N-CSRS 1 f3686d1.htm ISHARES TRUST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09729

		iShares Trust
	(Exact name of registrant as specified in charter)
c/o: State Street Bank and Trust Company
100 Summer Street, 4th Floor, Boston, MA		02110
(Address of principal executive offices)			(Zip code)
The Corporation Trust Company
1209 Orange Street, Wilmington, DE 19801
	(Name and address of agent for service)
Registrant's telephone number, including area code:		(415) 670-2000
Date of fiscal year end:	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 Trust

●

iShares MSCI Argentina and Global Exposure ETF | AGT | Cboe BZX

●

iShares MSCI Brazil Small-Cap ETF | EWZS | NASDAQ

●

iShares MSCI China ETF | MCHI | NASDAQ

●

iShares MSCI China Small-Cap ETF | ECNS | NYSE Arca

●

iShares MSCI Indonesia ETF | EIDO | NYSE Arca

●

iShares MSCI Peru ETF | EPU | NYSE Arca

●

iShares MSCI Philippines ETF | EPHE | NYSE Arca

●

iShares MSCI Poland ETF | EPOL | NYSE Arca

●

iShares MSCI Qatar ETF | QAT | NASDAQ

●

iShares MSCI Saudi Arabia ETF | KSA | NYSE Arca

●

iShares MSCI UAE ETF | UAE | NASDAQ

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

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

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

Table of Contents

	Page
Fund Summary	3
About Fund Performance	14
Schedules of Investments	15
Financial Statements
Statements of Assets and Liabilities	50
Statements of Operations	53
Statements of Changes in Net Assets	56
Financial Highlights	62
Notes to Financial Statements	73
Statement Regarding Liquidity Risk Management Program	83
Supplemental Information	84
General Information	85
Glossary of Terms Used in this Report	86

Fund Summary as of February 29, 2020 iShares^® MSCI Argentina and Global Exposure ETF

Investment Objective

The iShares MSCI Argentina and Global Exposure ETF (the “Fund”) seeks to track the investment results of a broad-based equity index with exposure to Argentina, as represented by the MSCI All Argentina 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		Since Inception			1 Year		Since Inception
Fund NAV	2.25	%		(17.43	)%	(7.25	)%		(17.43	)%	(19.29	)%
Fund Market	3.71			(16.31	)	(6.82	)		(16.31	)	(18.23	)
Index	2.32			(17.39	)	(7.39	)		(17.39	)	(19.62	)

The inception date of the Fund was 4/25/17. The first day of secondary market trading was 4/27/17.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.

Expense Example

Actual Hypothetical 5% Return

Beginning

Account Value

Ending

Account Value

Expenses

Paid During

Beginning

Account Value

Ending

Account Value

Expenses

Paid During

Annualized

Expense

(09/01/19) (02/29/20) the Period ^(a) (09/01/19) (02/29/20) the Period ^(a) Ratio

$ 1,000.00 $ 1,022.50 $ 1.21 $ 1,000.00 $ 1,023.70 $ 1.21 0.24 %

(a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 14 for more information.

Portfolio Information

ALLOCATION BY SECTOR		GEOGRAPHIC ALLOCATION
	Percent of		Percent of
Sector	Total Investments^(a)	Country/Geographic Region	Total Investments^(a)
Consumer Discretionary	28.9%	Argentina	65.1%
Financials	14.4	United States	21.5
Consumer Staples	13.5	Chile	9.9
Information Technology	11.3	Canada	3.0
Energy	9.0	United Kingdom	0.5
Utilities	7.4
Materials	6.0
Communication Services	5.0
Real Estate	3.3
Industrials	1.2

(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 Brazil Small-Cap ETF

Investment Objective

The iShares MSCI Brazil Small-Cap ETF(the “Fund”) seeks to track the investment results of an index composed of small-capitalization Brazilian equities, as represented by the MSCI Brazil Small Cap Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

			Average Annual Total Returns							Cumulative Total Returns
	6 Months			1 Year		5 Years		Since Inception			1 Year		5 Years		Since Inception
Fund NAV	6.88	%		14.82	%	12.34	%	(0.68	)%		14.82	%	78.90	%	(6.20	)%
Fund Market	6.59			14.38		11.90		(0.73	)		14.38		75.49		(6.69	)
Index	7.27			15.78		12.91		(0.15	)		15.78		83.52		(1.38	)

The inception date of the Fund was 9/28/10. The first day of secondary market trading was 9/29/10.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value		Ending Account Value		Expenses Paid During			Beginning Account Value		Ending Account Value			Expenses Paid During		Annualized Expense
	(09/01/19)		(02/29/20)		the Period	^(a)		(09/01/19)		(02/29/20	)		the Period	^(a)	Ratio
$	1,000.00	$	1,068.80	$	2.98		$	1,000.00	$	1,022.00		$	2.92		0.58%

(a)

Portfolio Information

ALLOCATION BY SECTOR		TEN LARGEST HOLDINGS
	Percent of		Percent of
Sector	Total Investments^(a)	Security	Total Investments^(a)
Consumer Discretionary	29.0%	YDUQS Part	4.6%
Utilities	19.4	Via Varejo SA	4.6
Industrials	14.0	Azul SA	4.2
Materials	7.1	TOTVS SA	3.7
Health Care	7.1	Cyrela Brazil Realty SA Empreendimentos e Participacoes	2.7
Consumer Staples	6.7	Qualicorp Consultoria e Corretora de Seguros SA	2.6
Real Estate	5.7	Bradespar SA (Preferred)	2.6
Information Technology	5.4	Cia. Paranaense de Energia (Preferred)	2.5
Financials	3.3	Cia. de Locacao das Americas	2.4
Energy	1.7	Cia. de Saneamento do Parana	2.2
Communication Services	0.6

(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 China ETF

Investment Objective

The iShares MSCI China ETF (the “Fund”) seeks to track the investment results of an index composed of Chinese equities that are available to international investors, as represented by the MSCI China Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

			Average Annual Total Returns							Cumulative Total Returns
	6 Months			1 Year		5 Years		Since Inception			1 Year		5 Years		Since Inception
Fund NAV	9.85	%		2.64	%	4.93	%	4.40	%		2.64	%	27.21	%	46.82	%
Fund Market	10.99			3.82		5.00		4.52			3.82		27.65		48.32
Index	10.24			3.29		5.49		4.95			3.29		30.66		53.94

The inception date of the Fund was 3/29/11. The first day of secondary market trading was 3/31/11.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value		Ending Account Value		Expenses Paid During			Beginning Account Value		Ending Account Value			Expenses Paid During		Annualized Expense
	(09/01/19)		(02/29/20)		the Period	^(a)		(09/01/19)		(02/29/20	)		the Period	^(a)	Ratio
$	1,000.00	$	1,098.50	$	3.03		$	1,000.00	$	1,022.00		$	2.92		0.58%

(a)

Portfolio Information

ALLOCATION BY SECTOR		TEN LARGEST HOLDINGS
	Percent of		Percent of
Sector	Total Investments^(a)	Security	Total Investments^(a)
Consumer Discretionary	27.5%	Alibaba Group Holding Ltd.	17.4%
Communication Services	21.3	Tencent Holdings Ltd.	13.7
Financials	19.2	China Construction Bank Corp., Class H	3.7
Industrials	5.6	Ping An Insurance Group Co. of China Ltd., Class H	3.0
Real Estate	5.4	China Mobile Ltd.	2.3
Information Technology	5.0	Industrial & Commercial Bank of China Ltd., Class H	2.1
Health Care	4.7	Baidu Inc.	1.6
Consumer Staples	3.6	Bank of China Ltd., Class H	1.5
Energy	3.0	JD. com Inc.	1.4
Utilities	2.4	CNOOC Ltd.	1.2
Materials	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 China Small-Cap ETF

Investment Objective

The iShares MSCI China Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization Chinese equities that are available to international investors, as represented by the MSCI China Small Cap Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

			Average Annual Total Returns							Cumulative Total Returns
	6 Months			1 Year		5 Years		Since Inception			1 Year		5 Years		Since Inception
Fund NAV	4.13	%		(7.77	)%	1.13	%	0.54	%		(7.77	)%	5.75	%	5.19	%
Fund Market	4.40			(8.28	)	1.20		0.59			(8.28	)	6.17		5.68
Index	4.10			(7.76	)	0.19		(0.19	)		(7.76	)	0.94		(1.81	)

The inception date of the Fund was 9/28/10. The first day of secondary market trading was 9/29/10.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value		Ending Account Value		Expenses Paid During			Beginning Account Value		Ending Account Value			Expenses Paid During		Annualized Expense
	(09/01/19)		(02/29/20)		the Period	^(a)		(09/01/19)		(02/29/20	)		the Period	^(a)	Ratio
$	1,000.00	$	1,041.30	$	2.94		$	1,000.00	$	1,022.00		$	2.92		0.58%

(a)

Portfolio Information

ALLOCATION BY SECTOR		TEN LARGEST HOLDINGS
	Percent of		Percent of
Sector	Total Investments^(a)	Security	Total Investments^(a)
Consumer Discretionary	19.4%	Chinasoft International Ltd.	1.7%
Real Estate	18.7	China Overseas Property Holdings Ltd.	1.5
Information Technology	13.2	Fanhua Inc. .	1.4
Industrials	11.6	China Overseas Grand Oceans Group Ltd.	1.4
Health Care	10.4	China SCE Group Holdings Ltd.	1.4
Materials	8.9	China Youzan Ltd.	1.4
Communication Services	5.4	Yuexiu REIT	1.4
Financials	4.1	Atlas Crop	1.2
Utilities	3.7	21Vianet Group Inc.	1.2
Consumer Staples	2.9	China Yuhua Education Corp Ltd.	1.2
Energy	1.7

(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 Indonesia ETF

Investment Objective

The iShares MSCI Indonesia ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Indonesian equities, as represented by the MSCI Indonesia 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		Since Inception			1 Year		5 Years		Since Inception
Fund NAV	(14.75	)%		(16.15	)%	(3.45	)%	0.45	%		(16.15	)%	(16.10	)%	4.47	%
Fund Market	(13.72	)		(14.18	)	(3.18	)	0.55			(14.18	)	(14.94	)	5.56
Index	(14.59	)		(15.32	)	(2.87	)	0.98			(15.32	)	(13.56	)	10.02

The inception date of the Fund was 5/5/10. The first day of secondary market trading was 5/7/10.

Index performance through May 28, 2019 reflects the performance of MSCI Indonesia Investable Market Index. Index performance beginning on May 29, 2019 reflects the performance of the MSCI Indonesia IMI 25/50 Index.

Expense Example

Actual Hypothetical 5% Return

Beginning
Account Value Ending
Account Value Expenses
Paid During Beginning
Account Value Ending
Account Value

Expenses

Paid During

Annualized
Expense

(09/01/19) (02/29/20) the Period ^(a) (09/01/19) (02/29/20 ) the Period ^(a) Ratio

$ 1,000.00 $ 852.50 $ 2.67 $ 1,000.00 $ 1,022.00 $ 2.92 0.58%

(a)

Portfolio Information

ALLOCATION BY SECTOR		TEN LARGEST HOLDINGS
	Percent of		Percent of
Sector	Total Investments^(a)	Security	Total Investments^(a)
Financials	43.2%	Bank Central Asia Tbk PT	17.8%
Consumer Staples	14.5	Bank Rakyat Indonesia Persero Tbk PT	13.0
Communication Services	12.8	Telekomunikasi Indonesia Persero Tbk PT	9.3
Materials	8.5	Bank Mandiri Persero Tbk PT	6.4
Consumer Discretionary	7.1	Astra International Tbk PT	4.3
Real Estate	4.7	Bank Negara Indonesia Persero Tbk PT	3.5
Energy	3.2	Unilever Indonesia Tbk PT	3.5
Industrials	2.9	Charoen Pokphand Indonesia Tbk PT	2.8
Health Care	1.8	Semen Indonesia Persero Tbk PT	2.1
Utilities	1.0	Indofood Sukses Makmur Tbk PT	1.9
Information Technology	0.3

(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 Peru ETF

Investment Objective

The iShares MSCI Peru ETF (the “Fund”) seeks to track the investment results of an index composed of Peruvian equities, as represented by the MSCI All Peru Capped Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

			Average Annual Total Returns							Cumulative Total Returns
	6 Months			1 Year		5 Years		Since Inception			1 Year		5 Years		Since Inception
Fund NAV	(7.27	)%		(16.24	)%	2.91	%	2.37	%		(16.24	)%	15.43	%	26.37	%
Fund Market	(7.33	)		(17.41	)	2.86		2.31			(17.41	)	15.16		25.60
Index	(6.84	)		(15.52	)	3.70		2.94			(15.52	)	19.94		33.57

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value		Ending Account Value		Expenses Paid During			Beginning Account Value		Ending Account Value			Expenses Paid During		Annualized Expense
	(09/01/19)		(02/29/20)		the Period	^(a)		(09/01/19)		(02/29/20	)		the Period	^(a)	Ratio
$	1,000.00	$	927.30	$	2.78		$	1,000.00	$	1,022.00		$	2.92		0.58%

(a)

Portfolio Information

ALLOCATION BY SECTOR		TEN LARGEST HOLDINGS
	Percent of		Percent of
Sector	Total Investments^(a)	Security	Total Investments^(a)
Materials	41.1%	Credicorp Ltd.	22.6%
Financials	31.0	Southern Copper Corp	11.6
Consumer Staples	9.5	Cia. de Minas Buenaventura SAA	10.5
Utilities	6.6	Luz del Sur SAA	4.7
Industrials	5.4	InRetail Peru Corp.	4.6
Real Estate	2.3	Alicorp SAA	4.5
Consumer Discretionary	2.2	Intercorp Financial Services Inc.	4.4
Energy	1.9	Ferreycorp SAA	3.4
		Hochschild Mining PLC	3.3
		Banco BBVA Peru SA	3.3
(a) Excludes money market funds.

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

Fund Summary as of February 29, 2020

iShares^® MSCI Philippines ETF

Investment Objective

The iShares MSCI Philippines ETF (the "Fund") seeks to track the investment results of a broad-based index composed of Philippine equities, as represented by the MSCI Philippines Investable Market Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

			Average Annual Total Returns							Cumulative Total Returns
	6 Months			1 Year		5 Years		Since Inception			1 Year		5 Years		Since Inception
Fund NAV	(13.85	)%		(11.72	)%	(5.99	)%	2.67	%		(11.72	)%	(26.55	)%	28.19	%
Fund Market	(14.70	)		(11.70	)	(6.21	)	2.56			(11.70	)	(27.44	)	26.94
Index	(13.45	)		(11.02	)	(5.36	)	3.25			(11.02	)	(24.07	)	35.12

The inception date of the Fund was 9/28/10. The first day of secondary market trading was 9/29/10.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value		Ending Account Value		Expenses Paid During			Beginning Account Value		Ending Account Value			Expenses Paid During		Annualized Expense
	(09/01/19)		(02/29/20)		the Period	^(a)		(09/01/19)		(02/29/20	)		the Period	^(a)	Ratio
$	1,000.00	$	861.50	$	2.68		$	1,000.00	$	1,022.00		$	2.92		0.58%

(a)

Portfolio Information

ALLOCATION BY SECTOR		TEN LARGEST HOLDINGS
	Percent of		Percent of
Sector	Total Investments^(a)	Security	Total Investments^(a)
Industrials	31.1%	SM Prime Holdings Inc.	13.7%
Real Estate	28.5	Ayala Land Inc.	10.2
Financials	18.7	BDO Unibank Inc.	9.7
Communication Services	5.1	SM Investments Corp	8.3
Utilities	4.9	JG Summit Holdings Inc.	6.9
Consumer Staples	4.9	Universal Robina Corp	4.4
Consumer Discretionary	4.7	Ayala Corp	4.4
Energy	1.4	International Container Terminal Services Inc.	3.8
Materials	0.7	Metropolitan Bank & Trust Co.	3.6
		PLDT Inc.	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 Poland ETF

Investment Objective

The iShares MSCI Poland ETF(the “Fund”) seeks to track the investment results of a broad-based index composed of Polish equities, as represented by the MSCI Poland 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		Since Inception			1 Year		5 Years		Since Inception
Fund NAV	(16.49	)%		(26.19	)%	(4.62	)%	(0.72	)%		(26.19	)%	(21.05	)%	(6.84	)%
Fund Market	(15.10	)		(24.79	)	(4.24	)	(0.59	)		(24.79	)	(19.50	)	(5.57	)
Index	(17.02	)		(26.59	)	(4.61	)	(0.55	)		(26.59	)	(21.02	)	(5.24	)

The inception date of the Fund was 5/25/10. The first day of secondary market trading was 5/26/10.

Index performance through February 11, 2013 reflects the performance of the MSCI Poland Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Poland IMI 25/50 Index.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value		Ending Account Value		Expenses Paid During			Beginning Account Value		Ending Account Value			Expenses Paid During		Annualized Expense
	(09/01/19)		(02/29/20)		the Period	^(a)		(09/01/19)		(02/29/20	)		the Period	^(a)	Ratio
$	1,000.00	$	835.10	$	4.15		$	1,000.00	$	1,020.30		$	4.57		0.91%

(a)

Portfolio Information

ALLOCATION BY SECTOR		TEN LARGEST HOLDINGS
	Percent of		Percent of
Sector	Total Investments^(a)	Security	Total Investments^(a)
Financials	41.3%	Powszechna Kasa Oszczednosci Bank Polski SA	14.3%
Communication Services	17.2	Powszechny Zaklad Ubezpieczen SA	10.9
Energy	15.2	CD Projekt SA	9.4
Consumer Discretionary	7.0	Polski Koncern Naftowy ORLEN SA	9.2
Materials	5.6	Bank Polska Kasa Opieki SA	4.6
Consumer Staples	4.7	Santander Bank Polska SA	4.5
Utilities	4.4	LPP SA	4.4
Information Technology	2.0	KGHM Polska Miedz SA	4.0
Industrials	1.9	Dino Polska SA	3.8
Health Care	0.7	Cyfrowy Polsat SA	3.5
(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

Fund Summary as of February 29, 2020

iShares^®MSCI Qatar ETF

Investment Objective

The iShares MSCI Qatar ETF (the “Fund”) seeks to track the investment results of an index composed of Qatar equities, as represented by the MSCI All Qatar Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

			Average Annual Total Returns						Cumulative Total Returns
	6 Months		1 Year		5 Years		Since Inception		1 Year		5 Years		Since Inception
Fund NAV	(6.25	)%	(8.09	)%	(3.71	)%	(3.31	)%	(8.09	)%	(17.22	)%	(17.84	)%
Fund Market	(8.90	)	(10.69	)	(4.60	)	(3.90	)	(10.69	)	(20.98	)	(20.72	)
Index	(5.87	)	(7.32	)	(3.00	)	(2.68	)	(7.32	)	(14.13	)	(14.66	)

The inception date of the Fund was 4/29/14. The first day of secondary market trading was 5/1/14.

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period ^(a)		Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period ^(a)		Annualized Expense Ratio
$	1,000.00	$	937.50	$	2.79	$	1,000.00	$	1,022.00	$	2.92		0.58	%

^(a)

Portfolio Information

ALLOCATION BYSECTOR			TEN LARGESTHOLDINGS
Sector	Percent of Total Investments	^(a)	Security	Percent of Total Investments	^(a)
Financials	52.6	%	Qatar National Bank QPSC	22.6	%
Industrials	12.7		Qatar Islamic Bank SAQ	8.4
Real Estate	8.5		Industries Qatar QSC	7.6
Energy	8.3		Masraf Al Rayan QSC	7.0
Materials	6.5		Commercial Bank PSQC (The)	4.5
Communication Services	4.6		Qatar Electricity & Water Co. QSC	4.3
Utilities	4.3		Mesaieed Petrochemical Holding Co	4.2
Consumer Staples	1.4		Qatar Fuel QSC	3.8
Health Care	1.1		Qatar International Islamic Bank QSC	3.5
			Barwa Real Estate Co..	3.5

^(a)

Excludes money market funds.

F u n d S u m m a r y 11

Fund Summary as of February 29, 2020

iShares^® MSCI Saudi Arabia ETF

Investment Objective

The iShares MSCI Saudi Arabia ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Saudi Arabian equities, as represented by the MSCI Saudi Arabia 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		Since Inception		1 Year		Since Inception
Fund NAV	(7.09	)%	(10.24	)%	4.81	%	(10.24	)%	23.27	%
Fund Market	(9.01	)	(12.70	)	4.35		(12.70	)	20.91
Index	(6.75	)	(9.65	)	5.63		(9.65	)	27.65

The inception date of the Fund was 9/16/15. The first day of secondary market trading was 9/17/15.

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	$	929.10	$	3.55		$	1,000.00	$	1,021.20	$	3.72			0.74	%

^(a)

Portfolio Information

ALLOCATION BYSECTOR			ALLOCATION BYSECTOR
Sector	Percent of Total Investments	^(a)	Security	Percent of Total Investments	^(a)
Financials	44.3	%	Al Rajhi Bank .	12.2	%
Materials	24.2		Saudi Basic Industries Corp	9.5
Communication Services	7.7		National Commercial Bank	8.5
Energy	6.6		Saudi Arabian Oil Co.	5.7
Consumer Staples	4.8		Saudi Telecom Co	5.2
Consumer Discretionary	4.5		Riyad Bank	4.2
Utilities	2.6		Samba Financial Group	4.1
Health Care	2.4		Banque Saudi Fransi	3.1
Real Estate	2.1		Saudi British Bank (The)	3.0
Industrials	0.8		Alinma Bank.	2.9

^(a)

Excludes money market funds.

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

Fund Summary as of February 29, 2020

iShares^® MSCI UAE ETF

Investment Objective

The iShares MSCI UAE ETF (the “Fund”) seeks to track the investment results of an index composed of UAE equities, as represented by the MSCI All UAE Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

			Average Annual Total Returns						Cumulative Total Returns
	6 Months		1 Year		5 Years		Since Inception		1 Year		5 Years		Since Inception
Fund NAV	(12.41	)%	(11.48	)%	(5.24	)%	(8.02	)%	(11.48	)%	(23.59	)%	(38.60	)%
Fund Market	(12.43	)	(13.90	)	(5.50	)	(8.22	)	(13.90	)	(24.63	)	(39.38	)
Index	(12.59	)	(11.31	)	(4.81	)	(7.69	)	(11.31	)	(21.83	)	(37.31	)

The inception date of the Fund was 4/29/14. The first day of secondary market trading was 5/1/14.

Expense Example

Actual							Hypothetical 5% Return
Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)	Annualized Expense Ratio
$	1,000.00	$	875.90	$	2.71		$	1,000.00	$	1,022.00	$	2.92			0.58	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR			TEN LARGEST HOLDINGS
Sector	Percent of Total Investments	^(a)	Security	Percent of Total Investments	^(a)
Financials	46.5	%	First Abu Dhabi Bank PJSC	22.0	%
Real Estate	14.6		Emirates Telecommunications Group Co. PJSC	14.5
Industrials	14.6		Abu Dhabi Commercial Bank PJSC.	9.7
Communication Services	14.5		Aldar Properties PJSC.	4.6
Energy	4.5		DP World PLC...	4.5
Health Care	2.7		Dubai Islamic Bank PJSC .	4.3
Consumer Discretionary	1.5		Air Arabia PJSC .	4.0
Consumer Staples	1.1		Emaar Properties PJSC...	3.9
			Dana Gas PJSC .	3.7
^(a) Excludes money market funds.			Dubai Investments PJSC	3.4

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.

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 calcu ate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

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

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 Argentina and Global Exposure ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks
Argentina — 65.0%
Adecoagro SA^(a)		76,403	$	499,676
Arcos Dorados Holdings Inc., Class A		83,713		539,112
Banco BBVA Argentina SA, ADR^(a)(b)		88,669		357,336
Banco Macro SA, ADR		25,547		740,352
Central Puerto SA, ADR		122,081		395,542
Corp. America Airports SA^(a)(b)		39,702		169,527
Cresud SACIF y A, ADR^(a)		40,449		195,369
Despegar.com Corp.^(a)(b)		39,944		478,928
Empresa Distribuidora y Comercializadora Norte SA, ADR^(a)		25,482		113,650
Globant SA^(a)		13,799		1,559,425
Grupo Financiero Galicia SA, ADR		51,109		646,018
Grupo Supervielle SA, ADR		88,198		236,371
IRSA Inversiones y Representaciones SA, ADR^(a)(b)		28,714		157,640
IRSA Propiedades Comerciales SA, ADR		7,816		92,620
Loma Negra Cia Industrial Argentina SA, ADR^(a)(b)		70,540		409,132
Pampa Energia SA, ADR^(a)(b)		43,385		514,112
Telecom Argentina SA, ADR		59,481		689,980
Transportadora de Gas del Sur SA, Class B		78,579		440,828
YPF SA, ADR		90,850		725,891
				8,961,509
Canada — 3.0%
SSR Mining Inc.^(a)		26,638		416,73

Chile — 6.4%
Cencosud SA		397,883		465,627
Cia. Cervecerias Unidas SA		55,642		416,740
				882,367
United Kingdom — 0.5%
Phoenix Global Resources PLC^(a)(b)		449,135		64,539
United States — 21.5%
MercadoLibre Inc.^(a)		4,806		2,960,640
Total Common Stocks — 96.4%
(Cost: $19,184,985)				13,285,786

Security	Shares		Value

Preferred Stocks
Chile — 3.4%
Embotelladora Andina SA, Class B, Preference Shares		196,962	$	474,199

Total Preferred Stocks — 3.4%
(Cost: $572,155)				474,199

Short-Term Investments

Money Market Funds — 7.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(c)(d)(e)		1,023,730		1,024,447
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(c)(d)		1,000		11,000
				1,035,447
Total Short-Term Investments — 7.5%
(Cost: $1,035,273)				1,035,447

Total Investments in Securities — 107.3%
(Cost: $20,792,413)				14,795,432

Other Assets, Less Liabilities — (7.3)%				(1,006,253	)

Net Assets — 100.0%			$	13,789,179

^(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:

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		197,599		826,131		1,023,730	$	1,024,447	$	1,937	(b)	$	(198	)	$	132
BlackRock Cash Funds: Treasury, SL Agency Shares		8,000		3,000		11,000		11,000		361			—			—
							$	1,035,447	$	2,298		$	(198	)	$	132

^(a)

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

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

Fair Value Measurements

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

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

ScheduleofInvestments (unaudited) (continued)	iShares^® MSCI Argentina and Global Exposure 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		Tota
Investments
Assets
Common Stocks	$	13,285,786	$	—	$	—	$	13,285,786
Preferred Stocks		474,199		—		—		474,199
Money Market Funds		1,035,447		—		—		1,035,447
	$	14,795,432	$	—	$	—	$	14,795,432

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 Brazil Small-Cap ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks
Auto Components — 0.8%
Mahle-Metal Leve SA		95,000	$	567,475
Tupy S A		171,000		829,672
				1,397,147
Banks — 1.1%
Banco Inter SA		190,000		1,954,052
Diversified Consumer Services — 6.0%
Anima Holding SA		190,000		1,516,075
Ser Educacional SA^(a)		152,053		869,520
YDUQS Part		684,037		7,867,339
				10,252,934
Electric Utilities — 7.4%
Alupar Investimento SA		380,000		2,375,184
EDP - Energias do Brasil SA		800,000		3,622,621
Light SA		590,100		2,836,938
Transmissora Alianca de EnergiaEletrica SA		570,000		3,788,924
				12,623,667
Food Products — 6.7%
Camil Alimentos SA		281,000		526,916
M. Dias Branco SA		228,000		2,071,969
Marfrig Global Foods SA^(b)		1,197,000		3,202,329
Minerva SA^(b)		682,000		1,756,528
Sao Martinho SA		456,000		2,677,389
SLC Agricola SA		247,000		1,104,250
				11,339,381
Health Care Providers & Services — 7.0%
Alliar Medicos A Frente SA		133,000		555,684
Fleury SA		533,100		3,516,464
Instituto Hermes Pardini SA		133,000		847,528
Odontoprev SA		705,000		2,576,762
Qualicorp Consultoria e Corretora de Seguros SA		589,000		4,471,369
				11,967,807
Hotels, Restaurants & Leisure — 2.0%
BK Brasil Operacao e Assessoria a Restaurantes SA		435,000		1,412,510
CVC Brasil Operadora e Agencia de Viagens SA		343,100		1,956,704
				3,369,214
Household Durables — 7.8%
Construtora Tenda SA		174,264		1,354,591
Cyrela Brazil Realty SA Empreendimentos e Participacoes		684,000		4,522,452
Even Construtora e Incorporadora SA^(b)		304,000		966,245
Ez Tec Empreendimentos e Participacoes SA		229,195		2,362,233
MRV Engenharia e Participacoes SA		796,000		3,438,662
Trisul SA		228,000		729,737
				13,373,920
Independent Power and Renewable Electricity Producers — 3.4%
AES Tiete Energia SA		397,048		1,338,557
Eneva SA^(b)		285,000		2,700,509
Omega Geracao SA^(b)		196,000		1,683,419
				5,722,485
Insurance — 0.4%
Wiz Solucoes e Corretagem de Seguros SA		190,000		593,796
Machinery — 0.7%
Iochpe Maxion SA		285,007		1,228,051
Media — 0.6%
Smiles Fidelidade SA		150,095		1,090,535

Security	Shares		Value

Multiline Retail — 0.5%
Marisa Lojas SA^(b)		304,000	$	924,469
Oil, Gas & Consumable Fuels — 1.7%
Dommo Energia SA^(b)		304,060		87,613
Enauta Participacoes SA.		209,000		615,653
Petro Rio SA^(b)		247,000		2,157,038
				2,860,304
Paper & Forest Products — 1.9%
Duratex SA		817,000		3,149,099
Real Estate Management & Development — 5.7%
Aliansce Sonae Shopping Centers SA^(b)		342,091		3,462,879
BR Properties SA^(b)		571,100		1,744,319
Iguatemi Empresa de Shopping Centers SA		228,007		2,518,278
JHSF Participacoes SA		665,000		1,033,247
LOG Commercial Properties e Participacoes SA		152,092		929,748
				9,688,471
Road & Rail — 5.0%
Cia. de Locacao das Americas..		855,000		4,010,018
Cosan Logistica SA^(b)		361,084		1,451,811
JSL SA		171,000		1,050,640
Movida Participacoes SA		342,000		1,364,468
Tegma Gestao Logistica SA		76,000		592,954
				8,469,891
Software — 5.4%
Linx SA		418,000		2,907,327
TOTVS SA		399,772		6,292,112
				9,199,439
Specialty Retail — 5.5%
Grupo SBF SA^(b)		171,000		1,652,143
Via Varejo SA^(b)		2,525,000		7,728,935
				9,381,078
Textiles, Apparel & Luxury Goods — 4.1%
Arezzo Industria e Comercio SA.		14,080		1,519,667
Cia. Hering		380,000		1,898,463
Grendene SA		705,000		1,515,743
Guararapes Confeccoes SA.		266,060		1,621,724
Vulcabras Azaleia SA^(b)		247,000		432,502
				6,988,099
Transportation Infrastructure — 1.6%
EcoRodovias Infraestrutura e Logistica SA^(b)		513,000		1,794,275
Santos Brasil Participacoes SA		705,000		926,634
				2,720,909
Water Utilities — 3.5%
Cia. de Saneamento de Minas Gerais-COPASA		164,270		2,195,898
Cia. de Saneamento do Parana		171,455		3,819,274
				6,015,172

Total Common Stocks — 78.8%
(Cost: $109,384,847)				134,309,920

Preferred Stocks

Airlines — 5.1%
Azul SA, Preference Shares, NVS.		722,000		7,111,739
Gol Linhas Aereas Inteligentes SA, Preference
Shares, NVS		285,000		1,617,147
				8,728,886

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 Small-Cap ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Banks — 1.8%
Banco ABC Brasil SA, Preference Shares, NVS		209,042	$	925,750
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS		532,000		2,140,192
				3,065,942
Chemicals — 0.5%
Unipar Carbocloro SA, Preference Shares, NVS		133,033		790,240
Electric Utilities — 2.5%
Cia. Paranaense de Energia, Preference Shares, NVS		266,095		4,229,422
Independent Power and Renewable Electricity Producers — 2.1%
Cia. Energetica de Sao Paulo, Class B, Preference Shares, NVS		494,000		3,569,515
Machinery — 1.5%
Marcopolo SA, Preference Shares, NVS		1,330,014		1,444,498
Randon SA Implemetos e Participacoes, Preference Shares, NVS		437,050		1,131,458
				2,575,956
Metals & Mining — 4.7%
Bradespar SA, Preference Shares, NVS		589,093		4,359,783
Cia. Ferro Ligas da Bahia-Ferbasa, Preference Shares, NVS		14,000		450,780
Metalurgica Gerdau SA, Preference Shares, NVS		1,860,000		3,277,515
				8,088,078
Textiles, Apparel & Luxury Goods — 2.1%
Alpargatas SA, Preference Shares, NVS		513,080		3,586,835

Security	Shares		Value

Water Utilities — 0.5%
Cia. de Saneamento do Parana, Preference Shares, NVS		190,000	$	833,841

Total Preferred Stocks — 20.8%
(Cost: $28,601,455)				35,468,715

Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(c)(d)		164,000		164,000

Total Short-Term Investments — 0.1%
(Cost: $164,000)				164,000

Total Investments in Securities — 99.7%
(Cost: $138,150,302)				169,942,635

Other Assets, Less Liabilities — 0.3%				589,408

Net Assets — 100.0%			$	170,532,043

(a)

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

(b)

Non-income producing security.

(c)

Affiliate of the Fund.

(d)

Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended 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 02/29/20				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			125,000				39,000				164,000			$	164,000			$	781			$	—			$	—

^(a)

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

Fair Value Measurements

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		Tota
Investments
Assets
Common Stocks	$	134,309,920	$	—	$	—	$	134,309,920
Preferred Stocks		35,468,715		—		—		35,468,715
Money Market Funds		164,000		—		—		164,000
	$	169,942,635	$	—	$	—	$	169,942,635

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

Security	Shares		Value

Common Stocks
Aerospace & Defense — 0.1%
AECC Aviation Power Co. Ltd., Class A		351,776	$	1,162,488
AVIC Aircraft Co. Ltd., Class A		468,845		1,140,891
AVIC Shenyang Aircraft Co. Ltd., Class A^(a)		151,199		601,318
AviChina Industry & Technology Co. Ltd., Class H		6,240,000		2,714,419
China Avionics Systems Co. Ltd., Class A		304,767		616,056
China Spacesat Co. Ltd., Class A		193,270		940,332
				7,175,504
Air Freight & Logistics — 0.5%
BEST Inc., ADR^(a)(b)		446,160		2,413,726
SF Holding Co. Ltd., Class A		234,483		1,642,005
Sinotrans Ltd., Class H		5,460,000		1,541,373
Yunda Holding Co. Ltd., Class A		227,601		963,125
ZTO Express Cayman Inc., ADR		705,120		16,542,115
				23,102,344
Airlines — 0.2%
Air China Ltd., Class A		703,489		750,769
Air China Ltd., Class H		3,900,000		3,137,796
China Eastern Airlines Corp. Ltd., Class A^(a)		1,677,096		1,089,242
China Eastern Airlines Corp. Ltd., Class H^(a)		3,900,000		1,671,489
China Southern Airlines Co. Ltd., Class A		1,399,197		1,152,953
China Southern Airlines Co. Ltd., Class H^(b)		3,900,000		2,056,833
Spring Airlines Co. Ltd., Class A		156,085		794,917
				10,653,999
Auto Components — 0.2%
Changzhou Xingyu Automotive Lighting Systems Co.
Ltd., Class A		34,195		475,977
China First Capital Group Ltd.^(a)		6,314,000		174,195
Fuyao Glass Industry Group Co. Ltd., Class A		312,598		1,036,150
Fuyao Glass Industry Group Co. Ltd., Class H^(c)		1,215,600		3,470,669
Huayu Automotive Systems Co. Ltd., Class A		468,772		1,887,776
Nexteer Automotive Group Ltd.		1,950,000		1,436,280
Ningbo Joyson Electronic Corp., Class A^(a)		195,000		732,833
Shandong Linglong Tyre Co. Ltd., Class A		231,561		753,628
Weifu High-Technology Group Co. Ltd., Class A		193,235		542,370
				10,509,878
Automobiles — 1.5%
BAIC Motor Corp. Ltd., Class H^(c)		3,900,000		1,911,703
Brilliance China Automotive Holdings Ltd.^(b)		7,126,000		6,035,070
BYD Co. Ltd., Class A		266,159		2,489,029
BYD Co. Ltd., Class H^(b)		1,560,000		9,548,508
Chongqing Changan Automobile Co. Ltd., Class A		541,156		787,325
Dongfeng Motor Group Co. Ltd., Class H		6,118,000		4,835,960
Geely Automobile Holdings Ltd.		1,700,000		20,808,541
Great Wall Motor Co. Ltd., Class H		7,215,000		5,221,653
Guangzhou Automobile Group Co. Ltd., Class A		390,000		605,347
Guangzhou Automobile Group Co. Ltd., Class H		7,020,400		7,828,421
NIO Inc., ADR^(a)(b)		1,513,200		6,249,516
SAIC Motor Corp. Ltd., Class A		1,092,076		3,469,859
				69,790,932
Banks — 11.4%
Agricultural Bank of China Ltd., Class A		1,037,000		5,384,134
Agricultural Bank of China Ltd., Class H		64,350,000		25,762,955
Bank of Beijing Co. Ltd., Class A .		3,115,199		2,277,284
Bank of Chengdu Co. Ltd., Class A		616,793		720,895
Bank of China Ltd., Class A		5,031,000		2,555,013
Bank of China Ltd., Class H		181,740,000		71,828,001
Bank of Communications Co. Ltd., Class A		5,850,022		4,351,823

Security	Shares		Value

Banks (continued)
Bank of Communications Co. Ltd., Class H		19,500,200	$	12,511,276
Bank of Guiyang Co. Ltd., Class A.		616,672		741,044
Bank of Hangzhou Co. Ltd., Class A		859,560		1,056,282
Bank of Jiangsu Co. Ltd., Class A		1,833,078		1,673,062
Bank of Nanjing Co. Ltd., Class A		1,326,000		1,472,027
Bank of Ningbo Co. Ltd., Class A		817,784		2,943,470
Bank of Shanghai Co. Ltd., Class A		2,103,697		2,591,175
China CITIC Bank Corp. Ltd., Class A		1,131,000		878,563
China CITIC Bank Corp. Ltd., Class H		19,890,800		10,337,126
China Construction Bank Corp., Class A		1,443,009		1,341,815
China Construction Bank Corp., Class H		220,350,000		178,133,722
China Everbright Bank Co. Ltd., Class A		5,304,000		2,868,175
China Everbright Bank Co. Ltd., Class H		7,410,000		2,966,643
China Merchants Bank Co. Ltd., Class A		2,845,268		13,920,655
China Merchants Bank Co. Ltd., Class H		8,970,150		42,300,898
China Minsheng Banking Corp. Ltd., Class A		5,024,170		4,111,220
China Minsheng Banking Corp. Ltd., Class H.		16,185,160		10,924,342
Chongqing Rural Commercial Bank Co. Ltd., Class H		5,850,000		2,642,354
Huaxia Bank Co. Ltd., Class A		2,067,091		2,055,203
Industrial & Commercial Bank of China Ltd., Class A		8,073,000		6,120,984
Industrial & Commercial Bank of China Ltd., Class H		147,810,000		101,093,577
Industrial Bank Co. Ltd., Class A		2,886,000		7,138,414
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		429,000		487,291
Ping An Bank Co. Ltd., Class A		2,418,055		5,015,850
Postal Savings Bank of China Co. Ltd., Class H^(c)		18,330,000		11,572,311
Shanghai Pudong Development Bank Co. Ltd., Class A		4,133,998		6,416,680
				546,194,264
Beverages — 1.4%
Anhui Gujing Distillery Co. Ltd., Class A		34,196		598,291
Anhui Kouzi Distillery Co. Ltd., Class A		17,000		749,348
Beijing Shunxin Agriculture Co. Ltd., Class A		17,000		920,574
China Resources Beer Holdings Co. Ltd		3,120,000		14,452,878
Jiangsu King’s Luck Brewery JSC Ltd., Class A		195,000		822,938
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		234,076		3,260,897
Kweichow Moutai Co. Ltd., Class A		174,904		26,447,530
Luzhou Laojiao Co. Ltd., Class A		234,000		2,503,963
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		151,176		1,865,316
Sichuan Swellfun Co. Ltd., Class A		78,000		501,908
Tsingtao Brewery Co. Ltd., Class A		78,163		477,463
Tsingtao Brewery Co. Ltd., Class H		990,000		5,144,969
Wuliangye Yibin Co. Ltd., Class A		543,457		9,376,114
				67,122,189
Biotechnology — 0.5%
3SBio Inc.^(a)(c)		3,120,000		3,234,882
Beijing Tiantan Biological Products Corp. Ltd., Class A		192,560		953,957
BGI Genomics Co. Ltd., Class A		73,199		867,577
Chongqing Zhifei Biological Products Co. Ltd., Class A		187,740		1,610,919
Hualan Biological Engineering Inc., Class A		234,000		1,389,231
Innovent Biologics Inc.^(a)(c)		2,145,000		9,798,731
Shanghai RAAS Blood Products Co. Ltd., Class A^(a)		702,000		914,884
Shenzhen Kangtai Biological Products Co. Ltd., Class A		17,055		1,859,262
Walvax Biotechnology Co. Ltd., Class A		234,397		959,022
Zai Lab Ltd., ADR^(a)		79,170		4,351,975
				25,940,440
Building Products — 0.1%
Beijing New Building Materials PLC, Class A		268,160		966,730

