoteles City Express SAB de CV^(a)(b)		133,400		81,874
La Comer SAB de CV^(a)		153,900		181,448
Macquarie Mexico Real Estate Management SA de CV^(c)		237,600		313,495
PLA Administradora Industrial S. de RL de CV^(b)		240,500		360,085
Prologis Property Mexico SA de CV		107,200		225,160
Qualitas Controladora SAB de CV		54,000		229,868
Regional SAB de CV		70,500		389,706
Telesites SAB de CV^(a)(b)		402,400		301,447
Unifin Financiera SAB de CV^(b)		38,300		60,478
				5,384,718
Pakistan — 0.6%
Bank Alfalah Ltd.		207,850		63,194
Engro Corp. Ltd./Pakistan		101,930		204,717
Engro Fertilizers Ltd.		181,000		74,084
Fauji Fertilizer Co. Ltd.		161,000		107,878
Hub Power Co. Ltd. (The)^(a)		240,904		140,797
Indus Motor Co. Ltd.		4,180		26,640
Lucky Cement Ltd.		45,350		143,510
Millat Tractors Ltd.		9,518		40,877
Nishat Mills Ltd.		57,164		37,759
Pakistan Oilfields Ltd.		33,800		80,737
Pakistan State Oil Co. Ltd.		60,008		64,013
Searle Co. Ltd. (The)		31,847		36,052
SUI Northern Gas Pipeline		62,700		26,909
United Bank Ltd./Pakistan		143,800		154,476
				1,201,643
Philippines — 0.9%
Alliance Global Group Inc.^(a)		1,197,900		235,938
Bloomberry Resorts Corp.		1,179,900		188,645
Cebu Air Inc.		72,570		104,709
Cosco Capital Inc.		885,500		108,397
D&L Industries Inc.		881,800		124,896
DoubleDragon Properties Corp.^(a)		247,110		82,410
Filinvest Land Inc.		3,347,000		80,761
First Gen Corp.		375,000		134,919
Manila Water Co. Inc.		372,800		86,006
Megawide Construction Corp.		191,500		47,560
Petron Corp.		1,017,200		67,048
Pilipinas Shell Petroleum Corp.		126,700		64,748
Semirara Mining & Power Corp.		297,600		113,260
Vista Land & Lifescapes Inc.		1,126,100		138,733
Wilcon Depot Inc.		502,300		178,355
				1,756,385
Poland — 1.0%
Alior Bank SA^(a)		27,142		144,566
Asseco Poland SA		18,644		287,034
Budimex SA		3,422		151,194
Ciech SA^(a)		8,253		73,263
Enea SA^(a)		66,706		94,746
Energa SA^(a)		60,540		107,792

Security	Shares		Value

Poland (continued)
Eurocash SA^(b)		24,840	$	114,161
Famur SA.		84,530		55,529
Grupa Azoty SA^(a)		14,951		77,131
Jastrzebska Spolka Weglowa SA		14,485		49,708
KRUK SA		5,370		187,957
PKP Cargo SA		10,693		34,281
PLAY Communications SA^(c)		33,386		258,945
Tauron Polska Energia SA^(a)(b)		330,981		92,343
Warsaw Stock Exchange		8,913		85,904
				1,814,554
Qatar — 1.0%
Doha Bank QPSC		448,280		283,745
Gulf International Services QSC^(a)		281,755		99,163
Gulf Warehousing Co.		113,770		143,093
Medicare Group		48,436		87,191
Qatar Aluminum Manufacturing Co.		795,380		133,023
Qatar Gas Transport Co. Ltd.		731,180		436,877
Qatar National Cement Co. QSC		61,050		69,373
Qatar Navigation QSC		173,437		265,457
United Development Co. QSC		528,751		174,409
Vodafone Qatar QSC		576,205		162,393
				1,854,724
Russia — 1.1%
Aeroflot PJSC		150,706		208,432
Credit Bank of Moscow PJSC		3,102,400		260,842
Detsky Mir PJSC^(c)		135,500		225,430
LSR Group PJSC, GDR^(f)		74,691		170,669
M.Video PJSC		21,850		157,404
Mechel PJSC, ADR^(a)		33,104		77,463
Mosenergo PJSC		3,124,000		108,062
Rostelecom PJSC^(a)		247,190		318,846
Safmar Financial Investment		21,600		163,671
Sistema PJSFC, GDR^(f)		51,300		232,799
TMK PJSC, GDR^(f)		33,268		99,305
Unipro PJSC		3,530,000		156,959
				2,179,882
Saudi Arabia — 2.7%
Abdullah Al Othaim Markets Co.		13,952		307,565
Al Hammadi Co. for Development and Investment^(a)		21,096		134,061
Al Rajhi Co for Cooperative Insurance^(a)		5,483		91,055
Aldrees Petroleum and Transport Services Co.		8,988		143,511
Arabian Cement Co./Saudi Arabia		14,974		134,513
Arriyadh Development Co.		31,082		135,381
City Cement Co.		33,099		150,342
Dallah Healthcare Co.		9,170		125,395
Eastern Province Cement Co.		14,125		130,651
Fawaz Abdulaziz Al Hokair & Co.^(a)		22,451		169,063
Herfy Food Services Co.		6,890		86,687
Leejam Sports Co. JSC		8,481		167,970
Maharah Human Resources Co.		4,677		96,869
Mobile Telecommunications Co.^(a)		76,154		205,432
Mouwasat Medical Services Co.		15,551		360,224
National Agriculture Development Co. (The)^(a)		14,771		101,584
National Gas & Industrialization Co.		19,330		160,761
National Medical Care Co.		6,365		80,421
Qassim Cement Co. (The)		14,274		258,732
Saudi Chemical Co. Holding^(a)		16,376		99,002
Saudi Pharmaceutical Industries & Medical
Appliances Corp.		20,879		155,834

56 2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued) iShares^®MSCI Emerging Markets Small-Cap ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

Saudi Arabia (continued)
Saudi Public Transport Co.^(a)		21,831	$	99,044
Saudi Real Estate Co.^(a)		25,556		96,052
Saudi Research & Marketing Group^(a)		11,476		213,215
Saudia Dairy & Foodstuff Co.		5,563		204,933
Seera Group Holding		50,963		268,977
Southern Province Cement Co.		19,678		313,149
United Electronics Co.		8,504		177,946
United International Transportation Co.		10,611		98,289
Yamama Cement Co.^(a)		33,740		215,130
Yanbu Cement Co.		25,291		248,764
				5,230,552
South Africa — 4.1%
Adcock Ingram Holdings Ltd.		17,114		43,657
Advtech Ltd.		172,933		101,793
AECI Ltd.		34,781		230,399
African Rainbow Minerals Ltd.		31,624		274,377
Alexander Forbes Group Holdings Ltd.		289,752		86,383
Astral Foods Ltd.		11,687		139,443
Attacq Ltd.		187,060		109,990
AVI Ltd.		91,894		426,422
Barloworld Ltd.		60,708		312,773
Brait SE^(a)(b)		268,376		110,889
Cashbuild Ltd.		6,562		67,574
City Lodge Hotels Ltd.^(b)		12,332		38,333
Coronation Fund Managers Ltd.		63,030		157,580
Curro Holdings Ltd.		48,042		34,845
DataTec Ltd.		64,237		124,950
Dis-Chem Pharmacies Ltd.^(c)		108,110		148,577
Emira Property Fund Ltd.		156,409		117,022
Equites Property Fund Ltd.		118,766		130,381
Famous Brands Ltd.^(b)		24,448		83,299
Grindrod Ltd.		153,359		41,431
Harmony Gold Mining Co. Ltd.^(a)		147,768		521,788
Hosken Consolidated Investments Ltd.		16,218		75,031
Hudaco Industries Ltd.		11,211		68,143
Hyprop Investments Ltd.^(b)		68,697		194,892
Imperial Logistics Ltd.		47,264		136,641
Investec Property Fund Ltd.		101,705		74,607
JSE Ltd.		26,969		171,433
KAP Industrial Holdings Ltd.		839,964		155,910
Massmart Holdings Ltd.^(b)		31,014		88,223
Motus Holdings Ltd.		49,308		228,807
Murray & Roberts Holdings Ltd.		44,682		26,074
Nampak Ltd.^(a)		212,895		44,659
Netcare Ltd.		354,334		412,186
Oceana Group Ltd.		25,588		88,972
Omnia Holdings Ltd.^(a)		49,836		79,229
Pioneer Foods Group Ltd.		36,373		251,951
PPC Ltd.^(a)		504,222		47,437
Resilient REIT Ltd.		84,115		307,501
Reunert Ltd.		50,938		179,513
Royal Bafokeng Platinum Ltd.^(a)		36,599		116,301
SA Corporate Real Estate Ltd.		631,085		83,441
Sappi Ltd.^(a)		164,595		305,303
Steinhoff International Holdings NV^(a)(b)		1,149,983		97,955
Stor-Age Property REIT Ltd.		80,718		66,190
Sun International Ltd./South Africa^(a)		41,776		83,650
Super Group Ltd./South Africa^(a)		115,776		156,831
Tongaat Hulett Ltd.^(a)		45,086		9,286
Transaction Capital Ltd.		115,617		135,376

Security	Shares		Value

South Africa (continued)
Truworths International Ltd.		122,623	$	350,218
Tsogo Sun Gaming Ltd.		151,243		88,161
Tsogo Sun Hotels Ltd.^(a)		170,377		32,599
Vukile Property Fund Ltd.		235,347		219,317
Wilson Bayly Holmes-Ovcon Ltd.		15,984		100,365
Zeder Investments Ltd.		317,829		85,662
				7,863,770
South Korea — 14.6%
ABLBio Inc.^(a)		7,893		112,757
Advanced Process Systems Corp.^(a)		4,027		88,531
Aekyung Industrial Co. Ltd.		2,203		47,162
AfreecaTV Co. Ltd.		2,671		119,860
Ahnlab Inc.^(b)		2,314		102,125
AK Holdings Inc.		1,824		36,120
Alteogen Inc.^(a)(b)		2,756		196,290
Amicogen Inc.^(a)		5,126		92,222
Ananti Inc.^(a)		9,502		53,593
Anterogen Co. Ltd.^(a)		1,805		48,153
Asiana Airlines Inc.^(a)		36,018		120,554
BGF Co. Ltd.		14,994		55,741
BH Co. Ltd.^(a)(b)		7,167		104,746
Binex Co. Ltd.^(a)		10,927		63,070
Binggrae Co. Ltd.^(a)		2,486		109,920
Boryung Pharmaceutical Co. Ltd.		7,287		71,400
Bukwang Pharmaceutical Co. Ltd.		13,987		144,534
Cafe24 Corp.^(a)		2,097		59,051
Caregen Co. Ltd.^(a)(d)		2,119		103,547
Celltrion Pharm Inc.^(a)		5,215		171,329
Chabiotech Co. Ltd.^(a)		13,033		133,066
Chong Kun Dang Pharmaceutical Corp.^(a)		2,492		177,282
CJ CGV Co. Ltd.^(a)		4,272		83,013
CMG Pharmaceutical Co. Ltd.^(a)		34,203		100,680
Com2uSCorp.		3,144		252,659
Cosmax Inc.		2,213		136,843
CrystalGenomics Inc.^(a)		12,889		115,147
Cuckoo Homesys Co. Ltd.^(a)		2,432		75,894
Dae Hwa Pharmaceutical Co. Ltd.^(b)		6,175		49,929
Daea TI Co. Ltd.^(b)		19,901		66,036
Daeduck Electronics Co.^(b)		17,629		136,010
Daesang Corp.^(a)		6,979		112,629
Daewoong Co. Ltd.		8,384		70,068
Daewoong Pharmaceutical Co. Ltd.		1,492		128,991
Daishin Securities Co. Ltd.^(a)		12,343		95,532
Daou Technology Inc.		9,083		119,661
DB HiTek Co. Ltd.		11,323		221,892
Dentium Co. Ltd.^(a)		2,534		87,422
DGB Financial Group Inc.		48,546		224,243
DIO Corp.^(a)		3,675		100,310
Dong-A Socio Holdings Co. Ltd.		1,344		94,727
Dong-A ST Co. Ltd.		1,855		136,089
Dongjin Semichem Co. Ltd.^(a)		10,535		127,947
DongKook Pharmaceutical Co. Ltd.		1,635		112,545
Dongkuk Steel Mill Co. Ltd.^(a)		20,972		80,814
Dongsuh Cos. Inc.		10,523		135,599
Dongsung Pharmaceutical Co. Ltd.^(a)		6,216		62,186
Dongwon F&B Co. Ltd.		355		61,529
Dongwon Industries Co. Ltd.		570		91,988
Doosan Heavy Industries & Construction Co. Ltd.^(a)		37,408		154,314
Doosan Infracore Co. Ltd.^(a)		45,485		157,297
DoubleUGames Co. Ltd.		2,967		100,407

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 Schedule of Investments (unaudited) (continued) iShares^®MSCI Emerging Markets Small-Cap ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

South Korea (continued)
Douzone Bizon Co. Ltd.^(b)		5,957	$	421,821
Duk San Neolux Co. Ltd.^(a)		4,390		119,464
Easy Bio Inc.^(a)(b)		15,519		56,863
Ecopro BM Co. Ltd.		2,365		158,316
Ecopro Co. Ltd.		6,367		119,267
Enzychem Lifesciences Corp.^(a)		2,228		104,567
Eo Technics Co Ltd.^(a)		2,756		200,601
Eugene Corp.		19,249		60,069
Eutilex Co. Ltd.^(a)		1,090		44,874
F&F Co. Ltd.		1,889		147,138
Feelux Co. Ltd.^(a)(b)		17,996		77,644
Foosung Co. Ltd.		16,880		99,515
GemVax & Kael Co. Ltd.^(a)		10,151		229,850
Genexine Co. Ltd.^(a)		4,286		210,330
Grand Korea Leisure Co. Ltd.		9,921		137,236
Green Cross Cell Corp.		1,918		54,168
Green Cross Corp./South Korea		1,868		174,572
Green Cross Holdings Corp.		7,273		105,098
Green Cross LabCell Corp.		2,366		55,911
GS Home Shopping Inc.		1,155		117,925
G-treeBNT Co. Ltd.^(a)(b)		6,704		129,719
Halla Holdings Corp.		2,774		80,742
Hana Tour Service Inc.		3,398		118,349
Hanall Biopharma Co. Ltd.^(a)		8,692		167,828
Handsome Co. Ltd.		4,657		93,945
Hanil Cement Co. Ltd./New		772		46,148
Hanjin Kal Corp.^(a)(b)		10,533		582,806
Hanjin Transportation Co. Ltd.^(a)		2,482		63,148
Hankook Technology Group Co. Ltd.		9,770		98,545
Hansae Co. Ltd.		6,557		73,425
Hansol Chemical Co. Ltd.		2,984		228,008
Hanssem Co. Ltd.		3,332		175,585
Hanwha Aerospace Co. Ltd.^(a)		11,195		253,489
Hanwha General Insurance Co. Ltd.^(a)		21,200		38,490
Hanwha Investment & Securities Co. Ltd.^(a)		47,690		68,914
Harim Holdings Co. Ltd.		13,726		79,791
HDC Holdings Co. Ltd.		12,169		91,280
Hite Jinro Co. Ltd.^(a)(b)		10,053		220,181
HLB Life Science Co. Ltd.^(a)		11,748		216,194
HS Industries Co. Ltd.^(a)		17,038		152,914
Huchems Fine Chemical Corp.		6,582		99,719
Hugel Inc.^(a)		997		307,761
Huons Co. Ltd.		2,112		76,429
Huons Global Co. Ltd.		2,618		60,573
Hwaseung Enterprise Co. Ltd.^(a)		6,562		81,046
Hyosung Advanced Materials Corp.^(a)		918		62,283
Hyosung Chemical Corp.		724		61,998
Hyosung Corp.		2,816		160,682
Hyosung Heavy Industries Corp.^(a)		2,046		33,272
Hyosung TNC Co. Ltd.		862		104,689
Hyundai Bioscience Co. Ltd.^(a)		10,592		95,062
Hyundai Construction Equipment Co. Ltd.^(a)(b)		3,992		67,382
Hyundai Electric & Energy System Co. Ltd.^(a)		5,936		42,180
Hyundai Elevator Co. Ltd.^(a)		4,951		219,320
Hyundai Greenfood Co. Ltd.		15,770		112,318
Hyundai Home Shopping Network Corp.		1,942		118,647
Hyundai Livart Furniture Co. Ltd.		5,635		43,196
Hyundai Merchant Marine Co. Ltd.^(a)		85,100		228,078
Hyundai Mipo Dockyard Co. Ltd.		7,074		211,142
Hyundai Rotem Co. Ltd.^(a)		14,167		153,976

Security	Shares		Value

South Korea (continued)
Hyundai Wia Corp.		5,074	$	160,638
Iljin Materials Co. Ltd.^(a)		6,923		264,208
Ilyang Pharmaceutical Co. Ltd.		5,318		90,202
InBody Co. Ltd.^(a)		4,860		77,832
Innocean Worldwide Inc.		2,729		152,123
Innox Advanced Materials Co. Ltd.^(a)		2,322		79,822
Inscobee Inc.^(a)(b)		27,913		63,548
iNtRON Biotechnology Inc.^(a)		9,219		81,980
IS Dongseo Co. Ltd.		5,530		122,029
JB Financial Group Co. Ltd.		41,248		170,154
Jeil Pharmaceutical Co. Ltd.		2,003		45,849
Jejuair Co. Ltd.^(a)		2,661		44,040
Jin Air Co. Ltd.^(a)		4,543		45,449
JW Pharmaceutical Corp.		4,902		98,080
JYP Entertainment Corp.		8,142		141,789
KEPCO Engineering & Construction Co. Inc.^(a)		4,581		68,083
KEPCO Plant Service & Engineering Co. Ltd.^(a)		6,651		182,088
Kginicis Co. Ltd.		7,510		123,054
KIWOOM Securities Co. Ltd.^(a)		3,597		195,769
Koh Young Technology Inc.^(a)		3,348		262,988
Kolmar Korea Co. Ltd.^(a)		4,400		148,357
Kolmar Korea Holdings Co. Ltd.^(a)		4,076		72,995
Kolon Corp.		2,692		31,364
Kolon Industries Inc.		5,775		159,056
Komipharm International Co. Ltd.^(a)(b)		12,013		196,343
Korea Electric Terminal Co. Ltd.		1,754		46,576
Korea Line Corp.^(a)		4,370		60,809
Korea Petrochemical Ind. Co Ltd.		1,111		78,305
Korea REIT Co. Ltd.		68,642		108,516
Korean Reinsurance Co.		29,156		195,654
KT Skylife Co. Ltd.		10,470		63,449
Kuk-Il Paper Manufacturing Co. Ltd.^(a)(b)		26,760		108,737
Kumho Tire Co. Inc.^(a)		35,152		106,078
Kyung Dong Navien Co. Ltd.		2,188		66,838
L&F Co. Ltd.^(b)		4,472		79,903
LEENO Industrial Inc.		3,220		214,225
LegoChem Biosciences Inc.^(a)		2,703		99,930
LF Corp.		7,129		73,667
LG Hausys Ltd.		2,470		92,943
LG International Corp.		9,975		92,399
LIG Nex1 Co. Ltd.^(b)		2,894		62,074
Lock&Lock Co. Ltd.^(a)		7,220		72,824
Lotte Chilsung Beverage Co. Ltd.^(a)		1,179		109,212
LOTTE Fine Chemical Co. Ltd.		6,159		168,365
LOTTE Himart Co. Ltd.		2,967		51,547
Lotte Tour Development Co. Ltd.^(a)		5,436		46,773
LS Corp.		5,595		166,076
LS Industrial Systems Co. Ltd.		4,439		159,358
Maeil Dairies Co. Ltd.^(a)		1,522		100,882
Mando Corp.		9,788		240,167
Mcnex Co. Ltd.		4,061		109,007
Medipost Co. Ltd.^(a)		5,194		118,463
MeereCo. Inc.		1,701		35,855
MegaStudyEdu Co. Ltd.^(a)		2,717		93,177
Meritz Financial Group Inc.		14,603		122,644
Meritz Fire & Marine Insurance Co. Ltd.		15,030		181,919
Mezzion Pharma Co. Ltd.^(a)(b)		2,020		232,520
Mirae Asset Life Insurance Co. Ltd.		28,556		93,815
Mirae Asset Maps Asia Pacific Real Estate 1 Investment		27,764		106,530
Modetour Network Inc.^(a)		5,959		69,428

58 2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued) iShares^®MSCI Emerging Markets Small-Cap ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

South Korea (continued)
Muhak Co. Ltd.^(a)		6,556	$	33,252
Namhae Chemical Corp.^(a)		8,291		47,377
Naturecell Co. Ltd.^(a)		15,593		93,211
NEPES Corp.^(a)(b)		5,417		130,240
Nexen Tire Corp.^(a)		12,327		65,162
NHN Corp.^(a)		3,211		184,279
NHN KCP Corp.		4,644		113,758
NICE Holdings Co. Ltd.^(a)		7,767		131,742
NICE Information Service Co. Ltd.^(a)		10,866		139,572
NKMax Co. Ltd.^(a)		11,357		88,088
NongShim Co. Ltd.		983		213,678
Orion Holdings Corp.		8,556		100,389
Oscotec Inc.^(a)		6,506		108,478
Osstem Implant Co. Ltd.^(a)		3,802		101,741
Paradise Co. Ltd.		15,298		206,577
Partron Co. Ltd.		12,045		88,763
Pharmicell Co. Ltd.^(a)(b)		18,072		115,173
Poongsan Corp.		6,195		104,058
Posco ICT Co. Ltd.		22,820		83,802
RFHIC Corp.		4,087		100,114
S&T Motiv Co. Ltd.		2,859		92,397
Sam Chun Dang Pharm Co. Ltd.		4,410		143,429
Samjin Pharmaceutical Co. Ltd.		4,187		78,258
Samwha Capacitor Co. Ltd.^(b)		2,473		118,916
Samyang Corp.		1,927		60,214
Samyang Foods Co. Ltd.		1,546		108,837
Samyang Holdings Corp.		1,338		54,148
Sangsangin Co. Ltd.		13,165		84,009
Seegene Inc.^(a)		5,962		179,179
Seojin System Co. Ltd.^(a)		4,467		94,158
Seoul Semiconductor Co. Ltd.^(a)		11,960		147,223
SFA Engineering Corp.		5,829		176,382
SFA Semicon Co. Ltd.^(a)		27,078		124,409
Shinsegae International Inc.		766		115,736
Silicon Works Co. Ltd.		3,747		101,658
SillaJen Inc.^(a)(b)		19,774		180,726
SK Chemicals Co. Ltd.		2,414		114,290
SK Discovery Co. Ltd.		3,811		67,779
SK Gas Ltd.		1,091		69,709
SK Materials Co. Ltd.		1,499		182,669
SK Networks Co. Ltd.		44,735		159,492
SKC Co. Ltd.		6,354		268,914
SKCKOLONPI Inc.		4,883		134,690
SL Corp.^(a)		4,412		54,492
SM Entertainment Co. Ltd.^(a)		6,000		140,552
Songwon Industrial Co. Ltd.		5,225		47,969
Soulbrain Co. Ltd.		2,868		204,267
SPC Samlip Co. Ltd.^(a)		760		42,114
STCUBE^(a)(b)		7,362		59,648
Taekwang Industrial Co. Ltd.^(a)		162		107,511
Taeyoung Engineering & Construction Co. Ltd.		12,186		129,436
Taihan Fiberoptics Co. Ltd.^(a)		21,581		49,666
Telcon RF Pharmaceutical Inc.^(a)		24,399		89,902
Theragen Etex Co. Ltd.^(a)		9,448		56,245
Tokai Carbon Korea Co. Ltd.		1,733		94,605
Tongyang Inc.^(a)		68,813		79,040
Tongyang Life Insurance Co. Ltd.		15,987		42,255
Toptec Co. Ltd.		6,911		55,481
Vieworks Co. Ltd.		2,639		65,405
Webzen Inc.^(a)		6,083		72,625

Security	Shares		Value

South Korea (continued)
Wemade Co. Ltd.		3,104	$	77,185
WONIK IPS Co. Ltd.^(a)		8,836		226,629
YG Entertainment Inc.^(a)		3,147		78,513
Young Poong Corp.^(a)		193		94,394
Youngone Corp.		7,896		204,795
Yuanta Securities Korea Co. Ltd.^(a)		36,212		69,919
Yungjin Pharmaceutical Co. Ltd.^(a)		30,951		127,678
Yuyang DNU Co. Ltd.^(a)		17,648		25,211
				28,026,655
Taiwan — 21.1%
AcBel Polytech Inc.		160,000		123,384
A-DATA Technology Co. Ltd.		66,000		146,475
Advanced Ceramic X Corp.		13,000		127,083
Advanced Wireless Semiconductor Co.		42,000		124,837
AmTRAN Technology Co. Ltd.^(a)		431,312		131,475
Arcadyan Technology Corp.		38,541		100,173
Ardentec Corp.		134,000		116,832
Asia Optical Co. Inc.		69,000		190,733
Asia Pacific Telecom Co. Ltd.^(a)		549,910		134,029
Asia Vital Components Co. Ltd.		101,000		110,074
ASMedia Technology Inc.		8,000		205,816
ASPEED Technology Inc.		9,000		281,180
AURAS Technology Co. Ltd.		19,000		101,025
BES Engineering Corp.		437,000		102,324
Bizlink Holding Inc.		32,770		207,251
Brighton-Best International Taiwan Inc.		174,000		163,487
Capital Securities Corp.		576,530		187,547
Career Technology MFG. Co. Ltd.		118,990		125,358
Casetek Holdings Ltd.		43,816		60,053
Cathay Real Estate Development Co. Ltd.		169,300		118,814
Center Laboratories Inc.		92,474		158,198
Century Iron & Steel Industrial Co. Ltd.		42,000		102,089
Charoen Pokphand Enterprise		55,000		112,981
Cheng Loong Corp.		266,000		207,761
Cheng Uei Precision Industry Co. Ltd.		112,000		137,598
Chicony Power Technology Co. Ltd.		58,000		112,822
Chilisin Electronics Corp.		59,459		210,113
China Bills Finance Corp.		292,000		147,063
China General Plastics Corp.		141,966		91,192
China Man-Made Fiber Corp.		484,223		116,260
China Motor Corp.		92,200		107,183
China Petrochemical Development Corp.		1,047,600		280,241
China Steel Chemical Corp.		69,000		268,895
Chin-Poon Industrial Co. Ltd.		105,000		103,857
Chipbond Technology Corp.		167,000		322,644
ChipMOS Technologies Inc.		173,000		168,261
Chlitina Holding Ltd.		13,000		80,071
Chong Hong Construction Co. Ltd.		56,424		152,429
Chroma ATE Inc.		104,000		487,723
Chung Hung Steel Corp.		355,000		106,220
Chunghwa Precision Test Tech Co. Ltd.		6,000		160,505
Cleanaway Co. Ltd.		31,000		162,783
Clevo Co.		133,000		134,627
CMC Magnetics Corp.^(a)		322,238		85,137
Compeq Manufacturing Co. Ltd.		305,000		392,840
Concraft Holding Co. Ltd.		19,869		87,929
Coretronic Corp.		118,400		144,288
CSBC Corp. Taiwan^(a)		81,455		62,141
CTCI Corp.		154,000		188,180
Cub Elecparts Inc.		17,992		120,028

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 59

Consolidated Schedule of Investments (unaudited) (continued) iShares^®MSCI Emerging Markets Small-Cap ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

Taiwan (continued)
Darfon Electronics Corp.		66,000	$	82,283
Darwin Precisions Corp.		114,000		49,509
E Ink Holdings Inc.		258,000		263,287
Egis Technology Inc.		18,000		127,809
Elan Microelectronics Corp.		85,000		235,803
Elite Material Co. Ltd.		81,000		321,009
Elite Semiconductor Memory Technology Inc.		102,000		115,712
eMemory Technology Inc.		21,000		219,158
Ennoconn Corp.		15,372		110,926
Epistar Corp.		313,000		301,841
Eternal Materials Co. Ltd.		334,399		297,629
Everlight Electronics Co. Ltd.		118,000		123,146
Far Eastern Department Stores Ltd.		309,000		247,469
Far Eastern International Bank		676,518		263,641
Faraday Technology Corp.		67,000		97,470
Farglory Land Development Co. Ltd.		77,000		96,252
Feng Hsin Steel Co. Ltd.		160,000		286,927
Firich Enterprises Co. Ltd.		82,155		84,653
FLEXium Interconnect Inc.		89,418		335,175
Formosa Sumco Technology Corp.		24,000		110,966
Foxsemicon Integrated Technology Inc.		19,200		105,893
Fulgent Sun International Holding Co. Ltd.		31,000		108,522
General Interface Solution Holding Ltd.		71,000		230,261
Genius Electronic Optical Co. Ltd.		21,585		359,994
Getac Technology Corp.		118,000		190,175
Gigabyte Technology Co. Ltd.		156,000		268,419
Ginko International Co. Ltd.		10,000		58,125
Global Unichip Corp.		24,000		177,546
Goldsun Building Materials Co. Ltd.		332,000		141,990
Gourmet Master Co. Ltd.		23,821		74,344
Grand Pacific Petrochemical^(a)		285,000		155,303
Grape King Bio Ltd.		37,000		268,829
Great Wall Enterprise Co. Ltd.		197,789		263,244
Greatek Electronics Inc.		108,000		168,352
Hannstar Board Corp.		91,000		108,192
HannStar Display Corp.		771,320		167,869
Holtek Semiconductor Inc.		53,000		114,824
Holy Stone Enterprise Co. Ltd.		41,050		136,926
Hota Industrial Manufacturing Co. Ltd.		62,192		237,229
Hsin Kuang Steel Co. Ltd.		100,000		96,600
HTC Corp.		212,000		245,050
Huaku Development Co. Ltd.		76,080		217,088
Hung Sheng Construction Ltd.		163,520		111,517
IBF Financial Holdings Co. Ltd.		689,869		258,591
International CSRC Investment Holdings Co.		203,945		182,530
International Games System Co. Ltd.		19,000		382,767
ITEQ Corp.		54,600		258,759
Jentech Precision Industrial Co. Ltd.		24,000		165,657
Jih Sun Financial Holdings Co. Ltd.		388,444		128,030
Johnson Health Tech Co. Ltd.		30,000		69,948
Kenda Rubber Industrial Co. Ltd.		183,341		170,447
Kindom Development Co. Ltd.		97,000		83,931
King Slide Works Co. Ltd.		18,000		207,170
King Yuan Electronics Co. Ltd.		317,000		342,864
King's Town Bank Co. Ltd.		256,000		310,705
Kinpo Electronics		438,000		192,388
Kinsus Interconnect Technology Corp.		79,000		134,626
LandMark Optoelectronics Corp.		21,400		187,995
Lealea Enterprise Co. Ltd.		330,590		96,296
Lien Hwa Industrial Holdings Corp.		253,068		317,594

Security	Shares		Value

Taiwan (continued)
Longchen Paper & Packaging Co. Ltd.		206,456	$	124,094
Lotes Co. Ltd.		21,968		214,750
Lotus Pharmaceutical Co. Ltd.^(a)		27,000		77,577
Lung Yen Life Service Corp.		79,000		158,368
Machvision Inc.		10,000		120,213
Macronix International		546,000		595,056
Makalot Industrial Co. Ltd.		58,036		284,626
Mercuries & Associates Holding Ltd.		121,436		87,228
Mercuries Life Insurance Co. Ltd.^(a)		358,246		137,835
Merida Industry Co. Ltd.		67,000		327,482
Merry Electronics Co. Ltd.		54,224		251,605
Mitac Holdings Corp.		244,985		275,491
momo.com Inc.		14,000		163,444
Nan Kang Rubber Tire Co. Ltd.		133,000		188,215
Nan Ya Printed Circuit Board Corp.		68,000		119,024
OBI Pharma Inc.^(a)		43,184		162,584
On-Bright Electronics Inc.		11,000		80,649
Oriental Union Chemical Corp.		190,000		125,184
Pan Jit International Inc.		93,900		75,357
Pan-International Industrial Corp.		151,722		98,210
Parade Technologies Ltd.		21,000		463,284
PChome Online Inc.^(a)		29,305		103,072
PharmaEngine Inc.		32,756		66,205
PharmaEssentia Corp.^(a)		50,000		166,780
Pharmally International Holding Co. Ltd.		21,603		148,398
Pixart Imaging Inc.		39,635		244,123
Poya International Co. Ltd.		17,453		274,941
President Securities Corp.		273,741		124,759
Primax Electronics Ltd.		109,000		176,210
Prince Housing & Development Corp.		477,917		169,673
Qisda Corp.		442,000		273,700
Radiant Opto-Electronics Corp.		131,000		424,849
Radium Life Tech Co. Ltd.		247,341		82,503
Rexon Industrial Corp. Ltd.		40,000		75,034
RichWave Technology Corp.		15,000		78,271
Ritek Corp.^(a)		548,218		96,682
Roo Hsing Co. Ltd.^(a)		174,000		57,752
Run Long Construction Co. Ltd.		65,000		128,585
Sanyang Motor Co. Ltd.		226,820		153,563
ScinoPharm Taiwan Ltd.		92,708		86,953
SDI Corp.		33,000		64,410
Sercomm Corp.		67,000		163,299
Shin Zu Shing Co. Ltd.		45,000		206,575
Shinkong Synthetic Fibers Corp.		419,135		169,567
Sigurd Microelectronics Corp.		125,124		140,911
Silergy Corp.		21,000		703,942
Simplo Technology Co. Ltd.		49,600		464,393
Sinbon Electronics Co. Ltd.		66,000		285,540
Sino-American Silicon Products Inc.		149,000		516,686
Sinyi Realty Inc.		89,778		85,688
Sitronix Technology Corp.		33,000		156,938
Soft-World International Corp.		32,140		84,597
Sporton International Inc.		22,330		154,867
St. Shine Optical Co. Ltd.		14,000		182,632
Sunny Friend Environmental Technology Co. Ltd.		20,000		164,798
Supreme Electronics Co. Ltd.		133,000		136,824
TA Chen Stainless Pipe		257,188		262,458
Taichung Commercial Bank Co. Ltd.		891,156		363,473
TaiDoc Technology Corp.		17,000		86,742
TaiMed Biologics Inc.^(a)		55,000		161,661

60 2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued) iShares^®MSCI Emerging Markets Small-Cap ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

Taiwan (continued)
Tainan Spinning Co. Ltd.		475,190	$	156,935
Taiwan Cogeneration Corp.		137,000		153,155
Taiwan Fertilizer Co. Ltd.		235,000		372,529
Taiwan Glass Industry Corp.		427,000		143,135
Taiwan Hon Chuan Enterprise Co. Ltd.		90,004		175,671
Taiwan Paiho Ltd.		75,050		172,757
Taiwan Secom Co. Ltd.		88,450		257,935
Taiwan Semiconductor Co. Ltd.		66,000		95,689
Taiwan Shin Kong Security Co. Ltd.		72,640		91,281
Taiwan Styrene Monomer		196,000		119,751
Taiwan Surface Mounting Technology Corp.		76,000		234,178
Taiwan TEA Corp.		291,000		151,845
Taiwan Union Technology Corp.		68,000		298,684
TCI Co. Ltd.		26,528		190,115
Teco Electric and Machinery Co. Ltd.		561,000		495,608
Test Research Inc.		52,000		87,584
Ton Yi Industrial Corp.		380,000		134,282
Tong Hsing Electronic Industries Ltd.		45,000		225,152
Tong Yang Industry Co. Ltd.		113,133		145,529
Topco Scientific Co. Ltd.		56,000		192,341
TPK Holding Co. Ltd.^(a)		95,000		140,714
Transcend Information Inc.		62,000		159,917
Tripod Technology Corp.		123,000		446,837
TSRC Corp.		222,000		157,265
TTY Biopharm Co. Ltd.		68,450		176,779
Tung Ho Steel Enterprise Corp.		346,000		257,105
TXC Corp.		89,000		139,469
U-Ming Marine Transport Corp.		146,000		141,277
Unimicron Technology Corp.		384,000		507,274
Union Bank of Taiwan^(a)		514,530		186,920
Unitech Printed Circuit Board Corp.		164,420		148,784
United Integrated Services Co. Ltd.		45,400		275,133
United Renewable Energy Co. Ltd.^(a)		655,879		151,409
UPC Technology Corp.		349,741		115,042
USI Corp.		382,070		150,786
Visual Photonics Epitaxy Co. Ltd.		47,425		153,335
Voltronic Power Technology Corp.		17,080		396,547
Wafer Works Corp.		145,681		164,303
Wah Lee Industrial Corp.		85,000		153,833
Walsin Lihwa Corp.		788,000		363,038
Wistron NeWeb Corp.		85,481		194,792
WT Microelectronics Co. Ltd.		96,757		122,067
XinTec Inc.^(a)		52,000		152,671
Xxentria Technology Materials Corp.		67,000		137,631
Yang Ming Marine Transport Corp.^(a)		380,820		87,157
YFY Inc.		508,000		233,201
Yieh Phui Enterprise Co. Ltd.		459,797		137,729
Yulon Finance Corp.		42,800		151,244
Yulon Motor Co. Ltd.		264,000		177,863
YungShin Global Holding Corp.		85,200		124,088
Yungtay Engineering Co. Ltd.		62,000		120,808
				40,674,768
Thailand — 3.5%
AEON Thana Sinsap Thailand PCL, NVDR		25,800		113,240
Amata Corp. PCL, NVDR		270,600		124,345
AP Thailand PCL, NVDR		822,800		159,058
Asia Aviation PCL, NVDR^(a)(b)		1,320,500		53,983
Bangchak Corp. PCL, NVDR^(b)		340,800		259,204
Bangkok Airways PCL, NVDR		402,400		59,426
Bangkok Chain Hospital PCL, NVDR		437,200		181,503

Security	Shares		Value

Thailand (continued)
Bangkok Land PCL, NVDR		5,602,600	$	182,877
Bangkok Life Assurance PCL, NVDR		174,200		85,568
Beauty Community PCL, NVDR^(b)		741,200		44,629
Central Plaza Hotel PCL, NVDR		142,500		81,287
CH Karnchang PCL, NVDR^(b)		369,500		220,143
Chularat Hospital PCL, NVDR^(b)		1,995,800		158,121
CK Power PCL, NVDR		798,100		95,605
Com7 PCL, NVDR		210,800		148,305
Eastern Polymer Group PCL, NVDR		412,900		52,864
Eastern Water Resources Development and Management
PCL, NVDR		374,600		127,023
Esso Thailand PCL, NVDR		352,000		66,931
GFPT PCL, NVDR		212,300		71,989
Gunkul Engineering PCL, NVDR^(b)		1,568,899		122,310
Hana Microelectronics PCL, NVDR		190,100		201,817
Italian-Thai Development PCL, NVDR		1,617,700		59,469
Jasmine International PCL, NVDR		1,147,200		175,961
KCE Electronics PCL, NVDR		233,300		163,395
Khon Kaen Sugar Industry PCL, NVDR		933,930		62,745
Kiatnakin Bank PCL, NVDR		96,332		190,039
LPN Development PCL, NVDR		557,500		74,204
Major Cineplex Group PCL, NVDR^(b)		234,000		140,155
MBK PCL, NVDR		405,900		228,966
Mega Lifesciences PCL, NVDR		134,700		106,718
Plan B Media PCL, NVDR		741,500		119,843
Pruksa Holding PCL, NVDR		236,600		107,222
PTG Energy PCL, NVDR.		232,500		103,890
Quality Houses PCL, NVDR		3,116,267		223,190
Sansiri PCL, NVDR^(b)		5,135,400		115,548
Siam Global House PCL, NVDR^(b)		483,679		211,528
Siamgas & Petrochemicals PCL, NVDR		296,800		74,306
Sino-Thai Engineering & Construction PCL, NVDR		314,528		148,517
Sri Trang Agro-Industry PCL, NVDR		314,980		117,787
Star Petroleum Refining PCL, NVS^(b)		484,500		121,298
Supalai PCL, NVDR		519,800		266,860
Super Energy Corp. PCL, NVDR		4,900,800		60,571
Taokaenoi Food & Marketing PCL, Class R, NVDR^(b)		197,900		49,859
Thai Airways International PCL, NVDR^(a)(b)		329,100		40,675
Thai Vegetable Oil PCL, NVDR^(b)		211,400		184,234
Thanachart Capital PCL, NVDR		110,300		184,387
Thonburi Healthcare Group PCL, NVDR		186,600		133,053
Tipco Asphalt PCL, NVDR		221,000		131,668
TTW PCL, NVDR^(b)		550,700		242,584
U City PCL, NVDR^(a)(b).		1,250,600		48,748
WHA Corp. PCL, NVDR		2,839,500		246,561
Workpoint Entertainment PCL, NVDR		81,200		22,388
				6,766,597
Turkey — 1.3%
Aygaz AS		27,730		50,586
Coca-Cola Icecek AS		24,878		179,541
Dogan Sirketler Grubu Holding AS		342,076		94,151
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		626,465		139,342
Enerjisa Enerji AS^(c)		94,543		117,852
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS,
Class D^(b)		341,583		142,116
Koza Altin Isletmeleri AS^(a)		14,782		172,674
Koza Anadolu Metal Madencilik Isletmeleri AS^(a)		65,036		117,599
Mavi Giyim Sanayi Ve Ticaret AS, Class B^(a)(c)		13,692		117,218
MLP Saglik Hizmetleri AS^(a)(b)(c)		28,407		67,685
Otokar Otomotiv Ve Savunma Sanayi AS		4,322		104,432

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 61

Consolidated Schedule of Investments (unaudited) (continued) iShares^®MSCI Emerging Markets Small-Cap ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

Turkey (continued)
Pegasus Hava Tasimaciligi AS^(a)(b)		11,799	$	101,956
Petkim Petrokimya Holding AS^(a)(b)		341,228		198,755
Sasa Polyester Sanayi AS		54,297		75,764
Soda Sanayii AS		141,095		130,726
Tekfen Holding AS		65,404		155,419
Trakya Cam Sanayii AS		190,670		101,906
Turkiye Halk Bankasi AS^(a)		193,128		184,807
Ulker Biskuvi Sanayi AS^(a)		52,966		173,580
				2,426,109
United Arab Emirates — 0.7%
Air Arabia PJSC^(a)		854,789		325,820
Amanat Holdings PJSC		529,062		114,948
Arabtec Holding PJSC		237,882		48,251
Dana Gas PJSC		1,199,770		285,823
Drake & Scull International PJSC^(a)(d)		241,185		18,137
Dubai Financial Market PJSC^(a)		639,700		153,267
Dubai Investments PJSC		692,880		239,581
DXB Entertainments PJSC^(a)		1,709,562		82,851
				1,268,678

Total Common Stocks — 97.5%
(Cost: $200,374,866)				187,672,691

Preferred Stocks

Brazil — 2.1%
Alpargatas SA, Preference Shares, NVS		61,950		433,079
Azul SA, Preference Shares, NVS		83,500		822,480
Banco ABC Brasil SA, Preference Shares, NVS		25,269		111,905
Banco do Estado do Rio Grande do Sul SA, Class B,
Preference Shares, NVS		59,800		240,570
Bradespar SA, Preference Shares, NVS		66,600		492,896
Cia. de Saneamento do Parana, Preference Shares, NVS		27,300		119,810
Cia. Energetica de Sao Paulo, Class B, Preference
Shares, NVS		57,000		411,867
Cia. Paranaense de Energia, Preference Shares, NVS		30,400		483,190
Gol Linhas Aereas Inteligentes SA, Preference
Shares, NVS		30,900		175,333
Marcopolo SA, Preference Shares, NVS		161,569		175,476

Security	Shares		Value

Brazil (continued)
Metalurgica Gerdau SA, Preference Shares, NVS		219,900	$	387,487
Randon SA Implemetos e Participacoes, Preference
Shares, NVS		53,725		139,086
Unipar Carbocloro SA, Preference Shares, NVS		15,483		91,972
				4,085,151
Colombia — 0.0%
Avianca Holdings SA, Preference Shares, NVS		114,677		53,022

Total Preferred Stocks — 2.1%
(Cost: $2,909,587)				4,138,173

Short-Term Investments

Money Market Funds — 5.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(g)(h)(i)		10,543,814		10,551,195

Total Short-Term Investments — 5.5%
(Cost: $10,544,983)				10,551,195

Total Investments in Securities — 105.1%
(Cost: $213,829,436)				202,362,059

Other Assets, Less Liabilities — (5.1)%				(9,795,656	)

Net Assets — 100.0%			$	192,566,403

^(a)

Non-income producing security.

^(b)

All or a portion of this security is on loan.

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

^(e) Rounds to less than $1.

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

^(g) Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, 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	08/31/19		Net Activity			02/29/20	02/29/20		Income			Gain (Loss)^(a)		(Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		17,922,363		(7,378,549	)	10,543,814	$	10,551,195	$	337,358	^(b)	$	3,678	$	(1,705	)
BlackRock Cash Funds: Treasury, SL Agency Shares		110,000		(110,000	)	—		—		3,021			—		—
							$	10,551,195	$	340,379		$	3,678	$	(1,705	)

^(a)

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

^(b)

62	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued)	iShares^®MSCI Emerging Markets Small-Cap ETF
February 29, 2020

Futures Contracts

Value/

Notional

Unrealized

Number of

Expiration

Amount

Appreciation

Description

Contracts

Date

(000

)

(Depreciation)

Long Contracts

MSCI Emerging Markets E-Mini

03/20/20

605

(62,071

)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

	Equity
	Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	62,071

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Equity
	Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	67,700

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(80,625	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	754,660

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments For description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of February 29, 2020 The breakdown of the Fund's investments into major categories is disclosed in the Consolidated Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	187,123,013		$	66,041	$	483,637	$	187,672,691
Preferred Stocks		4,138,173			—		—		4,138,173
Money Market Funds		10,551,195			—		—		10,551,195
	$	201,812,381		$	66,041	$	483,637	$	202,362,059
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(62,071	)	$	—	$	—	$	(62,071	)

^(a)	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 63

Consolidated Statements of Assets and Liabilities (unaudited)

February 29, 2020

										iShares
							iShares			MSCI
	iShares						MSCI			Emerging
	Core MSCI			iShares			Emerging			Markets
	Emerging Markets			MSCI BRIC			Markets Asia			Small-Cap
	ETF			ETF			ETF			ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a)
Unaffiliated^(b)	$	55,179,310,503		$	259,092,630		$	487,848,505		$	191,810,864
Affiliated^(c)		1,663,088,911			5,757,547			7,964,745			10,551,195
Cash		32,126,431			914			938			395,789
Foreign currency, at value^(d)		136,204,190			249,715			88,506			290,446
Cash pledged:
Futures contracts		5,704,200			22,000			45,000			32,000
Foreign currency collateral pledged:
Futures contracts^(e)		—			11,421			17,066			—
Receivables:
Investments sold		526,306,601			1,674,489			5,831			18,576,887
Securities lending income — Affiliated		3,695,057			4,267			8,503			44,444
Capital shares sold		13,367			—			—			114,730
Dividends		127,366,504			224,982			1,044,260			454,292
Tax reclaims		694,695			—			—			3,032
Total assets		57,674,510,459			267,037,965			497,023,354			222,273,679

LIABILITIES
Collateral on securities loaned, at value		1,658,829,667			5,372,866			7,331,487			10,542,834
Deferred foreign capital gain tax		18,195,244			—			51,091			—
Payables:
Investments purchased		334,186,585			1,542,536			—			1,819,198
Variation margin on futures contracts		390,939			1,522			5,558			2,160
Bank borrowings		9,101,272			—			—			262,535
Capital shares redeemed		331,029,979			—			—			16,954,929
Investment advisory fees		5,289,842			148,140			201,294			119,053
Professional fees		938			—			—			—
Foreign taxes		537,957			—			454			6,567
Total liabilities		2,357,562,423			7,065,064			7,589,884			29,707,276

NET ASSETS	$	55,316,948,036		$	259,972,901		$	489,433,470		$	192,566,403

NET ASSETS CONSIST OF:
Paid-in capital	$	56,969,020,648		$	485,889,174		$	509,333,935		$	250,601,342
Accumulated loss		(1,652,072,612	)		(225,916,273	)		(19,900,465	)		(58,034,939	)
NET ASSETS	$	55,316,948,036		$	259,972,901		$	489,433,470		$	192,566,403

Shares outstanding		1,142,400,000			6,200,000			7,500,000			4,750,000
Net asset value	$	48.42		$	41.93		$	65.26		$	40.54
Shares authorized		2.3 billion			500 million			500 million			500 million
Par value	$	0.001		$	0.001		$	0.001		$	0.001

^(a) Securities loaned, at value	$	1,526,844,623		$	5,117,798		$	6,952,070		$	9,279,627
^(b) Investments, at cost — Unaffiliated	$	51,936,192,113		$	260,515,816		$	455,372,721		$	203,284,453
^(c) Investments, at cost — Affiliated	$	1,661,970,331		$	5,756,148		$	7,961,340		$	10,544,983
^(d) Foreign currency, at cost	$	137,132,722		$	253,399		$	88,671		$	296,090
^(e) Foreign currency collateral pledged, at cost	$	—		$	11,462		$	17,082		$	—

See notes to consolidated financial statements.

64	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Statements of Operations (unaudited)

Six Months Ended February 29, 2020

										iShares
							iShares			MSCI
	iShares						MSCI			Emerging
	Core MSCI			iShares			Emerging			Markets
	Emerging Markets			MSCI BRIC			Markets Asia			Small-Cap
	ETF			ETF			ETF			ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	521,139,029		$	1,370,575		$	3,221,921		$	2,069,821
Dividends — Affiliated		894,811			2,716			6,270			3,021
Non-cash dividends — Unaffiliated		335,690,356			—			—			—
Interest — Unaffiliated		79,896			127			293			243
Securities lending income — Affiliated — net^(a)		26,465,171			31,596			92,336			337,358
Other income — Unaffiliated		5,181			—			—			—
Foreign taxes withheld		(56,678,796	)		(105,308	)		(389,817	)		(168,186	)
Foreign withholding tax claims		9,380			—			—			—
Other foreign taxes		(86,843	)		—			(1,005	)		(614	)
Total investment income		827,518,185			1,299,706			2,929,998			2,241,643

EXPENSES
Investment advisory fees		40,523,623			651,360			1,143,062			717,379
Commitment fees		164,715			887			1,770			958
Professional fees		938			—			—			—
Mauritius income taxes		1,400,098			8,650			15,487			10,876
Interest expense		42,049			930			1,404			1,276
Total expenses		42,131,423			661,827			1,161,723			730,489
Less:
Investment advisory fees waived		(1,605,491	)		—			—			—
Total expenses after fees waived		40,525,932			661,827			1,161,723			730,489
Net investment income		786,992,253			637,879			1,768,275			1,511,154

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(b)		(602,752,974	)		(1,967,486	)		(2,072,030	)		(11,025,228	)
Investments — Affiliated		175,766			(293	)		527			3,678
In-kind redemptions — Unaffiliated		200,850,047			—			5,512,349			68,617
Futures contracts		9,191,415			62,114			97,744			67,700
Foreign currency transactions		(1,298,247	)		(43,027	)		(38,196	)		44,577
Net realized gain (loss)		(393,833,993	)		(1,948,692	)		3,500,394			(10,840,656	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(c)		831,224,711			2,551,967			12,309,613			7,612,811
Investments — Affiliated		153,675			1,175			1,624			(1,705	)
Futures contracts		(4,579,401	)		(33,115	)		(116,799	)		(80,625	)
Foreign currency translations		(5,973,472	)		(14,199	)		(40,755	)		(67,325	)
Net change in unrealized appreciation (depreciation)		820,825,513			2,505,828			12,153,683			7,463,156
Net realized and unrealized gain (loss)		426,991,520			557,136			15,654,077			(3,377,500	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,213,983,773		$	1,195,015		$	17,422,352		$	(1,866,346	)

^(a) Net of securities lending income tax paid of	$	1,250,700		$	—		$	—		$	—
^(b) Net of foreign capital gain tax of	$	127,099		$	—		$	614		$	—
^(c) Net of deferred foreign capital gain tax of	$	(1,230,379	)	$	—		$	(133,522	)	$	—

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

Consolidated Statements of Changes in Net Assets

	iShares						iShares
	Core MSCI Emerging Markets ETF						MSCI BRIC ETF
		Six Months Ended						Six Months Ended
		02/29/20			Year Ended			02/29/20			Year Ended
		(unaudited)			08/31/19			(unaudited)			08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	786,992,253		$	1,508,745,729		$	637,879		$	3,448,535
Net realized gain (loss)		(393,833,993	)		(2,080,355,186	)		(1,948,692	)		22,254,730
Net change in unrealized appreciation (depreciation)		820,825,513			(1,880,589,481	)		2,505,828			(19,645,277	)
Net increase (decrease) in net assets resulting from operations		1,213,983,773			(2,452,198,938	)		1,195,015			6,057,988

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(1,344,119,301	)		(1,444,387,321	)		(2,044,716	)		(4,010,086	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		2,426,785,602			7,837,158,637			99,896,319			(46,185,765	)

NET ASSETS
Total increase (decrease) in net assets		2,296,650,074			3,940,572,378			99,046,618			(44,137,863	)
Beginning of period		53,020,297,962			49,079,725,584			160,926,283			205,064,146
End of period	$	55,316,948,036		$	53,020,297,962		$	259,972,901		$	160,926,283

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

See notes to consolidated financial statements.

66	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Statements of Changes in Net Assets (continued)

							iShares
	iShares						MSCI Emerging Markets Small-Cap
	MSCI Emerging Markets Asia ETF						ETF
	Six Months						Six Months
	Ended						Ended
	02/29/20			Year Ended			02/29/20			Year Ended
	(unaudited)			08/31/19			(unaudited)			08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,768,275		$	9,018,925		$	1,511,154		$	5,737,900
Net realized gain (loss)		3,500,394			(7,607,049	)		(10,840,656	)		(12,756,567	)
Net change in unrealized appreciation (depreciation)		12,153,683			(35,810,298	)		7,463,156			(19,596,766	)
Net increase (decrease) in net assets resulting from operations		17,422,352			(34,398,422	)		(1,866,346	)		(26,615,433	)

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(6,746,947	)		(9,103,744	)		(3,959,438	)		(6,815,245	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		26,430,266			55,291,785			(40,309,546	)		10,108,698

NET ASSETS
Total increase (decrease) in net assets		37,105,671			11,789,619			(46,135,330	)		(23,321,980	)
Beginning of period		452,327,799			440,538,180			238,701,733			262,023,713
End of period	$	489,433,470		$	452,327,799		$	192,566,403		$	238,701,733

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

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

Consolidated Financial Highlights

(For a share outstanding throughout each period)

	iShares Core MSCI Emerging Markets ETF
	Six Months Ended
	02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			08/31/15

Net asset value, beginning of period	$	48.31		$	52.27		$	53.91		$	44.60		$	40.75		$	53.89
Net investment income^(a)		0.70			1.40			1.39			1.31			1.20			1.21
Net realized and unrealized gain (loss)^(b)		0.61			(4.01	)		(1.61	)		8.95			3.58			(13.26	)
Net increase (decrease) from investment operations		1.31			(2.61	)		(0.22	)		10.26			4.78			(12.05	)

Distributions^(c)
From net investment income		(1.20	)		(1.35	)		(1.42	)		(0.95	)		(0.93	)		(1.09	)
Total distributions		(1.20	)		(1.35	)		(1.42	)		(0.95	)		(0.93	)		(1.09	)

Net asset value, end of period	$	48.42		$	48.31		$	52.27		$	53.91		$	44.60		$	40.75

Total Return
Based on net asset value		2.53	%^(d)		(4.93	)%^(e)		(0.52	)%		23.45	%		11.99	%		(22.61	)%

Ratios to Average Net Assets
Total expenses		0.15	%^(f)		0.14	%		0.14	%		0.15	%		0.17	%		0.18	%
Total expenses after fees waived		0.14	%^(f)		0.14	%		0.14	%		0.14	%		0.17	%		0.18	%
Total expenses excluding professional fees for foreign withholding tax claims		0.15	%^(f)		0.14	%		N/A			N/A			N/A			N/A
Net investment income		2.72	%^(f)		2.79	%		2.48	%		2.74	%		2.93	%		2.49	%

Supplemental Data
Net assets, end of period (000)	$	55,316,948		$	53,020,298		$	49,079,726		$	36,775,298		$	16,003,488		$	7,025,331
Portfolio turnover rate^(g)		5	%^(d)		15	%		6	%		4	%		10	%		7	%

^(a)

Based on average shares outstanding.

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

^(d) Not annualized.

^(e) 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, 2019:

• Total return by 0.01%.

^(f)

Annualized.

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

See notes to consolidated financial statements.

68	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI BRIC ETF
		Six Months Ended
		02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			08/31/15

Net asset value, beginning of period	$	40.23		$	41.01		$	42.21		$	33.48		$	30.74		$	41.12
Net investment income^(a)		0.15			0.69			0.68			0.70			0.64			0.77
Net realized and unrealized gain (loss)^(b)		2.06			(0.59	)		(1.13	)		8.57			2.84			(10.20	)
Net increase (decrease) from investment operations		2.21			0.10			(0.45	)		9.27			3.48			(9.43	)

Distributions^(c)
From net investment income		(0.51	)		(0.88	)		(0.75	)		(0.54	)		(0.74	)		(0.95	)
Total distributions		(0.51	)		(0.88	)		(0.75	)		(0.54	)		(0.74	)		(0.95	)

Net asset value, end of period	$	41.93		$	40.23		$	41.01		$	42.21		$	33.48		$	30.74

Total Return
Based on net asset value		5.43	%^(d)		0.35	%		(1.16	)%		28.15	%		11.61	%		(23.19	)%

Ratios to Average Net Assets
Total expenses		0.70	%^(e)		0.69	%		0.67	%		0.70	%		0.73	%		0.69	%
Net investment income		0.67	%^(e)		1.69	%		1.51	%		1.96	%		2.13	%		2.07	%

Supplemental Data
Net assets, end of period (000)	$	259,973		$	160,926		$	205,064		$	261,702		$	182,488		$	196,758
Portfolio turnover rate^(f)		7	%^(d)		53	%		22	%		24	%		20	%		9	%

^(a)

Based on average shares outstanding.

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

^(d) Not annualized.

^(e) Annualized.

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

See notes to 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

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Emerging Markets Asia ETF
		Six Months Ended
		02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			08/31/15

Net asset value, beginning of period	$	62.82		$	69.38		$	69.15		$	56.33		$	50.87		$	62.08
Net investment income^(a)		0.26			1.26			1.16			1.31			1.02			1.25
Net realized and unrealized gain (loss)^(b)		3.19			(6.52	)		0.42			12.43			5.54			(11.61	)
Net increase (decrease) from investment operations		3.45			(5.26	)		1.58			13.74			6.56			(10.36	)

Distributions^(c)
From net investment income		(1.01	)		(1.30	)		(1.35	)		(0.92	)		(1.10	)		(0.85	)
Total distributions		(1.01	)		(1.30	)		(1.35	)		(0.92	)		(1.10	)		(0.85	)

Net asset value, end of period	$	65.26		$	62.82		$	69.38		$	69.15		$	56.33		$	50.87

Total Return
Based on net asset value		5.38	%^(d)		(7.52	)%		2.22	%		24.80	%		13.14	%		(16.86	)%

Ratios to Average Net Assets
Total expenses		0.50	%^(e)		0.50	%		0.50	%		0.49	%		0.66	%		0.68	%
Total expenses after fees waived		0.50	%^(e)		0.50	%		0.50	%		0.49	%		0.49	%		0.49	%
Net investment income		0.76	%^(e)		1.94	%		1.58	%		2.16	%		1.98	%		2.10	%

Supplemental Data
Net assets, end of period (000)	$	489,433		$	452,328		$	440,538		$	501,330		$	216,863		$	124,637
Portfolio turnover rate^(f)		13	%^(d)		16	%		33	%		15	%		22	%		16	%

^(a)

Based on average shares outstanding.

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

^(d)

Not annualized.

^(e) Annualized.

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

See notes to consolidated financial statements.

70	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Emerging Markets Small-Cap ETF
		Six Months Ended
		02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			08/31/15

Net asset value, beginning of period	$	41.51		$	47.64		$	49.23		$	43.27		$	40.06		$	51.37
Net investment income^(a)		0.32			0.99			1.10			1.04			0.90			1.04
Net realized and unrealized gain (loss)^(b)		(0.44	)		(5.98	)		(1.22	)		5.81			3.36			(11.06	)
Net increase (decrease) from investment operations		(0.12	)		(4.99	)		(0.12	)		6.85			4.26			(10.02	)

Distributions^(c)
From net investment income		(0.85	)		(1.14	)		(1.47	)		(0.89	)		(1.05	)		(1.29	)
Total distributions		(0.85	)		(1.14	)		(1.47	)		(0.89	)		(1.05	)		(1.29	)

Net asset value, end of period	$	40.54		$	41.51		$	47.64		$	49.23		$	43.27		$	40.06

Total Return
Based on net asset value		(0.46	)%^(d)		(10.50	)%		(0.38	)%		16.17	%		10.83	%		(19.77	)%

Ratios to Average Net Assets
Total expenses		0.70	%^(e)		0.69	%		0.67	%		0.69	%		0.71	%		0.69	%
Net investment income		1.45	%^(e)		2.25	%		2.14	%		2.32	%		2.20	%		2.20	%

Supplemental Data
Net assets, end of period (000)	$	192,566		$	238,702		$	262,024		$	253,519		$	121,151		$	76,120
Portfolio turnover rate^(f)		28	%^(d)		29	%		39	%		19	%		24	%		23	%

^(a)

Based on average shares outstanding.

^(b)

^(c)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)

Not annualized.

^(e)

Annualized.

^(f)

Portfolio turnover rate excludes in-kind transactions.

See notes to 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

Notes to Consolidated Financial Statements (unaudited)

ORGANIZATION

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

	Diversification
iShares ETF	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.

SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of consolidated 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 consolidated 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.

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 29, 2020, 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 have commercial substance, on an annual basis, to satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius and related requirements. Each Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities and the same covers the period of any exists.

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, each Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, each Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign source income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the FSC, each Subsidiary is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against each Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. Taxes on income, if any, are paid by 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.

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.

72 2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Consolidated Financial Statements (unaudited) (continued)

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 n additional shares of the Funds.

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

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.

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 valu 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 consolidated schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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 securit es 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

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)

As of February 29, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds' investment adviser, or its affiliates and is disclosed in the 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 29, 2020 and the value of the related cash collateral are disclosed in the consolidated 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 29, 2020:

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 $ 1,198,109 $ 1,198,109 $ — $ —

Barclays Capital Inc. 21,843,911 21,843,911 — —

BNP Paribas Prime Brokerage International Ltd. 12,542,475 12,542,475 — —

BNP Paribas Securities Corp. 5,042,250 5,042,250 — —

BofA Securities, Inc. 46,239,418 46,239,418 — —

Citadel Clearing LLC 579,203 579,203 — —

Citigroup Global Markets Inc. 199,855,997 199,855,997 — —

Citigroup Global Markets Ltd. 45,536,315 45,536,315 — —

Credit Suisse Securities (Europe) Ltd. 51,699,537 51,699,537 — —

Credit Suisse Securities (USA) LLC 95,764,546 95,764,546 — —

Deutsche Bank AG 5,019,105 5,019,105 — —

Deutsche Bank Securities Inc. 4,844,044 4,844,044 — —

Goldman Sachs & Co. 147,804,841 147,804,841 — —

Goldman Sachs International 12,636,137 12,636,137 — —

HSBC Bank PLC 64,571,893 64,571,893 — —

Jefferies LLC 2,173,929 2,173,929 — —

JPMorgan Securities LLC 185,160,889 185,160,889 — —

JPMorgan Securities PLC 120,193,225 120,193,225 — —

Macquarie Bank Limited 53,686,747 53,686,747 — —

Mizuho Securities USA Inc. 70,504 70,504 — —

Morgan Stanley& Co. International PLC 49,813,479 49,813,479 — —

Morgan Stanley& Co. LLC 322,353,915 322,353,915 — —

Morgan Stanley& Co. LLC (U.S. Equity Securities Lending) 15,627,666 15,627,666 — —

Nomura Securities International Inc. 4,656,195 4,656,195 — —

RBC Capital Markets LLC 25,017 25,017 — —

SG Americas Securities LLC 1,716,784 11,716,784 — —

State Street Bank & Trust Company 635,200 635,200 — —

TD Prime Services LLC 499,763 499,763 — —

UBS AG 10,017,755 10,017,755 — —

UBS Europe SE 7,442,571 7,442,571 — —

UBS Securities LLC 16,526,858 16,526,858 — —

Wells Fargo Bank, National Association 8,207,118 8,207,118 — —

Wells Fargo Securities LLC 2,859,227 2,859,227 — —

$ 1,526,844,623 $ 1,526,844,623 $ — $ —

74 2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Consolidated Financial Statements (unaudited) (continued)

	Market Value of
iShares ETF and Counterparty	Securities on Loan		Cash Collateral Received^(a)		Collateral Received		Net Amount
MSCI BRIC
Citigroup Global Markets Inc.	$	1,403,148	$	1,403,148	$	—	$	—
Credit Suisse Securities (USA) LLC		63,975		63,975		—		—
JPMorgan Securities LLC		740,405		740,405		—		—
Macquarie Bank Limited		64,507		64,507		—		—
Morgan Stanley & Co. LLC		1,855,663		1,855,663		—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		394,813		394,813		—		—
Scotia Capital (USA) Inc.		33,637		32,272		—		(1,365	)^(b)
State Street Bank & Trust Company		1,981		1,901		—		(80	)^(b)
UBS AG		559,669		559,669		—		—
	$	5,117,798	$	5,116,353	$	—	$	(1,445	)
MSCI Emerging Markets Asia
Barclays Capital Inc.	$	215,148	$	215,148	$	—	$	—
BofA Securities, Inc.		225,110		225,110		—		—
Citigroup Global Markets Inc.		490,823		490,823		—		—
Credit Suisse Securities (USA) LLC		1,161,014		1,161,014		—		—
Jefferies LLC		52,339		52,339		—		—
JPMorgan Securities LLC		935,134		935,134		—		—
Macquarie Bank Limited		167,057		167,057		—		—
Morgan Stanley & Co. International PLC		89,773		89,773		—		—
Morgan Stanley & Co. LLC		3,239,252		3,239,252		—		—
Nomura Securities International Inc.		29,124		29,124		—		—
TD Prime Services LLC		22,431		22,431		—		—
UBS AG		154,849		154,849		—		—
Wells Fargo Securities LLC		170,016		170,016		—		—
	$	6,952,070	$	6,952,070	$	—	$	—
MSCI Emerging Markets Small-Cap
Barclays Bank PLC	$	83,336	$	83,336	$	—	$	—
Barclays Capital Inc.		92,930		92,930		—		—
BNP Paribas Prime Brokerage International Ltd.		103,946		102,765		—		(1,181	)^(b)
BofA Securities, Inc.		499,999		499,999		—		—
Citigroup Global Markets Inc.		87,654		87,654		—		—
Credit Suisse Securities (USA) LLC		701,924		701,924		—		—
Deutsche Bank Securities Inc.		18,327		18,327		—		—
Goldman Sachs & Co.		1,143,992		1,143,992		—		—
HSBC Bank PLC		1,567,999		1,567,999		—		—
JPMorgan Securities LLC		1,649,600		1,649,600		—		—
JPMorgan Securities PLC		35,359		35,359		—		—
Macquarie Bank Limited		851,626		851,626		—		—
Morgan Stanley & Co. International PLC		365,649		365,649		—		—
Morgan Stanley & Co. LLC		1,291,365		1,291,365		—		—
SG Americas Securities LLC		72,057		72,057		—		—
UBS AG		359,851		359,851		—		—
UBS Securities LLC		354,013		354,013		—		—
	$	9,279,627	$	9,278,446	$	—	$	(1,181	)

^(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 to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased w th cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

N o t e s t o 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

Notes to Consolidated Financial Statements (unaudited) (continued)

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 consolidated schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts n 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.

INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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 MSCI BRIC 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.

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.

76 2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Consolidated Financial Statements (unaudited) (continued)

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 29, 2020, the Funds paid BTC the following amounts for securities lending agent services:

	Fees Paid
iShares ETF	to BTC
Core MSCI Emerging Markets	$	6,447,770
MSCI BRIC		7,636
MSCI Emerging Markets Asia		21,796
MSCI Emerging Markets Small-Cap		76,592

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

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

For the six months ended February 29, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Core MSCI Emerging Markets	$	48,747,213	$	307,551,637	$	(33,055,274	)
MSCI Emerging Markets Asia		33,489		535,045		(43,202	)
MSCI Emerging Markets Small-Cap		889,821		699,777		320,611

PURCHASES AND SALES

For the six months ended February 29, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
Core MSCI Emerging Markets	$	4,486,646,874	$	2,886,960,541
MSCI BRIC		86,419,238		13,977,135
MSCI Emerging Markets Asia		102,304,202		58,490,818
MSCI Emerging Markets Small-Cap		56,954,247		84,830,022

For the six months ended February 29, 2020, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Core MSCI Emerging Markets	$	606,899,088	$	526,219,979
MSCI BRIC		25,801,809		—
MSCI Emerging Markets Asia		—		22,743,054
MSCI Emerging Markets Small-Cap		9,038,447		23,565,880

INCOME TAX INFORMATION

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 77

Notes to Consolidated Financial Statements (unaudited) (continued)

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

iShares ETF	Non-Expiring
Core MSCI Emerging Markets	$	2,960,244,052
MSCI BRIC		217,988,152
MSCI Emerging Markets Asia		45,597,073
MSCI Emerging Markets Small-Cap		26,517,277

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Core MSCI Emerging Markets	$	55,309,651,896	$	10,066,209,133	$	(8,545,978,718	)	$	1,520,230,415
MSCI BRIC		270,641,737		24,115,572		(29,932,478	)		(5,816,906	)
MSCI Emerging Markets Asia		472,996,599		81,583,123		(58,867,947	)		22,715,176
MSCI Emerging Markets Small-Cap		222,728,536		28,268,700		(48,697,248	)		(20,428,548	)

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 21, 2020. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

For the six months ended February 29, 2020, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the credit agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
Core MSCI Emerging Markets	$	75,550,000	$	3,077,363		2.70	%
MSCI BRIC		1,600,000		69,813		2.63
MSCI Emerging Markets Asia		2,300,000		99,176		2.80
MSCI Emerging Markets Small-Cap		2,366,000		93,885		2.69

PRINCIPAL RISKS

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

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

78 2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Consolidated 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.

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

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.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:

	Six Months Ended						Year Ended
	02/29/20						08/31/19
iShares ETF		Shares			Amount			Shares			Amount
Core MSCI Emerging Markets
Shares sold		68,400,000		$	3,600,952,026			211,800,000		$	10,461,822,914
Shares redeemed		(23,400,000	)		(1,174,166,424	)		(53,400,000	)		(2,624,664,277	)
Net increase		45,000,000		$	2,426,785,602			158,400,000		$	7,837,158,637

MSCI BRIC
Shares sold		2,200,000		$	99,896,319			4,950,000		$	208,411,154
Shares redeemed		—			—			(5,950,000	)		(254,596,919	)
Net increase(decrease)		2,200,000		$	99,896,319			(1,000,000	)	$	(46,185,765	)

MSCI Emerging Markets Asia
Shares sold		1,050,000		$	76,674,736			1,850,000		$	118,169,909
Shares redeemed		(750,000	)		(50,244,470	)		(1,000,000	)		(62,878,124	)
Net increase		300,000		$	26,430,266			850,000		$	55,291,785

MSCI Emerging Markets Small-Cap
Shares sold		1,050,000		$	46,884,648			1,100,000		$	47,348,348
Shares redeemed		(2,050,000	)		(87,194,194	)		(850,000	)		(37,239,650	)
Net increase(decrease)		(1,000,000	)	$	(40,309,546	)		250,000		$	10,108,698

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 79

Notes to Consolidated Financial Statements (unaudited) (continued)

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. Professiona 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.

The Internal Revenue Service ("IRS") has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior 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 wi l 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.

LEGAL PROCEEDINGS

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.

80	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statement Regarding Liquidity Risk Management Program

The Board of Directors (the “Board”) of iShares Core MSCI Emerging Markets ETF, iShares MSCI BRIC ETF, iShares MSCI Emerging Markets Asia ETF and iShares MSCI Emerging Markets Small-Cap ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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

S t a t e m e n t R e g a r d i n g L i q u i d i t y R i s k M a n a g e m e n t P r o g r a m 81

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
Core MSCI Emerging Markets^(a)	$	1.180459	$	—	$	0.020720	$	1.201179		98	%	—	%	2	%	100	%
MSCI BRIC^(a)		0.407132		—		0.104047		0.511179		80		—		20		100
MSCI Emerging Markets Asia^(a)		0.819154		—		0.187853		1.007007		81		—		19		100
MSCI Emerging Markets Small-Cap^(a)		0.702612		—		0.148880		0.851492		83		—		17		100

^(a)

The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. Areturn 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.

82 2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

General Information

Electronic Delivery

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

Availability of Quarterly Schedule of Investments

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

G e n e r a l I n f o r m a t i o n 83

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

84 2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

iS-SAR-810-0220

(GRAPHIC)

FEBRUARY 29, 2020

2020 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	3
About Fund Performance	5
Shareholder Expenses	5
Schedules of Investments	6
Financial Statements
Statements of Assets and Liabilities	22
Statements of Operations	23
Statements of Changes in Net Assets	24
Financial Highlights	25
Notes to Financial Statements	27
Statement Regarding Liquidity Risk Management Program	34
Supplemental Information	35
General Information	36
Glossary of Terms Used in this Report	37

Fund Summary as of February 29, 2020

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	(1.84	)%	3.76	%	1.39	%	5.33	%	3.76	%	7.14	%	47.33	%
Fund Market	(3.60	)	0.04		0.65		4.96		0.04		3.31		43.55
Index	(1.23	)	4.95		2.88		6.62		4.95		15.24		61.42

The inception date of the Fund was 9/12/12. The first day of secondary market trading was 9/13/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 5 for more information.

Expense Example

	Actual							Hypothetical 5% Return
Beginning Account Value (09/01/19)			Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Annualized Expense Ratio
	$	1,000.00	$	981.60	$	3.89		$	1,000.00	$	1,020.90	$	3.97		0.79	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments		^(a)
Financials		53.5	%
Communication Services		15.2
Consumer Staples		7.1
Real Estate		6.7
Industrials		5.2
Energy		4.5
Materials		3.6
Health Care		2.4
Utilities		1.0
Consumer Discretionary		0.8

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments		^(a)
Kuwait		28.7	%
Morocco		11.2
Vietnam		11.2
Kenya		9.4
Bahrain		9.2
Nigeria		8.0
Romania		7.7
Bangladesh		5.3
Kazakhstan		3.2
Oman		2.7

^(a)	Excludes money market funds.

F u n d S u m m a r y 3

Fund Summary as of February 29, 2020

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	0.98	%	4.90	%	6.18	%	9.67	%	4.90	%	34.94	%	111.86	%
Fund Market	1.56		5.62		6.23		9.73		5.62		35.25		112.95
Index	0.88		4.63		5.88		9.45		4.63		33.09		108.52

The inception date of the Fund was 1/10/12. The first day of secondary market trading was 1/12/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 5 for more information.

Expense Example

Actual Hypothetical 5% Return

Beginning
Account Value
(09/01/19) Ending
Account Value
(02/29/20) Expenses
Paid During
the Period ^(a) Beginning
Account Value
(09/01/19) Ending
Account Value
(02/29/20) Expenses
Paid During
the Period ^(a) Annualized
Expense
Ratio

$ 1,000.00 $ 1,009.80 $ 1.20 $ 1,000.00 $ 1,023.70 $ 1.21 0.24 %

^(a)

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments		^(a)
Information Technology		18.4	%
Financials		15.1
Health Care		13.2
Industrials		10.7
Consumer Discretionary		10.4
Communication Services		8.6
Consumer Staples		8.3
Energy		4.2
Materials		4.1
Utilities		3.7
Real Estate		3.3

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments		^(a)
United States		63.4	%
Japan		8.0
United Kingdom		5.1
France		3.7
Canada		3.5
Switzerland		3.2
Germany		2.8
Australia		2.4
Netherlands		1.3
Hong Kong		1.2

^(a)

Excludes money market funds.

4 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

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 5

Schedule of Investments (unaudited)	iShares^®MSCI Frontier 100 ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Bahrain — 9.2%
Ahli United Bank BSC		31,696,521	$	33,561,022
Aluminium Bahrain BSC^(a)		1,068,749		1,255,684
Bahrain Telecommunications Co. BSC		3,175,732		3,360,608
GFH Financial Group BSC		24,448,963		5,757,944
Ithmaar Holding BSC^(a)(b)		7,341,331		535,006
				44,470,264
Bangladesh — 5.2%
Bangladesh Export Import Co. Ltd.		5,011,247		937,398
Beximco Pharmaceuticals Ltd.		2,589,856		2,224,229
BRAC Bank Ltd.^(a)		5,246,700		2,290,030
City Bank Ltd. (The)		4,881,298		1,010,716
GrameenPhone Ltd.		847,360		2,735,478
LafargeHolcim Bangladesh Ltd.		3,262,335		1,692,576
National Bank Ltd.^(a)		14,058,413		1,223,909
Olympic Industries Ltd.		1,066,833		2,301,849
Square Pharmaceuticals Ltd.		4,171,259		9,490,841
Summit Power Ltd.		3,326,394		1,557,535
				25,464,561
Jordan — 1.8%
Arab Bank PLC		606,150		4,744,898
Jordan Islamic Bank		376,232		1,565,422
Jordan Petroleum Refinery Co.		539,977		2,589,452
				8,899,772
Kazakhstan — 3.1%
Halyk Savings Bank of Kazakhstan JSC, GDR^(c)		735,473		10,296,622
KCell JSC^(c)(d)		262,890		1,572,082
NAC Kazatomprom JSC, GDR		274,822		3,339,088
				15,207,792
Kenya — 9.4%
East African Breweries Ltd.		3,051,671		5,857,580
Equity Group Holdings PLC/Kenya		21,362,366		9,551,848
KCB Group Ltd.		19,758,945		8,776,330
Safaricom PLC		77,377,294		21,332,278
				45,518,036
Kuwait — 28.5%
Agility Public Warehousing Co. KSC		2,892,584		7,515,047
ALAFCO Aviation Lease & Finance Co. KSCP		528,397		450,692
Alimtiaz Investment Group KSC		2,318,310		947,022
Boubyan Bank KSCP		1,233,723		2,568,240
Boubyan Petrochemicals Co. KSCP		1,161,956		2,396,060
Burgan Bank SAK		2,998,295		2,861,118
Gulf Bank KSCP		5,756,919		5,361,836
Humansoft Holding Co. KSC		284,948		2,970,536
Integrated Holding Co. KCSC		442,953		787,472
Jazeera Airways Co. KSC		304,214		999,134
Kuwait Finance House KSCP		10,152,385		26,343,117
Kuwait International Bank KSCP		2,766,886		2,477,538
Kuwait Projects Co. Holding KSCP		2,595,914		1,747,576
Mabanee Co. SAK		1,764,541		4,895,736
Mezzan Holding Co. KSCC		337,479		523,865
Mobile Telecommunications Co. KSC		6,775,867		12,400,280
National Bank of Kuwait SAKP		17,231,380		57,043,751
National Industries Group Holding SAK		3,264,949		2,443,377
National Real Estate Co. KPSC^(a)		2,624,525		765,915
Warba Bank KSCP^(a)		3,735,508		3,283,829
				138,782,141

Security	Shares		Value
Mauritius — 0.4%
Lighthouse Capital Ltd.		4,171,107	$	2,121,149
Morocco — 11.1%
Attijariwafa Bank		315,954		16,252,862
Banque Centrale Populaire		157,070		4,423,472
Cosumar		197,399		4,513,032
Label Vie		6,845		2,262,046
Maroc Telecom		1,441,827		22,265,516
Societe d’Exploitation des Ports		147,312		3,237,795
TOTAL Maroc SA		8,777		1,108,213
				54,062,936
Nigeria — 8.0%
Access Bank PLC		127,318,423		2,854,439
Afriland Properties PLC^(a)		8,020		44
Dangote Cement PLC		18,087,796		8,407,178
FBN Holdings PLC		127,257,099		1,635,293
Guaranty Trust Bank PLC		104,295,509		6,786,693
MTN Nigeria Communications PLC		17,524,883		5,270,642
Nestle Nigeria PLC		1,970,577		6,088,180
United Bank for Africa PLC		121,380,699		2,223,515
Zenith Bank PLC		110,689,197		5,598,770
				38,864,754
Oman — 2.7%
Bank Muscat SAOG		5,504,884		6,433,444
Bank Nizwa SAOG^(a)		4,707,209		1,246,943
Oman Telecommunications Co. SAOG		1,428,514		2,493,082
Ooredoo		1,370,690		1,851,081
Sohar International Bank SAOG		3,007,794		867,070
				12,891,620
Romania — 7.7%
Banca Transilvania SA		28,848,870		15,396,416
BRD-Groupe Societe Generale SA		1,549,009		5,101,479
OMV Petrom SA		79,359,836		6,425,458
Societatea Energetica Electrica SA		1,016,529		2,318,434
Societatea Nationala de Gaze Naturale ROMGAZ SA		808,799		6,050,474
Transgaz SA Medias		30,758		2,083,481
				37,375,742
Sri Lanka — 1.2%
John Keells Holdings PLC		5,591,128		4,486,423
Sampath Bank PLC		1,626,925		1,426,186
				5,912,609
Vietnam — 11.1%
Bank for Foreign Trade of Vietnam JSC		889,665		3,154,270
Bank for Investment and Development of Vietnam JSC		523,600		1,025,076
Bao Viet Holdings		110,750		261,614
FLC Faros Construction JSC^(a)		372,092		116,234
Ho Chi Minh City Development Joint Stock Commercial Bank^(a)		421,810		504,553
Hoa Phat Group JSC^(a)		3,834,532		3,687,526
Hoang Huy Investment Financial Services JSC		493,340		675,023
Kinh Bac City Development Share Holding Corp.		702,300		423,054
Masan Group Corp.(a)		1,179,950		2,487,739
No Va Land Investment Group Corp.^(a)		681,489		1,568,765
PetroVietnam Drilling & Well Services JSC^(a)		541,600		273,818
PetroVietnam Gas JSC		172,410		562,311
PetroVietnam Power Corp.(a)		1,287,370		545,613
PetroVietnam Technical Services Corp.		624,898		400,627
Saigon Beer Alcohol Beverage Corp.		188,010		1,310,513
Saigon Thuong Tin Commercial JSB^(a)		1,162,309		580,129

6	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^® MSCI Frontier 100 ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Vietnam (continued)
SSI Securities Corp.		769,940	$	526,744
Thanh Thanh Cong - Bien Hoa JSC		614,478		572,413
Viet Capital Securities JSC		335,890		375,764
Vietjet Aviation JSC		473,150		2,481,691
Vietnam Dairy Products JSC		1,760,338		7,915,121
Vietnam Electrical Equipment JSC^(a)		686,821		543,759
Vietnam National Petroleum Group		227,910		506,009
Viglacera Corp. JSC^(a)		636,940		498,787
Vincom Retail JSC		2,681,747		3,288,576
Vingroup JSC^(a)		2,438,838		11,060,347
Vinh Hoan Corp.		267,520		356,832
Vinhomes JSC^(e)		2,407,805		8,329,570
				54,032,478

Total Common Stocks — 99.4%
(Cost: $420,502,614)				483,603,854

Short-Term Investments

Money Market Funds — 0.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(f)(g)(h)		6,111		6,115

Total Short-Term Investments — 0.0%
(Cost: $6,111)				6,115

Total Investments in Securities — 99.4%
(Cost: $420,508,725)				483,609,969

Other Assets, Less Liabilities — 0.6%				2,970,168

Net Assets — 100.0%			$	486,580,137

^(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)

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

^(d)

All or a portion of this security is on loan.

^(e)

^(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 29, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 08/31/19	Net Activity	Shares Held at 02/29/20	Value at 02/29/20		Income			Net Realized Gain (Loss)		^(a)	Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	5,535	576	6,111	$	6,115	$	185	^(b)	$	—		$	1
BlackRock Cash Funds: Treasury, SL Agency Shares	—	—	—		—		3,525			—			—
				$	6,115	$	3,710		$	—		$	1

^(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

S c h e d u l e o f I n v e s t m e n t s 7

Schedule of Investments (unaudited) (continued)	iShares^® MSCI Frontier 100 ETF
February 29, 2020

Fair Value Measurements (continued)

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	483,068,804	$	44	$	535,006	$	483,603,854
Money Market Funds		6,115		—		—		6,115
	$	483,074,919	$	44	$	535,006	$	483,609,969

See notes to financial statements.

8 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited)	iShares^® MSCI World ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 2.3%
AGL Energy Ltd.		20,290	$	250,389
APA Group		38,682		267,858
Aristocrat Leisure Ltd.		16,320		348,394
ASX Ltd.		6,221		297,375
Aurizon Holdings Ltd.		55,265		172,103
Australia & New Zealand Banking Group Ltd.		61,483		984,290
Bendigo & Adelaide Bank Ltd.		17,289		102,442
BHP Group Ltd.		66,802		1,447,172
BHP Group PLC		50,844		921,153
BlueScope Steel Ltd.		15,979		121,775
Brambles Ltd.		38,676		298,239
Cochlear Ltd.		2,179		291,645
Coles Group Ltd.		28,060		257,083
Commonwealth Bank of Australia		40,726		2,147,386
Computershare Ltd.		17,669		174,527
Crown Resorts Ltd.		11,911		78,025
CSL Ltd.		10,747		2,144,149
Dexus		33,413		261,963
Fortescue Metals Group Ltd.		41,540		269,972
Goodman Group		55,580		536,811
GPT Group (The)		76,968		286,833
Incitec Pivot Ltd.		63,373		111,547
Insurance Australia Group Ltd.		58,653		241,269
James Hardie Industries PLC		15,340		279,208
Lendlease Group		28,841		327,834
Macquarie Group Ltd.		7,383		641,816
Medibank Pvt Ltd.		77,599		141,590
Mirvac Group		156,127		306,015
National Australia Bank Ltd.		63,581		1,028,945
Newcrest Mining Ltd.		21,550		365,422
Oil Search Ltd.		41,154		145,672
Orica Ltd.		11,911		152,056
Origin Energy Ltd.		53,085		238,901
QBE Insurance Group Ltd.		33,079		289,843
Ramsay Health Care Ltd.		4,223		185,176
Rio Tinto Ltd.		8,649		486,656
Santos Ltd.		50,207		221,094
Scentre Group		165,699		369,647
Sonic Healthcare Ltd.		14,072		261,300
South32 Ltd.		130,558		186,874
Stockland		70,888		215,271
Suncorp Group Ltd.		33,318		243,603
Sydney Airport		30,290		151,744
Tabcorp Holdings Ltd.		57,305		140,031
Telstra Corp. Ltd.		110,490		244,348
Transurban Group		70,946		679,275
Treasury Wine Estates Ltd.		24,423		173,686
Vicinity Centres		103,300		143,862
Wesfarmers Ltd.		24,032		629,857
Westpac Banking Corp.		78,152		1,191,184
Woodside Petroleum Ltd.		19,823		356,842
Woolworths Group Ltd.		30,091		752,765
				22,562,917
Austria — 0.1%
ANDRITZ AG		3,001		105,223
Erste Group Bank AG		8,484		289,176
OMV AG		5,164		214,700

Security	Shares		Value
Austria (continued)
Raiffeisen Bank International AG		4,098	$	84,064
				693,163
Belgium — 0.3%
Ageas		6,428		295,708
Anheuser-Busch InBev SA/NV		16,760		933,940
Colruyt SA		1,726		79,287
Galapagos NV^(a)(b)		1,284		264,170
Groupe Bruxelles Lambert SA		3,025		272,072
KBC Group NV		4,716		310,921
Proximus SADP		5,273		129,512
Solvay SA		1,748		157,601
UCB SA		3,593		329,789
Umicore SA^(b)		9,431		391,277
				3,164,277
Canada — 3.5%
Agnico Eagle Mines Ltd.		7,545		357,985
Alimentation Couche-Tard Inc., Class B		21,349		648,255
Bank of Montreal		14,814		1,006,582
Bank of Nova Scotia (The)		27,620		1,444,837
Barrick Gold Corp.		44,944		857,129
Bausch Health Companies Inc.^(a)		7,972		176,621
BCE Inc.		3,597		157,964
BlackBerry Ltd.^(a)		23,031		118,900
Bombardier Inc., Class B^(a)		58,127		41,570
Brookfield Asset Management Inc., Class A		20,180		1,206,726
Cameco Corp.		13,547		117,168
Canadian Imperial Bank of Commerce		10,491		798,421
Canadian National Railway Co.		18,024		1,527,881
Canadian Natural Resources Ltd.		29,006		746,569
Canadian Pacific Railway Ltd.		3,488		864,419
Canadian Tire Corp. Ltd., Class A, NVS		2,266		222,810
Canadian Utilities Ltd., Class A, NVS		9,690		286,726
Canopy Growth Corp.^(a)(b)		5,493		102,998
CGI Inc.^(a)		6,218		436,860
CI Financial Corp.		12,520		207,897
Constellation Software Inc.		586		596,949
Dollarama Inc.		8,467		248,898
Emera Inc.		5,614		236,546
Enbridge Inc.		46,929		1,746,618
Fairfax Financial Holdings Ltd.		692		298,075
First Quantum Minerals Ltd.		18,334		135,489
Fortis Inc.		12,355		499,962
Franco-Nevada Corp.		4,748		509,693
George Weston Ltd.		3,781		284,628
Gildan Activewear Inc.		7,171		173,672
Great-West Lifeco Inc.		6,218		146,238
Husky Energy Inc.		12,584		59,904
IGM Financial Inc.		4,977		132,698
Imperial Oil Ltd.		7,854		171,959
Intact Financial Corp.		3,278		355,285
Inter Pipeline Ltd.		17,570		259,947
Kirkland Lake Gold Ltd.		6,704		216,200
Loblaw Companies Ltd.		3,991		197,714
Magna International Inc.		7,525		342,461
Manulife Financial Corp.		43,564		732,152
Metro Inc.		9,324		363,138
National Bank of Canada		9,648		501,465
Nutrien Ltd.		13,697		553,553
Onex Corp.		4,659		261,558

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	iShares^® MSCI World ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
Open Text Corp.		7,644	$	320,030
Pembina Pipeline Corp.		13,918		501,311
Power Corp. of Canada		14,794		326,992
PrairieSky Royalty Ltd.		12,157		112,754
Restaurant Brands International Inc.		6,113		360,263
RioCan REIT		21,211		396,141
Rogers Communications Inc., Class B, NVS		9,534		436,873
Royal Bank of Canada		32,870		2,444,283
Saputo Inc.		8,694		241,970
Shaw Communications Inc., Class B, NVS		13,625		235,787
Shopify Inc., Class A^(a)		2,572		1,194,116
Sun Life Financial Inc.		12,964		560,049
Suncor Energy Inc.		37,461		1,032,281
TC Energy Corp.		21,248		1,107,394
Teck Resources Ltd., Class B		12,027		120,955
TELUS Corp.		10,405		375,475
Thomson Reuters Corp.		5,040		374,372
Toronto-Dominion Bank (The)		42,820		2,202,326
Waste Connections Inc.		7,614		734,675
Wheaton Precious Metals Corp.		11,273		320,550
				33,751,717
Denmark — 0.6%
AP Moller - Maersk A/S, Class A		173		162,621
Carlsberg A/S, Class B		3,152		411,238
Coloplast A/S, Class B		3,908		519,753
Demant A/S^(a)(b)		5,358		162,634
DSV Panalpina A/S		6,380		639,393
Genmab A/S^(a)		1,777		397,550
Novo Nordisk A/S, Class B		44,312		2,578,025
Novozymes A/S, Class B		7,119		359,029
Orsted A/S^(c)		4,448		454,663
Vestas Wind Systems A/S		5,180		494,461
				6,179,367
Finland — 0.4%
Elisa OYJ		5,588		318,815
Fortum OYJ		12,257		259,580
Kone OYJ, Class B		8,274		463,517
Metso OYJ		4,766		152,973
Neste OYJ.		11,022		431,740
Nokia OYJ		127,333		481,848
Nordea Bank Abp		66,224		516,945
Sampo OYJ, Class A		10,360		419,692
Stora Enso OYJ, Class R		23,760		279,522
UPM-Kymmene OYJ		16,700		508,682
Wartsila OYJ Abp		13,419		138,616
				3,971,930
France — 3.7%
Accor SA		5,378		192,997
Air Liquide SA		11,193		1,511,049
Airbus SE		13,442		1,596,135
Alstom SA		8,675		423,947
Atos SE		3,489		257,927
AXA SA		45,984		1,058,460
BNP Paribas SA		26,676		1,282,999
Bollore SA		49,257		167,946
Bouygues SA		8,254		321,683
Bureau Veritas SA		8,485		205,514
Capgemini SE		3,908		425,926
Carrefour SA		15,542		267,093

Security	Shares		Value
France (continued)
Cie. de Saint-Gobain		14,678	$	509,488
Cie. Generale des Etablissements Michelin SCA		4,433		468,634
Credit Agricole SA		27,832		330,484
Danone SA		14,447		1,011,192
Dassault Systemes SE		3,272		510,366
Edenred		7,119		368,863
Electricite de France SA		16,800		232,335
Engie SA		39,635		654,362
EssilorLuxottica SA		7,198		973,307
Eutelsat Communications SA		6,746		90,700
Getlink SE		19,602		313,934
Hermes International		811		561,231
Iliad SA^(b)		783		108,629
Ingenico Group SA		1,956		274,909
Ipsen SA		1,416		91,147
Kering SA		1,883		1,046,187
Klepierre SA		7,082		210,195
Legrand SA		7,119		539,727
L’Oreal SA		5,905		1,563,209
LVMH Moet Hennessy Louis Vuitton SE		6,567		2,675,133
Orange SA		43,354		580,514
Pernod Ricard SA		4,850		779,943
Peugeot SA		13,497		259,525
Publicis Groupe SA		5,278		202,801
Renault SA		4,447		129,423
Safran SA		7,752		1,056,734
Sanofi		26,231		2,418,311
Schneider Electric SE		12,350		1,227,710
SCOR SE		4,538		162,005
SES SA		9,744		111,100
Societe Generale SA		17,604		494,837
Sodexo SA		2,581		245,916
STMicroelectronics NV		18,966		508,538
Suez		13,612		213,516
Teleperformance		1,735		418,897
Thales SA		3,278		326,945
TOTAL SA		56,105		2,365,303
Ubisoft Entertainment SA^(a)		2,847		210,717
Unibail-Rodamco-Westfield		3,557		425,883
Unibail-Rodamco-Westfield, New		510		61,063
Valeo SA		6,536		163,548
Veolia Environnement SA		13,503		384,603
Vinci SA		12,567		1,255,908
Vivendi SA		20,895		528,357
Worldline SA^(a)(c)		4,504		340,630
				35,118,435
Germany — 2.6%
adidas AG		4,328		1,191,137
Allianz SE, Registered		9,849		2,107,469
BASF SE		21,522		1,254,855
Bayer AG, Registered		22,083		1,581,803
Bayerische Motoren Werke AG		7,122		461,019
Beiersdorf AG		3,963		413,114
Brenntag AG		5,588		248,042
Commerzbank AG		29,470		168,687
Continental AG		2,494		278,391
Daimler AG, Registered		20,247		834,901
Deutsche Bank AG, Registered		49,571		429,021
Deutsche Boerse AG		5,145		802,799
Deutsche Lufthansa AG, Registered		7,421		95,292

10	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^® MSCI World ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Deutsche Post AG, Registered		23,755	$	707,660
Deutsche Telekom AG, Registered		74,689		1,210,613
Deutsche Wohnen SE		8,259		330,769
E.ON SE		55,121		631,512
Fresenius Medical Care AG & Co. KGaA		5,693		433,491
Fresenius SE & Co. KGaA		9,311		433,806
GEA Group AG		5,378		141,425
Hannover Rueck SE		1,632		288,620
HeidelbergCement AG		4,118		243,541
Henkel AG & Co. KGaA		3,001		253,332
Infineon Technologies AG		29,918		617,635
LANXESS AG		3,803		197,633
Merck KGaA		3,803		455,546
MTU Aero Engines AG		1,397		338,672
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		3,383		857,294
Puma SE		3,750		285,048
QIAGEN NV^(a)		11,608		423,327
RWE AG		15,647		535,561
SAP SE		23,564		2,887,604
Siemens AG, Registered		17,184		1,759,221
Symrise AG		3,272		316,786
thyssenkrupp AG^(a)(b)		11,491		109,839
TUI AG		13,862		106,236
United Internet AG, Registered^(d)		3,646		108,174
Vonovia SE		13,763		734,431
Wirecard AG^(b)		2,910		367,436
Zalando SE^(a)(c)		6,027		261,703
				24,903,445
Hong Kong — 1.2%
AIA Group Ltd.		285,200		2,814,287
ASM Pacific Technology Ltd.		21,400		253,596
Bank of East Asia Ltd. (The)^(b)		96,600		205,272
BeiGene Ltd., ADR^(a)(b)		1,057		167,376
BOC Hong Kong Holdings Ltd.		108,500		372,431
CK Asset Holdings Ltd.		62,000		387,448
CK Hutchison Holdings Ltd.		63,500		552,861
CLP Holdings Ltd.		54,000		566,813
Galaxy Entertainment Group Ltd.		49,000		323,500
Hang Seng Bank Ltd.		22,200		462,912
Hong Kong & China Gas Co. Ltd.		324,590		624,768
Hong Kong Exchanges & Clearing Ltd.		26,500		869,839
Jardine Matheson Holdings Ltd.		4,800		261,120
Link REIT		54,000		500,292
Melco Resorts & Entertainment Ltd., ADR		19,321		335,026
MTR Corp. Ltd.		76,500		430,451
New World Development Co. Ltd.		174,333		224,151
Sands China Ltd.		63,200		293,980
Sun Hung Kai Properties Ltd.		41,000		582,930
Techtronic Industries Co. Ltd.		31,500		254,852
WH Group Ltd.^(c)		300,000		304,887
Wynn Macau Ltd.		136,000		273,988
				11,062,780
Ireland — 0.6%
AIB Group PLC		22,581		52,039
Bank of Ireland Group PLC		36,627		135,022
CRH PLC^(a)		20,877		698,748
Flutter Entertainment PLC		2,469		260,305
Kerry Group PLC, Class A		5,492		693,759

Security	Shares		Value
Ireland (continued)
Linde PLC		13,100	$	2,502,231
Smurfit Kappa Group PLC		7,814		259,387
Trane Technologies PLC		6,641		856,954
				5,458,445
Israel — 0.2%
Bank Hapoalim BM		64,031		500,122
Check Point Software Technologies Ltd.^(a)(b)		2,997		311,089
Nice Ltd.^(a)		3,701		591,498
Teva Pharmaceutical Industries Ltd., ADR^(a)(b)		29,266		337,437
Wix.com Ltd.^(a)		1,712		229,459
				1,969,605
Italy — 0.7%
Assicurazioni Generali SpA		24,570		438,840
Atlantia SpA		14,552		309,862
CNH Industrial NV		29,335		269,062
Enel SpA		187,162		1,557,535
Eni SpA		56,735		695,373
Ferrari NV		3,158		491,023
FinecoBank Banca Fineco SpA		9,254		96,507
Intesa Sanpaolo SpA		367,463		887,402
Leonardo SpA		3,996		40,549
Mediobanca Banca di Credito Finanziario SpA		21,121		190,011
Snam SpA.		83,470		409,935
Telecom Italia SpA/Milano^(a)		735,215		403,879
Tenaris SA		15,561		139,615
Terna Rete Elettrica Nazionale SpA		79,032		520,008
UniCredit SpA		46,492		589,236
				7,038,837
Japan — 7.9%
Aeon Co. Ltd.		17,000		317,494
Aisin Seiki Co. Ltd.		12,700		412,089
Ajinomoto Co. Inc.		28,100		472,046
Alfresa Holdings Corp.		5,200		91,403
Alps Alpine Co. Ltd.		10,700		164,570
ANA Holdings Inc.		10,700		288,418
Asahi Group Holdings Ltd.		10,700		411,672
Asahi Kasei Corp.		35,200		293,929
Astellas Pharma Inc.		47,700		751,331
Bridgestone Corp.		10,700		357,708
Canon Inc.		28,000		709,572
Casio Computer Co. Ltd.		15,500		266,847
Central Japan Railway Co.		3,000		494,507
Chubu Electric Power Co. Inc.		28,100		366,669
Chugai Pharmaceutical Co. Ltd.		4,700		510,457
Chugoku Electric Power Co. Inc. (The)		28,100		374,094
Coca-Cola Bottlers Japan Holdings Inc.		11,400		262,634
Concordia Financial Group Ltd.		58,500		201,752
Daifuku Co. Ltd.		5,000		297,594
Dai-ichi Life Holdings Inc.		32,400		444,105
Daiichi Sankyo Co. Ltd.		13,100		800,343
Daikin Industries Ltd.		4,500		614,310
Daito Trust Construction Co. Ltd.		1,600		162,796
Daiwa House Industry Co. Ltd.		17,500		483,394
Denso Corp.		10,800		422,528
Dentsu Group Inc.		5,100		132,955
East Japan Railway Co.		7,200		555,294
Eisai Co. Ltd.		5,300		392,150
FANUC Corp.		4,100		683,048
Fast Retailing Co. Ltd.		1,100		544,977

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	iShares^® MSCI World ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Fuji Electric Co. Ltd.		3,600	$	98,890
FUJIFILM Holdings Corp.		10,800		528,360
Fujitsu Ltd.		4,000		415,705
Hakuhodo DY Holdings Inc.		17,500		204,260
Hamamatsu Photonics KK		6,100		236,671
Hikari Tsushin Inc.		600		113,976
Hitachi Ltd.		21,400		721,567
Honda Motor Co. Ltd.		42,800		1,110,820
Hoya Corp.		10,800		962,103
Hulic Co. Ltd.		28,200		315,817
Idemitsu Kosan Co. Ltd.		4,800		118,281
Iida Group Holdings Co. Ltd.		21,500		290,813
Inpex Corp.		32,100		277,626
ITOCHU Corp.		35,000		798,707
Japan Airlines Co. Ltd.		12,600		312,824
Japan Exchange Group Inc.		28,200		474,510
Japan Retail Fund Investment Corp.		175		332,754
Japan Tobacco Inc.		28,000		556,548
JFE Holdings Inc.		15,900		147,701
JGC Holdings Corp.		12,000		147,406
JTEKT Corp.		32,200		314,343
JXTG Holdings Inc.		111,500		448,626
Kansai Electric Power Co. Inc. (The)		22,200		239,669
Kao Corp.		10,700		780,490
KDDI Corp.		42,800		1,213,391
Keyence Corp.		3,800		1,212,237
Kikkoman Corp.		3,300		153,275
Kirin Holdings Co. Ltd.		21,400		411,672
Komatsu Ltd.		21,400		433,000
Konami Holdings Corp.		2,800		101,108
Konica Minolta Inc.		22,000		119,520
Kose Corp.		900		107,968
Kubota Corp.		26,200		369,931
Kuraray Co. Ltd.		22,500		234,460
Kyocera Corp.		10,700		674,150
Kyushu Electric Power Co. Inc.		21,400		155,146
LIXIL Group Corp.		11,900		178,723
M3 Inc.		10,900		281,532
Makita Corp.		7,300		252,774
Marubeni Corp.		56,700		376,791
Marui Group Co. Ltd.		10,700		208,911
Mazda Motor Corp.		21,400		148,797
MEIJI Holdings Co. Ltd.		2,500		149,261
MINEBEA MITSUMI Inc.		17,400		307,139
Mitsubishi Chemical Holdings Corp.		45,400		305,697
Mitsubishi Corp.		32,100		800,528
Mitsubishi Electric Corp.		45,500		578,320
Mitsubishi Estate Co. Ltd.		32,400		553,892
Mitsubishi Heavy Industries Ltd.		10,800		342,328
Mitsubishi Motors Corp.		45,800		152,433
Mitsubishi UFJ Financial Group Inc.		300,800		1,483,294
Mitsubishi UFJ Lease & Finance Co. Ltd.		58,700		335,771
Mitsui & Co. Ltd.		42,800		707,679
Mitsui Fudosan Co. Ltd.		28,100		645,416
Mizuho Financial Group Inc.		680,400		931,044
MS&AD Insurance Group Holdings Inc.		12,400		400,400
Murata Manufacturing Co. Ltd.		13,000		689,501
Nagoya Railroad Co. Ltd.		10,800		282,253
NEC Corp.		8,600		322,106
Nexon Co. Ltd.		13,300		211,710

Security	Shares		Value
Japan (continued)
Nidec Corp.		4,700	$	556,863
Nintendo Co. Ltd.		2,200		739,758
Nippon Paint Holdings Co. Ltd.		4,100		187,202
Nippon Steel Corp.		21,447		241,780
Nippon Telegraph & Telephone Corp.		25,600		600,336
Nissan Motor Co. Ltd.		55,900		240,256
Nitori Holdings Co. Ltd.		1,700		235,855
Nitto Denko Corp.		3,500		175,868
Nomura Holdings Inc.		99,600		442,759
Nomura Real Estate Master Fund Inc.		175		277,917
Nomura Research Institute Ltd.		21,400		467,223
NTT Data Corp.		32,100		384,194
NTT DOCOMO Inc.		32,100		871,207
Odakyu Electric Railway Co. Ltd.		13,400		258,894
Olympus Corp.		32,600		592,975
Omron Corp.		3,800		205,739
Oriental Land Co. Ltd.		3,600		409,345
ORIX Corp.		32,100		518,409
Orix JREIT Inc.		214		406,712
Otsuka Corp.		10,700		457,799
Otsuka Holdings Co. Ltd.		10,800		408,511
Pan Pacific International Holdings Corp.		21,400		354,732
Panasonic Corp.		53,500		511,118
Rakuten Inc.		32,100		268,728
Recruit Holdings Co. Ltd.		32,100		1,118,359
Resona Holdings Inc.		79,700		302,352
Ricoh Co. Ltd.		18,400		171,437
Sankyo Co. Ltd.		10,700		351,657
Santen Pharmaceutical Co. Ltd.		22,800		366,102
Secom Co. Ltd.		4,300		341,839
Sekisui House Ltd.		22,400		439,631
Seven & i Holdings Co. Ltd.		17,500		599,638
Seven Bank Ltd.		46,400		122,168
Shin-Etsu Chemical Co. Ltd.		10,700		1,204,761
Shionogi & Co. Ltd.		10,700		579,813
Shiseido Co. Ltd.		10,700		636,653
SMC Corp.		1,200		479,154
Softbank Corp.		42,800		560,469
SoftBank Group Corp.		38,600		1,793,926
Sompo Holdings Inc.		10,800		402,103
Sony Corp.		32,100		1,967,395
Subaru Corp.		21,400		519,699
Sumitomo Chemical Co. Ltd.		58,500		213,141
Sumitomo Corp.		32,100		459,634
Sumitomo Electric Industries Ltd.		28,000		334,993
Sumitomo Metal Mining Co. Ltd.		13,600		338,597
Sumitomo Mitsui Financial Group Inc.		32,100		1,036,818
Sumitomo Mitsui Trust Holdings Inc.		10,800		370,463
Sumitomo Realty & Development Co. Ltd.		4,900		153,180
Suzuki Motor Corp.		10,800		434,243
Sysmex Corp.		4,000		256,580
T&D Holdings Inc.		21,400		211,292
Takeda Pharmaceutical Co. Ltd.		35,926		1,253,322
TDK Corp.		1,900		184,073
Terumo Corp.		21,600		696,471
Toho Co. Ltd.		3,200		98,642
Tokio Marine Holdings Inc.		16,400		881,995
Tokyo Electric Power Co. Holdings Inc.^(a)		48,100		182,830
Tokyo Electron Ltd.		3,300		683,007
Tokyo Gas Co. Ltd.		21,400		433,099

12	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^® MSCI World ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Tokyu Corp.		21,400	$	328,544
Tokyu Fudosan Holdings Corp.		43,000		271,478
Toray Industries Inc.		38,600		223,552
Toshiba Corp.		13,600		368,794
Tosoh Corp.		25,100		344,626
Toyota Motor Corp.		53,500		3,534,923
Unicharm Corp.		10,800		350,238
United Urban Investment Corp.		214		342,432
USS Co. Ltd.		21,400		338,464
West Japan Railway Co.		3,400		240,126
Yakult Honsha Co. Ltd.		6,800		311,111
Yamada Denki Co. Ltd.		42,800		205,935
Yamaha Corp.		3,800		186,715
Yamaha Motor Co. Ltd.		6,800		108,936
Yaskawa Electric Corp.		10,700		335,785
Yokogawa Electric Corp.		10,800		173,917
Z Holdings Corp.		123,100		448,508
				76,169,111
Netherlands — 1.3%
Aegon NV		43,144		145,539
AerCap Holdings NV^(a)		4,433		230,871
Akzo Nobel NV		4,979		394,601
Altice Europe NV^(a)		17,548		93,352
ArcelorMittal SA		15,752		222,098
ASML Holding NV		9,866		2,688,735
Heineken Holding NV		4,124		361,495
Heineken NV		5,483		543,377
ING Groep NV		90,255		853,501
Koninklijke Ahold Delhaize NV		29,907		695,791
Koninklijke DSM NV		5,064		565,989
Koninklijke KPN NV		95,446		230,759
Koninklijke Philips NV		23,035		979,724
NN Group NV		6,746		228,529
NXP Semiconductors NV		7,534		856,540
Prosus NV^(a)		11,488		803,451
Randstad NV		3,541		181,684
Unilever NV		32,267		1,687,651
Wolters Kluwer NV		5,258		383,041
				12,146,728
New Zealand — 0.1%
a2 Milk Co. Ltd.^(a)		26,566		268,584
Fisher & Paykel Healthcare Corp. Ltd.		18,618		297,703
Fletcher Building Ltd.		40,371		129,958
Spark New Zealand Ltd.		85,017		239,139
				935,384
Norway — 0.2%
DNB ASA		25,712		423,204
Equinor ASA		22,428		334,462
Norsk Hydro ASA		40,032		112,677
Orkla ASA		29,566		247,283
Telenor ASA		18,357		291,388
Yara International ASA		6,218		223,858
				1,632,872
Portugal — 0.1%
EDP - Energias de Portugal SA		77,318		358,404
Galp Energia SGPS SA		15,746		213,954
				572,358
Singapore — 0.4%
Ascendas REIT		198,023		434,155

Security	Shares		Value
Singapore (continued)
CapitaLand Ltd.		121,000	$	306,033
CapitaLand Mall Trust		182,000		296,009
DBS Group Holdings Ltd.		38,600		666,795
Genting Singapore Ltd.		208,200		121,576
Keppel Corp. Ltd.		58,300		264,829
Oversea-Chinese Banking Corp. Ltd.		66,600		505,811
Singapore Exchange Ltd.		3,400		20,682
Singapore Press Holdings Ltd.^(b)		3,700		5,010
Singapore Telecommunications Ltd.		205,600		441,929
United Overseas Bank Ltd.		21,500		377,101
Venture Corp. Ltd.		14,300		168,543
Wilmar International Ltd.		78,800		224,143
				3,832,616
Spain — 0.9%
ACS Actividades de Construccion y Servicios SA		8,478		250,045
Aena SME SA^(c)		2,161		344,194
Amadeus IT Group SA		11,257		785,193
Banco Bilbao Vizcaya Argentaria SA		153,973		733,101
Banco de Sabadell SA		163,952		142,490
Banco Santander SA		387,818		1,417,297
Bankia SA		43,024		67,581
Bankinter SA		27,888		163,583
CaixaBank SA		87,655		223,477
Enagas SA		2,268		58,296
Endesa SA		14,024		357,850
Ferrovial SA		15,492		440,405
Iberdrola SA		156,586		1,775,059
Industria de Diseno Textil SA		25,828		798,069
Naturgy Energy Group SA		10,280		237,472
Red Electrica Corp. SA		5,764		109,819
Repsol SA		34,090		379,330
Telefonica SA		102,635		604,283
				8,887,544
Sweden — 0.8%
Alfa Laval AB		9,639		214,850
Assa Abloy AB, Class B		25,082		555,964
Atlas Copco AB, Class A		13,547		473,826
Atlas Copco AB, Class B		11,596		353,797
Boliden AB		8,268		169,196
Electrolux AB, Series B		7,014		140,676
Epiroc AB, Class A		13,547		154,472
Epiroc AB, Class B		11,596		128,278
Essity AB, Class B		14,492		429,897
Hennes & Mauritz AB, Class B		19,497		348,630
Hexagon AB, Class B		7,329		387,499
Investor AB, Class B		10,336		508,852
Kinnevik AB, Class B		11,395		228,603
Lundin Petroleum AB		6,458		179,317
Millicom International Cellular SA, SDR		3,880		176,329
Sandvik AB		32,250		526,905
Skandinaviska Enskilda Banken AB, Class A		32,764		309,016
Skanska AB, Class B		14,935		321,804
SKF AB, Class B		20,501		355,248
Svenska Handelsbanken AB, Class A		33,289		331,273
Swedbank AB, Class A		18,530		276,657
Swedish Match AB		4,838		279,249
Telefonaktiebolaget LM Ericsson, Class B		66,396		525,136
Telia Co. AB		55,647		217,707

S c h e d u l e o f I n v e s t m e n t s 13

Schedule of Investments (unaudited) (continued)	iShares^® MSCI World ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Volvo AB, Class B		33,975	$	521,447
				8,114,628
Switzerland — 3.2%
ABB Ltd., Registered		44,681		960,599
Adecco Group AG, Registered		4,328		229,736
Alcon Inc.^(a)		9,905		603,336
Baloise Holding AG, Registered		2,371		379,428
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		19		147,807
Cie. Financiere Richemont SA, Registered		12,331		833,150
Coca-Cola HBC AG		5,632		177,973
Credit Suisse Group AG, Registered		60,475		675,381
Geberit AG, Registered		1,216		601,750
Givaudan SA, Registered		175		543,468
Julius Baer Group Ltd.		7,651		317,833
Kuehne + Nagel International AG, Registered		2,629		381,741
LafargeHolcim Ltd., Registered		11,590		535,347
Lonza Group AG, Registered		1,954		771,951
Nestle SA, Registered		70,008		7,149,430
Novartis AG, Registered		50,740		4,259,130
Partners Group Holding AG		690		592,376
Roche Holding AG, NVS		16,597		5,310,285
Schindler Holding AG, Participation Certificates, NVS		1,216		269,468
Schindler Holding AG, Registered		1,183		253,234
Sika AG, Registered		2,521		446,407
Sonova Holding AG, Registered		1,630		386,977
Swatch Group AG (The), Bearer		1,006		230,623
Swiss Life Holding AG, Registered		1,111		503,419
Swiss Prime Site AG, Registered		3,712		444,849
Swiss Re AG		6,218		588,685
Swisscom AG, Registered		672		356,567
Temenos AG, Registered^(a)		2,060		292,097
UBS Group AG, Registered		96,760		1,059,617
Zurich Insurance Group AG		3,317		1,271,011
				30,573,675
United Kingdom — 5.1%
3i Group PLC		27,108		349,021
Admiral Group PLC		6,536		176,319
Amcor PLC^(a)		32,764		305,360
Anglo American PLC		24,177		553,331
Antofagasta PLC		16,172		155,337
Aptiv PLC		6,131		478,892
Ashtead Group PLC		12,563		383,356
Associated British Foods PLC		9,429		271,585
AstraZeneca PLC		31,382		2,723,324
Auto Trader Group PLC^(c)		47,013		312,018
Aviva PLC		91,179		408,552
BAE Systems PLC		77,282		600,566
Barclays PLC		395,052		750,542
BP PLC		473,397		2,395,402
British American Tobacco PLC		53,531		2,093,990
British Land Co. PLC (The)		34,998		223,962
BT Group PLC		190,682		344,927
Bunzl PLC		11,405		272,414
Burberry Group PLC		11,071		233,185
Capri Holdings Ltd.^(a)		4,335		111,930
Carnival PLC		7,181		223,345
Coca-Cola European Partners PLC		6,112		311,468
Compass Group PLC		35,797		782,101

Security	Shares		Value
United Kingdom (continued)
Croda International PLC		6,243	$	363,145
Diageo PLC		55,475		1,959,585
Experian PLC		24,452		809,236
Ferguson PLC		5,484		472,118
Fiat Chrysler Automobiles NV.		26,564		328,033
G4S PLC		50,622		110,665
GlaxoSmithKline PLC		112,248		2,239,796
Glencore PLC		229,469		566,447
GVC Holdings PLC		14,124		142,449
HSBC Holdings PLC		469,456		3,141,496
Imperial Brands PLC		21,348		423,960
Informa PLC		34,373		299,605
InterContinental Hotels Group PLC		5,476		300,903
Intertek Group PLC		6,218		418,557
ITV PLC		127,485		189,786
J Sainsbury PLC		55,771		139,445
Johnson Matthey PLC		9,264		297,124
Kingfisher PLC		53,518		129,437
Land Securities Group PLC		17,984		191,716
Legal & General Group PLC		129,957		431,585
Lloyds Banking Group PLC		1,648,827		1,057,236
London Stock Exchange Group PLC		8,686		840,529
M&G PLC^(a)		75,806		192,492
Marks & Spencer Group PLC		55,664		112,622
Meggitt PLC		26,966		186,685
Melrose Industries PLC		136,571		365,282
Micro Focus International PLC		10,423		98,612
National Grid PLC		81,999		1,029,359
Next PLC		3,803		295,438
NMC Health PLC		2,944		35,287
Ocado Group PLC^(a)		11,128		151,235
Pearson PLC		19,908		141,789
Prudential PLC		58,686		949,739
Reckitt Benckiser Group PLC		17,036		1,244,895
RELX PLC		49,335		1,176,817
Rio Tinto PLC		30,412		1,401,537
Rolls-Royce Holdings PLC		42,409		335,848
Royal Bank of Scotland Group PLC		124,893		284,993
Royal Dutch Shell PLC, Class A		95,896		2,035,016
Royal Dutch Shell PLC, Class B		92,275		1,960,768
RSA Insurance Group PLC		31,245		207,049
Sage Group PLC (The)		34,511		300,544
Segro PLC		38,844		407,442
Severn Trent PLC		8,904		280,347
Smith & Nephew PLC		21,655		481,006
Smiths Group PLC		14,177		277,600
SSE PLC		25,714		502,193
Standard Chartered PLC		70,767		508,538
Taylor Wimpey PLC		135,510		349,982
Tesco PLC		231,252		674,940
Unilever PLC		29,343		1,562,909
United Utilities Group PLC		21,445		258,633
Vodafone Group PLC		636,075		1,091,620
Weir Group PLC (The)		13,544		225,848
Whitbread PLC		4,748		236,156
WPP PLC		31,954		307,254
				48,984,255
United States — 63.1%
3M Co.		13,386		1,997,727
Abbott Laboratories		41,637		3,207,298

14	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^® MSCI World ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
AbbVie Inc.		34,923	$	2,993,250
ABIOMED Inc.^(a)		1,111		166,939
Accenture PLC, Class A		15,329		2,768,264
Activision Blizzard Inc.		18,791		1,092,321
Acuity Brands Inc.		1,645		169,205
Adobe Inc.^(a)		12,026		4,150,413
Advance Auto Parts Inc.		1,844		245,215
Advanced Micro Devices Inc.^(a)		23,914		1,087,609
AES Corp./VA		18,089		302,629
Aflac Inc.		17,604		754,331
Agilent Technologies Inc.		7,943		612,167
AGNC Investment Corp.		19,368		330,031
Air Products & Chemicals Inc.		5,278		1,159,102
Akamai Technologies Inc.^(a)		5,075		439,038
Albemarle Corp.		2,902		237,529
Alexandria Real Estate Equities Inc.		1,605		243,767
Alexion Pharmaceuticals Inc.^(a)		5,378		505,693
Align Technology Inc.^(a)		1,871		408,533
Alleghany Corp.^(a)		398		267,556
Allergan PLC		8,069		1,538,516
Alliance Data Systems Corp.		1,321		113,447
Alliant Energy Corp.		5,572		290,413
Allstate Corp. (The)		8,064		848,736
Alnylam Pharmaceuticals Inc.^(a)		3,264		384,042
Alphabet Inc., Class A^(a)		7,065		9,461,801
Alphabet Inc., Class C, NVS^(a)		7,383		9,888,273
Altria Group Inc.		44,106		1,780,559
Amazon.com Inc.^(a)		9,895		18,639,706
Ameren Corp.		7,228		571,012
American Airlines Group Inc.		3,533		67,304
American Electric Power Co. Inc.		12,678		1,131,638
American Express Co.		16,907		1,858,587
American Financial Group Inc./OH		1,791		165,524
American International Group Inc.		20,664		871,194
American Tower Corp.		10,915		2,475,522
American Water Works Co. Inc.		5,052		624,730
Ameriprise Financial Inc.		3,383		478,018
AmerisourceBergen Corp.		3,908		329,523
AMETEK Inc.		6,160		529,760
Amgen Inc.		14,466		2,889,294
Amphenol Corp., Class A		8,064		739,308
Analog Devices Inc.		8,892		969,673
Annaly Capital Management Inc.		34,414		304,908
ANSYS Inc.^(a)		2,366		573,022
Anthem Inc.		6,008		1,544,597
Aon PLC		5,714		1,188,512
Apache Corp.		9,754		243,070
Apple Inc.		106,429		29,093,431
Applied Materials Inc.		23,233		1,350,302
Arch Capital Group Ltd.^(a)		11,491		464,581
Archer-Daniels-Midland Co.		11,831		445,437
Arconic Inc.		11,174		327,957
Arista Networks Inc.^(a)		1,287		248,545
Arrow Electronics Inc.^(a)		2,522		169,125
Arthur J Gallagher & Co.		4,291		418,330
Assurant Inc.		2,374		286,281
AT&T Inc.		171,257		6,031,672
Autodesk Inc.^(a)		5,380		1,026,934
Autoliv Inc.		3,122		208,331
Automatic Data Processing Inc.		10,873		1,682,488

Security	Shares		Value
United States (continued)
AutoZone Inc.^(a)		585	$	604,018
AvalonBay Communities Inc.		3,106		623,033
Avery Dennison Corp.		3,278		375,298
Baker Hughes Co.		14,239		229,106
Ball Corp.		9,218		649,500
Bank of America Corp.		210,909		6,010,906
Bank of New York Mellon Corp. (The)		20,893		833,631
Baxter International Inc.		11,591		967,501
Becton Dickinson and Co.		6,444		1,532,512
Berkshire Hathaway Inc., Class B^(a)		30,391		6,270,879
Best Buy Co. Inc.		5,580		422,127
Biogen Inc.^(a)		4,320		1,332,245
BioMarin Pharmaceutical Inc.^(a)		5,056		456,911
BlackRock Inc.^(e)		2,686		1,243,645
Blackstone Group Inc. (The), Class A		14,231		766,197
Boeing Co. (The)		12,645		3,478,766
Booking Holdings Inc.^(a)		1,005		1,704,138
BorgWarner Inc.		7,179		226,856
Boston Properties Inc.		3,908		503,898
Boston Scientific Corp.^(a)		33,401		1,248,863
Bristol-Myers Squibb Co.		55,545		3,280,488
Broadcom Inc.		9,431		2,571,079
Brown & Brown Inc.		5,621		241,759
Brown-Forman Corp., Class B, NVS		7,602		466,839
Bunge Ltd.		4,017		188,598
Cabot Oil & Gas Corp.		12,646		176,159
Cadence Design Systems Inc.^(a)		7,602		502,796
Campbell Soup Co.		5,281		238,279
Capital One Financial Corp.		11,491		1,014,196
Cardinal Health Inc.		7,434		387,460
CarMax Inc.^(a)		4,521		394,729
Carnival Corp.		5,942		198,819
Caterpillar Inc.		13,176		1,636,986
Cboe Global Markets Inc.		2,819		321,366
CBRE Group Inc., Class A^(a)		8,169		458,608
CDK Global Inc.		5,066		233,137
CDW Corp./DE		3,294		376,241
Celanese Corp.		4,013		376,179
Centene Corp.^(a)		14,051		744,984
CenterPoint Energy Inc.		16,585		381,787
CenturyLink Inc.		24,454		295,160
Cerner Corp.		7,870		545,155
CF Industries Holdings Inc.		7,393		272,506
CH Robinson Worldwide Inc.		3,474		239,359
Charles Schwab Corp. (The)		28,188		1,148,661
Charter Communications Inc., Class A^(a)		3,853		1,900,184
Cheniere Energy Inc.^(a)		5,798		297,379
Chevron Corp.		43,895		4,097,159
Chipotle Mexican Grill Inc.^(a)		586		453,318
Chubb Ltd.		9,755		1,414,768
Church & Dwight Co. Inc.		6,794		472,319
Cigna Corp.^(a)		9,097		1,664,205
Cincinnati Financial Corp.		3,908		364,382
Cintas Corp.		2,789		743,938
Cisco Systems Inc.		101,502		4,052,975
Citigroup Inc.		54,286		3,444,990
Citizens Financial Group Inc.		14,144		448,223
Citrix Systems Inc.		3,585		370,653
Clorox Co. (The)		3,061		487,985
CME Group Inc.		8,382		1,666,509

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	iShares^® MSCI World ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
CMS Energy Corp.		7,320	$	442,274
Coca-Cola Co. (The)		92,383		4,941,567
Cognex Corp.		6,238		277,841
Cognizant Technology Solutions Corp., Class A		13,383		815,426
Colgate-Palmolive Co.		19,925		1,346,332
Comcast Corp., Class A		105,190		4,252,832
Comerica Inc.		4,738		249,408
Conagra Brands Inc.		12,976		346,329
Concho Resources Inc.		5,077		345,338
ConocoPhillips		25,605		1,239,794
Consolidated Edison Inc.		7,434		585,948
Constellation Brands Inc., Class A		4,016		692,278
Continental Resources Inc./OK		2,694		51,051
Copart Inc.^(a)		5,378		454,333
Corning Inc.		18,329		437,330
Corteva Inc.^(a)		17,496		475,891
CoStar Group Inc.^(a)(b)		1,005		670,928
Costco Wholesale Corp.		10,446		2,936,788
Crown Castle International Corp.		10,075		1,443,647
Crown Holdings Inc.^(a)		4,958		349,539
CSX Corp.		19,474		1,371,943
Cummins Inc.		3,908		591,241
CVS Health Corp.		30,343		1,795,699
Danaher Corp.		15,248		2,204,556
Darden Restaurants Inc.		3,275		319,312
DaVita Inc.^(a)		3,593		278,889
Deere & Co.		6,746		1,055,614
Dell Technologies Inc., Class C^(a)(b)		3,778		152,858
Delta Air Lines Inc.		4,496		207,400
Dentsply Sirona Inc.		5,798		285,494
Devon Energy Corp.		9,340		151,682
DexCom Inc.^(a)		2,361		651,636
Diamondback Energy Inc.		3,854		238,948
Digital Realty Trust Inc.		4,958		595,505
Discover Financial Services		7,918		519,262
Discovery Inc., Class A^(a)(b)		3,488		89,642
Discovery Inc., Class C, NVS^(a)		9,131		229,188
DISH Network Corp., Class A^(a)		6,889		230,919
DocuSign Inc.^(a)		2,461		212,409
Dollar General Corp.		6,486		974,846
Dollar Tree Inc.^(a)		5,483		455,253
Dominion Energy Inc.		18,534		1,448,988
Domino’s Pizza Inc.		1,112		377,480
Dover Corp.		4,643		477,022
Dow Inc.^(a)		17,496		707,013
DR Horton Inc.		9,114		485,503
DTE Energy Co.		4,433		495,033
Duke Energy Corp.		16,401		1,503,972
Duke Realty Corp.		12,856		417,434
DuPont de Nemours Inc.		17,496		750,578
DXC Technology Co.		6,471		156,016
E*TRADE Financial Corp.		5,582		255,544
Eastman Chemical Co.		3,908		240,381
Eaton Corp. PLC		10,126		918,631
Eaton Vance Corp., NVS		7,708		318,032
eBay Inc.		20,355		705,097
Ecolab Inc.		6,536		1,179,421
Edison International		8,174		549,211
Edwards Lifesciences Corp.^(a)		5,171		1,059,228
Elanco Animal Health Inc.^(a)		8,025		219,885

Security	Shares		Value
United States (continued)
Electronic Arts Inc.^(a)		7,175	$	727,330
Eli Lilly & Co.		21,964		2,770,319
Emerson Electric Co.		14,072		902,156
Entergy Corp.		4,643		542,813
EOG Resources Inc.		13,283		840,283
Equifax Inc.		2,896		411,348
Equinix Inc.		2,060		1,179,968
Equity Residential.		8,484		637,148
Essex Property Trust Inc.		1,741		493,330
Estee Lauder Companies Inc. (The), Class A		5,168		948,845
Everest Re Group Ltd.		1,191		295,225
Evergy Inc.		7,224		472,088
Eversource Energy		7,422		641,706
Exact Sciences Corp.^(a)		3,460		280,087
Exelon Corp.		20,500		883,755
Expedia Group Inc.		3,429		338,168
Expeditors International of Washington Inc.		6,008		423,083
Exxon Mobil Corp.		97,397		5,010,102
F5 Networks Inc.^(a)		2,161		259,212
Facebook Inc., Class A^(a)		56,528		10,879,944
Fastenal Co.		12,885		440,925
Federal Realty Investment Trust		3,657		425,455
FedEx Corp.		5,798		818,504
Fidelity National Financial Inc.		7,014		271,863
Fidelity National Information Services Inc.		14,900		2,081,828
Fifth Third Bancorp.		18,578		453,303
First Republic Bank/CA^(b)		4,538		456,387
FirstEnergy Corp.		10,738		478,163
Fiserv Inc.^(a)		13,821		1,511,465
FleetCor Technologies Inc.^(a)		2,162		574,638
Flex Ltd.^(a)(b)		15,307		170,061
FLIR Systems Inc.		4,936		209,632
Flowserve Corp.		4,643		186,602
FMC Corp.		4,333		403,402
Ford Motor Co.		85,743		596,771
Fortinet Inc.^(a)		4,089		417,323
Fortive Corp.		7,603		525,823
Fox Corp., Class A, NVS		9,036		277,767
Fox Corp., Class B^(a)		4,113		125,241
Franklin Resources Inc.		9,009		196,036
Freeport-McMoRan Inc.		34,279		341,419
Gap Inc. (The)		6,113		87,599
Garmin Ltd.		3,907		345,340
Gartner Inc.^(a)		2,480		320,887
General Dynamics Corp.		6,113		976,185
General Electric Co.		207,959		2,262,594
General Mills Inc.		14,609		715,841
General Motors Co.		29,343		894,961
Genuine Parts Co.		3,902		340,410
Gilead Sciences Inc.		29,775		2,065,194
Global Payments Inc.		8,302		1,527,319
Globe Life Inc.		3,272		303,184
Goldman Sachs Group Inc. (The)		7,866		1,579,257
Grubhub Inc.^(a)		3,169		152,461
Halliburton Co.		17,695		300,107
Hanesbrands Inc.		9,429		124,840
Harley-Davidson Inc.		4,223		128,675
Hartford Financial Services Group Inc. (The)		9,639		481,468
Hasbro Inc.		3,639		281,113
HCA Healthcare Inc.		6,318		802,449

16	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^® MSCI World ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Healthpeak Properties Inc.		12,445	$	393,760
HEICO Corp., Class A		3,681		325,143
Henry Schein Inc.^(a)		4,026		245,344
Hershey Co. (The)		4,013		577,832
Hess Corp.		7,277		408,822
Hewlett Packard Enterprise Co.		25,934		331,696
Hilton Worldwide Holdings Inc.		6,644		645,797
HollyFrontier Corp.		4,655		156,780
Hologic Inc.^(a)		7,297		343,835
Home Depot Inc. (The)		25,591		5,574,743
Honeywell International Inc.		16,384		2,656,993
Hormel Foods Corp.		8,169		339,830
Host Hotels & Resorts Inc.		16,974		245,784
HP Inc.		34,597		719,272
Humana Inc.		3,374		1,078,600
Huntington Bancshares Inc./OH		30,560		374,971
IAC/InterActiveCorp.^(a)		1,981		404,005
IDEXX Laboratories Inc.^(a)		2,266		576,720
IHS Markit Ltd.		9,749		694,519
Illinois Tool Works Inc.		7,539		1,264,893
Illumina Inc.^(a)		3,913		1,039,567
Incyte Corp.^(a)		4,857		366,266
Insulet Corp.^(a)		1,498		284,575
Intel Corp.		104,754		5,815,942
Intercontinental Exchange Inc.		13,862		1,236,768
International Business Machines Corp.		21,209		2,760,351
International Flavors & Fragrances Inc.		2,799		335,264
International Paper Co.		9,856		364,278
Interpublic Group of Companies Inc. (The)		13,187		281,674
Intuit Inc.		6,326		1,681,767
Intuitive Surgical Inc.^(a)		2,800		1,495,088
IPG Photonics Corp.^(a)		1,514		193,247
IQVIA Holdings Inc.^(a)		4,089		570,375
Iron Mountain Inc.		9,636		293,031
Jacobs Engineering Group Inc.		4,118		380,256
Jazz Pharmaceuticals PLC^(a)		1,830		209,681
JB Hunt Transport Services Inc.		3,114		300,314
Jefferies Financial Group Inc.		14,280		281,459
JM Smucker Co. (The)		3,211		330,701
Johnson & Johnson		62,709		8,433,106
Johnson Controls International PLC		24,666		902,036
JPMorgan Chase & Co.		73,774		8,565,899
Juniper Networks Inc.		12,460		264,401
Kansas City Southern		3,211		483,833
Kellogg Co.		6,536		395,232
KeyCorp		25,410		415,453
Keysight Technologies Inc.^(a)		4,874		461,860
Kimberly-Clark Corp.		8,484		1,113,016
Kimco Realty Corp.		20,820		361,227
Kinder Morgan Inc./DE		51,742		991,894
KLA Corp.		4,112		632,056
Kohl’s Corp.		4,111		160,946
Kraft Heinz Co. (The)		14,805		366,720
Kroger Co. (The)		19,537		549,576
L3Harris Technologies Inc.		6,023		1,190,928
Laboratory Corp. of America Holdings^(a)		2,791		490,351
Lam Research Corp.		3,752		1,100,949
Lamb Weston Holdings Inc.		3,662		318,191
Las Vegas Sands Corp.		7,303		425,838
Leggett & Platt Inc.		6,352		251,920