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

Security	Shares		Value

Building Products (continued)
China Lesso Group Holdings Ltd.		2,340,000	$	3,513,130
				4,479,860
Capital Markets — 2.0%
Anxin Trust Co. Ltd., Class A^(a)		819,000		350,320
Caitong Securities Co. Ltd., Class A		547,100		868,761
Changjiang Securities Co. Ltd., Class A		898,936		866,760
China Cinda Asset Management Co. Ltd., Class H		19,890,000		4,160,207
China Everbright Ltd.		2,340,000		3,903,478
China Galaxy Securities Co. Ltd., Class H		7,995,000		4,411,431
China Huarong Asset Management Co. Ltd., Class H^(c)		19,890,000		2,705,411
China International Capital Corp. Ltd., Class H^(b)(c)		3,120,000		5,757,130
China Merchants Securities Co. Ltd., Class A		819,068		2,068,117
CITIC Securities Co. Ltd., Class A		1,389,075		4,649,989
CITIC Securities Co. Ltd., Class H		4,680,000		10,004,915
CSC Financial Co. Ltd., Class A		385,199		1,774,951
Dongxing Securities Co. Ltd., Class A		424,194		733,671
East Money Information Co. Ltd., Class A		1,007,140		2,499,768
Everbright Securities Co. Ltd., Class A		586,199		996,258
First Capital Securities Co. Ltd., Class A		582,789		634,463
Founder Securities Co. Ltd., Class A		1,204,199		1,261,013
GF Securities Co. Ltd., Class A		850,799		1,764,840
GF Securities Co. Ltd., Class H		2,964,000		3,544,758
Guosen Securities Co. Ltd., Class A		586,133		986,922
Guotai Junan Securities Co. Ltd., Class A		1,053,000		2,560,871
Guotai Junan Securities Co. Ltd., Class H^(c)		1,794,000		2,997,271
Guoyuan Securities Co. Ltd., Class A		546,000		704,546
Haitong Securities Co. Ltd., Class A		1,209,059		2,457,831
Haitong Securities Co. Ltd., Class H		6,396,000		6,869,521
Hithink RoyalFlush Information Network Co. Ltd., Class A		70,787		1,250,534
Huaan Securities Co. Ltd., Class A		546,000		601,442
Huatai Securities Co. Ltd., Class A		1,014,093		2,691,114
Huatai Securities Co. Ltd., Class H^(c)		3,744,000		6,504,996
Huaxi Securities Co. Ltd., Class A		429,000		690,431
Industrial Securities Co. Ltd., Class A		1,016,140		1,004,482
Nanjing Securities Co. Ltd., Class A		468,000		904,506
Noah Holdings Ltd.^(a)(b)		78,780		2,235,776
Orient Securities Co. Ltd., Class A		858,064		1,223,842
Pacific Securities Co. Ltd. (The), Class A^(a)		1,009,193		518,297
SDIC Capital Co. Ltd., Class A		507,978		941,803
Sealand Securities Co. Ltd., Class A		844,560		556,983
Shanxi Securities Co. Ltd., Class A		544,201		611,917
Shenwan Hongyuan Group Co. Ltd., Class A		3,198,097		2,141,154
Sinolink Securities Co. Ltd., Class A		417,800		597,694
SooChow Securities Co. Ltd., Class A		468,000		620,635
Southwest Securities Co. Ltd., Class A		936,000		672,187
Western Securities Co. Ltd., Class A		619,130		838,769
Zheshang Securities Co. Ltd., Class A		429,000		646,857
				94,786,622
Chemicals — 0.3%
Hengli Petrochemical Co. Ltd., Class A		896,910		1,911,814
Hengyi Petrochemical Co. Ltd., Class A		507,820		1,003,261
Lomon Billions Group Co. Ltd., Class A		429,000		958,625
Rongsheng Petro Chemical Co. Ltd., Class A		858,023		1,270,427
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		312,000		753,421
Sinopec Shanghai Petrochemical Co. Ltd., Class A		858,000		490,973
Sinopec Shanghai Petrochemical Co. Ltd., Class H		8,580,000		2,190,952
Tianqi Lithium Corp., Class A		239,300		1,085,891

Security	Shares		Value

Chemicals (continued)
Tongkun Group Co. Ltd., Class A		385,076	$	755,807
Transfar Zhilian Co. Ltd., Class A		814,192		724,482
Wanhua Chemical Group Co. Ltd., Class A		463,173		3,116,886
Zhejiang Longsheng Group Co. Ltd., Class A		500,671		925,391
				15,187,930
Commercial Services & Supplies — 0.5%
A-Living Services Co. Ltd., Class H^(c)		975,000		4,366,391
Beijing Originwater Technology Co. Ltd., Class A		541,197		763,383
China Everbright International Ltd..		8,580,148		5,714,190
Country Garden Services Holdings Co. Ltd		2,730,000		10,649,489
Greentown Service Group Co. Ltd		2,340,000		2,924,606
Shanghai M&G Stationery Inc., Class A		156,000		990,873
				25,408,932
Communications Equipment — 0.4%
BYD Electronic International Co. Ltd.^(b)		1,561,000		2,924,477
Fiberhome Telecommunication Technologies Co. Ltd., Class A		190,077		815,214
Guangzhou Haige Communications Group Inc. Co., Class A		460,784		790,364
Hengtong Optic-Electric Co. Ltd., Class A		351,000		827,011
Shenzhen Sunway Communication Co. Ltd., Class A^(a)		156,000		1,114,286
Yealink Network Technology Corp. Ltd., Class A		73,196		1,092,045
Zhongji Innolight Co. Ltd., Class A		73,197		649,644
ZTE Corp., Class A^(a)		461,656		3,302,166
ZTE Corp., Class H^(a)		1,794,040		7,424,280
				18,939,487
Construction & Engineering — 0.9%
China Communications Construction Co. Ltd., Class H		10,530,000		7,850,495
China Communications Services Corp. Ltd., Class H		5,460,800		4,225,383
China Gezhouba Group Co. Ltd., Class A		775,191		737,464
China National Chemical Engineering Co. Ltd., Class A		853,195		848,288
China Railway Construction Corp. Ltd., Class A		1,669,798		2,269,332
China Railway Construction Corp. Ltd., Class H		4,485,000		5,133,574
China Railway Group Ltd., Class A		2,842,198		2,183,429
China Railway Group Ltd., Class H		8,970,000		5,064,513
China State Construction Engineering Corp. Ltd., Class A		5,876,898		4,514,741
China State Construction International Holdings Ltd		4,680,000		3,789,376
Metallurgical Corp. of China Ltd., Class A		2,652,000		1,031,936
Metallurgical Corp. of China Ltd., Class H		7,020,000		1,360,212
Power Construction Corp. of China Ltd., Class A		2,145,097		1,304,206
Shanghai Tunnel Engineering Co. Ltd., Class A		819,000		656,119
Sinopec Engineering Group Co. Ltd., Class H		3,510,000		1,738,549
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A		500,168		620,362
				43,327,979
Construction Materials — 1.0%
Anhui Conch Cement Co. Ltd., Class A		577,791		4,534,579
Anhui Conch Cement Co. Ltd., Class H		2,925,000		21,450,363
BBMG Corp., Class H		6,630,000		1,863,160
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		229,196		1,018,401
China Jushi Co. Ltd., Class A.		619,169		830,850
China National Building Material Co. Ltd., Class H		9,360,000		10,821,642
China Resources Cement Holdings Ltd.		5,460,000		6,873,124
Huaxin Cement Co. Ltd., Class A		195,000		680,388
Tangshan Jidong Cement Co. Ltd., Class A		229,168		618,966
				48,691,473

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

Security	Shares		Value
Containers & Packaging — 0.0%
Yunnan Energy New Material Co. Ltd., Class A		61,300	$	511,608

Distributors — 0.0%
Wuchan Zhongda Group Co. Ltd., Class A		1,087,103		741,822

Diversified Consumer Services — 2.0%
China East Education Holdings Ltd.^(a)(c)		975,000		1,984,268
China Education Group Holdings Ltd.		1,560,000		2,217,976
New Oriental Education & Technology Group Inc., ADR^(a)		328,770		42,046,395
TAL Education Group, ADR^(a)(b)		883,350		48,045,407
				94,294,046
Diversified Financial Services — 0.1%
Avic Capital Co. Ltd., Class A		1,368,082		833,743
Bohai Leasing Co. Ltd., Class A^(a)		1,087,199		513,255
Far East Horizon Ltd.		5,070,000		4,430,448
				5,777,446
Diversified Telecommunication Services — 1.0%
China Telecom Corp. Ltd., Class H		31,980,000		12,023,713
China Tower Corp. Ltd., Class H^(c)		95,940,000		23,267,732
China Unicom Hong Kong Ltd.		14,040,000		11,079,873
				46,371,318
Electrical Equipment — 0.5%
Contemporary Amperex Technology Co. Ltd., Class A		312,199		6,059,346
Dongfang Electric Corp. Ltd., Class A		468,000		619,296
Eve Energy Co. Ltd., Class A^(a)		151,196		1,439,457
Fangda Carbon New Material Co. Ltd., Class A^(a)		502,191		723,450
Hongfa Technology Co. Ltd., Class A		117,000		572,430
NARI Technology Co. Ltd., Class A		663,088		1,881,067
Shanghai Electric Group Co. Ltd., Class A		663,000		425,863
Shanghai Electric Group Co. Ltd., Class H		8,580,000		2,422,158
Sunwoda Electronic Co. Ltd., Class A		268,198		844,090
TBEA Co. Ltd., Class A		814,196		725,650
Xinjiang Goldwind Science & Technology Co. Ltd.,Class A		532,520		801,424
Xinjiang Goldwind Science & Technology Co. Ltd.,Class H		1,794,120		1,781,907
Zhejiang Chint Electrics Co. Ltd., Class A		351,568		1,356,440
Zhuzhou CRRC Times Electric Co. Ltd., Class H		1,287,000		4,500,260
				24,152,838
Electronic Equipment, Instruments & Components — 1.7%
AAC Technologies Holdings Inc.^(b)		1,755,000		11,496,494
AVIC Jonhon Optronic Technology Co. Ltd., Class A		151,198		849,843
BOE Technology Group Co. Ltd., Class A		4,836,000		3,389,946
Chaozhou Three-Circle Group Co. Ltd., Class A		273,000		929,501
China Railway Signal & Communication Corp. Ltd.,Class H^(c)		3,510,000		1,801,605
Foxconn Industrial Internet Co. Ltd., Class A		586,196		1,432,324
GoerTek Inc., Class A		468,000		1,490,996
Hangzhou Hikvision Digital Technology Co. Ltd.,Class A		1,326,014		6,639,365
Kingboard Holdings Ltd.		1,560,000		4,123,674
Kingboard Laminates Holdings Ltd.		2,535,000		2,527,502
Lens Technology Co. Ltd., Class A		349,988		974,831
Lingyi iTech Guangdong Co., Class A^(a)		819,000		1,327,468
Luxshare Precision Industry Co. Ltd., Class A		739,760		5,058,586
NAURA Technology Group Co. Ltd., Class A		78,000		1,651,566
OFILM Group Co. Ltd., Class A^(a)		390,000		1,032,159
Shengyi Technology Co. Ltd., Class A		351,000		1,549,076
Shennan Circuits Co. Ltd., Class A		39,000		1,158,139

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Sunny Optical Technology Group Co. Ltd		1,638,000	$	25,474,699
Suzhou Dongshan Precision Manufacturing Co. Ltd.,Class A.		234,000		947,355
Tianma Microelectronics Co. Ltd., Class A		346,199		802,327
Unisplendour Corp. Ltd., Class A		234,000		1,520,454
Universal Scientific Industrial Shanghai Co. Ltd.,Class A..		227,200		700,107
Wingtech Technology Co. Ltd., Class A^(a)		117,000		2,332,736
Wuhan Guide Infrared Co. Ltd., Class A.		117,000		793,870
WUS Printed Circuit Kunshan Co. Ltd., Class A		268,199		1,001,401
Wuxi Lead Intelligent Equipment Co. Ltd., Class A.		112,198		901,250
Zhejiang Dahua Technology Co. Ltd., Class A		468,000		1,297,508
				83,204,782
Energy Equipment & Services — 0.1%
China Oilfield Services Ltd., Class H. .		3,268,000		4,193,480
Offshore Oil Engineering Co. Ltd., Class A		619,198		514,655
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		154,251		763,509
				5,471,644
Entertainment — 1.6%
Alibaba Pictures Group Ltd.^(a)(b)		35,970,000		4,846,434
Beijing Enlight Media Co. Ltd., Class A		424,198		657,822
Giant Network Group Co. Ltd., Class A		265,776		722,023
HUYA Inc., ADR^(a)(b)		142,350		2,819,953
iQIYI Inc., ADR^(a)(b)		294,840		6,613,261
Mango Excellent Media Co. Ltd., Class A^(a)		208,080		1,311,849
NetEase Inc., ADR		163,020		51,956,104
Perfect World Co. Ltd., Class A		195,000		1,424,101
Tencent Music Entertainment Group, ADR^(a)(b). .		217,230		2,635,000
Wanda Film Holding Co. Ltd., Class A^(a)		307,195		711,934

Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		312,000		1,511,304
				75,209,785
Food & Staples Retailing — 0.2%
Sun Art Retail Group Ltd		5,655,000		7,227,440
Yifeng Pharmacy Chain Co. Ltd., Class A		73,194		855,476
Yonghui Superstores Co. Ltd., Class A		1,443,034		1,775,356
				9,858,272
Food Products — 1.8%
Angel Yeast Co. Ltd., Class A		112,124		465,165
Beijing Dabeinong Technology Group Co. Ltd., Class A .		585,000		573,267
China Agri-Industries Holdings Ltd		5,070,000		2,751,952
China Huishan Dairy Holdings Co. Ltd.^(a)(d).		1,366,667		2,630
China Mengniu Dairy Co. Ltd.		6,317,000		22,656,104
Chongqing Fuling Zhacai Group Co. Ltd., Class A		156,000		613,493
Dali Foods Group Co. Ltd.^(c)		5,070,000		3,350,485
Foshan Haitian Flavouring & Food Co. Ltd., Class A		306,391		4,364,741
Fujian Sunner Development Co. Ltd., Class A		156,000		484,055
Guangdong Haid Group Co. Ltd., Class A		229,097		1,120,872
Henan Shuanghui Investment & Development Co. Ltd.,Class A		397,708		1,934,433
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		897,025		3,709,907
Jiangxi Zhengbang Technology Co. Ltd., Class A		351,000		759,223
Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd., Class A		117,000		632,686
Muyuan Foodstuff Co. Ltd., Class A		273,000		4,549,870
New Hope Liuhe Co. Ltd., Class A		624,099		2,160,624
Tech-Bank Food Co. Ltd., Class A^(a		195,000		271,988
Tingyi Cayman Islands Holding Corp.		4,680,000		8,515,588
Tongwei Co. Ltd., Class A		580,199		1,431,781

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

Security	Shares		Value
Food Products (continued)
Uni-President China Holdings Ltd.		3,120,000	$	3,218,868
Want Want China Holdings Ltd..		11,700,000		9,038,053
Wens Foodstuffs Group Co. Ltd., Class A		741,097		3,448,812
Yihai International Holding Ltd.		1,205,000		8,063,691
				84,118,288
Gas Utilities — 1.2%
Beijing Enterprises Holdings Ltd.		1,170,000		4,939,401
China Gas Holdings Ltd.		4,212,000		15,403,725
China Resources Gas Group Ltd.		2,340,000		11,680,408
ENN Energy Holdings Ltd.		1,833,000		20,310,347
Kunlun Energy Co. Ltd.		7,800,000		5,444,851
Towngas China Co. Ltd.		2,730,000		1,583,411
				59,362,143
Health Care Equipment & Supplies — 0.3%
Autobio Diagnostics Co. Ltd., Class A		34,197		587,300
Jafron Biomedical Co. Ltd., Class A		78,000		1,007,834
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd.,Class A		138,500		688,121
Lepu Medical Technology Beijing Co. Ltd., Class A		273,500		1,342,029
Ovctek China Inc., Class A		78,000		629,338
Shandong Weigao Group Medical Polymer Co. Ltd.,Class H		5,048,000		6,503,477
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.,Class A .		117,095		4,003,563
				14,761,662
Health Care Providers & Services — 0.4%
Aier Eye Hospital Group Co. Ltd., Class A		463,192		2,650,522
Guangzhou Kingmed Diagnostics Group Co. Ltd.,Class A		73,194		566,688
Huadong Medicine Co. Ltd., Class A		263,580		727,747
Jointown Pharmaceutical Group Co. Ltd., Class A		312,000		723,516
Meinian Onehealth Healthcare Holdings Co. Ltd.,Class A		546,681		1,029,983
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		351,058		937,635
Shanghai Pharmaceuticals Holding Co. Ltd., Class H.		1,950,000		3,568,179
Sinopharm Group Co. Ltd., Class H		2,808,000		8,665,721
Topchoice Medical Corp., Class A^(a)		39,000		580,743
				19,450,734
Health Care Technology — 0.5%
Alibaba Health Information Technology Ltd.^(a)(b)		8,580,000		16,448,656
Ping An Healthcare and Technology Co. Ltd.^(a)(c)		741,000		7,240,702
Winning Health Technology Group Co. Ltd., Class A		268,197		986,814
				24,676,172
Hotels, Restaurants & Leisure — 1.2%
Haidilao International Holding Ltd.^(b)(c)		780,000		3,187,840
Huazhu Group Ltd., ADR^(b)		306,930		10,358,888
Luckin Coffee Inc., ADR^(a)		190,320		7,529,059
Shenzhen Overseas Chinese Town Co. Ltd., Class A		1,328,438		1,240,980
Songcheng Performance Development Co. Ltd.,Class A		227,654		898,214
Yum China Holdings Inc.		815,107		35,693,536
				58,908,517
Household Durables — 0.4%
Gree Electric Appliances Inc. of Zhuhai, Class A		429,016		3,633,336
Haier Electronics Group Co. Ltd.		2,730,000		7,811,961
Haier Smart Home Co. Ltd., Class A		890,646		2,168,578
Hangzhou Robam Appliances Co. Ltd., Class A		156,200		693,160
NavInfo Co. Ltd., Class A		312,000		764,133

Security	Shares		Value
Household Durables (continued)
Oppein Home Group Inc., Class A		39,000	$	614,609
Suofeiya Home Collection Co. Ltd., Class A		195,000		525,843
TCL Technology Group Corp., Class A .		1,837,600		1,545,748
Zhejiang Supor Co. Ltd., Class A		73,196		769,112
				18,526,480
Independent Power and Renewable Electricity Producers — 0.7%
CGN Power Co. Ltd., Class H^(c)		24,570,000		5,990,338
China Longyuan Power Group Corp. Ltd., Class H .		7,410,000		3,879,457
China National Nuclear Power Co. Ltd., Class A.		2,067,060		1,357,301
China Power International Development Ltd		10,140,000		1,886,681
China Resources Power Holdings Co. Ltd.		4,680,000		5,566,960
China Yangtze Power Co. Ltd., Class A .		2,769,076		6,746,211
Datang International Power Generation Co. Ltd.,Class H. .		7,020,000		1,098,979
GD Power Development Co. Ltd., Class A		3,087,100		927,429
Huadian Power International Corp. Ltd., Class A		975,000		460,287
Huadian Power International Corp. Ltd., Class H		3,900,000		1,176,048
Huaneng Power International Inc., Class A		1,012,800		680,976
Huaneng Power International Inc., Class H.		7,800,000		3,142,800
SDIC Power Holdings Co. Ltd., Class A		1,014,096		1,096,759
Shenergy Co. Ltd., Class A		817,250		616,135
Shenzhen Energy Group Co. Ltd., Class A .		741,000		575,610
Sichuan Chuantou Energy Co. Ltd., Class A		660,562		864,660
				36,066,631
Industrial Conglomerates — 0.5%
CITIC Ltd		13,650,000		15,151,000
Fosun International Ltd.		6,045,000		7,702,613
Shanghai Industrial Holdings Ltd..		1,170,000		2,065,841
				24,919,454
Insurance — 5.6%
China Life Insurance Co. Ltd., Class A		390,000		1,643,086
China Life Insurance Co. Ltd., Class H		16,770,000		39,294,012
China Pacific Insurance Group Co. Ltd., Class A		897,047		4,092,419
China Pacific Insurance Group Co. Ltd., Class H		6,006,000		19,768,114
China Reinsurance Group Corp., Class H .		13,650,000		1,856,654
China Taiping Insurance Holdings Co. Ltd.^(b) .		3,666,124		7,489,326
Hubei Biocause Pharmaceutical Co. Ltd., Class A		741,000		631,793
New China Life Insurance Co. Ltd., Class A		309,797		1,958,003
New China Life Insurance Co. Ltd., Class H		1,872,000		7,122,346
People's Insurance Co. Group of China Ltd. (The),Class A .		819,000		793,201
People's Insurance Co. Group of China Ltd. (The),Class H .		18,330,000		6,491,784
PICC Property & Casualty Co. Ltd., Class H .		15,600,462		16,154,873
Ping An Insurance Group Co. of China Ltd., Class A .		1,521,056		16,911,744
Ping An Insurance Group Co. of China Ltd., Class H.		12,870,000		143,100,006
ZhongAn Online P&C Insurance Co. Ltd., Class H^(a)(c). .		741,000		3,118,779
				270,426,140
Interactive Media & Services — 16.2%
58.com Inc., ADR^(a)		220,350		12,156,709
Autohome Inc., ADR^(a)		134,940		10,480,790
Baidu Inc., ADR^(a) .		629,850		75,569,403
JOYY Inc.^(a)(b).		131,820		7,114,325
Momo Inc., ADR		348,660		9,804,319
SINA Corp.^(a)(b).		145,470		4,764,143
Tencent Holdings Ltd		13,182,000		652,921,770
Weibo Corp., ADR^(a)(b)		125,970		5,308,376
				778,119,835

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

Security	Shares		Value
Internet & Direct Marketing Retail — 20.7%
Alibaba Group Holding Ltd., ADR^(a)		3,996,330	$	831,236,640
Baozun Inc., ADR^(a)(b)		101,010		3,204,037
JD.com Inc., ADR^(a)		1,691,820		65,151,988
Meituan Dianping, Class B^(a)		2,340,000		29,696,460
Pinduoduo Inc., ADR^(a)(b)		445,770		15,949,651
Trip.com Group Ltd., ADR^(a)(b)		1,085,760		32,963,674
Vipshop Holdings Ltd., ADR^(a)(b)		1,015,950		13,034,638
				991,237,088
IT Services — 0.3%
Beijing Sinnet Technology Co. Ltd., Class A		268,196		963,022
China TransInfo Technology Co. Ltd., Class A		273,000		1,057,601
DHC Software Co. Ltd., Class A		463,112		977,211
GDS Holdings Ltd., ADR^(a)(b)		141,570		8,206,813
TravelSky Technology Ltd., Class H		2,021,000		3,952,245
Wangsu Science & Technology Co. Ltd., Class A		429,000		600,828
				15,757,720
Life Sciences Tools & Services — 0.9%
Genscript Biotech Corp.^(a)		2,390,000		4,974,407
Hangzhou Tigermed Consulting Co. Ltd., Class A		115,937		1,268,802
WuXi AppTec Co. Ltd., Class A		228,336		3,462,507
WuXi AppTec Co. Ltd., Class H^(c)		351,020		5,175,406
Wuxi Biologics Cayman Inc.^(a)(c)		1,824,500		26,689,550
				41,570,672
Machinery — 1.3%
China Conch Venture Holdings Ltd.		3,900,000		18,966,900
China International Marine Containers Group Co. Ltd.,Class A		421,724		482,646
China Shipbuilding Industry Co. Ltd., Class A		3,385,794		2,136,041
CRRC Corp. Ltd., Class A		3,471,080		3,178,008
CRRC Corp. Ltd., Class H		10,140,650		6,506,214
Haitian International Holdings Ltd.		1,605,000		3,146,958
Hefei Meiya Optoelectronic Technology Inc., Class A		117,000		603,730
Jiangsu Hengli Hydraulic Co. Ltd., Class A		117,000		970,788
Sany Heavy Industry Co. Ltd., Class A		1,248,076		3,112,066
Shenzhen Inovance Technology Co. Ltd., Class A		263,887		1,068,731
Sinotruk Hong Kong Ltd.		1,594,500		3,048,620
Weichai Power Co. Ltd., Class A		856,982		1,756,824
Weichai Power Co. Ltd., Class H		4,680,000		9,212,208
XCMG Construction Machinery Co. Ltd., Class A		1,399,199		1,054,874
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A. .		424,067		1,206,039
Zhengzhou Yutong Bus Co. Ltd., Class A		346,199		746,857
Zoomlion Heavy Industry Science and Technology Co.Ltd., Class A		820,699		737,316
Zoomlion Heavy Industry Science and Technology Co.Ltd., Class H		2,685,600		2,226,211
				60,161,031
Marine — 0.1%
COSCO SHIPPING Development Co. Ltd., Class A		1,911,000		576,837
COSCO SHIPPING Holdings Co. Ltd., Class A^(a)		1,131,000		653,664
COSCO SHIPPING Holdings Co. Ltd., Class H^(a)(b)		6,240,000		2,081,855
				3,312,356
Media — 0.1%
China Literature Ltd.^(a)(c)		624,000		2,822,515
Chinese Universe Publishing and Media Group Co.Ltd., Class A		234,000		476,021
CITIC Guoan Information Industry Co. Ltd., Class A^(a). .		702,000		347,475
Focus Media Information Technology Co. Ltd., Class A .		1,989,038		1,519,479
NanJi E-Commerce Co. Ltd., Class A^(a)		390,000		545,092

Security	Shares		Value
Media (continued)
Oriental Pearl Group Co. Ltd., Class A		505,287	$	734,416
				6,444,998
Metals & Mining — 0.9%
Aluminum Corp. of China Ltd., Class A^(a)		2,070,800		906,505
Aluminum Corp. of China Ltd., Class H^(a)		9,364,000		2,487,278
Angang Steel Co. Ltd., Class A		1,012,256		414,159
Baoshan Iron & Steel Co. Ltd., Class A		2,730,089		2,030,909
China Hongqiao Group Ltd.		4,095,000		2,196,457
China Molybdenum Co. Ltd., Class A		2,496,000		1,453,280
China Molybdenum Co. Ltd., Class H		9,360,000		3,495,114
China Northern Rare Earth Group High-Tech Co. Ltd.,Class A .		585,000		761,566
China Zhongwang Holdings Ltd.		4,212,000		1,416,062
Ganfeng Lithium Co. Ltd., Class A		190,195		1,414,314
Guangdong HEC Technology Holding Co. Ltd., Class A.		463,199		552,642
Hesteel Co. Ltd., Class A		2,262,000		728,091
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A.		7,605,092		1,272,919
Jiangxi Copper Co. Ltd., Class A		390,000		763,798
Jiangxi Copper Co. Ltd., Class H		2,730,000		3,201,853
Maanshan Iron & Steel Co. Ltd., Class A		2,691,000		1,066,360
Pangang Group Vanadium Titanium & Resources Co.Ltd., Class A^(a)		1,599,000		546,710
Shandong Gold Mining Co. Ltd., Class A		390,065		1,892,793
Shandong Nanshan Aluminum Co. Ltd., Class A		2,106,000		638,711
Shanxi Taigang Stainless Steel Co. Ltd., Class A		1,092,000		549,890
Tongling Nonferrous Metals Group Co. Ltd., Class A.		2,145,000		632,128
Yintai Gold Co. Ltd., Class A .		312,000		624,428
Zhaojin Mining Industry Co. Ltd., Class H		2,535,000		3,021,943
Zhejiang Huayou Cobalt Co. Ltd., Class A		151,198		817,398
Zhongjin Gold Corp. Ltd., Class A		468,000		542,972
Zijin Mining Group Co. Ltd., Class A .		2,847,000		1,694,303
Zijin Mining Group Co. Ltd., Class H .		13,260,000		5,955,306
				41,077,889
Oil, Gas & Consumable Fuels — 2.9%
China Coal Energy Co. Ltd., Class H .		5,070,000		1,639,461
China Merchants Energy Shipping Co. Ltd., Class A .		931,196		674,065
China Petroleum & Chemical Corp., Class A .		3,705,088		2,438,186
China Petroleum & Chemical Corp., Class H .		57,721,000		29,775,046
China Shenhua Energy Co. Ltd., Class A		655,705		1,500,855
China Shenhua Energy Co. Ltd., Class H		7,800,000		13,532,057
CNOOC Ltd.		41,340,000		56,654,481
COSCO SHIPPING Energy Transportation Co. Ltd.,Class A .		468,000		373,586
COSCO SHIPPING Energy Transportation Co. Ltd.,Class H .		3,120,000		1,217,084
Guanghui Energy Co. Ltd., Class A		1,443,000		586,267
Inner Mongolia Yitai Coal Co. Ltd., Class B		2,707,000		1,857,002
PetroChina Co. Ltd., Class A .		2,262,090		1,640,696
PetroChina Co. Ltd., Class H .		48,360,000		18,740,698
Shaanxi Coal Industry Co. Ltd., Class A		1,248,096		1,410,540
Shanxi Lu'an Environmental Energy Development Co.Ltd., Class A		507,000		439,533
Shanxi Meijin Energy Co. Ltd., Class A^(a)		624,000		744,494
Yanzhou Coal Mining Co. Ltd., Class A		505,203		641,062
Yanzhou Coal Mining Co. Ltd., Class H		4,000,000		3,033,472
				136,898,585
Paper & Forest Products — 0.1%
Lee & Man Paper Manufacturing Ltd.		3,120,000		2,434,169

S c h e d u l e o f I n v e s t m e n t s 23

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

Security	Shares		Value
Paper & Forest Products (continued)
Nine Dragons Paper Holdings Ltd.		3,900,000	$	4,604,102
				7,038,271
Personal Products — 0.3%
By-Health Co. Ltd., Class A		273,000		638,544
Hengan International Group Co. Ltd.		1,755,000		13,027,858
				13,666,402
Pharmaceuticals — 2.1%
Asymchem Laboratories Tianjin Co. Ltd., Class A		37,300		955,578
Beijing Tongrentang Co. Ltd., Class A		273,600		1,023,133
Betta Pharmaceuticals Co. Ltd., Class A		73,198		845,051
Changchun High & New Technology Industry
Group Inc., Class A		34,198		2,367,862
Chengdu Kanghong Pharmaceutical Group Co. Ltd.,Class A .		112,199		531,285
China Medical System Holdings Ltd.		3,094,000		3,811,396
China Resources Pharmaceutical Group Ltd.^(c)		3,900,000		3,393,023
China Resources Sanjiu Medical & Pharmaceutical Co.Ltd., Class A		190,194		892,444
China Traditional Chinese Medicine Holdings Co. Ltd.		5,460,000		2,872,560
CSPC Pharmaceutical Group Ltd.		10,920,000		24,886,174
Dong-E-E-Jiao Co. Ltd., Class A. .		117,000		515,187
Guangzhou Baiyunshan Pharmaceutical Holdings Co.Ltd., Class A		226,795		1,105,391
Hansoh Pharmaceutical Group Co. Ltd.^(a)(c)		780,000		2,707,412
Hutchison China MediTech Ltd., ADR^(a)(b)		143,910		3,355,981
Jiangsu Hengrui Medicine Co. Ltd., Class A		621,744		7,479,393
Joincare Pharmaceutical Group Industry Co. Ltd.,Class A		348,562		570,947
Luye Pharma Group Ltd.^(b)(c)		2,730,000		1,663,983
Shanghai Fosun Pharmaceutical Group Co. Ltd.,Class A		351,678		1,352,337
Shanghai Fosun Pharmaceutical Group Co. Ltd.,Class H		1,170,000		3,295,436
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		195,000		516,917
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		234,365		769,460
Sino Biopharmaceutical Ltd.^(b)		15,990,000		23,144,623
SSY Group Ltd.		3,900,000		3,267,912
Tasly Pharmaceutical Group Co. Ltd., Class A		312,000		682,006
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		312,000		508,827
Yunnan Baiyao Group Co. Ltd., Class A		195,032		2,195,512
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd.,Class A		78,150		1,342,711
Zhejiang Conba Pharmaceutical Co. Ltd., Class A		466,225		396,847
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A^(a).		190,188		567,555
Zhejiang NHU Co. Ltd., Class A		346,196		1,193,574
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		76,906		475,065
				98,685,582
Professional Services — 0.1%
51job Inc., ADR^(a)(b)		60,060		4,490,686
Real Estate Management & Development — 5.4%
Agile Group Holdings Ltd.		3,120,000		4,379,903
China Aoyuan Group Ltd.		2,738,000		3,942,020
China Evergrande Group		4,390,000		9,858,143
China Fortune Land Development Co. Ltd., Class A		468,150		1,579,877
China Jinmao Holdings Group Ltd.		12,480,000		9,112,119
China Merchants Shekou Industrial Zone Holdings Co.Ltd., Class A		1,170,043		2,902,427
China Overseas Land & Investment Ltd.		8,580,000		28,790,653

Security	Shares		Value
Real Estate Management & Development (continued)
China Resources Land Ltd.		7,186,665	$	33,152,695
China Vanke Co. Ltd., Class A. .		1,365,009		5,778,177
China Vanke Co. Ltd., Class H		3,471,031		13,362,025
CIFI Holdings Group Co. Ltd.. .		6,240,000		4,764,245
Country Garden Holdings Co. Ltd.^(b)		17,550,727		23,241,671
Financial Street Holdings Co. Ltd., Class A		577,659		573,511
Gemdale Corp., Class A		703,130		1,438,408
Greenland Holdings Corp. Ltd., Class A .		1,406,866		1,175,374
Guangzhou R&F Properties Co. Ltd., Class H		2,808,000		4,352,678
Jiangsu Zhongnan Construction Group Co. Ltd.,Class A .		585,000		694,615
Jinke Properties Group Co. Ltd., Class A		859,281		925,637
Kaisa Group Holdings Ltd		5,460,000		2,424,160
KWG Group Holdings Ltd.		3,120,000		4,572,074
Logan Property Holdings Co. Ltd.		3,120,000		5,324,744
Longfor Group Holdings Ltd.^(c)		4,290,000		19,845,183
Oceanwide Holdings Co. Ltd., Class A		624,000		376,710
Poly Developments and Holdings Group Co. Ltd.,Class A .		1,716,075		3,974,601
RiseSun Real Estate Development Co. Ltd., Class A		742,330		909,036
Seazen Group Ltd^(b)		4,680,000		4,810,286
Seazen Holdings Co. Ltd., Class A		312,464		1,434,879
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		2,679,932		2,122,506
Shanghai Zhangjiang High-Tech Park Development Co.Ltd., Class A		234,000		431,498
Shenzhen Investment Ltd.		7,800,000		2,622,337
Shimao Property Holdings Ltd		2,730,000		9,773,709
Shui On Land Ltd. .		9,360,000		1,861,659
Sino-Ocean Group Holding Ltd.		7,605,000		2,761,711
SOHO China Ltd.		5,070,000		1,834,635
Sunac China Holdings Ltd. .		5,554,000		30,289,168
Wharf Holdings Ltd. (The)		2,340,000		4,936,398
Xinhu Zhongbao Co. Ltd., Class A		1,248,000		562,387
Yango Group Co. Ltd., Class A		624,000		715,035
Yuexiu Property Co. Ltd		16,380,000		3,341,978
Yuzhou Properties Co. Ltd.		4,290,000		2,102,874
Zhenro Properties Group Ltd .		3,510,000		2,283,535
				259,335,281
Road & Rail — 0.1%
Daqin Railway Co. Ltd., Class A		2,067,000		2,093,554
Guangshen Railway Co. Ltd., Class A		1,435,792		529,934
				2,623,488
Semiconductors & Semiconductor Equipment — 0.8%
GCL System Integration Technology Co. Ltd.,Class A^(a).		700,245		552,967
Gigadevice Semiconductor Beijing Inc., Class A .		34,198		1,776,092
Hangzhou Silan Microelectronics Co. Ltd., Class A		195,000		479,536
Hua Hong Semiconductor Ltd.^(b)(c).		1,170,000		2,546,269
LONGi Green Energy Technology Co. Ltd., Class A .		541,104		2,376,455
Sanan Optoelectronics Co. Ltd., Class A .		585,055		2,063,118
Semiconductor Manufacturing International Corp.^(a)(b). .		6,825,300		13,224,864
Shenzhen Goodix Technology Co. Ltd., Class A .		50,600		2,242,985
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A.		424,198		1,066,837
Unigroup Guoxin Microelectronics Co. Ltd., Class A .		117,000		969,951
Visionox Technology Inc., Class A^(a).		229,195		436,081
Will Semiconductor Ltd., Class A .		78,000		1,944,030
Xinyi Solar Holdings Ltd		8,720,000		6,903,895
				36,583,080

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

Security	Shares		Value
Software — 0.6%
360 Security Technology Inc., Class A		195,000	$	623,480
Aisino Corp., Class A		312,598		1,055,379
Beijing Shiji Information Technology Co. Ltd., Class A.		148,789		826,085
China National Software & Service Co. Ltd., Class A		78,000		951,037
Glodon Co. Ltd., Class A		190,198		1,216,525
Hundsun Technologies Inc., Class A		109,797		1,510,883
Iflytek Co. Ltd., Class A		349,759		1,930,875
Kingdee International Software Group Co. Ltd.^(b)		5,460,000		6,985,224
Kingsoft Corp. Ltd.^(a)(b)		1,950,000		6,305,618
Sangfor Technologies Inc., Class A		39,000		1,111,385
Shanghai 2345 Network Holding Group Co. Ltd.,Class A		1,209,000		546,542
Shanghai Baosight Software Co. Ltd., Class A		156,000		1,012,967
Shenzhen Kingdom Sci-Tech Co. Ltd., Class A^(a)		117,000		323,708
Venustech Group Inc., Class A		151,171		899,431
Yonyou Network Technology Co. Ltd., Class A		385,198		2,538,156
				27,837,295
Specialty Retail — 0.4%
China Grand Automotive Services Group Co. Ltd.,Class A		1,289,700		760,145
China International Travel Service Corp. Ltd., Class A		270,589		3,038,716
GOME Retail Holdings Ltd.^(a)(b)		24,180,000		2,482,212
HLA Corp. Ltd., Class A		546,000		531,925
Suning.com Co. Ltd., Class A		1,443,061		1,915,769
Topsports International Holdings Ltd.^(c)		2,730,000		3,156,312
Zhongsheng Group Holdings Ltd.^(b)		1,365,000		5,193,377
				17,078,456
Technology Hardware, Storage & Peripherals — 1.1%
China Greatwall Technology Group Co. Ltd., Class A		429,000		858,589
Dawning Information Industry Co. Ltd., Class A		151,196		977,231
GRG Banking Equipment Co. Ltd., Class A		390,000		526,680
Inspur Electronic Information Industry Co. Ltd., Class A.		195,000		1,173,035
Legend Holdings Corp., Class H^(c)		897,000		1,542,374
Lenovo Group Ltd.		16,380,000		10,110,008
Ninestar Corp., Class A		156,000		927,939
Xiaomi Corp., Class B^(a)(c)		23,946,000		38,593,588
				54,709,444
Textiles, Apparel & Luxury Goods — 1.2%
ANTA Sports Products Ltd.		2,401,000		19,302,154
Bosideng International Holdings Ltd.^(b)		7,800,000		2,272,025
Li Ning Co. Ltd.		4,485,000		11,798,012
Shenzhou International Group Holdings Ltd.		1,755,000		21,562,963
Zhejiang Semir Garment Co. Ltd., Class A		351,000		390,156
				55,325,310
Trading Companies & Distributors — 0.1%
BOC Aviation Ltd.^(c)		507,000		4,401,172
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd.,Class A		156,000		327,613
Sinochem International Corp., Class A		702,000		580,464
Xiamen C & D Inc., Class A		585,000		641,891
				5,951,140
Transportation Infrastructure — 0.6%
Beijing Capital International Airport Co. Ltd., Class H		3,900,000		3,042,711
China Merchants Port Holdings Co. Ltd.		3,120,000		4,588,088
COSCO SHIPPING Ports Ltd.		3,900,000		2,597,314
Guangzhou Baiyun International Airport Co. Ltd.,
Class A		307,197		680,297

Security	Shares		Value
Transportation Infrastructure (continued)
Jiangsu Expressway Co. Ltd., Class H		3,120,000	$	3,607,214
Ningbo Zhoushan Port Co. Ltd., Class A		1,518,567		714,727
Shanghai International Airport Co. Ltd., Class A		156,099		1,467,378
Shanghai International Port Group Co. Ltd., Class A		1,365,077		886,591
Shenzhen Expressway Co. Ltd., Class H		1,560,000		1,887,682
Shenzhen International Holdings Ltd		2,340,000		4,479,992
Zhejiang Expressway Co. Ltd., Class H		3,900,000		2,947,627
				26,899,621
Water Utilities — 0.4%
Beijing Enterprises Water Group Ltd.		11,700,000		5,434,842
Guangdong Investment Ltd.		7,020,000		13,187,751
				18,622,593
Wireless Telecommunication Services — 2.4%
China Mobile Ltd .		14,040,000		110,438,403
China United Network Communications Ltd., Class A		4,360,795		3,418,666
				113,857,069
Total Common Stocks — 99.9%
(Cost: $4,221,915,125)				4,785,405,507

Rights
Technology Hardware, Storage & Peripherals — 0.0%
Legend Holdings Corp., (Expires 03/20/20)^(a)		82,492		0	^(e)
Total Rights — 0.0%
(Cost: $0)				0	^(e)

Short-Term Investments

Money Market Funds — 3.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(f)(g)(h)		170,884,413		171,004,033
BlackRock Cash Funds: Treasury, SL Agency Shares,1.52%^(f)(g)		2,786,000		2,786,000
				173,790,033

Total Short-Term Investments — 3.6%
(Cost: $173,717,546)				173,790,033

Total Investments in Securities — 103.5%				4,959,195,540
(Cost: $4,395,632,671)				(168,520,392	)

Other Assets, Less Liabilities — (3.5)%
Net Assets — 100.0%			$	4,790,675,148

^(a)

Non-income producing security.

^(b)

All or a portion of this security is on loan.

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

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

^(e) Rounds to less than $1.

^(f) Affiliate of the Fund.

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

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

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 China 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		120,100,406		50,784,007		170,884,413	$	171,004,033	$	1,247,028	(b)	$	4,266	$	26,625
BlackRock Cash Funds: Treasury, SL Agency Shares		1,740,000		1,046,000		2,786,000		2,786,000		32,069			—		—
							$	173,790,033	$	1,279,097		$	4,266	$	26,625

^(a)

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

^(b)

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

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Hang Seng China Enterprises Index		63	03/30/20	$	4,187	$	(144,042	)

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)	$	144,042

^(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	$	(100,299	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(131,842	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts:
Average notional value of contracts — long	$	5,096,410

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.