Security	Shares		Value
United States (continued)
Lennar Corp., Class A		7,665	$	462,506
Lennox International Inc.		985		224,708
Liberty Global PLC, Class C, NVS^(a)		14,793		275,002
Liberty Media Corp.-Liberty Formula One, Class C, NVS^(a)		5,716		223,267
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(a)		5,605		250,095
Lincoln National Corp.		5,798		263,171
LKQ Corp.^(a)		8,780		259,712
Lockheed Martin Corp.		5,931		2,193,699
Loews Corp.		8,274		377,543
Lowe’s Companies Inc.		18,329		1,953,322
Lululemon Athletica Inc.^(a)		2,684		583,528
LyondellBasell Industries NV, Class A		6,150		439,479
M&T Bank Corp.		2,953		414,542
ManpowerGroup Inc.		2,374		180,282
Marathon Oil Corp.		21,131		174,965
Marathon Petroleum Corp.		15,410		730,742
Markel Corp.^(a)		376		444,282
MarketAxess Holdings Inc.		1,087		352,547
Marriott International Inc./MD, Class A		7,222		895,528
Marsh & McLennan Companies Inc.		11,387		1,190,625
Martin Marietta Materials Inc.		1,848		420,475
Marvell Technology Group Ltd.		16,161		344,229
Masco Corp.		9,534		393,945
Mastercard Inc., Class A		21,414		6,215,413
Maxim Integrated Products Inc.		7,749		430,999
McCormick & Co. Inc./MD, NVS		3,057		446,903
McDonald’s Corp.		17,600		3,417,392
McKesson Corp.		4,212		589,090
Medtronic PLC		30,820		3,102,649
MercadoLibre Inc.^(a)(b)		1,007		620,342
Merck & Co. Inc.		61,544		4,711,809
MetLife Inc.		20,012		854,913
Mettler-Toledo International Inc.^(a)		395		277,171
MGM Resorts International		14,347		352,362
Microchip Technology Inc.		6,004		544,623
Micron Technology Inc.^(a)		26,248		1,379,595
Microsoft Corp.		170,731		27,660,129
Mid-America Apartment Communities Inc.		1,552		200,612
Mohawk Industries Inc.^(a)		1,649		199,776
Molson Coors Beverage Co., Class B		4,963		246,214
Mondelez International Inc., Class A		35,042		1,850,218
Monster Beverage Corp.^(a)		10,441		651,623
Moody’s Corp.		4,853		1,164,866
Morgan Stanley		30,745		1,384,447
Mosaic Co. (The)		9,227		157,136
Motorola Solutions Inc.		4,221		699,335
MSCI Inc.		1,653		488,362
Mylan NV^(a)		12,445		213,930
Nasdaq Inc.		3,593		368,462
National Oilwell Varco Inc.		10,174		190,356
NetApp Inc.		6,218		290,505
Netflix Inc.^(a)		10,339		3,815,401
Neurocrine Biosciences Inc.^(a)		2,461		233,057
Newell Brands Inc.		13,164		203,121
Newmont Corp.		17,899		798,832
News Corp., Class A, NVS		14,475		174,786
NextEra Energy Inc.		11,022		2,785,921
Nielsen Holdings PLC		9,652		175,763
NIKE Inc., Class B		29,133		2,603,908
Noble Energy Inc.		11,999		189,944

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	iShares^® MSCI World ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Nordstrom Inc.		4,339	$	150,563
Norfolk Southern Corp.		6,746		1,230,133
Northern Trust Corp.		5,378		471,973
Northrop Grumman Corp.		3,908		1,285,107
NortonLifeLock Inc.		14,679		279,341
NRG Energy Inc.		8,147		270,562
Nucor Corp.		7,539		311,738
NVIDIA Corp.		13,705		3,701,309
O’Reilly Automotive Inc.^(a)(b)		1,953		720,110
Occidental Petroleum Corp.		19,502		638,495
Okta Inc.^(a)		3,483		446,033
Omnicom Group Inc.		5,903		408,960
ON Semiconductor Corp.^(a)		13,825		257,975
ONEOK Inc.		9,753		650,720
Oracle Corp.		53,612		2,651,650
PACCAR Inc.		8,484		567,580
Palo Alto Networks Inc.^(a)		2,048		378,102
Parker-Hannifin Corp.		3,062		565,766
Paychex Inc.		8,496		658,270
Paycom Software Inc.^(a)		1,442		407,581
PayPal Holdings Inc.^(a)		26,655		2,878,473
Pentair PLC		7,218		284,317
People’s United Financial Inc.		20,068		280,751
PepsiCo Inc.		32,672		4,313,684
Perrigo Co. PLC		3,590		181,977
Pfizer Inc.		132,305		4,421,633
Philip Morris International Inc.		36,633		2,999,144
Phillips 66		10,441		781,613
Pinnacle West Capital Corp.		4,127		369,325
Pioneer Natural Resources Co.		3,478		427,029
PNC Financial Services Group Inc. (The)		10,279		1,299,266
PPG Industries Inc.		6,428		671,405
PPL Corp.		15,639		469,326
Principal Financial Group Inc.		7,439		330,217
Procter & Gamble Co. (The)		58,542		6,628,711
Progressive Corp. (The)		13,855		1,013,632
Prologis Inc.		19,517		1,644,893
Prudential Financial Inc.		9,849		743,107
Public Service Enterprise Group Inc.		12,221		627,060
Public Storage		3,698		773,326
PulteGroup Inc.		8,710		350,142
PVH Corp.		2,056		152,370
Qorvo Inc.^(a)		3,042		305,964
QUALCOMM Inc.		28,728		2,249,402
Quest Diagnostics Inc.		3,488		369,937
Ralph Lauren Corp.		1,636		172,614
Raymond James Financial Inc.		3,248		271,630
Raytheon Co.		6,909		1,302,761
Realty Income Corp.		7,658		554,363
Regency Centers Corp.		5,273		302,881
Regeneron Pharmaceuticals Inc.^(a)		1,878		834,902
Regions Financial Corp.		29,047		392,715
Reinsurance Group of America Inc.		1,546		188,658
RenaissanceRe Holdings Ltd.		1,322		225,269
Republic Services Inc.		6,378		575,678
ResMed Inc.^(b)		4,134		657,141
RingCentral Inc., Class A^(a)(b)		1,712		403,604
Robert Half International Inc.		4,328		218,174
Rockwell Automation Inc.		2,675		490,862
Roku Inc.^(a)(b)		2,255		256,326

Security	Shares		Value
United States (continued)
Roper Technologies Inc.		2,791	$	981,595
Ross Stores Inc.		9,121		992,182
Royal Caribbean Cruises Ltd.		4,015		322,846
S&P Global Inc.		6,536		1,737,988
salesforce.com Inc.^(a)		20,116		3,427,766
Sarepta Therapeutics Inc.^(a)		1,740		199,178
SBA Communications Corp.		3,104		822,839
Schlumberger Ltd.		31,371		849,840
Seagate Technology PLC		6,008		288,084
Seattle Genetics Inc.^(a)		3,021		343,971
SEI Investments Co.		6,224		340,515
Sempra Energy		7,075		988,943
ServiceNow Inc.^(a)		4,646		1,515,014
Sherwin-Williams Co. (The)		1,951		1,008,179
Simon Property Group Inc.		7,064		869,437
Sirius XM Holdings Inc.^(b)		47,237		299,483
Skyworks Solutions Inc.		4,324		433,178
SL Green Realty Corp.		4,309		337,998
Snap Inc., Class A, NVS^(a)		16,799		238,042
Southern Co. (The)		25,591		1,544,673
Southwest Airlines Co.		4,124		190,488
Spirit AeroSystems Holdings Inc., Class A		3,543		187,212
Splunk Inc.^(a)		3,375		497,239
Sprint Corp.^(a)		23,971		220,293
Square Inc., Class A^(a)		8,194		682,806
SS&C Technologies Holdings Inc.		6,235		346,042
Stanley Black & Decker Inc.		3,908		561,580
Starbucks Corp.		28,893		2,266,078
State Street Corp.		9,229		628,587
Stryker Corp.		7,755		1,478,025
SVB Financial Group^(a)		1,321		274,979
Synchrony Financial		16,596		482,944
Synopsys Inc.^(a)		3,535		487,583
Sysco Corp.		12,436		828,859
T-Mobile U.S. Inc.^(a)		8,386		756,082
T Rowe Price Group Inc.		5,804		684,930
Take-Two Interactive Software Inc.^(a)		2,954		317,496
Tapestry Inc.		7,014		164,478
Targa Resources Corp.		7,756		251,294
Target Corp.		12,226		1,259,278
TD Ameritrade Holding Corp.		6,746		284,884
TE Connectivity Ltd.		8,169		676,965
TechnipFMC PLC		13,437		199,405
Teleflex Inc.		1,203		403,029
Tesla Inc.^(a)		3,106		2,074,777
Texas Instruments Inc.		21,668		2,473,186
Textron Inc.		6,995		283,997
Thermo Fisher Scientific Inc.		9,221		2,681,467
Tiffany & Co.		2,791		372,850
TJX Companies Inc. (The)		28,609		1,710,818
Tractor Supply Co.		3,488		308,723
TransDigm Group Inc.		1,215		677,739
TransUnion		5,177		460,339
Travelers Companies Inc. (The)		5,672		679,562
Trimble Inc.^(a)		7,434		293,494
TripAdvisor Inc.		3,683		86,366
Truist Financial Corp.		35,547		1,640,139
Twilio Inc., Class A^(a)		3,334		375,542
Twitter Inc.^(a)		17,764		589,765
Tyson Foods Inc., Class A		6,792		460,701

18 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^® MSCI World ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
U.S. Bancorp.		36,611	$	1,700,215
Uber Technologies Inc.^(a)		6,206		210,197
UDR Inc.		8,169		367,442
Ulta Salon Cosmetics & Fragrance Inc.^(a)		1,425		366,353
Under Armour Inc., Class A^(a)(b)		6,021		85,438
Under Armour Inc., Class C, NVS^(a)		4,072		50,819
Union Pacific Corp.		17,491		2,795,237
United Parcel Service Inc., Class B		16,496		1,492,723
United Rentals Inc.^(a)		2,054		272,114
United Technologies Corp.		19,062		2,489,307
UnitedHealth Group Inc.		22,297		5,684,843
Universal Health Services Inc., Class B		2,266		280,395
Unum Group.		6,113		142,494
Valero Energy Corp.		10,546		698,672
Varian Medical Systems Inc.^(a)		2,473		304,105
Veeva Systems Inc., Class A^(a)		3,379		479,717
Ventas Inc.		8,494		456,722
VEREIT Inc.		36,767		318,402
VeriSign Inc.^(a)		3,596		682,341
Verisk Analytics Inc.		3,260		505,659
Verizon Communications Inc.		95,458		5,170,005
Vertex Pharmaceuticals Inc.^(a)		6,218		1,393,019
VF Corp.		7,854		565,488
ViacomCBS Inc., Class B, NVS		12,210		300,488
Visa Inc., Class A^(b)		39,762		7,227,141
VMware Inc., Class A^(a)(b)		1,951		235,135
Vornado Realty Trust		4,752		254,612
Vulcan Materials Co.		3,165		380,623
Walmart Inc.		33,602		3,618,263
Walgreens Boots Alliance Inc.		17,993		823,360
Walt Disney Co. (The)		42,618		5,014,008
Waste Management Inc.		10,059		1,114,638
Waters Corp.^(a)		1,860		362,495
Wayfair Inc., Class A^(a)		1,498		94,689
WEC Energy Group Inc.		8,169		754,244
Wells Fargo & Co.		99,340		4,058,039
Welltower Inc.		9,655		722,387
Western Digital Corp.		6,969		387,198
Western Union Co. (The)		13,514		302,578
Westinghouse Air Brake Technologies Corp.		4,735		325,294
Westrock Co.		7,491		249,076
Weyerhaeuser Co.		18,024		468,264
Whirlpool Corp.		2,269		290,114
Williams Companies Inc. (The)		28,938		551,269
Willis Towers Watson PLC		2,791		528,197
Workday Inc., Class A^(a)		3,701		641,198
WR Berkley Corp.		6,959		467,227
WW Grainger Inc.		966		268,104
Wynn Resorts Ltd.		2,472		266,927
Xcel Energy Inc.		12,546		781,867
Xerox Holdings Corp.^(a)		6,273		201,991
Xilinx Inc.		6,113		510,374
XPO Logistics Inc.^(a)		2,033		150,381
Xylem Inc./NY		4,643		359,090
Yum! Brands Inc.		7,534		672,409
Zebra Technologies Corp., Class A^(a)		1,552		327,425

Security	Shares		Value
United States (continued)
Zillow Group Inc., Class C, NVS^(a)		3,894	$	217,324
Zimmer Biomet Holdings Inc.		4,751		646,849
Zoetis Inc.		11,911		1,586,903
				606,437,552
Total Common Stocks — 99.3%
(Cost: $932,942,897)				954,161,641

Preferred Stocks

Germany — 0.2%
Henkel AG & Co. KGaA, Preference Shares, NVS		4,963		456,190
Porsche Automobil Holding SE, Preference Shares, NVS		4,437		274,299
Sartorius AG, Preference Shares, NVS		1,641		373,129
Volkswagen AG, Preference Shares, NVS.		4,958		809,184
				1,912,802
Total Preferred Stocks — 0.2%
(Cost: $2,132,412)				1,912,802

Rights

Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 03/03/20)^(a)		7,609		3,329
Total Rights — 0.0%
(Cost: $3,698)				3,329

Short-Term Investments

Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(e)(f)(g)		8,313,411		8,319,230
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(e)(f)		3,528,000		3,528,000
				11,847,230
Total Short-Term Investments — 1.2%
(Cost: $11,844,192)				11,847,230

Total Investments in Securities — 100.7%
(Cost: $946,923,199)				967,925,002

Other Assets, Less Liabilities — (0.7)%				(6,690,108	)

Net Assets — 100.0%			$	961,234,894

^(a)

Non-income producing security.

^(b)

All or a portion of this security is on loan.

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

^(e) Affiliate of the Fund.

^(f)

Annualized 7-day yield as of period-end.

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

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	iShares^® MSCI World ETF
February 29, 2020

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:

Affiliated Issuer	Shares Held at 08/31/19	Shares Purchased		Shares Sold		Shares Held at 02/29/20	Value at 02/29/20		Income			Net Realized Gain (Loss)		^(a)	Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	7,820,010	493,401	^(b)	—		8,313,411	$	8,319,230	$	32,044	^(c)	$	67		$	1,595
BlackRock Cash Funds: Treasury, SL Agency Shares	1,335,000	2,193,000	^(b)	—		3,528,000		3,528,000		14,858			—			—
BlackRock Inc.	1,811	925		(50	)	2,686		1,243,645		13,108			7,786			53,422
							$	13,090,875	$	60,010		$	7,853		$	55,017

^(a)

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

^(b) Net of purchases and sales.

Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index	15	03/20/20	$	546	$	(60,262	)
FTSE 100 Index	5	03/20/20		417		(41,565	)
S&P 500 E-Mini Index	17	03/20/20		2,508		(214,998	)
TOPIX Index	2	03/12/20		278		(28,652	)
					$	(345,477	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	345,477

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	255,170

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(336,907	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	3,577,012

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

Fair Value Measurements

20 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^® MSCI World ETF
February 29, 2020

Fair Value Measurements (continued)

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	954,161,641		$	—	$	—	$	954,161,641
Preferred Stocks		1,912,802			—		—		1,912,802
Rights		3,329			—		—		3,329
Money Market Funds		11,847,230			—		—		11,847,230
	$	967,925,002		$	—	$	—	$	967,925,002
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(345,477	)	$	—	$	—	$	(345,477	)

^(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

Statements of Assets and Liabilities (unaudited)

February 29, 2020

	iShares MSCI Frontier 100 ETF			iShares MSCI World ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	483,603,854		$	954,834,127
Affiliated^(c)		6,115			13,090,875
Cash		—			612
Foreign currency, at value^(d)		753,701			769,435
Cash pledged:
Futures contracts		—			154,001
Foreign currency collateral pledged:
Futures contracts^(e)		—			99,201
Receivables:
Investments sold		6,259,091			—
Securities lending income — Affiliated		19			5,248
Capital shares sold		—			1,564,914
Dividends		1,844,303			1,806,713
Tax reclaims		—			200,249
Total assets		492,467,083			972,525,375

LIABILITIES
Bank overdraft		1,130,023			—
Collateral on securities loaned, at value		2,349			8,315,484
Payables:
Investments purchased		4,436,262			2,706,178
Variation margin on futures contracts		—			86,227
Investment advisory fees		318,312			182,592
Total liabilities		5,886,946			11,290,481

NET ASSETS	$	486,580,137		$	961,234,894

NET ASSETS CONSIST OF:
Paid-in capital	$	598,098,028		$	943,791,806
Accumulated earnings (loss)		(111,517,891	)		17,443,088
NET ASSETS	$	486,580,137		$	961,234,894

Shares outstanding		17,200,000			10,700,000
Net asset value	$	28.29		$	89.84
Shares authorized		500 million			500 million
Par value	$	0.001		$	0.001

^(a) Securities loaned, at value	$	2,237		$	8,094,259
^(b) Investments, at cost — Unaffiliated	$	420,502,614		$	933,931,237
^(c) Investments, at cost — Affiliated	$	6,111		$	12,991,962
^(d) Foreign currency, at cost	$	754,580		$	779,141
^(e) Foreign currency collateral pledged, at cost	$	—		$	99,429

See notes to financial statements.

22	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statements of Operations (unaudited)

Six Months Ended February 29, 2020

	iShares MSCI Frontier 100 ETF			iShares MSCI World ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	3,394,828		$	8,403,206
Dividends — Affiliated		3,525			27,966
Securities lending income — Affiliated — net		185			32,044
Foreign taxes withheld		(400,660	)		(296,281	)
Total investment income		2,997,878			8,166,935

EXPENSES
Investment advisory fees		1,957,592			988,645
Commitment fees		3,634			—
Interest expense		1,378			—
Total expenses		1,962,604			988,645
Net investment income		1,035,274			7,178,290

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(a)		(1,521,981	)		(2,921,727	)
Investments — Affiliated		—			67
In-kind redemptions — Unaffiliated		76,133			6,245,818
In-kind redemptions — Affiliated		—			7,786
Futures contracts		—			255,170
Foreign currency transactions		(260,895	)		16,544
Net realized gain (loss)		(1,706,743	)		3,603,658
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(9,166,283	)		(18,110,574	)
Investments — Affiliated		1			55,017
Futures contracts		—			(336,907	)
Foreign currency translations		13,357			(5,030	)
Net change in unrealized appreciation (depreciation)		(9,152,925	)		(18,397,494	)
Net realized and unrealized loss		(10,859,668	)		(14,793,836	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(9,824,394	)	$	(7,615,546	)

^(a) Net of foreign capital gain tax of	$	13,900		$	—

See notes to financial statements.

F i n a n c i a l S t a t e m e n t s

Statements of Changes in Net Assets

	iShares MSCI Frontier 100 ETF						iShares MSCI World ETF
	Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19			Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,035,274		$	18,179,111		$	7,178,290		$	13,549,947
Net realized gain (loss)		(1,706,743	)		(20,321,660	)		3,603,658			52,961,213
Net change in unrealized appreciation (depreciation)		(9,152,925	)		31,730,659			(18,397,494	)		(45,742,348	)
Net increase (decrease) in net assets resulting from operations		(9,824,394	)		29,588,110			(7,615,546	)		20,768,812

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(2,614,147	)		(19,147,709	)		(7,870,840	)		(14,268,219	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		2,150,996			(37,018,194	)		330,261,822			73,716,261

NET ASSETS
Total increase (decrease) in net assets		(10,287,545	)		(26,577,793	)		314,775,436			80,216,854
Beginning of period		496,867,682			523,445,475			646,459,458			566,242,604
End of period	$	486,580,137		$	496,867,682		$	961,234,894		$	646,459,458

^(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

24	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI Frontier 100 ETF
	Six Months Ended 02/29/20 (unaudited)				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16				Year Ended 08/31/15

Net asset value, beginning of period		$	28.97			$	28.29			$	30.62			$	24.20			$	26.20			$	37.79
Net investment income^(a)			0.06				1.03				0.87				0.72				0.76				0.77
Net realized and unrealized gain (loss)^(b)			(0.58	)			0.76				(1.99	)			6.00				(2.17	)			(8.78	)
Net increase (decrease) from investment operations			(0.52	)			1.79				(1.12	)			6.72				(1.41	)			(8.01	)

Distributions^(c)
From net investment income			(0.16	)			(1.11	)			(1.21	)			(0.30	)			(0.59	)			(0.76	)
From net realized gain			—				—				—				—				—				(2.82	)
Total distributions			(0.16	)			(1.11	)			(1.21	)			(0.30	)			(0.59	)			(3.58	)

Net asset value, end of period		$	28.29			$	28.97			$	28.29			$	30.62			$	24.20			$	26.20

Total Return
Based on net asset value			(1.84	)%^(d)			6.45	%			(3.92	)%			27.91	%			(5.45	)%			(21.70	)%

Ratios to Average Net Assets
Total expenses			0.79	%^(e)			0.79	%			0.81	%			0.80	%			0.79	%			0.79	%
Net investment income			0.42	%^(e)			3.63	%			2.69	%			2.65	%			3.03	%			2.43	%

Supplemental Data
Net assets, end of period (000)		$	486,580			$	496,868			$	523,445			$	627,626			$	407,722			$	502,993
Portfolio turnover rate^(f)			12	%^(d)			33	%			35	%			32	%			20	%			47	%

^(a)

Based on average shares outstanding.

^(c)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) Not annualized.

^(e) Annualized.

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

See notes to financial statements.

F i n a n c i a l H i g h l i g h t s

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI World ETF
	Six Months Ended 02/29/20 (unaudited)				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16				Year Ended 08/31/15

Net asset value, beginning of period		$	89.79			$	91.33			$	82.22			$	72.15			$	68.95			$	73.36
Net investment income^(a)			0.84				1.96				1.84				1.74				1.62				1.64
Net realized and unrealized gain (loss)^(b)			0.13				(1.52	)			9.15				9.90				3.16				(4.49	)
Net increase (decrease) from investment operations			0.97				0.44				10.99				11.64				4.78				(2.85	)

Distributions^(c)
From net investment income			(0.92	)			(1.98	)			(1.88	)			(1.57	)			(1.58	)			(1.56	)
Total distributions			(0.92	)			(1.98	)			(1.88	)			(1.57	)			(1.58	)			(1.56	)

Net asset value, end of period		$	89.84			$	89.79			$	91.33			$	82.22			$	72.15			$	68.95

Total Return
Based on net asset value			0.98	%^(d)			0.61	%			13.46	%			16.29	%			7.05	%			(3.97	)%

Ratios to Average Net Assets
Total expenses			0.24	%^(e)			0.24	%			0.24	%			0.24	%			0.24	%			0.24	%
Net investment income			1.74	%^(e)			2.24	%			2.09	%			2.25	%			2.34	%			2.25	%

Supplemental Data
Net assets, end of period (000)		$	961,235			$	646,459			$	566,243			$	509,769			$	288,603			$	206,842
Portfolio turnover rate^(f)			2	%^(d)			4	%			3	%			3	%			5	%			5	%

^(a)

Based on average shares outstanding.

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

^(d) Not annualized.

^(e) Annualized.

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

See notes to financial statements.

26	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited)

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

SIGNIFICANT ACCOUNTING POLICIES

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.

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

INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

N o t e s t o F i n a n c i a l S t a t e m e n t s 27

Notes to Financial Statements (unaudited) (continued)

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;

•

SECURITIES AND OTHER INVESTMENTS

As of February 29, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of February 29, 2020 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

28 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of February 29, 2020:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received		^(a)	Non-Cash Collateral Received		Net Amount
MSCI Frontier 100
Morgan Stanley & Co. LLC	$	2,237	$	2,237		$	—	$	—
MSCI World
Barclays Capital Inc.	$	3,825	$	3,825		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		563,888		563,888			—		—
BofA Securities, Inc.		169,582		169,582			—		—
Citigroup Global Markets Inc.		563,661		563,661			—		—
Credit Suisse AG Dublin Branch		2,467		2,417			—		(50	)^(b)
Credit Suisse Securities (USA) LLC		138,087		138,087			—		—
Goldman Sachs & Co.		190,843		190,843			—		—
HSBC Bank PLC		38,885		38,885			—		—
JPMorgan Securities LLC		211,801		211,801			—		—
Morgan Stanley & Co. LLC		368,353		368,353			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		5,129		5,129			—		—
Scotia Capital (USA) Inc.		26,813		26,813			—		—
SG Americas Securities LLC		4,934,073		4,934,073			—		—
TD Prime Services LLC		193,917		193,917			—		—
UBS Securities LLC		302,812		302,812			—		—
Wells Fargo Bank, National Association		346,494		346,494			—		—
Wells Fargo Securities LLC		33,629		33,629			—		—
	$	8,094,259	$	8,094,209		$	—	$	(50	)

^(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.

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 29

Notes to Financial Statements (unaudited) (continued)

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

iShares ETF	Fees Paid to BTC
MSCI Frontier 100	$	45
MSCI World		8,757

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 29, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF		Purchases				Sales				Net Realized Gain (Loss)
MSCI World		$	5,221,798			$	3,603,684			$	(394,601	)

30 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

PURCHASES AND SALES

For the six months ended February 29, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
MSCI Frontier 100	$	60,953,505	$	63,857,795
MSCI World		31,131,101		18,769,904

For the six months ended February 29, 2020, in-kind transactions were as follows:

	In-kind		In-kind
iShares ETF	Purchases		Sales
MSCI Frontier 100	$	270,117	$	317,884
MSCI World		334,445,509		18,952,678

INCOME TAX INFORMATION

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

iShares ETF	Non-Expiring
MSCI Frontier 100	$	147,337,814
MSCI World		6,530,551

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Frontier 100	$	445,496,412	$	102,201,142	$	(64,087,585	)	$	38,113,557
MSCI World		949,847,073		94,993,325		(77,260,873	)		17,732,452

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 21, 2020. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

For the six months ended February 29, 2020, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the credit agreement were as follows:

Maximum

Weighted

Amount

Average

iShares ETF

Borrowed

Borrowing

Interest Rates

MSCI Frontier 100

3,100,000

85,165

2.50

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)

10.

PRINCIPAL RISKS

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.

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.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The impact of the pandemic may be short term or may last for an extended period of time.

11.

CAPITAL SHARE TRANSACTIONS

32 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:

	Six Months Ended 02/29/20					Year Ended 08/31/19
iShares ETF	Shares		Amount			Shares		Amount
MSCI Frontier 100
Shares sold	400,000		$	12,178,051		450,000		$	13,475,673
Shares redeemed	(350,000	)		(10,027,055	)	(1,800,000	)		(50,493,867	)
Net increase(decrease)	50,000		$	2,150,996		(1,350,000	)	$	(37,018,194	)
MSCI World
Shares sold	3,700,000		$	349,987,081		3,800,000		$	312,550,041
Shares redeemed	(200,000	)		(19,725,259	)	(2,800,000	)		(238,833,780	)
Net increase	3,500,000		$	330,261,822		1,000,000		$	73,716,261

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.

12.

LEGAL PROCEEDINGS

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 33

Statement Regarding Liquidity Risk Management Program

The Board of Directors (the “Board”) of iShares MSCI Frontier 100 ETF and iShares MSCI World ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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

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

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

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

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

34 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Supplemental Information (unaudited)

Section 19(a) Notices

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

Total Cumulative Distributions
for the Fiscal Year-to-Date % Breakdown of the Total Cumulative
Distributions for the Fiscal Year-to-Date

iShares ETF Net
Investment
Income Net Realized
Capital Gains Return of
Capital Total Per
Share Net
Investment
Income Net Realized
Capital Gains Return of
Capital Total Per
Share

MSCI World^(a) $ 0.818887 $ — $ 0.096327 $ 0.915214 89% — % 11 % 100 %

^(a)

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

S u p p l e m e n t a l I n f o r m a t i o n 35

General Information

Electronic Delivery

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

36 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

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 37

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

iS-SAR-811-0220

FEBRUARY 29, 2020


	2020 Semi-Annual Report (Unaudited)

iShares, Inc.

Table of Contents

	Page
Fund Summary	3
About Fund Performance	8
Shareholder Expenses	8
Schedules of Investments	9
Financial Statements
Statements of Assets and Liabilities	25
Statements of Operations	27
Statements of Changes in Net Assets	29
Financial Highlights	32
Notes to Financial Statements	37
Statement Regarding Liquidity Risk Management Program	45
Supplemental Information	46
General Information	47
Glossary of Terms Used in this Report	48

Fund Summary as of February 29, 2020

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
							Since						Since
	6 Months		1 Year		5 Years		Inception		1 Year		5 Years		Inception
Fund NAV	(4.37	)%	(8.34	)%	0.50	%	2.17	%	(8.34	)%	2.51	%	18.99	%
Fund Market	(4.09	)	(8.22	)	0.55		2.15		(8.22	)	2.80		18.77
Index	(4.34	)	(8.27	)	0.48		2.23		(8.27	)	2.43		19.49

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

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(09/01/19)

(02/29/20)

the Period

^(a)

(09/01/19)

(02/29/20)

the Period

^(a)

Ratio

1,000.00

956.30

1.90

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	32.9	%
Agricultural & Farm Machinery	26.4
Agricultural Products	20.9
Packaged Foods & Meats	19.8

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	^(a)
United States	47.8	%
Norway	7.7
Canada	7.5
Japan	6.8
China	3.5
Hong Kong	3.3
Italy	2.9
Malaysia	2.8
India	2.6
Singapore	2.3

^(a)

Excludes money market funds.

F u n d S u m m a r y 3

Fund Summary as of February 29, 2020

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
							Since						Since
	6 Months		1 Year		5 Years		Inception		1 Year		5 Years		Inception
Fund NAV	(15.40	)%	(25.33	)%	(4.18	)%	(3.38	)%	(25.33)	%	(19.20)	%	(24.27	)%
Fund Market	(14.50	)	(24.70	)	(4.12	)	(3.28	)	(24.70	)	(18.96	)	(23.62	)
Index	(15.51	)	(25.53	)	(4.45	)	(3.57	)	(25.53	)	(20.36	)	(25.44	)

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 Ending Expenses Beginning Ending Expenses Annualized

Account Value Account Value Paid During Account Value Account Value Paid During Expense

(09/01/19) (02/29/20) the Period ^(a) (09/01/19) (02/29/20) the Period ^(a) Ratio

$ 1,000.00 $ 846.00 $ 1.79 $ 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	63.5	%
Oil & Gas Exploration & Production	23.5
Oil & Gas Refining & Marketing	11.3
Coal & Consumable Fuels	1.7

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	^(a)
United States	43.2	%
United Kingdom	16.6
Canada	6.7
France	6.1
Russia	4.7
India	4.0
Brazil	2.8
China	2.7
Australia	2.1
Italy	1.9

^(a)

Excludes money market funds.

4	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Fund Summary as of February 29, 2020

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
							Since						Since
	6 Months		1 Year		5 Years		Inception		1 Year		5 Years		Inception
Fund NAV	(8.36	)%	27.00	%	5.60	%	(8.83	)%	27.00	%	31.31	%	(52.61	)%
Fund Market	(8.86	)	26.38		5.44		(8.89	)	26.38		30.30		(52.87	)
Index	(8.24	)	27.11		5.85		(8.65	)	27.11		32.89		(51.88	)

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

Expense Example

^(a)

Portfolio Information

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	^(a)
Canada	50.9	%
United States	22.0
South Africa	12.5
Australia	8.7
Russia	2.1
Peru	1.6
United Kingdom	1.5
Turkey	0.7

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	^(a)
Newmont Corp.	20.9	%
Barrick Gold Corp.	19.4
Newcrest Mining Ltd.	6.5
Agnico Eagle Mines Ltd.	4.7
AngloGold Ashanti Ltd.	4.4
Kinross Gold Corp.	4.3
Kirkland Lake Gold Ltd.	4.2
Gold Fields Ltd.	3.4
Sibanye Stillwater Ltd.	3.2
Yamana Gold Inc.	2.7

^(a)

Excludes money market funds.

F u n d S u m m a r y 5

Fund Summary as of February 29, 2020

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
							Since						Since
	6 Months		1 Year		5 Years		Inception		1 Year		5 Years		Inception
Fund NAV	(5.67	)%	(18.83	)%	(1.25	)%	(5.09	)%	(18.83	)%	(6.11	)%	(34.45	)%
Fund Market	(5.77	)	(18.81	)	(1.42	)	(5.13	)	(18.81	)	(6.88	)	(34.64	)
Index	(5.58	)	(18.74	)	(1.04	)	(4.96	)	(18.74	)	(5.10	)	(33.73	)

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

Expense Example

^(a)

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	^(a)
Diversified Metals & Mining	53.4	%
Steel	32.9
Copper	6.9
Aluminum	4.0
Precious Metals & Minerals	2.8

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	^(a)
Australia	26.8	%
United Kingdom	18.9
United States	10.3
Brazil	6.7
Japan	6.5
Russia	4.8
Canada	3.2
South Korea	3.1
China	2.6
South Africa	2.5

^(a)

Excludes money market funds.

6 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Fund Summary as of February 29, 2020

iShares^®MSCI Global Silver and Metals Miners ETF

Investment Objective

The iShares MSCI Global Silver and Metals Miners ETF (the “Fund”) (formerly the iShares MSCI Global Silver Miners ETF) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of silver exploration or metals 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
						Since						Since
	6 Months		1 Year	5 Years		Inception		1 Year		5 Years		Inception
Fund NAV	(13.29	)%^(a)	2.84%	1.21	%	(10.14	)%	2.84	%	6.21	%	(57.83	)%
Fund Market	(13.26	)	2.73	1.21		(10.11	)	2.73		6.21		(57.74	)
Index	(13.56	)	2.33	1.09		(10.17	)	2.33		5.58		(57.98	)

^(a)

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

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

Expense Example

^(a)

Portfolio Information

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	^(a)
Canada	74.2	%
United States	11.3
South Africa	4.6
Mexico	3.3
Japan	2.7
United Kingdom	2.6
Other (each representing less than 1%)	1.3

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	^(a)
Wheaton Precious Metals Corp.	23.2	%
Pan American Silver Corp.	11.1
Yamana Gold Inc.	9.3
Harmony Gold Mining Co. Ltd.	4.6
Newmont Corp.	4.6
Eldorado Gold Corp.	4.3
SSR Mining Inc.	4.3
Hecla Mining Co.	3.9
First Majestic Silver Corp.	3.5
Industrias Penoles SAB de CV	3.3

^(a)

Excludes money market funds.

F u n d S u m m a r y 7

About Fund Performance

Past performance is no guarantee of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Shareholder Expenses

8 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited)	iShares^®MSCI Global Agriculture Producers ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Argentina — 0.2%
Adecoagro SA^(a)	7,771	$	50,822

Australia — 1.6%
Australian Agricultural Co. Ltd.^(a)	24,149		17,127
Costa Group Holdings Ltd.	26,790		51,128
Elders Ltd.	10,488		52,339
GrainCorp Ltd., Class A^(a)	16,264		81,792
Inghams Group Ltd.	22,648		50,524
Nufarm Ltd./Australia^(a)	21,451		70,674
Select Harvests Ltd.	7,201		29,250
Tassal Group Ltd.	14,875		36,924
			389,758
Brazil — 0.5%
Sao Martinho SA	13,300		78,091
SLC Agricola SA	6,487		29,001
			107,092
Canada — 7.5%
Ag Growth International Inc.	1,425		41,051
Nutrien Ltd.	42,845		1,731,546
Rogers Sugar Inc.	7,866		28,948
Village Farms International Inc.^(a)(b)	2,945		11,847
			1,813,392
China — 3.5%
Beijing Dabeinong Technology Group Co. Ltd., Class A	20,900		20,481
China Agri-Industries Holdings Ltd.	171,200		92,926
China BlueChemical Ltd., Class H	138,000		26,208
China Huishan Dairy Holdings Co. Ltd.^(a)(c)	295,050		568
China Modern Dairy Holdings Ltd.^(a)	190,000		22,918
COFCO Meat Holdings Ltd.^(a)	104,000		26,023
Fujian Sunner Development Co. Ltd., Class A	3,800		11,791
Heilongjiang Agriculture Co. Ltd., Class A	7,600		13,384
Henan Shuanghui Investment & Development Co. Ltd., Class A	11,400		55,449
Inner Mongolia Yili Industrial Group Co. Ltd., Class A	26,600		110,012
Jiangsu Yangnong Chemical Co. Ltd., Class A	1,900		19,013
Jiangxi Zhengbang Technology Co. Ltd., Class A	11,400		24,658
Muyuan Foodstuff Co. Ltd., Class A	9,500		158,329
New Hope Liuhe Co. Ltd., Class A	19,000		65,778
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A	7,600		18,353
Sinofert Holdings Ltd.	152,000		15,214
Tech-Bank Food Co. Ltd., Class A^(a)	5,700		7,950
Tongwei Co. Ltd., Class A	17,100		42,198
Wens Foodstuffs Group Co. Ltd., Class A	23,500		109,361
Yuan Longping High-Tech Agriculture Co. Ltd., Class A	5,700		13,479
			854,093
France — 0.1%
Vilmorin & Cie SA	494		21,787
Germany — 1.0%
K+S AG, Registered^(b)	14,231		115,521
KWS Saat SE & Co. KGaA	874		48,962
Suedzucker AG	5,358		82,809
			247,292
Hong Kong — 3.3%
Ausnutria Dairy Corp. Ltd.	41,000		66,184
WH Group Ltd.^(d)	712,500		724,107
			790,291

Security	Shares	Value

India — 2.6%
Balrampur Chini Mills Ltd.	8,987	$17,783
Bayer CropScience Ltd./India	785	47,666
Chambal Fertilizers and Chemicals Ltd.	7,448	14,541
Coromandel International Ltd.	5,111	43,590
EID Parry India Ltd.	4,446	11,607
Escorts Ltd.	4,104	44,362
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.	3,135	6,770
Kaveri Seed Co. Ltd.	1,919	11,397
KRBL Ltd.	3,477	12,038
Rallis India Ltd.	4,009	12,441
Tata Consumer Products Ltd.	22,211	106,535
UPL Ltd.	39,748	286,237
Venky's India Ltd.	304	5,163
		620,130
Indonesia — 1.2%
Charoen Pokphand Indonesia Tbk PT	554,800	220,412
Inti Agri Resources Tbk PT^(a)(c)	2,230,700	6,460
Japfa Comfeed Indonesia Tbk PT	262,200	25,585
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT.	222,300	15,029
Sawit Sumbermas Sarana Tbk PT	216,600	12,228
Tunas Baru Lampung Tbk PT.	171,000	7,330
		287,044
Ireland — 0.1%
Origin Enterprises PLC	9,348	28,751
Israel — 1.0%
Israel Chemicals Ltd.	52,763	195,402
Israel Corp. Ltd. (The)^(a)	285	40,014
		235,416
Italy — 2.9%
CNH Industrial NV	75,848	695,682
Japan — 6.7%
Chubu Shiryo Co. Ltd.	1,000	13,202
Hokuto Corp.	1,900	32,376
Iseki & Co. Ltd.	700	7,476
Kubota Corp.	77,900	1,099,909
Kumiai Chemical Industry Co. Ltd.	6,200	41,672
Maruha Nichiro Corp.	3,300	69,326
Mitsui Sugar Co. Ltd.	1,300	22,887
NH Foods Ltd.	6,600	249,033
Nihon Nohyaku Co. Ltd.	1,900	8,895
Sakata Seed Corp.	2,200	61,290
YAMABIKO Corp.	2,600	20,971
		1,627,037
Malaysia — 2.8%
FGV Holdings Bhd^(a)	119,700	32,374
Genting Plantations Bhd.	19,000	45,167
IOI Corp. Bhd	142,500	140,979
Kuala Lumpur Kepong Bhd	32,300	167,362
Leong Hup International Berhad	79,800	13,253
QL Resources Bhd	49,405	95,645
Sime Darby Plantation Bhd	155,800	183,338
		678,118
Netherlands — 0.5%
ForFarmers NV	2,964	17,907
OCI NV^(a)	6,270	104,377
		122,284

S c h e d u l e o f I n v e s t m e n t s 9

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Global Agriculture Producers ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Norway — 7.6%
Austevoll Seafood ASA	6,802	$	59,461
Bakkafrost P/F	3,724		232,558
Grieg Seafood ASA	3,762		47,542
Leroy Seafood Group ASA	22,420		135,915
Mowi ASA	32,775		684,961
Norway Royal Salmon ASA	960		21,751
Salmar ASA	4,218		187,303
Yara International ASA	13,262		477,453
			1,846,944
Pakistan — 0.4%
Engro Corp. Ltd./Pakistan	23,220		46,635
Engro Fertilizers Ltd.	38,467		15,745
Fauji Fertilizer Co. Ltd.	40,100		26,869
Millat Tractors Ltd.	2,565		11,016
			100,265
Poland — 0.1%
Grupa Azoty SA^(a)	3,382		17,448

Russia — 0.4%
PhosAgro PJSC, GDR^(e)	8,607		94,763

Saudi Arabia — 2.0%
Almarai Co. JSC	18,829		229,873
National Agriculture Development Co. (The)^(a)	3,040		20,907
Saudi Arabian Fertilizer Co.	12,521		224,286
			475,066
Singapore — 2.3%
Bumitama Agri Ltd.	26,600		11,149
China XLX Fertiliser Ltd.	38,000		11,703
First Resources Ltd.^(b)	39,900		45,455
Golden Agri-Resources Ltd.	476,900		68,338
Japfa Ltd.	33,440		13,417
Wilmar International Ltd.	144,400		410,739
			560,801
South Africa — 0.2%
Astral Foods Ltd.	2,888		34,458
Oceana Group Ltd.	5,795		20,150
Tongaat Hulett Ltd.^(a)	10,038		2,067
			56,675
South Korea — 0.2%
Dongwon Industries Co. Ltd.	114		18,398
Easy Bio Inc.^(a)(b)	2,812		10,303
Harim Holdings Co. Ltd.	2,204		12,812
Namhae Chemical Corp.^(a)	1,862		10,640
			52,153
Sweden — 0.1%
Scandi Standard AB	3,686		23,952
Taiwan — 0.5%
Charoen Pokphand Enterprise	13,000		26,705
Taiwan Fertilizer Co. Ltd.	57,000		90,358
			117,063
Thailand — 1.1%
Charoen Pokphand Foods PCL, NVDR	288,800		244,823
GFPT PCL, NVDR	41,800		14,174
Khon Kaen Sugar Industry PCL, NVDR	138,754		9,322
			268,319
United Kingdom — 0.8%
Cranswick PLC	3,895		165,670

Security	Shares		Value

United Kingdom (continued)
Sirius Minerals PLC^(a)(b)	528,105	$	29,977
			195,647
United States — 47.6%
AGCO Corp.	4,788		289,339
American Vanguard Corp.	2,071		31,583
Archer-Daniels-Midland Co.	41,648		1,568,047
Bunge Ltd.	10,564		495,980
Cal-Maine Foods Inc.^(b)	2,318		80,875
CF Industries Holdings Inc.	16,226		598,090
Corteva Inc.^(a)	55,936		1,521,459
Darling Ingredients Inc.^(a)	12,255		314,953
Deere & Co.	22,363		3,499,362
FMC Corp.	9,690		902,139
Fresh Del Monte Produce Inc.	2,337		64,081
Ingredion Inc.	4,997		416,250
Intrepid Potash Inc.^(a)	7,429		13,149
Lindsay Corp.	817		80,907
Mosaic Co. (The).	26,866		457,528
Pilgrim's Pride Corp.^(a)(b)	4,693		99,304
Sanderson Farms Inc.	1,501		185,464
Scotts Miracle-Gro Co. (The)	3,135		332,279
Toro Co. (The)	7,961		568,654
			11,519,443
Total Common Stocks — 98.8% (Cost: $26,057,473)			23,897,528

Preferred Stocks
Chile — 0.9%
Sociedad Quimica y Minera de Chile SA, Series B, Preference Shares	8,569		224,125
Total Preferred Stocks — 0.9% (Cost: $255,789)			224,125

Short-Term Investments

Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(f)(g)(h)	285,033		285,233
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(f)(g)	30,000		30,000
			315,233
Total Short-Term Investments — 1.3% (Cost: $315,134)			315,233
Total Investments in Securities — 101.0% (Cost: $26,628,396)			24,436,886
Other Assets, Less Liabilities — (1.0)%			(245,209	)
Net Assets — 100.0%		$	24,191,677

^(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)

^(e)

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

10 2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued) iShares^®MSCI Global Agriculture Producers ETF

February 29, 2020

^(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 29, 2020, 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	08/31/19		Net Activity			02/29/20		02/29/20		Income			Gain (Loss)		^(a)	(Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		327,331		(42,298	)		285,033	$	285,233	$	3,168	^(b)	$	6		$	72
BlackRock Cash Funds: Treasury, SL Agency Shares		21,000		9,000			30,000		30,000		237			—			—
								$	315,233	$	3,405		$	6		$	72

^(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	$	23,890,500	$	—	$	7,028	$	23,897,528
Preferred Stocks		224,125		—		—		224,125
Money Market Funds		315,233		—		—		315,233
	$	24,429,858	$	—	$	7,028	$	24,436,886

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

Schedule of Investments (unaudited)	iShares^®MSCI Global Energy Producers ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Argentina — 0.1%
YPF SA, ADR		3,626	$	28,972

Australia — 2.1%
Beach Energy Ltd.		37,176		42,066
Cooper Energy Ltd.^(a)		34,700		10,851
New Hope Corp. Ltd.		6,776		6,313
Oil Search Ltd.		29,600		104,774
Santos Ltd.		38,450		169,320
Senex Energy Ltd.^(a)		30,076		4,848
Washington H Soul Pattinson & Co. Ltd.		2,626		33,050
Whitehaven Coal Ltd.		15,076		19,440
Woodside Petroleum Ltd.		20,350		366,329
				756,991
Austria — 0.4%
OMV AG.		3,226		134,125
Brazil — 1.4%
Dommo Energia SA^(a)		2,160		622
Enauta Participacoes SA		2,600		7,659
Petro Rio SA^(a)		2,600		22,706
Petroleo Brasileiro SA		80,000		481,420
				512,407
Canada — 6.6%
Advantage Oil & Gas Ltd.^(a)		4,076		6,134
ARC Resources Ltd.		7,600		33,064
Baytex Energy Corp.^(a)		.11,300		10,438
Birchcliff Energy Ltd.		5,650		6,356
Cameco Corp.		8,676		75,039
Canacol Energy Ltd.		2,676		8,532
Canadian Natural Resources Ltd.		25,600		658,904
Cenovus Energy Inc.		22,776		167,467
Crescent Point Energy Corp.		11,800		32,086
Enerplus Corp.		5,250		22,801
Freehold Royalties Ltd.		2,150		9,642
Frontera Energy Corp.		1,526		8,628
Husky Energy Inc.		7,826		37,254
Imperial Oil Ltd.		5,800		126,988
Kelt Exploration Ltd.^(a)		3,157		7,526
MEG Energy Corp.^(a)(b)		5,276		24,290
NexGen Energy Ltd.^(a)		5,250		4,654
NuVista Energy Ltd.^(a)		4,250		6,269
Paramount Resources Ltd., Class A^(a)		1,250		3,986
Parex Resources Inc.^(a)		.3,150		43,084
Peyto Exploration & Development Corp.		3,576		5,861
PrairieSky Royalty Ltd.		4,776		44,296
Seven Generations Energy Ltd., Class A^(a)		6,276		25,808
Suncor Energy Inc.		33,400		920,376
Surge Energy Inc.^(b)		6,800		4,407
Tamarack Valley Energy Ltd.^(a)		4,126		3,965
TORC Oil & Gas Ltd.		3,576		8,711
Tourmaline Oil Corp.		5,676		47,147
Vermilion Energy Inc.		3,300		33,090
Whitecap Resources Inc.		8,826		25,906
				2,412,709
China — 2.7%
China Coal Energy Co. Ltd., Class H		22,000		7,114
China Shenhua Energy Co. Ltd., Class A		5,000		11,445
China Shenhua Energy Co. Ltd., Class H		75,000		130,116

Security	Shares		Value

China (continued)
CNOOC Ltd.		400,000	$	548,181
Guanghui Energy Co. Ltd., Class A		15,000		6,094
Inner Mongolia Yitai Coal Co. Ltd., Class B		25,000		17,150
PetroChina Co. Ltd., Class A.		20,000		14,506
PetroChina Co. Ltd., Class H		472,000		182,912
Shaanxi Coal Industry Co. Ltd., Class A		7,600		8,589
Shandong Xinchao Energy Corp. Ltd., Class A^(a)		5,000		1,366
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		5,000		4,335
Shanxi Meijin Energy Co. Ltd., Class A^(a)		5,000		5,965
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A.		5,000		3,619
Yanzhou Coal Mining Co. Ltd., Class A		.5,000		6,345
Yanzhou Coal Mining Co. Ltd., Class H		34,000		25,784
				973,521
Colombia — 0.3%
Ecopetrol SA.		109,276		95,657
Finland — 1.0%
Neste OYJ.		9,250		362,329
France — 6.0%
Etablissements Maurel et Prom SA		976		2,450
TOTAL SA		52,150		2,198,565
				2,201,015
Greece — 0.1%
Motor Oil Hellas Corinth Refineries SA		1,323		21,508
Hong Kong — 0.0%
Agritrade Resources Ltd.^(b)		60,000		1,509
Hungary — 0.2%
MOL Hungarian Oil & Gas PLC		8,800		67,678
India — 4.0%
Bharat Petroleum Corp. Ltd.		14,550		85,958
Coal India Ltd.		28,100		65,570
Hindustan Petroleum Corp. Ltd.		13,526		37,026
Indian Oil Corp. Ltd.		42,000		61,544
Oil & Natural Gas Corp. Ltd.		54,500		69,440
Oil India Ltd.		5,326		7,970
Reliance Industries Ltd.		25,700		473,154
Reliance Industries Ltd., GDR^(c)		18,250		663,388
				1,464,050
Indonesia — 0.3%
Adaro Energy Tbk PT		305,000		24,553
Alfa Energi Investama Tbk PT^(a)		17,600		116
Bukit Asam Tbk PT		62,600		9,773
Bumi Resources Tbk PT^(a)		1,210,000		4,217
Indika Energy Tbk PT		35,000		1,830
Indo Tambangraya Megah Tbk PT		10,000		7,876
Medco Energi Internasional Tbk PT^(a)		130,066		5,711
Sugih Energy Tbk PT^(a)(d)		206,700		58
United Tractors Tbk PT		37,600		43,503
				97,637
Israel — 0.1%
Equital Ltd.^(a)		367		8,851
Naphtha Israel Petroleum Corp. Ltd.		577		2,394
Oil Refineries Ltd.		39,126		13,224
Paz Oil Co. Ltd.		250		27,382
				51,851

12	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Global Energy Producers ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Italy — 1.9%
Eni SpA		55,500	$	680,236
Saras SpA		12,600		14,740
				694,976
Japan — 1.6%
Cosmo Energy Holdings Co. Ltd.		1,236		20,649
Idemitsu Kosan Co. Ltd.		4,268		105,172
Inpex Corp.		22,600		195,462
Japan Petroleum Exploration Co. Ltd.		700		14,997
JXTG Holdings Inc.		65,000		261,531
				597,811
Malaysia — 0.0%
Hengyuan Refining Co. Bhd^(a)		2,600		2,215
Hibiscus Petroleum Bhd^(a)		22,600		4,021
Petron Malaysia Refining & Marketing Bhd		2,600		2,831
				9,067
New Zealand — 0.0%
New Zealand Refining Co. Ltd. (The)		4,126		3,122
Norway — 1.1%
Aker BP ASA		2,400		56,175
BW Energy Ltd.^(a)		1,000		1,798
DNO ASA		12,750		8,693
Equinor ASA		21,700		323,605
				390,271
Pakistan — 0.0%
Oil & Gas Development Co. Ltd.		12,600		9,589
Pakistan Oilfields Ltd.		3,011		7,192
				16,781
Philippines — 0.0%
Petron Corp.		100,100		6,598
Pilipinas Shell Petroleum Corp.		5,000		2,555
Semirara Mining & Power Corp.		20,000		7,612
				16,765
Poland — 0.4%
Grupa Lotos SA		1,950		29,408
Lubelski Wegiel Bogdanka SA		184		768
Polski Koncern Naftowy ORLEN SA		6,576		97,805
				127,981
Portugal — 0.4%
Galp Energia SGPS SA		10,800		146,749
Russia — 4.4%
LUKOIL PJSC		9,000		763,326
Novatek PJSC, GDR^(e)		2,000		286,600
Rosneft Oil Co. PJSC		12,500		75,037
Rosneft Oil Co. PJSC, GDR^(e)		12,600		76,230
Surgutneftegas PJSC		115,000		65,774
Surgutneftegas PJSC, ADR		3,976		22,663
Tatneft PJSC		32,800		327,805
				1,617,435
Saudi Arabia — 0.7%
Rabigh Refining & Petrochemical Co.^(a)		4,800		20,088
Saudi Arabian Oil Co.^(a)(c)		25,500		226,689
				246,777
South Africa — 0.1%
Exxaro Resources Ltd.		5,750		40,937
South Korea — 0.5%
SK Innovation Co. Ltd.		1,200		111,651

Security	Shares		Value

South Korea (continued)
S-Oil Corp.		1,000	$	54,837
				166,488
Spain — 0.9%
Repsol SA		30,800		342,721
Sweden — 0.3%
Lundin Petroleum AB		4,000		111,066
Thailand — 0.5%
Bangchak Corp. PCL, NVDR		25,000		19,014
Banpu PCL, NVDR.		100,000		22,500
Esso Thailand PCL, NVDR		25,000		4,754
IRPC PCL, NVDR		260,000		18,127
PTT Exploration & Production PCL, NVDR		30,031		100,881
Thai Oil PCL, NVDR^(b)		25,000		34,266
				199,542
Turkey — 0.1%
Tupras Turkiye Petrol Rafinerileri AS		2,700		43,767
United Arab Emirates — 0.1%
Dana Gas PJSC		78,376		18,672
United Kingdom — 16.4%
Anglo Pacific Group PLC		3,100		5,128
BP PLC		440,900		2,230,966
Cairn Energy PLC^(a)		12,726		22,611
Diversified Gas & Oil PLC		13,000		13,217
EnQuest PLC^(a)		34,400		8,788
Gulf Keystone Petroleum Ltd.		4,400		8,329
Hurricane Energy PLC^(a)(b)		34,276		6,479
Pharos Energy PLC		3,800		1,485
Premier Oil PLC^(a)(b)		17,700		17,553
Royal Dutch Shell PLC, Class A		91,300		1,937,484
Royal Dutch Shell PLC, Class B		80,850		1,717,996
Serica Energy PLC^(a)		3,750		4,689
Tullow Oil PLC		29,726		12,796
				5,987,521
United States — 42.8%
Antero Resources Corp.^(a)(b)		5,200		8,320
Apache Corp.		8,200		204,344
Arch Coal Inc., Class A		350		17,623
Berry Corp.		1,276		8,128
Bonanza Creek Energy Inc.^(a)(b).		350		5,702
Brigham Minerals Inc., Class A.		500		7,975
Cabot Oil & Gas Corp.		8,850		123,280
California Resources Corp.^(a)(b)		976		6,198
Callon Petroleum Co.^(a)		8,601		19,524
Centennial Resource Development Inc./DE, Class A^(a)(b)		3,976		9,423
Chesapeake Energy Corp.^(a)(b)		37,550		10,326
Chevron Corp.		41,100		3,836,274
Cimarex Energy Co.		2,100		69,405
CNX Resources Corp.^(a)		4,176		22,175
Concho Resources Inc.		4,400		299,288
ConocoPhillips		23,700		1,147,554
CONSOL Energy Inc.^(a)		550		3,130
Continental Resources Inc./OK		2,026		38,393
Contura Energy Inc.^(a)(b)		376		2,139
CVR Energy Inc.		650		18,473
Delek U.S. Holdings Inc.		1,650		35,277
Denbury Resources Inc.^(a)(b)		9,926		7,468
Devon Energy Corp.		8,250		133,980

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Global Energy Producers ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

United States (continued)
Diamondback Energy Inc.		3,350	$	207,700
EOG Resources Inc.		12,650		800,239
EQT Corp.		5,450		31,991
Extraction Oil & Gas Inc.^(a)		1,150		792
Exxon Mobil Corp.		92,050		4,735,052
Gran Tierra Energy Inc.^(a)(b)		8,076		6,194
Gulfport Energy Corp.^(a)(b)		3,426		2,808
Hess Corp.		5,976		335,732
HollyFrontier Corp.		3,350		112,828
Kosmos Energy Ltd.		6,050		18,453
Laredo Petroleum Inc.^(a)(b)		3,450		3,726
Magnolia Oil & Gas Corp., Class A^(a)(b)		2,426		18,219
Marathon Oil Corp.		17,676		146,357
Marathon Petroleum Corp.		14,100		668,622
Matador Resources Co.^(a)(b)		2,426		23,387
Murphy Oil Corp.		3,350		63,147
NACCO Industries Inc., Class A.		50		2,061
Noble Energy Inc.		10,450		165,423
Northern Oil and Gas Inc.^(a)		4,476		6,490
Oasis Petroleum Inc.^(a)(b)		5,876		9,607
Occidental Petroleum Corp.		19,400		635,156
Ovintiv Inc.		5,700		65,860
Par Pacific Holdings Inc.^(a).		650		10,784
Parsley Energy Inc., Class A		6,600		88,440
PBF Energy Inc., Class A		2,450		54,855
PDC Energy Inc.^(a)(b)		2,163		41,162
Peabody Energy Corp.		1,476		8,620
Penn Virginia Corp.^(a)		250		3,975
Pioneer Natural Resources Co.		3,626		445,200
QEP Resources Inc.		5,100		11,475
Range Resources Corp.		4,776		13,230
SM Energy Co.		2,326		15,282
Southwestern Energy Co.^(a)(b)		10,976		15,586
Talos Energy Inc.^(a)(b).		476		6,759
Tellurian Inc.^(a)(b)		2,050		3,690
Texas Pacific Land Trust.		139		96,716
Valero Energy Corp.		8,950		592,937
Viper Energy Partners LP		1,250		22,288
W&T Offshore Inc.^(a)		2,026		5,268
Whiting Petroleum Corp.^(a)		1,962		3,630
WPX Energy Inc.^(a)		9,200		85,836
				15,619,976
Total Common Stocks — 97.5%
(Cost: $50,631,094)				35,580,384

Security	Shares		Value

Preferred Stocks

Brazil — 1.4%
Petroleo Brasileiro SA, Preference Shares, NVS		91,737	$	515,248

Russia — 0.2%
Surgutneftegas PJSC, Preference Shares, NVS		150,000		73,147

Total Preferred Stocks — 1.6%
(Cost: $465,464)				588,395

Short-Term Investments

Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(f)(g)(h)		240,040		240,208

Total Short-Term Investments — 0.7%
(Cost: $240,105)				240,208

Total Investments in Securities — 99.8%
(Cost: $51,336,663)				36,408,987

Other Assets, Less Liabilities — 0.2%				84,746

Net Assets — 100.0%			$	36,493,733

^(a)

Non-income producing security.

^(b) 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.

14	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Global Energy Producers ETF
February 29, 2020

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, 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	08/31/19		Net Activity			02/29/20		02/29/20		Income			Gain (Loss)		^(a)	(Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		792,223		(552,183	)		240,040	$	240,208	$	3,666	^(b)	$	(43	)	$	67
BlackRock Cash Funds: Treasury, SL Agency Shares		91,000		(91,000	)		—		—		666			—			—
								$	240,208	$	4,332		$	(43	)	$	67

^(a)

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

Futures Contracts

Value/

Notional

Unrealized

Number of

Expiration

Amount

Appreciation

Description

Contracts

Date

(000)

(Depreciation)

Long Contracts

E-mini S&P Select Sector Energy Index

03/20/20

329

(61,505

)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity
	Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	61,505

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity
	Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	3,149
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(61,505	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	220,182

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

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Global Energy Producers ETF
February 29, 2020

Fair Value Measurements (continued)

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	35,580,326		$	—	$	58	$	35,580,384
Preferred Stocks		588,395			—		—		588,395
Money Market Funds		240,208			—		—		240,208
	$	36,408,929		$	—	$	58	$	36,408,987
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(61,505	)	$	—	$	—	$	(61,505	)

^(a)

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

See notes to financial statements.

16	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited)	iShares^®MSCI Global Gold Miners ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Australia — 8.7%
Newcrest Mining Ltd.		1,460,091	$	24,758,650
Resolute Mining Ltd.^(a)(b)		3,694,176		2,429,456
St. Barbara Ltd.		2,284,117		3,460,808
Westgold Resources Ltd.^(a)		1,845,192		2,415,065
				33,063,979
Canada — 50.7%
Agnico Eagle Mines Ltd.		379,056		17,984,934
Alacer Gold Corp.^(a)		994,722		4,498,054
Alamos Gold Inc., Class A		1,158,771		6,741,909
B2Gold Corp.		2,510,427		10,024,128
Barrick Gold Corp.		3,859,815		73,610,656
Centerra Gold Inc.^(a)		699,009		4,415,835
China Gold International Resources Corp. Ltd.^(a)		1,429,197		1,117,933
Eldorado Gold Corp.^(a)		565,854		4,910,939
Endeavour Mining Corp.^(a)		242,212		4,276,399
IAMGOLD Corp.^(a)		1,415,115		4,027,071
Kinross Gold Corp.^(a)		3,277,657		16,481,681
Kirkland Lake Gold Ltd.		493,433		15,912,925
Leagold Mining Corp.^(a)		492,937		1,193,463
New Gold Inc.^(a)		2,934,325		2,251,540
Premier Gold Mines Ltd.^(a).		1,113,521		1,028,619
SEMAFO Inc.^(a)		1,242,156		2,461,456
SSR Mining Inc.^(a)		361,142		5,649,780
TMAC Resources Inc.^(a)		370,211		441,269
Torex Gold Resources Inc.^(a)		294,413		3,899,626
Wesdome Gold Mines Ltd.^(a)		387,614		2,465,991
Yamana Gold Inc.		2,658,503		10,357,933
				193,752,141
Peru — 1.6%
Cia. de Minas Buenaventura SAA, ADR		545,233		6,079,348

Russia — 2.1%
Polymetal International PLC		529,681		8,078,149

South Africa — 12.4%
AngloGold Ashanti Ltd.		943,522		16,659,702
Gold Fields Ltd.		2,211,233		12,962,522
Harmony Gold Mining Co. Ltd.^(a)		1,600,431		5,651,333

Security	Shares		Value

South Africa (continued)
Sibanye Stillwater Ltd.^(a)(b)		6,101,323	$	12,205,361
				47,478,918
Turkey — 0.7%
Koza Altin Isletmeleri AS^(a)		227,600		2,658,687
United Kingdom — 1.5%
Centamin PLC		3,500,908		5,766,273
United States — 21.9%
Coeur Mining Inc.^(a)(b)		642,563		2,673,062
McEwen Mining Inc.^(a)		1,516,347		1,364,712
Newmont Corp.		1,782,614		79,558,063
				83,595,837

Total Common Stocks — 99.6%
(Cost: $387,383,982)				380,473,332

Short-Term Investments

Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(c)(d)(e)		2,542,157		2,543,937
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(c)(d)		90,000		90,000
				2,633,937

Total Short-Term Investments — 0.7%
(Cost: $2,632,733)				2,633,937

Total Investments in Securities — 100.3%
(Cost: $390,016,715)				383,107,269

Other Assets, Less Liabilities — (0.3)%.				(1,152,624	)

Net Assets — 100.0%.			$	381,954,645

^(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 29, 2020, 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	08/31/19		Net Activity			02/29/20		02/29/20		Income			Gain (Loss)		^(a)	(Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		10,240,200		(7,698,043	)		2,542,157	$	2,543,937	$	48,097	^(b)	$	485		$	373
BlackRock Cash Funds: Treasury, SL Agency Shares		98,000		(8,000	)		90,000		90,000		1,821			—			—
								$	2,633,937	$	49,918		$	485		$	373

^(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

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Global Gold Miners ETF
February 29, 2020

Fair Value Measurements (continued)

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	380,473,332	$	—	$	—	$	380,473,332
Money Market Funds		2,633,937		—		—		2,633,937
	$	383,107,269	$	—	$	—	$	383,107,269

See notes to financial statements.

18	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited)	iShares^®MSCI Global Metals & Mining Producers ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Australia — 26.7%
Alumina Ltd.		760,349	$	951,056
BHP Group Ltd.		914,537		19,812,160
BHP Group PLC		654,576		11,859,106
BlueScope Steel Ltd.		158,808		1,210,267
Fortescue Metals Group Ltd.		429,156		2,789,119
Galaxy Resources Ltd.^(a)(b)		122,152		70,094
IGO Ltd.		159,120		540,663
Iluka Resources Ltd.		130,104		699,597
Jupiter Mines Ltd.		418,392		64,742
Lynas Corp. Ltd.^(a)		200,928		239,017
Mineral Resources Ltd.		51,792		552,652
Mount Gibson Iron Ltd.		125,268		55,729
Orocobre Ltd.^(a)(b)		64,740		112,701
OZ Minerals Ltd.		100,559		583,519
Perenti Global Ltd.		192,660		167,694
Pilbara Minerals Ltd.^(a)(b)		437,424		70,507
Rio Tinto Ltd.		114,972		6,469,167
Sandfire Resources Ltd.		52,260		143,539
Sims Ltd.		54,444		336,635
South32 Ltd.		1,546,428		2,213,472
Western Areas Ltd.		81,588		127,301
				49,068,737
Austria — 0.4%
voestalpine AG		36,972		803,303
Belgium — 0.1%
Bekaert SA		11,856		253,822
Brazil — 5.5%
Cia. Siderurgica Nacional SA		187,200		463,887
Vale SA		973,388		9,559,878
				10,023,765
Canada — 3.2%
Altius Minerals Corp.		14,664		99,737
ERO Copper Corp.^(a)(b)		19,812		212,385
First Quantum Minerals Ltd.		213,876		1,580,549
Hudbay Minerals Inc.		76,440		186,210
Ivanhoe Mines Ltd., Class A^(a)		187,356		436,864
Labrador Iron Ore Royalty Corp.		19,812		287,509
Largo Resources Ltd.^(a)		91,728		61,500
Lithium Americas Corp.^(a)(b)		15,132		62,338
Lucara Diamond Corp.		114,816		57,308
Lundin Mining Corp.		204,516		1,043,643
Major Drilling Group International Inc.^(a)		26,832		92,348
Stelco Holdings Inc.		11,076		58,914
Teck Resources Ltd., Class B		152,724		1,535,944
Turquoise Hill Resources Ltd.^(a)		251,004		134,632
				5,849,881
Chile — 0.1%
CAP SA		21,060		118,864
China — 2.6%
Aluminum Corp. of China Ltd., Class A^(a)		249,600		109,264
Aluminum Corp. of China Ltd., Class H^(a)		1,248,000		331,495
Angang Steel Co. Ltd., Class A		109,283		44,712
Baoshan Iron & Steel Co. Ltd., Class A		358,863		266,958
China Hongqiao Group Ltd.		546,000		292,861
China Metal Recycling Holdings Ltd.^(a)(c)		132,000		0	^(d)
China Molybdenum Co. Ltd., Class A		249,600		145,328

Security	Shares		Value

China (continued)
China Molybdenum Co. Ltd., Class H		1,266,000	$	472,737
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		78,070		101,633
China Oriental Group Co. Ltd.		312,000		106,495
China Zhongwang Holdings Ltd.		499,200		167,829
Ganfeng Lithium Co. Ltd., Class A		15,600		116,004
GEM Co. Ltd., Class A		77,599		59,391
Guangdong HEC Technology Holding Co. Ltd., Class A		62,400		74,449
Hesteel Co. Ltd., Class A		202,800		65,277
Hunan Valin Steel Co. Ltd., Class A^(a)		78,000		44,299
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		904,898		151,459
Inner Mongolia Eerduosi Resources Co. Ltd., Class B		162,596		132,353
Jiangxi Copper Co. Ltd., Class A.		15,600		30,552
Jiangxi Copper Co. Ltd., Class H		468,000		548,889
Jinchuan Group International Resources Co. Ltd.		780,000		77,069
Jinduicheng Molybdenum Co. Ltd., Class A		62,400		57,488
Maanshan Iron & Steel Co. Ltd., Class A		93,600		37,091
Maanshan Iron & Steel Co. Ltd., Class H.		312,000		114,102
MMG Ltd.^(a)		758,000		154,653
Nanjing Iron & Steel Co. Ltd., Class A		93,600		41,242
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A^(a)		171,600		58,671
Sansteel Minguang Co. Ltd. Fujian, Class A		47,051		52,704
Shandong Nanshan Aluminum Co. Ltd., Class A.		234,000		70,968
Shanxi Taigang Stainless Steel Co. Ltd., Class A		124,800		62,845
Shenghe Resources Holding Co. Ltd., Class A		46,800		47,334
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A		62,664		33,169
Shougang Fushan Resources Group Ltd.		624,000		120,908
Tiangong International Co. Ltd.		312,000		111,299
Tongling Nonferrous Metals Group Co. Ltd., Class A		218,400		64,362
Xiamen Tungsten Co. Ltd., Class A		30,799		52,608
Xinxing Ductile Iron Pipes Co. Ltd., Class A		93,600		47,669
Xinyu Iron & Steel Co. Ltd., Class A		62,400		38,028
Yintai Gold Co. Ltd., Class A		31,200		62,443
Yunnan Tin Co. Ltd., Class A^(a)		31,200		41,331
Zhejiang Huayou Cobalt Co. Ltd., Class A.		15,600		84,336
				4,692,305
Egypt — 0.0%
Ezz Steel Co. SAE^(a)		77,504		39,564
Finland — 0.2%
Outokumpu OYJ		100,308		376,386
France — 0.6%
APERAM SA		15,912		470,871
Constellium SE, Class A^(a)(b).		38,532		477,797
Eramet^(b)		2,964		95,786
				1,044,454
Germany — 1.0%
Aurubis AG		10,764		505,346
Salzgitter AG^(b)		12,636		207,298
thyssenkrupp AG^(a)(b)		125,112		1,195,909
				1,908,553
India — 2.0%
APL Apollo Tubes Ltd.		2,184		58,816
Hindalco Industries Ltd.		364,884		788,242
Jindal Saw Ltd.		46,488		48,957
Jindal Steel & Power Ltd.^(a).		129,279		275,693
JSW Steel Ltd.		264,420		863,599
MOIL Ltd.		24,466		40,953

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Global Metals & Mining Producers ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

India (continued)
National Aluminium Co. Ltd.		167,700	$	77,846
Tata Steel Ltd., GDR^(b)(e)		95,472		481,179
Vedanta Ltd.		471,744		745,194
Vedanta Ltd., ADR		34,632		227,532
Welspun Corp. Ltd.		27,456		70,725
				3,678,736
Indonesia — 0.0%
Krakatau Steel Persero Tbk PT^(a)		967,253		15,506
Timah Tbk PT		920,467		36,889
				52,395
Japan — 6.5%
Asahi Holdings Inc.		15,600		354,766
Daido Steel Co. Ltd.		10,100		367,520
Dowa Holdings Co. Ltd.		15,600		515,589
Hitachi Metals Ltd.		66,900		956,999
JFE Holdings Inc.		156,000		1,449,145
Kobe Steel Ltd.		93,600		347,968
Kyoei Steel Ltd.		10,100		153,094
Maruichi Steel Tube Ltd.		15,600		378,918
Mitsubishi Materials Corp.		35,300		807,025
Mitsui Mining & Smelting Co. Ltd.		15,600		374,435
Nakayama Steel Works Ltd.		15,600		59,441
Neturen Co. Ltd.		15,600		98,490
Nippon Denko Co. Ltd.^(a)		62,400		84,461
Nippon Light Metal Holdings Co. Ltd.		187,200		329,746
Nippon Steel Corp.		254,705		2,871,379
Sumitomo Metal Mining Co. Ltd.		78,000		1,941,955
Toho Titanium Co. Ltd.		15,600		104,275
Tokyo Steel Manufacturing Co. Ltd.		31,200		199,004
UACJ Corp.		13,238		232,691
Yamato Kogyo Co. Ltd.		15,600		326,853
				11,953,754
Malaysia — 0.3%
Press Metal Aluminium Holdings Bhd		452,400		500,162
Mexico — 1.4%
Grupo Mexico SAB de CV, Series B		1,076,400		2,524,006
Netherlands — 1.7%
AMG Advanced Metallurgical Group NV^(b)		9,672		223,108
ArcelorMittal SA		205,608		2,899,011
				3,122,119
Norway — 0.6%
Norsk Hydro ASA		414,492		1,166,659
Peru — 0.5%
Southern Copper Corp.		25,740		866,151
Poland — 0.5%
Jastrzebska Spolka Weglowa SA		17,628		60,493
KGHM Polska Miedz SA^(a)		42,900		767,537
				828,030
Qatar — 0.1%
Qatar Aluminum Manufacturing Co.		892,476		149,261
Russia — 4.7%
Alrosa PJSC		794,042		843,551
Magnitogorsk Iron & Steel Works PJSC		702,000		417,700
Mechel PJSC, ADR^(a)		41,652		97,466
MMC Norilsk Nickel PJSC		19,656		5,923,125

Security	Shares		Value

Russia (continued)
Novolipetsk Steel PJSC		363,480	$	675,792
Severstal PJSC		63,492		769,652
				8,727,286
Saudi Arabia — 0.7%
Saudi Arabian Mining Co.^(a)		130,728		1,327,665
South Africa — 2.5%
African Rainbow Minerals Ltd.		33,384		289,647
Anglo American Platinum Ltd.		16,692		1,111,286
Impala Platinum Holdings Ltd.^(a)		247,728		1,962,896
Kumba Iron Ore Ltd.		20,124		359,038
Northam Platinum Ltd.^(a)		110,604		781,888
Royal Bafokeng Platinum Ltd.^(a)		37,908		120,460
				4,625,215
South Korea — 3.1%
Dongkuk Steel Mill Co. Ltd.^(a)		17,784		68,530
Hyundai Steel Co.		24,180		474,840
KISWIRE Ltd.^(a)		1,716		24,020
Korea Zinc Co. Ltd.^(a)		2,652		905,108
Namsun Aluminum Co. Ltd.^(a)(b)		19,344		59,967
Poongsan Corp.		5,928		99,573
POSCO		24,180		3,892,293
Seah Besteel Corp.		3,900		35,002
SeAH Steel Holdings Corp.		1		27
Young Poong Corp.^(a)		156		76,298
				5,635,658
Spain — 0.3%
Acerinox SA		51,792		475,722
Tubacex SA		40,560		96,234
				571,956
Sweden — 1.5%
Boliden AB		84,552		1,730,268
Granges AB		23,400		185,846
SSAB AB, Class A		62,400		188,453
SSAB AB, Class B		197,340		563,416
				2,667,983
Taiwan — 2.2%
China Metal Products		156,011		149,419
China Steel Corp.		3,744,612		2,844,369
Chung Hung Steel Corp.		318,000		95,149
Feng Hsin Steel Co. Ltd.		156,000		279,754
Hsin Kuang Steel Co. Ltd.		156,000		150,696
TA Chen Stainless Pipe		312,610		319,016
Tung Ho Steel Enterprise Corp.		156,000		115,920
Yieh Phui Enterprise Co. Ltd.		361,644		108,328
				4,062,651
Turkey — 0.4%
Eregli Demir ve Celik Fabrikalari TAS		430,560		568,408
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS,
Class D^(b)		234,936		97,745
Koza Anadolu Metal Madencilik Isletmeleri AS^(a)		57,564		104,088
				770,241
United Kingdom — 18.8%
Anglo American PLC		320,892		7,344,151
Antofagasta PLC		121,992		1,171,770
Central Asia Metals PLC		51,792		122,385
Evraz PLC		159,588		665,136
Ferrexpo PLC		92,820		153,237

20	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Global Metals & Mining Producers ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

United Kingdom (continued)
Glencore PLC		3,310,818	$	8,172,792
Hill & Smith Holdings PLC		23,712		404,942
KAZ Minerals PLC		80,808		423,083
Rio Tinto PLC		349,908		16,125,513
				34,583,009
United States — 10.2%
AK Steel Holding Corp.^(a)		99,060		228,829
Alcoa Corp.^(a)		57,408		796,249
Allegheny Technologies Inc.^(a)		38,844		663,844
Carpenter Technology Corp.		14,820		544,635
Century Aluminum Co.^(a)		17,940		104,052
Cleveland-Cliffs Inc.^(b)		83,460		484,903
Commercial Metals Co.		37,128		677,957
Compass Minerals International Inc.		10,764		587,176
Coronado Global Resources Inc.^(f)		62,712		65,098
Freeport-McMoRan Inc.		449,280		4,474,829
Haynes International Inc.		4,368		110,554
Kaiser Aluminum Corp.		4,992		471,994
Materion Corp.		6,396		289,995
Nucor Corp.		94,692		3,915,514
Reliance Steel & Aluminum Co.		20,436		2,090,398
Ryerson Holding Corp.^(a)		6,552		54,578
Schnitzer Steel Industries Inc., Class A		8,424		138,827
Steel Dynamics Inc.		67,392		1,794,649
SunCoke Energy Inc.		27,612		127,291
TimkenSteel Corp.^(a)(b)		12,168		61,692
U.S. Steel Corp.		53,196		426,632
Warrior Met Coal Inc.		15,840		280,685
Worthington Industries Inc.		12,480		396,864
				18,787,245
Total Common Stocks — 98.4%
(Cost: $248,756,841)				180,779,816

Preferred Stocks
Brazil — 1.3%
Bradespar SA, Preference Shares, NVS		78,000		577,265

Security	Shares		Value

Brazil (continued)
Cia. Ferro Ligas da Bahia-Ferbasa, Preference Shares, NVS		15,600	$	61,686
Gerdau SA, Preference Shares, NVS		343,200		1,287,860
Metalurgica Gerdau SA, Preference Shares, NVS		218,400		384,844
				2,311,655
Total Preferred Stocks — 1.3%
(Cost: $1,069,433)				2,311,655

Short-Term Investments

Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(g)(h)(i)		2,277,799		2,279,394
Total Short-Term Investments — 1.2%
(Cost: $2,277,945)				2,279,394
Total Investments in Securities — 100.9%
(Cost: $252,104,219)				185,370,865
Other Assets, Less Liabilities — (0.9)%				(1,630,110	)
Net Assets — 100.0%.			$	183,740,755

^(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) Rounds to less than $1.

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

^(f) 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.

^(g) Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, 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	08/31/19		Net Activity			02/29/20		02/29/20		Income			Gain (Loss)		^(a)	(Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		3,540,139		(1,262,340	)		2,277,799	$	2,279,394	$	49,486	^(b)	$	451		$	258
BlackRock Cash Funds: Treasury, SL Agency Shares		186,000		(186,000	)		—		—		2,035			—			—
								$	2,279,394	$	51,521		$	451		$	258

^(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

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Global Metals & Mining Producers ETF
February 29, 2020

Fair Value Measurements (continued)

	Level 1		Level 2		Level 3			Total
Investments
Assets
Common Stocks	$	180,779,816	$	—	$	0	^(a)	$	180,779,816
Preferred Stocks		2,311,655		—		—			2,311,655
Money Market Funds		2,279,394		—		—			2,279,394
	$	185,370,865	$	—	$	0	^(a)	$	185,370,865

^(a)

Rounds to less than $1.

See notes to financial statements.

22	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited)

iShares^®MSCI Global Silver and Metals Miners ETF

February 29, 2020

(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Canada — 74.2%
Agnico Eagle Mines Ltd.		24,921	$	1,182,418
Dundee Precious Metals Inc.^(a)		453,040		1,771,863
Eldorado Gold Corp.^(a)		426,764		3,703,804
Endeavour Silver Corp.^(a)(b)		512,717		817,383
First Majestic Silver Corp.^(a)		403,888		3,047,927
Fortuna Silver Mines Inc.^(a)		511,208		1,496,664
Kinross Gold Corp.^(a)		126,477		635,989
Lundin Gold Inc.^(a)		213,564		1,653,019
MAG Silver Corp.^(a)(b)		225,771		1,914,012
New Gold Inc.^(a)		2,065,750		1,585,073
Pan American Silver Corp.		480,552		9,511,876
Premier Gold Mines Ltd.^(a)(b)		755,349		697,756
Seabridge Gold Inc.^(a)(b)		140,595		1,384,636
Silvercorp Metals Inc.		492,473		1,566,551
SilverCrest Metals Inc.^(a)		185,942		1,192,655
SSR Mining Inc.^(a)		235,215		3,679,752
Wheaton Precious Metals Corp.		701,126		19,936,663
Yamana Gold Inc.		2,053,295		7,999,950
				63,777,991
Japan — 2.7%
Asahi Holdings Inc.		102,500		2,330,993

Mexico — 3.3%
Industrias Penoles SAB de CV		319,478		2,863,545

Peru — 1.0%
Cia. de Minas Buenaventura SAA, ADR		73,105		815,121

Russia — 0.4%
Polymetal International PLC		19,900		303,494

South Africa — 4.6%
Harmony Gold Mining Co. Ltd.^(a)		1,116,219		3,941,516

United Kingdom — 2.6%
Hochschild Mining PLC		793,978		1,619,595

Security	Shares		Value
United Kingdom (continued)
SolGold PLC^(a)(b)		2,836,804	$	618,161
				2,237,756
United States — 11.3%
Coeur Mining Inc.^(a)(b)		584,840		2,432,934
Hecla Mining Co.		1,262,828		3,333,866
Newmont Corp.		87,935		3,924,539
				9,691,339
Total Common Stocks — 100.1%
(Cost: $79,465,697)				85,961,755

Short-Term Investments

Money Market Funds — 2.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(c)(d)(e)		2,142,350		2,143,850
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(c)(d)		25,000		25,000
				2,168,850
Total Short-Term Investments — 2.5%
(Cost: $2,167,443)				2,168,850
Total Investments in Securities — 102.6%
(Cost: $81,633,140)				88,130,605
Other Assets, Less Liabilities — (2.6)%				(2,219,083	)
Net Assets — 100.0%			$	85,911,522

^(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 29, 2020, 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	08/31/19		Net Activity			02/29/20		02/29/20		Income			Gain (Loss)		^(a)	(Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		9,547,929		(7,405,579	)		2,142,350	$	2,143,850	$	116,562	^(b)	$	1,209		$	(600	)
BlackRock Cash Funds: Treasury, SL Agency Shares		35,000		(10,000	)		25,000		25,000		509			—			—
								$	2,168,850	$	117,071		$	1,209		$	(600	)

^(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

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Global Silver and Metals Miners ETF
February 29, 2020

Fair Value Measurements (continued)

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	85,961,755	$	—	$	—	$	85,961,755
Money Market Funds		2,168,850		—		—		2,168,850
	$	88,130,605	$	—	$	—	$	88,130,605

See notes to financial statements.

24	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statements of Assets and Liabilities (unaudited)

February 29, 2020

										iShares
	iShares			iShares						MSCI Global
	MSCI Global			MSCI Global			iShares			Metals &
	Agriculture			Energy			MSCI Global			Mining
	Producers			Producers			Gold Miners			Producers
	ETF			ETF			ETF			ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a)
Unaffiliated^(b)	$	24,121,653		$	36,168,779		$	380,473,332		$	183,091,471
Affiliated^(c)		315,233			240,208			2,633,937			2,279,394
Cash		666			—			864			113,323
Foreign currency, at value^(d)		16,244			26,702			152,918			144,058
Cash pledged:
Futures contracts		—			20,000			—			—
Receivables:
Investments sold		35,606			256,956			10,725,938			1,002,671
Securities lending income — Affiliated		476			364			2,106			8,337
Variation margin on futures contracts		—			2,196			—			—
Capital shares sold		—			2,473			22,374,462			15,149
Dividends		46,913			312,936			478,539			480,630
Tax reclaims		2,638			2,685			—			38,638
Total assets		24,539,429			37,033,299			416,842,096			187,173,671

LIABILITIES
Bank overdraft		—			35,903			—			—
Collateral on securities loaned, at value		285,060			239,924			2,545,472			2,275,102
Deferred foreign capital gain tax		14,357			—			—			—
Payables:
Investments purchased		40,186			250,728			32,232,884			100,246
Capital shares redeemed		—			—			—			988,215
Investment advisory fees		8,149			13,011			109,095			69,335
Foreign taxes		—			—			—			18
Total liabilities		347,752			539,566			34,887,451			3,432,916

NET ASSETS	$	24,191,677		$	36,493,733		$	381,954,645		$	183,740,755

NET ASSETS CONSIST OF:
Paid-in capital	$	29,942,472		$	55,176,032		$	431,180,307		$	297,602,160
Accumulated loss		(5,750,795	)		(18,682,299	)		(49,225,662	)		(113,861,405	)
NET ASSETS	$	24,191,677		$	36,493,733		$	381,954,645		$	183,740,755

Shares outstanding		950,000			2,500,000			17,400,000			7,800,000
Net asset value	$	25.46		$	14.60		$	21.95		$	23.56
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	$	270,021		$	205,887		$	1,636,392		$	2,182,782
^(b) Investments, at cost — Unaffiliated	$	26,313,262		$	51,096,558		$	387,383,982		$	249,826,274
^(c) Investments, at cost — Affiliated	$	315,134		$	240,105		$	2,632,733		$	2,277,945
^(d) Foreign currency, at cost.	$	16,563		$	27,103		$	155,676		$	144,791

See notes to financial statements.

F i n a n c i a l S t a t e m e n t s

Statements of Assets and Liabilities (unaudited) (continued)

February 29, 2020

	iShares
		MSCI Global
		Silver and
		Metals
		Miners ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a)
Unaffiliated^(b)	$	85,961,755
Affiliated^(c)		2,168,850
Cash		382
Foreign currency, at value^(d)		798,646
Receivables:
Investments sold		13,211,996
Securities lending income — Affiliated		13,303
Dividends		20,774
Total assets		102,175,706

LIABILITIES
Collateral on securities loaned, at value		2,139,564
Payables:
Investments purchased		14,094,280
Investment advisory fees		30,340
Total liabilities		16,264,184

NET ASSETS	$	85,911,522

NET ASSETS CONSIST OF:
Paid-in capital	$	111,029,689
Accumulated loss		(25,118,167	)
NET ASSETS	$	85,911,522

Shares outstanding		9,300,000
Net asset value	$	9.24
Shares authorized		500 million
Par value	$	0.001

(a) Securities loaned, at value	$	1,777,393
(b) Investments, at cost — Unaffiliated	$	79,465,697
(c) Investments, at cost — Affiliated	$	2,167,443
(d) Foreign currency, at cost	$	803,335

See notes to financial statements.

26	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statements of Operations (unaudited)

Six Months Ended February 29, 2020

										iShares
	iShares			iShares						MSCI Global
	MSCI Global			MSCI Global			iShares			Metals &
	Agriculture			Energy			MSCI Global			Mining
	Producers			Producers			Gold Miners			Producers
	ETF			ETF			ETF			ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	238,654		$	1,032,903		$	1,459,732		$	3,828,788
Dividends — Affiliated		237			666			1,821			2,035
Interest — Unaffiliated		—			17			—			—
Securities lending income — Affiliated — net		3,168			3,666			48,097			49,486
Foreign taxes withheld		(19,444	)		(61,543	)		(104,019	)		(191,348	)
Total investment income		222,615			975,709			1,405,631			3,688,961

EXPENSES
Investment advisory fees		51,612			90,156			599,002			434,861
Commitment fees		20			27			—			104
Total expenses		51,632			90,183			599,002			434,965
Net investment income		170,983			885,526			806,629			3,253,996

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(a)		(256,374	)		(1,128,122	)		(4,106,073	)		(4,315,620	)
Investments — Affiliated		6			(43	)		485			451
In-kind redemptions — Unaffiliated		—			1,102,877			15,971,016			2,542,054
Futures contracts		—			3,149			—			—
Foreign currency transactions		436			2,307			2,965			9,487
Net realized gain (loss)		(255,932	)		(19,832	)		11,868,393			(1,763,628	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(b)		(1,008,519	)		(7,099,796	)		(55,245,823	)		(13,078,440	)
Investments — Affiliated		72			67			373			258
Futures contracts		—			(61,505	)		—			—
Foreign currency translations		(246	)		14			(4,262	)		(37,734	)
Net change in unrealized appreciation (depreciation)		(1,008,693	)		(7,161,220	)		(55,249,712	)		(13,115,916	)
Net realized and unrealized loss		(1,264,625	)		(7,181,052	)		(43,381,319	)		(14,879,544	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,093,642	)	$	(6,295,526	)	$	(42,574,690	)	$	(11,625,548	)

(a) Net of foreign capital gain tax of	$	—		$	1,112		$	—		$	—
(b) Net of deferred foreign capital gain tax of	$	429		$	—		$	—		$	—

See notes to financial statements.

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

Statements of Operations (unaudited) (continued)

Six Months Ended February 29, 2020

	iShares
		MSCI Global
		Silver and
		Metals
		Miners ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	287,209
Dividends — Affiliated		509
Securities lending income — Affiliated — net		116,562
Foreign taxes withheld		(25,480	)
Total investment income		378,800

EXPENSES
Investment advisory fees		189,422
Total expenses		189,422
Net investment income		189,378

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(9,250,002	)
Investments — Affiliated		1,209
In-kind redemptions — Unaffiliated		2,423,754
Foreign currency transactions		1,298
Net realized loss		(6,823,741	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(6,653,224	)
Investments — Affiliated		(600	)
Foreign currency translations		(5,901	)
Net change in unrealized appreciation (depreciation)		(6,659,725	)
Net realized and unrealized loss		(13,483,466	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(13,294,088	)

See notes to financial statements.

28	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statements of Changes in Net Assets

	iShares
	MSCI Global Agriculture Producers						iShares
	ETF						MSCI Global Energy Producers ETF
	Six Months						Six Months
	Ended						Ended
	02/29/20			Year Ended			02/29/20			Year Ended
	(unaudited)			08/31/19			(unaudited)			08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	170,983		$	565,093		$	885,526		$	1,633,512
Net realized loss		(255,932	)		(727,749	)		(19,832	)		(686,050	)
Net change in unrealized appreciation (depreciation)		(1,008,693	)		(1,730,016	)		(7,161,220	)		(10,616,256	)
Net decrease in net assets resulting from operations		(1,093,642	)		(1,892,672	)		(6,295,526	)		(9,668,794	)

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(249,754	)		(581,369	)		(1,881,554	)		(1,510,562	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		8			(5,512,108	)		(2,062,526	)		10,023,638

NET ASSETS
Total decrease in net assets		(1,343,388	)		(7,986,149	)		(10,239,606	)		(1,155,718	)
Beginning of period		25,535,065			33,521,214			46,733,339			47,889,057
End of period	$	24,191,677		$	25,535,065		$	36,493,733		$	46,733,339

^(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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

Statements of Changes in Net Assets (continued)

							iShares
	iShares						MSCI Global Metals & Mining
	MSCI Global Gold Miners ETF						Producers ETF
		Six Months						Six Months
		Ended						Ended
		02/29/20			Year Ended			02/29/20			Year Ended
		(unaudited)			08/31/19			(unaudited)			08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	806,629		$	2,199,144		$	3,253,996		$	14,488,853
Net realized gain (loss)		11,868,393			(26,319,717	)		(1,763,628	)		(16,757,109	)
Net change in unrealized appreciation (depreciation)		(55,249,712	)		141,307,485			(13,115,916	)		(30,948,847	)
Net increase (decrease) in net assets resulting from operations		(42,574,690	)		117,186,912			(11,625,548	)		(33,217,103	)

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(662,296	)		(2,150,687	)		(5,812,275	)		(16,052,832	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		99,907,572			(22,741,524	)		(20,291,561	)		(132,895,907	)

NET ASSETS
Total increase (decrease) in net assets		56,670,586			92,294,701			(37,729,384	)		(182,165,842	)
Beginning of period		325,284,059			232,989,358			221,470,139			403,635,981
End of period	$	381,954,645		$	325,284,059		$	183,740,755		$	221,470,139

^(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

30	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statements of Changes in Net Assets (continued)

	iShares
	MSCI Global Silver and Metals
	Miners ETF
		Six Months
		Ended
		02/29/20			Year Ended
		(unaudited)			08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	189,378		$	575,030
Net realized loss		(6,823,741	)		(8,711,851	)
Net change in unrealized appreciation (depreciation)		(6,659,725	)		27,278,361
Net increase (decrease) in net assets resulting from operations		(13,294,088	)		19,141,540

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(1,767,698	)		(550,188	)

CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,216,251			30,588,900

NET ASSETS
Total increase (decrease) in net assets		(13,845,535	)		49,180,252
Beginning of period		99,757,057			50,576,805
End of period		85,911,522		$	99,757,057

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

See notes to financial statements.

F i n a n c i a l S t a t e m e n t s

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI Global Agriculture Producers ETF
	Six Months Ended
		02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			08/31/15

Net asset value, beginning of period	$	26.88		$	29.15		$	27.08		$	24.31		$	24.03		$	27.29
Net investment income^(a)		0.18			0.53			0.53			0.45			0.54			0.50
Net realized and unrealized gain (loss)^(b)		(1.34	)		(2.25	)		2.03			2.81			0.27			(3.21	)
Net increase (decrease) from investment operations		(1.16	)		(1.72	)		2.56			3.26			0.81			(2.71	)

Distributions^(c)
From net investment income		(0.26	)		(0.55	)		(0.49	)		(0.49	)		(0.53	)		(0.55	)
Total distributions		(0.26	)		(0.55	)		(0.49	)		(0.49	)		(0.53	)		(0.55	)
Net asset value, end of period	$	25.46		$	26.88		$	29.15		$	27.08		$	24.31		$	24.03

Total Return
Based on net asset value		(4.37	)%^(d)		(5.88	)%		9.49	%		13.53	%		3.55	%		(10.11	)%

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	%		0.37	%		0.37	%		0.38	%		0.38	%
Net investment income		1.29	%^(e)		1.88	%		1.84	%		1.76	%		2.38	%		1.87	%

Supplemental Data
Net assets, end of period (000)	$	24,192		$	25,535		$	33,521		$	28,434		$	27,951		$	27,640
Portfolio turnover rate^(f)		2	%^(d)		13	%		25	%		16	%		7	%		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)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) Not annualized.

^(e) Annualized.

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

See notes to financial statements.

2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Global Energy Producers ETF
		Six Months Ended
		02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			08/31/15

Net asset value, beginning of period	$	17.97		$	22.80		$	18.57		$	18.72		$	17.67		$	28.06
Net investment income^(a)		0.35			0.70			0.64			0.60			0.59			0.68
Net realized and unrealized gain (loss)^(b)		(2.95	)		(4.90	)		4.23			(0.16	)		1.00			(10.61	)
Net increase (decrease) from investment operations		(2.60	)		(4.20	)		4.87			0.44			1.59			(9.93	)

Distributions^(c)
From net investment income		(0.77	)		(0.63	)		(0.64	)		(0.59	)		(0.54	)		(0.46	)
Total distributions		(0.77	)		(0.63	)		(0.64	)		(0.59	)		(0.54	)		(0.46	)
Net asset value, end of period	$	14.60		$	17.97		$	22.80		$	18.57		$	18.72		$	17.67

Total Return
Based on net asset value		(15.40	)%^(d)		(18.56	)%		26.48	%		2.26	%		9.31	%		(35.63	)%

Ratios to Average Net Assets
Total expenses		0.39	%^(e)		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Net investment income		3.83	%^(e)		3.41	%		2.93	%		3.10	%		3.36	%		3.23	%

Supplemental Data
Net assets, end of period (000)	$	36,494		$	46,733		$	47,889		$	31,568		$	37,440		$	24,739
Portfolio turnover rate^(f)		4	%^(d)		6	%		5	%		4	%		6	%		4	%

^(a)	Based on average shares outstanding.

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

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

^(d) Not annualized.

^(e) Annualized.

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

See notes to financial statements.

F i n a n c i a l H i g h l i g h t s

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Global Gold Miners ETF
		Six Months Ended
		02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)			08/31/19			08/31/18			08 /31/17	^(a)		08 /31/16	^(a)		08 /31/15	^(a)

Net asset value, beginning of period	$	24.01		$	14.43		$	19.96		$	21.20		$	11.13		$	22.53
Net investment income^(b)		0.06			0.18			0.10			0.06			0.02			0.14
Net realized and unrealized gain (loss)^(c)		(2.07	)		9.59			(5.51	)		(1.04	)		10.11			(11.42	)
Net increase (decrease) from investment operations		(2.01	)		9.77			(5.41	)		(0.98	)		10.13			(11.28	)

Distributions^(d)
From net investment income		(0.05	)		(0.19	)		(0.12	)		(0.26	)		(0.06	)		(0.12	)
Total distributions		(0.05	)		(0.19	)		(0.12	)		(0.26	)		(0.06	)		(0.12	)
Net asset value, end of period	$	21.95		$	24.01		$	14.43		$	19.96		$	21.20		$	11.13

Total Return
Based on net asset value		(8.36	)%^(e)		68.13	%		(27.22	)%		(4.30	)%		91.17	%		(50.16	)%

Ratios to Average Net Assets
Total expenses		0.39	%^(f)		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Net investment income		0.53	%^(f)		1.04	%		0.56	%		0.38	%		0.06	%		0.88	%

Supplemental Data
Net assets, end of period (000)	$	381,955		$	325,284		$	232,989		$	391,247		$	266,108		$	45,926
Portfolio turnover rate^(g)		6	%^(e)		15	%		4	%		26	%		30	%		20	%

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

^(e)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.

2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Global Metals & Mining Producers ETF
		Six Months Ended
		02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)			08/31/19			08/31/18			08 /31/17	^(a)		08 /31/16	^(a)		08 /31/15	^(a)

Net asset value, beginning of period	$	25.60		$	30.93		$	31.86		$	21.67		$	21.30		$	40.37
Net investment income^(b)		0.41			1.49			1.06			0.53			0.42			1.62
Net realized and unrealized gain (loss)^(c)		(1.71	)		(5.13	)		(1.05	)		10.26			0.41			(17.91	)
Net increase (decrease) from investment operations		(1.30	)		(3.64	)		0.01			10.79			0.83			(16.29	)

Distributions^(d)
From net investment income		(0.74	)		(1.69	)		(0.94	)		(0.60	)		(0.46	)		(2.78	)
Total distributions		(0.74	)		(1.69	)		(0.94	)		(0.60	)		(0.46	)		(2.78	)
Net asset value, end of period	$	23.56		$	25.60		$	30.93		$	31.86		$	21.67		$	21.30

Total Return
Based on net asset value		(5.67	)%^(e)		(12.16	)%		(0.10	)%		50.55	%		4.52	%		(41.94	)%

Ratios to Average Net Assets
Total expenses		0.39	%^(f)		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Total expenses after fees waived		0.39	%^(f)		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Net investment income		2.92	%^(f)		5.05	%		3.15	%		2.31	%		2.16	%		5.18	%

Supplemental Data
Net assets, end of period (000)	$	183,741		$	221,470		$	403,636		$	347,259		$	223,182		$	69,219
Portfolio turnover rate^(g)		5	%^(e)		14	%		14	%		12	%		8	%		17	%

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

^(e)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.

F i n a n c i a l H i g h l i g h t s

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Global Silver and Metals Miners ETF
		Six Months Ended
		02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			08/31/15

Net asset value, beginning of period	$	10.84		$	8.43		$	11.47		$	13.61		$	6.14		$	12.70
Net investment income^(a)		0.02			0.09			0.10			0.09			0.05			0.05
Net realized and unrealized gain (loss)^(b)		(1.43	)		2.40			(3.05	)		(1.94	)		7.44			(6.42	)
Net increase (decrease) from investment operations		(1.41	)		2.49			(2.95	)		(1.85	)		7.49			(6.37	)

Distributions^(c)
From net investment income		(0.19	)		(0.08	)		(0.09	)		(0.29	)		(0.02	)		(0.19	)
Total distributions		(0.19	)		(0.08	)		(0.09	)		(0.29	)		(0.02	)		(0.19	)
Net asset value, end of period	$	9.24		$	10.84		$	8.43		$	11.47		$	13.61		$	6.14

Total Return
Based on net asset value		(13.19	)%^(d)		29.89	%		(25.87	)%		(13.26	)%		122.11	%		(50.51	)%

Ratios to Average Net Assets
Total expenses		0.39	%^(e)		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Net investment income		0.39	%^(e)		0.98	%		0.94	%		0.79	%		0.47	%		0.57	%

Supplemental Data
Net assets, end of period (000)	$	85,912		$	99,757		$	50,577		$	64,258		$	87,078		$	12,279
Portfolio turnover rate^(f)		24	%^(d)		27	%		19	%		14	%		27	%		31	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Not annualized.

^(e)	Annualized.

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

See notes to financial statements.

2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited)

ORGANIZATION

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

	Diversification
iShares ETF	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 and Metals Miners	Non-diversified

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

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;

●

SECURITIES AND OTHER INVESTMENTS

2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

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 29, 2020:

	Market Value of		Cash Collateral			Non-Cash Collateral
iShares ETF and Counterparty	Securities on Loan		Received		^(a)	Received		Net Amount
MSCI Global Agriculture Producers
Barclays Capital Inc.	$	99,304	$	99,304		$	—	$	—
Credit Suisse AG Dublin Branch		1,907		1,907			—		—
Credit Suisse Securities (USA) LLC		6,115		6,115			—		—
Goldman Sachs & Co.		132,453		132,453			—		—
Macquarie Bank Limited		9,787		9,787			—		—
SG Americas Securities LLC		20,455		20,455			—		—
	$	270,021	$	270,021		$	—	$	—
MSCI Global Energy Producers
Barclays Bank PLC	$	6,317	$	6,317		$	—	$	—
Barclays Capital Inc.		17,850		17,252			—		(598	)^(b)
BofA Securities, Inc.		11,567		11,567			—		—
Citigroup Global Markets Inc.		24,166		24,166			—		—
Credit Suisse AG Dublin Branch		8,640		8,640			—		—
Credit Suisse Securities (USA) LLC		12,569		12,569			—		—
Goldman Sachs & Co.		6,574		6,574			—		—
JPMorgan Securities LLC		16,739		16,739			—		—
Morgan Stanley & Co. LLC		50,105		50,105			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		20,085		19,583			—		(502	^)(b)
Nomura Securities International Inc.		724		724			—		—
Scotia Capital (USA) Inc.		3,683		3,683			—		—
SG Americas Securities LLC		5,339		5,339			—		—
UBS AG		3,646		3,646			—		—
Wells Fargo Bank, National Association		17,883		17,883			—		—
	$	205,887	$	204,787		$	—	$	(1,100	)
MSCI Global Gold Miners
Goldman Sachs & Co.	$	254,119	$	254,119		$	—	$	—
HSBC Bank PLC		1,226,273		1,226,273			—		—
Wells Fargo Bank, National Association		156,000		156,000			—		—
	$	1,636,392	$	1,636,392		$	—	$	—
MSCI Global Metals & Mining Producers
Barclays Bank PLC	$	465,198	$	460,438		$	—	$	(4,760	)^(b)
BMO Capital Markets		5,040		5,040			—		—
BofA Securities, Inc.		212,385		212,385			—		—
Credit Suisse AG Dublin Branch		571,323		571,323			—		—
Credit Suisse Securities (USA) LLC		60,227		60,227			—		—
JPMorgan Securities LLC		125,982		125,982			—		—
Macquarie Bank Limited		68,297		68,297			—		—
Morgan Stanley & Co. LLC		669,260		669,260			—		—
UBS Securities LLC		5,070		5,070			—		—
	$	2,182,782	$	2,178,022		$	—	$	(4,760	)

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)

	Market Value of		Cash Collateral			Non-Cash Collateral
iShares ETF and Counterparty	Securities on Loan		Received		^(a)	Received		Net Amount
MSCI Global Silver and Metals Miners
Barclays Capital Inc.	$	50,298	$	50,298		$	—	$	—
BofA Securities, Inc.		86,619		86,619			—		—
Citigroup Global Markets Inc.		653,536		653,536			—		—
Goldman Sachs & Co.		174,649		174,649			—		—
JPMorgan Securities LLC		130,556		130,556			—		—
Morgan Stanley & Co. LLC		162,499		162,499			—		—
Scotia Capital (USA) Inc.		203,226		203,226			—		—
UBS AG		7,754		7,754			—		—
Wells Fargo Bank, National Association		308,256		308,256			—		—
	$	1,777,393	$	1,777,393		$	—	$	—

^(a)

^(b)

DERIVATIVE FINANCIAL INSTRUMENTS

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.

40 2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

	Fees Paid
iShares ETF	to BTC
MSCI Global Agriculture Producers	$	752
MSCI Global Energy Producers		889
MSCI Global Gold Miners		11,512
MSCI Global Metals & Mining Producers		11,748
MSCI Global Silver and Metals Miners		27,053

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 29, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

					Net Realized
iShares ETF	Purchases		Sales		Gain (Loss)
MSCI Global Agriculture Producers	$	—	$	33,700	$	(12,021	)
MSCI Global Energy Producers		25,140		103,463		(63,885	)
MSCI Global Gold Miners		1,491,553		3,152,140		(625,594	)
MSCI Global Metals & Mining Producers		46,471		178,536		(207,931	)
MSCI Global Silver and Metals Miners		3,218,920		1,959,712		(1,038,071	)

PURCHASES AND SALES

For the six months ended February 29, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
MSCI Global Agriculture Producers	$	512,181	$	553,465
MSCI Global Energy Producers		1,990,382		2,824,807
MSCI Global Gold Miners		22,798,959		18,416,345
MSCI Global Metals & Mining Producers		10,208,573		14,846,396
MSCI Global Silver and Metals Miners		22,759,133		23,048,627

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 29, 2020, in-kind transactions were as follows:

	In-kind		In-kind
iShares ETF	Purchases		Sales
MSCI Global Energy Producers	$	5,340,627	$	7,239,526
MSCI Global Gold Miners		154,881,768		59,959,154
MSCI Global Metals & Mining Producers		19,735,262		36,783,221
MSCI Global Silver and Metals Miners		6,394,966		6,202,527

INCOME TAX INFORMATION

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

iShares ETF	Non-Expiring
MSCI Global Agriculture Producers	$	2,807,927
MSCI Global Energy Producers		2,230,448
MSCI Global Gold Miners		43,645,352
MSCI Global Metals & Mining Producers		38,149,859
MSCI Global Silver and Metals Miners		17,475,006

								Net Unrealized
			Gross Unrealized		Gross Unrealized			Appreciation
iShares ETF	Tax Cost		Appreciation		Depreciation			(Depreciation)
MSCI Global Agriculture Producers	$	27,131,908	$	2,862,666	$	(5,557,688	)	$	(2,695,022	)
MSCI Global Energy Producers		53,076,177		983,169		(17,711,864	)		(16,728,695	)
MSCI Global Gold Miners		400,889,832		20,586,147		(38,368,710	)		(17,782,563	)
MSCI Global Metals & Mining Producers		258,837,024		11,581,786		(85,047,945	)		(73,466,159	)
MSCI Global Silver and Metals Miners		89,305,465		13,309,013		(14,483,873	)		(1,174,860	)

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 21, 2020. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

The Funds did not borrow under the credit agreement during the six months ended February 29, 2020.

10.

PRINCIPAL RISKS

42	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

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

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.

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:

	Six Months Ended						Year Ended
	02/29/20						08/31/19
iShares ETF		Shares			Amount			Shares			Amount
MSCI Global Agriculture Producers
Shares sold		—		$	8			—		$	359
Shares redeemed		—			—			(200,000	)		(5,512,467	)
Net increase(decrease)		—		$	8			(200,000	)	$	(5,512,108	)
MSCI Global Energy Producers
Shares sold		300,000		$	5,729,462			600,000		$	11,989,843
Shares redeemed		(400,000	)		(7,791,988	)		(100,000	)		(1,966,205	)
Net increase(decrease)		(100,000	)	$	(2,062,526	)		500,000		$	10,023,638

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)

	Six Months Ended						Year Ended
	02/29/20						08/31/19
iShares ETF		Shares			Amount			Shares			Amount
MSCI Global Gold Miners
Shares sold		6,600,000		$	161,876,354			5,300,000		$	103,615,697
Shares redeemed		(2,750,000	)		(61,968,782	)		(7,900,000	)		(126,357,221	)
Net increase(decrease)		3,850,000		$	99,907,572			(2,600,000	)	$	(22,741,524	)
MSCI Global Metals & Mining Producers
Shares sold		800,000		$	23,942,432			2,600,000		$	74,143,858
Shares redeemed		(1,650,000	)		(44,233,993	)		(7,000,000	)		(207,039,765	)
Net decrease		(850,000	)	$	(20,291,561	)		(4,400,000	)	$	(132,895,907	)
MSCI Global Silver and Metals Miners
Shares sold		700,000		$	7,452,552			3,200,000		$	30,588,900
Shares redeemed		(600,000	)		(6,236,301	)		—			—
Net increase		100,000		$	1,216,251			3,200,000		$	30,588,900

12.

LEGAL PROCEEDINGS

13.

SUBSEQUENT EVENTS

44	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statement Regarding Liquidity Risk Management Program

The Board of Directors (the “Board”) of 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 and iShares MSCI Global Silver and Metals Miners ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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

S t a t e m e n t R e g a r d i n g L i q u i d i t y R i s k M a n a g e m e n t P r o g r a m

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		Gains		Capital		Share		Income			Capital Gains			Capital			Share
MSCI Global Agriculture Producers^(a)	$	0.203504	$	—	$	0.059395	$	0.262899		77	%		—	%		23	%		100	%
MSCI Global Energy Producers^(a)		0.729081		—		0.038900		0.767981		95			—			5			100
MSCI Global Metals & Mining Producers^(a)		0.648298		—		0.093157		0.741455		87			—			13			100

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

46 2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

General Information

Electronic Delivery

To enroll in electronic delivery:

●

Go to icsdelivery.com.

●

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

Householding

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

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 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

iS-SAR-812-0220

FEBRUARY 29, 2020

2020 Semi-Annual Report
(Unaudited)

iShares, Inc.

●

iShares Currency Hedged MSCI Emerging Markets ETF | HEEM | Cboe BZX

●

iShares MSCI Emerging Markets ETF | EEM | NYSE Arca

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

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

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

Table of Contents

Page

Fund Summary 3

About Fund Performance 5

Shareholder Expenses 5

Schedules of Investments 6

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

Statement Regarding Liquidity Risk Management Program 38

General Information 39

Glossary of Terms Used in this Report 40

Fund Summary as of February 29, 2020

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		5 Years		Since Inception			1 Year		5 Years		Since Inception
Fund NAV	2.85	%		1.00	%	3.17	%	3.30	%		1.00	%	16.88	%	19.30	%
Fund Market	3.27			1.16		3.21		3.36			1.16		17.09		19.66
Index	3.25			1.01		3.63		3.66			1.01		19.53		21.55

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 (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)(b)	Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)(b)	Annualized Expense Ratio		^(a)
$	1,000.00	$	1,028.50	$	0.00		$	1,000.00	$	1,024.90	$	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) 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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 5 for more information.

Portfolio Information

Tables shown are for the underlying fund in which the Fund invests.

ALLOCATION BY SECTOR


Sector	Percent of Total Investments		^(a)
Financials		23.4	%
Information Technology		16.4
Consumer Discretionary		14.7
Communication Services		11.8
Materials		6.9
Energy		6.6
Consumer Staples		6.3
Industrials		5.2
Health Care		3.2
Real Estate		3.0
Utilities		2.5

TEN LARGEST GEOGRAPHICAL LOCATION


Country/Geographic Region	Percent of Total Investments		^(a)
China		36.7	%
Taiwan		12.0
South Korea		11.3
India		8.8
Brazil		6.7
South Africa		4.2
Russia		3.6
Saudi Arabia		2.5
Mexico		2.3
Thailand		2.3

^(a)

Excludes money market funds.

F u n d S u m m a r y

Fund Summary as of February 29, 2020

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	2.61	%		(2.48	)%	2.14	%	2.47	%		(2.48	)%	11.17	%	27.67	%
Fund Market	3.24			(1.59	)	2.20		2.53			(1.59	)	11.49		28.35
Index	2.93			(1.88	)	2.73		3.18			(1.88	)	14.41		36.77

Expense Example


Actual							Hypothetical 5% Return
Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Annualized Expense Ratio
$	1,000.00	$	1,026.10	$	3.53		$	1,000.00	$	1,021.40	$	3.52			0.70	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments		^(a)
Financials		23.4	%
Information Technology		16.4
Consumer Discretionary		14.7
Communication Services		11.8
Materials		6.9
Energy		6.6
Consumer Staples		6.3
Industrials		5.2
Health Care		3.2
Real Estate		3.0
Utilities		2.5

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments		^(a)
China		36.7	%
Taiwan		12.0
South Korea		11.3
India		8.8
Brazil		6.7
South Africa		4.2
Russia		3.6
Saudi Arabia		2.5
Mexico		2.3
Thailand		2.3

^(a)

Excludes money market funds.

4	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

About Fund Performance

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

Schedule of Investments (unaudited)	iShares^® Currency Hedged MSCI Emerging Markets ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Investment Companies

Exchange-Traded Funds — 99.8%
iShares MSCI Emerging Markets ETF^(a)(b)		4,262,048	$	172,698,185
Total Investment Companies — 99.8%
(Cost: $183,675,576)				172,698,185

Short-Term Investments
Money Market Funds — 37.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(a)(c)(d)		62,212,860		62,256,409
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(a)(c)		2,003,000		2,003,000
				64,259,409
Total Short-Term Investments — 37.1%
(Cost: $64,253,187)				64,259,409
Total Investments in Securities — 136.9%
(Cost: $247,928,763)				236,957,594
Other Assets, Less Liabilities — (36.9)%				(63,873,403	)
Net Assets — 100.0%			$	173,084,191

^(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 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:

Affiliated Issuer Shares
Held at
08/31/19 Shares
Purchased Shares
Sold Shares
Held at
02/29/20 Value at
02/29/20 Income Net
Realized
Gain (Loss) ^(a) Change in
Unrealized
Appreciation
(Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares 71,473,253 — (9,260,393 )^(b) 62,212,860 $ 62,256,409 $ 30,326 ^(c) $ (6,750 ) $ 13,369

BlackRock Cash Funds: Treasury, SL Agency Shares 4,729,000 — (2,726,000 )^(b) 2,003,000 2,003,000 3,350 — —

iShares MSCI Emerging Markets ETF 4,491,885 757,280 (987,117 ) 4,262,048 172,698,185 3,921,274 2,048,056 476,251

$ 236,957,594 $ 3,954,950 $ 2,041,306 $ 489,620

^(a)

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

^(b)

Net of purchases and sales.

^(c)

Forward Foreign Currency Exchange Contracts

							Unrealized
							Appreciation
Currency Purchased		Currency Sold		Counterparty		Settlement Date	(Depreciation)
CNY	52,740,320	USD	7,521,867		MS	03/04/20	$	36,295
EUR	2,547,000	USD	2,788,041		MS	03/04/20		23,902
TWD	32,967,000	USD	1,087,009		MS	03/04/20		2,696
USD	13,565,425	BRL	57,601,000		MS	03/04/20		685,513
USD	1,978,108	CLP	1,579,677,000		MS	03/04/20		46,726
USD	2,992,364	EUR	2,710,000		MS	03/04/20		466
USD	39,755,167	HKD	309,020,000		MS	03/04/20		111,348
USD	16,663,232	INR	1,197,368,000		MS	03/04/20		77,644
USD	27,093,934	KRW	32,262,122,000		MS	03/04/20		487,550
USD	4,526,080	MXN	85,356,000		MS	03/04/20		190,203
USD	6,537,117	RUB	414,579,000		MS	03/04/20		341,106

6	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^® Currency Hedged MSCI Emerging Markets ETF
February 29, 2020

Forward Foreign Currency Exchange Contracts (continued)

							Unrealized
							Appreciation
Currency Purchased		Currency Sold		Counterparty		Settlement Date	(Depreciation)
USD	963,570	TRY	5,807,000		MS	03/04/20	$	32,480
USD	202,480	TWD	6,121,000		MS	03/04/20		154
USD	8,700,401	ZAR	128,836,000		MS	03/04/20		443,010
BRL	5,739,000	USD	1,271,094		MS	04/03/20		9,718
CLP	107,315,000	USD	130,925		MS	04/03/20		299
CNY	466,000	USD	66,645		MS	04/03/20		98
EUR	278,000	USD	306,235		MS	04/03/20		1,255
INR	46,138,000	USD	632,153		MS	04/03/20		2,710
KRW	1,842,639,000	USD	1,527,035		MS	04/03/20		7,219
MXN	6,360,000	USD	320,104		MS	04/03/20		1,438
RUB	18,904,000	USD	280,578		MS	04/03/20		138
USD	12,445,713	BRL	55,595,000		MS	04/03/20		38,192
USD	1,864,497	CLP	1,521,066,000		MS	04/03/20		4,548
USD	17,700	EUR	16,000		MS	04/03/20		3
USD	38,201,588	HKD	297,706,000		MS	04/03/20		5,750
USD	16,291,527	INR	1,171,621,000		MS	04/03/20		169,929
USD	4,292,774	MXN	83,555,000		MS	04/03/20		68,494
USD	6,137,563	RUB	405,118,000		MS	04/03/20		121,734
USD	912,067	TRY	5,685,000		MS	04/03/20		13,767
USD	8,000,495	ZAR	123,459,000		MS	04/03/20		123,293
ZAR	6,607,000	USD	419,738		MS	04/03/20		1,816
TWD	242,174,000	USD	8,032,885		MS	04/06/20		29,274
								3,078,768
BRL	57,601,000	USD	12,938,107		MS	03/04/20		(58,192	)
CLP	1,579,677,000	USD	1,939,716		MS	03/04/20		(8,334	)
EUR	163,000	USD	180,678		MS	03/04/20		(723	)
HKD	309,020,000	USD	39,662,238		MS	03/04/20		(18,419	)
INR	1,197,368,000	USD	16,722,595		MS	03/04/20		(137,008	)
KRW	32,262,122,000	USD	26,664,412		MS	03/04/20		(58,028	)
MXN	85,356,000	USD	4,411,217		MS	03/04/20		(75,340	)
RUB	414,579,000	USD	6,314,029		MS	03/04/20		(118,017	)
TRY	5,807,000	USD	941,163		MS	03/04/20		(10,074	)
TWD	877,100,000	USD	29,029,161		MS	03/04/20		(37,132	)
USD	7,528,246	CNY	52,740,320		MS	03/04/20		(29,917	)
USD	29,877,574	TWD	903,946,000		MS	03/04/20		(1,834	)
ZAR	128,836,000	USD	8,399,431		MS	03/04/20		(142,040	)
HKD	1,395,000	USD	179,028		MS	04/03/20		(49	)
TRY	511,000	USD	80,917		MS	04/03/20		(173	)
USD	247,869	BRL	1,113,000		MS	04/03/20		(527	)
USD	12,370	CLP	10,119,000		MS	04/03/20		(5	)
USD	7,609,555	CNY	53,391,320		MS	04/03/20		(37,440	)
USD	2,809,984	EUR	2,562,000		MS	04/03/20		(23,793	)
USD	272,120	HKD	2,121,000		MS	04/03/20		(5	)
USD	110,775	INR	8,056,000		MS	04/03/20		(76	)
USD	26,150,036	KRW	31,655,785,000		MS	04/03/20		(207,820	)
USD	27,940	MXN	553,000		MS	04/03/20		(18	)
USD	3,095,824	MYR	13,098,000		MS	04/03/20		(10,397	)
USD	3,995,308	THB	126,358,000		MS	04/03/20		(11,415	)
USD	5,844	TRY	37,000		MS	04/03/20		(3	)

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	iShares^® Currency Hedged MSCI Emerging Markets ETF
February 29, 2020

Forward Foreign Currency Exchange Contracts (continued)


							Unrealized
							Appreciation
Currency Purchased		Currency Sold		Counterparty		Settlement Date	(Depreciation)
USD	53,315	ZAR	836,000		MS	04/03/20	$	(25	)
USD	28,512,311	TWD	859,932,000		MS	04/06/20		(115,488	)
								(1,102,292	)
	Net unrealized appreciation						$	1,976,476

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Foreign
	Currency
	Exchange
	Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	3,078,768
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	1,102,292

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Foreign
	Currency
	Exchange
	Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	1,364,654
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	(1,902,607	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	233,936,080
Average amounts sold — in USD	$	388,177,032

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

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	3,078,768	$	1,102,292
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	3,078,768	$	1,102,292
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA	$	3,078,768	$	1,102,292

8	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^® Currency Hedged MSCI Emerging Markets ETF
February 29, 2020

Counterparty		Derivative Assets Subject to an MNA by Counterparty				Derivatives Available for Offset		^(a)		Cash Collateral Received		^(b)		Net Amount of Derivative Assets		^(c)(d)
Morgan Stanley & Co. International PLC		$	3,078,768			$	(1,102,292	)		$	(1,900,000	)		$	76,476

Counterparty		Derivative Liabilities Subject to an MNA by Counterparty				Derivatives Available for Offset		^(a)		Cash Collateral Pledged				Net Amount of Derivative Liabilities		^(e)
Morgan Stanley & Co. International PLC		$	1,102,292			$	(1,102,292	)		$	—			$	—

^(a)

The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA.

^(b)

Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

^(c)

Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)

Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

^(e)

Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Measurements

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	172,698,185	$	—		$	—	$	172,698,185
Money Market Funds		64,259,409		—			—		64,259,409
	$	236,957,594	$	—		$	—	$	236,957,594
Derivative financial instruments^(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	3,078,768		$	—	$	3,078,768
Liabilities
Forward Foreign Currency Exchange Contracts		—		(1,102,292	)		—		(1,102,292	)
	$	—	$	1,976,476		$	—	$	1,976,476

^(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 9

Consolidated Schedule of Investments (unaudited)	iShares^® MSCI Emerging Markets ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Argentina — 0.2%
Banco Macro SA, ADR		204,438	$	5,924,613
Globant SA^(a)(b)		155,674		17,592,719
Grupo Financiero Galicia SA, ADR		458,056		5,789,828
Telecom Argentina SA, ADR		395,870		4,592,092
YPF SA, ADR		791,658		6,325,347
				40,224,599
Brazil — 4.6%
Ambev SA		21,035,315		67,791,934
Atacadao SA		1,784,200		8,182,172
B2W Cia. Digital^(a)		945,929		13,030,596
B3 SA - Brasil, Bolsa, Balcao		9,188,701		97,759,722
Banco Bradesco SA		5,490,269		33,209,456
Banco BTG Pactual SA		1,011,300		15,143,778
Banco do Brasil SA		3,812,374		39,597,009
Banco Santander Brasil SA		1,806,100		15,956,722
BB Seguridade Participacoes SA		3,113,400		21,979,052
BR Malls Participacoes SA		3,569,588		12,928,101
BRF SA^(a)		2,536,285		15,200,901
CCR SA		5,432,300		19,662,310
Centrais Eletricas Brasileiras SA		1,172,173		8,971,249
Cia. de Saneamento Basico do Estado de Sao Paulo		1,528,524		19,904,200
Cia. Siderurgica Nacional SA		2,793,328		6,921,948
Cielo SA		5,473,976		8,311,091
Cogna Educacao		7,643,080		17,093,231
Cosan SA		724,600		11,751,572
Embraer SA^(a)		3,171,300		11,921,414
Energisa SA		745,700		8,925,293
Engie Brasil Energia SA		904,350		9,527,281
Equatorial Energia SA		3,844,500		21,013,459
Hapvida Participacoes e Investimentos SA^(c)		977,000		11,953,587
Hypera SA		1,716,200		13,047,479
IRB Brasil Resseguros S/A		3,123,500		23,019,599
JBS SA		4,868,565		24,495,789
Klabin SA		3,119,800		13,311,350
Localiza Rent a Car SA		2,727,508		29,949,302
Lojas Renner SA		3,605,089		42,590,016
Magazine Luiza SA		3,276,300		36,686,950
Multiplan Empreendimentos Imobiliarios SA		1,293,909		8,752,918
Natura & Co. Holding SA		2,844,766		28,695,777
Notre Dame Intermedica Participacoes SA		2,138,600		29,972,112
Petrobras Distribuidora SA		3,155,500		18,254,641
Petroleo Brasileiro SA		16,554,674		99,621,956
Porto Seguro SA		432,900		5,851,128
Raia Drogasil SA		1,039,200		27,617,408
Rumo SA^(a)		4,889,800		22,890,201
Sul America SA		1,233,736		14,783,010
Suzano SA		2,422,800		20,481,552
TIM Participacoes SA		3,812,076		13,628,891
Ultrapar Participacoes SA		3,235,200		13,681,827
Vale SA		14,126,709		138,741,808
WEG SA		3,747,706		35,843,541
				1,158,653,333
Chile — 0.6%
Aguas Andinas SA, Class A		12,573,458		4,291,802
Banco de Chile		198,716,554		17,453,376
Banco de Credito e Inversiones SA		226,569		8,423,871
Banco Santander Chile		290,857,960		12,937,972

Security	Shares		Value

Chile (continued)
Cencosud SA		6,533,529	$	7,645,933
Cia. Cervecerias Unidas SA		674,090		5,048,711
Colbun SA		38,838,408		4,862,317
Empresa Nacional de Telecomunicaciones SA^(a)		728,318		3,821,776
Empresas CMPC SA		5,154,694		10,368,078
Empresas COPEC SA		1,732,422		13,408,198
Enel Americas SA		169,449,951		28,299,152
Enel Chile SA		125,983,141		11,211,061
Itau CorpBanca		746,735,942		2,731,772
Latam Airlines Group SA		1,022,617		6,801,407
SACI Falabella		3,256,120		10,796,443
				148,101,869
China — 36.7%
360 Security Technology Inc., Class A		536,890		1,716,616
3SBio Inc.^(a)(c)		5,777,000		5,989,716
51job Inc., ADR^(a)(b)		119,601		8,942,567
58.com Inc., ADR^(a)(b)		424,414		23,414,920
AAC Technologies Holdings Inc.^(b)		3,264,500		21,384,788
AECC Aviation Power Co. Ltd., Class A		852,773		2,818,096
Agile Group Holdings Ltd.^(b)		6,282,000		8,818,765
Agricultural Bank of China Ltd., Class A		20,956,300		10,223,024
Agricultural Bank of China Ltd., Class H		124,231,000		49,736,717
Aier Eye Hospital Group Co. Ltd., Class A		841,220		4,813,711
Air China Ltd., Class A		224,693		239,794
Air China Ltd., Class H		9,324,000		7,501,746
Aisino Corp., Class A		1,183,174		3,994,579
Alibaba Group Holding Ltd., ADR^(a)		7,727,405		1,607,300,240
Alibaba Health Information Technology Ltd.^(a)		16,282,000		31,214,105
Alibaba Pictures Group Ltd.^(a)		67,880,000		9,145,842
A-Living Services Co. Ltd., Class H^(c)		1,925,750		8,624,181
Aluminum Corp. of China Ltd., Class A^(a)		562,200		246,106
Aluminum Corp. of China Ltd., Class H^(a)(b)		22,006,000		5,845,262
Angang Steel Co. Ltd., Class A		4,419,977		1,808,408
Anhui Conch Cement Co. Ltd., Class A		1,132,586		8,888,682
Anhui Conch Cement Co. Ltd., Class H		5,472,000		40,128,679
Anhui Gujing Distillery Co. Ltd., Class A		146,385		2,561,141
Anhui Kouzi Distillery Co. Ltd., Class A		266,252		1,705,259
ANTA Sports Products Ltd.		4,869,402		39,146,167
Asymchem Laboratories Tianjin Co. Ltd., Class A		123,200		3,156,227
Autobio Diagnostics Co. Ltd., Class A		119,692		2,055,596
Autohome Inc., ADR^(a)(b)		264,945		20,578,278
AVIC Aircraft Co. Ltd., Class A		1,521,686		3,702,881
Avic Capital Co. Ltd., Class A		5,405,089		3,293,994
AVIC Jonhon Optronic Technology Co. Ltd., Class A		523,193		2,940,725
AviChina Industry & Technology Co. Ltd., Class H		11,735,000		5,104,760
AVICOPTER PLC, Class A		397,084		2,290,410
BAIC Motor Corp. Ltd., Class H^(c)		7,708,500		3,778,555
Baidu Inc., ADR^(a)(b)		1,224,234		146,883,595
Bank of Beijing Co. Ltd., Class A		6,319,206		4,619,488
Bank of Chengdu Co. Ltd., Class A		2,615,100		3,056,474
Bank of China Ltd., Class A		10,078,000		5,118,151
Bank of China Ltd., Class H		352,854,000		139,456,352
Bank of Communications Co. Ltd., Class A		11,946,873		8,887,262
Bank of Communications Co. Ltd., Class H		34,921,600		22,405,605
Bank of Guiyang Co. Ltd., Class A		3,110,700		3,738,073
Bank of Hangzhou Co. Ltd., Class A		3,176,245		3,903,171
Bank of Jiangsu Co. Ltd., Class A		3,747,685		3,420,536
Bank of Nanjing Co. Ltd., Class A		2,705,046		3,002,941
Bank of Ningbo Co. Ltd., Class A		1,585,381		5,706,301

10	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued)	iShares^®MSCI Emerging Markets ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

China (continued)
Bank of Shanghai Co. Ltd., Class A		3,995,442	$	4,921,283
Baoshan Iron & Steel Co. Ltd., Class A		5,064,373		3,767,380
Baozun Inc., ADR^(a)(b)		194,726		6,176,709
BBMG Corp., Class H		12,158,000		3,416,637
Beijing Capital International Airport Co. Ltd., Class H		7,916,000		6,175,923
Beijing Enlight Media Co. Ltd., Class A		1,239,495		1,922,138
Beijing Enterprises Holdings Ltd.		2,327,500		9,826,031
Beijing Enterprises Water Group Ltd.^(b)		23,374,000		10,857,608
Beijing New Building Materials PLC, Class A		826,713		2,980,339
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		647,786		2,878,349
Beijing Shiji Information Technology Co. Ltd., Class A		350,130		1,943,942
Beijing Shunxin Agriculture Co. Ltd., Class A		287,000		2,258,161
Beijing Sinnet Technology Co. Ltd., Class A		699,586		2,512,032
Beijing Tiantan Biological Products Corp. Ltd., Class A		527,192		2,611,751
Beijing Tongrentang Co. Ltd., Class A		992,812		3,712,641
BEST Inc., ADR^(a)(b)		856,688		4,634,682
Betta Pharmaceuticals Co. Ltd., Class A		140,696		1,624,298
BGI Genomics Co. Ltd., Class A		127,600		1,512,354
BOC Aviation Ltd.^(c)		950,900		8,254,584
BOE Technology Group Co. Ltd., Class A		9,141,800		6,408,232
Bosideng International Holdings Ltd.^(b)		14,526,000		4,231,209
Brilliance China Automotive Holdings Ltd.^(b)		13,786,000		11,675,480
BYD Co. Ltd., Class A		488,112		4,564,659
BYD Co. Ltd., Class H^(b)		2,867,500		17,551,504
BYD Electronic International Co. Ltd.^(b)		3,079,500		5,769,333
Caitong Securities Co. Ltd., Class A		1,703,165		2,704,519
Centre Testing International Group Co. Ltd., Class A		784,900		1,828,012
CGN Power Co. Ltd., Class H^(c)		48,479,000		11,819,519
Changchun High & New Technology Industry Group Inc., Class A		57,897		4,008,776
Changjiang Securities Co. Ltd., Class A		3,426,574		3,303,927
Chaozhou Three-Circle Group Co. Ltd., Class A		429,205		1,461,343
China Agri-Industries Holdings Ltd.		10,415,000		5,653,172
China Aoyuan Group Ltd.		5,512,000		7,935,871
China Cinda Asset Management Co. Ltd., Class H		41,525,000		8,685,399
China CITIC Bank Corp. Ltd., Class A		5,375,299		4,175,542
China CITIC Bank Corp. Ltd., Class H		33,430,800		17,373,780
China Coal Energy Co. Ltd., Class H		9,559,000		3,091,047
China Communications Construction Co. Ltd., Class H		20,843,000		15,539,209
China Communications Services Corp. Ltd., Class H		11,058,000		8,556,309
China Conch Venture Holdings Ltd.		7,396,500		35,971,455
China Construction Bank Corp., Class A		2,879,868		2,677,912
China Construction Bank Corp., Class H		428,482,760		346,390,872
China East Education Holdings Ltd.^(a)(c)		1,979,000		4,027,555
China Eastern Airlines Corp. Ltd., Class A^(a)		5,136,497		3,336,056
China Eastern Airlines Corp. Ltd., Class H^(a)		4,192,000		1,796,637
China Education Group Holdings Ltd.		2,796,000		3,975,296
China Everbright Bank Co. Ltd., Class A		10,720,303		5,797,080
China Everbright Bank Co. Ltd., Class H		13,954,000		5,586,578
China Everbright International Ltd.		16,957,813		11,293,531
China Everbright Ltd.		4,358,000		7,269,811
China Evergrande Group^(b)		8,301,388		18,641,519
China First Capital Group Ltd.^(a)		13,290,000		366,654