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 China 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	$	4,785,402,877		$	—		$	2,630	$	4,785,405,507
Rights		—			0	(a)		—		0	^(a)
Money Market Funds		173,790,033			—			—		173,790,033
	$	4,959,192,910		$	0	(a)	$	2,630	$	4,959,195,540
Derivative financial instruments^(b)
Liabilities
Futures Contracts	$	(144,042	)	$	—		$	—	$	(144,042	)

^(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

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

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

Security	Shares		Value
Common Stocks
Airlines — 0.2%
Shandong Airlines Co. Ltd., Class B		92,500	$	95,669
Auto Components — 1.6%
Chaowei Power Holdings Ltd.		325,000		102,591
China First Capital Group Ltd.^(a)		2,550,000		70,351
Prinx Chengshan Cayman Holding Ltd.		100,000		103,041
Tianneng Power International Ltd.		450,000		333,181
Xingda International Holdings Ltd.		550,000		163,030
				772,194
Automobiles — 0.6%
Qingling Motors Co. Ltd., Class H		500,000		109,071
Yadea Group Holdings Ltd.^(b)(c)		700,000		189,528
				298,599
Beverages — 0.0%
China Huiyuan Juice Group Ltd.^(a)(d)		81,000		11,225
Dynasty Fine Wines Group Ltd.^(a)		308,000		11,659
				22,884
Biotechnology — 0.8%
Ascletis Pharma Inc.^(a)(b)(c)		200,000		100,089
Essex Bio-Technology Ltd.		200,000		141,152
Shanghai Haohai Biological Technology Co. Ltd.,Class H^(a)(b)		27,500		140,269
				381,510
Building Products — 0.2%
China Fangda Group Co. Ltd., Class B		232,450		82,325
Capital Markets — 0.3%
Shanghai Greencourt Investment Group Co. Ltd.,Class B^(a)		227,524		82,819
Yintech Investment Holdings Ltd., ADR^(a)(c)		13,975		86,645
				169,464
Chemicals — 3.6%
China BlueChemical Ltd., Class H		1,200,000		227,895
China Longevity Group Co. Ltd.^(a)(d)		96,000		—
China Lumena New Materials Corp.^(a)(c)(d)		21,700		—
China XLX Fertiliser Ltd.		275,000		84,691
Dongyue Group Ltd.		775,000		402,763
Fufeng Group Ltd.		1,025,600		397,445
Huabao International Holdings Ltd.		525,000		207,492
Shanghai Chlor-Alkali Chemical Co. Ltd., Class B		265,000		146,810
Silver Grant International Holdings Group Ltd.^(a)		850,000		123,251
Sinofert Holdings Ltd.		1,400,000		140,125
Tsaker Chemical Group Ltd.^(b)		262,500		56,926
				1,787,398
Commercial Services & Supplies — 0.9%
CT Environmental Group Ltd.^(a)(d)		600,000		20,018
Dynagreen Environmental Protection Group Co. Ltd.,
Class H		250,000		106,826
Ever Sunshine Lifestyle Services Group Ltd.		300,000		302,962
				429,806
Construction & Engineering — 0.3%
Hebei Construction Group Corp. Ltd.		212,500		126,796
Construction Materials — 1.5%
Asia Cement China Holdings Corp.		312,500		412,226
China Shanshui Cement Group Ltd.^(a)		108,000		37,973

Security	Shares		Value
Construction Materials (continued)
West China Cement Ltd.		1,650,000	$	266,776
				716,975
Consumer Finance — 1.9%
360 Finance Inc., ADR^(a)(c)		29,125		243,485
FinVolution Group^(c)		53,075		105,089
Jianpu Technology Inc., ADR^(a)(c)		39,050		39,050
Qudian Inc., ADR^(a)		102,375		268,222
X Financial, ADR. .		36,725		60,596
Yixin Group Ltd.^(a)(b)(c)		1,087,500		234,440
				950,882
Containers & Packaging — 0.3%
CPMC Holdings Ltd.		400,000		152,957
Youyuan International Holdings Ltd.^(a)(c)(d		120,000		3,403
				156,360
Diversified Consumer Services — 5.9%
Bright Scholar Education Holdings Ltd., ADR		14,725		119,567
China Maple Leaf Educational Systems Ltd..		1,000,000		349,029
China New Higher Education Group Ltd.^(b)(c)		350,000		119,016
China Xinhua Education Group Ltd.^(b)		275,000		77,986
China Yuhua Education Corp Ltd.^(b)(c)		750,000		580,325
Fu Shou Yuan International Group Ltd.		600,000		512,765
Hope Education Group Co. Ltd.^(b)		1,100,000		242,780
Minsheng Education Group Co. Ltd.^(a)(b)		550,000		91,043
OneSmart International Education Group Ltd., ADR^(a)(c)		48,700		264,928
RISE Education Cayman Ltd., ADR^(a)(c)		15,550		86,147
Scholar Education Group		100,000		133,196
Tianli Education International Holdings Ltd.		350,000		182,342
Wisdom Education International Holdings Co. Ltd .		400,000		152,443
				2,911,567
Diversified Financial Services — 0.4%
National Agricultural Holdings Ltd.^(a)(c)(d)		126,000		7,761
Sheng Ye Capital Ltd. .		200,000		179,134
				186,895
Electrical Equipment — 1.1%
China Fiber Optic Network System Group Ltd.^(a)(d)		181,600		—
China High Speed Transmission Equipment Group
Co. Ltd.^(c)		275,000		174,675
Fullshare Holdings Ltd.^(a)		4,187,500		68,242
Hangzhou Steam Turbine Co. Ltd., Class B		185,058		197,809
Harbin Electric Co. Ltd., Class H^(a)		450,000		121,262
Trony Solar Holdings Co. Ltd.^(a)(d) .		216,000		—
				561,988
Electronic Equipment, Instruments & Components — 2.5%
Anxin-China Holdings Ltd.^(a)(d) .		672,000		1
AVIC International Holdings Ltd., Class H^(a)(c)		201,184		214,788
Camsing International Holding Ltd.^(a)(d).		112,000		14,170
Huami Corp., ADR^(a)(c) .		15,050		213,710
PAX Global Technology Ltd		525,000		260,713
Tongda Group Holdings Ltd		2,500,000		237,391
Truly International Holdings Ltd.^(a)		1,100,000		148,209
Wasion Holdings Ltd.. .		350,000		141,472
				1,230,454
Energy Equipment & Services — 0.5%
Anton Oilfield Services Group/Hong Kong^(c)		1,000,000		94,956
Honghua Group Ltd.^(a) .		1,825,000		97,186
Wison Engineering Services Co. Ltd.. .		673,000		78,587
				270,729

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 China ETF

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

Security	Shares		Value
Entertainment — 2.4%
Changyou.com Ltd., ADR		12,075	$	129,927
FingerTango Inc.^(a)		50,000		4,042
Glory Sun Land Group Ltd.^(a)		750,000		71,217
IGG Inc.^(c)		575,000		418,354
IMAX China Holding Inc.^(b)		80,000		149,877
NetDragon Websoft Holdings Ltd.		137,500		379,345
SMI Holdings Group Ltd.^(a)(d)		267,200		52,116
				1,204,878
Equity Real Estate Investment Trusts (REITs) — 1.4%
Yuexiu REIT		1,050,000		673,677
Food Products — 1.7%
China Foods Ltd.		550,000		203,258
China Modern Dairy Holdings Ltd.^(a)		1,662,000		200,471
COFCO Meat Holdings Ltd.^(a)		925,000		231,456
Zhou Hei Ya International Holdings Co. Ltd.^(b)(c)		400,000		211,984
				847,169
Gas Utilities — 0.5%
Beijing Gas Blue Sky Holdings Ltd.^(a)(c)		4,000,000		97,523
China Tian Lun Gas Holdings Ltd.		200,000		163,735
				261,258
Health Care Equipment & Supplies — 1.9%
AK Medical Holdings Ltd.^(b)		200,000		413,702
Beijing Chunlizhengda Medical Instruments Co. Ltd.,Class H		20,000		200,563
Lifetech Scientific Corp.^(a)		1,600,000		314,126
				928,391
Health Care Providers & Services — 1.8%
China Resources Medical Holdings Co. Ltd.		562,500		291,606
Genertec Universal Medical Group Co. Ltd.^(b)		687,500		478,151
IVD Medical Holding Ltd.^(a)		264,000		127,036
				896,793
Hotels, Restaurants & Leisure — 1.6%
500.com Ltd., ADR^(a)(c)		13,800		74,382
Ajisen China Holdings Ltd.		325,000		82,157
CA Cultural Technology Group Ltd.		275,000		74,457
China Travel International Investment Hong Kong Ltd.		1,500,000		236,749
Haichang Ocean Park Holdings Ltd.^(a)(b)		800,000		78,018
Huangshan Tourism Development Co. Ltd., Class B		142,500		113,003
Shanghai Jin Jiang Capital Co. Ltd., Class H		850,000		147,247
				806,013
Household Durables — 2.6%
Kasen International Holdings Ltd.^(a)(c)		400,000		74,938
Konka Group Co. Ltd., Class B		460,000		192,428
Ozner Water International Holding Ltd.^(a)(b)(c)		425,000		30,540
Q Technology Group Co. Ltd.^(a)		275,000		386,755
Skyworth Group Ltd.^(a)(c)		1,250,000		312,779
TCL Electronics Holdings Ltd.		475,000		264,531
				1,261,971
Household Products — 1.1%
Vinda International Holdings Ltd.		208,000		535,143
Independent Power and Renewable Electricity Producers — 1.9%
Canvest Environmental Protection Group Co. Ltd.		400,000		192,993
CGN Meiya Power Holdings Co. Ltd.^(a)(b)		850,000		129,795
China Datang Corp. Renewable Power Co. Ltd., Class H		1,550,000		125,304
China Everbright Greentech Ltd.^(b)		350,000		169,318
Concord New Energy Group Ltd.		4,000,000		174,514
GCL New Energy Holdings Ltd.^(a)		3,850,000		69,164

Security	Shares		Value
Independent Power and Renewable Electricity Producers(continued)
Panda Green Energy Group Ltd.^(a)		3,000,000	$	83,921
				945,009
Industrial Conglomerates — 0.4%
Realord Group Holdings Ltd.^(a)		300,000		174,001
Insurance — 1.4%
Fanhua Inc., ADR		35,025		711,007
Interactive Media & Services — 2.3%
Bitauto Holdings Ltd., ADR^(a)		18,875		281,238
Qutoutiao Inc., ADR^(a)		37,100		193,291
Sohu.com Ltd., ADR^(a)(c)		21,075		200,845
So-Young International Inc., ADR^(a).		11,725		141,286
Tian Ge Interactive Holdings Ltd.^(a)(b)(c). .		375,000		84,210
Wise Talent Information Technology Co. Ltd.^(a)		85,000		209,417
				1,110,287
Internet & Direct Marketing Retail — 0.7%
Cogobuy Group^(a)(b).		375,000		51,488
HengTen Networks Group Ltd.^(a)(c)		15,100,000		191,825
Jumei International Holding Ltd., ADR^(a)(c) .		4,525		87,649
				330,962
IT Services — 4.3%
21Vianet Group Inc., ADR^(a)		39,125		586,093
AGTech Holdings Ltd.^(a)(c)		2,300,000		79,686
Chinasoft International Ltd.^(c)		1,350,000		828,045
Digital China Holdings Ltd .		450,000		225,778
Hi Sun Technology China Ltd.^(a)		1,200,000		167,842
Huifu Payment Ltd.^(a)(b)(c)		330,000		124,496
INESA Intelligent Tech Inc., Class B.		200,000		125,600
				2,137,540
Leisure Products — 0.3%
Bestway Global Holding Inc.^(b) .		212,500		67,624
Goodbaby International Holdings Ltd.^(a)(c) .		550,000		93,866
				161,490
Machinery — 3.2%
China Yuchai International Ltd .		9,400		116,748
CIMC Enric Holdings Ltd.		400,000		207,364
Huangshi Dongbei Electrical Appliance Co. Ltd., Class B.		77,520		94,342
Kama Co. Ltd., Class B^(a) .		165,015		69,471
Lonking Holdings Ltd. .		1,300,000		361,989
Sany Heavy Equipment International Holdings Co. Ltd.		625,000		372,929
Shang Gong Group Co. Ltd., Class B^(a). .		157,500		68,670
Shanghai Diesel Engine Co. Ltd., Class B .		225,045		89,568
Shanghai Highly Group Co. Ltd., Class B.		184,924		126,303
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H.		150,000		75,067
				1,582,451
Marine — 1.2%
Atlas Crop		56,475		598,635
Media — 0.7%
Mobvista Inc.^(b)		250,000		113,563
NOVA Group Holdings Ltd.^(c)		875,000		169,542
Phoenix Media Investment Holdings Ltd. .		850,000		52,354
				335,459
Metals & Mining — 3.5%
China Metal Recycling Holdings Ltd.^(a)(d).		184,800		—
China Metal Resources Utilization Ltd.^(a)(b)(c) .		600,000		229,435
China Oriental Group Co. Ltd		750,000		255,997
Inner Mongolia Eerduosi Resources Co. Ltd., Class B		262,600		213,757

S c h e d u l e o f I n v e s t m e n t s 29

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

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

Security	Shares		Value
Metals & Mining (continued)
Jinchuan Group International Resources Co. Ltd.		1,650,000	$	163,030
MMG Ltd.^(a)		1,600,000		326,445
Real Gold Mining Ltd.^(a)(d)		126,000		—
Shougang Fushan Resources Group Ltd.		1,600,000		310,020
Tiangong International Co. Ltd.		600,000		214,037
				1,712,721
Multi-Utilities — 0.1%
Tianjin Development Holdings Ltd.		250,000		62,556
Multiline Retail — 0.4%
Lifestyle China Group Ltd.^(a)		287,500		74,521
Shirble Department Store Holdings China Ltd.		598,000		100,523
				175,044
Oil, Gas & Consumable Fuels — 1.1%
China LNG Group Ltd.^(a)		1,300,000		65,058
China Suntien Green Energy Corp. Ltd., Class H		975,000		237,712
Sinopec Kantons Holdings Ltd.		650,000		262,734
				565,504
Paper & Forest Products — 0.0%
China Forestry Holdings Co. Ltd.^(a)(d)		306,000		1
Qunxing Paper Holdings Co. Ltd.^(a)(d)		148,000		—
Superb Summit International Group Ltd.^(a)(c)(d)		59,500		76
				77
Pharmaceuticals — 5.9%
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.		175,000		294,172
CanSino Biologics Inc., Class H^(a)(b)		35,000		366,480
China Animal Healthcare Ltd.^(a)(d)		140,000		719
China Grand Pharmaceutical and Healthcare Holdings Ltd.,Class A		600,000		380,339
China Shineway Pharmaceutical Group Ltd.		200,000		174,515
Consun Pharmaceutical Group Ltd.		300,000		146,669
Dawnrays Pharmaceutical Holdings Ltd.		475,000		80,456
Hua Han Health Industry Holdings Ltd.^(a)(c)(d)		651,960		20,078
Lee's Pharmaceutical Holdings Ltd.^(c)		150,000		75,452
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd.,Class H		175,000		101,276
Shanghai Haixin Group Co., Class B		295,000		114,165
Sihuan Pharmaceutical Holdings Group Ltd.		2,525,000		298,086
Tong Ren Tang Technologies Co. Ltd., Class H		375,000		346,463
YiChang HEC ChangJiang Pharmaceutical Co. Ltd.,Class H^(b)		85,000		518,635
				2,917,505
Professional Services — 0.1%
China Index Holdings Ltd., ADR^(a)		23,450		49,245
Real Estate Management & Development — 17.3%
Aoyuan Healthy Life Group Co. Ltd.		150,000		160,913
Beijing Capital Land Ltd., Class H^(c)		900,000		242,524
Beijing North Star Co. Ltd., Class H		450,000		124,149
C&D International Investment Group Ltd.		150,000		208,263
Central China Real Estate Ltd.		550,038		321,848
China Logistics Property Holdings Co. Ltd.^(a)(b)		550,000		211,727
China Merchants Land Ltd.		800,000		119,081
China Overseas Grand Oceans Group Ltd.		1,025,000		701,041
China Overseas Property Holdings Ltd.		915,000		739,698
China SCE Group Holdings Ltd.		1,275,800		695,767
China South City Holdings Ltd.		3,000,000		331,064
China Vast Industrial Urban Development Co. Ltd.^(b)		222,000		87,170
Colour Life Services Group Co. Ltd.^(c)		250,000		132,169

Security	Shares		Value
Real Estate Management & Development (continued)
DaFa Properties Group Ltd		175,000	$	111,381
Dexin China Holdings Co. Ltd		450,000		182,470
Fantasia Holdings Group Co. Ltd. .		975,000		186,416
Gemdale Properties & Investment Corp. Ltd. .		3,200,000		566,659
Glorious Property Holdings Ltd.^(a)		52,000		1,101
Greenland Hong Kong Holdings Ltd.		550,000		213,844
Guorui Properties Ltd.^(c)		750,000		132,811
HKC Holdings Ltd. .		100,920		80,031
Jiayuan International Group Ltd		800,000		316,179
Jingrui Holdings Ltd.		325,000		103,008
LVGEM China Real Estate Investment Co. Ltd.^(c) .		700,000		209,289
Nam Tai Property Inc.^(a)		15,275		103,870
Poly Property Group Co. Ltd.		1,350,000		507,568
Redco Properties Group Ltd.^(b)		612,000		282,713
Redsun Properties Group Ltd		450,000		141,472
Road King Infrastructure Ltd		150,000		255,997
Ronshine China Holdings Ltd		400,000		442,959
Shanghai Industrial Urban Development Group Ltd.		1,300,000		145,129
Skyfame Realty Holdings Ltd.		1,600,000		209,417
Yincheng International Holding Co. Ltd.^(a) .		300,000		102,784
Zhuguang Holdings Group Co. Ltd.^(a).		950,000		134,094
				8,504,606
Road & Rail — 0.8%
CAR Inc.^(a)(c)		500,000		313,741
Shanghai Jinjiang International Industrial Investment Co.
Ltd., Class B		107,500		79,550
				393,291
Semiconductors & Semiconductor Equipment — 3.1%
Daqo New Energy Corp., ADR^(a)(c)		6,675		437,680
GCL-Poly Energy Holdings Ltd.^(a)		9,325,000		442,734
JinkoSolar Holding Co. Ltd., ADR^(a).		22,300		509,332
Shanghai Fudan Microelectronics Group Co. Ltd.,Class H^(a)		164,000		125,425
				1,515,171
Software — 2.0%
Aurora Mobile Ltd., ADR^(a) .		14,500		38,860
Cheetah Mobile Inc., ADR .		24,925		72,532
China Youzan Ltd.^(a)(c) .		6,800,000		689,332
Inspur International Ltd .		300,000		123,186
Sinosoft Technology Group Ltd.		325,012		67,980
				991,890
Specialty Retail — 2.9%
Boshiwa International Holding Ltd.^(a)(c)(d).		153,000		—
China Harmony New Energy Auto Holding Ltd		512,500		253,191
China Meidong Auto Holdings Ltd .		250,000		367,635
China ZhengTong Auto Services Holdings Ltd.		737,500		204,413
Grand Baoxin Auto Group Ltd.^(a)		462,500		74,778
Mulsanne Group Holding Ltd.^(a)(b) .		162,500		146,589
Pou Sheng International Holdings Ltd.		1,450,000		370,266
				1,416,872
Technology Hardware, Storage & Peripherals — 1.2%
Glory Sun Financial Group Ltd.^(c) .		8,300,000		266,263
Meitu Inc.^(a)(b)(c)		1,437,500		339,405
				605,668
Textiles, Apparel & Luxury Goods — 2.8%
361 Degrees International Ltd. .		550,000		98,806
China Dongxiang Group Co. Ltd		2,275,000		227,703
China Lilang Ltd..		275,000		178,204

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 China Small-Cap ETF

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

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Cosmo Lady China Holdings Co. Ltd.^(b)		525,000	$	68,041
Fuguiniao Co. Ltd.^(d)		43,200		4,989
HOSA International Ltd.^(a)(d)		220,000		5,364
JNBY Design Ltd.		100,000		107,788
Luthai Textile Co. Ltd., Class B		125,037		116,645
Texhong Textile Group Ltd.		187,500		197,532
Weiqiao Textile Co.		287,500		74,521
Xtep International Holdings Ltd.		762,500		307,229
				1,386,822
Trading Companies & Distributors — 1.3%
China Aircraft Leasing Group Holdings Ltd.		187,500		181,171
CITIC Resources Holdings Ltd.		1,850,037		100,893
HC Group Inc.^(a)(c)		375,000		101,533
Hong Kong Finance Investment Holding Group Ltd.^(a)		800,000		82,124
Shougang Concord International Enterprises Co. Ltd.		4,550,000		195,591
				661,312
Transportation Infrastructure — 1.9%
Anhui Expressway Co. Ltd., Class H		300,000		168,612
COSCO SHIPPING International Hong Kong Co. Ltd.		350,000		103,297
Tianjin Port Development Holdings Ltd.^(c)		1,500,000		132,811
Xiamen International Port Co. Ltd., Class H		600,000		69,292
Yuexiu Transport Infrastructure Ltd.		600,000		465,800
				939,812
Water Utilities — 1.2%
China Everbright Water Ltd.^(c)		567,500		126,048
China Water Affairs Group Ltd.^(c)		560,000		446,244
				572,292
Total Common Stocks — 99.6%
(Cost: $56,468,039)				49,125,017

Security	Shares		Value
Short-Term Investments
Money Market Funds — 10.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(e)(f)(g)		4,993,976	$	4,997,471
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(e)(f)		56,000		56,000
				5,053,471
Total Short-Term Investments — 10.3%
(Cost: $5,051,435)				5,053,471
Total Investments in Securities — 109.9%
(Cost: $61,519,474)				54,178,488
Other Assets, Less Liabilities — (9.9)%				(4,874,720	)
Net Assets — 100.0%			$	49,303,768

^(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)

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		3,599,323		1,394,653		4,993,976	$	4,997,471	$	93,211	^(b)	$	196	$	735
BlackRock Cash Funds: Treasury, SL Agency Shares		17,000		39,000		56,000		56,000		215			—		—
							$	5,053,471	$	93,426		$	196	$	735

^(a)

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

^(b)

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 China Small-Cap ETF
February 29, 2020

Fair Value Measurements (continued)

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	48,985,096	$	—	$	139,921	$	49,125,017
Money Market Funds		5,053,471		—		—		5,053,471
	$	54,038,567	$	—	$	139,921	$	54,178,488

See notes to financial statements

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

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

Security	Shares		Value
Common Stocks
Auto Components — 0.3%
Selamat Sempurna Tbk PT		10,489,700	$	1,074,742
Automobiles — 4.2%
Astra International Tbk PT		38,438,430		14,802,044
Banks — 42.0%
Bank Central Asia Tbk PT		28,127,958		61,657,033
Bank Mandiri Persero Tbk PT		43,525,660		22,069,990
Bank Negara Indonesia Persero Tbk PT		24,811,358		12,148,443
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		14,442,836		895,914
Bank Pembangunan Daerah Jawa Timur Tbk PT		21,551,700		923,805
Bank Rakyat Indonesia Persero Tbk PT		154,018,860		44,979,196
Bank Tabungan Negara Persero Tbk PT		16,643,226		1,972,015
Bank Tabungan Pensiunan Nasional Syariah Tbk PT^(a)		8,208,700		2,151,226
				146,797,622
Capital Markets — 0.5%
Kresna Graha Investama Tbk PT^(a)		50,275,500		1,653,949
Pool Advista Indonesia Tbk PT^(a)		7,416,700		25,847
				1,679,796
Chemicals — 1.8%
Barito Pacific Tbk PT^(a)		91,770,400		6,300,320
Construction & Engineering — 1.6%
Adhi Karya Persero Tbk PT		13,416,610		706,014
PP Persero Tbk PT		14,346,422		1,204,910
Sitara Propertindo Tbk PT^(a)(b)		31,243,800		431,174
Waskita Karya Persero Tbk PT		20,624,000		1,401,527
Wijaya Karya Persero Tbk PT		13,357,370		1,745,605
				5,489,230
Construction Materials — 4.1%
Indocement Tunggal Prakarsa Tbk PT		6,183,944		6,432,853
Semen Indonesia Persero Tbk PT		10,036,455		7,327,539
Waskita Beton Precast Tbk PT		57,994,200		751,833
				14,512,225
Diversified Telecommunication Services — 10.4%
Inovisi Infracom Tbk PT^(a)(b)		9,476,400		0	^(c)
Link Net Tbk PT		5,536,400		1,346,718
Telekomunikasi Indonesia Persero Tbk PT		132,028,190		32,115,587
Tower Bersama Infrastructure Tbk PT		38,958,700		3,000,478
				36,462,783
Electronic Equipment, Instruments & Components — 0.3%
Erajaya Swasembada Tbk PT		8,789,900		992,482
Energy Equipment & Services — 0.1%
Pelayaran Tamarin Samudra Tbk PT^(a)		64,159,500		424,823
Food Products — 7.8%
Charoen Pokphand Indonesia Tbk PT		24,601,625		9,773,777
Indofood CBP Sukses Makmur Tbk PT		8,067,954		5,777,886
Indofood Sukses Makmur Tbk PT		14,920,830		6,759,742
Inti Agri Resources Tbk PT^(a)(b)		190,840,700		552,670
Japfa Comfeed Indonesia Tbk PT		17,512,500		1,708,834
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		15,376,000		1,039,534
Sawit Sumbermas Sarana Tbk PT		18,314,900		1,033,983
Tunas Baru Lampung Tbk PT		16,521,500		708,188
				27,354,614

Security	Shares		Value
Gas Utilities — 1.0%
Perusahaan Gas Negara Tbk PT		38,072,307	$	3,396,588
Household Products — 3.4%
Unilever Indonesia Tbk PT		25,270,020		12,020,762
Insurance — 0.3%
Panin Financial Tbk PT^(a)		65,201,978		1,145,210
Marine — 0.2%
Berlian Laju Tanker Tbk PT^(a)		20,933,614		72,952
Trada Alam Minera Tbk PT^(a)(b)		163,879,000		474,590
				547,542
Media — 1.4%
Global Mediacom Tbk PT^(a)		41,390,600		894,308
Media Nusantara Citra Tbk PT		24,179,100		2,165,544
Surya Citra Media Tbk PT		23,113,700		1,804,311
				4,864,163
Metals & Mining — 0.8%
Aneka Tambang Tbk		35,748,254		1,432,671
Krakatau Steel Persero Tbk PT^(a)		33,474,993		536,627
Timah Tbk PT		19,031,780		762,730
				2,732,028
Multiline Retail — 1.4%
Matahari Department Store Tbk PT		9,513,900		2,082,150
Mitra Adiperkasa Tbk PT		33,571,400		1,871,902
Ramayana Lestari Sentosa Tbk PT		13,151,800		948,745
				4,902,797
Oil, Gas & Consumable Fuels — 3.1%
Adaro Energy Tbk PT		50,834,239		4,092,249
Alfa Energi Investama Tbk PT^(a)		6,663,000		44,118
Bukit Asam Tbk PT		13,474,200		2,103,656
Bumi Resources Tbk PT^(a)		304,398,000		1,060,805
Indika Energy Tbk PT		12,886,500		673,628
Indo Tambangraya Megah Tbk PT.		1,783,400		1,404,595
Medco Energi Internasional Tbk PT^(a)		28,578,033		1,254,864
Sekawan Intipratama Tbk PT^(a)(b)		30,572,100		2,131
Sugih Energy Tbk PT^(a)(b)		39,886,700		11,120
United Tractors Tbk PT		100,096		115,811
				10,762,977
Paper & Forest Products — 1.7%
Indah Kiat Pulp & Paper Corp. Tbk PT .		9,561,400		3,748,588
Pabrik Kertas Tjiwi Kimia Tbk PT .		5,346,600		2,235,902
				5,984,490
Personal Products — 0.4%
Industri Jamu Dan Farmasi Sido Muncul Tbk PT		15,332,500		1,314,443
Pharmaceuticals — 1.7%
Kalbe Farma Tbk PT. .		71,872,585		6,111,487
Real Estate Management & Development — 4.7%
Alam Sutera Realty Tbk PT^(a)		63,587,116		673,653
Bumi Serpong Damai Tbk PT^(a)		30,499,422		2,125,766
Ciputra Development Tbk PT		40,152,313		2,644,638
Hanson International Tbk PT^(a)(b)		372,896,535		1,071,322
Lippo Karawaci Tbk PT^(a)		166,287,042		2,642,512
Pakuwon Jati Tbk PT		63,268,277		2,337,145
PP Properti Tbk PT		199,097,239		707,716
Puradelta Lestari Tbk PT		57,787,300		950,535
Rimo International Lestari Tbk PT^(a)(b)		54,096,000		164,013
Sentul City Tbk PT^(a)		205,781,500		717,134

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

Security	Shares		Value
Real Estate Management & Development (continued)
Summarecon Agung Tbk PT		39,162,858	$	2,292,859
				16,327,293
Specialty Retail — 0.9%
Ace Hardware Indonesia Tbk PT		28,083,679		2,965,449
Textiles, Apparel & Luxury Goods — 0.2%
Sri Rejeki Isman Tbk PT		57,543,200		802,136
Tobacco — 2.7%
Gudang Garam Tbk PT		1,624,442		5,774,284
Hanjaya Mandala Sampoerna Tbk PT		32,275,200		3,824,209
				9,598,493
Trading Companies & Distributors — 0.4%
AKR Corporindo Tbk PT		7,825,600		1,445,397
Transportation Infrastructure — 0.8%
Jasa Marga Persero Tbk PT		8,216,008		2,679,973
Wireless Telecommunication Services — 0.9%
Indosat Tbk PT^(a)		4,424,100		629,041
XL Axiata Tbk PT^(a)		14,029,700		2,532,631
				3,161,672
Total Common Stocks — 99.1%
(Cost: $508,062,556)				346,653,581

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(d)(e)		519,000	$	519,000
Total Short-Term Investments — 0.1%
(Cost: $519,000)				519,000
Total Investments in Securities — 99.2%
(Cost: $508,581,556)				347,172,581
Other Assets, Less Liabilities — 0.8%				2,746,159
Net Assets — 100.0%			$	349,918,740

^(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)

Rounds to less than $1.

^(d)

Affiliate of the Fund.

^(e)

Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 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: Treasury, SL Agency Shares			197,000				322,000				519,000			$	519,000			$	1,688			$	—			$	—

^(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

03/20/20

2,169

51,861

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
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	51,861

^(a)

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 Indonesia 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	$	8,192
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	51,861

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	1,051,673

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	$	343,946,561	$	—	$	2,707,020	$	346,653,581
Money Market Funds		519,000		—		—		519,000
	$	344,465,561	$	—	$	2,707,020	$	347,172,581
Derivative financial instruments^(a)
Assets
Futures Contracts	$	51,861	$	—	$	—	$	51,861

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

Security	Shares		Value
Common Stocks
Banks — 30.4%
Banco BBVA Peru SA		4,408,282	$	4,209,297
Banco de Credito del Peru		137,397		206,732
Credicorp Ltd.		160,128		29,026,402
Intercorp Financial Services Inc.		148,352		5,610,673
				39,053,104
Capital Markets — 0.5%
Bolsa de Valores de Lima SAA, Class A		972,631		666,995
Construction & Engineering — 2.0%
Grana y Montero SAA^(a)		5,228,377		2,526,444
Construction Materials — 5.5%
Cementos Pacasmayo SAA		2,043,933		3,459,782
Union Andina de Cementos SAA		6,268,057		3,572,938
				7,032,720
Electric Utilities — 6.6%
Enel Distribucion Peru SAA		1,304,720		2,480,327
Luz del Sur SAA		772,246		6,033,172
				8,513,499
Food & Staples Retailing — 4.6%
InRetail Peru Corp.^(b)		171,574		5,884,988
Food Products — 4.9%
Alicorp SAA		2,336,877		5,747,527
Casa Grande SAA		630,371		523,485
				6,271,012
Metals & Mining — 35.5%
Cia. de Minas Buenaventura SAA, ADR		1,206,066		13,447,636
Corp. Aceros Arequipa SA, NVS		2,879,773		716,610
Hochschild Mining PLC		2,108,869		4,301,775
Pan American Silver Corp.		182,683		3,615,963
Sociedad Minera Cerro Verde SAA		152,110		2,509,815
Southern Copper Corp.		440,858		14,834,872
Volcan Cia. Minera SAA, Class B, NVS^(a)		24,636,897		3,122,384
Wheaton Precious Metals Corp.		108,333		3,080,471
				45,629,526

Security	Shares		Value
Multiline Retail — 2.2%
SACI Falabella .		871,644	$	2,890,144
Oil, Gas & Consumable Fuels — 1.9%
PetroTal Corp.		6,921,294		1,617,825
Refineria La Pampilla SAA Relapasa^(a)		33,219,056		817,020
				2,434,845
Real Estate Management & Development — 2.3%
Parque Arauco SA		1,457,075		2,984,026
Trading Companies & Distributors — 3.4%
Ferreycorp SAA . . . . .		7,586,190		4,368,205
Total Common Stocks — 99.8%
(Cost: $185,840,220)				128,255,508

Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(c)(d)		11,000		11,000
Total Short-Term Investments — 0.0%
(Cost: $11,000)				11,000
Total Investments in Securities — 99.8%
(Cost: $185,851,220)				128,266,508
Other Assets, Less Liabilities — 0.2%				193,106
Net Assets — 100.0%			$	128,459,614

^(a)

Non-income producing security.

^(b)

^(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:

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: Treasury, SL Agency Shares			—				11,000				11,000			$	11,000			$	1,508			$	—			$	—

^(a)

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

Derivative Financial Instruments Categorized by Risk Exposure

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	$	15,145

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 Peru ETF
February 29, 2020

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	259,500

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	$	128,255,508	$	—	$	—	$	128,255,508
Money Market Funds		11,000		—		—		11,000
	$	128,266,508	$	—	$	—	$	128,266,508

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

Security	Shares		Value
Common Stocks
Airlines — 0.6%
Cebu Air Inc.		698,230	$	1,007,451
Banks — 16.7%
Bank of the Philippine Islands		2,997,645		4,357,538
BDO Unibank Inc.		6,542,874		17,841,285
East West Banking Corp.^(a)		1,888,100		407,437
Metropolitan Bank & Trust Co.		5,982,624		6,578,246
Security Bank Corp.		755,000		2,286,846
				31,471,352
Chemicals — 0.7%
D&L Industries Inc.		9,463,200		1,340,349
Construction & Engineering — 0.3%
Megawide Construction Corp.		2,067,900		513,578
Diversified Financial Services — 1.5%
Metro Pacific Investments Corp.		47,219,050		2,843,796
Electric Utilities — 2.1%
Manila Electric Co.		748,630		3,962,342
Food & Staples Retailing — 0.5%
Cosco Capital Inc.		7,210,200		882,622
Food Products — 4.3%
Universal Robina Corp.		2,932,108		8,127,648
Hotels, Restaurants & Leisure — 3.7%
Altus San Nicolas Corp.		137,095		13,969
Bloomberry Resorts Corp.		12,786,565		2,044,345
Jollibee Foods Corp.		1,454,761		4,851,582
				6,909,896
Independent Power and Renewable Electricity Producers — 2.2%
Aboitiz Power Corp.		4,875,635		2,630,308
First Gen Corp.		4,198,437		1,510,532
				4,140,840
Industrial Conglomerates — 25.8%
Aboitiz Equity Ventures Inc.		6,550,547		5,480,742
Alliance Global Group Inc.^(a)		13,072,939		2,574,837
Ayala Corp.		620,568		8,065,253
GT Capital Holdings Inc.		322,276		4,495,110
JG Summit Holdings Inc.		9,509,142		12,591,802
SM Investments Corp.		799,596		15,286,048
				48,493,792
Oil, Gas & Consumable Fuels — 1.3%
Petron Corp.		9,355,200		616,645

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Pilipinas Shell Petroleum Corp.		1,066,600	$	545,070
Semirara Mining & Power Corp.		3,519,700		1,339,523
				2,501,238
Real Estate Management & Development — 27.8%
Ayala Land Inc.		24,427,250		18,688,823
DoubleDragon Properties Corp.^(a)		2,366,090		789,083
Filinvest Land Inc.		32,136,590		775,439
Megaworld Corp.		37,491,960		2,500,690
Robinsons Land Corp.		6,882,106		2,875,701
SM Prime Holdings Inc.		33,546,735		25,205,296
Vista Land & Lifescapes Inc.		12,677,600		1,561,850
				52,396,882
Specialty Retail — 0.9%
Wilcon Depot Inc.		4,772,900		1,694,742
Transportation Infrastructure — 3.8%
International Container Terminal Services Inc.		3,323,573		6,911,206
MacroAsia Corp.. .		1,576,020		259,707
				7,170,913
Water Utilities — 0.5%
Manila Water Co. Inc.		4,103,429		946,666
Wireless Telecommunication Services — 5.0%
Globe Telecom Inc.		110,770		3,865,813
PLDT Inc.		286,884		5,571,656
				9,437,469
Total Common Stocks — 97.7%
(Cost: $239,239,613)				183,841,576

Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(b)(c)		62,000		62,000
Total Short-Term Investments — 0.0%
(Cost: $62,000)				62,000
Total Investments in Securities — 97.7%
(Cost: $239,301,613)				183,903,576
Other Assets, Less Liabilities — 2.3%				4,385,713
Net Assets — 100.0%			$	188,289,289

^(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:

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: Treasury, SL Agency Shares .			135,000				(73,000	)			62,000			$	62,000			$	1,136			$	—			$	—

^(a)

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

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

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

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets E-Mini		86	03/20/20	$	4,338	$	(42,959	)

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)	$	42,959

^(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	$	(76,102	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(42,959	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	2,951,047

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	$	183,827,607		$	13,969	$	—	$	183,841,576
Money Market Funds		62,000			—		—		62,000
	$	183,889,607		$	13,969	$	—	$	183,903,576
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(42,959	)	$	—	$	—	$	(42,959	)

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

Security	Shares		Value
Common Stocks
Banks — 28.3%
Alior Bank SA^(a)		443,736	$	2,363,471
Bank Millennium SA^(a)		3,145,281		3,849,932
Bank Polska Kasa Opieki SA		497,561		11,110,475
mBank SA^(a)		76,514		5,783,136
Powszechna Kasa Oszczednosci Bank Polski SA		4,315,543		34,248,951
Santander Bank Polska SA		167,650		10,664,423
				68,020,388
Capital Markets — 0.7%
Warsaw Stock Exchange		169,264		1,631,378
Chemicals — 1.2%
Ciech SA^(a)		160,122		1,421,430
Grupa Azoty SA^(a)(b)		258,666		1,334,432
				2,755,862
Construction & Engineering — 1.2%
Budimex SA		65,931		2,913,024
Consumer Finance — 1.3%
KRUK SA		91,994		3,219,918
Diversified Telecommunication Services — 2.3%
Orange Polska SA^(a)		3,520,669		5,509,556
Electric Utilities — 4.3%
Enea SA^(a)		1,243,047		1,765,557
Energa SA^(a)		1,186,196		2,112,029
PGE Polska Grupa Energetyczna SA^(a)		4,297,650		4,872,421
Tauron Polska Energia SA^(a)		5,932,473		1,655,140
				10,405,147
Entertainment — 9.4%
CD Projekt SA		319,693		22,582,114
Food & Staples Retailing — 4.7%
Dino Polska SA^(a)(c)		253,303		9,110,093
Eurocash SA^(b)		482,151		2,215,887
				11,325,980
Health Care Providers & Services — 0.7%
Neuca SA		18,413		1,732,626
Hotels, Restaurants & Leisure — 1.5%
AmRest Holdings SE^(a)(b)		343,154		3,485,763
Insurance — 10.9%
Powszechny Zaklad Ubezpieczen SA		2,978,332		26,250,295
Machinery — 0.4%
Famur SA		1,556,913		1,022,752
Media — 3.5%
Cyfrowy Polsat SA		1,316,519		8,414,609

Security	Shares		Value
Metals & Mining — 4.4%
Jastrzebska Spolka Weglowa SA^(b)		287,108	$	985,256
KGHM Polska Miedz SA^(a)		541,244		9,683,555
				10,668,811
Oil, Gas & Consumable Fuels — 15.2%
Grupa Lotos SA. . .		474,228		7,151,850
Lubelski Wegiel Bogdanka SA		92,603		386,599
Polski Koncern Naftowy ORLEN SA		1,475,920		21,951,442
Polskie Gornictwo Naftowe i Gazownictwo SA		8,779,633		7,054,525
				36,544,416
Road & Rail — 0.3%
PKP Cargo SA. . .		184,930		592,872
Software — 2.0%
Asseco Poland SA . . .		309,373		4,762,965
Textiles, Apparel & Luxury Goods — 5.5%
CCC SA		150,082		2,738,834
LPP SA.		6,047		10,582,672
				13,321,506
Wireless Telecommunication Services — 2.0%
PLAY Communications SA^(c)		614,537		4,766,414
Total Common Stocks — 99.8%
(Cost: $381,812,880)				239,926,396

Short-Term Investments
Money Market Funds — 2.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(d)(e)(f)		5,658,797		5,662,758
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(d)(e)		1,283,000		1,283,000
				6,945,758
Total Short-Term Investments — 2.9%
(Cost: $6,944,532)				6,945,758
Total Investments in Securities — 102.7%
(Cost: $388,757,412)				246,872,154
Other Assets, Less Liabilities — (2.7)%				(6,465,075	)
Net Assets — 100.0%			$	240,407,079

^(a)

Non-income producing security.

^(b)

All or a portion of this security is on loan.

^(c)

^(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.

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

Schedule of Investments (unaudited) (continued) iShares^®MSCI Poland 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:

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		3,119,876		2,538,921		5,658,797	$	5,662,758	$	22,902	(b)	$	49	$	838
BlackRock Cash Funds: Treasury, SL Agency Shares		127,000		1,156,000		1,283,000		1,283,000		1,995			—		—
							$	6,945,758	$	24,897		$	49	$	838

^(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	$	239,926,396	$	—	$	—	$	239,926,396
Money Market Funds		6,945,758		—		—		6,945,758
	$	246,872,154	$	—	$	—	$	246,872,154

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

Security	Shares		Value

Common Stocks

Air Freight & Logistics — 1.4%
Gulf Warehousing Co.		739,218	$	929,745

Banks — 49.0%
Commercial Bank PSQC (The)		2,426,571		2,995,726
Doha Bank QPSC		2,584,745		1,636,048
Masraf Al Rayan QSC		4,193,393		4,656,402
Qatar First Bank^(a)		2,166,122		608,710
Qatar International Islamic Bank QSC		1,011,877		2,346,590
Qatar Islamic Bank SAQ		1,313,668		5,591,144
Qatar National Bank QPSC		2,927,154		15,045,858
				32,880,478
Chemicals — 4.2%
Mesaieed Petrochemical Holding Co.		5,789,965		2,796,016

Construction Materials — 0.9%
Qatar National Cement Co. QSC		514,794		584,977

Diversified Financial Services — 0.6%
Salam International Investment Ltd. QSC^(a)		3,707,474		388,418

Diversified Telecommunication Services — 3.1%
Ooredoo QPSC		1,211,980		2,091,114

Energy Equipment & Services — 1.1%
Gulf International Services QSC^(a)		2,216,793		780,199

Food & Staples Retailing — 1.4%
Al Meera Consumer Goods Co. QSC		216,459		915,372

Health Care Providers & Services — 1.1%
Medicare Group		422,430		760,427

Industrial Conglomerates — 9.0%
Industries Qatar QSC		2,066,627		5,068,883
Mannai Corp. QSC		422,741		350,967
Qatar Industrial Manufacturing Co. QSC		785,889		621,799
				6,041,649
Insurance — 2.6%
Qatar Insurance Co. SAQ		2,338,349		1,722,517
Marine — 2.1%
Qatar Navigation QSC		942,248		1,442,177

Security	Shares		Value

Metals & Mining — 1.4%
Qatar Aluminum Manufacturing Co		5,559,153	$	929,736

Multi-Utilities — 4.3%
Qatar Electricity & Water Co. QSC		702,883		2,886,091

Oil, Gas & Consumable Fuels — 7.1%
Qatar Fuel QSC		483,946		2,548,266
Qatar Gas Transport Co. Ltd.		3,714,499		2,219,396
				4,767,662
Real Estate Management & Development — 8.4%
Barwa Real Estate Co.		2,756,888		2,331,693
Ezdan Holding Group QSC^(a)		11,687,205		1,712,283
Mazaya Qatar Real Estate Development QSC.		2,633,660		467,050
United Development Co. QSC		3,366,193		1,110,339
				5,621,365
Wireless Telecommunication Services — 1.4%
Vodafone Qatar QSC		3,309,609		932,755

Total Common Stocks — 99.1%
(Cost: $64,621,614)				66,470,698

Short-Term Investments

Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(b)(c)		193,000		193,000

Total Short-Term Investments — 0.3%
(Cost: $193,000)				193,000

Total Investments in Securities — 99.4%
(Cost: $64,814,614)				66,663,698

Other Assets, Less Liabilities — 0.6%				374,633

Net Assets — 100.0%			$	67,038,331

^(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:

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: Treasury, SL Agency Shares			—				193,000				193,000			$	193,000			$	1,664			$	—			$	—

^(a)

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

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

Schedule of Investments (unaudited) (continued)	iShares^®MSCI Qatar 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

504

(17,632

)

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)	$	17,632

^(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	$	4,984
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(17,632	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	168,133

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	$	66,470,698		$	—	$	—	$	66,470,698
Money Market Funds		193,000			—		—		193,000
	$	66,663,698		$	—	$	—	$	66,663,698
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(17,632	)	$	—	$	—	$	(17,632	)

^(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 Saudi Arabia ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Banks — 42.6%
Al Rajhi Bank		4,824,030	$	79,596,817
Alinma Bank		3,020,757		18,729,257
Arab National Bank		2,045,349		13,793,770
Bank AlBilad		1,534,574		9,800,984
Bank Al-Jazira		1,719,779		6,381,267
Banque Saudi Fransi		2,228,407		20,225,845
National Commercial Bank		4,688,866		55,368,989
Riyad Bank		4,643,284		27,130,691
Samba Financial Group		3,719,302		26,619,555
Saudi British Bank (The)		2,613,441		19,645,218
				277,292,393
Building Products — 0.2%
Saudi Ceramic Co.^(a)		159,237		1,574,755

Chemicals — 17.1%
Advanced Petrochemical Co.		457,281		5,466,894
Alujain Holding^(a)		184,860		1,517,710
National Industrialization Co.^(a)		1,432,733		4,498,892
Sahara International Petrochemical Co.		1,532,078		6,370,896
Saudi Arabian Fertilizer Co.		588,699		10,545,268
Saudi Basic Industries Corp.		2,937,570		61,625,152
Saudi Industrial Investment Group		951,693		5,347,645
Saudi Kayan Petrochemical Co.^(a)		2,318,767		5,476,283
Yanbu National Petrochemical Co.		789,458		10,416,679
				111,265,419
Construction Materials — 4.4%
Arabian Cement Co./Saudi Arabia		233,585		2,098,311
City Cement Co.		448,175		2,035,693
Eastern Province Cement Co.		207,182		1,916,358
Najran Cement Co.^(a)		456,479		1,401,743
Northern Region Cement Co.^(a)		473,900		1,503,241
Qassim Cement Co. (The)		197,527		3,580,391
Saudi Cement Co.		322,604		5,245,593
Southern Province Cement Co.		275,316		4,381,278
Yamama Cement Co.^(a)		452,338		2,884,160
Yanbu Cement Co.		345,544		3,398,793
				28,445,561
Diversified Financial Services — 0.2%
Aseer Trading Tourism & Manufacturing Co.^(a)		409,018		1,208,029

Diversified Telecommunication Services — 5.2%
Saudi Telecom Co.		1,538,985		33,885,155

Electric Utilities — 2.4%
Saudi Electricity Co.		3,433,559		15,376,194

Food & Staples Retailing — 0.7%
Abdullah Al Othaim Markets Co.		194,734		4,292,817

Food Products — 4.1%
Almarai Co. JSC		1,037,344		12,664,362
National Agriculture Development Co. (The)^(a)		219,833		1,511,846
Saudia Dairy & Foodstuff Co.		74,420		2,741,529
Savola Group (The)^(a)		1,100,282		9,810,591
				26,728,328
Gas Utilities — 0.2%
National Gas & Industrialization Co.		193,602		1,610,125

Security	Shares		Value

Health Care Providers & Services — 2.0%
Al Hammadi Co. for Development and Investment^(a)		306,679	$	1,948,881
Dallah Healthcare Co		152,251		2,081,961
Middle East Healthcare Co.^(a)		177,556		1,481,408
Mouwasat Medical Services Co		214,733		4,974,090
National Medical Care Co.		115,527		1,459,678
Saudi Chemical Co. Holding^(a)		230,737		1,394,939
				13,340,957
Hotels, Restaurants & Leisure — 2.0%
Dur Hospitality Co		205,411		1,560,499
Herfy Food Services Co		116,478		1,465,483
Leejam Sports Co. JSC		102,428		2,028,629
Saudi Airlines Catering Co		176,755		4,296,963
Seera Group Holding		661,610		3,491,904
				12,843,478
Insurance — 1.5%
Al Rajhi Co for Cooperative Insurance^(a)		95,213		1,581,173
Bupa Arabia for Cooperative Insurance Co. .		124,598		3,221,646
Co for Cooperative Insurance (The)^(a)		266,601		4,889,284
				9,692,103
Media — 0.5%
Saudi Research & Marketing Group^(a)		165,560		3,075,978

Metals & Mining — 2.8%
Saudi Arabian Mining Co.^(a)		1,772,635		18,002,770

Oil, Gas & Consumable Fuels — 6.6%
Aldrees Petroleum and Transport Services Co.		142,252		2,271,330
Rabigh Refining & Petrochemical Co.^(a)		950,403		3,977,430
Saudi Arabian Oil Co.^(a)(b)		4,135,233		36,761,301
				43,010,061
Pharmaceuticals — 0.3%
Saudi Pharmaceutical Industries & Medical Appliances Corp.		288,802		2,155,526

Professional Services — 0.1%
Maharah Human Resources Co.		35,844		742,391

Real Estate Management & Development — 2.1%
Arriyadh Development Co		446,694		1,945,616
Dar Al Arkan Real Estate Development Co.^(a)		2,274,134		5,680,031
Emaar Economic City^(a)		1,687,056		4,164,238
Saudi Real Estate Co.^(a)		448,353		1,685,133
				13,475,018
Road & Rail — 0.5%
Saudi Public Transport Co.^(a)		324,548		1,472,426
United International Transportation Co		179,024		1,658,293
				3,130,719
Specialty Retail — 2.5%
Fawaz Abdulaziz Al Hokair & Co.^(a)		356,209		2,682,368
Jarir Marketing Co		245,942		9,951,752
Saudi Co. For Hardware CJSC		77,991		1,051,938
United Electronics Co		118,099		2,471,217
				16,157,275
Wireless Telecommunication Services — 2.0%
Etihad Etisalat Co.^(a)		1,582,433		9,676,400
Mobile Telecommunications Co.^(a).		1,188,498		3,206,077
				12,882,477
Total Common Stocks — 100.0%
(Cost: $689,165,773)				650,187,529

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

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

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(c)(d)		311,000	$	311,000

Total Short-Term Investments — 0.0%
(Cost: $311,000)				311,000

Total Investments in Securities — 100.0%
(Cost: $689,476,773)				650,498,529

Other Assets, Less Liabilities — 0.0%				13,409

Net Assets — 100.0%			$	650,511,938

^(a)

Non-income producing security.

^(b)

^(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:

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)				Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Share			—				311,000				311,000			$	311,000			$	7,288			$	—			$	—

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

(4,816

)

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)	$	4,816

^(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	$	4,306
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(4,816	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	16,813

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 Saudi Arabia ETF
February 29, 2020

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	$	650,187,529		$	—	$	—	$	650,187,529
Money Market Funds		311,000			—		—		311,000
	$	650,498,529		$	—	$	—	$	650,498,529
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(4,816	)	$	—	$	—	$	(4,816	)

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

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

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

Security	Shares		Value

Common Stocks

Airlines — 3.9%
Air Arabia PJSC^(a)		5,982,764	$	2,280,451

Banks — 35.1%
Abu Dhabi Commercial Bank PJSC		2,816,035		5,466,615
Dubai Islamic Bank PJSC		1,664,317		2,446,925
First Abu Dhabi Bank PJSC		3,193,128		12,449,452
				20,362,992
Building Products — 0.8%
National Central Cooling Co. PJSC		874,670		485,809

Capital Markets — 5.0%
Dubai Financial Market PJSC^(a)		6,906,652		1,654,783
SHUAA Capital PSC^(a)		5,458,353		1,226,045
				2,880,828
Construction & Engineering — 1.7%
Arabtec Holding PJSC		3,632,495		736,804
Drake & Scull International PJSC^(a)(b)		2,972,998		223,568
				960,372
Diversified Financial Services — 4.6%
Al Waha Capital PJSC		5,127,521		1,144,754
Amanat Holdings PJSC		6,054,044		1,315,344
Gulf General Investment Co.^(a)(b)		7,295,803		195,063
				2,655,161
Diversified Telecommunication Services — 14.1%
Emirates Telecommunications Group Co. PJSC		1,900,762		8,176,656

Energy Equipment & Services — 0.8%
Lamprell PLC^(a)		1,284,148		472,390

Food Products — 1.1%
Agthia Group PJSC		805,247		657,720

Health Care Providers & Services — 2.7%
NMC Health PLC		128,622		1,541,688

Hotels, Restaurants & Leisure — 1.4%
DXB Entertainments PJSC^(a)		17,178,433		832,520

Industrial Conglomerates — 3.3%
Dubai Investments PJSC		5,590,595		1,933,093

Security	Shares		Value
Oil, Gas & Consumable Fuels — 3.6%
Dana Gas PJSC .		8,671,671	$	2,065,864

Real Estate Management & Development — 14.2%
Aldar Properties PJSC . .		4,468,605		2,579,281
DAMAC Properties Dubai Co. PJSC^(a)		7,871,079		1,407,961
Deyaar Development PJSC^(a)		1,101,194		92,943
Emaar Development PJSC		94,107		92,752
Emaar Malls PJSC		217,000		95,121
Emaar Properties PJSC		2,339,113		2,229,000
Eshraq Investments PJSC^(a)		6,115,857		516,190
RAK Properties PJSC^(a)		5,260,952		623,081
Union Properties PJSC^(a)		11,283,533		617,493
				8,253,822
Thrifts & Mortgage Finance — 0.6%
Amlak Finance PJSC^(a)		3,220,990		370,078

Transportation Infrastructure — 4.4%
DP World PLC		158,251		2,571,579

Total Common Stocks — 97.3%
(Cost: $62,364,204)				56,501,023

Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(c)(d)		53,000		53,000

Total Short-Term Investments — 0.1%
(Cost: $53,000)				53,000

Total Investments in Securities — 97.4%
(Cost: $62,417,204)				56,554,023

Other Assets, Less Liabilities — 2.6%				1,501,822

Net Assets — 100.0%			$	58,055,845

^(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) 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:

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		845,962		(845,962	)		—	$	—	$	6,552	(b)	$	(173	)	$	85
BlackRock Cash Funds: Treasury, SL Agency Shares		158,000		(105,000	)		53,000		53,000		683			—			—
								$	53,000	$	7,235		$	(173	)	$	85

^(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

Schedule of Investments (unaudited) (continued)	iShares^®MSCI UAE 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

1,463

5,674

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
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	5,674

^(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	$	1,042
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	5,674

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	660,587

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	$	56,082,392	$	—	$	418,631	$	56,501,023
Money Market Funds		53,000		—		—		53,000
	$	56,135,392	$	—	$	418,631	$	56,554,023
Derivative financial instruments^(a)
Assets
Futures Contracts	$	5,674	$	—	$	—	$	5,674

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

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

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

The following table includes a rollforward for the six months ended February 29, 2020 of investments whose values are classified as Level 3 as of the beginning or end of the period.

	Common Stocks
Balance at beginning of period	$	465,742
Realized gain (loss) and change in unrealized appreciation/depreciation		(47,111	)
Purchases		—
Sales		—
Transfers in^(a)		—
Transfers out^(a)		—
Balance at end of period	$	418,631
Net change in unrealized appreciation/depreciation on investments still held at end of period	$	(47,111	)

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

The Fund's investments that are categorized as Level 3 were valued utilizing a single broker quote without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.

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 Argentina and Global Exposure ETF			iShares MSCI Brazil Small-Cap ETF			iShares MSCI China ETF			iShares MSCI China Small-Cap ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a)
Unaffiliated^(b)	$	13,759,985		$	169,778,635		$	4,785,405,507		$	49,125,017
Affiliated^(c)		1,035,447			164,000			173,790,033			5,053,471
Cash		135			763			181			127
Foreign currency, at value^(d)		3,611			52,952			15,847,534			63,760
Foreign currency collateral pledged:
Futures contracts^(e)		—			—			736,169			—
Receivables:
Investments sold		574,370			18,769,589			46,751,430			1,779,426
Securities lending income — Affiliated		413			—			138,990			23,427
Dividends		16			521,771			23,027			3,518
Total assets		15,373,977			189,287,710			5,022,692,871			56,048,746

LIABILITIES
Collateral on securities loaned, at value		1,023,723			—			170,779,897			4,994,914
Payables:
Investments purchased		558,146			661,207			58,920,682			1,727,076
Variation margin on futures contracts		—			—			96,301			—
Capital shares redeemed		—			17,999,921			—			—
Investment advisory fees		2,929			94,539			2,220,843			22,988
Total liabilities		1,584,798			18,755,667			232,017,723			6,744,978

NET ASSETS	$	13,789,179		$	170,532,043		$	4,790,675,148		$	49,303,768

NET ASSETS CONSIST OF:
Paid-in capital	$	21,713,048		$	193,050,533		$	4,807,380,417		$	64,130,330
Accumulated loss		(7,923,869	)		(22,518,490	)		(16,705,269	)		(14,826,562	)
NET ASSETS	$	13,789,179		$	170,532,043		$	4,790,675,148		$	49,303,768

Shares outstanding		700,000			9,500,000			78,000,000			1,250,000
Net asset value	$	19.70		$	17.95		$	61.42		$	39.44
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None

(a) Securities loaned, at value	$	959,028		$	—		$	163,579,090		$	4,460,698
(b) Investments, at cost — Unaffiliated	$	19,757,140		$	137,986,302		$	4,221,915,125		$	56,468,039
(c) Investments, at cost — Affiliated	$	1,035,273		$	164,000		$	173,717,546		$	5,051,435
(d) Foreign currency, at cost	$	3,668		$	53,555		$	15,893,996		$	63,904
(e) Foreign currency collateral pledged, at cost	$	—		$	—		$	738,214		$	—

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

Statements of Assets and Liabilities (unaudited) (continued)

February 29, 2020

	iShares MSCI Indonesia ETF			iShares MSCI Peru ETF			iShares MSCI Philippines ETF			iShares MSCI Poland ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a)
Unaffiliated^(b)	$	346,653,581		$	128,255,508		$	183,841,576		$	239,926,396
Affiliated^(c)		519,000			11,000			62,000			6,945,758
Cash		3,257			34			549			973
Foreign currency, at value^(d)		—			219,485			155,420			222,483
Cash pledged:
Futures contracts		113,000			—			3,000			—
Receivables:
Investments sold		14,408,908			4,795,799			4,564,950			8,898,411
Securities lending income — Affiliated		—			—			—			5,195
Variation margin on futures contracts		51,879			—			15,784			—
Dividends		2,293,350			30,438			42,132			511
Tax reclaims		—			—			—			342,148
Total assets		364,042,975			133,312,264			188,685,411			256,341,875

LIABILITIES
Foreign bank overdraft^(e)		69,941			—			—			—
Collateral on securities loaned, at value		—			—			—			5,652,826
Payables:
Investments purchased		13,541,224			4,670,302			192,435			8,523,530
Capital shares redeemed		313,742			115,915			108,192			—
Investment advisory fees		199,328			66,235			95,495			130,859
Professional fees		—			—			—			469,134
Foreign taxes		—			198			—			—
IRS compliance fee for foreign withholding tax claims		—			—			—			1,158,447
Total liabilities		14,124,235			4,852,650			396,122			15,934,796

NET ASSETS	$	349,918,740		$	128,459,614		$	188,289,289		$	240,407,079

NET ASSETS CONSIST OF:
Paid-in capital	$	615,659,777		$	295,412,667		$	296,877,132		$	452,403,752
Accumulated loss		(265,741,037	)		(166,953,053	)		(108,587,843	)		(211,996,673	)
NET ASSETS	$	349,918,740		$	128,459,614		$	188,289,289		$	240,407,079

Shares outstanding		16,300,000			4,100,000			6,350,000			14,250,000
Net asset value	$	21.47		$	31.33		$	29.65		$	16.87
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None

(a) Securities loaned, at value	$	—		$	—		$	—		$	5,324,513
(b) Investments, at cost — Unaffiliated	$	508,062,556		$	185,840,220		$	239,239,613		$	381,812,880
(c) Investments, at cost — Affiliated	$	519,000		$	11,000		$	62,000		$	6,944,532
(d) Foreign currency, at cost.	$	—		$	219,487		$	155,703		$	224,840
(e) Foreign bank overdraft, at cost	$	69,941		$	—		$	—		$	—

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 Qatar ETF			iShares MSCI Saudi Arabia ETF			iShares MSCI UAE ETF

ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	66,470,698		$	650,187,529		$	56,501,023
Affiliated^(b)		193,000			311,000			53,000
Cash		795			157			319
Foreign currency, at value^(c)		392,364			367,525			816
Cash pledged:
Futures contracts		24,000			3,000			32,000
Receivables:
Investments sold		5,386,115			35,996,947			2,441,550
Variation margin on futures contracts		—			—			18,343
Dividends		260			1,788			117
Total assets		72,467,232			686,867,946			59,047,168

LIABILITIES
Payables:
Investments purchased		1,312,439			8,201,740			964,443
Variation margin on futures contracts		414			180			—
Capital shares redeemed		4,083,043			27,735,196			—
Investment advisory fees		33,005			418,892			26,880
Total liabilities		5,428,901			36,356,008			991,323

NET ASSETS	$	67,038,331		$	650,511,938		$	58,055,845

NET ASSETS CONSIST OF:
Paid-in capital	$	89,280,156		$	753,980,222		$	92,196,473
Accumulated loss		(22,241,825	)		(103,468,284	)		(34,140,628	)
NET ASSETS	$	67,038,331		$	650,511,938		$	58,055,845

Shares outstanding		4,100,000			23,450,000			4,700,000
Net asset value	$	16.35		$	27.74		$	12.35
Shares authorized		Unlimited			Unlimited			Unlimited
Par value		None			None			None

(a) Investments, at cost — Unaffiliated.	$	64,621,614		$	689,165,773		$	62,364,204
(b) Investments, at cost — Affiliated	$	193,000		$	311,000		$	53,000
(c) Foreign currency, at cost	$	392,394		$	367,440		$	835

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

Statements of Operations (unaudited)

Six Months Ended February 29, 2020

	iShares
	MSCI
	Argentina			iShares						iShares
	and Global			MSCI Brazil			iShares			MSCI China
	Exposure			Small-Cap			MSCI China			Small-Cap
	ETF			ETF			ETF			ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	91,329		$	1,712,879		$	13,535,875		$	270,202
Dividends — Affiliated		361			781			32,069			215
Interest — Unaffiliated		—			—			1,387			—
Securities lending income — Affiliated — net		1,937			—			1,247,028			93,211
Foreign taxes withheld		(6,771	)		(128,080	)		(821,270	)		(763	)
Total investment income		86,856			1,585,580			13,995,089			362,865

EXPENSES
Investment advisory fees		41,066			424,309			12,288,626			81,153
Total expenses		41,066			424,309			12,288,626			81,153

Less:
Investment advisory fees waived		(24,361	)		—			—			—
Total expenses after fees waived		16,705			424,309			12,288,626			81,153
Net investment income		70,151			1,161,271			1,706,463			281,712

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(1,680,769	)		(6,006,079	)		(93,347,648	)		(1,172,179	)
Investments — Affiliated		(198	)		—			4,266			196
In-kind redemptions — Unaffiliated		950,727			—			—			—
Futures contracts		—			—			(100,299	)		—
Foreign currency transactions		(333	)		(125,547	)		36,130			639
Net realized loss		(730,573	)		(6,131,626	)		(93,407,551	)		(1,171,344	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		1,098,125			2,598,345			434,099,735			(638,350	)
Investments — Affiliated		132			—			26,625			735
Futures contracts		—			—			(131,842	)		—
Foreign currency translations		(53	)		(36,768	)		(51,546	)		(166	)
Net change in unrealized appreciation (depreciation)		1,098,204			2,561,577			433,942,972			(637,781	)
Net realized and unrealized gain (loss)		367,631			(3,570,049	)		340,535,421			(1,809,125	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	437,782		$	(2,408,778	)	$	342,241,884		$	(1,527,413	)

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						iShares
	MSCI			iShares			MSCI			iShares
	Indonesia			MSCI Peru			Philippines			MSCI Poland
	ETF			ETF			ETF			ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	4,142,339		$	1,289,113	(a)	$	672,170		$	341,576
Dividends — Affiliated		1,688			1,508			1,136			1,995
Interest — Unaffiliated		52			33			41			—
Securities lending income — Affiliated — net		—			—			—			22,902
Other income — Unaffiliated		—			—			—			173,383
Foreign taxes withheld		(780,906	)		(41,232	)		(201,651	)		(51,280	)
Foreign withholding tax claims		—			—			—			4,177,095
IRS Compliance fee for foreign withholding tax claims		—			—			—			(1,158,446	)
Other foreign taxes		—			(126	)		—			—
Total investment income		3,363,173			1,249,296			471,696			3,507,225

EXPENSES
Investment advisory fees		1,354,823			440,110			661,999			813,689
Professional fees		—			—			—			469,134
Total expenses		1,354,823			440,110			661,999			1,282,823
Net investment income (loss)		2,008,350			809,186			(190,303	)		2,224,402

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(18,863,743	)		(17,726,747	)		(8,918,644	)		(15,931,602	)
Investments — Affiliated		—			—			—			49
In-kind redemptions — Unaffiliated		7,109,780			3,500,729			233,977			2,453,980
Futures contracts		8,192			15,145			(76,102	)		—
Foreign currency transactions		16,852			11,558			(11,066	)		(154,042	)
Net realized loss		(11,728,919	)		(14,199,315	)		(8,771,835	)		(13,631,615	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(55,406,083	)		3,440,887			(24,346,153	)		(38,405,563	)
Investments — Affiliated		—			—			—			838
Futures contracts		51,861			—			(42,959	)		—
Foreign currency translations		(35,374	)		(6,846	)		(7,365	)		48,088
Net change in unrealized appreciation (depreciation)		(55,389,596	)		3,434,041			(24,396,477	)		(38,356,637	)
Net realized and unrealized loss		(67,118,515	)		(10,765,274	)		(33,168,312	)		(51,988,252	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(65,110,165	)	$	(9,956,088	)	$	(33,358,615	)	$	(49,763,850	)

^(a)Includes $419,913 related to a special distribution from Credicorp Ltd.

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

Statements of Operations (unaudited) (continued)

Six Months Ended February 29, 2020

	iShares			iShares			iShares
	MSCI Qatar			MSCI Saudi			MSCI UAE
	ETF			Arabia ETF			ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	988,521		$	3,987,976		$	—
Dividends — Affiliated		1,664			7,288			683
Interest — Unaffiliated		—			38			7
Securities lending income — Affiliated — net		—			—			6,552
Foreign taxes withheld		—			(72,945	)		—
Total investment income		990,185			3,922,357			7,242

EXPENSES
Investment advisory fees		185,632			2,688,262			158,786
Total expenses		185,632			2,688,262			158,786
Net investment income (loss)		804,553			1,234,095			(151,544	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(1,238,620	)		(26,647,087	)		(862,859	)
Investments — Affiliated		—			—			(173	)
Futures contracts		4,984			4,306			1,042
Foreign currency transactions		(11,694	)		(99,029	)		(2,751	)
Net realized loss		(1,245,330	)		(26,741,810	)		(864,741	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(4,679,479	)		(25,768,069	)		(6,658,803	)
Investments — Affiliated		—			—			85
Futures contracts		(17,632	)		(4,816	)		5,674
Foreign currency translations		(1,173	)		14,858			(9	)
Net change in unrealized appreciation (depreciation)		(4,698,284	)		(25,758,027	)		(6,653,053	)
Net realized and unrealized loss		(5,943,614	)		(52,499,837	)		(7,517,794	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(5,139,061	)	$	(51,265,742	)	$	(7,669,338	)

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 Argentina and Global Exposure iShares

ETF MSCI Brazil Small-Cap 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 $ 70,151 $ 247,709 $ 1,161,271 $ 2,563,358

Net realized gain (loss) (730,573 ) 102,552 (6,131,626 ) (354,868 )

Net change in unrealized appreciation (depreciation) 1,098,204 1,513,410 2,561,577 21,876,419

Net increase (decrease) in net assets resulting from operations 437,782 1,863,671 (2,408,778 ) 24,084,909

DISTRIBUTIONS TO SHAREHOLDERS^(a)

Decrease in net assets resulting from distributions to shareholders (61,332 ) (234,874 ) (1,144,807 ) (2,897,525 )

CAPITAL SHARE TRANSACTIONS

Net increase (decrease) in net assets derived from capital share transactions 4,708,342 (15,127,749 ) 67,497,902 36,721,226

NET ASSETS

Total increase (decrease) in net assets 5,084,792 (13,498,952 ) 63,944,317 57,908,610

Beginning of period 8,704,387 22,203,339 106,587,726 48,679,116

End of period $ 13,789,179 $ 8,704,387 $ 170,532,043 $ 106,587,726

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

See notes to financial statements.

56
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Statements of Changes in Net Assets (continued)

	iShares						iShares
	MSCI China ETF						MSCI China Small-Cap 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	$	1,706,463		$	65,060,194		$	281,712		$	677,926
Net realized gain (loss)		(93,407,551	)		22,708,387			(1,171,344	)		(2,861,157	)
Net change in unrealized appreciation (depreciation)		433,942,972			(290,616,749	)		(637,781	)		(1,455,565	)
Net increase (decrease) in net assets resulting from operations		342,241,884			(202,848,168	)		(1,527,413	)		(3,638,796	)

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(39,746,404	)		(61,071,962	)		(336,227	)		(1,106,757	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		899,253,064			408,703,619			31,937,042			(2,000,973	)

NET ASSETS
Total increase (decrease) in net assets		1,201,748,544			144,783,489			30,073,402			(6,746,526	)
Beginning of period		3,588,926,604			3,444,143,115			19,230,366			25,976,892
End of period	$	4,790,675,148		$	3,588,926,604		$	49,303,768		$	19,230,366

^(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 Indonesia ETF						MSCI Peru 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	$	2,008,350		$	8,327,588		$	809,186		$	3,783,287
Net realized gain (loss)		(11,728,919	)		2,513,103			(14,199,315	)		(6,286,067	)
Net change in unrealized appreciation (depreciation)		(55,389,596	)		10,198,818			3,434,041			(10,998,569	)
Net increase (decrease) in net assets resulting from operations		(65,110,165	)		21,039,509			(9,956,088	)		(13,501,349	)

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(927,814	)		(8,309,025	)		(1,300,852	)		(3,743,870	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		13,771,610			(25,303,436	)		(24,021,359	)		16,266,516

NET ASSETS
Total decrease in net assets		(52,266,369	)		(12,572,952	)		(35,278,299	)		(978,703	)
Beginning of period		402,185,109			414,758,061			163,737,913			164,716,616
End of period	$	349,918,740		$	402,185,109		$	128,459,614		$	163,737,913

^(a)

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

See notes to financial statements.

58
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Statements of Changes in Net Assets (continued)


	iShares						iShares
	MSCI Philippines ETF						MSCI Poland 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)	$	(190,303	)	$	1,696,228		$	2,224,402		$	7,720,897
Net realized loss		(8,771,835	)		(1,622,144	)		(13,631,615	)		(4,092,949	)
Net change in unrealized appreciation (depreciation)		(24,396,477	)		4,910,391			(38,356,637	)		(49,504,656	)
Net increase (decrease) in net assets resulting from operations		(33,358,615	)		4,984,475			(49,763,850	)		(45,876,708	)

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(220,455	)		(1,504,657	)		(6,377,039	)		(4,171,810	)

CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		4,840,190			41,535,441			35,970,135			46,867,887

NET ASSETS
Total increase (decrease) in net assets		(28,738,880	)		45,015,259			(20,170,754	)		(3,180,631	)
Beginning of period		217,028,169			172,012,910			260,577,833			263,758,464
End of period	$	188,289,289		$	217,028,169		$	240,407,079		$	260,577,833

^(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
59

Statements of Changes in Net Assets (continued)

	iShares						iShares
	MSCI Qatar ETF						MSCI Saudi Arabia 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	$	804,553		$	1,871,129		$	1,234,095		$	15,346,403
Net realized loss		(1,245,330	)		(2,010,260	)		(26,741,810	)		(34,925,017	)
Net change in unrealized appreciation (depreciation)		(4,698,284	)		1,028,899			(25,758,027	)		(20,559,145	)
Net increase (decrease) in net assets resulting from operations		(5,139,061	)		889,768			(51,265,742	)		(40,137,759	)

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		—			(2,284,837	)		(9,018,020	)		(10,631,559	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		21,601,820			(3,282,765	)		64,204,472			440,261,807

NET ASSETS
Total increase (decrease) in net assets		16,462,759			(4,677,834	)		3,920,710			389,492,489
Beginning of period		50,575,572			55,253,406			646,591,228			257,098,739
End of period	$	67,038,331		$	50,575,572		$	650,511,938		$	646,591,228

^(a)

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

See notes to financial statements.

60
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Statements of Changes in Net Assets (continued)

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

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)	$	(151,544	)	$	1,740,571
Net realized loss		(864,741	)		(5,005,573	)
Net change in unrealized appreciation (depreciation)		(6,653,053	)		1,166,670
Net decrease in net assets resulting from operations		(7,669,338	)		(2,098,332	)

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		—			(1,837,321	)

CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions.		19,918,088			10,724,666

NET ASSETS
Total increase in net assets		12,248,750			6,789,013
Beginning of period		45,807,095			39,018,082
End of period	$	58,055,845		$	45,807,095

^(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
61

Financial Highlights

(For a share outstanding throughout each period)

		iShares MSCI Argentina and Global Exposure ETF
		Six Months Ended									Period From
		02/29/20			Year Ended			Year Ended			04/25/17^(a)
		(unaudited)			08/31/19			08/31/18			to 08/31/17

Net asset value, beginning of period	$	19.34		$	22.20		$	25.71		$	25.23
Net investment income^(b)		0.10			0.27			0.63			0.03
Net realized and unrealized gain (loss)^(c)		0.34			(2.88	)		(3.61	)		0.46
Net increase (decrease) from investment operations		0.44			(2.61	)		(2.98	)		0.49

Distributions^(d)
From net investment income		(0.08	)		(0.25	)		(0.53	)		(0.01	)
Total distributions		(0.08	)		(0.25	)		(0.53	)		(0.01	)

Net asset value, end of period	$	19.70		$	19.34		$	22.20		$	25.71

Total Return
Based on net asset value		2.25	%^(e)		(12.05	)%		(12.00	)%		2.00	%^(e)

Ratios to Average Net Assets
Total expenses		0.59	%^(f)		0.59	%		0.59	%		0.59	%^(f)
Total expenses after fees waived		0.24	%^(f)		0.45	%		0.00	%		0.00	%
Net investment income		1.01	%^(f)		1.14	%		2.22	%		0.34	%^(f)

Supplemental Data
Net assets, end of period (000)	$	13,789		$	8,704		$	22,203		$	15,428
Portfolio turnover rate^(g)		26	%^(e)		27	%		42	%		17	%^(e)

^(a)

Commencement of operations.

^(b)

Based on average shares outstanding.

^(c)

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

^(d)

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

^(e)

Not annualized.

^(f)

Annualized.

^(g)

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares MSCI Brazil 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	$	16.92		$	11.87		$	16.19		$	11.51		$	8.12		$	21.00
Net investment income^(a)		0.15			0.50			0.40			0.36			0.24			0.37
Net realized and unrealized gain (loss)^(b)		1.03			5.15			(4.01	)		4.74			3.35			(12.85	)
Net increase (decrease) from investment operations		1.18			5.65			(3.61	)		5.10			3.59			(12.48	)

Distributions^(c)
From net investment income		(0.15	)		(0.60	)		(0.71	)		(0.42	)		(0.20	)		(0.40	)
Return of capital		—			—			—			—			—			(0.00	)(d)
Total distributions		(0.15	)		(0.60	)		(0.71	)		(0.42	)		(0.20	)		(0.40	)

Net asset value, end of period	$	17.95		$	16.92		$	11.87		$	16.19		$	11.51		$	8.12

Total Return
Based on net asset value		6.88	%^(e)		48.35	%		(22.95	)%		45.92	%		45.17	%		(60.01	)%

Ratios to Average Net Assets
Total expenses		0.58	%^(f)		0.59	%		0.59	%		0.62	%		0.63	%		0.62	%
Net investment income		1.58	%^(f)		3.26	%		2.55	%		2.76	%		2.77	%		2.87	%

Supplemental Data
Net assets, end of period (000)	$	170,532		$	106,588		$	48,679		$	62,316		$	50,087		$	27,189
Portfolio turnover rate^(g)		23	%^(e)(h)		47	%^(h)		67	%^(h)		58	%^(h)		38	%^(h)		172	%^(h)

^(a)

Based on average shares outstanding.

^(b)

^(c)

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

^(d)

Rounds to less than $0.01.

^(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
63

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares MSCI China 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	$	56.43		$	60.85		$	62.06		$	46.87		$	44.49		$	50.34
Net investment income^(a)		0.02			0.95			1.05			0.86			0.97			1.41
Net realized and unrealized gain (loss)^(b)		5.54			(4.49	)		(1.10	)		14.94			2.34			(6.21	)
Net increase (decrease) from investment operations		5.56			(3.54	)		(0.05	)		15.80			3.31			(4.80	)

Distributions^(c)
From net investment income		(0.57	)		(0.88	)		(1.16	)		(0.61	)		(0.93	)		(1.05	)
Total distributions		(0.57	)		(0.88	)		(1.16	)		(0.61	)		(0.93	)		(1.05	)

Net asset value, end of period	$	61.42		$	56.43		$	60.85		$	62.06		$	46.87		$	44.49

Total Return
Based on net asset value		9.85	%^(d)		(5.76	)%		(0.22	)%		34.13	%		7.63	%		(9.86	)%

Ratios to Average Net Assets
Total expenses		0.58	%^(e)		0.59	%		0.59	%		0.62	%		0.64	%		0.62	%
Net investment income		0.08	%^(e)		1.63	%		1.57	%		1.70	%		2.24	%		2.65	%

Supplemental Data
Net assets, end of period (000)	$	4,790,675		$	3,588,927		$	3,444,143		$	2,594,247		$	2,099,991		$	1,815,303
Portfolio turnover rate^(f)		9	%^(d)		14	%		14	%		6	%		27	%		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.

64
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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI China 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	$	38.46		$	47.23		$	48.50		$	43.79		$	41.08		$	48.30
Net investment income^(a)		0.40			1.39			1.51			1.22			1.25			1.24
Net realized and unrealized gain (loss)^(b)		1.19			(7.78	)		(1.14	)		5.21			2.99			(7.18	)
Net increase (decrease) from investment operations		1.59			(6.39	)		0.37			6.43			4.24			(5.94	)

Distributions^(c)
From net investment income		(0.61	)		(2.38	)		(1.64	)		(1.72	)		(1.53	)		(1.28	)
Total distributions		(0.61	)		(2.38	)		(1.64	)		(1.72	)		(1.53	)		(1.28	)

Net asset value, end of period	$	39.44		$	38.46		$	47.23		$	48.50		$	43.79		$	41.08

Total Return
Based on net asset value		4.13	%^(d)		(13.60	)%		0.58	%		15.29	%		10.50	%		(12.94	)%

Ratios to Average Net Assets
Total expenses		0.58	%^(e)		0.59	%		0.59	%		0.62	%		0.64	%		0.62	%
Net investment income		2.01	%^(e)		3.26	%		2.91	%		2.72	%		2.95	%		2.44	%

Supplemental Data
Net assets, end of period (000)	$	49,304		$	19,230		$	25,977		$	21,825		$	19,706		$	24,646
Portfolio turnover rate^(f)		15	%^(d)		38	%		63	%		26	%		31	%		35	%

^(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
65

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Indonesia 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	$	25.22		$	23.57		$	26.89		$	25.82		$	20.18		$	28.54
Net investment income^(a)		0.11			0.41			0.43			0.31			0.34			0.31
Net realized and unrealized gain (loss)^(b)		(3.81	)		1.70			(3.27	)		1.11			5.59			(8.29	)
Net increase (decrease) from investment operations		(3.70	)		2.11			(2.84	)		1.42			5.93			(7.98	)

Distributions^(c)
From net investment income		(0.05	)		(0.46	)		(0.48	)		(0.35	)		(0.27	)		(0.38	)
Return of capital		—			—			—			—			(0.02	)		—
Total distributions		(0.05	)		(0.46	)		(0.48	)		(0.35	)		(0.29	)		(0.38	)

Net asset value, end of period	$	21.47		$	25.22		$	23.57		$	26.89		$	25.82		$	20.18

Total Return
Based on net asset value		(14.75	)%^(d)		9.00	%		(10.67	)%		5.53	%		29.59	%		(28.13	)%

Ratios to Average Net Assets
Total expenses		0.58	%^(e)		0.59	%		0.59	%		0.62	%		0.63	%		0.62	%
Net investment income		0.86	%^(e)		1.64	%		1.63	%		1.22	%		1.47	%		1.16	%

Supplemental Data
Net assets, end of period (000)	$	349,919		$	402,185		$	414,758		$	501,411		$	702,198		$	268,381
Portfolio turnover rate^(f)		5	%^(d)		12	%		7	%		6	%		5	%		4	%

^(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.

66
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Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares MSCI Peru 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	$	34.11		$	37.44		$	37.54		$	32.79		$	23.09		$	36.60
Net investment income^(a)		0.19	^(b)		0.85			1.09			0.46			0.33			0.36
Net realized and unrealized gain (loss)^(c)		(2.64	)		(3.36	)		(0.06	)		4.99			9.73			(13.48	)
Net increase (decrease) from investment operations		(2.45	)		(2.51	)		1.03			5.45			10.06			(13.12	)

Distributions^(d)
From net investment income		(0.33	)		(0.82	)		(1.13	)		(0.70	)		(0.36	)		(0.39	)
Total distributions		(0.33	)		(0.82	)		(1.13	)		(0.70	)		(0.36	)		(0.39	)
Net asset value, end of period	$	31.33		$	34.11		$	37.44		$	37.54		$	32.79		$	23.09

Total Return
Based on net asset value		(7.27	)%^(e)		(6.75	)%		2.60	%		16.89	%		44.13	%		(36.15	)%

Ratios to Average Net Assets
Total expenses		0.58	%^(f)		0.59	%		0.59	%		0.62	%		0.63	%		0.62	%
Total expenses after fees waived		0.58	%^(f)		0.59	%		0.59	%		0.62	%		0.63	%		0.61	%
Net investment income		1.07	%^(b)(f)		2.33	%		2.65	%		1.37	%		1.23	%		1.15	%

Supplemental Data
Net assets, end of period (000)	$	128,460		$	163,738		$	164,717		$	170,794		$	218,026		$	131,595
Portfolio turnover rate^(g)		11	%^(e)		18	%		11	%		13	%		22	%		21	%

^(a)	Based on average shares outstanding.
^(b)	Includes a one-time special distribution from Credicorp Ltd. Excluding such special distribution, the net investment income would have been $0.09 per share and 0.51% of average
	net assets.
^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
	transactions in relation to the fluctuating market values of the Fund’s underlying securities.
^(d)	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
67

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares MSCI Philippines 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	$	34.45		$	33.08		$	35.88		$	39.19		$	35.50		$	38.19
Net investment income (loss)^(a)		(0.03	)		0.28			0.14			0.15			0.21			0.34
Net realized and unrealized gain (loss)^(b)		(4.74	)		1.35			(2.79	)		(3.26	)		3.74			(2.70	)
Net increase (decrease) from investment operations		(4.77	)		1.63			(2.65	)		(3.11	)		3.95			(2.36	)

Distributions^(c)
From net investment income		(0.03	)		(0.26	)		(0.15	)		(0.20	)		(0.26	)		(0.33	)
Total distributions		(0.03	)		(0.26	)		(0.15	)		(0.20	)		(0.26	)		(0.33	)

Net asset value, end of period	$	29.65		$	34.45		$	33.08		$	35.88		$	39.19		$	35.50

Total Return
Based on net asset value		(13.85	)%^(d)		4.93	%		(7.40	)%		(7.87	)%		11.19	%		(6.21	)%

Ratios to Average Net Assets
Total expenses		0.58	%^(e)		0.59	%		0.59	%		0.62	%		0.64	%		0.62	%
Net investment income (loss)		(0.17	)%^(e)		0.83	%		0.40	%		0.42	%		0.58	%		0.85	%

Supplemental Data
Net assets, end of period (000)	$	188,289		$	217,028		$	172,013		$	172,245		$	317,403		$	266,273
Portfolio turnover rate^(f)		7	%^(d)		8	%		8	%		7	%		10	%		12	%

^(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.

68
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Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares MSCI Poland 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	$	20.68		$	24.31		$	27.33		$	18.06		$	21.63		$	28.02
Net investment income^(a)		0.17	(b)		0.65	(b)		0.33	^(b)		0.45	^(b)		0.42			0.65
Net realized and unrealized gain (loss)^(c)		(3.49	)		(3.93	)		(2.90	)		9.25			(3.70	)		(6.25	)
Net increase (decrease) from investment operations		(3.32	)		(3.28	)		(2.57	)		9.70			(3.28	)		(5.60	)

Distributions^(d)
From net investment income		(0.49	)		(0.35	)		(0.45	)		(0.43	)		(0.29	)		(0.79	)
Total distributions		(0.49	)		(0.35	)		(0.45	)		(0.43	)		(0.29	)		(0.79	)
Net asset value, end of period	$	16.87		$	20.68		$	24.31		$	27.33		$	18.06		$	21.63

Total Return
Based on net asset value		(16.49	)%^(b)(e)		(13.64	)%^(b)		(9.53	)%^(b)		54.79	%^(b)		(15.17	)%		(20.31	)%

Ratios to Average Net Assets
Total expenses		0.91	%^(f)		0.61	%		0.63	%		0.63	%		0.64	%		0.62	%
Total expenses excluding professional fees for foreign withholding tax claims		0.58	%^(f)		0.59	%		0.59	%		0.62	%		N/A			N/A
Net investment income		1.59	%^(b)(f)		2.81	%^(b)		1.28	%^(b)		2.07	%^(b)		2.24	%		2.60	%

Supplemental Data
Net assets, end of period (000)	$	240,407		$	260,578		$	263,758		$	363,537		$	179,737		$	193,567
Portfolio turnover rate^(g)		6	%^(e)		5	%		7	%		6	%		10	%		17	%

^(a)

Based on average shares outstanding.