Security	Shares		Value

China (continued)
China Fortune Land Development Co. Ltd., Class A		887,027	$	2,993,472
China Galaxy Securities Co. Ltd., Class H		16,106,500		8,887,143
China Gas Holdings Ltd.^(b)		8,188,000		29,944,374
China Greatwall Technology Group Co. Ltd., Class A		973,873		1,949,083
China Hongqiao Group Ltd.		8,426,000		4,519,499
China Huarong Asset Management Co. Ltd., Class H^(c)		47,120,000		6,409,198
China Huishan Dairy Holdings Co. Ltd.^(a)(d)		5,603,350		10,785
China International Capital Corp. Ltd., Class H^(c)		5,974,000		11,023,427
China International Marine Containers Group Co. Ltd., Class A		1,516,404		1,735,463
China International Travel Service Corp. Ltd., Class A		532,632		5,981,461
China Jinmao Holdings Group Ltd.^(b)		23,934,000		17,475,117
China Jushi Co. Ltd., Class A		1,839,992		2,469,046
China Lesso Group Holdings Ltd.		4,297,000		6,451,248
China Life Insurance Co. Ltd., Class A		769,599		3,242,352
China Life Insurance Co. Ltd., Class H		33,153,000		77,681,239
China Literature Ltd.^(a)(c)		1,209,000		5,468,623
China Longyuan Power Group Corp. Ltd., Class H		14,814,000		7,755,772
China Medical System Holdings Ltd.		6,238,000		7,684,385
China Mengniu Dairy Co. Ltd.		12,451,000		44,655,873
China Merchants Bank Co. Ltd., Class A		5,266,089		25,764,677
China Merchants Bank Co. Ltd., Class H		17,676,967		83,359,986
China Merchants Energy Shipping Co. Ltd., Class A		2,359,757		1,708,159
China Merchants Port Holdings Co. Ltd.		6,530,000		9,602,633
China Merchants Securities Co. Ltd., Class A		1,972,984		4,981,713
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		1,895,190		4,701,238
China Minsheng Banking Corp. Ltd., Class A		12,232,255		10,009,513
China Minsheng Banking Corp. Ltd., Class H		26,900,548		18,156,804
China Mobile Ltd.		27,453,000		215,944,835
China Molybdenum Co. Ltd., Class A		5,967,098		3,474,305
China Molybdenum Co. Ltd., Class H^(b)		16,545,000		6,178,063
China National Building Material Co. Ltd., Class H		17,380,000		20,094,033
China National Chemical Engineering Co. Ltd., Class A		4,318,867		4,294,030
China National Nuclear Power Co. Ltd., Class A		5,038,800		3,308,645
China National Software & Service Co. Ltd., Class A		159,599		1,945,956
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		1,588,554		2,068,015
China Oilfield Services Ltd., Class H		7,482,000		9,600,862
China Overseas Land & Investment Ltd.		17,192,960		57,691,905
China Pacific Insurance Group Co. Ltd., Class A		1,673,148		7,633,071
China Pacific Insurance Group Co. Ltd., Class H		11,768,200		38,733,786
China Petroleum & Chemical Corp., Class A		7,100,689		4,672,709
China Petroleum & Chemical Corp., Class H		114,172,800		58,895,382
China Power International Development Ltd.		20,530,000		3,819,878
China Railway Construction Corp. Ltd., Class A		3,429,120		4,660,330
China Railway Construction Corp. Ltd., Class H		8,511,500		9,742,345
China Railway Group Ltd., Class A		5,958,800		4,577,660
China Railway Group Ltd., Class H		16,653,000		9,402,378
China Railway Signal & Communication Corp. Ltd., Class H^(c)		7,064,000		3,625,795
China Reinsurance Group Corp., Class H		24,543,000		3,338,305
China Resources Beer Holdings Co. Ltd.		6,612,000		30,628,984

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)	iShares^® MSCI Emerging Markets ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

China (continued)
China Resources Cement Holdings Ltd.		11,136,000	$	14,018,152
China Resources Gas Group Ltd.		4,036,000		20,146,207
China Resources Land Ltd.		13,455,333		62,070,591
China Resources Pharmaceutical Group Ltd.^(c)		7,463,500		6,493,290
China Resources Power Holdings Co. Ltd.		8,692,999		10,340,509
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		532,371		2,498,036
China Shenhua Energy Co. Ltd., Class A		1,272,694		2,913,093
China Shenhua Energy Co. Ltd., Class H		15,278,000		26,505,484
China Shipbuilding Industry Co. Ltd., Class A		6,207,792		3,916,392
China Southern Airlines Co. Ltd., Class A		2,618,400		2,157,590
China Southern Airlines Co. Ltd., Class H^(b)		7,416,000		3,911,146
China Spacesat Co. Ltd., Class A		333,300		1,621,632
China State Construction Engineering Corp. Ltd., Class A		10,044,471		7,716,347
China State Construction International Holdings Ltd.		9,262,000		7,499,403
China Taiping Insurance Holdings Co. Ltd.		7,360,260		15,035,877
China Telecom Corp. Ltd., Class H		62,564,000		23,522,564
China Tower Corp. Ltd., Class H^(c)		187,604,000		45,498,433
China Traditional Chinese Medicine Holdings Co. Ltd.		10,640,000		5,597,808
China TransInfo Technology Co. Ltd., Class A		690,000		2,673,057
China Unicom Hong Kong Ltd.		27,658,000		21,826,717
China United Network Communications Ltd., Class A		8,139,298		6,380,841
China Vanke Co. Ltd., Class A		2,568,759		10,873,735
China Vanke Co. Ltd., Class H		6,437,431		24,781,431
China Yangtze Power Co. Ltd., Class A		5,719,915		13,935,245
China Zhongwang Holdings Ltd.		8,278,000		2,783,039
Chongqing Changan Automobile Co. Ltd., Class A		1,422,887		2,070,150
Chongqing Rural Commercial Bank Co. Ltd., Class H		11,664,000		5,268,448
Chongqing Zhifei Biological Products Co. Ltd., Class A		407,876		3,499,814
CIFI Holdings Group Co. Ltd.		12,516,000		9,555,976
CITIC Ltd.		26,280,000		29,169,837
CITIC Securities Co. Ltd., Class A		2,855,351		9,558,412
CITIC Securities Co. Ltd., Class H		8,599,000		18,382,962
CNOOC Ltd.		79,926,000		109,534,737
Contemporary Amperex Technology Co. Ltd., Class A		593,429		11,517,626
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		5,996,000		2,338,987
COSCO SHIPPING Holdings Co. Ltd., Class A^(a)		3,680,188		2,126,972
COSCO SHIPPING Holdings Co. Ltd., Class H^(a)(b)		9,960,000		3,322,961
COSCO SHIPPING Ports Ltd.		8,318,000		5,539,605
Country Garden Holdings Co. Ltd.^(b)		34,073,939		45,122,648
Country Garden Services Holdings Co. Ltd.		5,448,000		21,252,167
CRRC Corp. Ltd., Class A		7,356,337		6,735,223
CRRC Corp. Ltd., Class H		18,589,300		11,926,845
CSC Financial Co. Ltd., Class A		740,297		3,411,199
CSPC Pharmaceutical Group Ltd.		20,998,000		47,853,469
Dali Foods Group Co. Ltd.^(c)		9,763,000		6,451,832
Daqin Railway Co. Ltd., Class A		4,008,455		4,059,950
Datang International Power Generation Co. Ltd., Class H		14,802,000		2,317,249
Dawning Information Industry Co. Ltd., Class A		371,942		2,403,986
DHC Software Co. Ltd., Class A		1,064,098		2,245,350

Security	Shares		Value

China (continued)
Dongfeng Motor Group Co. Ltd., Class H		12,338,000	$	9,752,546
Dongxing Securities Co. Ltd., Class A		261,397		452,103
East Money Information Co. Ltd., Class A		1,747,343		4,336,986
ENN Energy Holdings Ltd.		3,538,600		39,209,053
Eve Energy Co. Ltd., Class A^(a)		303,589		2,890,310
Everbright Securities Co. Ltd., Class A		1,924,549		3,270,814
Fangda Carbon New Material Co. Ltd., Class A^(a)		455,096		655,606
Far East Horizon Ltd.		10,541,000		9,211,311
Fiberhome Telecommunication Technologies Co. Ltd., Class A		683,190		2,930,107
First Capital Securities Co. Ltd., Class A		2,048,000		2,229,590
Focus Media Information Technology Co. Ltd., Class A		4,162,878		3,180,133
Foshan Haitian Flavouring & Food Co. Ltd., Class A.		600,949		8,560,914
Fosun International Ltd.		11,808,000		15,045,899
Founder Securities Co. Ltd., Class A		2,983,587		3,124,354
Foxconn Industrial Internet Co. Ltd., Class A		1,107,597		2,706,326
Fuyao Glass Industry Group Co. Ltd., Class A		1,127,572		3,737,496
Fuyao Glass Industry Group Co. Ltd., Class H^(c)		2,139,600		6,108,789
Ganfeng Lithium Co. Ltd., Class A		356,181		2,648,606
GCL System Integration Technology Co. Ltd., Class A^(a)		2,051,200		1,619,785
GD Power Development Co. Ltd., Class A		14,713,700		4,420,298
GDS Holdings Ltd., ADR^(a)(b)		276,896		16,051,661
Geely Automobile Holdings Ltd.		22,474,000		39,970,184
Gemdale Corp., Class A		1,938,530		3,965,692
Genscript Biotech Corp.^(a)(b)		4,256,000		8,858,190
GF Securities Co. Ltd., Class A		1,809,494		3,753,492
GF Securities Co. Ltd., Class H		6,237,200		7,459,301
Gigadevice Semiconductor Beijing Inc., Class A		94,293		4,897,160
Glodon Co. Ltd., Class A		515,793		3,299,062
GoerTek Inc., Class A		1,002,000		3,192,261
GOME Retail Holdings Ltd.^(a)(b)		47,810,200		4,907,983
Great Wall Motor Co. Ltd., Class H		13,973,000		10,112,564
Gree Electric Appliances Inc. of Zhuhai, Class A		745,810		6,316,264
Greenland Holdings Corp. Ltd., Class A		4,838,018		4,041,948
Greentown Service Group Co. Ltd.		5,208,000		6,509,123
Guangdong Haid Group Co. Ltd., Class A.		666,827		3,262,494
Guangdong Investment Ltd.		13,370,110		25,117,048
Guangzhou Automobile Group Co. Ltd., Class H		13,795,838		15,383,686
Guangzhou Baiyun International Airport Co. Ltd., Class A		789,391		1,748,129
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		591,195		2,881,465
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		192,284		1,488,714
Guangzhou R&F Properties Co. Ltd., Class H		5,331,200		8,263,888
Guosen Securities Co. Ltd., Class A		1,947,669		3,279,458
Guotai Junan Securities Co. Ltd., Class A		2,547,340		6,195,070
Guotai Junan Securities Co. Ltd., Class H^(c)		2,675,000		4,469,174
Haidilao International Holding Ltd.^(b)(c)		1,698,000		6,939,683
Haier Electronics Group Co. Ltd.		5,776,000		16,528,163
Haier Smart Home Co. Ltd., Class A		1,653,341		4,025,616
Haitian International Holdings Ltd.		3,152,000		6,180,194
Haitong Securities Co. Ltd., Class A		2,287,601		4,650,341
Haitong Securities Co. Ltd., Class H		12,949,600		13,908,310
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		2,401,402		12,023,843
Hangzhou Robam Appliances Co. Ltd., Class A		478,764		2,124,583

12	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued)	iShares^® MSCI Emerging Markets ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

China (continued)
Hangzhou Tigermed Consulting Co. Ltd., Class A		266,500	$	2,916,547
Hansoh Pharmaceutical Group Co. Ltd.^(a)(c)		2,352,000		8,163,890
Henan Shuanghui Investment & Development Co. Ltd., Class A		851,100		4,139,710
Hengan International Group Co. Ltd.		3,261,000		24,207,319
Hengli Petrochemical Co. Ltd., Class A		1,670,391		3,560,531
Hengtong Optic-Electric Co. Ltd., Class A		1,193,555		2,812,202
Hengyi Petrochemical Co. Ltd., Class A		1,299,615		2,567,549
Hithink RoyalFlush Information Network Co. Ltd., Class A		167,300		2,955,549
Hua Hong Semiconductor Ltd.^(b)(c)		2,024,000		4,404,827
Huadian Power International Corp. Ltd., Class H		8,396,000		2,531,820
Huadong Medicine Co. Ltd., Class A		666,205		1,839,398
Hualan Biological Engineering Inc., Class A		569,051		3,378,389
Huaneng Power International Inc., Class H		19,168,000		7,723,230
Huatai Securities Co. Ltd., Class A		1,948,317		5,170,278
Huatai Securities Co. Ltd., Class H^(c)		7,037,000		12,226,404
Huaxia Bank Co. Ltd., Class A		4,458,180		4,432,541
Huaxin Cement Co. Ltd., Class A		556,506		1,941,744
Huayu Automotive Systems Co. Ltd., Class A		851,768		3,430,126
Huazhu Group Ltd., ADR^(b)		593,026		20,014,628
Hubei Biocause Pharmaceutical Co. Ltd., Class A.		2,583,399		2,202,663
Hundsun Technologies Inc., Class A		238,594		3,283,219
Hutchison China MediTech Ltd., ADR^(a)(b)		275,512		6,424,940
HUYA Inc., ADR^(a)(b)		278,674		5,520,532
Iflytek Co. Ltd., Class A		633,575		3,497,705
Industrial & Commercial Bank of China Ltd., Class A		15,060,135		11,418,660
Industrial & Commercial Bank of China Ltd., Class H		288,839,085		197,549,396
Industrial Bank Co. Ltd., Class A		5,257,322		13,003,791
Industrial Securities Co. Ltd., Class A		3,769,851		3,726,599
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		17,725,600		2,966,861
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		1,495,699		6,185,897
Inner Mongolia Yitai Coal Co. Ltd., Class B		5,165,817		3,543,750
Innovent Biologics Inc.^(a)(c)		3,313,500		15,136,641
Inspur Electronic Information Industry Co. Ltd., Class A		406,113		2,442,999
iQIYI Inc., ADR^(a)(b)		567,858		12,737,055
Jafron Biomedical Co. Ltd., Class A		188,409		2,434,423
JD.com Inc., ADR^(a)		3,290,838		126,730,171
Jiangsu Expressway Co. Ltd., Class H		5,846,000		6,758,902
Jiangsu Hengli Hydraulic Co. Ltd., Class A		343,200		2,847,644
Jiangsu Hengrui Medicine Co. Ltd., Class A		1,208,765		14,541,079
Jiangsu King’s Luck Brewery JSC Ltd., Class A		536,813		2,265,455
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		377,350		5,256,837
Jiangsu Zhongnan Construction Group Co. Ltd., Class A		1,721,687		2,044,291
Jiangxi Copper Co. Ltd., Class A		136,500		267,329
Jiangxi Copper Co. Ltd., Class H		6,825,000		8,004,632
Jiangxi Zhengbang Technology Co. Ltd., Class A		790,324		1,709,493
Jinke Properties Group Co. Ltd., Class A		2,477,882		2,669,230
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		352,325		1,905,222
JOYY Inc.^(a)(b)		260,732		14,071,706
Juewei Food Co. Ltd., Class A		364,614		2,118,769
Kaisa Group Holdings Ltd.		11,214,000		4,978,852

Security	Shares		Value

China (continued)
Kingboard Holdings Ltd.		3,153,500	$	8,335,902
Kingboard Laminates Holdings Ltd.		4,973,000		4,958,291
Kingdee International Software Group Co. Ltd.^(b)		10,524,000		13,463,827
Kingsoft Corp. Ltd.^(a)		3,739,000		12,090,619
Kunlun Energy Co. Ltd.		15,282,000		10,667,721
Kweichow Moutai Co. Ltd., Class A		341,187		51,591,465
KWG Group Holdings Ltd.		5,802,000		8,502,299
Lee & Man Paper Manufacturing Ltd.		6,155,000		4,802,022
Legend Holdings Corp., Class H^(c)		1,808,700		3,110,025
Lenovo Group Ltd.^(b)		32,334,000		19,957,082
Lens Technology Co. Ltd., Class A		858,300		2,390,647
Lepu Medical Technology Beijing Co. Ltd., Class A		569,835		2,796,106
Li Ning Co. Ltd.		8,849,000		23,277,728
Lingyi iTech Guangdong Co., Class A^(a)		1,655,680		2,683,593
Logan Property Holdings Co. Ltd.		6,276,000		10,710,928
Longfor Group Holdings Ltd.^(b)(c)		8,044,500		37,213,187
LONGi Green Energy Technology Co. Ltd., Class A		988,541		4,341,537
Luckin Coffee Inc., ADR^(a)		274,131		10,844,622
Luxshare Precision Industry Co. Ltd., Class A.		1,417,448		9,692,715
Luye Pharma Group Ltd.^(b)(c)		5,346,000		3,258,480
Luzhou Laojiao Co. Ltd., Class A		409,639		4,383,422
Maanshan Iron & Steel Co. Ltd., Class A		7,699,700		3,051,153
Maanshan Iron & Steel Co. Ltd., Class H		2,498,000		913,545
Mango Excellent Media Co. Ltd., Class A^(a)		522,100		3,291,601
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A		1,246,280		2,348,074
Meituan Dianping, Class B^(a)		4,532,500		57,521,028
Metallurgical Corp. of China Ltd., Class A		8,835,690		3,438,110
Metallurgical Corp. of China Ltd., Class H		9,372,000		1,815,941
Momo Inc., ADR		673,139		18,928,669
Muyuan Foodstuff Co. Ltd., Class A		586,050		9,767,221
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		256,090		1,832,512
Nanjing Securities Co. Ltd., Class A		898,500		1,736,536
NARI Technology Co. Ltd., Class A		1,268,083		3,597,334
NAURA Technology Group Co. Ltd., Class A		144,600		3,061,750
NavInfo Co. Ltd., Class A		874,000		2,140,551
NetEase Inc., ADR		317,079		101,056,248
New China Life Insurance Co. Ltd., Class A		753,892		4,764,806
New China Life Insurance Co. Ltd., Class H		3,489,400		13,276,023
New Hope Liuhe Co. Ltd., Class A		1,164,197		4,030,438
New Oriental Education & Technology Group Inc., ADR^(a)(b)		636,518		81,404,287
Nexteer Automotive Group Ltd.		4,154,000		3,059,644
Nine Dragons Paper Holdings Ltd.^(b)		7,489,000		8,841,057
Ninestar Corp., Class A		388,600		2,311,520
Ningbo Joyson Electronic Corp., Class A^(a)		351,700		1,321,730
Ningbo Zhoushan Port Co. Ltd., Class A		707,300		332,897
NIO Inc., ADR^(a)(b)		2,937,932		12,133,659
Noah Holdings Ltd.^(a)(b)		154,089		4,373,046
OFILM Group Co. Ltd., Class A^(a)		864,465		2,287,861
Orient Securities Co. Ltd., Class A		1,814,386		2,587,827
Oriental Pearl Group Co. Ltd., Class A		212,800		309,297
Ovctek China Inc., Class A		212,400		1,713,736
People’s Insurance Co. Group of China Ltd. (The), Class A		1,399,400		1,355,317
People’s Insurance Co. Group of China Ltd. (The), Class H		37,367,000		13,233,961
Perfect World Co. Ltd., Class A		436,000		3,184,144

S c h e d u l e o f I n v e s t m e n t s

Consolidated Schedule of Investments (unaudited) (continued)	iShares^® MSCI Emerging Markets ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

China (continued)
PetroChina Co. Ltd., Class A		3,396,100	$	2,463,195
PetroChina Co. Ltd., Class H		95,784,000		37,118,674
PICC Property & Casualty Co. Ltd., Class H		30,845,192		31,941,371
Pinduoduo Inc., ADR^(a)(b)		863,144		30,883,292
Ping An Bank Co. Ltd., Class A		5,047,867		10,470,955
Ping An Healthcare and Technology Co. Ltd.^(a)(c)		1,456,000		14,227,344
Ping An Insurance Group Co. of China Ltd., Class A		2,662,684		29,604,847
Ping An Insurance Group Co. of China Ltd., Class H		25,249,500		280,746,200
Poly Developments and Holdings Group Co. Ltd., Class A		3,140,784		7,274,369
Postal Savings Bank of China Co. Ltd., Class H^(c)		35,695,000		22,535,387
Power Construction Corp. of China Ltd., Class A		4,698,400		2,856,599
RiseSun Real Estate Development Co. Ltd., Class A		2,423,200		2,967,382
Rongsheng Petro Chemical Co. Ltd., Class A		1,879,872		2,783,422
SAIC Motor Corp. Ltd., Class A		1,922,406		6,108,071
Sanan Optoelectronics Co. Ltd., Class A		1,175,200		4,144,185
Sangfor Technologies Inc., Class A		107,300		3,057,732
Sany Heavy Industry Co. Ltd., Class A		2,317,152		5,777,797
SDIC Capital Co. Ltd., Class A		1,328,300		2,462,700
SDIC Power Holdings Co. Ltd., Class A		2,121,790		2,294,746
Seazen Group Ltd^(b)		9,244,000		9,501,343
Seazen Holdings Co. Ltd., Class A		612,973		2,814,860
Semiconductor Manufacturing International Corp.^(a)(b)		13,534,499		26,224,769
SF Holding Co. Ltd., Class A		574,900		4,025,830
Shaanxi Coal Industry Co. Ltd., Class A		2,543,370		2,874,399
Shandong Gold Mining Co. Ltd., Class A		753,540		3,656,559
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		9,332,000		12,022,671
Shanghai Baosight Software Co. Ltd., Class A		328,330		2,131,970
Shanghai Construction Group Co. Ltd., Class A		7,083,495		3,394,711
Shanghai Electric Group Co. Ltd., Class A		404,500		259,822
Shanghai Electric Group Co. Ltd., Class H		15,836,000		4,470,547
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		893,800		3,437,004
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		2,090,500		5,888,128
Shanghai Industrial Holdings Ltd.		2,686,000		4,742,605
Shanghai International Airport Co. Ltd., Class A		279,098		2,623,606
Shanghai International Port Group Co. Ltd., Class A		3,954,899		2,568,631
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		5,264,406		4,169,410
Shanghai M&G Stationery Inc., Class A		385,337		2,447,564
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		100		267
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		4,310,400		7,887,323
Shanghai Pudong Development Bank Co. Ltd., Class A		7,271,696		11,286,931
Shanghai RAAS Blood Products Co. Ltd., Class A^(a)		1,454,800		1,895,973
Shanxi Meijin Energy Co. Ltd., Class A^(a)		1,354,700		1,616,291
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		243,100		2,999,539
Shengyi Technology Co. Ltd., Class A		717,100		3,164,793
Shennan Circuits Co. Ltd., Class A		107,000		3,177,457

Security	Shares		Value

China (continued)
Shenwan Hongyuan Group Co. Ltd., Class A		8,029,040	$	5,375,512
Shenzhen Expressway Co. Ltd., Class H		1,878,000		2,272,479
Shenzhen Goodix Technology Co. Ltd., Class A		108,200		4,796,265
Shenzhen Inovance Technology Co. Ltd., Class A		823,600		3,335,543
Shenzhen International Holdings Ltd.		4,527,000		8,667,061
Shenzhen Investment Ltd.		13,592,000		4,569,590
Shenzhen Kangtai Biological Products Co. Ltd., Class A		209,386		3,325,817
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		165,232		5,649,402
Shenzhen Overseas Chinese Town Co. Ltd., Class A		4,347,900		4,061,656
Shenzhen Sunway Communication Co. Ltd., Class A^(a)		349,740		2,498,143
Shenzhou International Group Holdings Ltd.		3,410,500		41,903,411
Shimao Property Holdings Ltd.		5,203,500		18,629,118
Shui On Land Ltd.		17,776,500		3,535,660
Sichuan Chuantou Energy Co. Ltd., Class A		2,645,560		3,462,973
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		613,500		2,014,223
Sichuan Swellfun Co. Ltd., Class A		191,393		1,231,561
SINA Corp.^(a)(b)		280,501		9,186,408
Sino Biopharmaceutical Ltd.^(b)		31,099,500		45,014,771
Sino-Ocean Group Holding Ltd.		14,567,000		5,289,920
Sinopec Engineering Group Co. Ltd., Class H		6,540,500		3,239,596
Sinopec Shanghai Petrochemical Co. Ltd., Class H		17,589,000		4,491,452
Sinopharm Group Co. Ltd., Class H		5,736,800		17,704,242
Sinotrans Ltd., Class H		10,038,000		2,833,756
Sinotruk Hong Kong Ltd.		3,175,500		6,071,429
SOHO China Ltd.		10,201,500		3,691,524
Songcheng Performance Development Co. Ltd., Class A		700,663		2,764,483
Spring Airlines Co. Ltd., Class A		557,573		2,839,632
SSY Group Ltd.		7,142,000		5,984,468
Sun Art Retail Group Ltd.		10,934,000		13,974,328
Sunac China Holdings Ltd.		10,959,000		59,765,753
Suning.com Co. Ltd., Class A		2,866,738		3,805,804
Sunny Optical Technology Group Co. Ltd.		3,189,500		49,604,122
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		530,100		2,146,123
TAL Education Group, ADR^(a)(b)		1,722,064		93,663,061
TCL Technology Group Corp., Class A		4,785,055		4,025,081
Tencent Holdings Ltd.		25,623,700		1,269,175,509
Tencent Music Entertainment Group, ADR^(a)(b)		418,684		5,078,637
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		905,593		2,277,521
Tianma Microelectronics Co. Ltd., Class A		865,579		2,006,006
Tianqi Lithium Corp., Class A		499,604		2,267,094
Tingyi Cayman Islands Holding Corp.		8,942,000		16,270,595
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		856,600		1,396,990
Tongwei Co. Ltd., Class A		1,204,784		2,973,094
Topchoice Medical Corp., Class A^(a)		154,800		2,305,103
Topsports International Holdings Ltd.^(c)		2,609,000		3,016,417
Towngas China Co. Ltd.		4,886,000		2,833,899
Transfar Zhilian Co. Ltd., Class A		1,538,198		1,368,715
TravelSky Technology Ltd., Class H		4,314,000		8,436,409
Trip.com Group Ltd., ADR^(a)(b)		2,105,099		63,910,806
Tsingtao Brewery Co. Ltd., Class A		332,300		2,029,872
Tsingtao Brewery Co. Ltd., Class H		1,692,000		8,793,220

14	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued)	iShares^® MSCI Emerging Markets ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

China (continued)
Unigroup Guoxin Microelectronics Co. Ltd., Class A		243,000	$	2,014,513
Uni-President China Holdings Ltd.		6,074,000		6,266,476
Unisplendour Corp. Ltd., Class A		601,763		3,910,056
Venustech Group Inc., Class A		448,703		2,669,674
Vipshop Holdings Ltd., ADR^(a)(b)		1,968,594		25,257,061
Walvax Biotechnology Co. Ltd., Class A		614,494		2,514,167
Wanda Film Holding Co. Ltd., Class A^(a)		398,452		923,425
Wanhua Chemical Group Co. Ltd., Class A		850,191		5,721,293
Want Want China Holdings Ltd.		22,918,000		17,703,769
Weibo Corp., ADR^(a)(b)		248,365		10,466,101
Weichai Power Co. Ltd., Class A		1,720,444		3,526,932
Weichai Power Co. Ltd., Class H		8,721,800		17,168,171
Wens Foodstuffs Group Co. Ltd., Class A		1,367,575		6,364,226
Western Securities Co. Ltd., Class A		290,180		393,122
Wharf Holdings Ltd. (The)		4,487,000		9,465,650
Will Semiconductor Ltd., Class A		165,400		4,122,341
Wingtech Technology Co. Ltd., Class A^(a)		84,200		1,678,772
Winning Health Technology Group Co. Ltd., Class A		688,565		2,533,532
Wuhan Guide Infrared Co. Ltd., Class A		257,200		1,745,157
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		659,788		3,195,963
Wuliangye Yibin Co. Ltd., Class A		1,049,903		18,113,688
WUS Printed Circuit Kunshan Co. Ltd., Class A		521,083		1,945,619
WuXi AppTec Co. Ltd., Class A		449,720		6,819,593
WuXi AppTec Co. Ltd., Class H^(c)		665,980		9,819,147
Wuxi Biologics Cayman Inc.^(a)(c)		3,213,000		47,001,110
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		318,825		2,561,017
XCMG Construction Machinery Co. Ltd., Class A		4,373,569		3,297,289
Xiaomi Corp., Class B^(a)(c)		44,197,800		71,233,261
Xinhu Zhongbao Co. Ltd., Class A		2,782,050		1,253,678
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		1,947,793		2,931,359
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		2,229,246		2,214,071
Xinyi Solar Holdings Ltd.		17,044,000		13,494,265
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		419,098		2,074,446
Yanzhou Coal Mining Co. Ltd., Class H		8,638,800		6,551,390
Yealink Network Technology Corp. Ltd., Class A		201,187		3,001,601
Yifeng Pharmacy Chain Co. Ltd., Class A		177,685		2,076,745
Yihai International Holding Ltd.		2,146,000		14,360,732
Yonghui Superstores Co. Ltd., Class A		2,706,500		3,329,790
Yonyou Network Technology Co. Ltd., Class A		703,869		4,637,951
Yuexiu Property Co. Ltd.		31,884,000		6,505,227
Yum China Holdings Inc.		1,596,831		69,925,230
Yunda Holding Co. Ltd., Class A		659,665		2,791,464
Yunnan Baiyao Group Co. Ltd., Class A		364,945		4,108,255
Yunnan Energy New Material Co. Ltd., Class A		143,200		1,195,143
Yuzhou Properties Co. Ltd.		7,977,000		3,910,169
Zai Lab Ltd., ADR^(a)		95,326		5,240,070
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		177,650		3,052,240
Zhaojin Mining Industry Co. Ltd., Class H		5,243,000		6,250,116
Zhejiang Chint Electrics Co. Ltd., Class A		958,686		3,698,859
Zhejiang Dahua Technology Co. Ltd., Class A		1,239,084		3,435,302
Zhejiang Expressway Co. Ltd., Class H		6,908,000		5,221,078
Zhejiang Huayou Cobalt Co. Ltd., Class A		346,494		1,873,195
Zhejiang Longsheng Group Co. Ltd., Class A		842,100		1,556,455

Security	Shares		Value

China (continued)
Zhejiang NHU Co. Ltd., Class A		950,278	$	3,276,258
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		1,047,398		2,978,781
Zhejiang Supor Co. Ltd., Class A		278,882		2,930,372
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		205,947		1,272,180
Zhengzhou Yutong Bus Co. Ltd., Class A		1,169,867		2,523,761
Zhenro Properties Group Ltd.		5,943,000		3,866,395
ZhongAn Online P&C Insurance Co. Ltd., Class H^(a)(b)(c)		1,407,900		5,925,680
Zhongji Innolight Co. Ltd., Class A		124,000		1,100,535
Zhongsheng Group Holdings Ltd.^(b)		2,619,500		9,966,339
Zhuzhou CRRC Times Electric Co. Ltd., Class H		2,503,800		8,755,051
Zijin Mining Group Co. Ltd., Class A		5,854,500		3,484,124
Zijin Mining Group Co. Ltd., Class H		25,666,000		11,527,066
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		1,881,168		1,690,042
Zoomlion Heavy Industry Science and Technology
Co. Ltd., Class H		5,601,400		4,643,245
ZTE Corp., Class A^(a)		990,800		7,087,065
ZTE Corp., Class H^(a)		3,507,800		14,516,338
ZTO Express Cayman Inc., ADR		1,417,189		33,247,254
				9,273,226,608
Colombia — 0.2%
Bancolombia SA		1,032,467		11,351,996
Ecopetrol SA		21,871,488		19,145,707
Grupo Argos SA		1,409,480		5,960,486
Grupo de Inversiones Suramericana SA		1,192,842		10,256,855
Interconexion Electrica SA ESP		1,990,575		10,438,136
				57,153,180
Czech Republic — 0.1%
CEZ AS		676,122		12,865,079
Komercni Banka AS		330,742		10,080,077
Moneta Money Bank AS^(c)		2,195,036		7,238,660
				30,183,816
Egypt — 0.2%
Commercial International Bank Egypt SAE		6,543,975		34,560,728
Eastern Co. SAE		5,085,308		4,664,853
EISewedy Electric Co.		4,013,196		2,426,016
				41,651,597
Greece — 0.2%
Alpha Bank AE^(a)		8,371,733		11,835,158
Eurobank Ergasias SA^(a)		11,515,599		7,159,507
FF Group^(a)(d)		246,892		2,712
Hellenic Telecommunications Organization SA		1,019,182		14,352,248
Jumbo SA		480,080		7,498,828
Motor Oil Hellas Corinth Refineries SA		272,395		4,428,340
National Bank of Greece SA^(a)		2,456,642		5,395,646
OPAP SA		824,351		8,783,428
Titan Cement International SA^(a)		217,361		3,051,354
				62,507,221
Hungary — 0.3%
MOL Hungarian Oil & Gas PLC		1,830,463		14,077,592
OTP Bank Nyrt		1,001,579		43,304,211
Richter Gedeon Nyrt		646,727		13,076,216
				70,458,019
India — 8.7%
Adani Ports & Special Economic Zone Ltd.		2,756,807		13,072,080

S c h e d u l e o f I n v e s t m e n t s

Consolidated Schedule of Investments (unaudited) (continued)	iShares^® MSCI Emerging Markets ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

India (continued)
Ambuja Cements Ltd.		2,700,979	$	7,674,310
Ashok Leyland Ltd.		5,334,660		5,167,045
Asian Paints Ltd.		1,285,103		32,016,502
Aurobindo Pharma Ltd.		1,205,098		8,441,155
Avenue Supermarts Ltd.^(a)(c)		562,377		18,109,759
Axis Bank Ltd.		9,306,554		89,922,196
Bajaj Auto Ltd.		372,758		14,927,365
Bajaj Finance Ltd.		788,594		48,799,564
Bajaj Finserv Ltd.		171,809		21,547,100
Bandhan Bank Ltd.^(c)		1,740,850		9,250,923
Berger Paints India Ltd.		941,090		7,388,015
Bharat Forge Ltd.		952,391		5,745,953
Bharat Petroleum Corp. Ltd.		2,915,912		17,226,578
Bharti Airtel Ltd.^(a)		10,910,719		79,145,895
Bharti Infratel Ltd.		1,522,279		4,523,542
Bosch Ltd.		34,517		5,800,917
Britannia Industries Ltd.		260,556		10,723,711
Cipla Ltd.		1,568,762		8,740,766
Coal India Ltd.		5,549,858		12,950,374
Colgate-Palmolive India Ltd.		253,195		4,509,743
Container Corp. of India Ltd.		953,945		6,736,801
Dabur India Ltd.		2,406,206		16,540,947
Divi’s Laboratories Ltd.		364,042		10,628,306
DLF Ltd.		2,462,297		6,881,842
Dr. Reddy’s Laboratories Ltd.		519,033		21,051,879
Eicher Motors Ltd.		59,541		13,697,586
GAIL India Ltd.		7,108,128		10,282,864
Godrej Consumer Products Ltd.		1,610,139		12,505,392
Grasim Industries Ltd.		1,340,332		12,763,033
Havells India Ltd.		1,122,454		9,535,046
HCL Technologies Ltd.		4,838,050		35,822,386
HDFC Asset Management Co. Ltd.^(c)		179,324		7,805,846
HDFC Life Insurance Co. Ltd.^(c)		2,269,673		17,111,984
Hero MotoCorp Ltd.		433,421		12,322,327
Hindalco Industries Ltd.		5,366,991		11,594,054
Hindustan Petroleum Corp. Ltd.		2,753,845		7,538,325
Hindustan Unilever Ltd.		2,902,917		87,478,695
Housing Development Finance Corp. Ltd.		7,302,934		220,173,328
ICICI Bank Ltd.		21,288,033		146,679,245
ICICI Lombard General Insurance Co. Ltd.^(c)		745,098		12,767,873
ICICI Prudential Life Insurance Co. Ltd.^(c)		1,352,814		8,836,616
Indian Oil Corp. Ltd.		8,428,182		12,350,161
Info Edge India Ltd.		248,791		8,940,342
Infosys Ltd.		15,188,459		153,994,464
InterGlobe Aviation Ltd.^(c)		419,010		7,548,189
ITC Ltd.		15,352,420		42,025,435
JSW Steel Ltd.		3,880,832		12,674,848
Larsen & Toubro Ltd.		2,085,712		34,321,367
LIC Housing Finance Ltd.		1,304,626		5,789,399
Lupin Ltd.		1,007,085		8,931,089
Mahindra & Mahindra Financial Services Ltd.		1,388,811		6,605,596
Mahindra & Mahindra Ltd.		3,322,946		21,044,826
Marico Ltd.		2,042,372		8,454,756
Maruti Suzuki India Ltd.		468,496		40,788,544
Motherson Sumi Systems Ltd.		4,214,504		6,053,048
Nestle India Ltd.		104,360		22,817,484
NTPC Ltd.		10,574,769		15,612,868
Oil & Natural Gas Corp. Ltd.		11,150,096		14,206,552
Page Industries Ltd.		25,197		7,732,242
Petronet LNG Ltd.		2,775,590		9,445,871

Security	Shares		Value

India (continued)
Pidilite Industries Ltd.		561,639	$	11,775,605
Piramal Enterprises Ltd.		436,414		7,901,018
Power Grid Corp. of India Ltd.		8,091,214		20,349,262
REC Ltd.		3,150,065		5,141,894
Reliance Industries Ltd.		12,719,911		234,181,727
SBI Life Insurance Co. Ltd.^(c)		1,491,468		18,401,678
Shree Cement Ltd.		38,203		12,001,224
Shriram Transport Finance Co. Ltd.		588,201		9,750,440
Siemens Ltd.		278,310		5,027,840
State Bank of India^(a)		7,947,290		33,367,220
Sun Pharmaceutical Industries Ltd.		3,786,154		19,563,610
Tata Consultancy Services Ltd.		4,011,521		111,180,846
Tata Motors Ltd.^(a)		7,181,134		12,831,361
Tata Power Co. Ltd. (The)		4,933,902		3,192,756
Tata Steel Ltd.		1,552,955		8,214,786
Tech Mahindra Ltd.		2,076,204		21,415,821
Titan Co. Ltd.		1,391,175		24,183,033
UltraTech Cement Ltd.		449,382		26,275,156
United Spirits Ltd.^(a)		1,328,118		12,631,084
UPL Ltd.		2,406,761		17,331,814
Vedanta Ltd.		8,394,101		13,259,812
Wipro Ltd.		5,119,192		15,708,526
Zee Entertainment Enterprises Ltd.		3,792,247		12,574,701
				2,210,036,163
Indonesia — 1.8%
Ace Hardware Indonesia Tbk PT		13,926,900		1,470,587
Adaro Energy Tbk PT		66,265,200		5,334,470
Astra International Tbk PT		90,049,200		34,676,552
Bank Central Asia Tbk PT		43,788,500		95,985,246
Bank Mandiri Persero Tbk PT		83,248,900		42,211,936
Bank Negara Indonesia Persero Tbk PT		33,494,276		16,399,881
Bank Rakyat Indonesia Persero Tbk PT		247,173,410		72,183,766
Bank Tabungan Negara Persero Tbk PT		19,225,000		2,277,923
Barito Pacific Tbk PT^(a)		120,650,600		8,283,035
Bukit Asam Tbk PT		13,597,100		2,122,844
Bumi Serpong Damai Tbk PT^(a)		36,513,600		2,544,945
Charoen Pokphand Indonesia Tbk PT		33,257,445		13,212,576
Gudang Garam Tbk PT		2,187,600		7,776,100
Hanjaya Mandala Sampoerna Tbk PT		42,572,300		5,044,287
Indah Kiat Pulp & Paper Corp. Tbk PT		12,472,900		4,890,055
Indocement Tunggal Prakarsa Tbk PT		8,426,400		8,765,570
Indofood CBP Sukses Makmur Tbk PT		10,698,100		7,661,473
Indofood Sukses Makmur Tbk PT		20,083,000		9,098,414
Jasa Marga Persero Tbk PT		10,358,195		3,378,732
Kalbe Farma Tbk PT		98,638,915		8,387,487
Pabrik Kertas Tjiwi Kimia Tbk PT		6,403,900		2,678,055
Pakuwon Jati Tbk PT		81,378,500		3,006,141
Perusahaan Gas Negara Tbk PT		49,124,300		4,382,583
Semen Indonesia Persero Tbk PT		13,455,200		9,823,539
Telekomunikasi Indonesia Persero Tbk PT		221,598,000		53,903,260
Unilever Indonesia Tbk PT		33,713,700		16,037,359
United Tractors Tbk PT		7,665,353		8,868,783
XL Axiata Tbk PT^(a)		12,568,100		2,268,784
				452,674,383
Malaysia — 1.8%
AirAsia Group Bhd		6,664,200		1,581,068
AMMB Holdings Bhd		7,747,675		6,801,043
Axiata Group Bhd		12,418,500		12,315,381
British American Tobacco Malaysia Bhd		16,900		49,878

16	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued)	iShares^® MSCI Emerging Markets ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Malaysia (continued)
Carlsberg Brewery Malaysia Bhd		233,300	$	1,762,342
CIMB Group Holdings Bhd		21,640,000		24,746,097
Dialog Group Bhd		16,498,912		13,073,871
DiGi.Com Bhd		13,928,000		13,746,259
Fraser & Neave Holdings Bhd		604,200		4,403,564
Gamuda Bhd		7,871,500		6,181,415
Genting Bhd		9,698,000		11,389,110
Genting Malaysia Bhd		13,446,300		9,219,409
Genting Plantations Bhd		1,351,500		3,212,819
HAP Seng Consolidated Bhd		2,781,000		5,911,687
Hartalega Holdings Bhd		6,786,000		9,981,779
Hong Leong Bank Bhd		2,979,400		10,814,904
Hong Leong Financial Group Bhd		1,051,900		3,818,285
IHH Healthcare Bhd		9,931,700		13,430,769
IJM Corp. Bhd		12,783,240		5,883,626
IOI Corp. Bhd		8,875,220		8,780,467
Kuala Lumpur Kepong Bhd		1,948,800		10,097,697
Malayan Banking Bhd		17,249,400		34,457,876
Malaysia Airports Holdings Bhd		4,787,800		7,485,552
Maxis Bhd^(b)		10,463,200		13,479,283
MISC Bhd		5,108,300		9,198,576
Nestle Malaysia Bhd		307,300		10,425,599
Petronas Chemicals Group Bhd		10,955,700		14,035,772
Petronas Dagangan Bhd		1,078,900		5,846,281
Petronas Gas Bhd		3,027,300		11,936,827
PPB Group Bhd		2,739,160		11,762,466
Press Metal Aluminium Holdings Bhd^(b)		6,684,000		7,389,665
Public Bank Bhd		13,951,930		56,602,136
QL Resources Bhd		2,627,000		5,085,722
RHB Bank Bhd		6,924,325		9,117,439
RHB Capital Bhd^(a)(d)		3,214,200		8
Sime Darby Bhd		12,134,573		5,757,805
Sime Darby Plantation Bhd		9,577,673		11,270,524
Telekom Malaysia Bhd		5,079,800		4,459,136
Tenaga Nasional Bhd		14,055,550		40,349,266
Top Glove Corp. Bhd		6,918,900		9,258,030
Westports Holdings Bhd		4,317,100		3,523,327
YTL Corp. Bhd		13,984,189		2,803,473
				451,446,233
Mexico — 2.3%
Alfa SAB de CV, Class A		13,297,100		8,443,136
Alsea SAB de CV^(a)		2,352,900		4,744,665
America Movil SAB de CV, Series L, NVS		149,709,100		117,368,486
Arca Continental SAB de CV		1,899,536		10,361,978
Cemex SAB de CV, CPO, NVS		67,286,373		21,549,042
Coca-Cola Femsa SAB de CV		2,334,793		12,853,067
El Puerto de Liverpool SAB de CV, Series C1, NVS^(b)		868,965		4,029,989
Fibra Uno Administracion SA de CV		14,052,000		21,003,646
Fomento Economico Mexicano SAB de CV		8,628,300		69,391,642
Gruma SAB de CV, Series B		930,765		8,888,967
Grupo Aeroportuario del Pacifico SAB de CV, Series B		1,593,500		17,198,354
Grupo Aeroportuario del Sureste SAB de CV, Class B		929,245		15,250,292
Grupo Bimbo SAB de CV, Series A^(b)		7,319,300		10,977,194
Grupo Carso SAB de CV, Series A1		2,181,841		5,954,834
Grupo Financiero Banorte SAB de CV, Class O		11,516,456		62,036,969
Grupo Financiero Inbursa SAB de CV, Class O^(b)		10,534,300		11,238,573
Grupo Mexico SAB de CV, Series B		15,611,188		36,606,034

Security	Shares		Value

Mexico (continued)
Grupo Televisa SAB, CPO		10,798,800	$	20,090,410
Industrias Penoles SAB de CV		637,333		5,712,543
Infraestructura Energetica Nova SAB de CV		2,376,300		10,277,514
Kimberly-Clark de Mexico SAB de CV, Class A		6,777,200		12,759,136
Megacable Holdings SAB de CV, CPO		1,360,860		4,530,128
Orbia Advance Corp. SAB de CV		4,693,634		9,125,753
Promotora y Operadora de Infraestructura SAB de CV		1,023,275		9,931,141
Wal-Mart de Mexico SAB de CV		23,149,200		64,548,574
				574,872,067
Pakistan — 0.0%
Habib Bank Ltd.		2,909,900		2,951,980
MCB Bank Ltd.		1,917,200		2,430,566
Oil & Gas Development Co. Ltd.		3,194,800		2,431,318
				7,813,864
Peru — 0.3%
Cia. de Minas Buenaventura SAA, ADR		981,954		10,948,787
Credicorp Ltd.		294,900		53,456,523
Southern Copper Corp.		371,572		12,503,398
				76,908,708
Philippines — 0.9%
Aboitiz Equity Ventures Inc.		9,356,010		7,828,030
Aboitiz Power Corp.		6,176,164		3,331,918
Altus San Nicolas Corp.		195,768		19,947
Ayala Corp.		1,262,646		16,410,063
Ayala Land Inc.		33,185,600		25,389,669
Bank of the Philippine Islands		4,176,564		6,071,278
BDO Unibank Inc.		8,922,421		24,329,897
Globe Telecom Inc.		157,180		5,485,497
GT Capital Holdings Inc.		446,822		6,232,279
International Container Terminal Services Inc.		4,297,540		8,936,523
JG Summit Holdings Inc.		13,117,424		17,369,811
Jollibee Foods Corp.		2,054,769		6,852,589
Manila Electric Co.		946,140		5,007,721
Megaworld Corp.		51,798,900		3,454,954
Metro Pacific Investments Corp.		66,576,500		4,009,610
Metropolitan Bank & Trust Co.		7,479,945		8,224,638
PLDT Inc.		400,898		7,785,954
Robinsons Land Corp.		9,374,606		3,917,197
Security Bank Corp.		1,025,260		3,105,447
SM Investments Corp.		1,124,497		21,497,250
SM Prime Holdings Inc.		45,472,225		34,165,497
Universal Robina Corp.		4,122,180		11,426,465
				230,852,234
Poland — 0.8%
Bank Millennium SA^(a)		2,832,778		3,467,417
Bank Polska Kasa Opieki SA		745,565		16,648,374
CCC SA		134,383		2,452,344
CD Projekt SA		301,433		21,292,284
Cyfrowy Polsat SA		1,148,734		7,342,201
Dino Polska SA^(a)(c)		218,640		7,863,432
Grupa Lotos SA		415,719		6,269,473
KGHM Polska Miedz SA^(a)		635,205		11,364,639
LPP SA		5,837		10,215,157
mBank SA^(a)		67,334		5,089,287
Orange Polska SA^(a)		2,962,814		4,636,559
PGE Polska Grupa Energetyczna SA^(a)		3,737,438		4,237,286
Polski Koncern Naftowy ORLEN SA		1,337,082		19,886,496
Polskie Gornictwo Naftowe i Gazownictwo SA		7,841,654		6,300,850

S c h e d u l e o f I n v e s t m e n t s

Consolidated Schedule of Investments (unaudited) (continued)	iShares^® MSCI Emerging Markets ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Poland (continued)
Powszechna Kasa Oszczednosci Bank Polski SA		3,866,735	$	30,687,128
Powszechny Zaklad Ubezpieczen SA		2,662,845		23,469,669
Santander Bank Polska SA		160,348		10,199,934
				191,422,530
Qatar — 0.9%
Barwa Real Estate Co.		5,787,019		4,894,486
Commercial Bank PSQC (The)		9,387,325		11,589,132
Industries Qatar QSC		8,184,175		20,073,591
Masraf Al Rayan QSC		17,324,179		19,237,009
Mesaieed Petrochemical Holding Co.		19,863,368		9,592,165
Ooredoo QPSC		3,794,829		6,547,486
Qatar Electricity & Water Co. QSC		2,441,111		10,023,387
Qatar Fuel QSC		2,432,155		12,806,753
Qatar Insurance Co. SAQ		7,790,811		5,739,009
Qatar International Islamic Bank QSC		2,051,870		4,758,381
Qatar Islamic Bank SAQ		5,303,145		22,570,884
Qatar National Bank QPSC		20,261,545		104,146,320
				231,978,603
Russia — 3.5%
Alrosa PJSC		11,579,660		12,301,666
Gazprom PJSC		44,200,619		133,292,492
Gazprom PJSC, ADR		1,726,875		10,413,056
Inter RAO UES PJSC		162,109,000		12,553,798
LUKOIL PJSC		1,836,184		155,734,088
Magnit PJSC, GDR^(e)		1,647,006		17,935,895
Magnitogorsk Iron & Steel Works PJSC		10,354,800		6,161,260
MMC Norilsk Nickel PJSC		282,038		84,989,129
Mobile TeleSystems PJSC, ADR		2,215,909		21,494,317
Moscow Exchange MICEX-RTS PJSC		6,072,120		8,952,763
Novatek PJSC, GDR^(e)		407,375		58,376,838
Novolipetsk Steel PJSC		5,391,100		10,023,274
PhosAgro PJSC, GDR^(e)		559,415		6,159,159
Polymetal International PLC		974,210		14,861,052
Polyus PJSC		119,438		15,043,501
Rosneft Oil Co. PJSC		5,008,197		30,064,087
Rosneft Oil Co. PJSC, GDR^(e)		291,820		1,765,511
Sberbank of Russia PJSC		48,741,181		169,259,554
Severstal PJSC		940,545		11,401,309
Surgutneftegas PJSC		25,162,160		14,391,482
Surgutneftegas PJSC, ADR		689,300		3,929,010
Tatneft PJSC		6,817,058		68,130,002
VTB Bank PJSC		14,436,581,998		9,308,588
X5 Retail Group NV, GDR^(e)		538,060		16,578,173
				893,120,004
Saudi Arabia — 2.5%
Advanced Petrochemical Co.		344,878		4,123,092
Al Rajhi Bank		5,546,667		91,520,375
Alinma Bank		3,551,503		22,019,981
Almarai Co. JSC		1,093,195		13,346,216
Arab National Bank		2,262,104		15,255,559
Bank AlBilad		1,560,713		9,967,928
Bank Al-Jazira		2,034,709		7,549,820
Banque Saudi Fransi		2,459,509		22,323,412
Bupa Arabia for Cooperative Insurance Co.		119,515		3,090,219
Co for Cooperative Insurance (The)^(a)		240,232		4,405,694
Dar Al Arkan Real Estate Development Co.^(a)		2,549,102		6,366,809
Emaar Economic City^(a)		1,582,785		3,906,861
Etihad Etisalat Co.^(a)		1,830,674		11,194,365
Jarir Marketing Co.		241,738		9,781,642

Security	Shares		Value

Saudi Arabia (continued)
National Commercial Bank		5,513,567	$	65,107,562
National Industrialization Co.^(a)		1,501,237		4,714,000
Rabigh Refining & Petrochemical Co.^(a)		975,718		4,083,373
Riyad Bank		5,510,119		32,195,604
Sahara International Petrochemical Co.		1,509,934		6,278,814
Samba Financial Group		4,540,453		32,496,645
Saudi Airlines Catering Co.		125,477		3,050,381
Saudi Arabian Fertilizer Co.		732,118		13,114,309
Saudi Arabian Mining Co.^(a)		1,896,305		19,258,755
Saudi Arabian Oil Co.^(a)(c)		4,903,717		43,592,953
Saudi Basic Industries Corp.		3,479,178		72,987,154
Saudi British Bank (The)		2,970,085		22,326,109
Saudi Cement Co.		302,131		4,912,699
Saudi Electricity Co.		3,710,684		16,617,217
Saudi Industrial Investment Group		870,103		4,889,183
Saudi Kayan Petrochemical Co.^(a)		3,616,490		8,541,144
Saudi Telecom Co.		1,831,041		40,315,604
Savola Group (The)^(a)		1,129,775		10,073,564
Yanbu National Petrochemical Co.		1,042,823		13,759,760
				643,166,803
South Africa — 4.2%
Absa Group Ltd.		3,204,815		26,952,104
Anglo American Platinum Ltd.		242,891		16,170,706
AngloGold Ashanti Ltd.		1,858,857		32,821,709
Aspen Pharmacare Holdings Ltd.^(a)		1,757,669		11,172,927
Bid Corp. Ltd.		1,511,068		26,715,402
Bidvest Group Ltd. (The)		1,280,218		14,648,269
Capitec Bank Holdings Ltd.		203,942		16,852,974
Clicks Group Ltd.		1,182,598		17,703,450
Discovery Ltd.		1,778,203		10,885,227
Exxaro Resources Ltd.		1,137,138		8,095,824
FirstRand Ltd.		14,869,322		52,099,102
Fortress REIT Ltd., Series A		5,367,700		5,510,495
Foschini Group Ltd. (The)		1,083,041		8,587,083
Gold Fields Ltd.		3,712,143		21,761,042
Growthpoint Properties Ltd.		13,450,259		15,047,806
Impala Platinum Holdings Ltd.^(a)		3,539,217		28,043,314
Investec Ltd.		1,343,884		6,737,573
Kumba Iron Ore Ltd.		291,898		5,207,832
Liberty Holdings Ltd.		610,232		3,635,053
Life Healthcare Group Holdings Ltd.		6,402,929		9,076,396
Momentum Metropolitan Holdings		4,192,317		4,743,555
Mr. Price Group Ltd.		1,162,298		11,154,189
MTN Group Ltd.		7,569,633		35,462,731
MultiChoice Group Ltd.^(a)		2,006,202		11,531,055
Naspers Ltd., Class N		1,974,093		298,776,149
Nedbank Group Ltd.		1,659,396		18,629,242
NEPI Rockcastle PLC		1,735,896		12,579,356
Northam Platinum Ltd.^(a)		1,522,689		10,764,278
Old Mutual Ltd.		21,289,218		21,192,458
Pepkor Holdings Ltd.^(c)		2,447,126		2,389,337
Pick n Pay Stores Ltd.		1,668,677		5,859,436
PSG Group Ltd.		691,330		8,200,247
Rand Merchant Investment Holdings Ltd.		3,535,830		5,589,810
Redefine Properties Ltd.		24,691,750		8,522,786
Reinet Investments SCA		672,212		13,774,973
Remgro Ltd.		2,364,504		24,048,606
RMB Holdings Ltd.		3,555,280		15,833,386
Sanlam Ltd.		8,339,485		34,446,794
Sasol Ltd.		2,507,822		29,635,070

18	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued)	iShares^® MSCI Emerging Markets ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

South Africa (continued)
Shoprite Holdings Ltd.		2,119,700	$	15,107,317
Sibanye Stillwater Ltd.^(a)(b)		10,622,238		21,249,203
SPAR Group Ltd. (The)		861,585		8,981,975
Standard Bank Group Ltd.		5,727,761		54,068,112
Telkom SA SOC Ltd.		1,281,205		2,124,008
Tiger Brands Ltd.		727,708		7,003,926
Vodacom Group Ltd.		2,851,305		19,877,483
Woolworths Holdings Ltd.		4,504,687		10,236,949
				1,049,506,719
South Korea — 10.7%
Amorepacific Corp.^(a)(b)		142,109		18,838,657
AMOREPACIFIC Group^(a)		131,068		6,690,997
BGF retail Co. Ltd.		36,570		4,561,840
BNK Financial Group Inc.		1,250,879		6,354,816
Celltrion Healthcare Co. Ltd.^(a)(b)		238,927		12,748,019
Celltrion Inc.^(a)(b)		422,277		59,108,349
Cheil Worldwide Inc.		322,330		5,135,517
CJ CheilJedang Corp.		37,333		7,500,413
CJ Corp.		63,999		4,242,009
CJ ENM Co. Ltd.		50,592		5,240,406
CJ Logistics Corp.^(a)		40,871		4,492,613
Coway Co. Ltd.		227,488		12,905,659
Daelim Industrial Co. Ltd.^(a)		123,751		7,387,359
Daewoo Engineering & Construction Co. Ltd.^(a)		824,306		2,748,818
Daewoo Shipbuilding & Marine Engineering Co. Ltd.^(a)		173,216		3,159,106
DB Insurance Co. Ltd.		222,958		7,949,017
Doosan Bobcat Inc.		224,070		5,239,677
E-MART Inc.		94,203		8,144,352
Fila Holdings Corp.^(b)		221,703		7,009,794
GS Engineering & Construction Corp.		266,761		5,765,728
GS Holdings Corp.		229,609		7,798,577
GS Retail Co. Ltd.		123,564		3,596,531
Hana Financial Group Inc.		1,340,105		34,647,424
Hankook Tire & Technology Co. Ltd.		330,941		6,948,535
Hanmi Pharm Co. Ltd.^(a)		29,456		6,330,190
Hanon Systems		843,096		7,323,724
Hanwha Corp.		179,889		2,969,761
Hanwha Life Insurance Co. Ltd.		1,520,472		2,065,689
Hanwha Solutions Corp.		473,118		6,953,608
HDC Holdings Co. Ltd.		1		8
HDC Hyundai Development Co-Engineering & Construction, Class E^(b)		117,950		1,752,983
Helixmith Co. Ltd.^(a)(b)		86,722		4,434,283
HLB Inc.^(a)(b)		148,543		11,802,717
Hotel Shilla Co. Ltd.^(b)		141,507		9,356,124
Hyundai Department Store Co. Ltd.		66,297		3,870,282
Hyundai Engineering & Construction Co. Ltd.		347,220		9,920,571
Hyundai Glovis Co. Ltd.		84,533		8,561,185
Hyundai Heavy Industries Holdings Co. Ltd.		43,766		9,747,800
Hyundai Marine & Fire Insurance Co. Ltd.		282,129		5,249,992
Hyundai Mobis Co. Ltd.		296,628		51,290,144
Hyundai Motor Co.		657,366		62,245,443
Hyundai Steel Co.		365,454		7,176,680
Industrial Bank of Korea^(a)		1,121,674		8,783,137
Kakao Corp.		226,944		32,140,278
Kangwon Land Inc.^(a)		536,256		10,067,218
KB Financial Group Inc.		1,763,765		56,492,761
KCC Corp.		22,366		3,066,232
Kia Motors Corp.		1,170,720		34,943,269

Security	Shares		Value

South Korea (continued)
KMW Co. Ltd.^(a)(b)		115,437	$	4,624,133
Korea Aerospace Industries Ltd.^(a)		331,072		6,992,175
Korea Electric Power Corp.^(a)		1,137,599		19,951,304
Korea Gas Corp.		122,236		2,828,186
Korea Investment Holdings Co. Ltd.^(a)		188,079		9,725,287
Korea Shipbuilding & Offshore Engineering Co. Ltd.^(a)		173,845		14,886,686
Korea Zinc Co. Ltd.^(a)		38,901		13,276,628
Korean Air Lines Co. Ltd.^(a)		207,187		3,804,257
KT&G Corp.		519,529		36,232,282
Kumho Petrochemical Co. Ltd.		83,184		4,061,598
LG Chem Ltd.		203,871		61,774,004
LG Corp.		424,080		23,569,699
LG Display Co. Ltd.^(a)(b)		1,043,193		11,681,700
LG Electronics Inc.		468,876		23,318,329
LG Household & Health Care Ltd.		41,581		41,803,541
LG Innotek Co. Ltd.		64,193		6,871,215
LG Uplus Corp.		606,472		6,591,544
Lotte Chemical Corp.^(b)		77,078		11,899,650
Lotte Corp.^(b)		130,179		3,113,792
Lotte Shopping Co. Ltd.		51,407		4,029,598
Medy-Tox Inc.^(b)		20,729		5,009,437
Meritz Securities Co. Ltd.^(b)		1,365,757		3,907,786
Mirae Asset Daewoo Co. Ltd.^(a)		1,776,266		9,272,562
NAVER Corp.		637,315		91,307,378
NCSoft Corp.		73,380		39,212,532
Netmarble Corp.^(a)(b)(c)		116,919		8,529,455
NH Investment & Securities Co. Ltd.^(a)		625,530		5,140,214
OCI Co. Ltd.^(a)(b)		88,845		3,602,813
Orion Corp.		108,908		8,456,175
Ottogi Corp.		6,087		2,490,934
Pan Ocean Co. Ltd.^(a)		1,222,831		3,760,621
Pearl Abyss Corp.^(a)(b)		29,542		4,310,286
POSCO		348,287		56,064,313
POSCO Chemical Co. Ltd.^(b)		109,351		4,943,079
Posco International Corp.		223,053		2,745,692
S-1 Corp.		79,314		5,368,144
Samsung Biologics Co. Ltd.^(a)(c)		73,942		28,219,117
Samsung C&T Corp.		380,351		33,039,959
Samsung Card Co. Ltd.		134,734		3,738,605
Samsung Electro-Mechanics Co. Ltd.^(b)		250,077		25,944,588
Samsung Electronics Co. Ltd.		21,369,985		953,687,268
Samsung Engineering Co. Ltd.^(a)		699,610		8,122,273
Samsung Fire & Marine Insurance Co. Ltd.		136,901		22,318,977
Samsung Heavy Industries Co. Ltd.^(a)(b)		1,972,622		9,469,235
Samsung Life Insurance Co. Ltd.		311,419		15,000,421
Samsung SDI Co. Ltd.		245,605		59,657,040
Samsung SDS Co. Ltd.		154,808		21,223,163
Samsung Securities Co. Ltd.		283,366		7,722,861
Shinhan Financial Group Co. Ltd.		2,069,463		55,038,003
Shinsegae Inc.		33,781		6,564,278
SK Holdings Co. Ltd.		155,971		24,657,416
SK Hynix Inc.		2,425,245		175,528,230
SK Innovation Co. Ltd.		244,905		22,786,550
SK Telecom Co. Ltd.		87,637		15,333,769
S-Oil Corp.		202,337		11,095,631
Woori Financial Group Inc.		2,345,486		18,559,177
Yuhan Corp.		42,887		7,556,870
				2,695,178,752

S c h e d u l e o f I n v e s t m e n t s

Consolidated Schedule of Investments (unaudited) (continued)	iShares^® MSCI Emerging Markets ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Spain — 0.0%
AmRest Holdings SE^(a)		223,159	$	2,266,852

Taiwan — 12.0%
Accton Technology Corp.		2,280,000		12,311,300
Acer Inc.^(b)		13,187,121		7,120,640
Advantech Co. Ltd.		1,549,126		15,066,880
Airtac International Group		567,000		9,016,348
ASE Technology Holding Co. Ltd.		15,390,110		36,239,530
Asia Cement Corp.		9,676,077		14,172,427
Asustek Computer Inc.		3,113,968		21,185,205
AU Optronics Corp.^(b)		38,724,000		12,149,408
Catcher Technology Co. Ltd.^(b)		2,934,210		22,966,290
Cathay Financial Holding Co. Ltd.		34,539,710		45,684,882
Chailease Holding Co. Ltd.		5,324,991		20,224,045
Chang Hwa Commercial Bank Ltd.		25,129,244		19,253,900
Cheng Shin Rubber Industry Co. Ltd.		8,735,128		11,409,512
Chicony Electronics Co. Ltd.		2,667,998		7,357,382
China Airlines Ltd.		11,771,347		3,172,252
China Development Financial Holding Corp.		58,115,848		17,580,910
China Life Insurance Co. Ltd.^(a)		12,017,490		9,584,781
China Steel Corp.		53,371,313		40,540,306
Chunghwa Telecom Co. Ltd.		16,816,410		59,980,260
Compal Electronics Inc.		17,151,908		10,451,054
CTBC Financial Holding Co. Ltd.		81,897,772		61,397,296
Delta Electronics Inc.^(b)		8,672,000		40,095,774
E.Sun Financial Holding Co. Ltd.		46,430,170		44,544,872
Eclat Textile Co. Ltd.^(b)		888,427		10,562,715
Eva Airways Corp.		10,167,109		4,046,093
Evergreen Marine Corp. Taiwan Ltd.^(a)		10,840,810		4,135,186
Far Eastern New Century Corp.		14,260,038		13,304,251
Far EasTone Telecommunications Co. Ltd.		7,145,000		15,597,500
Feng TAY Enterprise Co. Ltd.		1,501,281		8,478,312
First Financial Holding Co. Ltd.		43,991,026		34,432,118
Formosa Chemicals & Fibre Corp.		15,768,090		42,805,760
Formosa Petrochemical Corp.^(b)		5,565,000		15,824,122
Formosa Plastics Corp.		20,030,280		60,197,674
Formosa Taffeta Co. Ltd.		4,060,000		4,491,818
Foxconn Technology Co. Ltd.		4,166,637		8,187,549
Fubon Financial Holding Co. Ltd.		29,165,969		42,815,348
Giant Manufacturing Co. Ltd.		1,399,203		7,601,476
Globalwafers Co. Ltd.^(b)		985,000		13,321,141
Highwealth Construction Corp.^(b)		3,908,170		5,788,782
Hiwin Technologies Corp.		1,060,649		10,561,128
Hon Hai Precision Industry Co. Ltd.		55,574,873		147,382,298
Hotai Motor Co. Ltd.		1,386,000		28,700,012
Hua Nan Financial Holdings Co. Ltd.		35,787,615		25,470,140
Innolux Corp.^(b)		37,185,002		9,701,663
Inventec Corp.		10,910,281		8,269,322
Largan Precision Co. Ltd.		457,000		66,860,747
Lite-On Technology Corp.		9,390,246		13,598,715
MediaTek Inc.		6,713,338		79,816,433
Mega Financial Holding Co. Ltd.		48,153,162		51,445,856
Micro-Star International Co. Ltd.		3,016,000		9,044,165
Nan Ya Plastics Corp.		23,271,160		52,337,918
Nanya Technology Corp.		5,393,000		13,767,694
Nien Made Enterprise Co. Ltd.		748,000		6,027,576
Novatek Microelectronics Corp.		2,546,000		16,438,283
Pegatron Corp.		8,653,414		17,918,693
Phison Electronics Corp.		680,535		7,495,448
Pou Chen Corp.		10,032,220		11,298,030

Security	Shares		Value

Taiwan (continued)
Powertech Technology Inc.		3,204,300	$	10,794,055
President Chain Store Corp.		2,595,000		25,410,509
Quanta Computer Inc.^(b)		11,750,000		24,059,182
Realtek Semiconductor Corp.^(b)		2,141,637		15,914,012
Ruentex Development Co. Ltd.		2,662,458		3,609,502
Ruentex Industries Ltd.^(b)		1,640,958		3,663,494
Shanghai Commercial & Savings Bank Ltd. (The)		14,989,318		24,900,104
Shin Kong Financial Holding Co. Ltd.		48,167,436		14,650,905
SinoPac Financial Holdings Co. Ltd.		48,430,626		20,792,884
Standard Foods Corp.		2,091,615		4,690,324
Synnex Technology International Corp.		5,924,834		7,357,247
Taishin Financial Holding Co. Ltd.		42,090,482		19,738,927
Taiwan Business Bank^(b)		20,632,493		8,176,817
Taiwan Cement Corp.		21,753,898		30,353,942
Taiwan Cooperative Financial Holding Co. Ltd.		40,154,869		27,782,642
Taiwan High Speed Rail Corp.		8,875,000		10,112,040
Taiwan Mobile Co. Ltd.		7,248,600		25,135,917
Taiwan Semiconductor Manufacturing Co. Ltd.		110,179,000		1,149,839,462
Tatung Co. Ltd.^(a)(b)		8,462,000		5,882,696
Uni-President Enterprises Corp.		21,608,839		52,238,875
United Microelectronics Corp.^(b)		48,915,000		24,716,376
Vanguard International Semiconductor Corp.^(b)		3,870,000		9,483,446
Walsin Technology Corp.^(b)		1,416,000		9,960,799
Win Semiconductors Corp.^(b)		1,501,000		13,557,803
Winbond Electronics Corp.		12,959,000		6,847,669
Wistron Corp.		12,450,940		11,122,969
Wiwynn Corp.		357,000		8,536,072
WPG Holdings Ltd.		7,158,449		9,172,801
Yageo Corp.^(b)		1,169,861		15,840,519
Yuanta Financial Holding Co. Ltd.		44,128,635		27,981,631
Zhen Ding Technology Holding Ltd.		2,397,075		9,143,551
				3,040,696,392
Thailand — 2.2%
Advanced Info Service PCL, NVDR^(b)		5,286,000		33,503,407
Airports of Thailand PCL, NVDR		18,846,400		35,686,021
B Grimm Power PCL, NVDR		3,238,100		4,643,449
Bangkok Bank PCL, Foreign		2,109,900		8,792,643
Bangkok Dusit Medical Services PCL, NVDR		42,138,300		29,645,706
Bangkok Expressway & Metro PCL, NVDR^(b)		34,630,300		10,151,490
Banpu PCL, NVDR		20,253,700		4,557,163
Berli Jucker PCL, NVDR^(b)		5,505,800		6,368,617
BTS Group Holdings PCL, NVDR		30,519,700		10,542,378
Bumrungrad Hospital PCL, NVDR		1,993,100		8,116,411
Central Pattana PCL, NVDR		10,332,500		17,354,540
Central Retail Corp. PCL, NVDR^(a)		5,771,634		5,761,574
Charoen Pokphand Foods PCL, NVDR		17,541,200		14,870,135
CP ALL PCL, NVDR		25,938,500		54,047,104
Electricity Generating PCL, NVDR		1,293,200		11,188,198
Energy Absolute PCL, NVDR		7,608,500		9,403,628
Global Power Synergy PCL, NVDR		3,041,100		6,071,599
Gulf Energy Development PCL, NVDR		2,365,300		12,405,551
Home Product Center PCL, NVDR		26,708,914		10,834,229
Indorama Ventures PCL, NVDR^(b)		7,689,980		6,336,222
Intouch Holdings PCL, NVDR		10,227,800		17,502,811
IRPC PCL, NVDR^(b)		52,198,500		3,639,255
Kasikornbank PCL		5,287,900		20,025,481
Kasikornbank PCL, NVDR		2,611,100		9,846,962
Krung Thai Bank PCL, NVDR		15,844,300		7,029,637
Land & Houses PCL, NVDR		37,324,500		9,935,852
Minor International PCL, NVDR		12,539,320		10,927,945

20	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued)	iShares^® MSCI Emerging Markets ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Thailand (continued)
Muangthai Capital PCL, NVDR		2,837,800	$	5,171,082
Osotspa PCL, NVDR		2,901,800		3,839,333
PTT Exploration & Production PCL, NVDR		6,183,939		20,773,175
PTT Global Chemical PCL, NVDR		10,186,730		13,316,514
PTT PCL, NVDR		50,865,400		62,866,443
Ratch Group PCL, NVDR		3,313,700		6,195,795
Siam Cement PCL (The), NVDR		3,436,900		33,764,506
Siam Commercial Bank PCL(The), NVDR		3,739,500		10,339,768
Srisawad Corp PCL, NVDR		2,931,400		6,247,398
Thai Oil PCL, NVDR		5,167,000		7,082,008
Thai Union Group PCL, NVDR		15,302,800		7,419,833
TMB Bank PCL, NVDR^(b)		93,738,863		3,238,008
Total Access Communication PCL, NVDR^(b)		3,172,300		3,669,433
True Corp. PCL, NVDR^(b)		53,307,801		5,608,680
				568,719,984
Turkey — 0.5%
Akbank T.A.S.^(a)		12,571,098		13,598,532
Anadolu Efes Biracilik Ve Malt Sanayii AS		956,937		3,359,635
Arcelik AS^(a)		877,051		2,607,610
Aselsan Elektronik Sanayi Ve Ticaret AS		1,504,741		6,621,655
BIM Birlesik Magazalar AS		1,918,359		14,747,044
Enka Insaat ve Sanayi AS		2		2
Eregli Demir ve Celik Fabrikalari TAS		6,339,400		8,369,012
Ford Otomotiv Sanayi AS		307,862		3,842,579
Haci Omer Sabanci Holding AS		4,066,083		5,537,043
KOC Holding AS		3,328,909		9,162,257
TAV Havalimanlari Holding AS		811,949		2,645,323
Tupras Turkiye Petrol Rafinerileri AS		555,975		9,012,324
Turk Hava Yollari AO^(a)(b)		2,363,617		4,444,133
Turkcell Iletisim Hizmetleri AS		4,926,372		10,910,267
Turkiye Garanti Bankasi AS^(a)		10,175,721		15,468,952
Turkiye Is Bankasi AS, Class C^(a)		6,916,809		6,319,955
				116,646,323
United Arab Emirates — 0.6%
Abu Dhabi Commercial Bank PJSC		12,524,837		24,313,781
Aldar Properties PJSC		17,055,190		9,844,266
DP World PLC		749,508		12,179,505
Dubai Islamic Bank PJSC		7,926,848		11,654,273
Emaar Malls PJSC		10,928,438		4,790,434
Emaar Properties PJSC		15,909,786		15,160,841
Emirates Telecommunications Group Co. PJSC		7,868,520		33,848,625
First Abu Dhabi Bank PJSC		12,195,078		47,546,494
				159,338,219
Total Common Stocks — 96.8%
(Cost: $22,257,637,287)				24,478,805,075

Preferred Stocks

Brazil — 2.1%
Banco Bradesco SA, Preference Shares, NVS		17,796,915		120,430,400
Braskem SA, Class A, Preference Shares, NVS		853,800		5,088,755
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		1,129,737		8,976,998
Cia. Brasileira de Distribuicao, Preference Shares, NVS		715,086		11,429,267
Cia. Energetica de Minas Gerais, Preference Shares, NVS		4,125,610		12,765,510
Gerdau SA, Preference Shares, NVS		4,850,485		18,201,481

Security	Shares		Value

Brazil (continued)
Itau Unibanco Holding SA, Preference Shares, NVS		21,519,379	$	152,631,549
Itausa-Investimentos Itau SA, Preference Shares, NVS		19,743,992		52,558,453
Lojas Americanas SA, Preference Shares, NVS		3,403,429		20,066,098
Petroleo Brasileiro SA, Preference Shares, NVS		18,752,427		105,324,327
Telefonica Brasil SA, Preference Shares, NVS		1,996,867		23,626,115
				531,098,953
Chile — 0.1%
Embotelladora Andina SA, Class B, Preference Shares		1,447,232		3,484,309
Sociedad Quimica y Minera de Chile SA, Series B, Preference Shares		518,896		13,571,895
				17,056,204
Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		2,027,985		24,058,688
Grupo Aval Acciones y Valores SA, Preference Shares, NVS		16,504,430		6,746,833
				30,805,521
Russia — 0.1%
Surgutneftegas PJSC, Preference Shares, NVS		31,219,300		15,224,055
Transneft PJSC, Preference Shares, NVS		2,232		5,043,589
				20,267,644
South Korea — 0.6%
Amorepacific Corp., Preference Shares, NVS		44,477		2,688,029
Hyundai Motor Co.
Preference Shares, NVS		110,331		6,023,010
Series 2, Preference Shares, NVS		174,085		10,736,078
LG Chem Ltd., Preference Shares, NVS		36,707		5,651,880
LG Household & Health Care Ltd., Preference Shares, NVS		9,994		6,031,784
Samsung Electronics Co. Ltd., Preference Shares, NVS		3,580,662		134,293,252
				165,424,033
Total Preferred Stocks — 3.0%
(Cost: $515,682,179)				764,652,355

Rights

China — 0.0%

Legend Holdings Corp. Class H, (Expires 04/16/20)^(a)		188,246		0	^(f)
South Korea — 0.0%
HDC Hyundai Development Co., (Expires 06/03/20)^(a)		64,888		0	^(f)
Total Rights — 0.0%
(Cost: $0)				0	^(f)

Warrants

Thailand — 0.0%
BTS Group Holdings PCL (Expires 02/16/21)^(a)		3,207,030		87,405
Total Warrants — 0.0%
(Cost: $0)				87,405

S c h e d u l e o f I n v e s t m e n t s

Consolidated Schedule of Investments (unaudited) (continued)	iShares^® MSCI Emerging Markets ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Short-Term Investments
Money Market Funds — 2.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(g)(h)(i)		629,117,607	$	629,557,990
Total Short-Term Investments — 2.5%
(Cost: $629,228,157)				629,557,990
Total Investments in Securities — 102.3%
(Cost: $23,402,547,623)				25,873,102,825
Other Assets, Less Liabilities — (2.3)%				(581,279,695	)
Net Assets — 100.0%			$	25,291,823,130

^(a)

Non-income producing security.

^(b)

All or a portion of this security is on loan.

^(c)

^(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)

Rounds to less than $1.

^(g)

Affiliate of the Fund.

^(h)

Annualized 7-day yield as of period-end.

(i)

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:


Affiliated Issuer	Shares Held at 08/31/19		Net Activity			Shares Held at 02/29/20		Value at 02/29/20		Income			Net Realized Gain (Loss)		^(a)	Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		639,656,107		(10,538,500	)		629,117,607	$	629,557,990	$	7,078,272	^(b)	$	86,235		$	36,232
BlackRock Cash Funds: Treasury, SL Agency Shares		50,332,000		(50,332,000	)		—		—		375,543			—			—
								$	629,557,990	$	7,453,815		$	86,235		$	36,232

^(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

MSCI Emerging Markets E-Mini

1,133

03/20/20

57,149

(4,325,050

)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

	Equity
	Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	4,325,050

^(a)

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

22	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued)	iShares^® MSCI Emerging Markets ETF
February 29, 2020

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Equity
	Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	561,248
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(2,176,681	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	48,259,507

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	$	24,478,771,623		$	19,947		$	13,505	$	24,478,805,075
Preferred Stocks		764,652,355			—			—		764,652,355
Rights		—			0	^(a)		—		0	^(a)
Warrants		87,405			—			—		87,405
Money Market Funds		629,557,990			—			—		629,557,990
	$	25,873,069,373		$	19,947		$	13,505	$	25,873,102,825
Derivative financial instruments^(b)
Liabilities
Futures Contracts	$	(4,325,050	)	$	—		$	—	$	(4,325,050	)

^(a)

Rounds to less than $1.

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

See notes to financial statements.

S c h e d u l e o f I n v e s t m e n t s

Statements of Assets and Liabilities (unaudited)

February 29, 2020

		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)	$	—		$	25,243,544,835
Affiliated^(c)		236,957,594			629,557,990
Cash		345			42,267,038
Foreign currency, at value^(d)		97			35,815,638
Cash pledged:
Futures contracts		—			2,976,000
Receivables:
Investments sold		—			422,291,552
Securities lending income — Affiliated		1,359			917,182
Capital shares sold		47,612			—
Dividends		826			61,014,863
Tax reclaims		—			373,468
Unrealized appreciation on:
Forward foreign currency exchange contracts		3,078,768			—
Other assets		—			1,929,971
Total assets		240,086,601			26,440,688,537

LIABILITIES
Cash received:
Collateral — forward foreign currency exchange contracts		1,900,000			—
Collateral on securities loaned, at value		62,250,000			628,506,851
Deferred foreign capital gain tax		—			15,436,071
Payables:
Investments purchased		1,750,118			139,045,583
Variation margin on futures contracts		—			203,975
Bank borrowings		—			3,424,469
Capital shares redeemed		—			346,496,332
Investment advisory fees		—			15,619,041
Foreign taxes		—			133,085
Unrealized depreciation on:
Forward foreign currency exchange contracts		1,102,292			—
Total liabilities		67,002,410			1,148,865,407

NET ASSETS	$	173,084,191		$	25,291,823,130

NET ASSETS CONSIST OF:
Paid-in capital	$	187,113,027		$	34,464,490,962
Accumulated loss		(14,028,836	)		(9,172,667,832	)
NET ASSETS	$	173,084,191		$	25,291,823,130

Shares outstanding		7,050,000			625,950,000
Net asset value	$	24.55		$	40.41
Shares authorized		250 million			2 billion
Par value	$	0.001		$	0.001

^(a) Securities loaned, at value	$	60,780,000		$	592,397,160
^(b) Investments, at cost — Unaffiliated	$	—		$	22,773,319,466
^(c) Investments, at cost — Affiliated	$	247,928,763		$	629,228,157
^(d) Foreign currency, at cost	$	97		$	35,911,831

See notes to financial statements.

24	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statements of Operations (unaudited)

Six Months Ended February 29, 2020

		iShares Currency Hedged MSCI Emerging Markets ETF			iShares MSCI Emerging Markets ETF (Consolidated)

INVESTMENT INCOME
Dividends — Unaffiliated	$	—		$	245,506,455
Dividends — Affiliated		3,924,624			375,543
Non-cash dividends — Unaffiliated		—			173,588,583
Interest — Unaffiliated		—			24,569
Securities lending income — Affiliated — net^(a)		30,326			7,078,272
Other income — Unaffiliated		—			1,966,406
Foreign taxes withheld		—			(27,578,929	)
Other foreign taxes		—			(24,392	)
Total investment income		3,954,950			400,936,507

EXPENSES
Investment advisory fees		715,177			94,637,297
Commitment fees		—			75,467
Mauritius income taxes		—			776,700
Interest expense		—			48,670
Total expenses		715,177			95,538,134

Less:
Investment advisory fees waived		(715,177	)		—
Total expenses after fees waived		—			95,538,134
Net investment income		3,954,950			305,398,373

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(b)		—			(393,591,673	)
Investments — Affiliated		(480,152	)		86,235
In-kind redemptions — Unaffiliated		—			340,558,899
In-kind redemptions — Affiliated		2,521,458			—
Futures contracts		—			561,248
Forward foreign currency exchange contracts		1,364,654			—
Foreign currency transactions		(55,213	)		(3,141,019	)
Net realized gain (loss)		3,350,747			(55,526,310	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(c)		—			296,654,438
Investments — Affiliated		489,620			36,232
Futures contracts		—			(2,176,681	)
Forward foreign currency exchange contracts		(1,902,607	)		—
Foreign currency translations		—			(2,606,156	)
Net change in unrealized appreciation (depreciation)		(1,412,987	)		291,907,833
Net realized and unrealized gain		1,937,760			236,381,523
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,892,710		$	541,779,896

^(a) Net of securities lending income tax paid of	$	—		$	257,127
^(b) Net of foreign capital gain tax of	$	—		$	5,325
^(c) Net of deferred foreign capital gain tax of	$	—		$	(6,808,184	)

See notes to financial statements.

F i n a n c i a l S t a t e m e n t s

Statements of Changes in Net Assets

	iShares Currency Hedged MSCI Emerging Markets ETF						iShares MSCI Emerging Markets ETF (Consolidated)
	Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19			Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	3,954,950		$	5,827,092		$	305,398,373		$	676,194,320
Net realized gain (loss)		3,350,747			9,528,491			(55,526,310	)		230,083,592
Net change in unrealized appreciation (depreciation)		(1,412,987	)		(26,344,690	)		291,907,833			(2,464,390,731	)
Net increase (decrease) in net assets resulting from operations		5,892,710			(10,989,107	)		541,779,896			(1,558,112,819	)

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(3,986,571	)		(5,899,803	)		(598,661,777	)		(665,424,186	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(9,197,491	)		(147,063,312	)		717,130,420			(4,293,900,423	)

NET ASSETS
Total increase (decrease) in net assets		(7,291,352	)		(163,952,222	)		660,248,539			(6,517,437,428	)
Beginning of period		180,375,543			344,327,765			24,631,574,591			31,149,012,019
End of period	$	173,084,191		$	180,375,543		$	25,291,823,130		$	24,631,574,591

^(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

26	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Financial Highlights

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Emerging Markets ETF
	Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19			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	$	24.38		$	25.70		$	25.57		$	21.72		$	21.40		$	24.44
Net investment income^(b)		0.55			0.55			0.60			0.36			0.50			0.41
Net realized and unrealized gain (loss)^(c)		0.19			(1.27	)		0.12			3.83			1.08			(2.80	)
Net increase (decrease) from investment operations		0.74			(0.72	)		0.72			4.19			1.58			(2.39	)
Distributions^(d)
From net investment income		(0.57	)		(0.60	)		(0.59	)		(0.34	)		(0.48	)		(0.65	)
From net realized gain		—			—			—			—			(0.78	)		—
Total distributions		(0.57	)		(0.60	)		(0.59	)		(0.34	)		(1.26	)		(0.65	)
Net asset value, end of period	$	24.55		$	24.38		$	25.70		$	25.57		$	21.72		$	21.40

Total Return
Based on net asset value		2.85	%^(e)		(2.72	)%		2.77	%		19.55	%		7.84	%		(10.01	)%^(e)

Ratios to Average Net Assets
Total expenses^(f)		0.78	%^(g)		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%^(g)
Total expenses after fees waived^(f)		0.00	%^(g)		0.00	%		0.00	%		0.00	%		0.00	%		0.02	%^(g)
Net investment income		4.31	%^(g)		2.22	%		2.25	%		1.56	%		2.42	%		1.82	%^(g)

Supplemental Data
Net assets, end of period (000)	$	173,084		$	180,376		$	344,328		$	393,757		$	180,254		$	211,865
Portfolio turnover rate^(h)(i)		5	%^(e)		7	%		7	%		4	%		11	%		7	%^(e)

^(a)

Commencement of operations.

^(b)

Based on average shares outstanding.

^(c)

^(d)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)

Not 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)

Annualized.

^(h)

Portfolio turnover rate excludes in-kind transactions.

⁽ⁱ⁾

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

See notes to financial statements.

F i n a n c i a l H i g h l i g h t s

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Emerging Markets ETF (Consolidated)
	Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15

Net asset value, beginning of period	$	40.22		$	43.24		$	44.76		$	36.74		$	33.79		$	45.11
Net investment income^(a)		0.48			0.90			0.83	^(b)		0.75			0.72			0.73
Net realized and unrealized gain (loss)^(c)		0.64			(3.02	)		(1.36	)		7.86			3.00			(11.21	)
Net increase (decrease) from investment operations		1.12			(2.12	)		(0.53	)		8.61			3.72			(10.48	)
Distributions^(d)
From net investment income		(0.93	)		(0.90	)		(0.99	)		(0.59	)		(0.77	)		(0.84	)
Total distributions		(0.93	)		(0.90	)		(0.99	)		(0.59	)		(0.77	)		(0.84	)
Net asset value, end of period	$	40.41		$	40.22		$	43.24		$	44.76		$	36.74		$	33.79

Total Return
Based on net asset value		2.61	%^(e)		(4.87	)%		(1.28	)%^(b)		23.80	%		11.28	%		(23.46	)%

Ratios to Average Net Assets
Total expenses		0.70	%^(f)		0.68	%		0.67	%		0.69	%		0.72	%		0.69	%
Total expenses after fees waived		0.70	%^(f)		0.68	%		0.67	%		0.69	%		0.72	%		0.69	%
Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.68	%		0.67	%		0.69	%		N/A			N/A
Net investment income		2.22	%^(f)		2.16	%		1.78	%(b)		1.92	%		2.15	%		1.79	%

Supplemental Data
Net assets, end of period (000)	$	25,291,823		$	24,631,575		$	31,149,012		$	35,891,890		$	30,866,469		$	21,000,865
Portfolio turnover rate^(g)		9	%^(e)		15	%		16	%		9	%		23	%		10	%

^(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)

^(d)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)

Not annualized.

^(f)

Annualized.

^(g)

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

28	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

			Diversification
iShares ETF			Classification
Currency Hedged MSCI Emerging Markets			Diversified
MSCI Emerging Markets			Diversified

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 (an “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 (the “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, the Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. Intercompany accounts and transactions, if any, have been eliminated.

2. SIGNIFICANT ACCOUNTING POLICIES

The 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 have commercial substance, on an annual basis, to satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius and related requirements. The Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities and the same covers the period of any exists.

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

Notes to Financial Statements (unaudited) (continued)

is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against the Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. Taxes on income, if any, are paid by the Subsidiary and are disclosed in its consolidated statement of operations. Any dividends paid by the Subsidiary to its Fund are not subject to tax in Mauritius. The Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.

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.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

● Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available.

●

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

30	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

●

4. SECURITIES AND OTHER INVESTMENTS

As of February 29, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock FundAdvisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of February 29, 2020 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

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

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of February 29, 2020:

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
BofA Securities, Inc.	$	60,780,000	$	60,780,000		$	—	$	—

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

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	$	3,689,813	$	3,689,813		$	—	$	—
Barclays Capital Inc.		1,856,570		1,856,570			—		—
BNP Paribas Prime Brokerage International Ltd.		5,739,129		5,739,129			—		—
BNP Paribas Securities Corp.		1,732,375		1,732,375			—		—
BofA Securities, Inc.		10,851,662		10,851,662			—		—
Citigroup Global Markets Inc.		107,403,892		107,403,892			—		—
Citigroup Global Markets Ltd.		17,032,227		17,032,227			—		—
Credit Suisse Securities (Europe) Ltd.		17,110,735		17,110,735			—		—
Credit Suisse Securities (USA) LLC		48,634,596		48,634,596			—		—
Deutsche Bank Securities Inc.		277,596		277,596			—		—
Goldman Sachs & Co.		92,777,480		92,777,480			—		—
Goldman Sachs International		7,408,811		7,408,811			—		—
HSBC Bank PLC		514,956		514,956			—		—
Jefferies LLC		260,879		260,879			—		—
JPMorgan Securities LLC		52,908,178		52,908,178			—		—
JPMorgan Securities PLC		39,408,030		39,408,030			—		—
Macquarie Bank Limited		23,844,268		23,844,268			—		—
Morgan Stanley & Co. International PLC		17,633,250		17,633,250			—		—
Morgan Stanley & Co. LLC		109,912,317		109,912,317			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		17,735,579		17,735,579			—		—
Scotia Capital (USA) Inc.		57,684		57,684			—		—
SG Americas Securities LLC		1,373,368		1,373,368			—		—
State Street Bank & Trust Company		1,992,805		1,992,805			—		—
TD Prime Services LLC		8,942,567		8,942,567			—		—
UBS AG		101,599		101,599			—		—
UBS Securities LLC		290,904		290,904			—		—
Wells Fargo Securities LLC		2,905,890		2,898,540			—		(7,350	)^(b)
	$	592,397,160	$	592,389,810		$	—	$	(7,350	)

^(a)

^(b)

5. DERIVATIVE FINANCIAL INSTRUMENTS

32	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

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.

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.

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.

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

Notes to Financial Statements (unaudited) (continued)

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.

	Fees Paid
iShares ETF	to BTC
Currency Hedged MSCI Emerging Markets	$	10,205
MSCI Emerging Markets		1,724,122

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 29, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

					Net Realized
iShares ETF	Purchases		Sales		Gain (Loss)
MSCI Emerging Markets	$	21,439,972	$	168,292,172	$(24,414,823	)

7. PURCHASES AND SALES

For the six months ended February 29, 2020, 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	$	9,355,240	$	10,494,647
MSCI Emerging Markets		3,119,740,479		2,521,536,029

34	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

For the six months ended February 29, 2020, in-kind transactions were as follows:

	In-kind		In-kind
iShares ETF	Purchases		Sales
Currency Hedged MSCI Emerging Markets	$	23,052,598	$	32,268,172
MSCI Emerging Markets		1,056,794,204		1,292,731,921

8. INCOME TAX INFORMATION

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

iShares ETF	Non-Expiring
Currency Hedged MSCI Emerging Markets	$	3,415,800
MSCI Emerging Markets		10,625,028,180

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Currency Hedged MSCI Emerging Markets	$	249,337,500	$	3,084,990	$	(13,488,420	)	$	(10,403,430	)
MSCI Emerging Markets		24,439,085,393		6,703,792,448		(5,274,100,066	)		1,429,692,382

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 21, 2020. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

For the six months ended February 29, 2020, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the credit agreement were as follows:

Maximum

Weighted

Amount

Average

iShares ETF

Borrowed

Borrowing

Interest Rates

MSCI Emerging Markets

87,556,215

3,602,975

2.67

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

Notes to Financial Statements (unaudited) (continued)

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

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.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The impact of the pandemic may be short term or may last for an extended period of time.

11. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:

	Six Months Ended 02/29/20						Year Ended 08/31/19
iShares ETF		Shares			Amount			Shares			Amount
Currency Hedged MSCI Emerging Markets
Shares sold		900,000		$	23,090,990			3,450,000		$	84,956,699
Shares redeemed		(1,250,000	)		(32,288,481	)		(9,450,000	)		(232,020,011	)
Net decrease		(350,000	)	$	(9,197,491	)		(6,000,000	)	$	(147,063,312	)

36	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 02/29/20						Year Ended 08/31/19
iShares ETF		Shares			Amount			Shares			Amount
MSCI Emerging Markets
Shares sold		78,300,000		$	3,486,925,611			90,000,000		$	3,758,906,782
Shares redeemed		(64,800,000	)		(2,769,795,191	)		(198,000,000	)		(8,052,807,205	)
Net increase(decrease)		13,500,000		$	717,130,420			(108,000,000	)	$	(4,293,900,423	)

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.

12. LEGAL PROCEEDINGS

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

Statement Regarding Liquidity Risk Management Program

The Board of Directors (the “Board”) of iShares Currency Hedged MSCI Emerging Markets ETF and iShares MSCI Emerging Markets ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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

38	2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

General Information

Electronic Delivery

To enroll in electronic delivery:

●

Go to icsdelivery.com.

●

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

Householding

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

G e n e r a l I n f o r m a t i o n

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
MYR	Malaysian Ringgit
RUB	New Russian Ruble
THB	Thai Baht
TRY	Turkish Lira
TWD	New Taiwan Dollar
USD	United States Dollar
ZAR	South African Rand

40 2 0 2 0 I S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

iS-SAR-805-0220

(GRAPHIC) FEBRUARY 29, 2020

2020 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	3
About Fund Performance	8
Shareholder Expenses	8
Schedules of Investments	9
Financial Statements
Statements of Assets and Liabilities	38
Statements of Operations	40
Statements of Changes in Net Assets	42
Financial Highlights	45
Notes to Financial Statements	50
Statement Regarding Liquidity Risk Management Program	59
Supplemental Information	60
General Information	61
Glossary of Terms Used in this Report	62

Fund Summary as of February 29, 2020

iShares^®Edge MSCI Min Vol Emerging Markets ETF

Investment Objective

The iShares Edge MSCI MinVol 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
								Since						Since
	6 Months			1 Year		5 Years		Inception		1 Year		5 Years		Inception
Fund NAV	(4.88	)%		(7.45	)%	0.63	%	3.49	%	(7.45	)%	3.21	%	33.29	%
Fund Market	(4.58	)		(6.71	)	0.60		3.52		(6.71	)	3.04		33.54
Index	(4.78	)		(7.28	)	0.86		3.72		(7.28	)	4.35		35.78

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 (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Annualized Expense Ratio
$	1,000.00	$	951.20	$	1.21		$	1,000.00	$	1,023.60	$	1.26			0.25	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Financials		29.5	%
Communication Services		12.8
Information Technology		11.2
Consumer Staples		11.1
Consumer Discretionary		8.6
Utilities.		7.4
Industrials		6.9
Materials		4.5
Health Care		4.1
Energy		3.1
Real Estate		0.8

TEN LARGEST GEOGRAPHIC ALLOCATION
	Percent of
Country/Geographic Region		Total Investments	^(a)
China		29.4	%
Taiwan		17.7
India		8.9
Thailand		6.5
South Korea		6.4
Malaysia		5.6
Saudi Arabia		5.3
Qatar		3.0
Philippines		2.6
Indonesia		2.6

^(a)

Excludes money market funds.

F u n d S u m m a r y

Fund Summary as of February 29, 2020

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
							Since						Since
	6 Months		1 Year		5 Years		Inception		1 Year		5 Years		Inception
Fund NAV	(2.46	)%	5.37	%	7.12	%	9.73	%	5.37	%	41.05	%	117.45	%
Fund Market	(2.27	)	5.58		7.14		9.76		5.58		41.17		117.93
Index	(2.54	)	5.13		6.87		9.46		5.13		39.38		113.08

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 (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period ^(a)		Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period ^(a)		Annualized Expense Ratio
$	1,000.00	$	975.40	$	0.98	$	1,000.00	$	1,023.90	$	1.01		0.20	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Financials		19.7	%
Consumer Staples		13.1
Information Technology		11.9
Communication Services		11.2
Utilities		8.7
Real Estate		8.2
Industrials		7.5
Health Care		7.3
Consumer Discretionary		7.1
Materials		4.7
Energy		0.6

TEN LARGEST GEOGRAPHIC ALLOCATION
	Percent of
Country/Geographic Region		Total Investments	^(a)
United States		51.2	%
Japan		11.6
Switzerland		5.9
Canada		5.0
Taiwan		4.4
India		3.1
Hong Kong		2.7
China		1.7
Germany		1.2
United Kingdom		1.1

^(a)

Excludes money market funds.

4	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Fund Summary as of February 29, 2020

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
					Since				Since
	6 Months		1 Year		Inception		1 Year		Inception
Fund NAV	2.13	%	(2.27	)%	6.74	%	(2.27	)%	31.73	%
Fund Market	3.36		(1.20	)	6.97		(1.20	)	32.95
Index	2.46		(1.66	)	6.98		(1.66	)	32.99

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 (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period ^(a)		Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period ^(a)		Annualized Expense Ratio
$	1,000.00	$	1,021.30	$	2.26	$	1,000.00	$	1,022.60	$	2.26		0.45	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Information Technology		22.0	%
Financials		17.9
Consumer Discretionary		14.7
Communication Services		9.5
Health Care		8.0
Materials		7.6
Industrials		7.1
Real Estate		4.4
Consumer Staples		3.7
Utilities		2.9
Energy		2.2

TEN LARGEST GEOGRAPHIC ALLOCATION
	Percent of
Country/Geographic Region		Total Investments	^(a)
China		40.7	%
Taiwan		14.6
Brazil		11.5
South Korea		9.5
South Africa		6.1
India		6.1
Saudi Arabia		2.6
Qatar		1.8
United Arab Emirates		1.4
Russia		1.4

^(a)

Excludes money market funds.

F u n d S u m m a r y

Fund Summary as of February 29, 2020

iShares^®ESG MSCI EM ETF

Investment Objective

The iShares ESG MSCI EM ETF (the “Fund”) 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
				Since				Since
	6 Months	1 Year		Inception		1 Year		Inception
Fund NAV	3.32%	(1.07	)%	9.24	%	(1.07	)%	38.36	%
Fund Market	4.05	(0.66	)	9.37		(0.66	)	38.96
Index	3.48	(0.80	)	9.78		(0.80	)	40.89

The inception date of the Fund was 6/28/16. The first day of secondary market trading was 6/30/16.

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.

Expense Example

Actual							Hypothetical 5% Return
Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Annualized Expense Ratio
$	1,000.00	$	1,033.20	$	1.26		$	1,000.00	$	1,023.60	$	1.26			0.25	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Financials		27.5	%
Information Technology		17.7
Consumer Discretionary		15.4
Communication Services		10.6
Energy		6.6
Consumer Staples		5.9
Materials		5.3
Industrials		4.4
Health Care		2.7
Utilities		2.0
Real Estate		1.9

^(a)

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION
	Percent of
Country/Geographic Region		Total Investments	^(a)
China		33.2	%
Taiwan		13.5
South Korea		11.4
India		9.1
Brazil		6.4
South Africa		5.2
Russia		3.7
Malaysia		3.2
Thailand		3.2
Mexico		2.2

6	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Fund Summary as of February 29, 2020

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
					Since				Since
	6 Months		1 Year		Inception		1 Year		Inception
Fund NAV	(0.59	)%	(4.82	)%	(1.78	)%	(4.82	)%	(4.60	)%
Fund Market	1.71		(2.67	)	(0.94	)	(2.67	)	(2.43	)
Index	(0.83	)	(4.69	)	(1.45	)	(4.69	)	(3.74	)

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 (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Annualized Expense Ratio
$	1,000.00	$	994.10	$	0.79		$	1,000.00	$	1,024.10	$	0.81			0.16	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Financials		21.7	%
Information Technology		21.1
Exchanged-Traded Funds		13.9
Materials		8.7
Energy		6.7
Consumer Staples		6.3
Consumer Discretionary		6.1
Communication Services		5.6
Industrials		4.3
Utilities		2.2
Health Care		1.9
Real Estate		1.5

^(a)

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION
	Percent of
Country/Geographic Region		Total Investments	^(a)
Taiwan		19.0	%
South Korea		17.9
India		14.0
Brazil		10.6
South Africa		6.6
Russia		5.7
Saudi Arabia		4.0
Mexico		3.6
Thailand		3.6
Indonesia		2.8

F u n d S u m m a r y

About Fund Performance

Shareholder Expenses

8	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited)	iShares^®Edge MSCI Min Vol Emerging Markets ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Brazil — 2.0%
Ambev SA		607,800	$	1,958,798
BB Seguridade Participacoes SA		2,347,600		16,572,886
Equatorial Energia SA		3,369,900		18,419,366
Hapvida Participacoes e Investimentos SA^(a)		472,500		5,781,034
Hypera SA		2,028,200		15,419,472
IRB Brasil Resseguros S/A		393,990		2,903,631
Magazine Luiza SA		1,158,500		12,972,509
Petrobras Distribuidora SA		1,222,200		7,070,455
Raia Drogasil SA		163,200		4,337,145
Rumo SA^(b)		1,456,500		6,818,188
Sul America SA		517,600		6,202,045
				98,455,529
Chile — 1.7%
Aguas Andinas SA, Class A		27,230,511		9,294,815
Banco de Chile		500,803,614		43,985,835
Banco de Credito e Inversiones SA		94,636		3,518,582
Cia. Cervecerias Unidas SA		295,680		2,214,545
Enel Americas SA		24,476,472		4,087,717
SACI Falabella		5,575,932		18,488,334
				81,589,828
China — 29.4%
Agricultural Bank of China Ltd., Class A		29,009,298		14,151,484
Agricultural Bank of China Ltd., Class H		84,739,000		33,925,829
Alibaba Group Holding Ltd., ADR^(b)		117,285		24,395,280
ANTA Sports Products Ltd.		2,614,000		21,014,506
AVIC Jonhon Optronic Technology Co. Ltd., Class A		1,132,486		6,365,394
Bank of Beijing Co. Ltd., Class A		10,539,624		7,704,712
Bank of China Ltd., Class A		35,499,400		18,028,507
Bank of China Ltd., Class H		112,412,000		44,427,915
Bank of Communications Co. Ltd., Class A		20,092,274		14,946,614
Bank of Communications Co. Ltd., Class H		11,998,000		7,697,885
Bank of Hangzhou Co. Ltd., Class A		5,520,393		6,783,808
Bank of Jiangsu Co. Ltd., Class A		12,322,514		11,246,837
Bank of Nanjing Co. Ltd., Class A		2,422,021		2,688,748
Bank of Ningbo Co. Ltd., Class A		1,594,696		5,739,829
Bank of Shanghai Co. Ltd., Class A		13,177,208		16,230,689
Beijing Capital International Airport Co. Ltd., Class H		8,360,000		6,522,324
Beijing Sinnet Technology Co. Ltd., Class A		1,601,873		5,751,912
Beijing Tiantan Biological Products Corp. Ltd., Class A		1,130,296		5,599,575
BOC Aviation Ltd.^(a)		673,500		5,846,527
BOE Technology Group Co. Ltd., Class A		6,243,100		4,376,297
CGN Power Co. Ltd., Class H^(a)		67,230,000		16,391,143
China CITIC Bank Corp. Ltd., Class H		21,085,000		10,957,744
China Construction Bank Corp., Class A		3,317,984		3,085,305
China Construction Bank Corp., Class H		5,188,000		4,194,045
China Everbright Bank Co. Ltd., Class H		18,321,000		7,334,936
China First Capital Group Ltd.^(b)		9,978,000		275,280
China Gas Holdings Ltd.		2,303,000		8,422,312
China Huishan Dairy Holdings Co. Ltd.^(b)(c)		22,241,266		42,810
China International Travel Service Corp. Ltd., Class A		973,181		10,928,830
China Life Insurance Co. Ltd., Class H		1,819,000		4,262,123
China Mengniu Dairy Co. Ltd.		3,126,000		11,211,490
China Merchants Port Holdings Co. Ltd.		1,702,000		2,502,861
China Minsheng Banking Corp. Ltd., Class A		18,849,376		15,424,227
China Mobile Ltd.		8,528,500		67,085,037
China National Medicines Corp. Ltd., Class A		809,900		3,047,176
China Pacific Insurance Group Co. Ltd., Class A		753,460		3,437,361
China Petroleum & Chemical Corp., Class H		52,184,000		26,918,816

Security	Shares		Value

China (continued)
China Railway Signal & Communication Corp. Ltd., Class H^(a)		26,533,000	$	13,618,801
China Reinsurance Group Corp., Class H		103,111,000		14,025,017
China Resources Beer Holdings Co. Ltd.		4,788,000		22,179,609
China Resources Gas Group Ltd.		2,592,000		12,938,298
China Resources Power Holdings Co. Ltd		3,756,000		4,467,842
China Shenhua Energy Co. Ltd., Class A		2,634,813		6,030,873
China South Publishing & Media Group Co. Ltd., Class A		1,924,841		3,095,078
China Telecom Corp. Ltd., Class H		104,828,000		39,412,815
China Tower Corp. Ltd., Class H^(a)		33,728,000		8,179,842
China Unicom Hong Kong Ltd		2,956,000		2,332,771
China Yangtze Power Co. Ltd., Class A		19,693,009		47,977,446
CITIC Ltd		15,595,000		17,309,879
CNOOC Ltd.		2,043,000		2,799,833
COSCO SHIPPING Ports Ltd.		13,608,000		9,062,629
CRRC Corp. Ltd., Class H		10,272,000		6,590,488
Dali Foods Group Co. Ltd.^(a)		5,510,500		3,641,588
Daqin Railway Co. Ltd., Class A		15,927,133		16,131,742
Dongfeng Motor Group Co. Ltd., Class H		7,572,000		5,985,271
ENN Energy Holdings Ltd		1,120,600		12,416,680
Fiberhome Telecommunication Technologies Co. Ltd., Class A		1,250,482		5,363,144
Foshan Haitian Flavouring & Food Co. Ltd., Class A		190,395		2,712,302
Fuyao Glass Industry Group Co. Ltd., Class A		1,164,303		3,859,246
GCL System Integration Technology Co. Ltd., Class A^(b)		5,447,900		4,302,081
GD Power Development Co. Ltd., Class A		11,031,800		3,314,180
Giant Network Group Co. Ltd., Class A		1,439,553		3,910,777
Glodon Co. Ltd., Class A		949,988		6,076,216
GOME Retail Holdings Ltd.^(b)(d)		91,248,000		9,367,116
Gree Electric Appliances Inc. of Zhuhai, Class A		354,195		2,999,677
Guangdong Haid Group Co. Ltd., Class A		1,706,288		8,348,123
Guangdong Investment Ltd		35,946,000		67,528,046
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		1,374,183		6,880,548
Henan Shuanghui Investment & Development Co. Ltd., Class A		1,495,794		7,275,471
Hengan International Group Co. Ltd		2,721,500		20,202,459
HLA Corp. Ltd., Class A		3,112,203		3,031,974
Huadian Power International Corp. Ltd., Class H		7,934,000		2,392,504
Hualan Biological Engineering Inc., Class A		494,600		2,936,382
Huaneng Power International Inc., Class H		33,336,000		13,431,845
Huaxia Bank Co. Ltd., Class A		7,764,720		7,720,066
Industrial & Commercial Bank of China Ltd., Class A		3,699,100		2,804,674
Industrial & Commercial Bank of China Ltd., Class H		39,314,000		26,888,525
Industrial Bank Co. Ltd., Class A		6,494,712		16,064,429
Inner Mongolia Yitai Coal Co. Ltd., Class B		12,530,827		8,596,147
Jiangsu Expressway Co. Ltd., Class H		21,974,000		25,405,424
Jiangsu Hengrui Medicine Co. Ltd., Class A		661,143		7,953,351
Jinyu Bio-Technology Co. Ltd., Class A		1,200,804		3,743,172
Jointown Pharmaceutical Group Co. Ltd., Class A		2,001,378		4,641,117
Kunlun Energy Co. Ltd		5,136,000		3,585,225
Kweichow Moutai Co. Ltd., Class A		33,190		5,018,716
Laobaixing Pharmacy Chain JSC, Class A		252,573		2,478,686
Lenovo Group Ltd.^(d)		24,774,000		15,290,925
Meituan Dianping, Class B^(b)		412,500		5,234,953
NetEase Inc., ADR		31,583		10,065,818
New Oriental Education & Technology Group Inc., ADR^(b)		196,062		25,074,369

S c h e d u l e o f I n v e s t m e n t s

Consolidated Schedule of Investments (unaudited) (continued)	iShares^®Edge MSCI Min Vol Emerging Markets ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

China (continued)
PetroChina Co. Ltd., Class A		3,722,800	$	2,700,151
PetroChina Co. Ltd., Class H		49,576,000		19,211,929
Ping An Insurance Group Co. of China Ltd., Class H		990,000		11,007,693
Postal Savings Bank of China Co. Ltd., Class H^(a)		15,576,000		9,833,624
SAIC Motor Corp. Ltd., Class A		1,476,444		4,691,113
Sangfor Technologies Inc., Class A		147,700		4,209,013
SDIC Power Holdings Co. Ltd., Class A		6,272,572		6,783,875
Shandong Gold Mining Co. Ltd., Class A		2,799,463		13,584,416
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		3,888,000		5,009,017
Shanghai Jahwa United Co. Ltd., Class A		722,600		2,660,829
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		19,736,187		15,631,060
Shanghai M&G Stationery Inc., Class A		483,300		3,069,801
Shanghai Pharmaceuticals Holding Co. Ltd., Class H.		3,865,500		7,073,229
Shanghai Pudong Development Bank Co. Ltd., Class A.		9,172,168		14,236,792
Shenzhen Airport Co. Ltd., Class A		2,222,800		2,566,163
Shenzhen Expressway Co. Ltd., Class H		12,716,000		15,387,028
Shenzhen International Holdings Ltd.		2,571,500		4,923,205
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		125,500		4,290,936
Shenzhou International Group Holdings Ltd.		2,628,500		32,295,298
Sichuan Chuantou Energy Co. Ltd., Class A		4,692,157		6,141,918
Sinopec Shanghai Petrochemical Co. Ltd., Class A		4,706,264		2,693,064
Sinopec Shanghai Petrochemical Co. Ltd., Class H		9,938,000		2,537,725
Sinopharm Group Co. Ltd., Class H		2,559,600		7,899,138
Songcheng Performance Development Co. Ltd., Class A		1,288,855		5,085,208
Sun Art Retail Group Ltd.		5,733,500		7,327,768
Suning.com Co. Ltd., Class A		3,233,379		4,292,546
TAL Education Group, ADR^(b)(d)		226,527		12,320,803
Tencent Holdings Ltd.		308,700		15,290,316
Topchoice Medical Corp., Class A^(b)		345,999		5,152,218
TravelSky Technology Ltd., Class H		1,868,000		3,653,040
Uni-President China Holdings Ltd.		2,726,000		2,812,383
Visionox Technology Inc., Class A^(b)		1,149,270		2,186,674
Want Want China Holdings Ltd.^(d)		4,764,000		3,680,110
Wens Foodstuffs Group Co. Ltd., Class A		2,147,191		9,992,292
WuXi AppTec Co. Ltd., Class H^(a)		215,000		3,169,940
Yum China Holdings Inc.		797,224		34,910,439
Yunnan Baiyao Group Co. Ltd., Class A		514,467		5,791,452
Zhaojin Mining Industry Co. Ltd., Class H		18,858,000		22,480,392
Zhejiang Supor Co. Ltd., Class A		234,185		2,460,715
Zhongjin Gold Corp. Ltd., Class A		3,689,668		4,280,737
Zhuzhou CRRC Times Electric Co. Ltd., Class H		693,600		2,425,315
Zijin Mining Group Co. Ltd., Class A		11,746,600		6,990,623
Zoomlion Heavy Industry Science and Technology Co.
Ltd., Class A		4,049,200		3,637,804
ZTE Corp., Class H^(b)		1,816,800		7,518,468
ZTO Express Cayman Inc., ADR		161,151		3,780,602
				1,419,337,220
Czech Republic — 0.4%
CEZ AS		138,208		2,629,787
Komercni Banka AS		295,587		9,008,652
Moneta Money Bank AS^(a)		2,423,403		7,991,755
				19,630,194
Egypt — 0.5%
Commercial International Bank Egypt SAE		4,550,008		24,029,980

Security	Shares		Value

Greece — 0.6%
Hellenic Telecommunications Organization SA		406,172	$	5,719,765
Jumbo SA. .		200,614		3,133,582
Motor Oil Hellas Corinth Refineries SA		388,404		6,314,305
OPAP SA		463,992		4,943,817
Titan Cement International SA^(b)		635,497		8,921,225
				29,032,694
Hungary — 0.9%
MOL Hungarian Oil & Gas PLC		1,563,978		12,028,128
OTP Bank Nyrt . .		206,891		8,945,127
Richter Gedeon Nyrt		1,074,640		21,728,217
				42,701,472
India — 8.9%
Asian Paints Ltd		1,138,621		28,367,113
Bajaj Finance Ltd		277,219		17,154,792
Bajaj Finserv Ltd		130,200		16,328,786
Bharat Petroleum Corp. Ltd.		700,521		4,138,527
Bharti Infratel Ltd.		1,062,169		3,156,298
Britannia Industries Ltd		458,735		18,880,170
Cipla Ltd.		411,998		2,295,554
Coal India Ltd.		949,243		2,215,021
Colgate-Palmolive India Ltd.		177,783		3,166,554
Dabur India Ltd		3,908,311		26,866,846
Dr. Reddy’s Laboratories Ltd.		72,800		2,952,754
Eicher Motors Ltd.		8,660		1,992,259
HCL Technologies Ltd.		4,076,423		30,183,069
Hindustan Petroleum Corp. Ltd.		873,295		2,390,542
Hindustan Unilever Ltd.		1,320,028		39,778,722
Housing Development Finance Corp. Ltd.		414,963		12,510,559
Infosys Ltd..		4,507,386		45,699,994
InterGlobe Aviation Ltd.^(a)		373,707		6,732,086
ITC Ltd.		697,970		1,910,610
Lupin Ltd.		253,474		2,247,873
Marico Ltd		3,826,055		15,838,625
Maruti Suzuki India Ltd.		31,143		2,711,395
Nestle India Ltd.		41,999		9,182,747
Petronet LNG Ltd.		3,333,910		11,345,942
Pidilite Industries Ltd.		208,390		4,369,209
Power Grid Corp. of India Ltd.		2,587,831		6,508,350
Reliance Industries Ltd.		548,524		10,098,679
Sun Pharmaceutical Industries Ltd.		868,140		4,485,806
Tata Consultancy Services Ltd.		1,327,066		36,780,144
Tech Mahindra Ltd.		2,030,647		20,945,905
Titan Co. Ltd.		701,035		12,186,211
Wipro Ltd.		8,174,132		25,082,780
				428,503,922
Indonesia — 2.6%
Bank Central Asia Tbk PT		33,555,800		73,554,968
Indofood CBP Sukses Makmur Tbk PT		13,999,800		10,025,994
Indofood Sukses Makmur Tbk PT		17,469,400		7,914,347
Telekomunikasi Indonesia Persero Tbk PT		70,766,300		17,213,758
Unilever Indonesia Tbk PT		40,121,100		19,085,312
				127,794,379
Malaysia — 5.6%
DiGi.Com Bhd		4,212,000		4,157,039
Fraser & Neave Holdings Bhd		1,485,600		10,827,434
HAP Seng Consolidated Bhd		8,146,300		17,316,927
Hong Leong Bank Bhd		4,874,300		17,693,189
IHH Healthcare Bhd		17,351,500		23,464,662
IOI Corp. Bhd		2,518,200		2,491,315

10	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued)	iShares^® Edge MSCI Min Vol Emerging Markets ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Malaysia (continued)
Kuala Lumpur Kepong Bhd		2,842,700	$	14,729,435
Malayan Banking Bhd		26,970,800		53,877,612
Maxis Bhd^(d)		8,993,900		11,586,448
Nestle Malaysia Bhd		275,700		9,353,523
Petronas Chemicals Group Bhd		5,845,100		7,488,384
Petronas Dagangan Bhd		1,511,900		8,192,597
PPB Group Bhd		3,736,600		16,045,661
Public Bank Bhd		12,667,180		51,389,983
Tenaga Nasional Bhd		6,194,400		17,782,263
Westports Holdings Bhd		4,117,800		3,360,672
				269,757,144
Mexico — 1.4%
Arca Continental SAB de CV		2,652,400		14,468,854
Coca-Cola Femsa SAB de CV		735,500		4,048,938
Gruma SAB de CV, Series B		864,185		8,253,116
Infraestructura Energetica Nova SAB de CV		2,127,400		9,201,020
Wal-Mart de Mexico SAB de CV		10,798,200		30,109,395
				66,081,323
Pakistan — 0.1%
MCB Bank Ltd.		3,541,600		4,489,930

Peru — 1.0%
Cia. de Minas Buenaventura SAA, ADR		465,941		5,195,242
Credicorp Ltd.		230,004		41,692,825
				46,888,067
Philippines — 2.6%
Aboitiz Power Corp.		20,412,300		11,012,031
Bank of the Philippine Islands		15,263,288		22,187,536
BDO Unibank Inc		11,843,053		32,293,955
International Container Terminal Services Inc.		4,881,660		10,151,171
Jollibee Foods Corp.		5,763,140		19,219,888
Manila Electric Co.		1,892,810		10,018,247
Metropolitan Bank & Trust Co.		5,833,583		6,414,366
Security Bank Corp.		1,801,950		5,457,991
SM Investments Corp.		152,185		2,909,353
Universal Robina Corp.		3,052,200		8,460,537
				128,125,075
Poland — 0.1%
Cyfrowy Polsat SA		685,921		4,384,105

Qatar — 3.0%
Barwa Real Estate Co.		20,803,407		17,594,893
Commercial Bank PSQC (The)		3,726,600		4,600,678
Masraf Al Rayan QSC		31,046,143		34,474,068
Qatar Electricity & Water Co. QSC		5,751,778		23,617,237
Qatar Fuel QSC		830,158		4,371,279
Qatar International Islamic Bank QSC		3,444,956		7,989,012
Qatar Islamic Bank SAQ		4,906,146		20,881,204
Qatar National Bank QPSC		5,772,119		29,669,256
				143,197,627
Russia — 0.8%
Polymetal International PLC		538,711		8,217,748
Polyus PJSC		163,858		20,638,305
Rosneft Oil Co. PJSC		1,384,750		8,312,621
Rosneft Oil Co. PJSC, GDR^(e)		146,189		884,444
				38,053,118
Saudi Arabia — 5.3%
Al Rajhi Bank		902,553		14,892,185
Alinma Bank		4,992,185		30,952,478

Security	Shares		Value

Saudi Arabia (continued)
Bank AlBilad.		1,375,407	$	8,784,420
Bank Al-Jazira		1,540,464		5,715,916
Bupa Arabia for Cooperative Insurance Co		505,520		13,070,889
Co for Cooperative Insurance (The)^(b)		576,544		10,573,431
Emaar Economic City^(b)		1,088,917		2,687,824
Etihad Etisalat Co.^(b)		1,644,001		10,052,881
Jarir Marketing Co.		1,052,604		42,592,373
Saudi Airlines Catering Co.		727,997		17,697,808
Saudi Arabian Fertilizer Co.		795,100		14,242,495
Saudi Basic Industries Corp		1,304,600		27,368,258
Saudi Electricity Co.		2,140,816		9,587,021
Saudi Telecom Co.		1,696,383		37,350,722
Savola Group (The)^(b)		359,407		3,204,629
Yanbu National Petrochemical Co.		567,435		7,487,147
				256,260,477
South Africa — 0.3%
AngloGold Ashanti Ltd.		682,875		12,057,477
Gold Fields Ltd.		854,670		5,010,181
				17,067,658
South Korea — 6.4%
BGF retail Co. Ltd.		28,154		3,512,006
Cheil Worldwide Inc.		234,636		3,738,334
CJ CheilJedang Corp.		14,366		2,886,212
CJ Logistics Corp.^(b)(d)		61,744		6,787,010
Coway Co. Ltd..		123,789		7,022,694
DB Insurance Co. Ltd.		455,563		16,241,974
Fila Holdings Corp.		51,825		1,638,600
GS Retail Co. Ltd.		110,484		3,215,817
Hyundai Glovis Co. Ltd.		42,676		4,322,065
Hyundai Marine & Fire Insurance Co. Ltd.		256,859		4,779,756
Hyundai Mobis Co. Ltd.		15,858		2,742,017
Kangwon Land Inc.^(b)		943,413		17,710,841
Kia Motors Corp.		295,549		8,821,450
Korea Electric Power Corp.^(b)		295,905		5,189,606
KT&G Corp		522,798		36,460,264
LG Uplus Corp.		473,986		5,151,598
Lotte Shopping Co. Ltd.		31,224		2,447,530
NAVER Corp		121,143		17,356,016
NCSoft Corp.		41,557		22,207,075
Pearl Abyss Corp.^(b)(d)		15,645		2,282,663
S-1 Corp.		280,572		18,989,723
Samsung Biologics Co. Ltd.^(a)(b)		11,437		4,364,800
Samsung Electronics Co. Ltd.		611,084		27,271,102
Samsung Fire & Marine Insurance Co. Ltd.		121,220		19,762,503
Samsung Life Insurance Co. Ltd.		313,637		15,107,258
SK Hynix Inc.		209,677		15,175,470
SK Telecom Co. Ltd.		202,638		35,455,393
				310,639,777
Taiwan — 17.7%
Accton Technology Corp.		727,000		3,925,577
Advantech Co. Ltd.		3,564,333		34,666,889
Asustek Computer Inc.		2,924,000		19,892,799
AU Optronics Corp.		23,251,000		7,294,853
Cathay Financial Holding Co. Ltd.		4,866,034		6,436,191
Chicony Electronics Co. Ltd.		10,304,455		28,415,991
China Development Financial Holding Corp		23,311,000		7,051,925
Chunghwa Telecom Co. Ltd.		21,131,000		75,369,408
Compal Electronics Inc.		36,269,000		22,099,541
E.Sun Financial Holding Co. Ltd.		37,321,701		35,806,252

S c h e d u l e o f I n v e s t m e n t s

Consolidated Schedule of Investments (unaudited) (continued)	iShares^®Edge MSCI Min Vol Emerging Markets ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Taiwan (continued)
Eva Airways Corp.		8,699,685	$	3,462,118
Far EasTone Telecommunications Co. Ltd.		28,612,000		62,459,856
First Financial Holding Co. Ltd.		105,522,437		82,593,232
Formosa Petrochemical Corp.		3,172,000		9,019,607
Formosa Plastics Corp.		3,295,840		9,905,099
Hua Nan Financial Holdings Co. Ltd.		74,907,310		53,311,730
Lite-On Technology Corp.		11,174,752		16,182,991
Mega Financial Holding Co. Ltd.		17,225,000		18,402,838
Pou Chen Corp.		4,393,000		4,947,284
Powertech Technology Inc.		3,218,000		10,840,205
President Chain Store Corp.		3,627,000		35,515,960
Quanta Computer Inc.		3,800,000		7,780,842
Standard Foods Corp.		2,367,476		5,308,926
Synnex Technology International Corp.		16,253,000		20,182,394
Taiwan Business Bank		42,940,147		17,017,512
Taiwan Cooperative Financial Holding Co. Ltd		115,316,631		79,786,107
Taiwan High Speed Rail Corp.		10,338,000		11,778,959
Taiwan Mobile Co. Ltd.		20,596,000		71,420,598
Taiwan Semiconductor Manufacturing Co. Ltd.		5,776,000		60,278,935
Uni-President Enterprises Corp.		4,134,000		9,993,851
United Microelectronics Corp.		7,145,000		3,610,314
WPG Holdings Ltd.		14,722,440		18,865,261
				853,624,045
Thailand — 6.5%
Advanced Info Service PCL, NVDR		2,992,200		18,964,982
Airports of Thailand PCL, NVDR		24,427,300		46,253,563
Bangkok Dusit Medical Services PCL, NVDR		50,485,800		35,518,452
Bangkok Expressway & Metro PCL, NVDR		93,739,200		27,478,612
BTS Group Holdings PCL, NVDR.		116,434,200		40,219,705
Bumrungrad Hospital PCL, NVDR		3,708,500		15,101,957
Central Pattana PCL, NVDR		1,755,000		2,947,710
CP ALL PCL, NVDR		20,331,400		42,363,795
Electricity Generating PCL, NVDR		2,616,000		22,632,483
Home Product Center PCL, NVDR		35,199,300		14,278,277
Intouch Holdings PCL, NVDR		9,134,500		15,631,849
Kasikornbank PCL, NVDR		672,000		2,534,242
Krung Thai Bank PCL, NVDR		38,213,400		16,954,131
Minor International PCL, NVDR		4,365,000		3,804,072
Siam Cement PCL (The), NVDR		625,400		6,144,002
Thai Union Group PCL, NVDR		10,312,900		5,000,392
				315,828,224
United Arab Emirates — 1.9%
Dubai Islamic Bank PJSC		5,099,673		7,497,681
Emirates Telecommunications Group Co. PJSC		9,296,530		39,991,607
First Abu Dhabi Bank PJSC		12,041,610		46,948,149
				94,437,437

Total Common Stocks — 99.7%
(Cost: $4,610,654,882)				4,819,909,225

Security	Shares		Value

Preferred Stocks

Brazil — 0.1%
Telefonica Brasil SA, Preference Shares, NVS		443,100	$	5,242,578

Russia — 0.1%
Surgutneftegas PJSC, Preference Shares, NVS		4,400,000		2,145,655
Transneft PJSC, Preference Shares, NVS		968		2,187,363
				4,333,018
Total Preferred Stocks — 0.2%
(Cost: $10,075,279)				9,575,596

Warrants

Thailand — 0.0%
BTS Group Holdings PCL (Expires 02/16/21)^(b)		12,465,440		339,733

Total Warrants — 0.0%
(Cost: $0)				339,733

Short-Term Investments

Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(f)(g)(h)		36,842,535		36,868,324
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(f)(g)		2,109,000		2,109,000
				38,977,324

Total Short-Term Investments — 0.8%
(Cost: $38,963,388)				38,977,324

Total Investments in Securities — 100.7%
(Cost: $4,659,693,549)				4,868,801,878

Other Assets, Less Liabilities — (0.7)%.				(36,184,273	)

Net Assets — 100.0%			$	4,832,617,605

^(a)

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

^(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.