^(b)

Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended February 29, 2020 and the years ended August 31, 2019, August 31, 2018 and August 31, 2017, respectively:

•

Net investment income per share by $0.28, $0.05, $0.08 and $0.03, respectively.

•

Total return by 1.29%, 0.21%, 0.41% and 0.11%, respectively.

• Ratio of net investment income to average net assets by 2.65%, 0.22%, 0.32% and 0.14%, respectively.

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

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

^(e) Not annualized.

^(f) Annualized.

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

See notes to financial statements.

F i n a n c i a l H i g h l i g h t
69

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Qatar ETF
		Six Months Ended															Period From
		02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			08/01/15^(a)			Year Ended
		(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			to 08/31/15			07/31/15

Net asset value, beginning of period	$	17.44		$	17.82		$	16.19		$	20.18		$	21.43		$	22.14		$	24.73
Net investment income (loss) ^(b)		0.22			0.64			0.66			0.57			0.67			(0.01	)		0.70
Net realized and unrealized gain (loss)^(c)		(1.31	)		(0.26	)		1.71			(3.90	)		(1.24	)		(0.70	)		(2.44	)
Net increase (decrease) from investment operations		(1.09	)		0.38			2.37			(3.33	)		(0.57	)		(0.71	)		(1.74	)

Distributions^(d)
From net investment income		—			(0.76	)		(0.74	)		(0.66	)		(0.66	)		—			(0.85	)
From net realized gain		—			—			—			—			(0.02	)		—			—
Total distributions		—			(0.76	)		(0.74	)		(0.66	)		(0.68	)		—			(0.85	)

Net asset value, end of period	$	16.35		$	17.44		$	17.82		$	16.19		$	20.18		$	21.43		$	22.14

Total Return
Based on net asset value		(6.25	)%^(e)		1.98	%		14.96	%		(16.52	)%		(2.32	)%		(3.21	)%^(e)		(7.10	)%

Ratios to Average Net Assets
Total expenses		0.58	%^(f)		0.59	%		0.59	%		0.62	%		0.64	%		0.63	%^(f)		0.62	%
Net investment income (loss)		2.51	%^(f)		3.48	%		4.09	%		3.05	%		3.44	%		(0.63	)%^(f)		2.94	%

Supplemental Data
Net assets, end of period (000)	$	67,038		$	50,576		$	55,253		$	49,390		$	53,486		$	45,000		$	47,590
Portfolio turnover rate^(g)		13	%^(e)(h)		33	%^(h)		58	%^(h)		47	%^(h)		29	%^(h)		5	%^(e)(h)		85	%^(h)

^(a)

The Fund's fiscal year-end was changed from July 31 to August 31.

^(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 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: 5 % 23 % 22 % 20 % 12 % 2 % 37 %

See notes to financial statements.

70
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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Saudi Arabia ETF
	Six Months Ended 02/29/20			Year Ended			Year Ended			Year Ended			Period From 09/16/15(a)
	(unaudited)			08/31/19			08/31/18			08/31/17			to 08/31/16

Net asset value, beginning of period	$	30.21		$	29.72		$	26.15		$	21.52		$	24.92
Net investment income^(b)		0.05			1.11			1.28			0.91			0.8
Net realized and unrealized gain (loss)^(c)		(2.15	)		0.12			2.92			4.24			(3.69	)
Net increase (decrease) from investment operations		(2.10	)		1.23			4.20			5.15			(2.88	)

Distributions^(d)
From net investment income		(0.37	)		(0.74	)		(0.63	)		(0.52	)		(0.52	)
Total distributions		(0.37	)		(0.74	)		(0.63	)		(0.52	)		(0.52	)

Net asset value, end of period	$	27.74		$	30.21		$	29.72		$	26.15		$	21.52

Total Return Based on net asset value		(7.09	)%^(e)		4.14	%		16.23	%		24.06	%		(11.64	)^%(e)

Ratios to Average Net Assets Total expenses		0.74	%^(f)		0.74	%		0.74	%		0.74	%		0.74	^%(f)
Net investment income		0.34	%^(f)		3.46	%		4.31	%		3.68	%		3.71	^%(f)

Supplemental Data
Net assets, end of period (000)	$	650,512		$	646,591		$	257,099		$	18,306		$	4,305
Portfolio turnover rate^(g)		23	%^(e)(h)		82	%^(h)		20	%^(h)		21	%^(h)		17	%^(e)(h)

^(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) 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: 8 % 14 % 10 % 21 % 17 %

See notes to financial statements.

Financial Highlights 71

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI UAE ETF
	Six Months Ended 02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			Period From 08/01/15(a)			Year Ended
	(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			to 08/31/15			07/31/15

Net asset value, beginning of period	$	14.09		$	15.61		$	17.74		$	17.15		$	18.34		$	20.46		$	24.00
Net investment income (loss)^(b)		(0.04	)		0.57			0.70			0.50			0.68	(c)		(0.01	)		1.01
Net realized and unrealized gain (loss)^(d)		(1.70	)		(1.54	)		(2.04	)		0.72			(1.19	)		(2.11	)		(3.56	)
Net increase (decrease) from investment operations		(1.74	)		(0.97	)		(1.34	)		1.22			(0.51	)		(2.12	)		(2.55	)

Distributions^(e)
From net investment income		—			(0.55	)		(0.79	)		(0.63	)		(0.68	)		—			(0.99	)
Total distributions		—			(0.55	)		(0.79	)		(0.63	)		(0.68	)		—			(0.99	)

Net asset value, end of period	$	12.35		$	14.09		$	15.61		$	17.74		$	17.15		$	18.34		$	20.46

Total Return Based on net asset value		(12.41	)%(f)		(5.95	)%		(7.55	)%		7.33	%		(2.66	)%		(10.36	)%(f)		(10.33	)%

Ratios to Average Net Assets Total expenses		0.58	%(g)		0.59	%		0.59	%		0.62	%		0.64	%		0.63	%(g)		0.62	%
Net investment income (loss)		(0.55	)%(g)		3.95	%		4.18	%		2.94	%		4.09	%(c)		(0.76	)%(g)		4.81	%

Supplemental Data
Net assets, end of period (000)	$	58,056		$	45,807		$	39,018		$	49,663		$	41,156		$	31,172		$	33,756
Portfolio turnover rate^(h)		9%	(f)		55	%		33	%		33	%		55	%		1	%(f)		72	%

(a)

The Fund's fiscal year-end was changed from July 31 to August 31.

(b) Based on average shares outstanding.

(c) Includes a special distribution from Mediclinic International PLC. Excluding such special distribution, the net investment income would have been $0.52 per share and 3.11% of average net assets.

(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.

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 Financial Statements (unaudited)

ORGANIZATION

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

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

Diversification

iShares ETF Classification

MSCI Argentina and Global Exposure Non-diversified

MSCI Brazil Small-Cap Diversified

MSCI China Non-diversified

MSCI China Small-Cap Diversified

MSCI Indonesia Non-diversified

MSCI Peru Non-diversified

MSCI Philippines Non-diversified

MSCI Poland Non-diversified

MSCI Qatar Non-diversified

MSCI Saudi Arabia Non-diversified

MSCI UAE 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 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. 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 73

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 Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

•

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

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

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

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

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

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

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

•

Level1 – Unadjusted price quotations in active markets for identical assets or liabilities;

• Level2 – 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

• Level3 – 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 financ al 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 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.

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 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		Collateral
iShares ETF and Counterparty	Securities on Loan		Received^(a)		Received		Net Amount
MSCI Argentina and Global Exposure
Barclays Bank PLC	$	69,020	$	69,020	$	—	$	—
Citigroup Global Markets Inc.		94,117		94,117		—		—
Credit Suisse Securities (USA) LLC		121,800		121,800		—		—
HSBC Bank PLC		3,592		3,592		—		—
JPMorgan Securities LLC		512,770		512,770		—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		139,612		139,612		—		—
UBS AG		18,117		18,117		—		—
	$	959,028	$	959,028	$	—	$	—

MSCI China
Barclays Capital Inc.	$	1,038,076	$	1,038,076	$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		6,964,584		6,964,584		—		—
Citigroup Global Markets Inc.		24,454,612		24,454,612		—		—
Credit Suisse Securities (USA) LLC		8,286,199		8,286,199		—		—
Deutsche Bank Securities Inc.		307,968		307,968		—		—
Goldman Sachs & Co.		12,389,852		12,389,852		—		—
JPMorgan Securities LLC		12,432,761		12,432,761		—		—
Macquarie Bank Limited		4,174,909		4,174,909		—		—
Morgan Stanley & Co. LLC		78,232,899		78,232,899		—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		8,040,156		8,040,156		—		—
SG Americas Securities LLC		1,676,218		1,670,120		—		(6,098	)(b)
TD Prime Services LLC		2,457,241		2,457,241		—		—
UBS AG		1,457,814		1,457,814		—		—
UBS Securities LLC		92,346		92,346		—		—
Wells Fargo Bank, National Association		1,334,333		1,334,333		—		—
Wells Fargo Securities LLC		239,122		239,122		—		—
	$	163,579,090	$	163,572,992	$	—	$	(6,098	)

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)

Market Value of Cash Collateral Collateral

iShares ETF and Counterparty Securities on Loan Received^(a) Received Net Amount

MSCI China Small-Cap

Barclays Bank PLC $ 97,216 $ 97,216 $ — $ —

Barclays Capital Inc. 189,494 189,494 — —

BNP Paribas Prime Brokerage International Ltd. 10,406 10,171 — (235 )(b)

BofA Securities, Inc. 216,160 216,160 — —

Citigroup Global Markets Inc. 212,644 212,644 — —

Credit Suisse Securities (USA) LLC 690,116 690,116 — —

Deutsche Bank Securities Inc. 4,356 4,356 — —

Goldman Sachs & Co. 365,212 365,212 — —

JPMorgan Securities LLC 394,950 394,950 — —

Macquarie Bank Limited 417,533 417,533 — —

Morgan Stanley & Co. LLC 1,165,115 1,165,115 — —

Morgan Stanley & Co. LLC (U.S. Equity Securities Lending) 84,147 84,147 — —

RBC Capital Markets LLC 1,632 1,632 — —

Scotia Capital (USA) Inc. 14,295 14,257 — (38 )(b)

SG Americas Securities LLC 3,808 3,808 — —

UBS AG 81,442 78,901 — (2,541 )(b)

UBS Securities LLC 82,688 82,688 — —

Wells Fargo Bank, National Association 429,484 429,484 — —

$ 4,460,698 $ 4,457,884 $ — $ (2,814 )

MSCI Poland

Barclays Capital Inc. $ 3,194,370 $ 3,194,370 $ — $ —

Deutsche Bank Securities Inc. 25,795 25,795 — —

Goldman Sachs & Co. 1,258,225 1,258,225 — —

HSBC Bank PLC 597,187 597,187 — —

UBS AG 248,936 248,936 — —

$ 5,324,513 $ 5,324,513 $ — $ —

(a)

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

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

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

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 Financial Statements (unaudited) (continued)

INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each of the iShares MSCI Brazil Small-Cap, iShares MSCI China, iShares MSCI China Small-Cap, iShares MSCI Indonesia, iShares MSCI Peru, iShares MSCI Philippines, iShares MSCI Poland, iShares MSCI Qatar and iShares MSCI UAE 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 certa n 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 Argentina and Global Exposure 0.59 %

MSCI Saudi Arabia 0.74

Expense Waivers: For the six months ended ended February 29, 2020, BFA has voluntarily waived a portion of its investment advisory fee for the iShares MSCI Argentina and Global Exposure ETF in the amount of $24,361.

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 Argentina and Global Exposure . $ 611

MSCI China 301,265

MSCI China Small-Cap 21,161

MSCI Poland 5,594

MSCI UAE 1,684

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

N o t e s t o F i n a n c i a l S t a t e m e n t s 77

Notes to Financial Statements (unaudited) (continued)

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

For the six months ended 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 Argentina and Global Exposure	$	1,673,591	$	31,197	$	(119,255	)
MSCI China		9,449,366		18,333,410		(3,843,929	)
MSCI China Small-Cap		370,971		1,366,691		387,340
MSCI Peru		3,162,084		121,391		(159,682	)
MSCI Poland		296,014		331,338		(499,153	)

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.

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 Argentina and Global Exposure	$	3,822,979	$	3,478,056
MSCI Brazil Small-Cap		99,923,225		32,950,760
MSCI China		980,975,226		360,970,887
MSCI China Small-Cap		3 ,685,239		4,202,937
MSCI Indonesia		20,440,615		23,037,760
MSCI Peru		16,327,760		17,598,155
MSCI Philippines		16,051,043		20,778,815
MSCI Poland		18,303,761		17,337,494
MSCI Qatar		30,253,689		8,422,457
MSCI Saudi Arabia		239,685,453		162,243,102
MSCI UAE		22,384,453		5,022,341

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

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Argentina and Global Exposure	$	7,441,156	$	3,088,943
MSCI China		242,609,749		—
MSCI China Small-Cap		4,294,316		—
MSCI Indonesia		148,200,556		133,754,314
MSCI Peru		11,972,612		35,249,593
MSCI Philippines		3 ,612,145		26,691,286
MSCI Poland		62,425,730		29,859,218
MSCI UAE		1,195,157		—

INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of 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.

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 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
MSCI Argentina and Global Exposure	$	1,078,906
MSCI Brazil Small-Cap		39,153,491
MSCI China		348,105,488
MSCI China Small-Cap		5,306,589
MSCI Indonesia		89,133,948
MSCI Peru		84,363,720
MSCI Philippines		40,562,098
MSCI Poland		46,143,102
MSCI Qatar		16,394,940
MSCI Saudi Arabia		9,348,900
MSCI UAE		18,382,114

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:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Argentina and Global Exposure	$	20,930,626	$	1,006,526	$	(7,141,720	)	$	(6,135,194	)
MSCI Brazil Small-Cap		146,604,995		35,720,378		(12,382,738	)		23,337,640
MSCI China		4,529,885,836		948,304,389		(519,138,727	)		429,165,662
MSCI China Small-Cap		62,520,460		2,374,485		(10,716,457	)		(8,341,972	)
MSCI Indonesia		513,397,705		5,606,604		(171,779,867	)		(166,173,263	)
MSCI Peru		196,335,592		6,038,940		(74,108,024	)		(68,069,084	)
MSCI Philippines		242,873,478		1,683,955		(60,696,816	)		(59,012,861	)
MSCI Poland		401,305,389		7,297,016		(161,730,251	)		(154,433,235	)
MSCI Qatar		71,918,405		7,698,637		(12,970,976	)		(5,272,339	)
MSCI Saudi Arabia		717,249,148		24,400,097		(91,155,532	)		(66,755,435	)
MSCI UAE		71,224,347		2,850,961		(17,515,611	)		(14,664,650	)

PRINCIPAL RISKS

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

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

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

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

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 79

Notes to Financial Statements (unaudited) (continued)

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.

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.

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.

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 Argentina and Global Exposure
Shares sold		400,000		$	8,084,633			250,000		$	5,776,563
Shares redeemed		(150,000	)		(3,376,291	)		(800,000	)		(20,904,312	)
Net increase(decrease)		250,000		$	4,708,342			(550,000	)	$	(15,127,749	)
MSCI Brazil Small-Cap
Shares sold		4,200,000		$	85,534,316			3,100,000		$	50,011,103
Shares redeemed		(1,000,000	)		(18,036,414	)		(900,000	)		(13,289,877	)
Net increase		3,200,000		$	67,497,902			2,200,000		$	36,721,226
MSCI China
Shares sold		14,400,000		$	899,253,064			20,000,000		$	1,135,936,609
Shares redeemed		—			—			(13,000,000	)		(727,232,990	)
Net increase		14,400,000		$	899,253,064			7,000,000		$	408,703,619
MSCI China Small-Cap
Shares sold		750,000		$	31,937,042			50,000		$	2,197,218
Shares redeemed		—			—			(100,000	)		(4,198,191	)
Net increase(decrease)		750,000		$	31,937,042			(50,000	)	$	(2,000,973	)
MSCI Indonesia
Shares sold		5,900,000		$	148,919,292			18,200,000		$	458,209,128
Shares redeemed		(5,550,000	)		(135,147,682	)		(19,850,000	)		(483,512,564	)
Net increase(decrease)		350,000		$	13,771,610			(1,650,000	)	$	(25,303,436	)

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

Notes to Financial Statements (unaudited) (continued)

Six Months Ended Year Ended

02/29/20 08/31/19

iShares ETF Shares Amount Shares Amount

MSCI Peru

Shares sold 350,000 12,452,045 1,050,000 $ 40,297,535

Shares redeemed (1,050,000 ) (36,473,404 ) (650,000 ) (24,031,019 )

Net increase(decrease) (700,000 ) (24,021,359 ) 400,000 $ 16,266,516

MSCI Philippines

Shares sold 900,000 31,707,961 4,750,000 $ 162,031,008

Shares redeemed (850,000 ) (26,867,771 ) (3,650,000 ) (120,495,567 )

Net increase 50,000 4,840,190 1,100,000 $ 41,535,441

MSCI Poland

Shares sold 3,100,000 65,932,557 6,550,000 $ 153,653,695

Shares redeemed (1,450,000 ) (29,962,422 ) (4,800,000 ) (106,785,808 )

Net increase 1,650,000 35,970,135 1,750,000 $ 46,867,887

MSCI Qatar

Shares sold 1,550,000 27,469,692 300,000 $ 5,638,836

Shares redeemed (350,000 ) (5,867,872 ) (500,000 ) (8,921,601 )

Net increase(decrease) 1,200,000 21,601,820 (200,000 ) $ (3,282,765 )

MSCI Saudi Arabia

Shares sold 6,250,000 187,842,096 22,800,000 $ 752,839,074

Shares redeemed (4,200,000 ) (123,637,624 ) (10,050,000 ) (312,577,267 )

Net increase 2,050,000 64,204,472 12,750,000 $ 440,261,807

MSCI UAE

Shares sold 1,450,000 19,918,088 1,500,000 $ 21,647,115

Shares redeemed — — (750,000 ) (10,922,449 )

Net increase 1,450,000 19,918,088 750,000 $ 10,724,666

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

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

FOREIGN WITHHOLDING TAX CLAIMS

The iShares MSCI Poland ETF has filed claims to recover taxes withheld by Poland on dividend income on the basis that Poland had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. The Fund has received payments on certain of the claims resulting from a favorable court ruling that the imposition of a withholding tax by a European Union member state on dividends paid to a nonresident company, including the Fund, while exempting domestic funds from such taxes results in discriminatory tax withholding contrary to the free movement of capital. The Fund continues to evaluate developments in Poland for potential impacts to the receivables and payables recorded. Polish withholding tax claims received are disclosed in the statement of operations. Professional fees associated with the filing of tax claims in Poland that result in the recovery of foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund.

The iShares MSCI Poland ETF, 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.

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 81

Notes to Financial Statements (unaudited) (continued)

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.

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.

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

Statement Regarding Liquidity Risk Management Program

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

The Board of Trustees (the “Board”) of iShares MSCI Argentina and Global Exposure ETF, iShares MSCI Brazil Small-Cap ETF, iShares MSCI China ETF, iShares MSCI China Small-Cap ETF, iShares MSCI Indonesia ETF, iShares MSCI Peru ETF, iShares MSCI Philippines ETF, iShares MSCI Poland ETF, iShares MSCI Qatar ETF, iShares MSCI Saudi Arabia ETF and iShares MSCI UAE 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 classificat on.

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 projectio .

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 83

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 Brazil Small-Cap^(a)	$	0.089256	$	—	$	0.060392	$	0.149648		60	%		—	%		40	%		100	%
MSCI China^(a)		0.568195		—		0.006175		0.574370		99			—			1			100
MSCI China Small-Cap^(a)		0.555552		—		0.055770		0.611322		91			—			9			100
MSCI Indonesia^(a)		0.014590		—		0.031228		0.045818		32			—			68			100
MSCI Peru^(a)		0.282975		—		0.042238		0.325213		87			—			13			100
MSCI Philippines^(a)		0.016992		—		0.014058		0.031050		55			—			45			100
MSCI Poland^(a)		0.476968		—		0.011694		0.488662		98			—			2			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.

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

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 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 85

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity

ADR	American Depositary Receipt

NVS	Non-Voting Shares

86 2 0 2 0 I S h a r e s S e m i - A n 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-806-0220

(GRAPHIC)

FEBRUARY 29, 2020

2020 Semi-Annual Report

(Unaudited)

iShares Trust

●

iShares MSCI Denmark ETF | EDEN | Cboe BZX

●

iShares MSCI Finland ETF | EFNL | Cboe BZX

●

iShares MSCI Germany Small-Cap ETF | EWGS | Cboe BZX

●

iShares MSCI Ireland ETF | EIRL | NYSE Arca

●

iShares MSCI New Zealand ETF | ENZL | NASDAQ

●

iShares MSCI Norway ETF | ENOR | Cboe BZX

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

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

Table of Contents

	Page
Fund Summary	3
About Fund Performance	9
Shareholder Expenses	9
Schedules of Investments	10
Financial Statements
Statements of Assets and Liabilities	27
Statements of Operations	29
Statements of Changes in Net Assets	31
Financial Highlights	34
Notes to Financial Statements	40
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 Denmark ETF

Investment Objective

The iShares MSCI Denmark ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Danish equities, as represented by the MSCI Denmark 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
							Since						Since
	6 Months		1 Year		5 Years		Inception		1 Year		5 Years		Inception
Fund NAV	7.02	%	7.79	%	6.90	%	13.68	%	7.79	%	39.60	%	182.33	%
Fund Market	8.17		8.81		7.17		13.80		8.81		41.36		184.79
Index	7.28		8.13		7.19		13.97		8.13		41.50		188.44

The inception date of the Fund was 1/25/12. The first day of secondary market trading was 1/26/12.

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

1,070.20

2.73

1,000.00

1,022.20

2.66

0.53

^(a)

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Health Care		41.2	%
Industrials		23.1
Financials		9.6
Consumer Staples		7.3
Utilities		6.7
Materials		6.7
Information Technology		2.4
Consumer Discretionary		2.2
Energy		0.8

TEN LARGEST HOLDINGS
	Percent of
Security	Total Investments		^(a)
Novo Nordisk A/S, Class B		22.6	%
DSV Panalpina A/S		7.8
Orsted A/S		6.7
Vestas Wind Systems A/S		6.2
Coloplast A/S, Class B		4.7
Genmab A/S		4.6
Carlsberg A/S, Class B		4.4
Novozymes A/S, Class B		4.0
Danske Bank A/S		3.7
Chr Hansen Holding A/S		2.7

^(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 Finland ETF

Investment Objective

The iShares MSCI Finland ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Finnish equities, as represented by the MSCI Finland 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
							Since						Since
	6 Months		1 Year		5 Years		Inception		1 Year		5 Years		Inception
Fund NAV	0.06	%	(4.37	)%	3.59	%	7.56	%	(4.37	)%	19.26	%	80.42	%
Fund Market	1.46		(2.96	)	3.94		7.75		(2.96	)	21.31		83.01
Index	0.15		(4.85	)	3.00		7.05		(4.85	)	15.94		73.66

The inception date of the Fund was 1/25/12. The first day of secondary market trading was 1/26/12.

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

1,000.60

2.64

1,000.00

1,022.20

2.66

0.53

^(a)

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Industrials		26.5	%
Materials		20.7
Information Technology		15.6
Financials		11.7
Communication Services		5.9
Energy		4.6
Utilities		4.3
Health Care		3.5
Consumer Discretionary		3.2
Consumer Staples		3.2
Real Estate		0.8

TEN LARGEST HOLDINGS
	Percent of
Security	Total Investments		^(a)
Nokia OYJ		13.1	%
Kone OYJ, Class B		11.6
Sampo OYJ, Class A		11.0
UPM-Kymmene OYJ		9.9
Neste OYJ		4.6
Elisa OYJ		4.5
Stora Enso OYJ, Class R		4.5
Fortum OYJ		4.3
Wartsila OYJ Abp		3.3
Kesko OYJ, Class B		3.2

^(a)

Excludes money market funds.

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

Fund Summary as of February 29, 2020

iShares^®MSCI Germany Small-Cap ETF

Investment Objective

The iShares MSCI Germany Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization German equities, as represented by the MSCI Germany 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	1.46	%	1.30	%	7.75	%	11.49	%	1.30	%	45.27	%	141.16	%
Fund Market	2.68		2.42		8.08		11.62		2.42		47.46		143.58
Index	1.52		1.02		7.55		11.32		1.02		43.88		138.35

The inception date of the Fund was 1/25/12. The first day of secondary market trading was 1/26/12.

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

1,014.60

2.96

1,000.00

1,021.90

2.97

0.59

^(a)

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Industrials		22.6	%
Real Estate		17.0
Information Technology		16.0
Communication Services		13.7
Health Care		9.3
Consumer Discretionary		8.5
Financials		6.8
Materials		3.7
Consumer Staples		1.3
Other (each representing less than 1%)		1.1

TEN LARGEST HOLDINGS
	Percent of
Security	Total Investments		^(a)
LEG Immobilien AG		6.0	%
Scout24 AG		5.1
OSRAM Licht AG		3.6
Rheinmetall AG		2.9
Bechtle AG		2.8
Nemetschek SE		2.6
HelloFresh SE		2.5
MorphoSys AG		2.5
TAG Immobilien AG		2.3
Evotec SE		2.2

^(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 Ireland ETF

Investment Objective

The iShares MSCI Ireland ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Irish equities, as represented by the MSCI All Ireland 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	3.59	%	(0.38	)%	2.96	%	7.98	%	(0.38	)%	15.72	%	112.50	%
Fund Market	4.14		0.62		2.96		8.05		0.62		15.71		113.98
Index	3.73		(0.30	)	3.31		8.41		(0.30	)	17.68		120.95

The inception date of the Fund was 5/5/10. The first day of secondary market trading was 5/7/10.

Index performance through November 26, 2013 reflects the performance of the MSCI Ireland Investable Market Index 25/50. Index performance beginning on November 27, 2013 reflects the performance of the MSCI All Ireland 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

1,035.90

2.53

1,000.00

1,022.40

2.51

0.50

^(a)

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Materials		27.5	%
Consumer Staples		23.6
Industrials		17.0
Consumer Discretionary		13.1
Financials		8.8
Real Estate		5.5
Health Care		4.4
Information Technology		0.1

TEN LARGEST HOLDINGS
	Percent of
Security	Total Investments		^(a)
CRH PLC		21.8	%
Kerry Group PLC, Class A		17.1
Kingspan Group PLC		6.6
Flutter Entertainment PLC		4.6
Glanbia PLC		4.6
Smurfit Kappa Group PLC		4.5
ICON PLC		4.5
Grafton Group PLC		4.2
Bank of Ireland Group PLC		4.2
Ryanair Holdings PLC		3.9

^(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 New Zealand ETF

Investment Objective

The iShares MSCI New Zealand ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of New Zealand equities, as represented by the MSCI New Zealand 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
							Since						Since
	6 Months		1 Year		5 Years		Inception		1 Year		5 Years		Inception
Fund NAV	4.35	%	10.65	%	9.51	%	12.94	%	10.65	%	57.50	%	217.44	%
Fund Market	5.08		11.13		9.58		12.94		11.13		58.01		217.68
Index	4.59		11.08		9.95		13.39		11.08		60.72		229.86

The inception date of the Fund was 9/1/10. The first day of secondary market trading was 9/2/10.

Index performance through February 11, 2013 reflects the performance of the MSCI New Zealand Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI New Zealand 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

1,043.50

2.54

1,000.00

1,022.40

2.51

0.50

^(a)

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Health Care		24.2	%
Utilities		17.8
Consumer Staples		13.8
Communication Services		13.1
Industrials		10.5
Real Estate		9.6
Materials		4.8
Consumer Discretionary		3.2
Energy		2.1
Information Technology		0.9

TEN LARGEST HOLDINGS
	Percent of
Security	Total Investments		^(a)
Fisher & Paykel Healthcare Corp. Ltd.		16.3	%
a2 Milk Co. Ltd.		13.1
Spark New Zealand Ltd.		9.2
Auckland International Airport Ltd.		8.4
Fletcher Building Ltd.		4.8
Ryman Healthcare Ltd.		4.2
Contact Energy Ltd.		4.2
Infratil Ltd.		3.9
Mercury NZ Ltd.		3.9
Meridian Energy Ltd.		3.9

^(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 Norway ETF

Investment Objective

The iShares MSCI Norway ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Norwegian equities, as represented by the MSCI Norway 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
							Since						Since
	6 Months		1 Year		5 Years		Inception		1 Year		5 Years		Inception
Fund NAV	(7.94	)%	(15.33	)%	(0.19	)%	0.17	%	(15.33	)%	(0.95	)%	1.35	%
Fund Market	(5.97	)	(13.85	)	0.19		0.38		(13.85	)	0.96		3.14
Index	(7.72	)	(14.98	)	0.10		0.48		(14.98	)	0.52		3.95

The inception date of the Fund was 1/23/12. The first day of secondary market trading was 1/24/12.

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

920.60

2.53

1,000.00

1,022.20

2.66

0.53

^(a)

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Financials		24.7	%
Energy		22.0
Consumer Staples		19.6
Communication Services		12.9
Materials		8.7
Industrials		6.0
Real Estate		2.5
Information Technology		1.6
Utilities		1.5
Consumer Discretionary		0.5

TEN LARGEST HOLDINGS
	Percent of
Security	Total Investments		^(a)
DNB ASA		12.6	%
Equinor ASA		12.3
Telenor ASA		9.3
Mowi ASA		7.3
Yara International ASA		4.6
Orkla ASA		4.5
Gjensidige Forsikring ASA		3.4
Norsk Hydro ASA		2.9
Bakkafrost P/F		2.7
Tomra Systems ASA		2.6

^(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

About Fund Performance

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

Shareholder Expenses

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.

A b o u t F u n d P e r f o r m a n c e / S h a r e h o l d e r E x p e n s e s 9

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

Security	Shares		Value

Common Stocks

Air Freight & Logistics — 7.7%
DSV Panalpina A/S		37,445	$	3,752,674

Banks — 6.8%
Danske Bank A/S		116,661		1,794,547
Jyske Bank A/S, Registered^(a)		15,294		521,329
Ringkjoebing Landbobank A/S		6,601		434,688
Spar Nord Bank A/S		30,096		253,044
Sydbank A/S		17,163		315,350
				3,318,958

Beverages — 6.1%
Carlsberg A/S, Class B		16,280		2,124,035
Royal Unibrew A/S		9,799		836,850
				2,960,885

Biotechnology — 6.0%
Bavarian Nordic A/S^(a)(b)		10,418		339,194
Genmab A/S^(a)		9,944		2,224,671
Zealand Pharma A/S^(a)		9,691		344,156
				2,908,021

Building Products — 0.9%
Rockwool International A/S, Class B		2,007		460,511

Chemicals — 6.6%
Chr Hansen Holding A/S		18,549		1,311,189
Novozymes A/S, Class B		38,082		1,920,571
				3,231,760

Commercial Services & Supplies — 1.1%
ISS A/S		31,038		552,038

Construction & Engineering — 0.4%
Per Aarsleff Holding A/S		7,246		211,315

Electric Utilities — 6.6%
Orsted A/S^(c)		31,641		3,234,259

Electrical Equipment — 6.9%
NKT A/S^(a)		14,235		346,922
Vestas Wind Systems A/S		31,525		3,009,244
				3,356,166
Energy Equipment & Services — 0.5%
Maersk Drilling A/S^(a)		5,532		242,645

Food Products — 0.6%
Schouw & Co. A/S		3,859		288,156

Health Care Equipment & Supplies — 10.2%
Ambu A/S, Series B^(b)		34,435		774,935
Coloplast A/S, Class B		16,894		2,246,855
Demant A/S^(a)		22,451		681,468
GN Store Nord A/S		23,681		1,305,333
				5,008,591

Health Care Technology — 0.2%
NNIT A/S^(c)		7,896		120,474

Insurance — 2.6%
Alm Brand A/S		25,084		207,032
Topdanmark A/S		9,510		410,138
Tryg A/S		24,087		662,794
				1,279,964

Security	Shares		Value
Machinery — 1.2%
FLSmidth & Co. A/S		10,070	$	340,149
Nilfisk Holding A/S^(a)		11,312		231,456
				571,605

Marine — 4.5%
AP Moller - Maersk A/S, Class A		657		617,584
AP Moller - Maersk A/S, Class B, NVS		1,096		1,090,659
D/S Norden A/S		14,878		171,018
Dfds A/S		9,490		326,416
				2,205,677

Oil, Gas & Consumable Fuels — 0.3%
TORM PLC^(a)		19,084		144,186

Pharmaceuticals — 24.2%
ALK-Abello A/S^(a)		1,635		414,569
H Lundbeck A/S		14,911		510,684
Novo Nordisk A/S, Class B		187,099		10,885,220
				11,810,473

Software — 2.3%
Netcompany Group A/S^(a)(c)		8,282		388,830
SimCorp A/S		7,951		757,333
				1,146,163

Specialty Retail — 0.4%
Matas A/S		23,257		191,440

Textiles, Apparel & Luxury Goods — 1.8%
Pandora A/S		19,710		879,876

Tobacco — 0.6%
Scandinavian Tobacco Group A/S^(c)		21,930		280,123

Total Common Stocks — 98.5%
(Cost: $52,363,887)				48,155,960

Short-Term Investments

Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(d)(e)(f)		348,208		348,452
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(d)(e)		19,000		19,000
				367,452
Total Short-Term Investments — 0.8%
(Cost: $367,439)				367,452

Total Investments in Securities — 99.3%
(Cost: $52,731,326)				48,523,412

Other Assets, Less Liabilities — 0.7%				356,857

Net Assets — 100.0%			$	48,880,269

^(a)

Non-income producing security.

^(b)

All or a portion of this security is on loan.

^(c)

^(d)

Affiliate of the Fund.

^(e)

Annualized 7-day yield as of period-end.

^(f)

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

10	2 0 2 0 i S h a r e s S e m i - A n 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 Denmark 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:

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) Change in
Unrealized
Appreciation
(Depreciation)

^(a)

BlackRock Cash Funds: Institutional, SL Agency Shares 622,072 (273,864 ) 348,208 $ 348,452 $ 6,458 ^(b) $ 118 $ (78 )

BlackRock Cash Funds: Treasury, SL Agency Shares 17,000 2,000 19,000 19,000 156 — —

$ 367,452 $ 6,614 $ 118 $ (78 )

^(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

OMX COP 25

03/20/20

658

(74,815

)

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)	$	74,815

^(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	$	129,611

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(74,815	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	476,694

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 11

Schedule of Investments (unaudited) (continued)

iShares^® MSCI Denmark ETF

February 29, 2020

Fair Value Measurements (continued)

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	48,155,960		$	—	$	—	$	48,155,960
Money Market Funds		367,452			—		—		367,452
	$	48,523,412		$	—	$	—	$	48,523,412
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(74,815	)	$	—	$	—	$	(74,815	)

^(a)

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

See notes to financial statements.

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

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

Security	Shares		Value

Common Stocks

Airlines — 0.5%
Finnair OYJ		23,040	$	120,871

Auto Components — 2.4%
Nokian Renkaat OYJ		22,711		588,248

Banks — 0.8%
Aktia Bank OYJ		16,833		189,340

Building Products — 0.8%
Uponor OYJ		15,692		204,257

Chemicals — 1.2%
Kemira OYJ		22,619		284,982

Commercial Services & Supplies — 0.8%
Caverion OYJ		28,310		196,534

Communications Equipment — 13.0%
Nokia OYJ		841,932		3,186,005

Construction & Engineering — 1.1%
YIT OYJ^(a)		39,387		260,453

Containers & Packaging — 2.9%
Huhtamaki OYJ		17,213		705,254

Diversified Telecommunication Services — 4.5%
Elisa OYJ		19,459		1,110,204

Electric Utilities — 4.3%
Fortum OYJ		49,857		1,055,877

Entertainment — 0.4%
Rovio Entertainment OYJ^(a)(b)		27,644		107,615

Food & Staples Retailing — 3.2%
Kesko OYJ, Class B		11,481		773,577

Health Care Providers & Services — 0.5%
Oriola OYJ, Class B		61,193		130,939

Insurance — 10.9%
Sampo OYJ, Class A		66,038		2,675,254

IT Services — 1.9%
TietoEVRY OYJ		16,523		465,358

Machinery — 23.1%
Cargotec OYJ, Class B		9,164		261,721
Kone OYJ, Class B		50,655		2,837,740
Konecranes OYJ		12,636		369,625
Metso OYJ		19,002		609,902
Outotec OYJ^(c)		41,340		208,704
Valmet OYJ		25,181		590,819
Wartsila OYJ Abp		76,922		794,590
				5,673,101

Security	Shares		Value

Media — 0.9%
Sanoma OYJ		20,086	$	226,812

Metals & Mining — 1.2%
Outokumpu OYJ		77,301		290,057

Multiline Retail — 0.8%
Tokmanni Group Corp.		14,363		190,902

Oil, Gas & Consumable Fuels — 4.6%
Neste OYJ		28,563		1,118,833

Paper & Forest Products — 15.3%
Metsa Board OYJ		45,969		261,057
Stora Enso OYJ, Class R		93,363		1,098,359
UPM-Kymmene OYJ		78,981		2,405,762
				3,765,178
Pharmaceuticals — 3.0%

Orion OYJ, Class B		18,536		731,973

Real Estate Management & Development — 0.8%
Citycon OYJ		20,238		199,185

Software — 0.6%
F-Secure OYJ^(c)		43,593		140,302

Total Common Stocks — 99.5%
(Cost: $29,537,993)				24,391,111

Short-Term Investments

Money Market Funds — 1.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(d)(e)(f)		305,709		305,923
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(d)(e)		166,000		166,000
				471,923
Total Short-Term Investments — 1.9%
(Cost: $471,838)				471,923

Total Investments in Securities — 101.4%
(Cost: $30,009,831)				24,863,034

Other Assets, Less Liabilities — (1.4)%				(339,731	)

Net Assets — 100.0%			$	24,523,303

^(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 Finland 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:

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	532,403	(226,694	)	305,709	$	305,923	$	1,823	^(b)	$	17		$	25
BlackRock Cash Funds: Treasury, SL Agency Shares	165,000	1,000		166,000		166,000		1,452			—			—
					$	471,923	$	3,275		$	17		$	25

^(a)

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

^(b)

Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index	3	03/20/20	$	109	$	(10,748	)

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) $ 10,748

^(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	$	1,775

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(10,748	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:

Average notional value of contracts — long $ 50,009

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

Fair Value Measurements

14 2 0 2 0 i S h a r e s S e m i - A n 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 Finland ETF

February 29, 2020

Fair Value Measurements (continued)

Level 1 Level 2 Level 3 Total

Investments

Assets

Common Stocks $ 24,391,111 $ — $ — $ 24,391,111

Money Market Funds 471,923 — — 471,923

$ 24,863,034 $ — $ — $ 24,863,034

Derivative financial instruments^(a)

Liabilities

Futures Contracts $ (10,748 ) $ — $ — $ (10,748 )

^(a)

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

See notes to financial statements.