12	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Consolidated Schedule of Investments (unaudited) (continued)	iShares^®Edge MSCI Min Vol Emerging Markets ETF
February 29, 2020

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:

Affiliated Issuer	Shares Held at 08/31/19		Net Activity			Shares Held at 02/29/20		Value at 02/29/20		Income			Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		34,271,854		2,570,681			36,842,535	$	36,868,324	$	163,568	^(b)	$	3,311	$	2,644
BlackRock Cash Funds: Treasury, SL Agency Shares		16,273,000		(14,164,000	)		2,109,000		2,109,000		88,502			—		—
								$	38,977,324	$	252,070		$	3,311	$	2,644

^(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		53	03/20/20	$	2,673	$	(314,457	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

	Equity
	Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	314,457

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Equity
	Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(163,858	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(128,587	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	7,605,507

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

Fair Value Measurements

S c h e d u l e OF I n v e s t m e n t s

Consolidated Schedule of Investments (unaudited) (continued)	iShares^®Edge MSCI Min Vol Emerging Markets ETF
February 29, 2020

Fair Value Measurements (continued)

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	4,819,866,415		$	—	$	42,810	$	4,819,909,225
Preferred Stocks		9,575,596			—		—		9,575,596
Warrants		339,733			—		—		339,733
Money Market Funds		38,977,324			—		—		38,977,324
	$	4,868,759,068		$	—	$	42,810	$	4,868,801,878
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(314,457	)	$	—	$	—	$	(314,457	)

^(a)

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

See notes to financial statements

14	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited)	iShares^®Edge MSCI Min Vol Global ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Australia — 0.4%
Newcrest Mining Ltd.		202,932	$	3,441,102
Woolworths Group Ltd.		626,179		15,664,679
				19,105,781
Belgium — 0.5%
Colruyt SA		125,457		5,763,139
Proximus SADP		339,051		8,327,545
Telenet Group Holding NV		85,798		3,253,330
UCB SA		76,791		7,048,373
				24,392,387
Brazil — 0.2%
BB Seguridade Participacoes SA		417,100		2,944,518
Magazine Luiza SA		511,300		5,725,372
Petrobras Distribuidora SA		379,800		2,197,152
				10,867,042
Canada — 5.0%
Agnico Eagle Mines Ltd.		543,875		25,805,042
Barrick Gold Corp.		2,161,406		41,220,243
BCE Inc.		345,974		15,193,629
CGI Inc.^(a)		185,161		13,008,928
Empire Co. Ltd., Class A, NVS		315,441		7,047,399
Fairfax Financial Holdings Ltd.		18,802		8,098,860
Franco-Nevada Corp.		414,663		44,513,680
Intact Financial Corp		311,949		33,810,452
Kinross Gold Corp.^(a)		1,604,237		8,066,897
Kirkland Lake Gold Ltd.		77,225		2,490,461
Loblaw Companies Ltd.		162,403		8,045,442
Metro Inc.		122,801		4,782,684
RioCan REIT		176,294		3,292,502
Rogers Communications Inc., Class B, NVS		125,831		5,765,907
Shaw Communications Inc., Class B, NVS		268,397		4,644,737
TELUS Corp.		451,912		16,307,682
Thomson Reuters Corp.		165,681		12,306,815
Waste Connections Inc.		128,203		12,370,307
				266,771,667
Chile — 0.2%
Banco de Chile		81,689,581		7,174,837
SACI Falabella		1,303,410		4,321,767
				11,496,604
China — 1.6%
Agricultural Bank of China Ltd., Class A		10,295,099		5,022,215
Agricultural Bank of China Ltd., Class H		6,274,000		2,511,838
Bank of Communications Co. Ltd., Class A		4,771,300		3,549,363
Bank of Communications Co. Ltd., Class H		6,385,000		4,096,599
China Huishan Dairy Holdings Co. Ltd.^(a)(b)		2,093,055		4,029
China Minsheng Banking Corp. Ltd., Class A		3,351,599		2,742,575
China Mobile Ltd.		3,321,000		26,122,930
China Resources Pharmaceutical Group Ltd.^(c)		3,334,500		2,901,035
China Telecom Corp. Ltd., Class H		30,622,000		11,513,138
China Unicom Hong Kong Ltd.		3,112,000		2,455,881
COSCO SHIPPING Ports Ltd.		3,168,000		2,109,818
CRRC Corp. Ltd., Class A		2,778,897		2,544,268
Guangdong Investment Ltd.		4,005,147		7,524,057
Industrial & Commercial Bank of China Ltd., Class A		5,455,051		4,136,043
Jiangsu Expressway Co. Ltd., Class H		2,786,000		3,221,057
Lenovo Group Ltd.		4,344,000		2,681,189
Shenzhen International Holdings Ltd.		2,075,000		3,972,642
				87,108,677

Security	Shares		Value

Denmark — 0.6%

Carlsberg A/S, Class B		40,532	$	5,288,169
Coloplast A/S, Class B		82,719		11,001,397
Novo Nordisk A/S, Class B		182,485		10,616,782
Tryg A/S		263,730		7,256,970
				34,163,318
Egypt — 0.1%
Commercial International Bank Egypt SAE		575,748		3,040,701

Finland — 0.7%
Elisa OYJ		322,897		18,422,396
Nokia OYJ		2,722,794		10,303,485
Sampo OYJ, Class A		234,378		9,494,846
				38,220,727
France — 0.9%
Eurazeo SE .		39,100		2,602,733
Getlink SE		258,362		4,137,770
Hermes International		26,046		18,024,438
Orange SA		1,656,547		22,181,332
Pernod Ricard SA		16,515		2,655,827
				49,602,100
Germany — 1.2%
Deutsche Telekom AG, Registered		2,931,007		47,507,881
Hannover Rueck SE		16,791		2,969,495
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered .		36,971		9,368,907
Telefonica Deutschland Holding AG		2,014,778		5,225,205
				65,071,488
Hong Kong — 2.7%
CLP Holdings Ltd.		1,789,254		18,780,962
Dairy Farm International Holdings Ltd.		447,900		2,149,920
Hang Seng Bank Ltd		1,290,400		26,907,308
HK Electric Investments & HK Electric Investments Ltd.		5,889,000		5,924,479
HKT Trust & HKT Ltd.		8,635,000		12,919,730
Hong Kong & China Gas Co. Ltd.		5,257,130		10,118,882
Jardine Matheson Holdings Ltd.		213,200		11,598,080
Jardine Strategic Holdings Ltd.		173,800		4,989,798
Link REIT		1,622,600		15,032,846
MTR Corp. Ltd.		3,265,500		18,374,343
PCCW Ltd.		9,513,000		5,725,097
Power Assets Holdings Ltd.		1,220,500		8,692,072
Yue Yuen Industrial Holdings Ltd.		980,000		2,361,643
				143,575,160
Hungary — 0.1%
OTP Bank Nyrt		130,886		5,658,979

India — 3.1%
Asian Paints Ltd.		342,261		8,526,943
Avenue Supermarts Ltd.^(a)(c)		142,727		4,596,119
Bajaj Auto Ltd.		54,373		2,177,406
Bajaj Finance Ltd.		216,107		13,373,076
Bajaj Finserv Ltd.		89,551		11,230,869
Bharat Petroleum Corp. Ltd.		761,807		4,500,591
Bosch Ltd.		16,444		2,763,574
Britannia Industries Ltd.		124,478		5,123,145
Coal India Ltd.		2,804,772		6,544,824
Dabur India Ltd.		971,637		6,679,310
Dr. Reddy's Laboratories Ltd.		69,129		2,803,859
Eicher Motors Ltd.		21,181		4,872,753
HCL Technologies Ltd.		1,048,926		7,766,565

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued) iShares^®Edge MSCI Min Vol Global ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

India (continued)
Hero MotoCorp Ltd.		88,004	$	2,501,988
Hindustan Petroleum Corp. Ltd.		1,360,485		3,724,167
Hindustan Unilever Ltd.		191,668		5,775,868
Housing Development Finance Corp. Ltd.		174,955		5,274,650
Indian Oil Corp. Ltd.		3,530,905		5,173,980
Infosys Ltd.		617,084		6,256,561
InterGlobe Aviation Ltd.^(c)		207,670		3,741,038
ITC Ltd.		728,704		1,994,741
Larsen & Toubro Ltd.		143,150		2,355,600
LIC Housing Finance Ltd.		486,824		2,160,327
Mahindra & Mahindra Financial Services Ltd.		626,741		2,980,966
Maruti Suzuki India Ltd.		79,224		6,897,458
Petronet LNG Ltd.		1,422,109		4,839,713
Pidilite Industries Ltd.		272,347		5,710,164
Sun Pharmaceutical Industries Ltd.		462,512		2,389,867
Tata Consultancy Services Ltd.		278,961		7,731,511
Tech Mahindra Ltd.		420,660		4,339,063
United Spirits Ltd.^(a)		339,131		3,225,310
Wipro Ltd.		304,407		934,090
Wipro Ltd., ADR		1,567,897		5,409,245
				164,375,341
Indonesia — 0.7%
Bank Central Asia Tbk PT		12,833,000		28,130,186
Indofood CBP Sukses Makmur Tbk PT		4,054,600		2,903,713
Kalbe Farma Tbk PT		28,272,600		2,404,082
Unilever Indonesia Tbk PT		6,167,200		2,933,692
				36,371,673
Ireland — 0.5%
AIB Group PLC		767,000		1,767,588
Kerry Group PLC, Class A		195,164		24,653,450
				26,421,038
Israel — 0.5%
Azrieli Group Ltd.		60,688		4,415,063
Bank Hapoalim BM		513,406		4,010,019
Bank Leumi Le-Israel BM		694,248		4,505,831
Check Point Software Technologies Ltd.^(a)(d)		27,913		2,897,370
Mizrahi Tefahot Bank Ltd		311,489		8,029,447
Nice Ltd.^(a)		24,538		3,921,695
				27,779,425
Italy — 0.4%
Assicurazioni Generali SpA		862,516		15,405,218
Intesa Sanpaolo SpA		2,081,952		5,027,793
				20,433,011
Japan — 11.6%
ABC-Mart Inc.		76,700		4,380,216
Ajinomoto Co. Inc.		256,700		4,312,246
ANA Holdings Inc.		262,000		7,062,207
Asahi Group Holdings Ltd.		60,600		2,331,526
Canon Inc.		1,150,100		29,145,676
Daiwa House REIT Investment Corp.		4,089		10,204,967
East Japan Railway Co.		78,200		6,031,111
FUJIFILM Holdings Corp.		203,900		9,975,250
Hamamatsu Photonics KK		184,800		7,169,963
Hankyu Hanshin Holdings Inc.		71,700		2,359,755
Japan Airlines Co. Ltd.		264,700		6,571,794
Japan Post Bank Co. Ltd.		942,800		8,425,895
Japan Post Holdings Co. Ltd.		3,169,900		27,644,972
Japan Prime Realty Investment Corp.		1,799		7,922,171
Japan Real Estate Investment Corp.		3,039		20,736,142

Security	Shares		Value

Japan (continued)
Japan Retail Fund Investment Corp.		5,949	$	11,311,731
Japan Tobacco Inc.		118,600		2,357,376
KDDI Corp.		632,900		17,942,875
Keikyu Corp.		166,700		2,531,448
Keio Corp.		133,000		6,399,388
Kintetsu Group Holdings Co. Ltd.		192,200		8,312,363
Kirin Holdings Co. Ltd.		122,800		2,362,305
Kyushu Railway Co.		363,000		10,920,456
Lawson Inc.		113,700		6,039,967
McDonald’s Holdings Co. Japan Ltd.		145,600		6,114,755
MEIJI Holdings Co. Ltd.		115,300		6,883,901
Mizuho Financial Group Inc.		11,149,900		15,257,268
Nagoya Railroad Co. Ltd.		390,900		10,215,984
NEC Corp.		506,500		18,970,565
Nippon Building Fund Inc.		3,024		22,680,350
Nippon Prologis REIT Inc.		3,991		10,829,886
Nippon Telegraph & Telephone Corp.		1,263,900		29,639,225
Nissan Motor Co. Ltd.		611,100		2,626,486
Nissin Foods Holdings Co. Ltd.		41,900		3,301,813
Nitori Holdings Co. Ltd.		80,300		11,140,681
Nomura Real Estate Master Fund Inc.		9,086		14,429,442
Nomura Research Institute Ltd.		159,690		3,486,487
NTT Data Corp.		793,000		9,491,151
NTT DOCOMO Inc.		1,989,600		53,998,554
Ono Pharmaceutical Co. Ltd.		134,200		2,749,567
Oracle Corp. Japan		64,500		5,046,864
Oriental Land Co. Ltd.		201,800		22,946,062
Orix JREIT Inc.		5,286		10,046,169
Pan Pacific International Holdings Corp.		233,600		3,872,218
Sankyo Co. Ltd.		106,600		3,503,426
Secom Co. Ltd.		333,700		26,528,322
Seibu Holdings Inc		135,900		1,922,620
Seven & i Holdings Co. Ltd.		77,900		2,669,248
Shimamura Co. Ltd.		49,000		3,275,298
Shionogi & Co. Ltd.		49,029		2,656,789
Softbank Corp.		532,000		6,966,579
Suntory Beverage & Food Ltd.		301,500		11,488,110
Takeda Pharmaceutical Co. Ltd.		127,900		4,461,945
Tobu Railway Co. Ltd.		423,600		12,645,362
Toho Co. Ltd.		170,600		5,258,842
Toyo Suisan Kaisha Ltd.		192,100		7,613,475
United Urban Investment Corp.		6,725		10,760,998
USS Co. Ltd.		156,200		2,470,470
West Japan Railway Co		208,200		14,704,191
Yamada Denki Co. Ltd.		1,396,500		6,719,358
Yamazaki Baking Co. Ltd.		229,900		3,911,060
				613,735,321
Malaysia — 0.6%
Hong Leong Bank Bhd		1,464,900		5,317,431
IHH Healthcare Bhd		2,113,600		2,858,249
Malayan Banking Bhd		3,254,100		6,500,480
Maxis Bhd^(d)		3,721,000		4,793,601
Petronas Chemicals Group Bhd		1,440,300		1,845,224
Petronas Dagangan Bhd		481,700		2,610,208
Public Bank Bhd		2,412,860		9,788,827
				33,714,020
Netherlands — 0.5%
Koninklijke Ahold Delhaize NV		677,679		15,766,313
Koninklijke KPN NV		1,839,795		4,448,050

16	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^®Edge MSCI Min Vol Global ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Netherlands (continued)
Unilever NV		155,026	$	8,108,275
				28,322,638
New Zealand — 0.2%
Auckland International Airport Ltd.		517,229		2,524,785
Fisher & Paykel Healthcare Corp. Ltd.		212,599		3,399,468
Spark New Zealand Ltd.		2,360,369		6,639,326
				12,563,579
Norway — 0.2%
Telenor ASA		791,294		12,560,554

Peru — 0.1%
Cia. de Minas Buenaventura SAA, ADR		291,426		3,249,400
Credicorp Ltd.		13,267		2,404,909
				5,654,309
Philippines — 0.3%
Bank of the Philippine Islands		2,085,239		3,031,215
BDO Unibank Inc.		3,115,509		8,495,454
Jollibee Foods Corp.		1,037,910		3,461,397
PLDT Inc.		144,835		2,812,882
				17,800,948
Qatar — 0.4%
Qatar Islamic Bank SAQ		1,111,882		4,732,316
Qatar National Bank QPSC		2,691,706		13,835,632
				18,567,948
Russia — 0.3%
Polymetal International PLC		464,971		7,092,884
Polyus PJSC		62,364		7,854,894
				14,947,778
Saudi Arabia — 0.9%
Alinma Bank		1,684,590		10,444,772
Arab National Bank		399,528		2,694,405
Bank AlBilad		421,940		2,694,837
Bank Al-Jazira		967,962		3,591,638
Jarir Marketing Co.		125,356		5,072,382
Saudi Arabian Fertilizer Co.		331,847		5,944,321
Saudi Basic Industries Corp.		137,457		2,883,611
Saudi Telecom Co.		450,310		9,914,862
Yanbu National Petrochemical Co.		182,533		2,408,472
				45,649,300
Singapore — 1.1%
CapitaLand Commercial Trust		3,614,900		4,817,449
CapitaLand Mall Trust		5,602,800		9,112,529
Oversea-Chinese Banking Corp. Ltd.^(d)		609,300		4,627,484
SATS Ltd.^(d)		1,581,000		4,565,043
Singapore Airlines Ltd.		1,253,500		7,184,925
Singapore Exchange Ltd.		168,900		1,027,414
Singapore Telecommunications Ltd.		11,253,800		24,189,582
				55,524,426
South Korea — 0.4%
DB Insurance Co. Ltd.		113,983		4,063,783
Hyundai Marine & Fire Insurance Co. Ltd.		122,351		2,276,766
KT&G Corp.		32,517		2,267,756
S-1 Corp.		39,665		2,684,613
Samsung Fire & Marine Insurance Co. Ltd.		21,387		3,486,724
SK Telecom Co. Ltd.		45,120		7,894,607
				22,674,249
Sweden — 0.2%
Telefonaktiebolaget LM Ericsson, Class B		985,097		7,791,280

Security	Shares		Value

Sweden (continued)
Telia Co. AB		627,305	$	2,454,196
				10,245,476
Switzerland — 5.9%
Chocoladefabriken Lindt & Spruengli AG, Registered		227		19,629,010
Givaudan SA, Registered		3,100		9,627,150
Kuehne + Nagel International AG, Registered		68,077		9,885,038
Nestle SA, Registered		592,310		60,488,500
Novartis AG, Registered.		310,684		26,078,904
Partners Group Holding AG		9,194		7,893,191
Roche Holding AG, NVS		116,848		37,386,048
Sonova Holding AG, Registered		32,915		7,814,316
Swiss Life Holding AG, Registered		9,844		4,460,539
Swiss Prime Site AG, Registered		97,495		11,683,888
Swiss Re AG		549,260		52,000,812
Swisscom AG, Registered		58,798		31,198,567
Zurich Insurance Group AG		84,334		32,315,182
				310,461,145
Taiwan — 4.3%
Advantech Co. Ltd.		793,000		7,712,759
Asustek Computer Inc.		1,510,000		10,272,957
AU Optronics Corp		13,965,000		4,381,430
Chang Hwa Commercial Bank Ltd.		11,513,732		8,821,763
Chicony Electronics Co. Ltd.		1,361,020		3,753,205
China Development Financial Holding Corp.		28,325,000		8,568,735
China Steel Corp.		9,637,000		7,320,167
Chunghwa Telecom Co. Ltd.		8,805,000		31,405,406
Compal Electronics Inc.		9,729,000		5,928,105
CTBC Financial Holding Co. Ltd.		4,568,000		3,424,548
E.Sun Financial Holding Co. Ltd.		13,885,568		13,321,744
Far EasTone Telecommunications Co. Ltd.		3,526,000		7,697,241
First Financial Holding Co. Ltd.		23,510,606		18,401,934
Formosa Petrochemical Corp.		967,000		2,749,672
Hua Nan Financial Holdings Co. Ltd.		18,978,332		13,506,929
Inventec Corp.		3,775,000		2,861,218
Lite-On Technology Corp.		4,472,000		6,476,236
Mega Financial Holding Co. Ltd.		21,016,000		22,453,066
Nan Ya Plastics Corp.		1,191,000		2,678,614
Quanta Computer Inc.		4,581,000		9,380,010
Synnex Technology International Corp.		3,235,250		4,017,418
Taishin Financial Holding Co. Ltd.		6,322,000		2,964,791
Taiwan Cooperative Financial Holding Co. Ltd.		21,461,226		14,848,749
Taiwan Mobile Co. Ltd.		3,784,000		13,121,749
WPG Holdings Ltd.		3,625,760		4,646,031
				230,714,477
Thailand — 0.8%
Advanced Info Service PCL, NVDR		732,800		4,644,589
Airports of Thailand PCL, NVDR		5,880,200		11,134,272
Bangkok Dusit Medical Services PCL, NVDR		8,468,200		5,957,662
Bangkok Expressway & Metro PCL, NVDR.		15,131,400		4,435,603
BTS Group Holdings PCL, NVDR		13,230,900		4,570,331
Bumrungrad Hospital PCL, NVDR		787,200		3,205,679
CP ALL PCL, NVDR		1,150,600		2,397,463
Home Product Center PCL, NVDR		8,552,300		3,469,163
Krung Thai Bank PCL, NVDR		7,948,300		3,526,421
				43,341,183
United Arab Emirates — 0.2%
Emirates Telecommunications Group Co. PJSC		1,989,211		8,557,144
First Abu Dhabi Bank PJSC		888,721		3,464,969
				12,022,113

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	iShares^®Edge MSCI Min Vol Global ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

United Kingdom — 1.1%
Admiral Group PLC		106,497	$	2,872,926
AstraZeneca PLC		39,022		3,386,322
Coca-Cola European Partners PLC		50,556		2,576,334
Compass Group PLC		644,889		14,089,682
Diageo PLC		118,240		4,176,680
Direct Line Insurance Group PLC		3,166,967		12,418,669
GlaxoSmithKline PLC		724,368		14,454,033
RSA Insurance Group PLC		385,906		2,557,259
				56,531,905
United States — 51.0%
Accenture PLC, Class A		46,470		8,392,017
Aflac Inc.		97,674		4,185,331
AGNC Investment Corp.		1,241,596		21,156,796
Alleghany Corp.^(a)		31,256		21,011,846
Allstate Corp. (The)		257,035		27,052,934
Altria Group Inc.		212,124		8,563,446
Ameren Corp.		74,665		5,898,535
American Electric Power Co. Inc.		211,214		18,852,962
American Tower Corp.		61,299		13,902,613
American Water Works Co. Inc.		106,766		13,202,684
Amphenol Corp., Class A.		119,599		10,964,836
Annaly Capital Management Inc.		3,227,241		28,593,355
Anthem Inc.		24,884		6,397,428
Aon PLC		98,959		20,583,472
Arch Capital Group Ltd.^(a)		764,755		30,919,045
Arthur J Gallagher & Co.		75,019		7,313,602
AT&T Inc.		725,009		25,534,817
Automatic Data Processing Inc.		105,546		16,332,188
AutoZone Inc.^(a)		15,225		15,719,965
AvalonBay Communities Inc.		156,131		31,318,317
Baxter International Inc.		183,051		15,279,267
Berkshire Hathaway Inc., Class B^(a)		105,126		21,691,699
Black Knight Inc.^(a)		302,853		20,203,324
Booz Allen Hamilton Holding Corp.		146,238		10,426,769
Bristol-Myers Squibb Co.		114,719		6,775,304
Broadridge Financial Solutions Inc.		138,136		14,415,873
Brown & Brown Inc.		251,564		10,819,768
Burlington Stores Inc.^(a)		27,692		5,988,672
Camden Property Trust		73,885		7,830,332
Campbell Soup Co.		171,660		7,745,299
Cboe Global Markets Inc.		91,358		10,414,812
CH Robinson Worldwide Inc.		81,566		5,619,897
Chevron Corp.		24,802		2,315,019
Chubb Ltd.		167,030		24,224,361
Church & Dwight Co. Inc.		235,746		16,389,062
Cincinnati Financial Corp.		141,173		13,162,971
Cisco Systems Inc.		266,870		10,656,119
Citrix Systems Inc.		200,712		20,751,614
Clorox Co. (The)		152,613		24,329,564
CME Group Inc.		86,261		17,150,412
CMS Energy Corp.		141,623		8,556,862
Coca-Cola Co. (The)		884,419		47,307,572
Cognizant Technology Solutions Corp., Class A		44,165		2,690,973
Colgate-Palmolive Co.		188,737		12,752,959
Comcast Corp., Class A		329,015		13,302,076
Consolidated Edison Inc.		674,719		53,181,352
Cooper Companies Inc. (The)		12,327		4,000,974
Costco Wholesale Corp.		30,022		8,440,385
Crown Castle International Corp.		159,323		22,829,393
Danaher Corp.		87,535		12,655,810

Security	Shares		Value

United States (continued)
Darden Restaurants Inc.		54,586	$	5,322,135
Dollar General Corp.		147,611		22,185,933
Dominion Energy Inc.		375,807		29,380,591
DTE Energy Co.		93,077		10,393,909
Duke Energy Corp.		445,833		40,882,886
Duke Realty Corp.		247,629		8,040,514
Ecolab Inc.		33,594		6,062,037
Eli Lilly & Co.		265,269		33,458,379
Entergy Corp.		109,932		12,852,150
Equity LifeStyle Properties Inc.		78,164		5,340,946
Equity Residential		232,755		17,479,901
Erie Indemnity Co., Class A, NVS		19,509		2,788,226
Essex Property Trust Inc.		18,203		5,158,002
Everest Re Group Ltd.		64,584		16,009,082
Evergy Inc.		261,343		17,078,765
Eversource Energy.		102,194		8,835,693
Extra Space Storage Inc.		142,874		14,338,835
F5 Networks Inc.^(a)		44,023		5,280,559
Federal Realty Investment Trust		21,872		2,544,588
Fidelity National Financial Inc.		170,803		6,620,324
Fidelity National Information Services Inc.		193,968		27,101,209
Fiserv Inc.^(a)(d)		246,924		27,003,609
General Mills Inc.		148,269		7,265,181
Genuine Parts Co.		50,571		4,411,814
Gilead Sciences Inc.		42,108		2,920,611
Hartford Financial Services Group Inc. (The)		247,736		12,374,413
Healthpeak Properties Inc.		560,716		17,741,054
Henry Schein Inc.^(a)		51,543		3,141,030
Hershey Co. (The)		219,755		31,642,522
Home Depot Inc. (The)		70,415		15,339,204
Hormel Foods Corp.		634,234		26,384,134
Humana Inc.		18,111		5,789,725
Intel Corp.		55,070		3,057,486
Intercontinental Exchange Inc.		82,042		7,319,787
International Business Machines Corp.		98,110		12,769,017
Intuit Inc.		22,984		6,110,296
Invitation Homes Inc.		162,700		4,667,863
Jack Henry & Associates Inc.		167,788		25,460,151
JM Smucker Co. (The)		93,716		9,651,811
Johnson & Johnson		345,366		46,444,820
Juniper Networks Inc.		120,359		2,554,018
Kellogg Co.		328,341		19,854,780
Kimberly-Clark Corp		140,003		18,366,994
L3Harris Technologies Inc.		95,505		18,884,204
Lamb Weston Holdings Inc		87,530		7,605,482
Liberty Broadband Corp., Class C, NVS^(a)		36,418		4,584,662
Lockheed Martin Corp.		39,757		14,704,922
Markel Corp.^(a)		24,018		28,379,669
Marsh & McLennan Companies Inc.		251,568		26,303,950
Mastercard Inc., Class A		48,855		14,180,164
McCormick & Co. Inc./MD, NVS		137,112		20,044,403
McDonald’s Corp.		267,182		51,878,729
Medtronic PLC		233,172		23,473,425
Merck & Co. Inc.		501,089		38,363,374
Microsoft Corp.		44,864		7,268,417
Mid-America Apartment Communities Inc.		23,212		3,000,383
Mondelez International Inc., Class A		102,158		5,393,942
Motorola Solutions Inc.		239,280		39,643,910
National Retail Properties Inc.		284,271		14,455,180
Newmont Corp.		1,136,937		50,741,498

18	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^®Edge MSCI Min Vol Global ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

United States (continued)
NextEra Energy Inc.		211,238	$	53,392,517
NVR Inc.^(a)		721		2,644,037
Oracle Corp.		95,713		4,733,965
O’Reilly Automotive Inc.^(a)		28,637		10,559,035
Palo Alto Networks Inc.^(a)		19,485		3,597,321
Paychex Inc.		421,565		32,662,856
PepsiCo Inc.		406,506		53,670,987
Pfizer Inc.		510,897		17,074,178
Philip Morris International Inc.		33,468		2,740,025
Pinnacle West Capital Corp.		125,405		11,222,493
Procter & Gamble Co. (The)		304,570		34,486,461
Progressive Corp. (The)		189,554		13,867,771
Public Storage		159,404		33,334,565
Raytheon Co.		14,103		2,659,262
Realty Income Corp.		157,260		11,384,051
RenaissanceRe Holdings Ltd.		101,411		17,280,434
Republic Services Inc.		514,091		46,401,854
Ross Stores Inc.		129,019		14,034,687
Southern Co. (The)		704,963		42,551,567
Starbucks Corp.		280,725		22,017,262
Stryker Corp.		24,233		4,618,567
Sysco Corp.		188,697		12,576,655
Target Corp.		56,902		5,860,906
TJX Companies Inc. (The)		401,624		24,017,115
Travelers Companies Inc. (The)		154,654		18,529,096
Tyler Technologies Inc.^(a)		34,660		10,860,711
Tyson Foods Inc., Class A		50,257		3,408,932
UDR Inc.		367,063		16,510,494
UnitedHealth Group Inc.		34,538		8,805,809
Universal Health Services Inc., Class B		34,083		4,217,430
Ventas Inc.		179,465		9,649,833
VeriSign Inc.^(a)		43,304		8,216,934
Verizon Communications Inc.		878,121		47,559,033
Visa Inc., Class A^(d)		271,504		49,348,567
WABCO Holdings Inc.^(a)		36,621		4,947,497
Walmart Inc.		359,266		38,685,763
Walt Disney Co. (The)		61,717		7,261,005
Waste Management Inc.		535,548		59,344,074
WEC Energy Group Inc.		458,871		42,367,559
Welltower Inc.		126,368		9,454,854
Western Union Co. (The)		911,438		20,407,097
WP Carey Inc.		241,667		18,707,442

Security	Shares		Value

United States (continued)
WR Berkley Corp.		318,155	$	21,360,927
Xcel Energy Inc.		638,902		39,816,373
Yum! Brands Inc.		324,308		28,944,489
				2,709,928,471

Total Common Stocks — 99.5%
(Cost: $4,812,373,731)				5,289,414,959

Warrants

Thailand — 0.0%
BTS Group Holdings PCL (Expires 02/16/21)^(a)(d)		1,323,089		36,060

Total Warrants — 0.0%
(Cost: $0)				36,060

Short-Term Investments

Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(e)(f)(g)		10,763,973		10,771,507
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(e)(f)		8,515,000		8,515,000
				19,286,507

Total Short-Term Investments — 0.4%
(Cost: $19,281,679)				19,286,507

Total Investments in Securities — 99.9%
(Cost: $4,831,655,410)				5,308,737,526

Other Assets, Less Liabilities — 0.1%				4,183,396

Net Assets — 100.0%			$	5,312,920,922

^(a)

Non-income producing security.

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

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

(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 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:

Affiliated Issuer	Shares Held at 08/31/19		Net Activity			Shares Held at 02/29/20		Value at 02/29/20		Income			Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		25,414,810		(14,650,837	)		10,763,973	$	10,771,507	$	88,064	^(b)	$	4,411	$	(2,254	)
BlackRock Cash Funds: Treasury, SL Agency Shares		10,157,000		(1,642,000	)		8,515,000		8,515,000		95,916			—		—
								$	19,286,507	$	183,980		$	4,411	$	(2,254	)

^(a)

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

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	iShares^® Edge MSCI Min Vol Global ETF
February 29, 2020

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI EAFE E-Mini		89	03/20/20	$	8,081	$	(713,623	)
MSCI Emerging Markets E-Mini		44	03/20/20		2,220		(181,760	)
S&P 500 E-Mini Index		63	03/20/20		9,296		(748,862	)
						$	(1,644,245	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	1,644,245

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,880,260
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,312,276	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	18,558,417

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	$	5,289,410,930		$	—	$	4,029	$	5,289,414,959
Warrants		36,060			—		—		36,060
Money Market Funds		19,286,507			—		—		19,286,507
	$	5,308,733,497		$	—	$	4,029	$	5,308,737,526
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(1,644,245	)	$	—	$	—	$	(1,644,245	)

^(a)

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

See notes to financial statements.

20	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) iShares^®Edge MSCI Multifactor Emerging Markets ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Argentina — 0.5%
Globant SA^(a)		18,758	$	2,119,841

Brazil — 8.5%
Banco BTG Pactual SA		180,800		2,707,401
BB Seguridade Participacoes SA		576,300		4,068,391
Cia. de Saneamento Basico do Estado de Sao Paulo		282,500		3,678,671
Hypera SA		316,400		2,405,444
IRB Brasil Resseguros S/A		576,300		4,247,221
JBS SA		892,700		4,491,547
Lojas Renner SA		316,400		3,737,905
Notre Dame Intermedica Participacoes SA		282,500		3,959,189
Petrobras Distribuidora SA		576,300		3,333,909
Porto Seguro SA		84,100		1,136,706
Sul America SA		237,378		2,844,337
TIM Participacoes SA		700,600		2,504,777
				39,115,498
Chile — 0.2%
Cia. Cervecerias Unidas SA		120,345		901,344

China — 40.5%
51job Inc., ADR^(a)(b)		20,905		1,563,067
Agile Group Holdings Ltd.^(b)		1,130,000		1,586,311
Alibaba Group Holding Ltd., ADR^(a)		86,784		18,051,072
Angang Steel Co. Ltd., Class A		194,860		79,726
Anhui Conch Cement Co. Ltd., Class A		56,539		443,725
Anhui Conch Cement Co. Ltd., Class H		1,017,000		7,458,126
ANTA Sports Products Ltd.		113,000		908,431
BAIC Motor Corp. Ltd., Class H^(c)		1,356,000		664,685
Bank of Chengdu Co. Ltd., Class A		180,800		211,315
Beijing Capital International Airport Co. Ltd., Class H		1,356,000		1,057,927
Beijing Enterprises Holdings Ltd.		452,000		1,908,213
Beijing Shunxin Agriculture Co. Ltd., Class A		33,900		266,731
Beijing Tiantan Biological Products Corp. Ltd., Class A		45,200		223,924
BOC Aviation Ltd.^(c)		169,500		1,471,398
Bosideng International Holdings Ltd.		2,712,000		789,965
BYD Electronic International Co. Ltd.		565,000		1,058,507
Centre Testing International Group Co. Ltd., Class A		90,400		210,539
Changjiang Securities Co. Ltd., Class A		271,200		261,493
Chengdu Xingrong Environment Co. Ltd., Class A		179,399		116,003
China Agri-Industries Holdings Ltd.		1,921,000		1,042,702
China Aoyuan Group Ltd.		1,017,000		1,464,220
China Cinda Asset Management Co. Ltd., Class H		7,345,000		1,536,286
China CITIC Bank Corp. Ltd., Class H		7,345,000		3,817,151
China Communications Services Corp. Ltd., Class H		2,034,000		1,573,841
China Conch Venture Holdings Ltd.		1,356,000		6,594,645
China Education Group Holdings Ltd.		226,000		321,322
China Everbright Ltd.		768,000		1,281,142
China Lesso Group Holdings Ltd.		904,000		1,357,209
China Longyuan Power Group Corp. Ltd., Class H		2,599,000		1,360,689
China Medical System Holdings Ltd.		1,130,000		1,392,010
China Minsheng Banking Corp. Ltd., Class H		5,819,500		3,927,932
China Mobile Ltd.		1,525,500		11,999,557
China Power International Development Ltd.		3,729,000		693,830
China Reinsurance Group Corp., Class H		4,895,000		665,811
China Resources Cement Holdings Ltd.		2,034,000		2,560,428
China Resources Double Crane Pharmaceutical Co. Ltd., Class A		43,797		84,709
China Resources Power Holdings Co. Ltd.		1,582,000		1,881,823

Security	Shares		Value

China (continued)
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		45,200	$	212,091
China Telecom Corp. Ltd., Class H		11,300,000		4,248,529
China Zhongwang Holdings Ltd.^(b)		1,401,200		471,079
Chinese Universe Publishing and Media Group Co. Ltd., Class A		67,800		137,924
Chongqing Brewery Co. Ltd., Class A		21,197		138,156
Chongqing Rural Commercial Bank Co. Ltd., Class H		1,921,000		867,686
COSCO SHIPPING Ports Ltd.		1,356,000		903,066
Country Garden Services Holdings Co. Ltd.		1,017,000		3,967,227
CSPC Pharmaceutical Group Ltd.		3,164,000		7,210,609
Daqin Railway Co. Ltd., Class A		757,128		766,854
Dongfeng Motor Group Co. Ltd., Class H		2,196,000		1,735,824
Fujian Sunner Development Co. Ltd., Class A		56,500		175,315
Guangzhou Baiyun International Airport Co. Ltd., Class A		100,299		222,115
Guangzhou R&F Properties Co. Ltd., Class H		768,400		1,191,096
Henan Shuanghui Investment & Development Co. Ltd., Class A		67,870		330,116
Hithink RoyalFlush Information Network Co. Ltd., Class A		22,600		399,255
Hua Hong Semiconductor Ltd.^(b)(c)		339,000		737,765
Huaxin Cement Co. Ltd., Class A		67,800		236,566
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		45,200		150,016
Hunan Valin Steel Co. Ltd., Class A^(a)		225,320		127,968
Hundsun Technologies Inc., Class A		22,600		310,992
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A		316,400		127,643
Inner Mongolia Yitai Coal Co. Ltd., Class B		937,900		643,399
Jafron Biomedical Co. Ltd., Class A		21,988		284,106
Jiangsu Expressway Co. Ltd., Class H		904,000		1,045,167
Jiangsu King’s Luck Brewery JSC Ltd., Class A		56,500		238,441
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		79,100		185,806
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		90,400		148,076
Kingboard Holdings Ltd.		537,000		1,419,496
Kingboard Laminates Holdings Ltd.		904,000		901,326
Kingdee International Software Group Co. Ltd.		339,000		433,698
Lee & Man Paper Manufacturing Ltd.		1,017,000		793,445
Legend Holdings Corp., Class H^(c)		316,400		544,044
Li Ning Co. Ltd.		1,638,500		4,310,155
Luye Pharma Group Ltd.^(c)		904,000		551,004
Maanshan Iron & Steel Co. Ltd., Class A		384,200		152,247
Maanshan Iron & Steel Co. Ltd., Class H^(b)		678,000		247,952
Nanjing Iron & Steel Co. Ltd., Class A		271,200		119,495
New Hope Liuhe Co. Ltd., Class A		113,000		391,205
Nexteer Automotive Group Ltd.		678,000		499,383
Noah Holdings Ltd.^(a)(b)		27,007		766,459
PICC Property & Casualty Co. Ltd., Class H		5,651,000		5,851,826
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		56,500		172,162
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		79,100		191,011
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		1,808,000		2,329,296
Shanghai Baosight Software Co. Ltd., Class A		45,200		293,501
Shanghai Industrial Holdings Ltd.		399,000		704,505
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A		45,200		96,088
Shanxi Taigang Stainless Steel Co. Ltd., Class A		316,400		159,327
Shenzhen Airport Co. Ltd., Class A		101,700		117,410
Shenzhen Expressway Co. Ltd., Class H		678,000		820,416
Shenzhen International Holdings Ltd.		791,000		1,514,390
Shenzhen Investment Ltd.		2,486,000		835,786
Shimao Property Holdings Ltd.		960,500		3,438,699

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	iShares^®Edge MSCI Multifactor Emerging Markets ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

China (continued)
Shui On Land Ltd.		3,051,000	$	606,829
Sino Biopharmaceutical Ltd.		5,763,000		8,341,617
Sinolink Securities Co. Ltd., Class A		146,900		210,151
Sinopec Engineering Group Co. Ltd., Class H		1,186,500		587,689
Sinotruk Hong Kong Ltd.		565,000		1,080,257
SSY Group Ltd.		1,356,000		1,136,228
Sun Art Retail Group Ltd.		1,977,500		2,527,367
TangShan Port Group Co. Ltd., Class A		293,800		97,090
Tencent Holdings Ltd.		237,300		11,753,781
Topchoice Medical Corp., Class A^(a)		11,300		168,267
Towngas China Co. Ltd.		830,000		481,403
Uni-President China Holdings Ltd.		1,130,000		1,165,808
Weichai Power Co. Ltd., Class H		1,582,000		3,114,041
Weifu High-Technology Group Co. Ltd., Class A		45,200		126,867
Wuhan Guide Infrared Co. Ltd., Class A		43,796		297,165
WUS Printed Circuit Kunshan Co. Ltd., Class A		79,100		295,343
Yuexiu Property Co. Ltd.		5,650,000		1,152,758
Yum China Holdings Inc.		253,685		11,108,866
Yuzhou Properties Co. Ltd.		1,356,000		664,685
Zhejiang Expressway Co. Ltd., Class H		1,130,000		854,056
Zhejiang Semir Garment Co. Ltd., Class A		90,400		100,485
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		22,600		139,605
Zhongsheng Group Holdings Ltd.		452,000		1,719,712
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		1,084,800		899,238
				185,382,986
Czech Republic — 0.3%
Moneta Money Bank AS^(c)		414,145		1,365,743

India — 6.0%
Bharti Infratel Ltd.		269,731		801,522
Colgate-Palmolive India Ltd.		54,127		964,074
Divi’s Laboratories Ltd.		65,879		1,923,355
Dr. Reddy’s Laboratories Ltd.		95,146		3,859,104
HDFC Asset Management Co. Ltd.^(c)		35,218		1,533,015
Hindustan Petroleum Corp. Ltd.		510,082		1,396,289
Infosys Ltd.		1,059,714		10,744,348
Petronet LNG Ltd.		478,668		1,629,000
REC Ltd.		559,802		913,772
Tech Mahindra Ltd.		378,550		3,904,703
				27,669,182
Indonesia — 1.1%
Adaro Energy Tbk PT		11,944,100		961,522
Bukit Asam Tbk PT		2,542,500		396,947
Indofood Sukses Makmur Tbk PT		3,582,100		1,622,837
Kalbe Farma Tbk PT		17,266,400		1,468,201
Pakuwon Jati Tbk PT		14,509,200		535,973
				4,985,480
Malaysia — 0.7%
AirAsia Group Bhd		1,243,000		294,899
AMMB Holdings Bhd		1,356,000		1,190,320
Nestle Malaysia Bhd		50,000		1,696,323
				3,181,542
Mexico — 0.2%
Megacable Holdings SAB de CV, CPO		259,900		865,174

Philippines — 0.7%
Altus San Nicolas Corp.		30,439		3,102
Megaworld Corp.		9,040,600		603,002
PLDT Inc.		71,190		1,382,601

Security	Shares		Value

Philippines (continued)
Robinsons Land Corp.		1,649,800	$	689,372
Security Bank Corp.		179,670		544,209
				3,222,286
Poland — 0.2%
PGE Polska Grupa Energetyczna SA^(a)		689,413		781,616

Qatar — 1.8%
Barwa Real Estate Co.		1,734,889		1,467,317
Commercial Bank PSQC (The)		1,665,846		2,056,572
Mesaieed Petrochemical Holding Co.		1,025,927		495,428
Ooredoo QPSC		688,961		1,188,713
Qatar Fuel QSC		323,327		1,702,510
Qatar International Islamic Bank QSC		635,060		1,472,733
				8,383,273
Russia — 0.7%
Inter RAO UES PJSC		29,719,000		2,301,453
Magnitogorsk Iron & Steel Works PJSC		1,853,200		1,102,682
				3,404,135
Saudi Arabia — 2.6%
Advanced Petrochemical Co.		45,856		548,218
Arab National Bank		490,872		3,310,426
Bank Al-Jazira		173,568		644,027
Bupa Arabia for Cooperative Insurance Co.		22,374		578,509
Dar Al Arkan Real Estate Development Co.^(a)		224,757		561,368
Jarir Marketing Co.		24,973		1,010,503
Riyad Bank		510,534		2,983,048
Saudi Airlines Catering Co.		32,883		799,395
Saudi Cement Co.		61,246		995,870
Saudi Industrial Investment Group		97,406		547,333
				11,978,697
South Africa — 6.1%
Anglo American Platinum Ltd.		44,183		2,941,526
AngloGold Ashanti Ltd.		341,034		6,021,614
Exxaro Resources Ltd.		63,167		449,716
Impala Platinum Holdings Ltd.^(a)		656,756		5,203,867
Investec Ltd.		237,526		1,190,838
Kumba Iron Ore Ltd.		52,545		937,470
Liberty Holdings Ltd.		108,028		643,505
Momentum Metropolitan Holdings		747,043		845,270
Mr. Price Group Ltd.		210,858		2,023,534
Old Mutual Ltd.		3,970,933		3,952,885
Reinet Investments SCA		119,780		2,454,533
RMB Holdings Ltd.		213,909		952,641
Telkom SA SOC Ltd.		231,650		384,034
				28,001,433
South Korea — 9.5%
BNK Financial Group Inc.		230,633		1,171,680
Coway Co. Ltd.		42,375		2,403,983
Daelim Industrial Co. Ltd.^(a)		22,713		1,355,861
DB Insurance Co. Ltd.		40,906		1,458,403
Hana Financial Group Inc.		108,141		2,795,906
Hankook Tire & Technology Co. Ltd.		60,681		1,274,076
Hyundai Department Store Co. Ltd.		11,639		679,461
Hyundai Marine & Fire Insurance Co. Ltd.		52,319		973,577
Kia Motors Corp.		216,960		6,475,751
LG Uplus Corp.		90,739		986,212
Samsung Electronics Co. Ltd.		181,139		8,083,766
SK Hynix Inc.		178,314		12,905,558

22	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^®Edge MSCI Multifactor Emerging Markets ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

South Korea (continued)
SK Telecom Co. Ltd.		16,611	$	2,906,412
				43,470,646
Taiwan — 14.5%
Accton Technology Corp.		452,000		2,440,661
Asia Cement Corp.		1,808,000		2,648,155
Chicony Electronics Co. Ltd.		452,169		1,246,920
Compal Electronics Inc.		3,277,000		1,996,752
Feng TAY Enterprise Co. Ltd.		268,968		1,518,966
Formosa Taffeta Co. Ltd.		678,000		750,111
Foxconn Technology Co. Ltd.		791,000		1,554,335
Inventec Corp.		2,034,000		1,541,647
Lite-On Technology Corp.		1,752,718		2,538,241
Micro-Star International Co. Ltd.		565,000		1,694,282
Nanya Technology Corp.		1,017,000		2,596,281
Novatek Microelectronics Corp.		477,000		3,079,757
Phison Electronics Corp.		113,000		1,244,588
Pou Chen Corp.		1,808,000		2,036,123
Powertech Technology Inc.		610,000		2,054,856
Realtek Semiconductor Corp.		452,000		3,358,708
Ruentex Development Co. Ltd.		452,000		612,778
Ruentex Industries Ltd.		281,400		628,235
Standard Foods Corp.		339,000		760,188
Synnex Technology International Corp.		1,130,000		1,403,193
Taiwan Business Bank		3,277,104		1,298,742
Taiwan Semiconductor Manufacturing Co. Ltd.		1,062,000		11,083,142
United Microelectronics Corp.		9,040,000		4,567,843
Walsin Technology Corp.		226,000		1,589,788
Win Semiconductors Corp.		280,000		2,529,104
Winbond Electronics Corp.		2,373,000		1,253,918
Wistron Corp.		2,260,063		2,019,013
WPG Holdings Ltd.		1,243,160		1,592,979
Yageo Corp.		226,358		3,065,004
Zhen Ding Technology Holding Ltd.		452,000		1,724,137
				66,428,447
Thailand — 0.4%
Krung Thai Bank PCL, NVDR		3,017,100		1,338,596
TMB Bank PCL, NVDR^(b)		9,474,089		327,262
				1,665,858
United Arab Emirates — 1.4%
Aldar Properties PJSC		3,137,784		1,811,131
Dubai Islamic Bank PJSC		1,324,812		1,947,775
Emaar Properties PJSC		2,869,070		2,734,010
				6,492,916

Total Common Stocks — 95.9%
(Cost: $445,093,886)				439,416,097

Security	Shares		Value

Preferred Stocks

Brazil — 2.9%
Itausa-Investimentos Itau SA, Preference Shares, NVS		3,288,338	$	8,753,547
Telefonica Brasil SA, Preference Shares, NVS		372,900		4,412,000
				13,165,547
Russia — 0.6%
Surgutneftegas PJSC, Preference Shares, NVS		5,717,800		2,788,278

Total Preferred Stocks — 3.5%
(Cost: $17,123,550)				15,953,825

Short-Term Investments

Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(d)(e)(f)		2,735,981		2,737,896
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(d)(e)		785,000		785,000
				3,522,896

Total Short-Term Investments — 0.8%
(Cost: $3,521,815)				3,522,896

Total Investments in Securities — 100.2%
(Cost: $465,739,251)				458,892,818

Other Assets, Less Liabilities — (0.2)%				(966,229	)

Net Assets — 100.0%			$	457,926,589

^(a)

Non-income producing security.

^(b) 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

Schedule of Investments (unaudited) (continued)	iShares^®Edge MSCI Multifactor Emerging Markets ETF
February 29, 2020

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, for purposes of Section 2(a)(3) of the 1940Act, were as follows:

Affiliated Issuer	Shares Held at 08/31/19		Net Activity			Shares Held at 02/29/20		Value at 02/29/20		Income			Net Realized Gain (Loss)		^(a)	Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		3,212,175		(476,194	)		2,735,981	$	2,737,896	$	21,527	^(b)	$	(537	)	$	922
BlackRock Cash Funds: Treasury, SL Agency Shares		300,000		485,000			785,000		785,000		6,149			—			—
								$	3,522,896	$	27,676		$	(537	)	$	922

^(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		45	03/20/20	$	2,270	$	(133,194	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	133,194

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	68,120
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(64,397	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	1,785,100

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 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^® Edge MSCI Multifactor Emerging Markets ETF
February 29, 2020

Fair Value Measurements (continued)

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	439,412,995		$	3,102	$	—	$	439,416,097
Preferred Stocks		15,953,825			—		—		15,953,825
Money Market Funds		3,522,896			—		—		3,522,896
	$	458,889,716		$	3,102	$	—	$	458,892,818
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(133,194	)	$	—	$	—	$	(133,194	)

^(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

Schedule of Investments (unaudited) iShares^®ESG MSCI EM ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Argentina — 0.1%
Globant SA^(a)		18,971	$	2,143,913

Brazil — 4.3%
Atacadao SA		1,250,000		5,732,382
B3 SA - Brasil, Bolsa, Balcao		2,048,500		21,794,244
Banco Bradesco SA		416,242		2,517,758
Banco do Brasil SA		566,400		5,882,882
Banco Santander Brasil SA		876,200		7,741,144
Cielo SA		1,277,400		1,939,466
Cosan SA		273,700		4,438,870
Energisa SA		150,900		1,806,124
Klabin SA		526,600		2,246,861
Localiza Rent a Car SA		1,097,722		12,053,489
Lojas Renner SA		449,810		5,313,992
Natura & Co. Holding SA		764,600		7,712,687
Petrobras Distribuidora SA		388,100		2,245,168
Ultrapar Participacoes SA		1,631,700		6,900,543
				88,325,610
Chile — 0.9%
Empresas COPEC SA		883,078		6,834,643
Enel Americas SA		68,787,097		11,487,855
				18,322,498
China — 33.2%
3SBio Inc.^(a)(b)		1,698,500		1,761,041
AAC Technologies Holdings Inc.		568,000		3,720,803
Aisino Corp., Class A		812,595		2,743,447
Alibaba Group Holding Ltd., ADR^(a)		637,889		132,680,912
Alibaba Health Information Technology Ltd.^(a)		2,468,000		4,731,385
Alibaba Pictures Group Ltd.^(a)		14,680,000		1,977,916
A-Living Services Co. Ltd., Class H^(b)		840,000		3,761,813
Autohome Inc., ADR^(a)		27,979		2,173,129
BAIC Motor Corp. Ltd., Class H^(b)		11,085,500		5,433,894
Baidu Inc., ADR^(a)		32,842		3,940,383
BBMG Corp., Class H		7,500,000		2,107,647
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		637,995		2,834,844
BOC Aviation Ltd.^(b)		514,000		4,461,937
BOE Technology Group Co. Ltd., Class A		4,322,100		3,029,712
Brilliance China Automotive Holdings Ltd.		2,404,000		2,035,968
BYD Co. Ltd., Class A		394,916		3,693,122
BYD Co. Ltd., Class H^(c)		803,000		4,915,033
BYD Electronic International Co. Ltd.^(c)		1,154,000		2,161,978
Caitong Securities Co. Ltd., Class A		1,479,887		2,349,968
China Agri-Industries Holdings Ltd.		4,198,000		2,278,638
China CITIC Bank Corp. Ltd., Class H		4,466,000		2,320,953
China Construction Bank Corp., Class H		29,978,000		24,234,594
China Eastern Airlines Corp. Ltd., Class A^(a)		3,025,400		1,964,939
China Everbright Bank Co. Ltd., Class H		10,042,000		4,020,382
China Everbright International Ltd.		3,125,666		2,081,625
China International Capital Corp. Ltd., Class H^(b)		1,945,600		3,590,087
China Lesso Group Holdings Ltd.		2,757,000		4,139,188
China Life Insurance Co. Ltd., Class H		1,527,000		3,577,934
China Mengniu Dairy Co. Ltd.		617,000		2,212,888
China Merchants Bank Co. Ltd., Class H		3,007,500		14,182,589
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		2,084,271		5,170,275
China Minsheng Banking Corp. Ltd., Class H		11,674,500		7,879,825
China Mobile Ltd.		1,299,000		10,217,912

Security	Shares		Value

China (continued)
China Molybdenum Co. Ltd., Class A		3,116,000	$	1,814,271
China Molybdenum Co. Ltd., Class H		12,054,000		4,501,080
China Pacific Insurance Group Co. Ltd., Class H		1,035,200		3,407,251
China Vanke Co. Ltd., Class H		732,000		2,817,895
Country Garden Services Holdings Co. Ltd.		1,998,000		7,794,022
CSPC Pharmaceutical Group Ltd.		1,572,000		3,582,515
Eve Energy Co. Ltd., Class A^(a)		349,924		3,331,441
Everbright Securities Co. Ltd., Class A		1,312,597		2,230,788
Fosun International Ltd.		5,346,500		6,812,576
Founder Securities Co. Ltd., Class A		2,224,666		2,329,627
Geely Automobile Holdings Ltd.		6,474,000		11,514,059
Genscript Biotech Corp.^(a)		984,000		2,048,040
Glodon Co. Ltd., Class A		479,685		3,068,112
Greentown Service Group Co. Ltd.		2,524,000		3,154,575
Guangzhou Automobile Group Co. Ltd., Class H		2,317,200		2,583,901
Huadong Medicine Co. Ltd., Class A		735,312		2,030,203
Huaxia Bank Co. Ltd., Class A		4,883,332		4,855,248
Hutchison China MediTech Ltd., ADR^(a)		82,467		1,923,130
Industrial & Commercial Bank of China Ltd., Class H		14,437,000		9,874,081
Industrial Bank Co. Ltd., Class A		1,162,897		2,876,383
JD.com Inc., ADR^(a)		173,708		6,689,495
Kingboard Laminates Holdings Ltd.		2,048,500		2,042,441
Kingdee International Software Group Co. Ltd.		5,953,000		7,615,941
Legend Holdings Corp., Class H^(b)		2,686,000		4,618,525
Lenovo Group Ltd.		8,260,000		5,098,209
Meituan Dianping, Class B^(a)		812,500		10,311,271
NetEase Inc., ADR		21,875		6,971,781
NIO Inc., ADR^(a)(c)		823,971		3,403,000
Orient Securities Co. Ltd., Class A		1,500,097		2,139,562
Pinduoduo Inc., ADR^(a)		111,599		3,993,012
Ping An Healthcare and Technology Co. Ltd.^(a)(b)		211,100		2,062,769
Ping An Insurance Group Co. of China Ltd., Class A		206,700		2,298,178
Ping An Insurance Group Co. of China Ltd., Class H		2,506,000		27,863,917
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		881,896		2,355,440
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		3,361,900		6,151,724
Shanghai Pudong Development Bank Co. Ltd., Class A		1,354,792		2,102,872
Shenzhen Inovance Technology Co. Ltd., Class A		704,700		2,854,004
Shenzhou International Group Holdings Ltd.		437,500		5,375,383
Shui On Land Ltd.		15,398,000		3,062,588
Sino Biopharmaceutical Ltd.		2,231,000		3,229,247
Sinopharm Group Co. Ltd., Class H.		1,000,000		3,086,083
Sinotrans Ltd., Class H.		13,135,000		3,708,048
SOHO China Ltd.		14,375,000		5,201,750
Sunac China Holdings Ltd.		816,000		4,450,119
Suning.com Co. Ltd., Class A.		4,087,271		5,426,150
Sunny Optical Technology Group Co. Ltd.		304,300		4,732,571
TAL Education Group, ADR^(a)(c).		84,260		4,582,901
TCL Technology Group Corp., Class A		5,859,600		4,928,965
Tencent Holdings Ltd.		2,242,600		111,078,923
Towngas China Co. Ltd.		3,386,000		1,963,893
TravelSky Technology Ltd., Class H.		1,050,000		2,053,368
Trip.com Group Ltd., ADR^(a).		142,000		4,311,120
Unisplendour Corp. Ltd., Class A		724,030		4,704,507
Vipshop Holdings Ltd., ADR^(a)(c)		267,750		3,435,233
Wanda Film Holding Co. Ltd., Class A^(a).		609,100		1,411,608
WuXi AppTec Co. Ltd., Class A		151,064		2,290,748
WuXi AppTec Co. Ltd., Class H^(b)		370,300		5,459,669
Wuxi Biologics Cayman Inc.^(a)(b).		641,000		9,376,817
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		1,344,871		2,023,983

26	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^®ESG MSCI EM ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

China (continued)
Xinjiang Goldwind Science & Technology Co. Ltd.,
Class H		2,552,136	$	2,534,763
Xinyi Solar Holdings Ltd.		3,822,000		3,025,996
Yum China Holdings Inc.		77,760		3,405,110
Yuzhou Properties Co. Ltd.		12,844,000		6,295,876
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		3,100,400		2,570,057
				673,233,576
Colombia — 0.2%
Bancolombia SA		200,625		2,205,876
Interconexion Electrica SA ESP		357,275		1,873,471
				4,079,347
Czech Republic — 0.2%
Komercni Banka AS		125,625		3,828,693

Greece — 0.2%
Alpha Bank AE^(a)		1,356,698		1,917,970
OPAP SA		191,034		2,035,460
				3,953,430
Hungary — 0.8%
MOL Hungarian Oil & Gas PLC		2,201,366		16,930,106

India — 9.1%
Ashok Leyland Ltd.		1,917,797		1,857,540
Asian Paints Ltd.		572,643		14,266,581
Axis Bank Ltd.		525,000		5,072,678
Axis Bank Ltd., GDR^(d)		66,880		3,156,736
Bajaj Finance Ltd.		63,901		3,954,305
Bandhan Bank Ltd.^(b)		360,597		1,916,222
Bharat Petroleum Corp. Ltd.		342,753		2,024,911
Bharti Airtel Ltd.^(a)		418,373		3,034,860
Dabur India Ltd.		1,386,769		9,533,046
Eicher Motors Ltd.		9,080		2,088,881
HCL Technologies Ltd.		678,813		5,026,137
Hero MotoCorp Ltd.		72,946		2,073,883
Hindalco Industries Ltd.		28,430		61,416
Hindustan Unilever Ltd.		423,685		12,767,644
Housing Development Finance Corp. Ltd.		798,172		24,063,778
ICICI Bank Ltd.		894,529		6,163,502
Indian Oil Corp. Ltd.		2,131,916		3,123,984
Infosys Ltd.		1,945,625		19,726,523
Mahindra & Mahindra Ltd.		332,592		2,106,366
Mahindra & Mahindra Ltd., GDR		618,125		3,850,919
Marico Ltd.		1,089,146		4,508,711
Nestle India Ltd.		35,992		7,869,365
Power Grid Corp. of India Ltd.		1,077,225		2,709,202
REC Ltd.		1,113,555		1,817,671
Reliance Industries Ltd.		715,734		13,177,122
Reliance Industries Ltd., GDR^(b)		78,416		2,850,422
Tata Consultancy Services Ltd.		538,125		14,914,341
Titan Co. Ltd.		321,455		5,587,907
UPL Ltd.		335,000		2,412,436
Wipro Ltd.		867,500		2,661,972
				184,379,061
Indonesia — 1.5%
Astra International Tbk PT		1,421,700		547,475
Bank Central Asia Tbk PT		5,484,700		12,022,569
Bank Negara Indonesia Persero Tbk PT		8,326,200		4,076,777
Bank Rakyat Indonesia Persero Tbk PT		30,406,500		8,879,821
Kalbe Farma Tbk PT		22,187,600		1,886,661

Security	Shares		Value

Indonesia (continued)
Unilever Indonesia Tbk PT		4,936,500	$	2,348,257
United Tractors Tbk PT		107,600		124,493
				29,886,053
Malaysia — 3.2%
AMMB Holdings Bhd		2,970,300		2,607,381
Axiata Group Bhd		2,812,500		2,789,146
Malayan Banking Bhd		2,769,600		5,532,629
Maxis Bhd^(c)		6,375,000		8,212,633
Nestle Malaysia Bhd		281,300		9,543,511
Petronas Dagangan Bhd		664,900		3,602,922
Public Bank Bhd		4,493,400		18,229,452
RHB Bank Bhd		6,312,500		8,311,833
Sime Darby Plantation Bhd		3,125,000		3,677,343
Telekom Malaysia Bhd		2,375,000		2,084,816
				64,591,666
Mexico — 2.2%
Alsea SAB de CV^(a)		958,000		1,931,824
Arca Continental SAB de CV		375,000		2,045,627
Cemex SAB de CV, CPO, NVS		12,562,500		4,023,249
Coca-Cola Femsa SAB de CV .		1,063,100		5,852,380
Fomento Economico Mexicano SAB de CV		328,600		2,642,710
Grupo Financiero Banorte SAB de CV, Class O		1,437,500		7,743,540
Infraestructura Energetica Nova SAB de CV		2,609,500		11,286,106
Wal-Mart de Mexico SAB de CV		3,250,000		9,062,208
				44,587,644
Philippines — 0.6%
BDO Unibank Inc.		2,962,500		8,078,224
Globe Telecom Inc.		57,850		2,018,934
SM Prime Holdings Inc.		2,892,900		2,173,577
				12,270,735
Poland — 0.6%
Bank Polska Kasa Opieki SA		99,375		2,219,032
KGHM Polska Miedz SA^(a)		211,059		3,776,118
Polski Koncern Naftowy ORLEN SA		268,542		3,994,040
Santander Bank Polska SA		33,566		2,135,175
				12,124,365
Qatar — 0.7%
Qatar Fuel QSC		147,828		778,403
Qatar National Bank QPSC		2,526,477		12,986,338
				13,764,741
Russia — 3.7%
Gazprom PJSC		3,396,960		10,243,957
Gazprom PJSC, ADR		342,500		2,065,275
Inter RAO UES PJSC		21,202,635		1,641,942
LUKOIL PJSC		236,191		20,032,301
Novatek PJSC, GDR^(d)		56,875		8,150,187
Novolipetsk Steel PJSC		1,918,670		3,567,241
Polymetal International PLC		476,851		7,274,107
Polyus PJSC		40,472		5,097,545
Rosneft Oil Co. PJSC		41,720		250,444
Rosneft Oil Co. PJSC, GDR^(d)		347,194		2,100,524
Sberbank of Russia PJSC		4,413,510		15,326,439
				75,749,962
Saudi Arabia — 1.7%
Almarai Co. JSC		256,875		3,136,046
Banque Saudi Fransi		562,500		5,105,458
National Commercial Bank		454,375		5,365,537
Samba Financial Group		281,669		2,015,944

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	iShares^®ESG MSCI EM ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Saudi Arabia (continued)
Saudi Arabian Mining Co.^(a)		397,500	$	4,036,985
Saudi Basic Industries Corp.		625,000		13,111,422
Saudi British Bank (The)		323,750		2,433,626
				35,205,018
South Africa — 5.1%
Absa Group Ltd.		561,250		4,720,044
Bidvest Group Ltd. (The)		153,125		1,752,058
Clicks Group Ltd.		290,000		4,341,290
FirstRand Ltd.		713,750		2,500,836
Gold Fields Ltd.		358,082		2,099,121
Growthpoint Properties Ltd.		3,410,000		3,815,021
Impala Platinum Holdings Ltd.^(a)		208,148		1,649,280
Investec Ltd.		2,054,375		10,299,625
Kumba Iron Ore Ltd.		201,875		3,601,707
MultiChoice Group Ltd.^(a)		312,072		1,793,697
Naspers Ltd., Class N		161,875		24,499,550
Nedbank Group Ltd.		216,102		2,426,074
NEPI Rockcastle PLC		541,210		3,921,936
Old Mutual Ltd.		10,762,576		10,713,660
Standard Bank Group Ltd.		841,250		7,941,113
Vodacom Group Ltd.		2,249,932		15,685,093
Woolworths Holdings Ltd.		1,235,361		2,807,371
				104,567,476
South Korea — 10.6%
Amorepacific Corp.^(a)		28,125		3,728,386
AMOREPACIFIC Group^(a)		51,875		2,648,209
BNK Financial Group Inc.		354,805		1,802,509
GS Holdings Corp.		192,844		6,549,868
Hana Financial Group Inc.		73,554		1,901,684
Hankook Tire & Technology Co. Ltd.		93,125		1,955,280
Hyundai Marine & Fire Insurance Co. Ltd.		113,313		2,108,583
KB Financial Group Inc.		255,859		8,195,072
LG Chem Ltd.		29,375		8,900,782
LG Corp.		94,375		5,245,214
LG Display Co. Ltd.^(a)(c)		496,368		5,558,341
LG Electronics Inc.		146,875		7,304,446
LG Household & Health Care Ltd.		4,375		4,398,415
LG Innotek Co. Ltd.		22,535		2,412,145
NAVER Corp.		59,916		8,584,096
NCSoft Corp.		6,875		3,673,837
POSCO		54,520		8,776,171
Samsung Card Co. Ltd.		69,645		1,932,513
Samsung Electro-Mechanics Co. Ltd.		22,102		2,293,003
Samsung Electronics Co. Ltd.		1,714,520		76,514,602
Samsung Fire & Marine Insurance Co. Ltd.		12,553		2,046,516
Samsung SDI Co. Ltd.		30,693		7,455,278
Shinhan Financial Group Co. Ltd.		510,801		13,584,909
SK Holdings Co. Ltd.		38,185		6,036,657
SK Hynix Inc.		138,228		10,004,316
SK Innovation Co. Ltd.		35,180		3,273,232
SK Telecom Co. Ltd.		29,403		5,144,617
S-Oil Corp.		55,194		3,026,694
				215,055,375
Taiwan — 13.5%
Acer Inc.		11,093,000		5,989,879
ASE Technology Holding Co. Ltd.		1,030,186		2,425,808
Catcher Technology Co. Ltd.		253,000		1,980,251
Cathay Financial Holding Co. Ltd.		8,697,110		11,503,468
Chailease Holding Co. Ltd.		741,300		2,815,420

Security	Shares		Value

Taiwan (continued)
China Steel Corp.		3,247,000	$	2,466,388
Chunghwa Telecom Co. Ltd.		2,276,000		8,117,968
CTBC Financial Holding Co. Ltd.		9,400,000		7,047,012
Delta Electronics Inc.		1,382,000		6,389,802
E.Sun Financial Holding Co. Ltd.		24,504,390		23,509,388
Eva Airways Corp.		5,625,000		2,238,519
Far Eastern New Century Corp.		3,750,000		3,498,654
Far EasTone Telecommunications Co. Ltd.		1,250,000		2,728,744
First Financial Holding Co. Ltd.		11,439,000		8,953,394
Fubon Financial Holding Co. Ltd.		9,584,000		14,069,215
Hiwin Technologies Corp.		203,050		2,021,816
Hotai Motor Co. Ltd.		282,000		5,839,396
Inventec Corp.		5,196,000		3,938,249
Lite-On Technology Corp.		2,752,039		3,985,433
MediaTek Inc.		382,000		4,541,687
President Chain Store Corp.		807,000		7,902,228
Taishin Financial Holding Co. Ltd.		26,113,054		12,246,086
Taiwan Business Bank		14,504,500		5,748,245
Taiwan Mobile Co. Ltd.		625,000		2,167,308
Taiwan Semiconductor Manufacturing Co. Ltd.		10,263,000		107,105,732
Tatung Co. Ltd.^(a)		3,003,000		2,087,655
Win Semiconductors Corp.		226,000		2,041,348
Wistron Corp.		8,584,768		7,669,148
Yuanta Financial Holding Co. Ltd.		4,488,000		2,845,807
				273,874,048
Thailand — 3.2%
Bangkok Dusit Medical Services PCL, NVDR		2,914,700		2,050,589
BTS Group Holdings PCL, NVDR		9,974,300		3,445,409
Central Pattana PCL, NVDR		1,312,500		2,204,484
Kasikornbank PCL		625,000		2,366,899
Kasikornbank PCL, NVDR		1,625,000		6,128,189
Minor International PCL, NVDR		18,665,100		16,266,527
PTT Exploration & Production PCL, NVDR		1,191,200		4,001,496
PTT PCL, NVDR		6,862,600		8,481,743
Siam Cement PCL (The), NVDR		1,004,300		9,866,360
Siam Commercial Bank PCL (The), NVDR		2,812,500		7,776,600
Total Access Communication PCL, NVDR		1,646,600		1,904,640
				64,492,936
Turkey — 0.4%
Arcelik AS^(a)		1,438,593		4,277,162
Turkcell Iletisim Hizmetleri AS		1,434,540		3,177,027
				7,454,189
United Arab Emirates — 0.9%
Abu Dhabi Commercial Bank PJSC		4,023,750		7,811,086
First Abu Dhabi Bank PJSC		2,491,875		9,715,388
				17,526,474
Total Common Stocks — 96.9%
(Cost: $2,095,834,334)				1,966,346,916

Preferred Stocks

Brazil — 2.0%
Banco Bradesco SA, Preference Shares, NVS		1,500,046		10,150,700
Cia. Brasileira de Distribuicao, Preference Shares, NVS		239,500		3,827,944
Cia. Energetica de Minas Gerais, Preference Shares, NVS		2,483,182		7,683,491
Itau Unibanco Holding SA, Preference Shares, NVS		1,429,210		10,137,028
Itausa-Investimentos Itau SA, Preference Shares, NVS		1,500,031		3,993,078

28	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^®ESG MSCI EM ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Brazil (continued)
Telefonica Brasil SA, Preference Shares, NVS		453,800	$	5,369,176
				41,161,417
Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		213,125		2,528,376

South Korea — 0.8%
LG Household & Health Care Ltd., Preference Shares, NVS		3,556		2,146,190
Samsung Electronics Co. Ltd., Preference Shares, NVS .		345,961		12,975,318
				15,121,508

Total Preferred Stocks — 2.9%
(Cost: $66,184,575)				58,811,301

Rights

China — 0.0%
Legend Holdings Corp. Class H, (Expires 04/16/20)^(a)		29,546		0	^(e)

Total Rights — 0.0%
(Cost: $0)				0	^(e)

Warrants

Thailand — 0.0%
BTS Group Holdings PCL (Expires 02/16/21)^(a)		437,580		11,926

Total Warrants — 0.0%
(Cost: $0)				11,926

Security	Shares		Value

Short-Term Investments

Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(f)(g)(h)		11,861,712	$	11,870,015

Total Short-Term Investments — 0.6%
(Cost: $11,867,321)				11,870,015

Total Investments in Securities — 100.4%
(Cost: $2,173,886,230)				2,037,040,158

Other Assets, Less Liabilities — (0.4)%				(7,683,836	)

Net Assets — 100.0%			$	2,029,356,322

^(a)

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) Rounds to less than $1.

^(f) Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 29, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 08/31/19		Net Activity			Shares Held at 02/29/20		Value at 02/29/20		Income			Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		5,712,482		6,149,230			11,861,712	$	11,870,015	$	189,631	(b)	$	1,109	$	988
BlackRock Cash Funds: Treasury, SL Agency Shares		1,431,000		(1,431,000	)		—		—		15,270			—		—
								$	11,870,015	$	204,901		$	1,109	$	988

^(a)

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

Futures Contracts

Value/

Notional

Unrealized

Number of

Expiration

Amount

Appreciation

Description

Contracts

Date

(000

)

(Depreciation)

Long Contracts

MSCI Emerging Markets E-Mini

148

03/20/20

7,465

(266,110

)

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	iShares^®ESG MSCI EM ETF
February 29, 2020

Derivative Financial Instruments Categorized by Risk Exposure

As of February 29, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	266,110

^(a)

For the six months ended February 29, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(60,032	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(241,612	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	3,664,273

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	$	1,966,346,916		$	—		$	—	$	1,966,346,916
Preferred Stocks		58,811,301			—			—		58,811,301
Rights		—			0	^(a)		—		0	^(a)
Warrants		11,926			—			—		11,926
Money Market Funds		11,870,015			—			—		11,870,015
	$	2,037,040,158		$	0	^(a)	$	—	$	2,037,040,158
Derivative financial instruments^(b)
Liabilities
Futures Contracts	$	(266,110	)	$	—		$	—	$	(266,110	)

^(a)

Rounds to less than $1.

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

See notes to financial statements.