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

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

Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.1%
OHB SE		1,221	$	46,741

Auto Components — 0.6%
ElringKlinger AG^(a)(b)		6,628		43,974
Leoni AG^(a)(b)		7,244		71,615
SAF-Holland SA		10,579		64,145
				179,734

Biotechnology — 2.5%
MorphoSys AG^(a)		7,508		792,140

Capital Markets — 1.3%
AURELIUS Equity Opportunities SE & Co. KGaA^(b)		5,092		147,551
Deutsche Beteiligungs AG		2,846		101,757
Flatex AG^(a)		2,737		82,678
MLP SE		14,298		76,644
				408,630

Chemicals — 1.9%
K+S AG, Registered^(b)		45,007		365,346
Wacker Chemie AG		3,676		256,326
				621,672

Commercial Services & Supplies — 1.6%
Befesa SA^(c)		5,235		169,349
Bilfinger SE		6,745		200,192
Cewe Stiftung & Co. KGaA		1,312		138,496
				508,037

Communications Equipment — 0.2%
ADVA Optical Networking SE^(a)		10,110		66,521

Diversified Financial Services — 2.7%
GRENKE AG^(b)		6,540		601,289
Hypoport AG^(a)		763		253,112
				854,401

Electrical Equipment — 5.2%
Nordex SE^(a)(b)		16,306		190,397
OSRAM Licht AG^(a)		22,774		1,167,001
SGL Carbon SE^(a)(b)		14,232		53,590
Varta AG^(a)(b)		3,325		247,264
				1,658,252

Electronic Equipment, Instruments & Components — 1.6%
Basler AG		853		42,398
Isra Vision AG		3,593		197,534
Jenoptik AG		12,114		283,697
				523,629

Entertainment — 2.6%
Borussia Dortmund GmbH & Co. KGaA		14,138		119,347
CTS Eventim AG & Co. KGaA		13,545		711,788
				831,135

Equity Real Estate Investment Trusts (REITs) — 2.6%
alstria office REIT AG		35,497		668,707
Hamborner REIT AG		15,078		155,770
				824,477

Food Products — 1.3%
KWS Saat SE & Co. KGaA		2,731		152,993
Suedzucker AG		16,796		259,585
				412,578

Health Care Equipment & Supplies — 0.8%
Draegerwerk AG & Co. KGaA.		732		33,489

Security	Shares		Value

Health Care Equipment & Supplies (continued)
Eckert & Ziegler Strahlen- und Medizintechnik AG		876	$	147,031
STRATEC SE		1,144		81,429
				261,949

Health Care Providers & Services — 0.2%
Rhoen-Klinikum AG		3,903		77,170

Health Care Technology — 1.1%
CompuGroup Medical SE		5,632		348,608

Hotels, Restaurants & Leisure — 0.1%
bet-at-home.com AG		730		31,979

Independent Power and Renewable Electricity Producers — 0.7%
Encavis AG		20,064		230,972

Industrial Conglomerates — 3.5%
Indus Holding AG		4,336		154,555
MBB SE		481		30,539
Rheinmetall AG		10,243		926,217
				1,111,311

Insurance — 0.3%
Wuestenrot & Wuerttembergische AG		5,547		104,070

Interactive Media & Services — 5.7%
New Work SE		664		177,966
Scout24 AG^(c)		25,302		1,645,344
				1,823,310

Internet & Direct Marketing Retail — 4.7%
HelloFresh SE^(a)		32,904		793,348
Rocket Internet SE^(a)(c)		15,954		346,813
Shop Apotheke Europe NV^(a)(b)(c)		2,388		115,416
Takkt AG		7,779		97,924
zooplus AG^(a)		1,436		141,806
				1,495,307

IT Services — 4.1%
Bechtle AG		6,913		902,877
CANCOM SE		7,416		359,895
Datagroup SE^(b)		972		58,936
				1,321,708

Life Sciences Tools & Services — 3.9%
Evotec SE^(a)(b)		30,104		719,223
Gerresheimer AG		7,384		529,645
				1,248,868

Machinery — 8.0%
Deutz AG		28,575		133,400
Duerr AG		12,205		377,395
Heidelberger Druckmaschinen AG^(a)(b)		67,394		58,927
JOST Werke AG^(c)		3,523		118,417
Koenig & Bauer AG^(b)		3,338		79,566
Krones AG		3,711		230,721
Norma Group SE		7,483		244,125
Pfeiffer Vacuum Technology AG		1,166		174,316
Rational AG		802		535,181
Stabilus SA		5,808		309,293
Vossloh AG		2,291		90,092
Wacker Neuson SE^(b)		6,648		92,084
Washtec AG		2,644		140,278
				2,583,795

Media — 3.6%
ProSiebenSat.1 Media SE		54,790		660,219

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 Germany Small-Cap ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Media (continued)
Stroeer SE & Co. KGaA		6,646	$	488,755
				1,148,974

Metals & Mining — 1.6%
Aurubis AG		7,929		372,248
Salzgitter AG^(b)		9,236		151,520
				523,768

Oil, Gas & Consumable Fuels — 0.4%
CropEnergies AG		6,212		63,527
VERBIO Vereinigte BioEnergie AG		5,137		53,719
				117,246
Pharmaceuticals — 0.4%
Dermapharm Holding SE		3,182		132,645

Professional Services — 0.7%
Amadeus Fire AG		1,218		168,577
Bertrandt AG		1,331		62,063
				230,640

Real Estate Management & Development — 14.4%
ADLER Real Estate AG^(a)(b)		10,921		135,557
ADO Properties SA^(c)		6,737		198,031
Consus Real Estate AG^(a)		11,159		84,577
Corestate Capital Holding SA^(b)		4,039		178,797
Deutsche EuroShop AG^(b)		11,619		282,315
DIC Asset AG		10,244		178,015
Grand City Properties SA		27,636		643,563
LEG Immobilien AG		16,228		1,926,952
PATRIZIA AG		10,846		249,236
TAG Immobilien AG		31,004		747,196
				4,624,239

Road & Rail — 1.0%
Sixt Leasing SE		2,869		59,374
Sixt SE		3,213		278,110
				337,484

Semiconductors & Semiconductor Equipment — 4.6%
Aixtron SE^(a)		26,544		266,847
Dialog Semiconductor PLC^(a)		17,961		603,913
Elmos Semiconductor AG		2,342		54,924
Siltronic AG		4,938		456,605
SMA Solar Technology AG^(a)		2,474		83,266
				1,465,555

Software — 4.7%
Nemetschek SE		13,580		839,824
RIB Software SE^(b)		9,787		311,550
Software AG		11,311		366,525
				1,517,899

Specialty Retail — 1.1%
Ceconomy AG^(a)		41,839		198,079
Hornbach Baumarkt AG		1,853		34,602
Hornbach Holding AG & Co. KGaA		2,459		137,486
				370,167

Technology Hardware, Storage & Peripherals — 0.7%
S&T AG		10,870		237,012

Textiles, Apparel & Luxury Goods — 2.0%
HUGO BOSS AG		14,899		647,431

Security	Shares		Value

Thrifts & Mortgage Finance — 2.5%
Aareal Bank AG		13,215	$	360,868
Deutsche Pfandbriefbank AG^(c)		31,622		441,831
				802,699

Trading Companies & Distributors — 0.6%
BayWa AG^(b)		3,335		88,286
Kloeckner & Co. SE		17,699		96,741
				185,027

Transportation Infrastructure — 0.4%
Hamburger Hafen und Logistik AG		5,797		121,878

Wireless Telecommunication Services — 1.8%
Freenet AG		30,113		585,143

Total Common Stocks — 97.8%
(Cost: $37,896,015)				31,414,801

Preferred Stocks

Construction Materials — 0.2%
STO SE & Co. KGaA, Preference Shares, NVS		591		60,699

Health Care Equipment & Supplies — 0.4%
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		1,801		115,236

Machinery — 0.7%
Jungheinrich AG, Preference Shares, NVS		11,268		224,401

Road & Rail — 0.7%
Sixt SE, Preference Shares, NVS		3,894		235,683

Total Preferred Stocks — 2.0%
(Cost: $1,072,327)				636,019

Short-Term Investments

Money Market Funds — 9.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(d)(e)(f)		2,973,749		2,975,831
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(d)(e)		19,000		19,000
				2,994,831
Total Short-Term Investments — 9.3%
(Cost: $2,992,902)				2,994,831

Total Investments in Securities — 109.1%
(Cost: $41,961,244)				35,045,651

Other Assets, Less Liabilities — (9.1)%				(2,933,458	)

Net Assets — 100.0%			$	32,112,193

^(a)

Non-income producing security.

^(b)

All or a portion of this security is on loan.

^(c)

^(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 17

Schedule of Investments (unaudited) (continued)

iShares^®MSCI Germany Small-Cap 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:

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 5,172,779 (2,199,030 ) 2,973,749 $ 2,975,831 $ 79,492 ^(b) $ 42 $ 799

BlackRock Cash Funds: Treasury, SL Agency Shares 20,000 (1,000 ) 19,000 19,000 121 — —

$ 2,994,831 $ 79,613 $ 42 $ 799

^(a)

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

^(b)

Futures Contracts

Description Number of
Contracts Expiration
Date Notional
Amount
(000) Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

Euro STOXX 50 Index 1 03/20/20 $ 36 $ (4,615 )

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) $ 4,615

^(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 $ 4,968

Net Change in Unrealized Appreciation (Depreciation) on:

Futures contracts $ (5,340 )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:

Average notional value of contracts — long $ 38,291

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

Fair Value Measurements

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 Germany Small-Cap ETF

February 29, 2020

Fair Value Measurements (continued)

Level 1 Level 2 Level 3 Total

Investments

Assets

Common Stocks $ 31,414,801 $ — $ — $ 31,414,801

Preferred Stocks 636,019 — — 636,019

Money Market Funds 2,994,831 — — 2,994,831

$ 35,045,651 $ — $ — $ 35,045,651

Derivative financial instruments^(a)

Liabilities

Futures Contracts $ (4,615 ) $ — $ — $ (4,615 )

^(a)

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

See notes to financial statements.

S c h e d u l e o f I n v e s t m e n t s 19

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

Security	Shares		Value

Common Stocks

Airlines — 3.9%
Ryanair Holdings PLC, ADR^(a)		31,814	$	2,280,428

Banks — 8.5%
AIB Group PLC		976,044		2,249,340
Bank of Ireland Group PLC		669,461		2,467,899
Permanent TSB Group Holdings PLC^(a)		301,014		274,438
				4,991,677

Building Products — 6.6%
Kingspan Group PLC		61,729		3,868,344

Construction Materials — 21.7%
CRH PLC^(a)		380,841		12,746,657

Containers & Packaging — 5.8%
Ardagh Group SA		41,161		721,552
Smurfit Kappa Group PLC		79,875		2,651,463
				3,373,015

Equity Real Estate Investment Trusts (REITs) — 5.5%
Hibernia REIT PLC		1,259,659		1,682,545
Irish Residential Properties REIT PLC		978,044		1,514,808
				3,197,353

Food & Staples Retailing — 0.4%
Total Produce PLC		182,051		239,969
Food Products — 23.2%

Glanbia PLC		233,713		2,708,417
Kerry Group PLC, Class A		79,261		10,012,385
Origin Enterprises PLC		277,153		852,428
				13,573,230

Hotels, Restaurants & Leisure — 7.4%
Dalata Hotel Group PLC		354,938		1,621,907
Flutter Entertainment PLC		25,753		2,715,118
				4,337,025

Household Durables — 5.4%
Cairn Homes PLC^(a)		1,345,443		1,785,305
Glenveagh Properties PLC^(a)(b)		1,634,359		1,351,831
				3,137,136

Insurance — 0.2%
FBD Holdings PLC		13,460		128,631

Security	Shares		Value

Life Sciences Tools & Services — 4.4%
ICON PLC^(a)		16,678	$	2,602,769

Marine — 0.6%
Irish Continental Group PLC		88,329		376,457

Professional Services — 0.1%
CPL Resources PLC		8,185		72,376

Software — 0.1%
Datalex PLC^(a)(c)		38,823		33,263

Specialty Retail — 0.4%
Applegreen PLC		39,771		217,558

Trading Companies & Distributors — 5.7%
Fly Leasing Ltd., ADR^(a)		51,138		874,460
Grafton Group PLC		225,458		2,482,367
				3,356,827

Total Common Stocks — 99.9%
(Cost: $59,055,102)				58,532,715

Short-Term Investments

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(d)(e)		1,000		1,000

Total Short-Term Investments — 0.0%
(Cost: $1,000)				1,000

Total Investments in Securities — 99.9%
(Cost: $59,056,102)				58,533,715

Other Assets, Less Liabilities — 0.1%				61,655

Net Assets — 100.0%			$	58,595,370

^(a)

Non-income producing security.

^(b)

^(c)

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

^(d)

Affiliate of the Fund.

^(e)

Annualized 7-day yield as of period-end.

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:

^(a)

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

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 Ireland ETF
February 29, 2020

Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index	2	03/20/20	$	73	$	(256	)

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) $ 256

^(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	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(256	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	65,087

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 $ 58,499,452 $ — $ 33,263 $ 58,532,715

Money Market Funds 1,000 — — 1,000

$ 58,500,452 $ — $ 33,263 $ 58,533,715

Derivative financial instruments^(a)

Liabilities

Futures Contracts $ (256 ) $ — $ — $ (256 )

^(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 New Zealand ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Airlines — 1.5%
Air New Zealand Ltd.		1,544,315	$	2,174,345

Construction Materials — 4.8%
Fletcher Building Ltd.		2,071,149		6,667,231

Diversified Telecommunication Services — 12.6%
Chorus Ltd.		1,158,773		4,801,110
Spark New Zealand Ltd.		4,594,507		12,923,585
				17,724,695

Electric Utilities — 14.0%
Contact Energy Ltd.		1,402,587		5,828,696
Genesis Energy Ltd.		1,441,287		2,731,043
Infratil Ltd.		1,731,847		5,521,276
Mercury NZ Ltd.		1,849,222		5,488,299
				19,569,314

Equity Real Estate Investment Trusts (REITs) — 9.6%
Argosy Property Ltd.		2,510,090		2,195,206
Goodman Property Trust		2,864,207		4,121,537
Kiwi Property Group Ltd.		4,074,529		3,664,479
Precinct Properties New Zealand Ltd.		2,982,293		3,496,060
				13,477,282

Food Products — 13.8%
a2 Milk Co. Ltd.^(a)		1,817,928		18,379,390
Synlait Milk Ltd.^(a)		262,467		976,771
				19,356,161

Health Care Equipment & Supplies — 16.3%
Fisher & Paykel Healthcare Corp. Ltd.		1,425,913		22,800,415

Health Care Providers & Services — 7.9%
Metlifecare Ltd.		526,078		2,244,943
Ryman Healthcare Ltd.		628,095		5,941,033
Summerset Group Holdings Ltd.		606,125		2,939,922
				11,125,898

Hotels, Restaurants & Leisure — 3.2%
Restaurant Brands New Zealand Ltd.^(a)		124,133		923,922
SKYCITY Entertainment Group Ltd.		1,789,256		3,551,316
				4,475,238

Security	Shares		Value

Independent Power and Renewable Electricity Producers — 3.9%
Meridian Energy Ltd.		1,893,654	$	5,426,370

IT Services — 0.9%
Pushpay Holdings Ltd.^(a)		522,210		1,305,320

Media — 0.4%
Sky Network Television Ltd.		1,767,167		591,886

Oil, Gas & Consumable Fuels — 2.1%
New Zealand Refining Co. Ltd. (The)		736,890		557,608
Z Energy Ltd.		955,624		2,406,467
				2,964,075

Road & Rail — 0.5%
Tourism Holdings Ltd.		459,883		710,254

Transportation Infrastructure — 8.4%
Auckland International Airport Ltd.		2,407,082		11,749,853

Total Common Stocks — 99.9%
(Cost: $144,225,227)				140,118,337

Short-Term Investments

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(b)(c)		69,000		69,000

Total Short-Term Investments — 0.0%
(Cost: $69,000)				69,000

Total Investments in Securities — 99.9%
(Cost: $144,294,227)				140,187,337

Other Assets, Less Liabilities — 0.1%				78,977

Net Assets — 100.0%			$	140,266,314

^(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 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 2,375,253 (2,375,253 ) — $ — $ 39,438 ^(b) $ (10 ) $ (1 )

BlackRock Cash Funds: Treasury, SL Agency Shares 106,000 (37,000 ) 69,000 69,000 863 — —

$ 69,000 $ 40,301 $ (10 ) $ (1 )

^(a)

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

^(b)

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 New Zealand ETF
February 29, 2020

Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
ASX SPI 200 Index	1	03/19/20	$	103	$	(487	)

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) $ 487

^(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 $ 13,580

Net Change in Unrealized Appreciation (Depreciation) on:

Futures contracts $ (487 )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:

Average notional value of contracts — long $ 150,182

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 $ 140,118,337 $ — $ — $ 140,118,337

Money Market Funds 69,000 — — 69,000

$ 140,187,337 $ — $ — $ 140,187,337

Derivative financial instruments^(a)

Liabilities

Futures Contracts $ (487 ) $ — $ — $ (487 )

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

Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.9%
Kongsberg Gruppen ASA		8,205	$	136,089

Airlines — 0.3%
Norwegian Air Shuttle ASA^(a)		23,156		46,291

Banks — 17.2%
DNB ASA		118,911		1,957,202
Norwegian Finans Holding ASA^(a)		14,655		136,310
Sbanken ASA^(b)		9,712		65,623
SpareBank 1 Nord Norge		15,481		118,987
Sparebank 1 Oestlandet		4,216		41,929
SpareBank 1 SMN		17,993		179,516
SpareBank 1 SR-Bank ASA		19,201		181,432
				2,680,999

Chemicals — 5.8%
Borregaard ASA		15,346		161,451
Elkem ASA^(b)		17,319		32,913
Yara International ASA		19,624		706,495
				900,859

Commercial Services & Supplies — 2.6%
Tomra Systems ASA		12,751		399,016

Construction & Engineering — 0.7%
Veidekke ASA		9,544		115,272

Consumer Finance — 0.3%
Axactor SE^(a)		17,436		23,931
B2Holding ASA		24,544		16,014
				39,945

Diversified Financial Services — 0.9%
Aker ASA, Class A		3,247		144,870

Diversified Telecommunication Services — 9.3%
Telenor ASA		90,824		1,441,689

Electric Utilities — 0.2%
Fjordkraft Holding ASA^(b)		3,904		30,089

Electrical Equipment — 0.6%
NEL ASA^(a)(c)		99,026		100,889

Energy Equipment & Services — 5.6%
Aker Solutions ASA^(a)		23,806		32,686
Borr Drilling Ltd.^(a)(c)		10,512		21,397
BW Offshore Ltd.^(a)		12,130		45,950
Kvaerner ASA		14,972		13,412
Ocean Yield ASA^(c)		10,346		41,890
Odfjell Drilling Ltd.^(a)(c)		12,391		31,344
PGS ASA^(a)		46,226		63,884
Subsea 7 SA		31,922		278,178
TGS NOPEC Geophysical Co. ASA		14,954		337,230
				865,971

Food Products — 19.5%
Austevoll Seafood ASA		13,291		116,187
Bakkafrost P/F		6,727		420,091
Grieg Seafood ASA		6,537		82,611
Leroy Seafood Group ASA		40,269		244,119
Mowi ASA		53,776		1,123,858
Norway Royal Salmon ASA		1,731		39,219
Orkla ASA		84,078		703,210

Security	Shares		Value

Food Products (continued)
Salmar ASA		6,817	$	302,712
				3,032,007

Independent Power and Renewable Electricity Producers — 1.3%
Scatec Solar ASA^(b)		11,465		195,122

Insurance — 6.1%
Gjensidige Forsikring ASA.		26,552		529,818
Protector Forsikring ASA^(a)(c)		10,775		39,224
Storebrand ASA		61,521		385,813
				954,855

Interactive Media & Services — 1.6%
Adevinta ASA^(a)		23,424		243,840

IT Services — 0.9%
Atea ASA		12,093		134,568

Marine — 0.8%
Golden Ocean Group Ltd.		14,448		56,011
Stolt-Nielsen Ltd.		4,578		49,880
Wallenius Wilhelmsen ASA		13,899		25,225
				131,116

Media — 2.0%
Schibsted ASA, Class B		13,006		310,052

Metals & Mining — 2.9%
Norsk Hydro ASA		160,915		452,923

Multiline Retail — 0.4%
Europris ASA^(b)		20,602		67,950

Oil, Gas & Consumable Fuels — 16.4%
Aker BP ASA		14,415		337,402
BW Energy Ltd.^(a)		4,930		8,863
BW LPG Ltd.^(b)		13,893		83,826
DNO ASA		98,101		66,887
Equinor ASA		127,593		1,902,755
Flex LNG Ltd.^(c)		3,102		20,141
Frontline Ltd./Bermuda		13,591		103,599
Hoegh LNG Holdings Ltd.		8,418		18,575
				2,542,048

Real Estate Management & Development — 2.5%
Entra ASA^(b)		20,378		316,261
Selvaag Bolig ASA		11,035		69,087
				385,348

Semiconductors & Semiconductor Equipment — 0.7%
Nordic Semiconductor ASA^(a)		20,428		106,412

Specialty Retail — 0.1%
XXL ASA^(a)(b)(c)		15,300		17,413

Total Common Stocks — 99.6%
(Cost: $21,847,297)				15,475,633

Rights

Specialty Retail — 0.0%
XXL ASA, (Expires 03/11/20)^(a)(c)		1,795		0	^(d)

Total Rights — 0.0%
(Cost: $0)				0	^(d)

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

Security	Shares		Value

Short-Term Investments

Money Market Funds — 2.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(e)(f)(g)		346,696	$	346,938
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(e)(f)		5,000		5,000
				351,938
Total Short-Term Investments — 2.3%
(Cost: $351,800)				351,938

Total Investments in Securities — 101.9%
(Cost: $22,199,097)				15,827,571

Other Assets, Less Liabilities — (1.9)%				(288,888	)

Net Assets — 100.0%			$	15,538,683

^(a)

Non-income producing security.

^(b)

^(c)

All or a portion of this security is on loan.

^(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 337,669 9,027 346,696 $ 346,938 $ 5,391 ^(b) $ (6 ) $ 72

BlackRock Cash Funds: Treasury, SL Agency Shares 10,000 (5,000 ) 5,000 5,000 94 — —

$ 351,938 $ 5,485 $ (6 ) $ 72

^(a)

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

^(b)

Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index	1	03/20/20	$	36	$	(5,703	)

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) $ 5,703

^(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 Norway 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	$	455
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(5,703	)

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	$	15,475,633		$	—		$	—	$	15,475,633
Rights		—			0	^(a)		—		0	^(a)
Money Market Funds		351,938			—			—		351,938
	$	15,827,571		$	0	^(a)	$	—	$	15,827,571
Derivative financial instruments^(b)
Liabilities
Futures Contracts	$	(5,703	)	$	—		$	—	$	(5,703	)

^(a)

Rounds to less than $1.

^(b)

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

Statements of Assets and Liabilities (unaudited)

February 29, 2020

							iShares
	iShares						MSCI
	MSCI			iShares			Germany			iShares
	Denmark			MSCI Finland			Small-Cap			MSCI Ireland
	ETF			ETF			ETF			ETF

ASSETS
Investments in securities, at value (including securities on loan) ^(a):
Unaffiliated ^(b)	$	48,155,960		$	24,391,111		$	32,050,820		$	58,532,715
Affiliated ^(c)		367,452			471,923			2,994,831			1,000
Cash		185			763			973			711
Foreign currency, at value^(d)		31,283			22,081			29,548			1,654
Foreign currency collateral pledged:
Futures contracts^(e)		60,119			8,787			3,295			5,492
Receivables:
Investments sold		257,879			344,818			148,007			2,135,448
Securities lending income — Affiliated		325			264			8,849			—
Dividends		21,486			95,545			9,321			22,386
Tax reclaims		630,720			—			27,346			16,948
Foreign withholding tax claims		—			2,007			—			—
Total assets		49,525,409			25,337,299			35,272,990			60,716,354

LIABILITIES
Collateral on securities loaned, at value		348,512			305,816			2,973,130			—
Payables:
Investments purchased		240,298			331,998			169,462			2,095,232
Variation margin on futures contracts		36,738			4,736			1,591			258
Capital shares redeemed		—			6,711			—			—
Investment advisory fees		19,592			12,309			16,614			25,494
Professional fees		—			53,379			—			—
IRS compliance fee for foreign withholding tax claims		—			99,047			—			—
Total liabilities		645,140			813,996			3,160,797			2,120,984

NET ASSETS	$	48,880,269		$	24,523,303		$	32,112,193		$	58,595,370

NET ASSETS CONSIST OF:
Paid-in capital	$	56,651,474		$	30,649,900		$	41,597,301		$	69,652,099
Accumulated loss		(7,771,205	)		(6,126,597	)		(9,485,108	)		(11,056,729	)
NET ASSETS	$	48,880,269		$	24,523,303		$	32,112,193		$	58,595,370

Shares outstanding		750,000			700,000			600,000			1,450,000
Net asset value	$	65.17		$	35.03		$	53.52		$	40.41
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None

^(a) Securities loaned, at value	$	341,895		$	285,388		$	2,751,347		$	—
^(b) Investments, at cost — Unaffiliated	$	52,363,887		$	29,537,993		$	38,968,342		$	59,055,102
^(c) Investments, at cost — Affiliated	$	367,439		$	471,838		$	2,992,902		$	1,000
^(d) Foreign currency, at cost	$	30,497		$	21,947		$	29,125		$	1,719
^(e) Foreign currency collateral pledged, at cost	$	60,763		$	8,733		$	3,300		$	5,492

See notes to financial statements.

F i n a n c i a l S t a t e m e n t s 27

Statements of Assets and Liabilities (unaudited) (continued)

February 29, 2020


	iShares			iShares
	MSCI New			MSCI
		Zealand ETF			Norway ETF

ASSETS
Investments in securities, at value (including securities on loan) ^(a)
Unaffiliated ^(b)	$	140,118,337		$	15,475,633
Affiliated ^(c)		69,000			351,938
Cash.		990			813
Foreign currency, at value^(d)		21,346			27,663
Foreign currency collateral pledged:
Futures contracts^(e)		—			3,295
Receivables:
Investments sold		1,326,734			106,145
Securities lending income — Affiliated		1,172			543
Dividends		144,189			17,044
Tax reclaims		—			4,380
Total assets		141,681,768			15,987,454

LIABILITIES
Collateral on securities loaned, at value		—			346,438
Payables:
Investments purchased		1,342,627			92,322
Variation margin on futures contracts		489			1 ,605
Capital shares redeemed		6,539			—
Investment advisory fees		65,799			8,406
Total liabilities		1,415,454			448,771

NET ASSETS	$	140,266,314		$	15,538,683

NET ASSETS CONSIST OF:
Paid-in capital	$	149,736,727		$	29,427,324
Accumulated loss		(9,470,413	)		(13,888,641	)
NET ASSETS	$	140,266,314		$	15,538,683

Shares outstanding		2,650,000			750,000
Net asset value	$	52.93		$	20.72
Shares authorized		Unlimited			Unlimited
Par value		None			None

^(a) Securities loaned, at value	$	—		$	254,874
^(b) Investments, at cost — Unaffiliated	$	144,225,227		$	21,847,297
^(c) Investments, at cost — Affiliated	$	69,000		$	351,800
^(d) Foreign currency, at cost	$	22,177		$	27,827
^(e) Foreign currency collateral pledged, at cost	$	—		$	3,247

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 Operations (unaudited)

Six Months Ended February 29, 2020

							iShares
	iShares			iShares			MSCI
	MSCI			MSCI			Germany			iShares
	Denmark			Finland			Small-Cap			MSCI Ireland
	ETF			ETF			ETF			ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	86,671		$	185,481		$	50,229		$	368,303
Dividends — Affiliated		156			1,452			121			244
Securities lending income — Affiliated — net		6,458			1,823			79,492			—
Foreign taxes withheld		(13,904	)		—			(4,199	)		(7,676	)
Total investment income		79,381			188,756			125,643			360,871

EXPENSES
Investment advisory fees		98,881			75,587			108,350			157,103
Total expenses		98,881			75,587			108,350			157,103
Net investment income (loss)		(19,500	)		113,169			17,293			203,768

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(344,249	)		(669,551	)		(490,332	)		(1,560,113	)
Investments — Affiliated		118			17			42			—
In-kind redemptions — Unaffiliated		283,618			902,792			725,813			591,900
Futures contracts		129,611			1,775			4,968			(3	)
Foreign currency transactions		(2,471	)		(2,342	)		580			(29	)
Net realized gain (loss)		66,627			232,691			241,071			(968,245	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		1,184,102			48,919			503,396			2,645,923
Investments — Affiliated		(78	)		25			799			—
Futures contracts		(74,815	)		(10,748	)		(5,340	)		(256	)
Foreign currency translations		(2,771	)		1,370			400			611
Net change in unrealized appreciation (depreciation)		1,106,438			39,566			499,255			2,646,278
Net realized and unrealized gain		1,173,065			272,257			740,326			1,678,033
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,153,565		$	385,426		$	757,619		$	1,881,801

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 Operations (unaudited) (continued)

Six Months Ended February 29, 2020

	iShares			iShares
	MSCI New			MSCI
		Zealand ETF			Norway ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	2,555,377		$	267,533
Dividends — Affiliated		863			94
Securities lending income — Affiliated — net		39,438			5,391
Foreign taxes withheld		(354,396	)		(60,416	)
Total investment income		2,241,282			212,602

EXPENSES
Investment advisory fees		431,632			57,962
Total expenses		431,632			57,962
Net investment income		1 ,809,650			154,640

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(2,291,198	)		(326,980	)
Investments — Affiliated		(10	)		(6	)
In-kind redemptions — Unaffiliated		10,022,975			(550,213	)
Futures contracts		1 3,580			455
Foreign currency transactions		24,808			(1,025	)
Net realized gain (loss)		7,770,155			(877,769	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		507,301			(424,712	)
Investments — Affiliated		(1	)		72
Futures contracts		(487	)		(5,703	)
Foreign currency translations		110			(400	)
Net change in unrealized appreciation (depreciation)		506,923			(430,743	)
Net realized and unrealized gain (loss)		8,277,078			(1,308,512	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	10,086,728		$	(1,153,872	)

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

	iShares						iShares
	MSCI Denmark ETF						MSCI Finland 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)	$	(19,500	)	$	702,511		$	113,169		$	1,056,398
Net realized gain		66,627			2,115,673			232,691			977,877
Net change in unrealized appreciation (depreciation)		1,106,438			(3,999,890	)		39,566			(6,684,554	)
Net increase (decrease) in net assets resulting from operations		1,153,565			(1,181,706	)		385,426			(4,650,279	)

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(57,188	)		(1,080,111	)		(525,739	)		(992,178	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		14,239,465			(4,842,621	)		(2,061,177	)		(7,367,604	)

NET ASSETS
Total increase (decrease) in net assets		15,335,842			(7,104,438	)		(2,201,490	)		(13,010,061	)
Beginning of period		33,544,427			40,648,865			26,724,793			39,734,854
End of period	$	48,880,269		$	33,544,427		$	24,523,303		$	26,724,793

^(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 Germany Small-Cap ETF						MSCI Ireland 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	$	17,293		$	836,562		$	203,768		$	878,700
Net realized gain (loss)		241,071			(2,038,640	)		(968,245	)		(1,689,517	)
Net change in unrealized appreciation (depreciation)		499,255			(7,368,968	)		2,646,278			(8,459,204	)
Net increase (decrease) in net assets resulting from operations		757,619			(8,571,046	)		1,881,801			(9,270,021	)

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		—			(1,248,559	)		(618,009	)		(950,188	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(5,572,624	)		(13,513,268	)		2,180,350			(4,009,826	)

NET ASSETS
Total increase (decrease) in net assets		(4,815,005	)		(23,332,873	)		3,444,142			(14,230,035	)
Beginning of period		36,927,198			60,260,071			55,151,228			69,381,263
End of period	$	32,112,193		$	36,927,198		$	58,595,370		$	55,151,228

^(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						iShares
	MSCI New Zealand ETF						MSCI Norway 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	$	1,809,650		$	5,098,449		$	154,640		$	840,033
Net realized gain (loss)		7,770,155			12,827,583			(877,769	)		(1,257,878	)
Net change in unrealized appreciation (depreciation)		506,923			(6,501,438	)		(430,743	)		(6,115,925	)
Net increase (decrease) in net assets resulting from operations		10,086,728			11,424,594			(1,153,872	)		(6,533,770	)

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(3,767,136	)		(5,013,803	)		(125,510	)		(992,402	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(31,804,286	)		16,934,564			(5,814,418	)		(275,330	)

NET ASSETS
Total increase (decrease) in net assets		(25,484,694	)		23,345,355			(7,093,800	)		(7,801,502	)
Beginning of period		165,751,008			142,405,653			22,632,483			30,433,985
End of period	$	140,266,314		$	165,751,008		$	15,538,683		$	22,632,483

^(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 Denmark 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	$	60.99		$	67.75		$	67.57		$	56.39		$	53.99		$	50.53
Net investment income (loss)^(a)		(0.03	)		0.97			0.90			0.94			0.76			0.84
Net realized and unrealized gain (loss)^(b)		4.31			(5.99	)		0.77			11.07			2.27			3.43
Net increase (decrease) from investment operations		4.28			(5.02	)		1.67			12.01			3.03			4.27

Distributions^(c)
From net investment income		(0.10	)		(1.74	)		(1.49	)		(0.83	)		(0.63	)		(0.81	)
Total distributions		(0.10	)		(1.74	)		(1.49	)		(0.83	)		(0.63	)		(0.81	)

Net asset value, end of period	$	65.17		$	60.99		$	67.75		$	67.57		$	56.39		$	53.99

Total Return
Based on net asset value		7.02	%^(d)		(7.41	)%		2.58	%		21.43	%		5.63	%		8.43	%

Ratios to Average Net Assets
Total expenses		0.53	%^(e)		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%
Net investment income (loss)		(0.10	)%^(e)		1.59	%		1.34	%		1.66	%		1.38	%		1.62	%

Supplemental Data
Net assets, end of period (000)	$	48,880		$	33,544		$	40,649		$	67,567		$	47,928		$	48,594
Portfolio turnover rate^(f)		4	%^(d)		14	%		13	%		14	%		40	%		9	%

^(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.

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 Finland 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	$	35.63		$	41.83		$	39.79		$	33.19		$	31.32		$	34.52
Net investment income^(a)		0.15			1.30			1.39			1.02			1.51	^(b)		0.56
Net realized and unrealized gain (loss)^(c)		(0.09	)		(5.98	)		2.16			6.74			1.13			(3.25	)
Net increase (decrease) from investment operations		0.06			(4.68	)		3.55			7.76			2.64			(2.69	)

Distributions^(d)
From net investment income		(0.66	)		(1.52	)		(1.51	)		(1.16	)		(0.77	)		(0.51	)
Total distributions		(0.66	)		(1.52	)		(1.51	)		(1.16	)		(0.77	)		(0.51	)

Net asset value, end of period	$	35.03		$	35.63		$	41.83		$	39.79		$	33.19		$	31.32

Total Return
Based on net asset value		0.06	%^(e)		(11.24	)%		9.08	%		23.32	%		8.60	%^(b)		(7.90	)%

Ratios to Average Net Assets
Total expenses		0.53	%^(f)		0.53	%		0.53	%		0.55	%		0.72	%		0.53	%
Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.53	%		N/A			0.53	%		0.53	%		N/A
Net investment income		0.79	%^(f)		3.40	%		3.38	%		2.84	%		4.72	%^(b)		1.68	%

Supplemental Data
Net assets, end of period (000)	$	24,523		$	26,725		$	39,735		$	45,753		$	38,168		$	23,488
Portfolio turnover rate^(g)		8	%^(e)		16	%		11	%		12	%		21	%		12	%

^(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 $0.42.

•

Total return by 1.05%.

•

Ratio of net investment income to average net assets by 1.32%.

^(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 S t a t e m e n t s 35

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Germany 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	$	52.75		$	63.43		$	57.18		$	43.23		$	40.03		$	38.93
Net investment income^(a)		0.03			1.07			1.33			0.78			0.71			0.53
Net realized and unrealized gain (loss)^(b)		0.74			(10.06	)		6.19			13.87			3.16			1.26
Net increase (decrease) from investment operations		0.77			(8.99	)		7.52			14.65			3.87			1.79

Distributions^(c)
From net investment income		—			(1.69	)		(1.27	)		(0.70	)		(0.67	)		(0.69	)
Total distributions		—			(1.69	)		(1.27	)		(0.70	)		(0.67	)		(0.69	)

Net asset value, end of period	$	53.52		$	52.75		$	63.43		$	57.18		$	43.23		$	40.03

Total Return
Based on net asset value		1.46	%^(d)		(14.08	)%		13.22	%		34.12	%		9.72	%		4.61	%

Ratios to Average Net Assets
Total expenses		0.59	%^(e)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net investment income		0.09	%^(e)		1.95	%		2.09	%		1.65	%		1.73	%		1.36	%

Supplemental Data
Net assets, end of period (000)	$	32,112		$	36,927		$	60,260		$	40,025		$	23,779		$	26,023
Portfolio turnover rate^(f)		6	%^(d)		13	%		14	%		14	%		12	%		18	%

^(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.

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 Ireland 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	$	39.39		$	46.25		$	43.80		$	38.94		$	40.34		$	35.27
Net investment income^(a)		0.14			0.61			0.61			0.47			0.49			0.52	^(b)
Net realized and unrealized gain (loss)^(c)		1.31			(6.80	)		2.62			4.94			(1.33	)		5.43
Net increase (decrease) from investment operations		1.45			(6.19	)		3.23			5.41			(0.84	)		5.95

Distributions^(d)
From net investment income		(0.43	)		(0.67	)		(0.78	)		(0.55	)		(0.56	)		(0.62	)
From net realized gain		—			—			—			—			—			(0.26	)
Total distributions		(0.43	)		(0.67	)		(0.78	)		(0.55	)		(0.56	)		(0.88	)

Net asset value, end of period	$	40.41		$	39.39		$	46.25		$	43.80		$	38.94		$	40.34

Total Return
Based on net asset value		3.59	%^(e)		(13.44	)%		7.38	%		13.99	%		(2.12	)%		17.10	%

Ratios to Average Net Assets
Total expenses		0.50	%^(f)		0.49	%		0.47	%		0.49	%		0.48	%		0.48	%
Net investment income		0.65	%^(f)		1.49	%		1.31	%		1.19	%		1.27	%		1.41	%^(b)

Supplemental Data
Net assets, end of period (000)	$	58,595		$	55,151		$	69,381		$	67,883		$	124,596		$	177,496
Portfolio turnover rate^(g)		18	%^(e)		24	%		20	%		14	%		31	%		26	%

^(a)

Based on average shares outstanding.

^(b)

Includes a one-time special distribution from Paddy Power PLC. Excluding such special distribution, the net investment income would have been $0.34 per share and 0.94% 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 S t a t e m e n t s

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI New Zealand 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	$	51.80		$	49.11		$	46.26		$	46.90		$	32.17		$	40.88
Net investment income^(a)		0.57			1.58			1.71			1.96			1.21			1.87
Net realized and unrealized gain (loss)^(b)		1.74			2.70			2.86			(0.39	)		14.76			(8.57	)
Net increase (decrease) from investment operations		2.31			4.28			4.57			1.57			15.97			(6.70	)

Distributions^(c)
From net investment income		(1.18	)		(1.59	)		(1.72	)		(2.21	)		(1.24	)		(2.01	)
Total distributions		(1.18	)		(1.59	)		(1.72	)		(2.21	)		(1.24	)		(2.01	)

Net asset value, end of period	$	52.93		$	51.80		$	49.11		$	46.26		$	46.90		$	32.17

Total Return
Based on net asset value		4.35	%^(d)		9.00	%		10.02	%		3.95	%		50.49	%		(17.01	)%

Ratios to Average Net Assets
Total expenses		0.50	%^(e)		0.50	%		0.47	%		0.49	%		0.48	%		0.48	%
Net investment income		2.09	%^(e)		3.16	%		3.58	%		4.45	%		3.05	%		4.83	%

Supplemental Data
Net assets, end of period (000)	$	140,266		$	165,751		$	142,406		$	175,790		$	171,183		$	64,344
Portfolio turnover rate^(f)		4	%^(d)		15	%		14	%		9	%		11	%		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.

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 Norway 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	$	22.63		$	27.67		$	25.07		$	20.36		$	20.40		$	31.83
Net investment income^(a)		0.17			0.67			0.72			0.69			0.64			0.64
Net realized and unrealized gain (loss)^(b)		(1.95	)		(4.91	)		2.56			4.70			(0.06	)		(11.49	)
Net increase (decrease) from investment operations		(1.78	)		(4.24	)		3.28			5.39			0.58			(10.85	)

Distributions^(c)
From net investment income		(0.13	)		(0.80	)		(0.68	)		(0.68	)		(0.62	)		(0.58	)
Total distributions		(0.13	)		(0.80	)		(0.68	)		(0.68	)		(0.62	)		(0.58	)

Net asset value, end of period	$	20.72		$	22.63		$	27.67		$	25.07		$	20.36		$	20.40

Total Return
Based on net asset value		(7.94	)%^(d)		(15.42	)%		13.21	%		27.10	%		2.89	%		(34.32	)%

Ratios to Average Net Assets
Total expenses		0.53	%^(e)		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%
Net investment income		1.41	%^(e)		2.66	%		2.67	%		3.11	%		3.23	%		2.60	%

Supplemental Data
Net assets, end of period (000)	$	15,539		$	22,632		$	30,434		$	32,589		$	26,462		$	30,595
Portfolio turnover rate^(f)		4	%^(d)		13	%		13	%		10	%		19	%		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.

F i n a n c i a l S t a t e m e n 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”):

	Diversification
iShares ETF	Classification
MSCI Denmark	Non-diversified
MSCI Finland	Non-diversified
MSCI Germany Small-Cap	Diversified
MSCI Ireland	Non-diversified
MSCI New Zealand	Non-diversified
MSCI Norway	Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

40 2 0 2 0 i S h a r e s S e m i - A n 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

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

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

●

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 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 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.

N o t e s t o F i n a n c i a l S t a t e m e n t s 41

Notes to Financial Statements (unaudited) (continued)

The 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 Denmark

Goldman Sachs & Co. $ 2,701 $ 2,701 $ — $ —

Morgan Stanley & Co. LLC 339,194 339,194 — —

$ 341,895 $ 341,895 $ — $ —

MSCI Finland

Citigroup Global Markets Inc. $ 192,647 $ 192,647 $ — $ —

JPMorgan Securities LLC 92,741 92,741 — —

$ 285,388 $ 285,388 $ — $ —

MSCI Germany Small-Cap

Barclays Capital Inc. $ 301,056 $ 301,056 $ — $ —

BofA Securities, Inc. 38,809 38,809 — —

Credit Suisse AG Dublin Branch 145,675 145,675 — —

Credit Suisse Securities (USA) LLC 230,547 230,547 — —

Deutsche Bank Securities Inc. 220,995 220,995 — —

Goldman Sachs & Co. 783,491 783,491 — —

Morgan Stanley & Co. LLC 991,584 991,584 — —

Scotia Capital (USA) Inc. 10,389 10,389 — —

UBSAG 28,801 28,801 — —

$ 2,751,347 $ 2,751,347 $ — $ —

MSCI Norway

Citigroup Global Markets Inc. $ 40,594 $ 40,594 $ — $ —

Credit Suisse AG Dublin Branch 35,357 35,357 — —

Credit Suisse Securities (USA) LLC 60,621 60,621 — —

HSBC Bank PLC 17,413 17,413 — —

Morgan Stanley & Co. LLC 100,889 100,889 — —

$ 254,874 $ 254,874 $ — $ —

(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

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.

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)

INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

iShares ETF Investment Advisory Fee

MSCI Denmark 0.53 %

MSCI Finland 0.53

MSCI Germany Small-Cap 0.59

MSCI Norway 0.53

For its investment advisory services to each of the iShares MSCI Ireland and iShares MSCI New Zealand 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

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

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

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

Notes to Financial Statements (unaudited) (continued)

	Fees Paid
iShares ETF	to BTC
MSCI Denmark	$	1,528
MSCI Finland		488
MSCI Germany Small-Cap		18,370
MSCI New Zealand		11,497
MSCI Norway		1,250

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

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

For the six months ended 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 Denmark	$	48,368	$	257,879	$	(19,270	)
MSCI Finland		212,241		81,439		(4,924	)
MSCI Germany Small-Cap		722,435		—		—
MSCI Ireland		—		1,587,868		(230,772	)
MSCI Norway		3,998		23,099		(23,808	)

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 Denmark	$	1,603,762	$	1,417,128
MSCI Finland		2,1 22,451		2,634,743
MSCI Germany Small-Cap		2,1 15,574		2,192,201
MSCI Ireland		11,385,067		11,768,814
MSCI New Zealand		5,974,453		7,613,248
MSCI Norway		756,352		1,151,949

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

	In-kind		In-kind
iShares ETF	Purchases		Sales
MSCI Denmark	$	17,066,909	$	3,102,656
MSCI Finland		3,666,259		5,736,173
MSCI Germany Small-Cap		5,928,932		11,416,810
MSCI Ireland		4,408,922		2,236,368
MSCI New Zealand		20,492,976		52,024,159
MSCI Norway		4,542,120		9,960,012

INCOME TAX INFORMATION

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)

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 Denmark	$	2,798,513
MSCI Finland		324,503
MSCI Germany Small-Cap		2,208,141
MSCI Ireland		8,187,703
MSCI New Zealand		9,392,840
MSCI Norway		6,161,185

								Net Unrealized
			Gross Unrealized		Gross Unrealized			Appreciation
iShares ETF	Tax Cost		Appreciation		Depreciation			(Depreciation)
MSCI Denmark	$	53,407,491	$	3,150,495	$	(8,109,389	)	$	(4,958,894	)
MSCI Finland		30,809,827		884,924		(6,842,465	)		(5,957,541	)
MSCI Germany Small-Cap		42,575,792		2,724,915		(10,259,671	)		(7,534,756	)
MSCI Ireland		60,423,213		7,917,372		(9,807,126	)		(1,889,754	)
MSCI New Zealand		148,539,162		14,834,433		(23,186,745	)		(8,352,312	)
MSCI Norway		22,699,094		402,725		(7,279,951	)		(6,877,226	)

PRINCIPAL RISKS

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.

N o t e s t o F i n a n c i a l S t a t e m e n t s 45

Notes to Financial Statements (unaudited) (continued)

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

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

10.

CAPITAL SHARE TRANSACTIONS

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 Denmark
Shares sold		250,000		$	17,415,148			550,000		$	32,488,084
Shares redeemed		(50,000	)		(3,175,683	)		(600,000	)		(37,330,705	)
Net increase(decrease)		200,000		$	14,239,465			(50,000	)	$	(4,842,621	)
MSCI Finland
Shares sold		100,000		$	3,686,925			450,000		$	17,487,334
Shares redeemed		(150,000	)		(5,748,102	)		(650,000	)		(24,854,938	)
Net decrease		(50,000	)	$	(2,061,177	)		(200,000	)	$	(7,367,604	)
MSCI Germany Small-Cap
Shares sold		100,000		$	5,988,823			—		$	—
Shares redeemed		(200,000	)		(11,561,447	)		(250,000	)		(13,513,268	)
Net decrease		(100,000	)	$	(5,572,624	)		(250,000	)	$	(13,513,268	)
MSCI Ireland
Shares sold		100,000		$	4,420,595			—		$	—
Shares redeemed		(50,000	)		(2,240,245	)		(100,000	)		(4,009,826	)
Net increase(decrease)		50,000		$	2,180,350			(100,000	)	$	(4,009,826	)
MSCI New Zealand
Shares sold		400,000		$	21,047,199			2,200,000		$	111,008,317
Shares redeemed		(950,000	)		(52,851,485	)		(1,900,000	)		(94,073,753	)
Net increase(decrease)		(550,000	)	$	(31,804,286	)		300,000		$	16,934,564
MSCI Norway
Shares sold		200,000		$	4,704,963			700,000		$	19,177,539
Shares redeemed		(450,000	)		(10,519,381	)		(800,000	)		(19,452,869	)
Net decrease		(250,000	)	$	(5,814,418	)		(100,000	)	$	(275,330	)

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. FOREIGN WITHHOLDING TAX CLAIMS

The iShares MSCI Finland 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 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

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 Trustees (the “Board”) of iShares MSCI Denmark ETF, iShares MSCI Finland ETF, iShares MSCI Germany Small-Cap ETF, iShares MSCI Ireland ETF, iShares MSCI New Zealand ETF and iShares MSCI Norway 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 % 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 Denmark(^a) $ 0.083123 $ — $ 0.020855 $ 0.103978 80% — % 20 % 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

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.

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

ADR

American 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-808-0220

FEBRUARY 29, 2020

2020 Semi-Annual Report
(Unaudited)

iShares Trust

●

iShares MSCI India ETF | INDA | Cboe BZX

●

iShares MSCI India Small-Cap ETF | SMIN | Cboe BZX

Table of Contents

	Page
Fund Summary	3
About Fund Performance	5
Shareholder Expenses	5
Consolidated Schedules of Investments	6
Consolidated Financial Statements
Consolidated Statements of Assets and Liabilities	14
Consolidated Statements of Operations	15
Consolidated Statements of Changes in Net Assets	16
Consolidated Financial Highlights	17
Notes to Consolidated Financial Statements	19
Statement Regarding Liquidity Risk Management Program	25
Supplemental Information	26
General Information	27
Glossary of Terms Used in this Report	28

Fund Summary as of February 29, 2020

iShares^® MSCI India ETF

Investment Objective

The iShares MSCI India ETF (the “Fund”) seeks to track the investment results of an index composed of Indian equities, as represented by the MSCI India 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	(0.34	)%		0.39	%	0.59	%	3.81	%		0.39	%	2.97	%	35.29	%
Fund Market	0.34			(0.29	)	0.27		3.82			(0.29	)	1.36		35.30
Index	(0.13	)		0.88		1.39		4.54			0.88		7.12		43.09

The inception date of the Fund was 2/2/12. The first day of secondary market trading was 2/3/12.

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	$	996.60	$	3.47		$	1,000.00	$	1,021.40	$	3.52			0.70	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments		^(a)
Financials		30.0	%
Information Technology		15.3
Energy		13.9
Consumer Staples		10.6
Materials		7.8
Consumer Discretionary		7.5
Communication Services		4.8
Health Care		3.8
Industrials		3.7
Utilities		2.3
Real Estate		0.3

TEN LARGEST HOLDINGS


Sector	Percent of Total Investments		^(a)
Reliance Industries Ltd.		10.6	%
Housing Development Finance Corp. Ltd.		10.0
Infosys Ltd.		7.0
ICICI Bank Ltd.		6.6
Tata Consultancy Services Ltd.		5.0
Axis Bank Ltd.		4.1
Hindustan Unilever Ltd.		3.9
Bharti Airtel Ltd.		3.6
Bajaj Finance Ltd.		2.2
ITC Ltd.		1.9

^(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 India Small-Cap ETF

Investment Objective

The iShares MSCI India Small-Cap ETF(the “Fund”) seeks to track the investment results of an index composed of small-capitalization Indian equities, as represented by the MSCI India Small Cap Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


			Average Annual Total Returns							Cumulative Total Returns
	6 Months			1 Year		5 Years		Since Inception			1 Year		5 Years		Since Inception
Fund NAV	7.75	%		1.03	%	1.10	%	5.67	%		1.03	%	5.61	%	55.99	%
Fund Market	7.62			(0.88	)	0.56		5.55			(0.88	)	2.83		54.51
Index	7.87			1.51		1.93		6.41			1.51		10.05		65.04

The inception date of the Fund was 2/8/12. The first day of secondary market trading was 2/9/12.

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	$	1,077.50	$	4.13		$	1,000.00	$	1,020.90	$	4.02			0.80	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments		^(a)
Financials		21.5	%
Consumer Discretionary		16.0
Materials		14.2
Industrials		13.4
Health Care		11.7
Utilities		6.1
Information Technology		5.1
Consumer Staples		4.9
Real Estate		3.6
Communication Services		2.7
Energy		0.8

TEN LARGEST HOLDINGS


Sector	Percent of Total Investments		^(a)
AU Small Finance Bank Ltd.		2.5	%
Apollo Hospitals Enterprise Ltd.		2.1
Jubilant Foodworks Ltd.		1.9
Federal Bank Ltd.		1.9
Crompton Greaves Consumer Electricals Ltd.		1.5
RBL Bank Ltd.		1.5
Tata Consumer Products Ltd.		1.5
Indraprastha Gas Ltd.		1.4
Max Financial Services Ltd.		1.3
Balkrishna Industries Ltd.		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

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

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.

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

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

Security	Shares		Value
Common Stocks
Airlines — 0.3%
InterGlobe Aviation Ltd.^(a)		926,692	$	16,693,746
Auto Components — 0.8%
Bharat Forge Ltd.		2,103,375		12,690,054
Bosch Ltd.		71,143		11,956,273
Motherson Sumi Systems Ltd.		9,509,800		13,658,375
				38,304,702
Automobiles — 5.3%
Bajaj Auto Ltd.		842,361		33,732,958
Eicher Motors Ltd.		134,310		30,898,419
Hero MotoCorp Ltd.		982,438		27,931,093
Mahindra & Mahindra Ltd.		7,487,437		47,419,310
Maruti Suzuki India Ltd.		1,061,318		92,401,249
Tata Motors Ltd.^(b)		17,053,756		30,471,914
				262,854,943
Banks — 12.6%
Axis Bank Ltd.		20,943,346		202,359,721
Bandhan Bank Ltd.^(a)		4,042,026		21,479,433
ICICI Bank Ltd.		48,028,213		330,924,986
State Bank of India^(b)		17,916,892		75,225,250
				629,989,390
Beverages — 0.6%
United Spirits Ltd.^(b)		2,917,574		27,747,628
Capital Markets — 0.4%
HDFC Asset Management Co. Ltd.^(a)		426,890		18,582,218
Chemicals — 3.1%
Asian Paints Ltd.		2,888,519		71,963,318
Berger Paints India Ltd.		2,339,360		18,365,114
Pidilite Industries Ltd.		1,223,786		25,658,511
UPL Ltd.		5,368,515		38,660,301
				154,647,244
Construction & Engineering — 1.6%
Larsen & Toubro Ltd.		4,790,279		78,826,284
Construction Materials — 2.6%
Ambuja Cements Ltd.		5,979,531		16,989,681
Grasim Industries Ltd.		2,971,328		28,293,853
Shree Cement Ltd.		86,952		27,315,404
UltraTech Cement Ltd.		1,014,000		59,288,106
				131,887,044
Consumer Finance — 2.8%
Bajaj Finance Ltd.		1,811,024		112,069,304
Mahindra & Mahindra Financial Services Ltd.		3,038,810		14,453,480
Shriram Transport Finance Co. Ltd.		834,550		13,834,097
				140,356,881
Diversified Financial Services — 0.2%
REC Ltd.		6,940,940		11,329,792
Diversified Telecommunication Services — 0.2%
Bharti Infratel Ltd.		3,345,965		9,942,733
Electric Utilities — 1.1%
Power Grid Corp. of India Ltd.		18,379,990		46,225,353
Tata Power Co. Ltd. (The)		11,157,992		7,220,400
				53,445,753
Electrical Equipment — 0.4%
Havells India Ltd.		2,512,550		21,343,663

Security	Shares		Value
Food & Staples Retailing — 0.8%
Avenue Supermarts Ltd.^(a)(b)		1,258,750	$	40,534,480
Food Products — 1.5%
Britannia Industries Ltd.		579,336		23,843,749
Nestle India Ltd.		232,306		50,791,860
				74,635,609
Gas Utilities — 0.5%
GAIL India Ltd.		15,845,329		22,922,401
Household Products — 3.9%
Hindustan Unilever Ltd.		6,519,064		196,450,403
Independent Power and Renewable Electricity Producers — 0.7%
NTPC Ltd.		23,836,972		35,193,534
Industrial Conglomerates — 0.3%
Siemens Ltd.		715,176		12,920,092
Insurance — 3.7%
Bajaj Finserv Ltd.		383,397		48,083,007
HDFC Life Insurance Co. Ltd.^(a)		5,064,616		38,184,191
ICICI Lombard General Insurance Co. Ltd.^(a)		1,824,639		31,266,703
ICICI Prudential Life Insurance Co. Ltd.^(a)		3,459,121		22,595,069
SBI Life Insurance Co. Ltd.^(a)		3,513,297		43,346,931
				183,475,901
Interactive Media & Services — 0.4%
Info Edge India Ltd.		613,752		22,055,271
IT Services — 15.2%
HCL Technologies Ltd.		10,895,850		80,676,169
Infosys Ltd. .		34,196,798		346,718,358
Tata Consultancy Services Ltd. .		9,039,871		250,543,499
Tech Mahindra Ltd.		4,650,329		47,967,644
Wipro Ltd.		11,469,216		35,193,929
				761,099,599
Life Sciences Tools & Services — 0.5%
Divi's Laboratories Ltd.		799,447		23,340,075
Machinery — 0.2%
Ashok Leyland Ltd.		11,789,621		11,419,192
Media — 0.6%
Zee Entertainment Enterprises Ltd.		8,677,137		28,772,493
Metals & Mining — 2.0%
Hindalco Industries Ltd.		11,723,713		25,326,177
JSW Steel Ltd..		8,492,342		27,736,100
Tata Steel Ltd.		3,504,803		18,539,627
Vedanta Ltd.		18,656,451		29,470,820
				101,072,724
Oil, Gas & Consumable Fuels — 13.9%
Bharat Petroleum Corp. Ltd. .		6,532,448		38,592,292
Coal India Ltd.		12,372,177		28,869,984
Hindustan Petroleum Corp. Ltd.		6,118,402		16,748,402
Indian Oil Corp. Ltd.		18,899,688		27,694,489
Oil & Natural Gas Corp. Ltd.		25,254,033		32,176,649
Petronet LNG Ltd.		6,022,757		20,496,610
Reliance Industries Ltd. .		28,634,557		527,180,575
				691,759,001
Personal Products — 1.9%
Colgate-Palmolive India Ltd.		655,588		11,676,902
Dabur India Ltd.		5,321,297		36,580,115

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

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

Security	Shares		Value
Personal Products (continued)
Godrej Consumer Products Ltd.		3,591,659	$	27,895,172
Marico Ltd.		4,535,441		18,775,252
				94,927,441
Pharmaceuticals — 3.3%
Aurobindo Pharma Ltd.		2,646,739		18,539,184
Cipla Ltd.		3,479,948		19,389,436
Dr. Reddy's Laboratories Ltd.		1,147,862		46,557,063
Lupin Ltd.		2,227,126		19,750,728
Piramal Enterprises Ltd.		1,017,257		18,416,838
Sun Pharmaceutical Industries Ltd.		8,429,316		43,555,505
				166,208,754
Real Estate Management & Development — 0.3%
DLF Ltd.		5,963,035		16,666,008
Road & Rail — 0.3%
Container Corp. of India Ltd.		2,079,595		14,686,190
Textiles, Apparel & Luxury Goods — 1.4%
Page Industries Ltd.		54,909		16,850,008
Titan Co. Ltd.		3,119,058		54,219,119
				71,069,127
Thrifts & Mortgage Finance — 10.2%
Housing Development Finance Corp. Ltd.		16,480,642		496,868,491
LIC Housing Finance Ltd.		2,989,419		13,265,825
				510,134,316
Tobacco — 1.9%
ITC Ltd.		34,540,604		94,550,820

Security	Shares		Value
Transportation Infrastructure — 0.6%
Adani Ports & Special Economic Zone Ltd.		6,118,366	$	29,011,741
Wireless Telecommunication Services — 3.6%
Bharti Airtel Ltd.^(b)		24,642,412		178,755,017
Total Common Stocks — 99.7%
(Cost: $3,921,813,047)				4,977,612,210

Short-Term Investments
Money Market Funds — 0.7%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(c)(d)		36,358,000		36,358,000
Total Short-Term Investments — 0.7%
(Cost: $36,358,000)				36,358,000
Total Investments in Securities — 100.4%
(Cost: $3,958,171,047)				5,013,970,210
Other Assets, Less Liabilities — (0.4)%				(17,836,844	)
Net Assets — 100.0%			$	4,996,133,366

^(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:


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: Treasury, SL Agency Shares		38,584,000		(2,226,000	)		36,358,000	$	36,358,000	$	343,835	$	—		$	—

^(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 India NTR Index		200	03/20/20	$	12,788	$	(663,114	)

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 India 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)	$	663,114

^(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	$	110,880
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(706,420	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	5,334,067

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	$	4,977,612,210		$	—	$	—	$	4,977,612,210
Money Market Funds		36,358,000			—		—		36,358,000
	$	5,013,970,210		$	—	$	—	$	5,013,970,210
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(663,114	)	$	—	$	—	$	(663,114	)

^(a)

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

See notes to consolidated 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

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

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

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.2%
Blue Dart Express Ltd.		14,151	$	538,941
Airlines — 0.2%
SpiceJet Ltd.^(a)		428,505		494,903
Auto Components — 4.9%
Apollo Tyres Ltd.		772,581		1,528,729
Balkrishna Industries Ltd.		231,186		3,512,278
Ceat Ltd.		54,537		771,721
Endurance Technologies Ltd.^(b)		83,952		1,141,773
Exide Industries Ltd.		610,878		1,391,178
Mahindra CIE Automotive Ltd.^(a)		274,275		504,331
Minda Industries Ltd.		187,620		969,980
Sundram Fasteners Ltd.		150,414		865,478
Suprajit Engineering Ltd.		99,852		274,025
Tube Investments of India Ltd.		212,901		1,557,650
WABCO India Ltd.		13,674		1,282,998
				13,800,141
Automobiles — 0.2%
Maharashtra Scooters Ltd.		8,320		493,361
Banks — 9.6%
AU Small Finance Bank Ltd.^(b)		430,572		6,938,195
City Union Bank Ltd.		881,973		2,630,612
DCB Bank Ltd.		455,694		1,021,669
Federal Bank Ltd.		4,411,137		5,250,517
IDFC First Bank Ltd.^(a)		5,721,138		2,917,350
Jammu & Kashmir Bank Ltd. (The)^(a)		575,421		157,475
Karnataka Bank Ltd. (The)		416,262		401,452
Karur Vysya Bank Ltd. (The)		957,021		554,314
RBL Bank Ltd.^(b)		1,080,723		4,356,287
South Indian Bank Ltd. (The)		2,686,941		344,396
Yes Bank Ltd.		5,640,843		2,704,447
				27,276,714
Beverages — 1.1%
Radico Khaitan Ltd.		160,908		915,047
Varun Beverages Ltd.		207,177		2,334,231
				3,249,278
Building Products — 1.9%
Astral Poly Technik Ltd.		179,988		2,854,170
Blue Star Ltd.		69,006		767,392
Cera Sanitaryware Ltd.		13,992		483,203
Kajaria Ceramics Ltd.		189,846		1,379,634
				5,484,399
Capital Markets — 4.0%
BSE Ltd.		32,754		205,599
CRISIL Ltd.		53,901		1,134,597
Edelweiss Financial Services Ltd.		1,364,697		1,651,800
ICICI Securities Ltd.^(b)		191,913		1,266,345
IIFL Wealth Management Ltd.		77,910		1,580,439
Indiabulls Ventures Ltd.		555,705		1,308,651
Indian Energy Exchange Ltd.^(a)(b)		126,384		308,572
JM Financial Ltd.		601,338		880,749
Motilal Oswal Financial Services Ltd.		106,371		1,097,426
Multi Commodity Exchange of India Ltd.		74,730		1,323,120
Tata Investment Corp. Ltd.		36,888		464,809
				11,222,107

Security	Shares		Value
Chemicals — 9.7%
Aarti Industries Ltd.		125,292	$	1,694,547
Aarti Surfactants Ltd.^(a)		5,688		37,903
Akzo Nobel India Ltd.		27,189		885,566
Atul Ltd.		43,407		3,093,781
BASF India Ltd.		31,641		450,210
Bayer CropScience Ltd./India		32,277		1,959,877
Chambal Fertilizers and Chemicals Ltd.		297,648		581,129
Coromandel International Ltd.		210,516		1,795,443
Deepak Nitrite Ltd.		97,944		626,880
EID Parry India Ltd.		162,498		424,216
Finolex Industries Ltd.		100,170		753,834
Galaxy Surfactants Ltd.		25,281		565,225
Gujarat Alkalies & Chemicals Ltd.		52,470		245,964
Gujarat Fluorochemicals Ltd.^(a)		78,546		548,546
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		110,028		237,612
Gulf Oil Lubricants India Ltd.		36,411		398,910
Himadri Speciality Chemical Ltd.		243,906		166,451
Linde India Ltd.		61,692		557,102
Navin Fluorine International Ltd.		35,457		702,679
Phillips Carbon Black Ltd.		155,979		229,319
PI Industries Ltd.		165,042		3,501,861
Rain Industries Ltd.		240,090		343,663
Rallis India Ltd.		139,125		431,732
SRF Ltd.		41,181		2,221,922
Supreme Industries Ltd.		114,162		2,086,847
Tata Chemicals Ltd.		183,963		1,820,066
Vinati Organics Ltd.		73,776		960,696
				27,321,981
Communications Equipment — 0.1%
Sterlite Technologies Ltd.		287,631		366,476
Construction & Engineering — 2.9%
Ashoka Buildcon Ltd.^(a)		199,941		250,316
Dilip Buildcon Ltd.^(b)		97,467		404,090
Engineers India Ltd. . .		458,397		444,629
GE Power India Ltd.		48,813		475,735
IRB Infrastructure Developers Ltd.^(a)		417,375		485,807
Kalpataru Power Transmission Ltd.		109,869		505,518
KEC International Ltd.		184,758		793,896
NBCC India Ltd.		1,302,846		476,601
NCC Ltd./India		1,175,328		579,786
PNC Infratech Ltd.		183,327		435,534
Sadbhav Engineering Ltd.		250,107		244,328
Sterling & Wilson Solar Ltd.^(a)		119,568		275,694
Voltas Ltd.. . .		297,966		2,802,431
				8,174,365
Construction Materials — 2.4%
Birla Corp. Ltd.		55,014		527,938
Dalmia Bharat Ltd.^(a)		138,171		1,497,399
HeidelbergCement India Ltd.		161,862		450,592
India Cements Ltd. (The)		512,457		684,175
JK Cement Ltd.		55,491		1,066,914
JK Lakshmi Cement Ltd.		87,291		372,424
Prism Johnson Ltd.		359,340		300,747
Ramco Cements Ltd. (The)		170,130		1,815,458
				6,715,647
Consumer Finance — 2.4%
Cholamandalam Financial Holdings Ltd.^(a)		212,901		1,513,399
Equitas Holdings Ltd./India^(a)		494,013		738,273

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 9

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

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

Security	Shares		Value
Consumer Finance (continued)
Manappuram Finance Ltd.		634,092	$	1,429,985
Repco Home Finance Ltd.		91,107		358,785
Spandana Sphoorty Financial Ltd.^(a)		48,018		721,792
Sundaram Finance Ltd.		79,977		1,749,703
Ujjivan Financial Services Ltd.		86,655		405,132
				6,917,069
Diversified Financial Services — 1.4%
IDFC Ltd.		2,290,554		1,020,422
Power Finance Corp. Ltd.		1,893,690		2,871,991
				3,892,413
Diversified Telecommunication Services — 0.5%
HFCL Ltd.		1,552,635		313,033
Tata Communications Ltd.		203,838		1,019,367
				1,332,400
Electric Utilities — 2.1%
Adani Transmission Ltd.^(a)		822,507		2,870,953
CESC Ltd.		177,921		1,594,984
Torrent Power Ltd.		344,394		1,445,722
				5,911,659
Electrical Equipment — 2.0%
Amara Raja Batteries Ltd.		61,374		542,325
Finolex Cables Ltd.		206,064		927,420
GE T&D India Ltd.		183,009		305,575
Graphite India Ltd.		175,695		543,025
HEG Ltd.		29,097		353,333
KEI Industries Ltd.		130,221		885,072
Polycab India Ltd.^(a)		89,040		1,311,155
V-Guard Industries Ltd.		308,937		868,795
				5,736,700
Electronic Equipment, Instruments & Components — 0.4%
Redington India Ltd.		696,261		1,060,781
Entertainment — 1.2%
Chennai Super Kings Cricket Ltd., NVS^(c)		206,787		29
Inox Leisure Ltd.		138,966		825,795
PVR Ltd.		99,852		2,639,106
				3,464,930
Food Products — 2.7%
Avanti Feeds Ltd.		98,262		630,004
Balrampur Chini Mills Ltd.		363,951		720,161
CCL Products India Ltd.		158,841		515,915
Future Consumer Ltd.^(a)		1,720,857		293,297
Kaveri Seed Co. Ltd.		72,027		427,766
KRBL Ltd.		140,079		484,965
Tata Consumer Products Ltd.		887,538		4,257,059
Venky's India Ltd.		9,959		169,131
				7,498,298
Gas Utilities — 3.1%
Gujarat Gas Ltd.		493,536		1,888,181
Gujarat State Petronet Ltd.		406,245		1,269,102
Indraprastha Gas Ltd.		628,209		3,851,036
Mahanagar Gas Ltd.		118,296		1,647,875
				8,656,194
Health Care Providers & Services — 4.0%
Apollo Hospitals Enterprise Ltd.		249,948		6,011,844
Dr Lal PathLabs Ltd.^(b)		74,571		1,682,375
Fortis Healthcare Ltd.^(a)		1,239,882		2,646,674

Security	Shares		Value
Health Care Providers & Services (continued)
Metropolis Healthcare Ltd.^(a)		37,524	$	962,206
				11,303,099
Hotels, Restaurants & Leisure — 3.9%
Chalet Hotel Ltd.^(a)		147,234		670,196
EIH Ltd. .		425,643		777,650
Indian Hotels Co. Ltd. (The)		1,424,958		2,665,595
Jubilant Foodworks Ltd.		217,194		5,287,384
Lemon Tree Hotels Ltd.^(a)(b)		1,158,633		828,426
Westlife Development Ltd.^(a)		111,300		693,316
				10,922,567
Household Durables — 3.0%
Bajaj Electricals Ltd. . . .		81,515		455,538
Bajaj Electricals Ltd./New . .		8,040		10,394
Crompton Greaves Consumer Electricals Ltd.		1,127,310		4,358,187
IFB Industries Ltd.^(a)		29,733		196,339
Johnson Controls-Hitachi Air Conditioning India Ltd.		19,716		774,857
LA Opala RG Ltd.		116,706		350,680
Orient Electric Ltd.		150,732		548,059
Symphony Ltd.		50,085		881,740
TTK Prestige Ltd.		10,017		790,707
				8,366,501
Household Products — 0.2%
Jyothy Labs Ltd. .		262,032		447,144
Independent Power and Renewable Electricity Producers — 0.9%
Adani Power Ltd.^(a)		2,303,274		1,509,611
JSW Energy Ltd..		978,804		777,157
PTC India Ltd.		538,215		371,401
				2,658,169
Industrial Conglomerates — 0.5%
Godrej Industries Ltd.		241,521		1,312,063
Insurance — 1.3%
Max Financial Services Ltd.^(a)		467,301		3,738,149
Interactive Media & Services — 0.2%
Just Dial Ltd.^(a)		107,325		693,168
IT Services — 3.9%
eClerx Services Ltd.		55,809		419,645
Firstsource Solutions Ltd.		501,327		277,869
Hexaware Technologies Ltd.		355,842		1,772,615
Mindtree Ltd.		122,748		1,605,627
Mphasis Ltd.		278,727		3,366,121
NIIT Technologies Ltd.		55,809		1,306,728
Persistent Systems Ltd.		111,618		1,077,088
Sonata Software Ltd.		93,810		435,399
Vakrangee Ltd.		1,262,937		691,253
				10,952,345
Life Sciences Tools & Services — 0.5%
Dishman Carbogen Amcis Ltd.		195,888		209,141
Syngene International Ltd.^(b)		285,723		1,189,333
				1,398,474
Machinery — 3.5%
AIA Engineering Ltd.		112,890		2,797,945
BEML Ltd.		29,733		307,290
Carborundum Universal Ltd.		135,150		609,105
Cochin Shipyard Ltd.^(b)		95,400		447,868
Escorts Ltd.		165,360		1,787,471
Greaves Cotton Ltd.		166,473		299,763

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 India Small-Cap ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Lakshmi Machine Works Ltd.		7,632	$	341,929
Schaeffler India Ltd.		22,419		1,356,230
Thermax Ltd.		85,860		1,097,826
Timken India Ltd.		54,297		714,192
				9,759,619
Media — 0.2%
Dish TV India Ltd.^(a)		1,631,658		186,527
TV18 Broadcast Ltd.^(a)		1,343,709		419,865
				606,392
Metals & Mining — 1.8%
APL Apollo Tubes Ltd.		17,331		466,731
Jindal Saw Ltd.		332,787		350,460
Jindal Steel & Power Ltd.^(a)		1,220,166		2,602,051
MOIL Ltd.		168,186		281,524
National Aluminium Co. Ltd.		1,339,575		621,828
Welspun Corp. Ltd.		273,321		704,062
				5,026,656
Multiline Retail — 0.4%
Shoppers Stop Ltd.		62,805		330,702
V-Mart Retail Ltd.		24,486		756,812
				1,087,514
Oil, Gas & Consumable Fuels — 0.8%
Aegis Logistics Ltd.		243,270		752,724
Chennai Petroleum Corp. Ltd.^(a)		107,961		151,393
Great Eastern Shipping Co. Ltd. (The)		148,347		496,939
Oil India Ltd.		650,310		973,201
				2,374,257
Paper & Forest Products — 0.3%
Century Plyboards India Ltd.		158,682		344,772
Century Textiles & Industries Ltd.		80,613		566,053
				910,825
Personal Products — 0.8%
Bajaj Consumer Care Ltd.^(a)		214,014		570,269
Gillette India Ltd.		19,557		1,570,739
				2,141,008
Pharmaceuticals — 7.1%
Ajanta Pharma Ltd.		62,487		1,199,347
Alembic Pharmaceuticals Ltd.		135,786		1,185,276
AstraZeneca Pharma India Ltd.		14,946		533,949
Caplin Point Laboratories Ltd.		55,332		229,325
Eris Lifesciences Ltd.^(a)(b)		102,714		617,202
FDC Ltd./India^(a)		124,179		403,678
Glenmark Pharmaceuticals Ltd.		412,764		1,587,455
Granules India Ltd.		370,629		807,842
Ipca Laboratories Ltd.		132,129		2,492,449
Jubilant Life Sciences Ltd.		213,855		1,500,326
Laurus Labs Ltd.^(b)		94,923		543,949
Natco Pharma Ltd.		245,337		2,045,339
Pfizer Ltd.		32,913		1,912,778
Procter & Gamble Health Ltd.^(a)		11,925		690,962
Sanofi India Ltd.		16,536		1,671,106
Shilpa Medicare Ltd.		85,701		543,057
Strides Pharma Science Ltd.		131,493		856,638
Sun Pharma Advanced Research Co. Ltd.^(a)		194,616		393,587
Suven Life Sciences Ltd.		133,280		114,410
Suven Pharmaceuticals Ltd.^(a)		133,280		517,425
Wockhardt Ltd.^(a)		83,793		356,861
				20,202,961

Security	Shares		Value
Professional Services — 1.3%
L&T Technology Services Ltd.^(b)		62,487	$	1,403,430
Quess Corp. Ltd.^(a)(b)		198,591		1,414,979
TeamLease Services Ltd.^(a)		30,846		992,453
				3,810,862
Real Estate Management & Development — 3.6%
Brigade Enterprises Ltd.		144,690		464,239
Godrej Properties Ltd.^(a)		180,624		2,510,478
Hemisphere Properties India Ltd.^(a)		212,058		452,428
Indiabulls Real Estate Ltd.^(a)		610,401		636,050
NESCO Ltd.		50,562		505,007
Oberoi Realty Ltd.		163,770		1,157,231
Phoenix Mills Ltd. (The)		160,590		1,905,807
Prestige Estates Projects Ltd.		337,239		1,356,807
Sobha Ltd. .		128,949		530,680
Sunteck Realty Ltd.		152,640		732,346
				10,251,073
Software — 0.7%
Birlasoft Ltd.^(a)		410,616		510,372
KPIT Technologies Ltd.^(a)		455,376		515,841
Tata Elxsi Ltd.		44,838		548,457
Zensar Technologies Ltd.		161,067		304,982
				1,879,652
Specialty Retail — 0.4%
Arvind Fashions Ltd.^(a)		85,701		410,588
Future Lifestyle Fashions Ltd.		149,937		724,052
				1,134,640
Textiles, Apparel & Luxury Goods — 3.2%
Aditya Birla Fashion and Retail Ltd.^(a)		554,910		1,933,064
Bata India Ltd.		92,538		2,116,574
KPR Mill Ltd.		49,926		409,204
Rajesh Exports Ltd.		220,374		2,009,910
Raymond Ltd.		79,500		556,255
TCNS Clothing Co. Ltd.^(a)(b)		55,491		460,352
Vardhman Textiles Ltd.		41,022		599,805
VIP Industries Ltd.		100,965		573,395
Welspun India Ltd.		898,509		514,198
				9,172,757
Thrifts & Mortgage Finance — 2.6%
Aavas Financiers Ltd.^(a)		70,278		1,829,658
Can Fin Homes Ltd.		95,241		659,927
IIFL Finance Ltd.		380,169		858,136
Indiabulls Housing Finance Ltd.		831,252		3,223,416
PNB Housing Finance Ltd.^(b)		176,649		880,950
				7,452,087
Tobacco — 0.2%
Godfrey Phillips India Ltd.		37,206		592,393
Trading Companies & Distributors — 0.4%
Adani Enterprises Ltd.		393,207		1,191,322
Transportation Infrastructure — 0.4%
GMR Infrastructure Ltd.^(a)		2,178,777		603,811
Gujarat Pipavav Port Ltd.		647,766		643,121
				1,246,932

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 India Small-Cap ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Wireless Telecommunication Services — 0.5%
Vodafone Idea Ltd.^(a)		25,755,933	$	1,374,030
Total Common Stocks — 99.6%
(Cost: $272,212,481)				281,615,416
Total Investments in Securities — 99.6%
(Cost: $272,212,481)				281,615,416
Other Assets, Less Liabilities — 0.4%				1,059,754
Net Assets — 100.0%			$	282,675,170

^(a)

Non-income producing security.

^(b)

^(c)

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

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: Treasury, SL Agency Shares.		310,000		(310,000	)		—	$	—	$	3,383	$	—		$	—

^(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 India NTR Index		9	03/20/20	$	575	$	(41,004	)

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)	$	41,004

^(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	$	(494	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(41,004	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	209,120

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

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

Consolidated Schedule of Investments (unaudited) (continued)	iShares^® MSCI India Small-Cap ETF
February 29, 2020

Fair Value Measurements

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	280,607,631		$	1,007,756	$	29	$	281,615,416
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(41,004	)	$	—	$	—	$	(41,004	)

^(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 13

Consolidated Statements of Assets and Liabilities (unaudited)

February 29, 2020

			iShares
				MSCI India
		iShares		Small-Cap
		MSCI India ETF		ETF

ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	4,977,612,210	$	281,615,416
Affiliated^(b)		36,358,000		—
Cash.		16,093,591		860,833
Cash pledged:
Futures contracts		210,000		24,000
Receivables:
Investments sold		87,530,280		2,085,161
Dividends		198,924		360,610
Total assets		5,118,003,005		284,946,020

LIABILITIES
Foreign bank overdraft^(c)		13,046,113		928,055
Deferred foreign capital gain tax		29,874,211		—
Payables:
Investments purchased		15,079,987		1,139,196
Variation margin on futures contracts		577,999		26,000
Capital shares redeemed		60,476,690		—
Investment advisory fees		2,814,639		177,599
Total liabilities		121,869,639		2,270,850

NET ASSETS	$	4,996,133,366	$	282,675,170

NET ASSETS CONSIST OF:
Paid-in capital	$	4,700,510,358	$	326,842,061
Accumulated earnings (loss)		295,623,008		(44,166,891	)
NET ASSETS	$	4,996,133,366	$	282,675,170

Shares outstanding		154,950,000		7,950,000
Net asset value	$	32.24	$	35.56
Shares authorized		Unlimited		Unlimited
Par value		None		None

(a) Investments, at cost — Unaffiliated	$	3,921,813,047	$	272,212,481
(b) Investments, at cost — Affiliated	$	36,358,000	$	—
(c) Foreign bank overdraft, at cost	$	13,034,228	$	926,512

See notes to consolidated 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

Consolidated Statements of Operations (unaudited)

Six Months Ended February 29, 2020

				iShares
	iShares			MSCI India
	MSCI India			Small-Cap
	ETF			ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	19,337,376	^(a)	$	3,384,116
Dividends — Affiliated		343,835			3,383
Interest — Unaffiliated		3,045			26
Total investment income		19,684,256			3,387,525

EXPENSES
Investment advisory fees		16,974,475			1,068,881
Mauritius income taxes		1,458,521			88,354
Total expenses		18,432,996			1,157,235
Net investment income		1,251,260			2,230,290

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(159,940,870	)		(13,372,148	)
Futures contracts		110,880			(494	)
Foreign currency transactions		(1,862,537	)		(36,297	)
Net realized loss		(161,692,527	)		(13,408,939	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(b)		131,321,627			32,332,064
Futures contracts		(706,420	)		(41,004	)
Foreign currency translations		(30,757	)		(4,458	)
Net change in unrealized appreciation (depreciation)		130,584,450			32,286,602
Net realized and unrealized gain (loss)		(31,108,077	)		18,877,663
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(29,856,817	)	$	21,107,953

(a) Includes $5,332,433 related to a special distribution from Tata Consultancy Services Ltd.
(b) Net of deferred foreign capital gain tax of	$	(9,899,559	)	$	—

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

MSCI India ETF MSCI India 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. $ 1,251,260 $ 41,419,332 $ 2,230,290 $ 724,798

Net realized loss (161,692,527 ) (53,992,274 ) (13,408,939 ) (19,786,477 )

Net change in unrealized appreciation (depreciation) 130,584,450 (409,282,153 ) 32,286,602 (53,254,637 )

Net increase (decrease) in net assets resulting from operations (29,856,817 ) (421,855,095 ) 21,107,953 (72,316,316 )

DISTRIBUTIONS TO SHAREHOLDERS^(a)

From net investment income (5,098,193 ) (71,243,559 ) (3,363,930 ) (1,642,473 )

Return of capital — (13,794,003 ) — —

Decrease in net assets resulting from distributions to shareholders (5,098,193 ) (85,037,562 ) (3,363,930 ) (1,642,473 )

CAPITAL SHARE TRANSACTIONS

Net increase (decrease) in net assets derived from capital share transactions 131,339,475 324,521,530 (5,501,973 ) 62,127,507

NET ASSETS

Total increase (decrease) in net assets 96,384,465 (182,371,127 ) 12,242,050 (11,831,282 )

Beginning of period 4,899,748,901 5,082,120,028 270,433,120 282,264,402

End of period $ 4,996,133,366 $ 4,899,748,901 $ 282,675,170 $ 270,433,120

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

See notes to consolidated 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

Consolidated Financial Highlights

(For a share outstanding throughout each period)

iShares MSCI India 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 $ 32.38 $ 35.68 $ 34.20 $ 29.61 $ 28.12 $ 30.83

Net investment income^(a) 0.01 ^(b) 0.29 0.25 0.26 0.22 0.45

Net realized and unrealized gain (loss)^(c) (0.12 ) (3.00 ) 1.54 4.53 1.64 (2.92 )

Net increase (decrease) from investment operations (0.11 ) (2.71 ) 1.79 4.79 1.86 (2.47 )

Distributions^(d)

From net investment income (0.03 ) (0.49 ) (0.31 ) (0.20 ) (0.37 ) (0.24 )

Return of capital — (0.10 ) — — — —

Total distributions (0.03 ) (0.59 ) (0.31 ) (0.20 ) (0.37 ) (0.24 )

Net asset value, end of period $ 32.24 $ 32.38 $ 35.68 $ 34.20 $ 29.61 $ 28.12

Total Return

Based on net asset value (0.34 )%^(e) (7.61 )% 5.26 % 16.27 % 6.73 % (8.05 )%

Ratios to Average Net Assets

Total expenses 0.70 %^(f) 0.69 % 0.68 % 0.68 % 0.71 % 0.68 %

Net investment income 0.05 %^(b)(f) 0.86 % 0.72 % 0.87 % 0.79 % 1.47 %

Supplemental Data

Net assets, end of period (000) $ 4,996,133 $ 4,899,749 $ 5,082,120 $ 5,263,819 $ 4,112,252 $ 3,583,362

Portfolio turnover rate^(g) 12 %^(h)(e) 9 %^(h) 10 %^(h) 13 %^(h) 25 %^(h) 30 %^(h)

(a)

Based on average shares outstanding.

(b) Includes a one-time special distribution from Tata Consultancy Services Ltd. Excluding such special distribution, the net investment income would have been $(0.03) per share and (0.15)% of average net assets.

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

(d) 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: 10 % 6 % 5 % 5 % 15 % 22 %

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 India 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 $ 33.39 $ 44.10 $ 46.27 $ 36.01 $ 32.24 $ 31.44

Net investment income^(a) 0.28 0.10 (0.00 )^(b) 0.09 0.07 0.21

Net realized and unrealized gain (loss)^(c) 2.31 (10.60 ) (1.06 ) 10.55 4.36 0.69

Net increase (decrease) from investment operations 2.59 (10.50 ) (1.06 ) 10.64 4.43 0.90

Distributions^(d)

From net investment income (0.42 ) (0.21 ) (0.63 ) (0.38 ) (0.66 ) (0.10 )

Return of capital — — (0.48 ) — — —

Total distributions (0.42 ) (0.21 ) (1.11 ) (0.38 ) (0.66 ) (0.10 )

Net asset value, end of period $ 35.56 $ 33.39 $ 44.10 $ 46.27 $ 36.01 $ 32.24

Total Return

Based on net asset value 7.75 %^(e) (23.88 )% (2.36 )% 29.97 % 13.99 % 2.87 %

Ratios to Average Net Assets

Total expenses 0.80 %^(f) 0.76 % 0.77 % 0.75 % 0.80 % 0.74 %

Net investment income 1.54 %^(f) 0.28 % (0.00 )%^(g) 0.21 % 0.23 % 0.62 %

Supplemental Data

Net assets, end of period (000) $ 282,675 $ 270,433 $ 282,264 $ 205,914 $ 64,825 $ 62,874

Portfolio turnover rate^(h) 13 %^(e)(i) 24 %⁽ⁱ⁾ 49 %⁽ⁱ⁾ 38 %⁽ⁱ⁾ 53 %⁽ⁱ⁾ 73 %⁽ⁱ⁾

(a)

Based on average shares outstanding.

(b) 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) Rounds to less than 0.01%.

(h) 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”).

(i) Portfolio turnover rate excluding cash creations was as follows: 11 % 19 % 31 % 22 % 25 % 61 %

See notes to consolidated 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

Notes to Consolidated Financial Statements (unaudited)

1. ORGANIZATION

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

Diversification

iShares ETF Classification

MSCI India Non-diversified

MSCI India Small-Cap Diversified

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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 ia l H i g h l i g h t s

Notes to Consolidated Financial Statements (unaudited) (continued)

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.

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:

●

● 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 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 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.

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

Notes to Consolidated Financial Statements (unaudited) (continued)

4. 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 in the consolidated statement of assets and liabilities.

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

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

Aggregate Average Daily Net Assets Investment Advisory Fee

First $4 billion 0.6500 %

Over $4 billion, up to and including $6 billion. 0.6175

Over $6 billion, up to and including $8 billion. 0.5867

Over $8 billion 0.5573

For its investment advisory services to the iShares MSCI India Small-Cap ETF, BFA is entitled to an annual investment advisory fee of 0.74%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

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.

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates. Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments

is shown as dividends – affiliated in the consolidated statement of operations.

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) (continued)

6. 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 India.	$	767,261,567	$	647,230,482
MSCI India Small-Cap		38,306,444		44,624,724

There were no in-kind transactions for the six months ended February 29, 2020.

7. INCOME TAX INFORMATION

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

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

iShares ETF Sales

MSCI India. $ 342,383,502

MSCI India Small-Cap 24,706,178

				Gross Unrealized		Gross Unrealized			Net Unrealized Appreciation
iShares ETF		Tax Cost		Appreciation		Depreciation			(Depreciation)
MSCI India	$	4,176,715,478	$	1,501,879,300	$	(665,287,682	)	$	836,591,618
MSCI India Small-Cap		286,681,784		53,777,966		(58,885,338	)		(5,107,372	)

8. PRINCIPAL RISKS

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

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.

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.