30	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) iShares^®MSCI Emerging Markets ex China ETF

February 29, 2020 (Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Argentina — 0.3%
Banco Macro SA, ADR		343	$	9,940
Globant SA^(a)		315		35,598
Grupo Financiero Galicia SA, ADR		665		8,406
Telecom Argentina SA, ADR		1,295		15,022
YPF SA, ADR		1,253		10,011
				78,977
Brazil — 7.2%
Ambev SA		40,600		130,844
Atacadao SA		3,500		16,051
B2W Cia. Digital^(a)		2,168		29,865
B3 SA - Brasil, Bolsa, Balcao		18,200		193,632
Banco Bradesco SA		9,144		55,310
Banco BTG Pactual SA		2,100		31,447
Banco do Brasil SA		7,000		72,705
Banco Santander Brasil SA		2,800		24,738
BB Seguridade Participacoes SA		6,300		44,475
BR Malls Participacoes SA		8,400		30,423
BRF SA^(a)		4,900		29,368
CCR SA.		10,500		38,005
Centrais Eletricas Brasileiras SA		2,791		21,361
Cia. de Saneamento Basico do Estado de Sao Paulo		2,800		36,461
Cia. Siderurgica Nacional SA		6,300		15,612
Cielo SA		10,500		15,942
Cogna Educacao		13,300		29,745
Cosan SA		1,400		22,705
Embraer SA^(a)		7,000		26,314
Energisa SA		1,400		16,757
Engie Brasil Energia SA		2,100		22,123
Equatorial Energia SA		8,400		45,913
Hapvida Participacoes e Investimentos SA^(b)		1,400		17,129
Hypera SA		3,500		26,609
IRB Brasil Resseguros S/A		6,300		46,430
JBS SA		9,800		49,308
Klabin SA		7,700		32,854
Localiza Rent a Car SA		5,840		64,126
Lojas Renner SA		7,030		83,051
Magazine Luiza SA		6,300		70,545
Multiplan Empreendimentos Imobiliarios SA		4,200		28,412
Natura & Co. Holding SA		4,900		49,427
Notre Dame Intermedica Participacoes SA		4,200		58,862
Petrobras Distribuidora SA		5,600		32,396
Petroleo Brasileiro SA		31,500		189,559
Raia Drogasil SA		2,100		55,809
Rumo SA^(a)		11,200		52,430
Sul America SA		1,400		16,775
Suzano SA		4,900		41,423
TIM Participacoes SA		7,000		25,026
Ultrapar Participacoes SA		6,300		26,643
Vale SA		28,071		275,692
WEG SA		7,040		67,331
				2,259,633
Chile — 0.9%
Banco de Chile		300,181		26,365
Banco de Credito e Inversiones SA		540		20,077
Banco Santander Chile		569,135		25,316
Cencosud SA		13,265		15,524
Cia. Cervecerias Unidas SA		1,918		14,365
Empresas CMPC SA		12,418		24,977

Security	Shares		Value

Chile (continued)
Empresas COPEC SA		3,640	$	28,172
Enel Americas SA		339,626		56,720
Enel Chile SA.		335,699		29,873
Latam Airlines Group SA		2,201		14,639
SACI Falabella		8,008		26,553
				282,581
Colombia — 0.4%
Bancolombia SA		3,157		34,711
Ecopetrol SA		41,244		36,104
Grupo Argos SA		3,843		16,252
Grupo de Inversiones Suramericana SA		2,828		24,317
Interconexion Electrica SA ESP		4,816		25,254
				136,638
Czech Republic — 0.2%
CEZ AS		1,274		24,241
Komercni Banka AS		714		21,761
Moneta Money Bank AS^(b)		3,885		12,812
				58,814
Egypt — 0.2%
Commercial International Bank Egypt SAE .		10,737		56,706
Eastern Co. SAE		9,744		8,938
				65,644
Greece — 0.3%
Alpha Bank AE^(a)		13,860		19,594
Eurobank Ergasias SA^(a)		20,004		12,437
Hellenic Telecommunications Organization SA		1,824		25,686
Jumbo SA		1,064		16,619
National Bank of Greece SA^(a)		4,914		10,793
OPAP SA		1,794		19,115
				104,244
Hungary — 0.4%
MOL Hungarian Oil & Gas PLC		3,864		29,717
OTP Bank Nyrt		1,869		80,808
Richter Gedeon Nyrt		1,253		25,334
				135,859
Indonesia — 2.8%
Adaro Energy Tbk PT		130,900		10,538
Astra International Tbk PT		168,700		64,964
Bank Central Asia Tbk PT		86,100		188,733
Bank Mandiri Persero Tbk PT		169,400		85,895
Bank Negara Indonesia Persero Tbk PT		73,500		35,988
Bank Rakyat Indonesia Persero Tbk PT		502,600		146,778
Barito Pacific Tbk PT^(a)		247,800		17,012
Charoen Pokphand Indonesia Tbk PT		71,400		28,366
Gudang Garam Tbk PT		4,900		17,418
Hanjaya Mandala Sampoerna Tbk PT		62,300		7,382
Indah Kiat Pulp & Paper Corp. Tbk PT		21,000		8,233
Indocement Tunggal Prakarsa Tbk PT		18,200		18,933
Indofood CBP Sukses Makmur Tbk PT		14,700		10,527
Indofood Sukses Makmur Tbk PT		47,600		21,565
Kalbe Farma Tbk PT		199,500		16,964
Pabrik Kertas Tjiwi Kimia Tbk PT		14,700		6,147
Perusahaan Gas Negara Tbk PT		108,500		9,680
Semen Indonesia Persero Tbk PT		32,200		23,509
Telekomunikasi Indonesia Persero Tbk PT		452,200		109,997
Unilever Indonesia Tbk PT		66,500		31,633
United Tractors Tbk PT		16,100		18,628

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	iShares^® MSCI Emerging Markets ex China ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Indonesia (continued)
XL Axiata Tbk PT^(a)		12,600	$	2,274
				881,164
Malaysia — 2.8%
Axiata Group Bhd		27,300		27,073
British American Tobacco Malaysia Bhd		100		295
CIMB Group Holdings Bhd		48,300		55,233
Dialog Group Bhd		30,800		24,406
DiGi.Com Bhd		35,700		35,234
Gamuda Bhd		22,400		17,591
Genting Bhd		23,800		27,950
Genting Malaysia Bhd		28,000		19,198
Hartalega Holdings Bhd		15,400		22,652
Hong Leong Bank Bhd		8,400		30,491
IHH Healthcare Bhd		21,000		28,399
IOI Corp. Bhd		14,700		14,543
Kuala Lumpur Kepong Bhd		4,900		25,389
Malayan Banking Bhd		37,800		75,510
Malaysia Airports Holdings Bhd		4,800		7,505
Maxis Bhd		23,800		30,661
MISC Bhd		16,800		30,252
Nestle Malaysia Bhd		700		23,749
Petronas Chemicals Group Bhd		19,600		25,110
Petronas Gas Bhd		4,900		19,321
PPB Group Bhd		6,340		27,225
Press Metal Aluminium Holdings Bhd		17,500		19,348
Public Bank Bhd		28,700		116,434
RHB Bank Bhd		14,000		18,434
Sime Darby Bhd		32,200		15,279
Sime Darby Plantation Bhd		21,700		25,535
Telekom Malaysia Bhd		4,200		3,687
Tenaga Nasional Bhd		26,600		76,361
Top Glove Corp. Bhd		17,500		23,416
YTL Corp. Bhd		42,740		8,568
				874,849
Mexico — 3.6%
Alfa SAB de CV, Class A		19,600		12,445
America Movil SAB de CV, Series L, NVS		298,200		233,782
Arca Continental SAB de CV		4,200		22,911
Cemex SAB de CV, CPO, NVS		128,800		41,249
Coca-Cola Femsa SAB de CV		4,900		26,975
Fibra Uno Administracion SA de CV		30,100		44,991
Fomento Economico Mexicano SAB de CV		16,800		135,111
Gruma SAB de CV, Series B		1,820		17,381
Grupo Aeroportuario del Pacifico SAB de CV, Series B.		3,500		37,775
Grupo Aeroportuario del Sureste SAB de CV, Class B.		2,205		36,187
Grupo Bimbo SAB de CV, Series A		16,100		24,146
Grupo Financiero Banorte SAB de CV, Class O		23,100		124,435
Grupo Financiero Inbursa SAB de CV, Class O		17,500		18,670
Grupo Mexico SAB de CV, Series B		32,200		75,504
Grupo Televisa SAB, CPO		21,700		40,371
Industrias Penoles SAB de CV		1,400		12,549
Infraestructura Energetica Nova SAB de CV		2,100		9,083
Kimberly-Clark de Mexico SAB de CV, Class A		17,500		32,947
Megacable Holdings SAB de CV, CPO		2,800		9,321
Orbia Advance Corp. SAB de CV		9,100		17,693
Promotora y Operadora de Infraestructura SAB de CV		3,010		29,213
Wal-Mart de Mexico SAB de CV		46,200		128,823
				1,131,562

Security	Shares		Value

Pakistan — 0.0%
MCB Bank Ltd		6,300	$	7,987

Peru — 0.5%
Cia. de Minas Buenaventura SAA, ADR		1,967		21,932
Credicorp Ltd.		602		109,125
Southern Copper Corp.		777		26,146
				157,203
Philippines — 1.5%
Aboitiz Equity Ventures Inc.		25,550		21,377
Ayala Corp.		2,590		33,661
Ayala Land Inc.		81,900		62,660
BDO Unibank Inc.		17,360		47,338
GT Capital Holdings Inc.		1,194		16,654
International Container Terminal Services Inc.		8,960		18,632
JG Summit Holdings Inc.		31,010		41,063
Jollibee Foods Corp.		4,830		16,108
Manila Electric Co.		2,870		15,190
Metro Pacific Investments Corp.		189,600		11,419
Metropolitan Bank & Trust Co.		7,987		8,782
PLDT Inc.		875		16,993
SM Investments Corp.		2,345		44,830
SM Prime Holdings Inc.		100,100		75,210
Universal Robina Corp.		9,030		25,031
				454,948
Poland — 1.2%
Bank Polska Kasa Opieki SA		1,547		34,544
CCC SA		532		9,708
CD Projekt SA		609		43,018
Dino Polska SA^(a)(b)		294		10,574
Grupa Lotos SA		896		13,513
KGHM Polska Miedz SA^(a)		1,365		24,422
LPP SA		14		24,501
mBank SA^(a)		189		14,285
Orange Polska SA^(a)		2,982		4,667
PGE Polska Grupa Energetyczna SA^(a)		8,498		9,634
Polski Koncern Naftowy ORLEN SA		2,786		41,436
Polskie Gornictwo Naftowe i Gazownictwo SA		17,318		13,915
Powszechna Kasa Oszczednosci Bank Polski SA		8,295		65,831
Powszechny Zaklad Ubezpieczen SA		5,257		46,334
Santander Bank Polska SA		343		21,819
				378,201
Qatar — 1.4%
Commercial Bank PSQC (The)		16,450		20,308
Industries Qatar QSC		14,952		36,673
Masraf Al Rayan QSC		39,060		43,373
Mesaieed Petrochemical Holding Co.		38,360		18,524
Ooredoo QPSC		11,025		19,022
Qatar Electricity & Water Co. QSC		6,160		25,294
Qatar Fuel QSC		2,576		13,564
Qatar Insurance Co. SAQ		17,220		12,685
Qatar International Islamic Bank QSC		3,906		9,058
Qatar Islamic Bank SAQ		10,360		44,094
Qatar National Bank QPSC		40,516		208,256
				450,851
Russia — 5.6%
Alrosa PJSC		21,420		22,756
Gazprom PJSC		94,010		283,499
Inter RAO UES PJSC		413,000		31,983
LUKOIL PJSC		3,570		302,786

32	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^® MSCI Emerging Markets ex China ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Russia (continued)
Magnit PJSC, GDR^(c)		2,702	$	29,425
MMC Norilsk Nickel PJSC		588		177,187
Mobile TeleSystems PJSC, ADR		4,648		45,086
Moscow Exchange MICEX-RTS PJSC		3,220		4,748
Novatek PJSC, GDR^(c)		812		116,360
Novolipetsk Steel PJSC		9,660		17,960
PhosAgro PJSC, GDR^(c)		1,204		13,256
Polymetal International PLC		1,841		28,083
Polyus PJSC		140		17,633
Rosneft Oil Co. PJSC, GDR^(c)		10,927		66,108
Sberbank of Russia PJSC		91,840		318,925
Severstal PJSC		2,100		25,456
Surgutneftegas PJSC		64,400		36,834
Tatneft PJSC		13,440		134,320
VTB Bank PJSC, GDR^(c)		18,592		23,630
X5 Retail Group NV, GDR^(c)		1,246		38,391
				1,734,426
Saudi Arabia — 4.0%
Advanced Petrochemical Co.		1,652		19,750
Al Rajhi Bank		11,487		189,536
Alinma Bank		4,151		25,737
Almarai Co. JSC		2,247		27,432
Arab National Bank		2,821		19,025
Bank AlBilad		4,109		26,243
Bank Al-Jazira		5,866		21,766
Banque Saudi Fransi		4,872		44,220
Bupa Arabia for Cooperative Insurance Co.		602		15,565
Co for Cooperative Insurance (The)^(a).		952		17,459
Dar Al Arkan Real Estate Development Co.^(a)		3,570		8,917
Etihad Etisalat Co.^(a)		3,045		18,620
Jarir Marketing Co.		616		24,926
National Commercial Bank		9,625		113,658
Riyad Bank		11,039		64,501
Sahara International Petrochemical Co.		4,543		18,891
Samba Financial Group		8,799		62,976
Saudi Airlines Catering Co.		588		14,294
Saudi Arabian Fertilizer Co.		1,554		27,837
Saudi Arabian Mining Co.^(a)		3,003		30,498
Saudi Arabian Oil Co.^(a)(b)		8,687		77,225
Saudi Basic Industries Corp.		6,167		129,373
Saudi British Bank (The)		4,333		32,571
Saudi Cement Co.		1,064		17,301
Saudi Electricity Co.		7,616		34,106
Saudi Industrial Investment Group		3,318		18,644
Saudi Kayan Petrochemical Co.^(a)		8,568		20,235
Saudi Telecom Co.		3,794		83,536
Savola Group (The)^(a)		1,729		15,417
Yanbu National Petrochemical Co.		2,002		26,416
				1,246,675
South Africa — 6.5%
Absa Group Ltd.		6,517		54,807
Anglo American Platinum Ltd.		483		32,156
AngloGold Ashanti Ltd.		3,773		66,620
Aspen Pharmacare Holdings Ltd.^(a)		2,772		17,621
Bid Corp. Ltd.		2,982		52,721
Bidvest Group Ltd. (The)		2,856		32,678
Capitec Bank Holdings Ltd.		406		33,550
Clicks Group Ltd.		2,275		34,057
Discovery Ltd.		3,542		21,682

Security	Shares		Value

South Africa (continued)
Exxaro Resources Ltd.		2,457	$	17,492
FirstRand Ltd.		30,226		105,906
Foschini Group Ltd. (The)		2,282		18,093
Gold Fields Ltd.		7,546		44,236
Growthpoint Properties Ltd.		26,691		29,861
Impala Platinum Holdings Ltd.^(a)		6,972		55,243
Investec Ltd.		2,709		13,582
Kumba Iron Ore Ltd.		336		5,995
Life Healthcare Group Holdings Ltd.		14,595		20,689
Mr. Price Group Ltd.		2,009		19,280
MTN Group Ltd.		15,407		72,180
MultiChoice Group Ltd.^(a)		4,256		24,462
Naspers Ltd., Class N		3,815		577,395
Nedbank Group Ltd		3,298		37,025
NEPI Rockcastle PLC		3,864		28,001
Northam Platinum Ltd.^(a)		2,814		19,893
Old Mutual Ltd.		45,682		45,474
Pick n Pay Stores Ltd.		3,570		12,536
PSG Group Ltd.		1,498		17,769
Rand Merchant Investment Holdings Ltd.		6,594		10,424
Redefine Properties Ltd.		51,156		17,657
Reinet Investments SCA		1,428		29,263
Remgro Ltd.		4,767		48,484
RMB Holdings Ltd.		6,797		30,270
Sanlam Ltd.		17,367		71,735
Sasol Ltd.		4,837		57,159
Shoprite Holdings Ltd.		4,018		28,637
Sibanye Stillwater Ltd.^(a)		19,824		39,657
SPAR Group Ltd. (The)		1,645		17,149
Standard Bank Group Ltd.		11,543		108,962
Tiger Brands Ltd.		1,351		13,003
Vodacom Group Ltd.		5,397		37,624
Woolworths Holdings Ltd.		8,708		19,789
				2,040,817
South Korea — 16.9%
Amorepacific Corp.^(a)		322		42,686
AMOREPACIFIC Group^(a)		252		12,865
BGF retail Co. Ltd.		99		12,350
BNK Financial Group Inc.		2,758		14,011
Celltrion Healthcare Co. Ltd.^(a)		514		27,425
Celltrion Inc.^(a)		837		117,159
CJ CheilJedang Corp.		98		19,689
CJ ENM Co. Ltd.		126		13,051
Coway Co. Ltd.		490		27,798
Daelim Industrial Co. Ltd.^(a)		315		18,804
Daewoo Shipbuilding & Marine Engineering Co. Ltd.^(a)		616		11,235
DB Insurance Co. Ltd.		448		15,972
E-MART Inc.		203		17,550
Fila Holdings Corp.		427		13,501
GS Engineering & Construction Corp.		714		15,432
GS Holdings Corp.		539		18,307
Hana Financial Group Inc.		2,394		61,895
Hankook Tire & Technology Co. Ltd.		686		14,403
Hanmi Pharm Co. Ltd.^(a)		71		15,258
Hanon Systems		2,233		19,397
Hanwha Corp.		546		9,014
Hanwha Solutions Corp.		1,022		15,021
HDC Hyundai Development Co-Engineering & Construction, Class E		231		3,433
Helixmith Co. Ltd.^(a)		200		10,226

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Emerging Markets ex China ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

South Korea (continued)
HLB Inc.^(a)		318	$	25,267
Hotel Shilla Co. Ltd.		322		21,290
Hyundai Engineering & Construction Co. Ltd.		728		20,800
Hyundai Glovis Co. Ltd.		189		19,141
Hyundai Heavy Industries Holdings Co. Ltd.		112		24,945
Hyundai Marine & Fire Insurance Co. Ltd.		637		11,854
Hyundai Mobis Co. Ltd.		609		105,303
Hyundai Motor Co.		1,358		128,588
Hyundai Steel Co.		847		16,633
Industrial Bank of Korea^(a)		2,261		17,705
Kakao Corp.		441		62,455
Kangwon Land Inc.^(a)		847		15,901
KB Financial Group Inc.		3,521		112,776
KCC Corp.		40		5,484
Kia Motors Corp.		2,394		71,455
KMW Co. Ltd.^(a)		406		16,263
Korea Aerospace Industries Ltd.^(a)		812		17,149
Korea Electric Power Corp.^(a)		2,219		38,917
Korea Investment Holdings Co. Ltd.^(a).		441		22,804
Korea Shipbuilding & Offshore Engineering Co. Ltd.^(a)		392		33,568
Korea Zinc Co. Ltd.^(a)		91		31,058
KT&G Corp		994		69,322
LG Chem Ltd.		399		120,899
LG Corp.		945		52,522
LG Display Co. Ltd.^(a)		1,960		21,948
LG Electronics Inc.		1,008		50,130
LG Household & Health Care Ltd.		84		84,450
LG Innotek Co. Ltd.		119		12,738
LG Uplus Corp.		1,204		13,086
Lotte Chemical Corp.		154		23,775
Lotte Corp.		273		6,530
Lotte Shopping Co. Ltd.		120		9,406
Medy-Tox Inc.		50		12,083
Mirae Asset Daewoo Co. Ltd.^(a)		3,220		16,809
NAVER Corp.		1,218		174,501
NCSoft Corp.		140		74,813
Netmarble Corp.^(a)(b)		238		17,363
NH Investment & Securities Co. Ltd.^(a)		1,799		14,783
OCI Co. Ltd.^(a)		182		7,380
Orion Corp		238		18,480
Pearl Abyss Corp.^(a)		56		8,171
POSCO		686		110,427
POSCO Chemical Co. Ltd		238		10,759
Samsung Biologics Co. Ltd.^(a)(b)		147		56,101
Samsung C&T Corp		707		61,415
Samsung Electro-Mechanics Co. Ltd.		532		55,193
Samsung Electronics Co. Ltd.		41,538		1,853,734
Samsung Engineering Co. Ltd.^(a)		1,365		15,847
Samsung Fire & Marine Insurance Co. Ltd.		287		46,790
Samsung Heavy Industries Co. Ltd.^(a)		5,159		24,765
Samsung Life Insurance Co. Ltd.		686		33,043
Samsung SDI Co. Ltd.		511		124,121
Samsung SDS Co. Ltd.		301		41,265
Samsung Securities Co. Ltd.		413		11,256
Shinhan Financial Group Co. Ltd.		3,759		99,972
Shinsegae Inc.		70		13,602
SK Holdings Co. Ltd.		350		55,331
SK Hynix Inc.		4,802		347,547
SK Innovation Co. Ltd.		476		44,288
SK Telecom Co. Ltd.		168		29,395

Security	Shares		Value

South Korea (continued)
S-Oil Corp		434	$	23,799
Woori Financial Group Inc.		3,456		27,346
Yuhan Corp.		102		17,973
				5,278,996
Taiwan — 19.0%
Acer Inc.		28,000		15,119
Advantech Co. Ltd.		2,000		19,452
ASE Technology Holding Co. Ltd.		35,000		82,416
Asia Cement Corp.		21,000		30,758
Asustek Computer Inc.		7,000		47,623
AU Optronics Corp.		70,000		21,962
Catcher Technology Co. Ltd.		7,000		54,790
Cathay Financial Holding Co. Ltd.		70,063		92,671
Chailease Holding Co. Ltd.		7,442		28,264
Chang Hwa Commercial Bank Ltd.		56,461		43,260
Cheng Shin Rubber Industry Co. Ltd.		14,000		18,286
China Airlines Ltd.		56,000		15,091
China Development Financial Holding Corp.		119,000		35,999
China Life Insurance Co. Ltd.^(a)		28,507		22,736
China Steel Corp.		84,000		63,806
Chunghwa Telecom Co. Ltd.		35,000		124,837
Compal Electronics Inc.		35,000		21,326
CTBC Financial Holding Co. Ltd.		168,000		125,947
Delta Electronics Inc.		14,000		64,730
E.Sun Financial Holding Co. Ltd.		105,691		101,399
Far Eastern New Century Corp.		35,000		32,654
Far EasTone Telecommunications Co. Ltd.		14,000		30,562
First Financial Holding Co. Ltd.		92,572		72,457
Formosa Chemicals & Fibre Corp.		35,000		95,015
Formosa Petrochemical Corp.		14,000		39,809
Formosa Plastics Corp.		42,000		126,224
Foxconn Technology Co. Ltd.		14,000		27,510
Fubon Financial Holding Co. Ltd.		56,000		82,207
Globalwafers Co. Ltd.		1,000		13,524
Highwealth Construction Corp.		7,000		10,368
Hon Hai Precision Industry Co. Ltd.		112,200		297,550
Hotai Motor Co. Ltd.		2,600		53,838
Hua Nan Financial Holdings Co. Ltd.		84,070		59,833
Innolux Corp.		98,000		25,569
Inventec Corp.		35,000		26,528
Largan Precision Co. Ltd.		1,000		146,304
Lite-On Technology Corp.		21,000		30,412
MediaTek Inc.		14,000		166,449
Mega Financial Holding Co. Ltd.		112,000		119,659
Micro-Star International Co. Ltd.		7,000		20,991
Nan Ya Plastics Corp.		42,000		94,460
Nanya Technology Corp.		14,000		35,740
Novatek Microelectronics Corp.		7,000		45,196
Pegatron Corp.		21,000		43,485
Pou Chen Corp.		35,000		39,416
Powertech Technology Inc.		7,000		23,580
President Chain Store Corp.		5,000		48,961
Quanta Computer Inc.		28,000		57,333
Realtek Semiconductor Corp.		7,000		52,015
Shanghai Commercial & Savings Bank Ltd. (The)		28,437		47,239
Shin Kong Financial Holding Co. Ltd.		107,258		32,624
SinoPac Financial Holdings Co. Ltd.		133,259		57,213
Synnex Technology International Corp.		14,000		17,385
Taishin Financial Holding Co. Ltd.		106,904		50,134
Taiwan Business Bank		51,100		20,251

34	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Emerging Markets ex China ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Taiwan (continued)
Taiwan Cement Corp.		35,173	$	49,078
Taiwan Cooperative Financial Holding Co. Ltd.		84,664		58,578
Taiwan High Speed Rail Corp.		28,000		31,903
Taiwan Mobile Co. Ltd.		14,000		48,548
Taiwan Semiconductor Manufacturing Co. Ltd.		214,000		2,233,326
Uni-President Enterprises Corp.		42,000		101,534
United Microelectronics Corp.		105,000		53,056
Vanguard International Semiconductor Corp.		7,000		17,154
Win Semiconductors Corp.		2,000		18,065
Winbond Electronics Corp.		42,000		22,193
Wistron Corp.		35,598		31,801
WPG Holdings Ltd.		15,520		19,887
Yageo Corp.		1,000		13,541
Yuanta Financial Holding Co. Ltd.		91,000		57,702
				5,929,333
Thailand — 3.6%
Advanced Info Service PCL, NVDR		11,200		70,987
Airports of Thailand PCL, NVDR		39,900		75,551
B Grimm Power PCL, NVDR		8,400		12,046
Bangkok Bank PCL, Foreign		2,800		11,669
Bangkok Dusit Medical Services PCL, NVDR		85,400		60,082
Bangkok Expressway & Metro PCL, NVDR		65,800		19,289
Banpu PCL, NVDR		51,100		11,498
Berli Jucker PCL, NVDR		16,100		18,623
BTS Group Holdings PCL, NVDR		17,500		6,045
Bumrungrad Hospital PCL, NVDR		4,900		19,954
Central Pattana PCL, NVDR		21,000		35,272
Charoen Pokphand Foods PCL, NVDR		41,300		35,011
CP ALL PCL, NVDR		51,800		107,934
Electricity Generating PCL, NVDR		2,800		24,224
Energy Absolute PCL, NVDR		14,700		18,168
Global Power Synergy PCL, NVDR		4,200		8,385
Gulf Energy Development PCL, NVDR		4,200		22,028
Home Product Center PCL, NVDR		44,800		18,173
Indorama Ventures PCL, NVDR		14,700		12,112
Intouch Holdings PCL, NVDR		16,100		27,552
Kasikornbank PCL		11,200		42,415
Kasikornbank PCL, NVDR		7,700		29,038
Krung Thai Bank PCL, NVDR		31,500		13,976
Land & Houses PCL, NVDR		79,800		21,243
Minor International PCL, NVDR		23,100		20,131
Muangthai Capital PCL, NVDR		4,200		7,653
Osotspa PCL, NVDR		8,400		11,114
PTT Exploration & Production PCL, NVDR		13,300		44,678
PTT Global Chemical PCL, NVDR		21,700		28,367
PTT PCL, NVDR		105,000		129,773
Ratch Group PCL, NVDR		9,800		18,324
Siam Cement PCL (The), NVDR		6,300		61,892
Siam Commercial Bank PCL (The), NVDR		8,400		23,226
Srisawad Corp PCL, NVDR		4,200		8,951
Thai Oil PCL, NVDR		11,900		16,310
Thai Union Group PCL, NVDR		46,200		22,401
True Corp. PCL, NVDR		117,600		12,373
				1,126,468
Turkey — 0.7%
Akbank T.A.S.^(a)		26,117		28,252
BIM Birlesik Magazalar AS		4,284		32,932
Eregli Demir ve Celik Fabrikalari TAS		16,961		22,391
Haci Omer Sabanci Holding AS		11,823		16,100

Security	Shares		Value

Turkey (continued)
KOC Holding AS		8,505	$	23,409
Tupras Turkiye Petrol Rafinerileri AS		1,246		20,198
Turk Hava Yollari AO^(a)		6,489		12,201
Turkcell Iletisim Hizmetleri AS		11,186		24,773
Turkiye Garanti Bankasi AS^(a)		22,771		34,616
Turkiye Is Bankasi AS, Class C^(a)		7,518		6,869
				221,741
United Arab Emirates — 1.0%
Abu Dhabi Commercial Bank PJSC		21,476		41,690
Aldar Properties PJSC		46,627		26,913
DP World PLC		1,911		31,054
Dubai Islamic Bank PJSC		14,931		21,952
Emaar Malls PJSC		4,368		1,915
Emaar Properties PJSC		33,908		32,312
Emirates Telecommunications Group Co. PJSC		14,868		63,959
First Abu Dhabi Bank PJSC		23,884		93,119
				312,914

Total Common Stocks — 81.0%
(Cost: $26,949,907)				25,350,525

Investment Companies

India — 13.9%
iShares MSCI India ETF^(d)		135,023		4,346,390

Total Investment Companies — 13.9%
(Cost: $4,659,522)				4,346,390

Preferred Stocks

Brazil — 3.3%
Banco Bradesco SA, Preference Shares, NVS		36,476		246,831
Braskem SA, Class A, Preference Shares, NVS		1,400		8,344
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		1,400		11,125
Cia. Brasileira de Distribuicao, Preference Shares, NVS		700		11,188
Cia. Energetica de Minas Gerais, Preference Shares, NVS		5,608		17,352
Gerdau SA, Preference Shares, NVS		10,500		39,401
Itau Unibanco Holding SA, Preference Shares, NVS		42,700		302,860
Itausa-Investimentos Itau SA, Preference Shares, NVS		39,934		106,304
Lojas Americanas SA, Preference Shares, NVS		7,057		41,607
Petroleo Brasileiro SA, Preference Shares, NVS		37,100		208,375
Telefonica Brasil SA, Preference Shares, NVS		4,200		49,693
				1,043,080
Chile — 0.2%
Embotelladora Andina SA, Class B, Preference Shares		5,978		14,392
Sociedad Quimica y Minera de Chile SA, Series B, Preference Shares		1,078		28,196
				42,588
Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		3,227		38,283

Russia — 0.1%
Surgutneftegas PJSC, Preference Shares, NVS		65,800		32,087

South Korea — 1.0%
Hyundai Motor Co.
Preference Shares, NVS		196		10,700
Series 2, Preference Shares, NVS		301		18,563

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Emerging Markets ex China ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

South Korea (continued)
Samsung Electronics Co. Ltd., Preference Shares, NVS		7,287	$	273,300
				302,563

Total Preferred Stocks — 4.7%
(Cost: $1,613,810)				1,458,601

Rights

South Korea — 0.0%
HDC Hyundai Development Co., (Expires 06/03/20)^(a)		115		0	^(e)

Total Rights — 0.0%
(Cost: $0)				0	^(e)

Warrants

Thailand — 0.0%
BTS Group Holdings PCL (Expires 02/16/21)^(a)		1,080		29

Total Warrants — 0.0%
(Cost: $0)				29

Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(d)(f)		39,000		39,000

Total Short-Term Investments — 0.1%
(Cost: $39,000)				39,000

Total Investments in Securities — 99.7%
(Cost: $33,262,239)				31,194,545

Other Assets, Less Liabilities — 0.3%				98,801

Net Assets — 100.0%			$	31,293,346

^(a)

Non-income producing security.

^(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) Rounds to less than $1.

^(f) 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 29, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 08/31/19		Shares Purchased		Shares Sold			Shares Held at 02/29/20		Value at 02/29/20		Income		Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares		73,000		—		(34,000	)^(b)		39,000	$	39,000	$	379	$	—		$	—
iShares MSCI India ETF		109,842		28,697		(3,516	)		135,023		4,346,390		3,818		(2,950	)		(66,848	)
										$	4,385,390	$	4,197	$	(2,950	)	$	(66,848	)

^(a)

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

^(b) Net of purchases and sales.

Fair Value Measurements

36	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Emerging Markets ex China ETF
February 29, 2020

Fair Value Measurements (continued)

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	25,350,525	$	—		$	—	$	25,350,525
Investment Companies		4,346,390		—			—		4,346,390
Preferred Stocks		1,458,601		—			—		1,458,601
Rights		—		0	^(a)		—		0	^(a)
Warrants		29		—			—		29
Money Market Funds		39,000		—			—		39,000
	$	31,194,545	$	0	^(a)	$	—	$	31,194,545

^(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

Statements of Assets and Liabilities (unaudited)

February 29, 2020

		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)	$	4,829,824,554		$	5,289,451,019	$	455,369,922		$	2,025,170,143
Affiliated^(c)		38,977,324			19,286,507		3,522,896			11,870,015
Cash		2,039,106			978		—			7,327,369
Foreign currency, at value^(d)		9,421,605			4,088,765		295,507			13,181,840
Cash pledged:
Futures contracts		140,000			737,000		113,000			211,000
Receivables:
Investments sold		26,614,763			—		322,832			97,159,031
Securities lending income — Affiliated		30,111			6,602		1,684			28,157
Variation margin on futures contracts		—			—		—			43,961
Capital shares sold		—			—		—			15,072,930
Dividends		9,742,489			9,822,986		1,409,323			2,448,479
Tax reclaims		30,543			1,690,108		715			8,107
Total assets		4,916,820,495			5,325,083,965		461,035,879			2,172,521,032

LIABILITIES
Bank overdraft		—			—		20,727			—
Collateral on securities loaned, at value		36,824,390			10,735,265		2,736,679			11,863,704
Deferred foreign capital gain tax		9,648,045			512,133		175,542			—
Payables:
Investments purchased.		11,414			—		—			129,037,621
Variation margin on futures contracts		9,584			490		2,497			—
Bank borrowings		—			—		—			1,847,997
Capital shares redeemed		36,840,116			—		—			—
Investment advisory fees		869,195			913,816		172,151			415,370
Foreign taxes		146			1,339		1,694			18
Total liabilities		84,202,890			12,163,043		3,109,290			143,164,710

NET ASSETS	$	4,832,617,605		$	5,312,920,922	$	457,926,589		$	2,029,356,322

NET ASSETS CONSIST OF:
Paid-in capital	$	5,447,422,245		$	4,899,315,946	$	525,852,045		$	2,226,218,106
Accumulated earnings (loss)		(614,804,640	)		413,604,976		(67,925,456	)		(196,861,784	)
NET ASSETS	$	4,832,617,605		$	5,312,920,922	$	457,926,589		$	2,029,356,322

Shares outstanding		90,800,000			59,100,000		11,300,000			62,500,000
Net asset value	$	53.22		$	89.90	$	40.52		$	32.47
Shares authorized		500 million			500 million		25 million			600 million
Par value	$	0.001		$	0.001	$	0.001		$	0.001

^(a) Securities loaned, at value	$	34,935,778		$	10,491,587	$	2,609,795		$	10,979,539
^(b) Investments, at cost — Unaffiliated	$	4,620,730,161		$	4,812,373,731	$	462,217,436		$	2,162,018,909
^(c) Investments, at cost — Affiliated	$	38,963,388		$	19,281,679	$	3,521,815		$	11,867,321
^(d) Foreign currency, at cost	$	9,429,329		$	4,140,810	$	302,958		$	13,237,484

See notes to financial statements.

38	2 0 2 0 i S h a r e S S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statements of Assets and Liabilities (unaudited) (continued)

February 29, 2020

	iShares
	MSCI
	Emerging
		Markets ex
		China ETF

ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	26,809,155
Affiliated^(b)		4,385,390
Foreign currency, at value^(c)		45,783
Receivables:
Investments sold		3,869
Dividends		98,492
Total assets		31,342,689

LIABILITIES
Bank overdraft		18,141
Payables:
Investments purchased		27,068
Investment advisory fees		4,116
Foreign taxes		18
Total liabilities		49,343

NET ASSETS	$	31,293,346

NET ASSETS CONSIST OF:
Paid-in capital	$	34,062,182
Accumulated loss		(2,768,836	)
NET ASSETS	$	31,293,346

Shares outstanding		700,000
Net asset value	$	44.70
Shares authorized		25 million
Par value	$	0.001

^(a) Investments, at cost — Unaffiliated	$	28,563,717
^(b) Investments, at cost — Affiliated	$	4,698,522
^(c) Foreign currency, at cost	$	47,152

See notes to financial statements.

F i n a n c i a l S t a t e m e n t s

Statements of Operations (unaudited)

Six Months Ended February 29, 2020

		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	$	39,461,642		$	56,319,794		$	4,062,374		$	8,597,021
Dividends — Affiliated		88,502			95,916			6,149			15,270
Non-cash dividends — Unaffiliated		—			—			—			4,695,795
Interest — Unaffiliated		5,727			—			845			1,122
Securities lending income — Affiliated — net^(a)		163,568			88,064			21,527			189,631
Foreign taxes withheld		(3,535,873	)		(2,339,572	)		(422,495	)		(924,963	)
Other foreign taxes		(44,569	)		(8,970	)		—			(12,977	)
Total investment income		36,138,997			54,155,232			3,668,400			12,560,899

EXPENSES
Investment advisory fees		18,841,173			8,762,126			995,483			1,325,204
Commitment fees		15,102			4,916			555			1,950
Mauritius income taxes		175,988			—			—			—
Interest expense		10,405			9,521			6,694			2,789
Total expenses		19,042,668			8,776,563			1,002,732			1,329,943

Less:
Investment advisory fees waived		(12,204,183	)		(3,183,807	)		—			—
Total expenses after fees waived		6,838,485			5,592,756			1,002,732			1,329,943
Net investment income		29,300,512			48,562,476			2,665,668			11,230,956

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(b)		(75,809,094	)		(48,894,341	)		(13,746,167	)		(27,290,169	)
Investments — Affiliated		3,311			4,411			(537	)		1,109
In-kind redemptions — Unaffiliated		22,076,176			145,280,731			924,037			—
Futures contracts		(163,858	)		1,880,260			68,120			(60,032	)
Foreign currency transactions		(632,805	)		(191,037	)		(44,264	)		(325,451	)
Net realized gain (loss)		(54,526,270	)		98,080,024			(12,798,811	)		(27,674,543	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(c)		(219,376,745	)		(276,957,382	)		13,939,913			(119,417,122	)
Investments — Affiliated		2,644			(2,254	)		922			988
Futures contracts		(128,587	)		(1,312,276	)		(64,397	)		(241,612	)
Foreign currency translations		(391,344	)		37,849			(76,072	)		(182,651	)
Net change in unrealized appreciation (depreciation)		(219,894,032	)		(278,234,063	)		13,800,366			(119,840,397	)
Net realized and unrealized gain (loss)		(274,420,302	)		(180,154,039	)		1,001,555			(147,514,940	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(245,119,790	)	$	(131,591,563	)	$	3,667,223		$	(136,283,984	)

^(a)Net of securities lending income tax paid of	$	19,090		$	—		$	—		$	—
^(b)Net of foreign capital gain tax of	$	98,006		$	—		$	7,266		$	—
^(c)Net of deferred foreign capital gain tax of	$	(1,319,924	)	$	512,133		$	175,542		$	(66,834	)

See notes to financial statements

40	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statements of Operations (unaudited) (continued)

Six Months Ended February 29, 2020

		iShares MSCI Emerging Markets ex China ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	342,567
Dividends — Affiliated		4,197
Non-cash dividends — Unaffiliated		292,385
Foreign taxes withheld		(42,280	)
Other foreign taxes		(50	)
Total investment income		596,819

EXPENSES
Investment advisory fees		74,324
Total expenses		74,324

Less:
Investment advisory fees waived		(50,677	)
Total expenses after fees waived		23,647
Net investment income		573,172

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(172,069	)
Investments — Affiliated		(2,950	)
Foreign currency transactions		1,027
Net realized loss		(173,992	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(975,377	)
Investments — Affiliated		(66,848	)
Foreign currency translations		(5,538	)
Net change in unrealized appreciation (depreciation)		(1,047,763	)
Net realized and unrealized loss		(1,221,755	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(648,583	)

See notes to financial statements.

F i n a n c i a l S t a t e m e n t 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 02/29/20 (unaudited)			Year Ended 08/31/19			Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	29,300,512		$	142,041,168		$	48,562,476		$	98,989,651
Net realized gain (loss)		(54,526,270	)		(100,762,003	)		98,080,024			52,580,087
Net change in unrealized appreciation (depreciation)		(219,894,032	)		(100,503,198	)		(278,234,063	)		301,773,485
Net increase (decrease) in net assets resulting from operations		(245,119,790	)		(59,224,033	)		(131,591,563	)		453,343,223

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(87,628,375	)		(130,514,441	)		(83,487,378	)		(93,156,234	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(251,898,750	)		940,306,068			252,279,396			1,573,133,776

NET ASSETS
Total increase (decrease) in net assets		(584,646,915	)		750,567,594			37,200,455			1,933,320,765
Beginning of period		5,417,264,520			4,666,696,926			5,275,720,467			3,342,399,702
End of period	$	4,832,617,605		$	5,417,264,520		$	5,312,920,922		$	5,275,720,467

^(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

42	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statements of Changes in Net Assets (continued)

	iShares Edge MSCI Multifactor Emerging Markets ETF						iShares ESG MSCI EM ETF
	Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19			Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	2,665,668		$	11,186,154		$	11,230,956		$	13,880,674
Net realized loss		(12,798,811	)		(36,746,895	)		(27,674,543	)		(21,353,323	)
Net change in unrealized appreciation (depreciation)		13,800,366			(4,230,105	)		(119,840,397	)		(6,895,209	)
Net increase (decrease) in net assets resulting from operations		3,667,223			(29,790,846	)		(136,283,984	)		(14,367,858	)

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(7,432,603	)		(9,249,430	)		(15,708,116	)		(10,952,741	)

CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		50,117,458			159,543,885			1,508,805,345			368,110,977

NET ASSETS
Total increase in net assets		46,352,078			120,503,609			1,356,813,245			342,790,378
Beginning of period		411,574,511			291,070,902			672,543,077			329,752,699
End of period	$	457,926,589		$	411,574,511		$	2,029,356,322		$	672,543,077

^(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F i n a n c i a l S t a t e m e n t s

Statements of Changes in Net Assets (continued)

	iShares MSCI Emerging Markets ex China ETF
	Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	573,172		$	538,662
Net realized loss		(173,992	)		(406,140	)
Net change in unrealized appreciation (depreciation)		(1,047,763	)		(947,735	)
Net decrease in net assets resulting from operations		(648,583	)		(815,213	)

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(855,829	)		(321,357	)

CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		5,049,297			18,966,426

NET ASSETS
Total increase in net assets		3,544,885			17,829,856
Beginning of period		27,748,461			9,918,605
End of period	$	31,293,346		$	27,748,461

^(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

44	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Financial Highlights

(For a share outstanding throughout each period)

	iShares Edge MSCI Min Vol Emerging Markets ETF (Consolidated)
	Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15

Net asset value, beginning of period	$	56.84		$	59.22		$	58.01		$	53.40		$	50.98		$	62.47
Net investment income^(a)		0.31			1.57			1.49			1.28			1.57			1.58
Net realized and unrealized gain (loss)^(b)		(3.01	)		(2.46	)		1.23			4.48			2.13			(11.65	)
Net increase (decrease) from investment operations		(2.70	)		(0.89	)		2.72			5.76			3.70			(10.07	)

Distributions^(c)
From net investment income		(0.92	)		(1.49	)		(1.51	)		(1.15	)		(1.28	)		(1.42	)
Total distributions		(0.92	)		(1.49	)		(1.51	)		(1.15	)		(1.28	)		(1.42	)

Net asset value, end of period	$	53.22		$	56.84		$	59.22		$	58.01		$	53.40		$	50.98

Total Return
Based on net asset value		(4.88	)%^(d)		(1.44	)%^(e)		4.70	%		11.11	%		7.48	%		(16.32	)%

Ratios to Average Net Assets
Total expenses		0.70	%^(f)		0.68	%		0.67	%		0.69	%		0.71	%		0.69	%
Total expenses after fees waived		0.25	%^(f)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income		1.07	%^(f)		2.71	%		2.47	%		2.40	%		3.12	%		2.71	%

Supplemental Data
Net assets, end of period (000)	$	4,832,618		$	5,417,265		$	4,666,697		$	4,037,428		$	4,379,041		$	2,462,357
Portfolio turnover rate^(g)		12	%^(d)		24	%		22	%		23	%		23	%		28	%

^(a)

Based on average shares outstanding.

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

^(d) Not annualized.

^(e) Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(f) 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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Edge MSCI Min Vol Global ETF
	Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15

Net asset value, beginning of period	$	93.54		$	87.04		$	81.13		$	75.82		$	67.59		$	68.25
Net investment income^(a)		0.83			2.16			1.82			1.84			1.79			1.70
Net realized and unrealized gain (loss)^(b)		(3.06	)		6.36			5.85			5.40			8.07			(0.89	)
Net increase (decrease) from investment operations		(2.23	)		8.52			7.67			7.24			9.86			0.81

Distributions^(c)
From net investment income		(1.41	)		(2.02	)		(1.76	)		(1.93	)		(1.63	)		(1.47	)
Total distributions		(1.41	)		(2.02	)		(1.76	)		(1.93	)		(1.63	)		(1.47	)

Net asset value, end of period	$	89.90		$	93.54		$	87.04		$	81.13		$	75.82		$	67.59

Total Return
Based on net asset value		(2.46	)%^(d)		9.99	%		9.56	%		9.75	%		14.76	%		1.15	%

Ratios to Average Net Assets
Total expenses		0.31	%^(e)		0.32	%		0.31	%		0.32	%		0.32	%		0.33	%
Total expenses after fees waived		0.20	%^(e)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		1.74	%^(e)		2.45	%		2.17	%		2.40	%		2.49	%		2.41	%

Supplemental Data
Net assets, end of period (000)	$	5,312,921		$	5,275,720		$	3,342,400		$	3,675,374		$	3,267,688		$	2,115,632
Portfolio turnover rate^(f)		11	%^(d)		21	%		23	%		24	%		24	%		22	%

^(a)

Based on average shares outstanding.

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

^(d) Not annualized.

^(e) Annualized.

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

See notes to financial statements.

46	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Edge MSCI Multifactor Emerging Markets ETF
	Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Period From 12/08/15^(a) to 08/31/16

Net asset value, beginning of period	$	40.35		$	44.78		$	46.04		$	37.46		$	33.82
Net investment income^(b)		0.26			1.47			1.39			0.91			1.27
Net realized and unrealized gain (loss)^(c)		0.66			(4.72	)		(1.63	)		8.53			2.50
Net increase (decrease) from investment operations		0.92			(3.25	)		(0.24	)		9.44			3.77

Distributions^(d)
From net investment income		(0.75	)		(1.18	)		(1.02	)		(0.86	)		(0.13	)
Total distributions		(0.75	)		(1.18	)		(1.02	)		(0.86	)		(0.13	)

Net asset value, end of period	$	40.52		$	40.35		$	44.78		$	46.04		$	37.46

Total Return
Based on net asset value		2.13	%^(e)		(7.16	)%		(0.65	)%		25.80	%		11.16	%^(e)

Ratios to Average Net Assets
Total expenses		0.45	%^(f)		0.45	%		0.45	%^(g)		0.50	%^(g)		0.65	%^(f)(g)
Total expenses after fees waived		0.45	%^(f)		0.45	%		0.42	%^(g)		0.42	%^(g)		0.49	%^(f)(g)
Net investment income		1.21	%^(f)		3.55	%		2.87	%		2.24	%		4.91	%^(f)

Supplemental Data
Net assets, end of period (000)	$	457,927		$	411,575		$	291,071		$	82,873		$	29,969
Portfolio turnover rate^(h)		24	%^(e)		53	%		39	%⁽ⁱ⁾		36	%⁽ⁱ⁾		11	%^(e)(i)

^(a)

Commencement of operations.

^(b) Based on average shares outstanding.

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

^(e) Not annualized.

^(f) Annualized.

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

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

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

See notes to financial statements.

F i n a n c i a l H i g h l i g h t s

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares ESG MSCI EM ETF
	Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19			Year Ended 08/31/18^(a)			Year Ended 08/31/17^(a)			Period From 06/28/16^(a)(b) to 08/31/16

Net asset value, beginning of period	$	32.03		$	33.65		$	34.58		$	28.23		$	25.19
Net investment income^(c)		0.37			0.91			0.94			0.85			0.16
Net realized and unrealized gain (loss)^(d)		0.74			(1.85	)		(1.17	)		5.81			2.88
Net increase (decrease) from investment operations		1.11			(0.94	)		(0.23	)		6.66			3.04

Distributions^(e)
From net investment income		(0.67	)		(0.68	)		(0.70	)		(0.31	)		—
Total distributions		(0.67	)		(0.68	)		(0.70	)		(0.31	)		—

Net asset value, end of period	$	32.47		$	32.03		$	33.65		$	34.58		$	28.23

Total Return
Based on net asset value		3.32	%^(f)		(2.76	)%		(0.72	)%		23.75	%		12.09	%^(f)

Ratios to Average Net Assets
Total expenses		0.25	%^(g)		0.25	%		0.25	%		0.42	%		0.45	%^(g)
Net investment income		2.12	%^(g)		2.76	%		2.63	%		2.73	%		3.26	%^(g)

Supplemental Data
Net assets, end of period (000)	$	2,029,356		$	672,543		$	329,753		$	96,812		$	5,645
Portfolio turnover rate^(h)		18	%^(f)		34	%		45	%		29	%		9	%^(f)

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

^(f) Not annualized.

^(g) Annualized.

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

See notes to financial statements.

48	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Emerging Markets ex China ETF
	Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19			Year Ended 08/31/18			Period From 07/18/17 to 08/31/17		^(a)

Net asset value, beginning of period	$	46.25		$	49.59		$	51.14		$	50.22
Net investment income^(b)		0.93			1.62			1.10			0.13
Net realized and unrealized gain (loss)^(c)		(1.05	)		(3.83	)		(1.80	)		0.79
Net increase (decrease) from investment operations		(0.12	)		(2.21	)		(0.70	)		0.92

Distributions^(d)
From net investment income		(1.43	)		(1.13	)		(0.85	)		—
Total distributions		(1.43	)		(1.13	)		(0.85	)		—

Net asset value, end of period	$	44.70		$	46.25		$	49.59		$	51.14

Total Return
Based on net asset value		(0.59	)%^(e)		(4.42	)%		(1.41	)%		1.83	%^(e)

Ratios to Average Net Assets
Total expenses^(f)		0.49	%^(g)		0.49	%		0.49	%		0.49	%^(g)
Total expenses after fees waived^(f)		0.16	%^(g)		0.26	%		0.41	%		0.41	%^(g)
Net investment income		3.78	%^(g)		3.38	%		2.09	%		2.07	%^(g)

Supplemental Data
Net assets, end of period (000)	$	31,293		$	27,748		$	9,919		$	10,227
Portfolio turnover rate^(h)(i)		7	%^(e)		10	%		9	%		0	%^(e)(j)

^(a)

Commencement of operations.

^(b) Based on average shares outstanding.

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

^(e) Not 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) Annualized.

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

^(j) Rounds to less than 1%.

See notes to financial statements.

F i n a n c i a l H i g h l i g h t s

Notes to Financial Statements (unaudited)

ORGANIZATION

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

			Diversification
iShares ETF			Classification
Edge MSCI Min Vol Emerging Markets			Diversified
Edge MSCI Min Vol Global			Diversified
Edge MSCI Multifactor Emerging Markets			Diversified
ESG MSCI EM			Diversified
MSCI Emerging Markets ex China			Non-diversified

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.

SIGNIFICANT ACCOUNTING POLICIES

InvestmentTransactions 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, including amortization and accretion of premiums and discounts on debt securities, and payment- in-kind interest income, if any, are recognized daily on the accrual basis.

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

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 have commercial substance, on an annual basis, to satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius and related requirements. The Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities and the same covers the period of any exists.

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, the Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, the Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign source income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the FSC, the Subsidiary is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against the Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. Taxes on income, if any, are paid by the

50	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

Subsidiary and are disclosed in its consolidated statement of operations. Any dividends paid by the Subsidiary to its Fund are not subject to tax in Mauritius. The Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.

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.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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.

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 valu 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;

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

Notes to Financial Statements (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

As of February 29, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock FundAdvisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of February 29, 2020 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

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

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of February 29, 2020:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received^(a)		Non-Cash Collateral Received		Net Amount
Edge MSCI Min Vol Emerging Markets
Citigroup Global Markets Inc.	$	2,748,044	$	2,748,044	$	—	$	—
Credit Suisse Securities (USA) LLC		1,544,726		1,544,726		—		—
Goldman Sachs & Co.		2,016,294		2,016,294		—		—
JPMorgan Securities LLC		4,528,769		4,528,769		—		—
Macquarie Bank Limited		2,084,181		2,084,181		—		—
Morgan Stanley & Co. International PLC		114,745		114,745		—		—
Morgan Stanley & Co. LLC		9,551,129		9,551,129		—		—
UBS Securities LLC		12,347,890		12,347,890		—		—
	$	34,935,778	$	34,935,778	$	—	$	—
Edge MSCI Min Vol Global
BofA Securities, Inc.	$	1,802,696	$	1,802,696	$	—	$	—
Goldman Sachs & Co.		2,340,304		2,340,304		—		—
JPMorgan Securities LLC		3,323,200		3,323,200		—		—
Morgan Stanley & Co. International PLC		1,938,439		1,938,439		—		—
Morgan Stanley & Co. LLC		1,086,948		1,086,948		—		—
	$	10,491,587	$	10,491,587	$	—	$	—
Edge MSCI Multifactor Emerging Markets
Citigroup Global Markets Inc.	$	149,540	$	149,540	$	—	$	—
Credit Suisse Securities (USA) LLC		620,591		620,591		—		—
JPMorgan Securities LLC		733,112		733,112		—		—
Morgan Stanley & Co. LLC		1,094,364		1,094,364		—		—
TD Prime Services LLC		12,188		12,188		—		—
	$	2,609,795	$	2,609,795	$	—	$	—

52	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

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
ESG MSCI EM
Citigroup Global Markets Inc.	$	2,907	$	2,907	$	—	$	—
Credit Suisse Securities (USA) LLC		3,459,882		3,459,882		—		—
Jefferies LLC		156,772		156,772		—		—
JPMorgan Securities LLC		3,348,939		3,348,939		—		—
Macquarie Bank Limited		875,657		875,657		—		—
Morgan Stanley & Co. LLC		644,128		644,128		—		—
SG Americas Securities LLC		1,836,251		1,836,251		—		—
UBS AG		447,157		447,157		—		—
Wells Fargo Bank, National Association		207,846		202,608		—		(5,238	)^(b)
	$	10,979,539	$	10,974,301	$	—	$	(5,238	)

^(a)

^(b)

5. DERIVATIVE FINANCIAL INSTRUMENTS

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH 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

Notes to Financial Statements (unaudited) (continued)

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		0.227
Over $150 billion		0.204

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 it 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.

For the six months ended ended February 29, 2020, BFA has voluntarily waived a portion of its investment advisory fee for the iShares MSCI Emerging Markets ex China ETF in the amount of $37,920.

54	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

	Fees Paid
iShares ETF	to BTC
Edge MSCI Min Vol Emerging Markets	$	45,445
Edge MSCI Min Vol Global		26,476
Edge MSCI Multifactor Emerging Markets		5,708
ESG MSCI EM		42,865

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 29, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Edge MSCI Min Vol Emerging Markets	$	2,426,159	$	51,741,747	$	8,993,891
Edge MSCI Min Vol Global		98,290,005		69,357,082		(2,784,207	)
Edge MSCI Multifactor Emerging Markets		769,993		2,678,760		(1,224,009	)

7. PURCHASES AND SALES

For the six months ended February 29, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
Edge MSCI Min Vol Emerging Markets	$	628,785,122	$	819,720,098
Edge MSCI Min Vol Global		899,452,597		597,767,069
Edge MSCI Multifactor Emerging Markets		142,697,696		102,835,180
ESG MSCI EM		1,278,790,513		204,331,741
MSCI Emerging Markets ex China		4,622,178		2,195,203

For the six months ended February 29, 2020, in-kind transactions were as follows:

	In-kind		In-kind
iShares ETF	Purchases		Sales
Edge MSCI Min Vol Emerging Markets	$	5,614,503	$	96,504,260
Edge MSCI Min Vol Global		366,341,850		449,374,350
Edge MSCI Multifactor Emerging Markets		11,625,649		6,332,542
ESG MSCI EM		422,574,667		—
MSCI Emerging Markets ex China		2,006,068		—

8. INCOME TAX INFORMATION

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

Notes to Financial Statements (unaudited) (continued)

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

iShares ETF	Non-Expiring
Edge MSCI Min Vol Emerging Markets	$	682,796,848
Edge MSCI Min Vol Global		107,300,323
Edge MSCI Multifactor Emerging Markets		35,809,876
ESG MSCI EM		18,084,612
MSCI Emerging Markets ex China		353,754

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Edge MSCI Min Vol Emerging Markets	$	4,735,729,605	$	711,872,915	$	(579,115,099	)	$	132,757,816
Edge MSCI Min Vol Global		4,889,223,639		688,779,353		(270,909,711	)		417,869,642
Edge MSCI Multifactor Emerging Markets		478,515,522		34,730,280		(54,486,178	)		(19,755,898	)
ESG MSCI EM		2,189,380,721		47,555,298		(200,161,971	)		(152,606,673	)
MSCI Emerging Markets ex China		33,474,468		1,726,815		(4,006,738	)		(2,279,923	)

9. LINE OF CREDIT

The iShares MSCI Emerging Markets ex China ETF did not borrow under the credit agreement during the six months ended February 29, 2020.

For the six months ended February 29, 2020, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the credit agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
Edge MSCI Min Vol Emerging Markets	$	19,851,000	$	763,500		2.70	%
Edge MSCI Min Vol Global		18,166,000		698,692		2.70
Edge MSCI Multifactor Emerging Markets		12,771,000		491,192		2.70
ESG MSCI EM		4,568,484		204,038		2.70

10. PRINCIPAL RISKS

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.

56	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

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.

Changes in market interest rates or economic conditions may affect the value and/or liquidity of fixed income investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Securities with longer durations tend to be more sensitive to interest rate changes, usually making their prices more volatile than those of securities with shorter durations. Given the environment of historically low interest rates, a fund may be subject to a greater risk of price losses if interest rates rise.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The impact of the pandemic may be short term or may last for an extended period of time.

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

Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:

	Six Months Ended 02/29/20						Year Ended 08/31/19
iShares ETF	Shares			Amount			Shares			Amount
Edge MSCI Min Vol Emerging Markets
Shares sold		400,000		$	25,287,546			19,800,000		$	1,132,727,160
Shares redeemed		(4,900,000	)		(277,186,296	)		(3,300,000	)		(192,421,092	)
Net increase(decrease)		(4,500,000	)	$	(251,898,750	)		16,500,000		$	940,306,068
Edge MSCI Min Vol Global
Shares sold		7,700,000		$	732,784,628			20,500,000		$	1,789,740,435
Shares redeemed		(5,000,000	)		(480,505,232	)		(2,500,000	)		(216,606,659	)
Net increase		2,700,000		$	252,279,396			18,000,000		$	1,573,133,776
Edge MSCI Multifactor Emerging Markets
Shares sold		1,400,000		$	62,972,159			5,100,000		$	215,590,994
Shares redeemed		(300,000	)		(12,854,701	)		(1,400,000	)		(56,047,109	)
Net increase		1,100,000		$	50,117,458			3,700,000		$	159,543,885
ESG MSCI EM
Shares sold		41,500,000		$	1,508,805,345			11,200,000		$	368,110,977
MSCI Emerging Markets ex China
Shares sold		100,000		$	5,049,297			400,000		$	18,966,426

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.

12. LEGAL PROCEEDINGS

13. SUBSEQUENT EVENTS

58	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statement Regarding Liquidity Risk Management Program

The Board of Directors (the “Board”) of iShares Edge MSCI Min Vol Emerging Markets ETF, iShares Edge MSCI Min Vol Global ETF, iShares Edge MSCI Multifactor Emerging Markets ETF, iShares ESG MSCI EM ETF and iShares MSCI Emerging Markets ex China met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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

S t a t e m e n t R e g a r d i n g L i q u i d i t y R i s k M a n a g e m e n t P r o g r a m

Supplemental Information (unaudited)

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains		Return of Capital			Total Per Share
Edge MSCI Min Vol Emerging Markets^(a)	$	0.778021	$	—	$	0.137636	$	0.915657		85	%		—%		15	%		100	%
Edge MSCI Min Vol Global^(a)		1.179528		—		0.233118		1.412646		83			—		17			100
Edge MSCI Multifactor Emerging Markets^(a)		0.627311		—		0.123457		0.750768		84			—		16			100
ESG MSCI EM^(a)		0.615349		—		0.055938		0.671287		92			—		8			100
MSCI Emerging Markets ex China^(a)		1.271834		—		0.154548		1.426382		89			—		11			100

^(a)

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

60	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

General Information

Electronic Delivery

To enroll in electronic delivery:

●

Go to icsdelivery.com.

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

Householding

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

G e n e r a l I n f o r m a t i o n

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

62	2 0 2 0 i S h a r e s S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

iS-SAR-816-0220

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/ Armando Senra

Armando Senra, President (Principal Executive Officer)

Date:

May 05, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ Armando Senra

Armando Senra, President (Principal Executive Officer)

Date:

May 05, 2020

By: /s/ Trent Walker

Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date:

May 05, 2020

		iShares MSCI France ETF						iShares MSCI Netherlands ETF
		Six Months Ended						Six Months Ended
		02/29/20			Year Ended			02/29/20			Year Ended
		(unaudited)			08/31/19			(unaudited)			08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,398,966		$	23,186,901		$	263,544		$	4,692,606
Net realized gain		66,481,101			19,210,568			1,107,016			12,102,764
Net change in unrealized appreciation (depreciation)		(68,927,194	)		(81,679,760	)		(8,144,277	)		(9,530,024	)
Net increase (decrease) in net assets resulting from operations		(1,047,127	)		(39,282,291	)		(6,773,717	)		7,265,346

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(1,712,762	)		(22,272,214	)		(782,943	)		(4,709,077	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(306,712,691	)		251,536,596			85,598,170			1,318,549

NET ASSETS
Total increase (decrease) in net assets		(309,472,580	)		189,982,091			78,041,510			3,874,818
Beginning of period		1,129,200,068			939,217,977			133,042,391			129,167,573
End of period	$	819,727,488		$	1,129,200,068		$	211,083,901		$	133,042,391

		iShares MSCI Sweden ETF
		Six Months
		Ended
		02/29/20			Year Ended
		(unaudited)			08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,472,970		$	7,235,753
Net realized gain (loss)		1,053,573			(6,956,310	)
Net change in unrealized appreciation (depreciation)		10,966,393			(21,010,780	)
Net increase (decrease) in net assets resulting from operations		13,492,936			(20,731,337	)

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(2,836,934	)		(7,255,549	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		6,705,453			(14,965,695	)

NET ASSETS
Total increase (decrease) in net assets		17,361,455			(42,952,581	)
Beginning of period		205,515,806			248,468,387
End of period	$	222,877,261		$	205,515,806

		iShares MSCI Austria ETF
		Six Months Ended
		02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			08/31/15

Net asset value, beginning of period	$	18.89		$	22.88		$	22.87		$	15.58		$	15.59		$	17.55
Net investment income (loss)^(a)		(0.03	)		0.48			0.58			0.53			0.38			0.25
Net realized and unrealized gain (loss)^(b)		(0.79	)		(3.69	)		0.11			7.13			(0.06	)		(1.96	)
Net increase (decrease) from investment operations		(0.82	)		(3.21	)		0.69			7.66			0.32			(1.71	)

Distributions^(c)
From net investment income		(0.12	)		(0.78	)		(0.68	)		(0.37	)		(0.33	)		(0.25	)
Total distributions		(0.12	)		(0.78	)		(0.68	)		(0.37	)		(0.33	)		(0.25	)

Net asset value, end of period	$	17.95		$	18.89		$	22.88		$	22.87		$	15.58		$	15.59

Total Return
Based on net asset value		(4.50	)%^(d)		(14.07	)%		3.03	%		49.52	%		2.11	%		(9.76	)%

Ratios to Average Net Assets
Total expenses		0.50	%^(e)		0.49	%		0.47	%		0.49	%		0.48	%		0.48	%
Net investment income (loss)		(0.26	)%^(e)		2.34	%		2.37	%		2.75	%		2.47	%		1.54	%

Supplemental Data
Net assets, end of period (000)	$	69,089		$	54,767		$	146,463		$	233,322		$	60,780		$	56,130
Portfolio turnover rate^(f)		8	%^(d)		17	%		19	%		18	%		15	%		18	%

		iShares MSCI Belgium ETF
		Six Months Ended
		02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			08/31/15

Net asset value, beginning of period	$	18.48		$	19.70		$	20.59		$	18.16		$	17.00		$	17.02
Net investment income^(a)		0.07			0.44			0.50			0.43			0.34			0.34
Net realized and unrealized gain (loss)^(b)		(1.45	)		(1.22	)		(0.77	)		2.51			1.05			(0.00	)^(c)
Net increase (decrease) from investment operations		(1.38	)		(0.78	)		(0.27	)		2.94			1.39			0.34

Distributions^(d)
From net investment income		(0.21	)		(0.44	)		(0.62	)		(0.51	)		(0.23	)		(0.36	)
Total distributions		(0.21	)		(0.44	)		(0.62	)		(0.51	)		(0.23	)		(0.36	)

Net asset value, end of period	$	16.89		$	18.48		$	19.70		$	20.59		$	18.16		$	17.00

Total Return
Based on net asset value		(7.65	)%^(e)		(3.80	)%		(1.34	)%		16.44	%		8.20	%		1.95	%

Ratios to Average Net Assets
Total expenses		0.50	%^(f)		0.49	%		0.47	%		0.49	%		0.48	%		0.48	%
Net investment income		0.73	%^(f)		2.43	%		2.40	%		2.31	%		1.92	%		2.01	%

Supplemental Data
Net assets, end of period (000)	$	33,772		$	47,305		$	59,903		$	74,128		$	132,203		$	153,659
Portfolio turnover rate^(g)		9	%^(e)		11	%		13	%		8	%		19	%		7	%

		iShares MSCI Sweden ETF
		Six Months Ended
		02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			08/31/15

Net asset value, beginning of period	$	28.25		$	31.85		$	34.68		$	28.54		$	30.26		$	34.11
Net investment income^(a)		0.21			0.95			1.14			0.86			1.05			1.30	^(b)
Net realized and unrealized gain (loss)^(c)		1.98			(3.58	)		(2.19	)		6.04			(1.63	)		(3.75	)
Net increase (decrease) from investment operations		2.19			(2.63	)		(1.05	)		6.90			(0.58	)		(2.45	)

Distributions^(d)
From net investment income		(0.42	)		(0.97	)		(1.78	)		(0.76	)		(1.14	)		(1.40	)
Total distributions		(0.42	)		(0.97	)		(1.78	)		(0.76	)		(1.14	)		(1.40	)
Net asset value, end of period	$	30.02		$	28.25		$	31.85		$	34.68		$	28.54		$	30.26

Total Return
Based on net asset value		7.60	%^(e)		(8.41	)%		(2.88	)%		24.30	%		(1.91	)%		(7.46	)%^(b)

Ratios to Average Net Assets
Total expenses		0.52	%^(f)		0.55	%		0.53	%		0.53	%		0.48	%		0.92	%
Total expenses excluding professional fees for foreign withholding tax claims		0.50	%^(f)		0.49	%		0.47	%		0.49	%		0.48	%		0.48	%
Net investment income		1.34	%^(f)		3.16	%		3.34	%		2.74	%		3.65	%		3.97	%^(b)

Supplemental Data
Net assets, end of period (000)	$	222,877		$	205,516		$	248,468		$	460,315		$	284,709		$	331,387
Portfolio turnover rate^(g)		2	%^(e)		4	%		5	%		9	%		7	%		4	%

Schedule of Investments (unaudited)	iShares^®MSCI Spain ETF
February 29, 2020	(Percentages shown are based on Net Assets)


		Equity
		Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	60 1,934

Schedule of Investments (unaudited)	iShares^®MSCI USA Equal Weighted ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Schedule of Investments (unaudited) (continued)	iShares® MSCI USA Equal Weighted ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Futures contracts:
Average notional value of contracts — long		$	123,215,460

Futures contracts:
Average notional value of contracts — long		$	509,197

Consolidated Schedule of Investments (unaudited)	iShares^® MSCI Emerging Markets Asia ETF
February 29, 2020	(Percentages shown are based on Net Assets)

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	$	1,198,109	$	1,198,109		$	—	$	—
Barclays Capital Inc.		21,843,911		21,843,911			—		—
BNP Paribas Prime Brokerage International Ltd.		12,542,475		12,542,475			—		—
BNP Paribas Securities Corp.		5,042,250		5,042,250			—		—
BofA Securities, Inc.		46,239,418		46,239,418			—		—
Citadel Clearing LLC		579,203		579,203			—		—
Citigroup Global Markets Inc.		199,855,997		199,855,997			—		—
Citigroup Global Markets Ltd.		45,536,315		45,536,315			—		—
Credit Suisse Securities (Europe) Ltd.		51,699,537		51,699,537			—		—
Credit Suisse Securities (USA) LLC		95,764,546		95,764,546			—		—
Deutsche Bank AG		5,019,105		5,019,105			—		—
Deutsche Bank Securities Inc.		4,844,044		4,844,044			—		—
Goldman Sachs & Co.		147,804,841		147,804,841			—		—
Goldman Sachs International		12,636,137		12,636,137			—		—
HSBC Bank PLC		64,571,893		64,571,893			—		—
Jefferies LLC		2,173,929		2,173,929			—		—
JPMorgan Securities LLC		185,160,889		185,160,889			—		—
JPMorgan Securities PLC		120,193,225		120,193,225			—		—
Macquarie Bank Limited		53,686,747		53,686,747			—		—
Mizuho Securities USA Inc.		70,504		70,504			—		—
Morgan Stanley& Co. International PLC		49,813,479		49,813,479			—		—
Morgan Stanley& Co. LLC		322,353,915		322,353,915			—		—
Morgan Stanley& Co. LLC (U.S. Equity Securities Lending)		15,627,666		15,627,666			—		—
Nomura Securities International Inc.		4,656,195		4,656,195			—		—
RBC Capital Markets LLC		25,017		25,017			—		—
SG Americas Securities LLC		1,716,784		11,716,784			—		—
State Street Bank & Trust Company		635,200		635,200			—		—
TD Prime Services LLC		499,763		499,763			—		—
UBS AG		10,017,755		10,017,755			—		—
UBS Europe SE		7,442,571		7,442,571			—		—
UBS Securities LLC		16,526,858		16,526,858			—		—
Wells Fargo Bank, National Association		8,207,118		8,207,118			—		—
Wells Fargo Securities LLC		2,859,227		2,859,227			—		—
	$	1,526,844,623	$	1,526,844,623		$	—	$	—