9 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 India
Shares sold		7,600,000		$	265,425,741			13,250,000		$	463,520,113
Shares redeemed		(3,950,000	)		(134,086,266	)		(4,400,000	)		(138,998,583	)
Net increase		3,650,000		$	131,339,475			8,850,000		$	324,521,530
MSCI India Small-Cap
Shares sold		150,000		$	5,403,760			2,000,000		$	74,141,311
Shares redeemed		(300,000	)		(10,905,733	)		(300,000	)		(12,013,804	)
Net increase(decrease)		(150,000	)	$	(5,501,973	)		1,700,000		$	62,127,507

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
23

Notes to Consolidated Financial Statements (unaudited) (continued)

10. LEGAL PROCEEDINGS

11. 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.

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

Statement Regarding Liquidity Risk Management Program

The Board of Trustees (the “Board”) of iShares MSCI India ETF and iShares MSCI India 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

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 India^(a) $ 0.026357 $ — $ 0.006261 $ 0.032618 81% —% 19 % 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.

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

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

27

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity

NVS	Non-Voting Shares

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

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-809-0220

FEBRUARY 29, 2020

2020 Semi-Annual Report
(Unaudited)

iShares Trust
●	iShares Currency Hedged MSCI Australia ETF \| HAUD \| NYSE Arca
●	iShares Currency Hedged MSCI Canada ETF \| HEWC \| NYSE Arca
●	iShares Currency Hedged MSCI Japan ETF \| HEWJ \| NYSE Arca
●	iShares Currency Hedged MSCI Mexico ETF \| HEWW \| NYSE Arca
●	iShares Currency Hedged MSCI South Korea ETF \| HEWY \| 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	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	44
Supplemental Information	45
General Information	46
Glossary of Terms Used in this Report	47
Additional Financial Information	48

Fund Summary as of February 29, 2020

iShares^®Currency Hedged MSCI Australia ETF

Investment Objective

The iShares Currency Hedged MSCI Australia ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization Australian equities while mitigating exposure to fluctuations between the value of the Australian dollar and the U.S. dollar, as represented by the MSCI Australia 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 Australia ETF.

Performance

			Average Annual Total Returns				Cumulative Total Returns
					Since				Since
	6 Months		1 Year		Inception		1 Year		Inception
Fund NAV	(1.67	)%	8.21	%	7.14	%	8.21	%	38.02	%
Fund Market	(1.18	)	9.07		7.14		9.07		38.04
Index	(0.03	)	10.22		7.77		10.22		41.82

The inception date of the Fund was 6/29/15. The first day of secondary market trading was 7/1/15.

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)(b)

(09 /01/19)

(02 /29/20)

the Period

^(a)(b)

Ratio

^(a)

1,000.00

983.30

0.15

1,000.00

1,024.70

0.15

0.03%

^(a)

Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)

Portfolio Information

Tables shown are for the underlying fund in which the Fund invests.

ALLOCATION BY SECTOR
	Percent of
Sector	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

TEN LARGEST HOLDINGS
	Percent of
Security	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

^(a) Excludes money market funds

F u n d S u m m a r y

Fund Summary as of February 29, 2020

iShares^®Currency Hedged MSCI Canada ETF

Investment Objective

The iShares Currency Hedged MSCI Canada ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization Canadian equities while mitigating exposure to fluctuations between the value of the Canadian dollar and the U.S. dollar, as represented by the MSCI Canada 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 Canada ETF.

Performance

			Average Annual Total Returns				Cumulative Total Returns
					Since				Since
	6 Months		1 Year		Inception		1 Year		Inception
Fund NAV	0.16	%	3.99	%	5.22	%	3.99	%	26.83	%
Fund Market	0.35		4.03		5.21		4.03		26.75
Index	0.20		4.02		5.46		4.02		28.19

The inception date of the Fund was 6/29/15. The first day of secondary market trading was 7/1/15.

Expense Example

Actual							Hypothetical 5% Return
Beginning		Ending		Expenses			Beginning		Ending		Expenses			Annualized
Account Value (09/01/19)		Account Value (02/29/20)		Paid During the Period		^(a)(b)	Account Value (09/01/19)		Account Value (02/29/20)		Paid During the Period		^(a)(b)	Expense Ratio		^(a)
$	1,000.00	$	1,001.60	$	0.15		$	1,000.00	$	1,024.70	$	0.15			0.03%

^(a)

Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)

Portfolio Information

Tables shown are for the underlying fund in which the Fund invests.

ALLOCATION BY SECTOR
			Percent of
Sector			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

TEN LARGEST HOLDINGS
	Percent of
Security	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

^(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^®Currency Hedged MSCI Japan ETF

Investment Objective

The iShares Currency Hedged MSCI Japan ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization Japanese equities while mitigating exposure to fluctuations between the value of the Japanese yen and the U.S. dollar, as represented by the MSCI Japan 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 Japan ETF.

Performance

		Average Annual Total Returns						Cumulative Total Returns
						Since						Since
	6 Months	1 Year		5 Years		Inception		1 Year		5 Years		Inception
Fund NAV	1.78%	(1.81	)%	1.84	%	5.86	%	(1.81	)%	9.57	%	41.38	%
Fund Market	1.84	(1.64	)	1.88		5.88		(1.64	)	9.76		41.52
Index	3.05	0.16		2.62		6.11		0.16		13.82		43.48

The inception date of the Fund was 1/31/14. The first day of secondary market trading was 2/4/14.

Expense Example

Actual							Hypothetical 5% Return
Beginning		Ending		Expenses			Beginning		Ending		Expenses			Annualized
Account Value (09/01/19)		Account Value (02/29/20)		Paid During the Period		^(a)(b)	Account Value (09/01/19)		Account Value (02/29/20)		Paid During the Period		^(a)(b)	Expense Ratio		^(a)
$	1,000.00	$	1,017.80	$	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)

Portfolio Information

Tables shown are for the underlying fund in which the Fund invests.

ALLOCATION BY SECTOR
	Percent of
Sector	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

TEN LARGEST HOLDINGS
	Percent of
Security	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

^(a) Excludes money market funds

Fu n d S u m m a r y 5

Fund Summary as of February 29, 2020

iShares^®Currency Hedged MSCI Mexico ETF

Investment Objective

The iShares Currency Hedged MSCI Mexico ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization Mexican equities while mitigating exposure to fluctuations between the value of the Mexican peso and the U.S. dollar, as represented by the MSCI Mexico IMI 25/50 100% 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 Mexico ETF.

Performance

			Average Annual Total Returns				Cumulative Total Returns
					Since				Since
	6 Months		1 Year		Inception		1 Year		Inception
Fund NAV	(2.75	)%	(4.55	)%	(3.73	)%	(4.55	)%	(16.26	)%
Fund Market	(3.07	)	(4.34	)	(3.83	)	(4.34	)	(16.69	)
Index	(3.25	)	(5.01	)	(3.69	)	(5.01	)	(16.12	)

The inception date of the Fund was 6/29/15. The first day of secondary market trading was 7/1/15.

Expense Example

Actual							Hypothetical 5% Return
Beginning		Ending		Expenses			Beginning		Ending		Expenses			Annualized
Account Value (09/01/19)		Account Value (02/29/20)		Paid During the Period		^(a)(b)	Account Value (09/01/19)		Account Value (02/29/20)		Paid During the Period		^(a)(b)	Expense Ratio		^(a)
$	1,000.00	$	972.50	$	0.15		$	1,000.00	$	1,024.70	$	0.15			0.03%

^(a)

Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)

Portfolio Information

Tables shown are for the underlying fund in which the Fund invests.

ALLOCATION BY SECTOR
	Percent of
Sector	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

TEN LARGEST HOLDINGS
	Percent of
Security	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

^(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^®Currency Hedged MSCI South Korea ETF

Investment Objective

The iShares Currency Hedged MSCI South Korea ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization South Korean equities while mitigating exposure to fluctuations between the value of the South Korean won and the U.S. dollar, as represented by the MSCI Korea 25/50 100% 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 South Korea ETF.

Performance

			Average Annual Total Returns				Cumulative Total Returns
					Since				Since
	6 Months		1 Year		Inception		1 Year		Inception
Fund NAV	5.54	%	(3.36	)%	4.53	%	(3.36	)%	22.99	%
Fund Market	4.79		(4.28	)	4.41		(4.28	)	22.32
Index	4.37		(3.96	)	4.74		(3.96	)	24.12

The inception date of the Fund was 6/29/15. The first day of secondary market trading was 7/1/15.

Expense Example

Actual							Hypothetical 5% Return
Beginning		Ending		Expenses			Beginning		Ending		Expenses			Annualized
Account Value (09/01/19)		Account Value (02/29/20)		Paid During the Period		^(a)(b)	Account Value (09/01/19)		Account Value (02/29/20)		Paid During the Period		^(a)(b)	Expense Ratio		^(a)
$	1,000.00	$	1,055.40	$	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)

Portfolio Information

Tables shown are for the underlying fund in which the Fund invests.

ALLOCATION BY SECTOR
	Percent of
Sector	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

TEN LARGEST HOLDINGS
	Percent of
Security	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

^(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.

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

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.

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^® Currency Hedged MSCI Australia ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Investment Companies

Exchange-Traded Funds — 98.8%
iShares MSCI Australia ETF^(a)		124,317	$	2,501,258
Total Investment Companies — 98.8%
(Cost: $2,663,353)				2,501,258

Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(a)(b)		1,000		1,000
Total Short-Term Investments — 0.1%
(Cost: $1,000)				1,000
Total Investments in Securities — 98.9%
(Cost: $2,664,353)				2,502,258
Other Assets, Less Liabilities — 1.1%				28,655
Net Assets — 100.0%			$	2,530,913

^(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:

																		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		516,749		—			(516,749	)^(b)		—	$	—	$	614	^(c)	$	—	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		1,000	^(b)		—			1,000		1,000		3			—		—
iShares MSCI Australia ETF		60,489		67,939			(4,111	)		124,317		2,501,258		27,497			595		(239,535	)
											$	2,502,258	$	28,114		$	595	$	(239,535	)

^(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)
AUD	4,130,000	USD	2,662,818		MS	03/03/20	$	27,671
USD	2,775,410	AUD	4,130,000		MS	03/03/20		84,921
AUD	219,000	USD	141,793		MS	04/02/20		976
USD	2,716,748	AUD	4,130,000		MS	04/02/20		24,338
								137,906
AUD	4,130,000	USD	2,715,087		MS	03/03/20		(24,598	)
USD	2,662,818	AUD	4,130,000		MS	03/03/20		(27,672	)
								(52,270	)
	Net unrealized appreciation						$	85,636

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 Australia 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:

	Foreign
	Currency
	Exchange
	Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	137,906
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	52,270

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	$	80,311
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	55,190

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	3,183,386
Average amounts sold — in USD	$	4,972,476

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	$	137,906	$	52,270
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	137,906	$	52,270
Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA")		—		—
Total derivative assets and liabilities subject to an MNA	$	137,906	$	52,270

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:

		Derivative
		Assets
		Subject to	Derivatives			Net Amount
		an MNA by	Available			of Derivative
Counterparty		Counterparty	for Offset^(a)			Assets^(b)
Morgan Stanley & Co. International PLC	$	137,906	$	(52,270	)	$	85,636

		Derivative
		Liabilities
		Subject to	Derivatives			Net Amount
		an MNA by	Available			of Derivative
Counterparty		Counterparty	for Offset^(a)			Liabilities
Morgan Stanley & Co. International PLC	$	52,270	$	(52,270	)	$	—

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)
February 29, 2020

iShares^®Currency Hedged MSCI Australia ETF

^(a)

The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA.

^(b) Net amount represents the net amount receivable from the counterparty in the event of default.

Fair Value Measurements

	Level 1		Level 2			Level 3		Total
Investments Assets Investment Companies	$	2,501,258	$	—		$	—	$	2,501,258
Money Market Funds		1,000		—			—		1,000
	$	2,502,258	$	—		$	—	$	2,502,258
Derivative financial instruments^(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	137,906		$	—	$	137,906
Liabilities
Forward Foreign Currency Exchange Contracts		—		(52,270	)		—		(52,270	)
	$	—	$	85,636		$	—	$	85,636

^(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)
February 29, 2020
iShares^®Currency Hedged MSCI Canada ETF
(Percentages shown are based on Net Assets)

Security Shares Value

Investment Companies

Exchange-Traded Funds — 99.3%

iShares MSCI Canada ETF^(a)(b) 1,625,617 $ 44,850,773

Total Investment Companies — 99.3%

(Cost: $46,048,746) 44,850,773

Short-Term Investments

Money Market Funds — 2.4%

BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(a)(c)(d) 1,040,769 1,041,497

BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(a)(c) 32,000 32,000

1,073,497

Total Short-Term Investments — 2.4%

(Cost: $1,073,289) 1,073,497

Total Investments in Securities — 101.7%

(Cost: $47,122,035) 45,924,270

Other Assets, Less Liabilities — (1.7)% (747,950 )

Net Assets — 100.0% $ 45,176,320

^(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 1940 Act, 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 7,183,927 — (6,143,158 )^(b) 1,040,769 $ 1,041,497 $ 6,198 ^(c) $ 533 $ 221

BlackRock Cash Funds: Treasury, SL Agency Shares 480,000 — (448,000 )^(b) 32,000 32,000 89 — —

iShares MSCI Canada ETF 1,354,924 398,555 (127,862 ) 1,625,617 44,850,773 634,741 238,455 (1,563,703 )

$ 45,924,270 $ 641,028 $ 238,988 $ (1,563,482 )

^(a)

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

^(b) Net of purchases and sales.

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

Forward Foreign Currency Exchange Contracts

							Unrealized
							Appreciation
Currency Purchased		Currency Sold		Counterparty		Settlement Date	(Depreciation)
USD	48,550,160	CAD	64,188,000		MS	03/03/20	$	728,863
CAD	1,475,000	USD	1,098,862		MS	04/02/20		80
USD	48,103,736	CAD	64,188,000		MS	04/02/20		280,759
								1,009,702
CAD	64,188,000	USD	48,103,289		MS	03/03/20		(281,992	)
CAD	1,982,000	USD	1,478,375		MS	04/02/20		(1,695	)
								(283,687	)
	Net unrealized appreciation						$	726,015

12	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) (continued)
February 29, 2020

iShares^®Currency Hedged MSCI Canada ETF

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 $ 1,009,702

Liabilities — Derivative Financial Instruments

Forward foreign currency exchange contracts

Unrealized depreciation on forward foreign currency exchange contracts $ 283,687

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	$	158,359

Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	304,750

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	42,743,774
Average amounts sold — in USD	$	84,028,704

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

Derivative Financial Instruments - Offsetting as of Period End

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

Assets Liabilities

Derivative Financial Instruments:

Forward foreign currency exchange contracts $ 1,009,702 $ 283,687

Total derivative assets and liabilities in the Statement of Assets and Liabilities $ 1,009,702 $ 283,687

Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") — —

Total derivative assets and liabilities subject to an MNA $ 1,009,702 $ 283,687

Derivative

Assets

Subject to Derivatives Cash Net Amount

an MNA by Available Collateral of Derivative

Counterparty Counterparty for Offset ^(a) Received ^(b) Assets ^(c)(d)

Morgan Stanley & Co. International PLC $ 1,009,702 $ (283,687 ) $ (490,000 ) $ 236,015

Derivative

Liabilities

Subject to Derivatives Cash Net Amount

an MNA by Available Collateral of Derivative

Counterparty Counterparty for Offset ^(a) Pledged Liabilities

Morgan Stanley & Co. International PLC $ 283,687 $ (283,687 ) $ — $ —

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)
February 29, 2020

iShares^®Currency Hedged MSCI Canada ETF

^(a)

The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA.

^(b) Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

^(c) Net amount represents the net amount receivable from the counterparty in the event of default.

^(d) Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

Fair Value Measurements

Level 1 Level 2 Level 3 Total

Investments

Assets

Investment Companies $ 44,850,773 $ — $ — $ 44,850,773

Money Market Funds 1,073,497 — — 1,073,497

$ 45,924,270 $ — $ — $ 45,924,270

Derivative financial instruments^(a)

Assets

Forward Foreign Currency Exchange Contracts $ — $ 1,009,702 $ — $ 1,009,702

Liabilities

Forward Foreign Currency Exchange Contracts — (283,687 ) — (283,687 )

$ — $ 726,015 $ — $ 726,015

^(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)
February 29, 2020

iShares^®Currency Hedged MSCI Japan ETF

(Percentages shown are based on Net Assets)

Security	Shares		Value

Investment Companies

Exchange-Traded Funds — 102.0%
iShares MSCI Japan ETF^(a)		5,956,293	$	315,445,277

Total Investment Companies — 102.0%
(Cost: $358,603,043)				315,445,277

Short-Term Investments

Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(a)(b)		882,000		882,000

Total Short-Term Investments — 0.3%
(Cost: $882,000)				882,000

Total Investments in Securities — 102.3%
(Cost: $359,485,043)				316,327,277

Other Assets, Less Liabilities — (2.3)%				(7,176,278	)

Net Assets — 100.0%			$	309,150,999

^(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 1940 Act, 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: Treasury, SL Agency Shares	—	882,000	^(b)	—		882,000	$	882,000	$	2,725	$	—		$	—
iShares MSCI Japan ETF	6,100,458	4,571,728		(4,715,893	)	5,956,293		315,445,277		4,885,011		(2,051,984	)		(5,885,962	)
							$	316,327,277	$	4,887,736	$	(2,051,984	)	$	(5,885,962	)

^(a)

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

^(b) Net of purchases and sales.

Forward Foreign Currency Exchange Contracts

							Unrealized
							Appreciation
Currency Purchased		Currency Sold		Counterparty		Settlement Date	(Depreciation)
JPY	550,641,000	USD	5,022,557		ANZ	03/03/20	$	82,589
JPY	69,389,000	USD	641,173		BNP	03/03/20		2,151
JPY	184,520,000	USD	1,677,757		CITI	03/03/20		32,979
JPY	3,823,113,000	USD	35,230,460		HSBC	03/03/20		214,682
JPY	10,118,899,300	USD	92,785,138		MS	03/03/20		1,029,986
JPY	33,643,462,400	USD	306,217,119		NAB	03/03/20		5,700,760
JPY	3,666,567,000	USD	33,341,633		SSB	03/03/20		652,127
JPY	1,922,558,000	USD	17,853,983		BOA	04/02/20		179
JPY	1,465,956,000	USD	13,579,993		HSBC	04/02/20		33,857
JPY	37,318,000	USD	340,496		MS	04/02/20		6,064
								7,755,374
USD	1,650,207	JPY	180,994,000		BNP	03/03/20		(27,839	)
USD	82,406	JPY	9,030,000		BOA	03/03/20		(1,313	)
USD	175,724	JPY	19,650,000		BSCH	03/03/20		(6,456	)
USD	45,042	JPY	4,941,000		CBA	03/03/20		(767	)

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)
February 29, 2020

iShares^®Currency Hedged MSCI Japan ETF

Forward Foreign Currency Exchange Contracts (continued)

							Unrealized
							Appreciation
Currency Purchased		Currency Sold		Counterparty		Settlement Date	(Depreciation)
USD	11,363,784	JPY	1,273,457,000		CITI	03/03/20	$	(442,789	)
USD	339,669,158	JPY	36,960,848,300		HSBC	03/03/20		(3,005,127	)
USD	76,850,946	JPY	8,318,629,400		MS	03/03/20		(273,376	)
USD	64,409	JPY	7,037,000		NAB	03/03/20		(832	)
USD	47,708,970	JPY	5,268,822,000		SSB	03/03/20		(1,139,742	)
USD	120,197	JPY	13,183,000		TDB	03/03/20		(2,027	)
JPY	1,478,714,000	USD	13,746,400		UBS	04/02/20		(14,071	)
USD	54,111,529	JPY	5,937,081,600		MS	04/02/20		(1,024,190	)
USD	306,717,390	JPY	33,643,462,400		NAB	04/02/20		(5,718,355	)
								(11,656,884	)
	Net unrealized depreciation						$	(3,901,510	)

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 $ 7,755,374

Liabilities — Derivative Financial Instruments

Forward foreign currency exchange contracts

Unrealized depreciation on forward foreign currency exchange contracts $ 11,656,884

Forward foreign currency exchange contracts Foreign Currency Exchange Contracts

Foreign

Currency

Exchange

Contracts

Net Realized Gain (Loss) from:

Forward foreign currency exchange contracts $ 4,577,371

Net Change in Unrealized Appreciation (Depreciation) on:

Forward foreign currency exchange contracts $ 3,337,710

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:

Average amounts purchased — in USD $ 451,843,338

Average amounts sold — in USD $ 791,937,292

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

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

Schedule of Investments (unaudited) (continued)
February 29, 2020

iShares^®Currency Hedged MSCI Japan ETF

Derivative Financial Instruments - Offsetting as of Period End

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

	Assets		Liabilities
Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	7,755,374	$	11,656,884
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	7,755,374	$	11,656,884
Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA")		—		—
Total derivative assets and liabilities subject to an MNA	$	7,755,374	$	11,656,884

	Derivative
	Assets
	Subject to		Derivatives			Cash		Net Amount
	an MNA by		Available			Collateral		of Derivative
Counterparty	Counterparty		for Offset		^(a)	Received		Assets		^(b)(c)
Australia and New Zealand Bank Group	$	82,589	$	—		$	—	$	82,589
Bank of America N.A		179		(179	)		—		—
BNP Paribas SA		2,151		(2,151	)		—		—
Citibank N.A.		32,979		(32,979	)		—		—
HSBC Bank PLC		248,539		(248,539	)		—		—
Morgan Stanley & Co. International PLC		1,036,050		(1,036,050	)		—		—
National Australia Bank Limited		5,700,760		(5,700,760	)		—		—
State Street Bank and Trust Co.		652,127		(652,127	)		—		—
	$	7,755,374	$	(7,672,785	)	$	—	$	82,589

Derivative

Liabilities

Subject to Derivatives Cash Net Amount

an MNA by Available Collateral of Derivative

Counterparty Counterparty for Offset ^(a) Pledged ^(d) Liabilities ^(c)(e)

Banco Santander Central Hispano $ 6,456 $ — $ — $ 6,456

Bank of America N.A. 1,313 (179 ) — 1,134

BNP Paribas SA 27,839 (2,151 ) — 25,688

Citibank N.A. 442,789 (32,979 ) — 409,810

Commonwealth Bank of Australia 767 — — 767

HSBC Bank PLC 3,005,127 (248,539 ) — 2,756,588

Morgan Stanley & Co. International PLC 1,297,566 (1,036,050 ) (261,516 ) —

National Australia Bank Limited 5,719,187 (5,700,760 ) — 18,427

State Street Bank and Trust Co. 1,139,742 (652,127 ) — 487,615

Toronto Dominion Bank 2,027 — — 2,027

UBS AG 14,071 — — 14,071

$ 11,656,884 $ (7,672,785 ) $ (261,516 ) $ 3,722,583

^(a)

The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA.

^(b) Net amount represents the net amount receivable from the counterparty in the event of default.

^(c) Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

^(d) Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

^(e) Net amount represents the net amount payable due to 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)
February 29, 2020

iShares^®Currency Hedged MSCI Japan ETF

Fair Value Measurements (continued)

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	315,445,277	$	—		$	—	$	315,445,277
Money Market Funds		882,000		—			—		882,000
	$	316,327,277	$	—		$	—	$	316,327,277
Derivative financial instruments^(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	7,755,374		$	—	$	7,755,374
Liabilities
Forward Foreign Currency Exchange Contracts		—		(11,656,884	)		—		(11,656,884	)
	$	—	$	(3,901,510	)	$	—	$	(3,901,510	)

^(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)
February 29, 2020

iShares^®Currency Hedged MSCI Mexico ETF

(Percentages shown are based on Net Assets)

Security Shares Value

Investment Companies

Exchange-Traded Funds — 98.1%

iShares MSCI Mexico ETF^(a)(b) 18,186 $ 756,902

Total Investment Companies — 98.1%

(Cost: $827,506) 756,902

Short-Term Investments

Money Market Funds — 41.4%

BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(a)(c)(d) 318,956 319,179

Total Short-Term Investments — 41.4%

(Cost: $319,147) 319,179

Total Investments in Securities — 139.5%

(Cost: $1,146,653) 1,076,081

Other Assets, Less Liabilities — (39.5)% (304,547 )

Net Assets — 100.0% $ 771,534

^(a)

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

^(b) Net of purchases and sales.

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 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 361,871 — (42,915 )^(b) 318,956 $ 319,179 $ 2,024 ^(c) $ (34 ) $ 68

iShares MSCI Mexico ETF 19,457 1,014 (2,285 ) 18,186 756,902 8,103 (10,127 ) 17,242

$ 1,076,081 $ 10,127 $ (10,161 ) $ 17,310

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

^(b) Net of purchases and sales.

Forward Foreign Currency Exchange Contracts

							Unrealized
							Appreciation
Currency Purchased		Currency Sold		Counterparty		Settlement Date	(Depreciation)
MXN	15,679,000	USD	792,009		MS	03/03/20	$	4,567
USD	831,607	MXN	15,679,000		MS	03/03/20		35,031
MXN	640,000	USD	32,226		MS	04/02/20		136
USD	802,360	MXN	15,614,000		MS	04/02/20		12,839
								52,573
MXN	15,679,000	USD	809,510		MS	03/03/20		(12,934	)
USD	792,009	MXN	15,679,000		MS	03/03/20		(4,567	)
								(17,501	)
	Net unrealized appreciation						$	35,072

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)
February 29, 2020

iShares^®Currency Hedged MSCI Mexico ETF

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 $ 52,573

Liabilities — Derivative Financial Instruments

Forward foreign currency exchange contracts

Unrealized depreciation on forward foreign currency exchange contracts $ 17,501

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 $ (39,432 )

Net Change in Unrealized Appreciation (Depreciation) on:

Forward foreign currency exchange contracts $ 905

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:

Average amounts purchased — in USD $ 1,347,059

Average amounts sold — in USD $ 2,164,721

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 $ 52,573 $ 17,501

Total derivative assets and liabilities in the Statement of Assets and Liabilities $ 52,573 $ 17,501

Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") — —

Total derivative assets and liabilities subject to an MNA $ 52,573 $ 17,501

Derivative

Assets

Subject to Derivatives Net Amount

an MNA by Available of Derivative

Counterparty Counterparty for Offset^(a) Assets^(b)

Morgan Stanley & Co. International PLC $ 52,573 $ (17,501 ) $ 35,072

	Derivative
	Liabilities
	Subject to		Derivatives			Net Amount
	an MNA by		Available			of Derivative
Counterparty	Counterparty		for Offset		^(a)	Liabilities
Morgan Stanley & Co. International PLC	$	17,501	$	(17,501	)	$	—

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

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

^(a)

The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA.

^(b)

Net amount represents the net amount receivable from the counterparty in the event of default.

Fair Value Measurements

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	756,902	$	—		$	—	$	756,902
Money Market Funds		319,179		—			—		319,179
	$	1,076,081	$	—		$	—	$	1,076,081
Derivative financial instruments^(a)
Assets
Forward Foreign Currency Exchange Contracts.	$	—	$	52,573		$	—	$	52,573
Liabilities
Forward Foreign Currency Exchange Contracts		—		(17,501	)		—		(17,501	)
	$	—	$	35,072		$	—	$	35,072

^(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^® Currency Hedged MSCI South Korea ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 100.7%
iShares MSCI South Korea ETF^(a)		36,529	$	2,007,634
Total Investment Companies — 100.7%
(Cost: $2,437,265)				2,007,634

Short-Term Investments
Money Market Funds — 1.6%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(a)(b)		31,000		31,000
Total Short-Term Investments — 1.6%
(Cost: $31,000)				31,000
Total Investments in Securities — 102.3%
(Cost: $2,468,265)				2,038,634
Other Assets, Less Liabilities — (2.3)%				(45,628	)
Net Assets — 100.0%			$	1,993,006

^(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:

																			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		—		0	^(b)		—			—	$	—	$	55	^(c)	$	(116	)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		33,000		—			(2,000	)^(b)		31,000		31,000		267			—			—
iShares MSCI South Korea ETF		45,214		2,840			(11,525	)		36,529		2,007,634		45,907			(115,259	)		221,162
											$	2,038,634	$	46,229		$	(115,375	)	$	221,162

^(a)

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

^(b) Net of purchases and sales.

Forward Foreign Currency Exchange Contracts

						Unrealized
						Appreciation
Currency Purchased		Currency Sold		Counterparty	Settlement Date	(Depreciation)
KRW	2,563,851,000	USD	2,109,645	MS	03/03/20	$	1,390
USD	2,152,900	KRW	2,563,851,000	MS	03/03/20		41,866
KRW	107,933,000	USD	89,457	MS	04/02/20		413
							43,669
KRW	2,563,851,000	USD	2,117,581	MS	03/03/20		(6,547	)
USD	2,109,645	KRW	2,563,851,000	MS	03/03/20		(1,390	)
USD	2,095,615	KRW	2,536,951,000	MS	04/02/20		(16,751	)
							(24,688	)
	Net unrealized appreciation					$	18,981

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

Schedule of Investments (unaudited) (continued)	iShares^® Currency Hedged MSCI South Korea 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:

	Foreign
	Currency
	Exchange
	Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	43,669

Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	24,688

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

	Currency
	Exchange
	Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts.	$	61,294

Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts.	$	(73,031	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD.	$	4,398,746
Average amounts sold — in USD	$	6,791,123

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	$	43,669	$	24,688
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	43,669	$	24,688
Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA")		—		—
Total derivative assets and liabilities subject to an MNA	$	43,669	$	24,688

Derivative

Assets

Subject to

Derivatives

Cash

Net Amount

an MNA by

Available

Collateral

of Derivative

Counterparty

for Offset^(a)

Received^(b)

Assets

Morgan Stanley & Co. International PLC.

43,669

(24,688

)

(18,981

)

—

Derivative

Liabilities

Subject to

Derivatives

Cash

Net Amount

an MNA by

Available

Collateral

of Derivative

Counterparty

for Offset^(a)

Pledged

Liabilities

Morgan Stanley & Co. International PLC.

24,688

(24,688

)

—

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 South Korea ETF
February 29, 2020

^(a)

The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA.

^(b)

Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

Fair Value Measurements

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	2,007,634	$	—		$	—	$	2,007,634
Money Market Funds		31,000		—			—		31,000
	$	2,038,634	$	—		$	—	$	2,038,634

Derivative financial instruments^(a)
Assets
Forward Foreign Currency Exchange Contracts.	$	—	$	43,669		$	—	$	43,669
Liabilities
Forward Foreign Currency Exchange Contracts		—		(24,688	)		—		(24,688	)
	$	—	$	18,981		$	—	$	18,981

^(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			iShares			iShares			iShares
	Currency			Currency			Currency			Currency
	Hedged			Hedged			Hedged			Hedged
	MSCI			MSCI			MSCI Japan			MSCI Mexico
	Australia ETF			Canada ETF			ETF			ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a)
Affiliated^(b)	$	2,502,258		$	45,924,270		$	316,327,277		$	1,076,081
Cash		148			480,175			674			434
Receivables:
Securities lending income — Affiliated		185			2,142			—			257
Capital shares sold		—			—			339,125			—
Dividends		—			466			757			—
Unrealized appreciation on:
Forward foreign currency exchange contracts		137,906			1,009,702			7,755,374			52,573
Total assets		2,640,497			47,416,755			324,423,207			1,129,345

LIABILITIES
Cash received:
Collateral — forward foreign currency exchange contracts		—			490,000			700,000			—
Collateral on securities loaned, at value		—			1,040,750			—			319,146
Payables:
Investments purchased		57,248			424,842			2,727,357			21,144
Capital shares redeemed		—			—			186,519			—
Investment advisory fees		66			1,156			1,448			20
Unrealized depreciation on:
Forward foreign currency exchange contracts		52,270			283,687			11,656,884			17,501
Total liabilities		109,584			2,240,435			15,272,208			357,811

NET ASSETS	$	2,530,913		$	45,176,320		$	309,150,999		$	771,534

NET ASSETS CONSIST OF:
Paid-in capital	$	3,039,166		$	45,553,367		$	417,554,764		$	1,330,886
Accumulated loss		(508,253	)		(377,047	)		(108,403,765	)		(559,352	)
NET ASSETS	$	2,530,913		$	45,176,320		$	309,150,999		$	771,534

Shares outstanding		100,000			1,750,000			10,550,000			50,000
Net asset value	$	25.31		$	25.82		$	29.30		$	15.43
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None

(a) Securities loaned, at value	$	—		$	998,758		$	—		$	308,904
(b) Investments, at cost — Affiliated	$	2,664,353		$	47,122,035		$	359,485,043		$	1,146,653

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
	Currency
	Hedged
		MSCI South
		Korea ETF

ASSETS
Investments in securities, at value:
Affiliated^(a)	$	2,038,634
Cash		24
Receivables:
Securities lending income — Affiliated		8
Dividends		40
Unrealized appreciation on:
Forward foreign currency exchange contracts.		43,669
Total assets		2,082,375

LIABILITIES
Cash received:
Collateral — forward foreign currency exchange contracts.		30,000
Payables:
Investments purchased		34,681
Unrealized depreciation on:
Forward foreign currency exchange contracts.		24,688
Total liabilities		89,369

NET ASSETS	$	1,993,006

NET ASSETS CONSIST OF:
Paid-in capital	$	2,560,159
Accumulated loss		(567,153	)
NET ASSETS	$	1,993,006

Shares outstanding		100,000
Net asset value	$	19.93
Shares authorized		Unlimited
Par value		None

(a) Investments, at cost — Affiliated	$	2,468,265

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 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
	Currency			iShares			iShares			Currency
	Hedged			Currency			Currency			Hedged
	MSCI			Hedged			Hedged			MSCI
	Australia			MSCI			MSCI Japan			Mexico
	ETF			Canada ETF			ETF			ETF

INVESTMENT INCOME
Dividends — Affiliated	$	27,500		$	634,830		$	4,887,736		$	8,103
Securities lending income — Affiliated — net		614			6,198			—			2,024
Total investment income		28,114			641,028			4,887,736			10,127

EXPENSES
Investment advisory fees		5,433			132,048			937,881			2,523
Total expenses		5,433			132,048			937,881			2,523
Less:
Investment advisory fees waived		(5,170	)		(125,657	)		(931,592	)		(2,400	)
Total expenses after fees waived		263			6,391			6,289			123
Net investment income		27,851			634,637			4,881,447			10,004

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		595			8,708			(171,908	)		(10,161	)
In-kind redemptions — Affiliated		—			230,280			(1,880,076	)		—
Forward foreign currency exchange contracts		80,311			158,359			4,577,371			(39,432	)
Net realized gain (loss)		80,906			397,347			2,525,387			(49,593	)
Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		(239,535	)		(1,563,482	)		(5,885,962	)		17,310
Forward foreign currency exchange contracts		55,190			304,750			3,337,710			905
Net change in unrealized appreciation (depreciation)		(184,345	)		(1,258,732	)		(2,548,252	)		18,215
Net realized and unrealized loss		(103,439	)		(861,385	)		(22,865	)		(31,378	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(75,588	)	$	(226,748	)	$	4,858,582		$	(21,374	)

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
	Currency
	Hedged
	MSCI
	South
		Korea ETF

INVESTMENT INCOME
Dividends — Affiliated	$	46,174
Securities lending income — Affiliated — net.		55
Total investment income		46,229

EXPENSES
Investment advisory fees		9,063
Total expenses		9,063
Less:
Investment advisory fees waived		(9,063	)
Total expenses after fees waived		—
Net investment income		46,229

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		(115,375	)
Forward foreign currency exchange contracts		61,294
Net realized loss		(54,081	)
Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		221,162
Forward foreign currency exchange contracts		(73,031	)
Net change in unrealized appreciation (depreciation)		148,131
Net realized and unrealized gain		94,050
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	140,279

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 Currency Hedged MSCI Australia ETF						iShares Currency Hedged MSCI Canada 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.	$	27,851		$	67,798		$	634,637			795,267
Net realized gain		80,906			86,345			397,347			512,750
Net change in unrealized appreciation (depreciation)		(184,345	)		(35,340	)		(1,258,732	)		720,515
Net increase (decrease) in net assets resulting from operations		(75,588	)		118,803			(226,748	)		2,028,532

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(28,053	)		(67,624	)		(1,022,741	)		(1,551,758	)

CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,321,172			—			8,136,184			32,455,361

NET ASSETS
Total increase in net assets		1,217,531			51,179			6,886,695			32,932,135
Beginning of period		1,313,382			1,262,203			38,289,625			5,357,490
End of period	$	2,530,913		$	1,313,382		$	45,176,320		$	38,289,625

^(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 Currency Hedged MSCI Japan ETF						iShares Currency Hedged MSCI MexiCo ETF
		Six Months						Six Months
		Ended						Ended			Year
		02/29/20			Year Ended			02/29/20			Ended
		(unaudited)			08/31/19			(unaudited)			08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	4,881,447		$	10,254,418		$	10,004		$	27,218
Net realized gain (loss)		2,525,387			(11,275,497	)		(49,593	)		115
Net change in unrealized appreciation (depreciation)		(2,548,252	)		(80,881,818	)		18,215			(124,873	)
Net increase (decrease) in net assets resulting from operations		4,858,582			(81,902,897	)		(21,374	)		(97,540	)

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(4,438,282	)		(10,252,183	)		(11,031	)		(26,532	)

CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(20,407,449	)		(583,540,993	)		—			(44,352	)

NET ASSETS
Total decrease in net assets		(19,987,149	)		(675,696,073	)		(32,405	)		(168,424	)
Beginning of period		329,138,148			1,004,834,221			803,939			972,363
End of period	$	309,150,999		$	329,138,148		$	771,534		$	803,939

^(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
	Currency Hedged MSCI South
		Korea ETF
		Six Months
		Ended
		02/29/20			Year Ended
		(unaudited)			08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	46,229		$	299,366
Net realized loss		(54,081	)		(1,275,302	)
Net change in unrealized appreciation (depreciation)		148,131			(752,661	)
Net increase (decrease) in net assets resulting from operations		140,279			(1,728,597	)

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(551,573	)		(1,247,093	)

CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		—			3,941,137

NET ASSETS
Total increase (decrease) in net assets		(411,294	)		965,447
Beginning of period		2,404,300			1,438,853
End of period	$	1,993,006		$	2,404,300

^(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 Currency Hedged MSCI Australia ETF
	Six Months Ended															Period From
		02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			06/29/15	^(a)
		(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			to 08/31/15

Net asset value, beginning of period	$	26.27		$	25.24		$	23.06		$	22.02		$	23.52		$	24.48
Net investment income (loss)^(b)		0.43			1.36			1.05			0.75			0.72			(0.00	)^(c)
Net realized and unrealized gain (loss)^(d)		(0.83	)		1.02			2.18			1.40			0.49			(0.96	)
Net increase (decrease) from investment operations		(0.40	)		2.38			3.23			2.15			1.21			(0.96	)

Distributions^(e)
From net investment income		(0.56	)		(1.35	)		(1.05	)		(1.11	)		(0.90	)		—
In excess of net investment income		—			—			—			—			(1.81	)		—
Total distributions		(0.56	)		(1.35	)		(1.05	)		(1.11	)		(2.71	)		—

Net asset value, end of period	$	25.31		$	26.27		$	25.24		$	23.06		$	22.02		$	23.52

Total Return
Based on net asset value		(1.67	)%^(f)		10.12	%		14.25	%		9.86	%		5.70	%		(3.92	)%^(f)

Ratios to Average Net Assets
Total expenses^(g)		0.62	%^(h)		0.62	%		0.62	%		0.62	%		0.62	%		0.62	%^(h)
Total expenses after fees waived^(g)		0.03	%^(h)		0.03	%		0.03	%		0.03	%		0.03	%		0.04	%^(h)
Net investment income (loss)		3.18	%^(h)		5.53	%		4.38	%		3.31	%		3.33	%		(0.04	)%^(h)

Supplemental Data
Net assets, end of period (000)	$	2,531		$	1,313		$	1,262		$	1,153		$	9,910		$	2,352
Portfolio turnover rate^(i)(j)		5	%^(f)		11	%		12	%		13	%		15	%		0	%^(f)(k)

^(a)

Commencement of operations.

^(b)

Based on average shares outstanding.

^(c)

Rounds to less than $0.01.

^(d)

^(e)

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

^(f)

Not annualized.

^(g)

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

^(h)

Annualized.

⁽ⁱ⁾

Portfolio turnover rate excludes in-kind transactions.

^(j)

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

^(k)

Rounds to less than 1%.

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 Currency Hedged MSCI Canada ETF
	Six Months Ended															Period From
		02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			06/29/15	^(a)
		(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			to 08/31/15

Net asset value, beginning of period	$	26.41		$	26.79		$	24.70		$	23.54		$	23.47		$	24.36
Net investment income (loss)^(b)		0.40			0.59			0.56			0.24			0.41			(0.00	)^(c)
Net realized and unrealized gain (loss)^(d)		(0.33	)		0.30			2.10			1.38			1.07			(0.89	)
Net increase (decrease) from investment operations		0.07			0.89			2.66			1.62			1.48			(0.89	)

Distributions^(e)
From net investment income		(0.29	)		(0.64	)		(0.57	)		(0.46	)		(0.46	)		—
From net realized gain		(0.37	)		(0.63	)		—			—			(0.95	)		—
Return of capital		—			—			—			—			(0.00	)^(c)
Total distributions		(0.66	)		(1.27	)		(0.57	)		(0.46	)		(1.41	)		—

Net asset value, end of period	$	25.82		$	26.41		$	26.79		$	24.70		$	23.54		$	23.47

Total Return
Based on net asset value		0.16	%^(f)		3.84	%		10.82	%		6.86	%		6.92	%		(3.69	)%^(f)

Ratios to Average Net Assets
Total expenses^(g)		0.62	%^(h)		0.62	%		0.62	%		0.62	%		0.62	%		0.62	%^(h)
Total expenses after fees waived^(g)		0.03	%^(h)		0.03	%		0.03	%		0.03	%		0.03	%		0.05	%^(h)
Net investment income (loss)		2.98	%^(h)		2.31	%		2.12	%		0.98	%		1.84	%		(0.05	)%^(h)

Supplemental Data
Net assets, end of period (000)	$	45,176		$	38,290		$	5,357		$	2,470		$	10,593		$	2,347
Portfolio turnover rate^(i)(j)		5	%^(f)		12	%		10	%		8	%		13	%		0	%^(f)

^(a)

Commencement of operations.

^(b)

Based on average shares outstanding.

^(c)

Rounds to less than $0.01.

^(d)

^(e)

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

^(f)

Not annualized.

^(g)

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

^(h)

Annualized.

⁽ⁱ⁾

Portfolio turnover rate excludes in-kind transactions.

^(j)

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 Currency Hedged MSCI 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	$	29.13		$	32.36		$	29.56		$	24.73		$	29.46		$	25.02
Net investment income^(a)		0.45			0.45			0.46			0.52			0.41			0.43
Net realized and unrealized gain (loss)^(b)		0.11			(3.04	)		2.81			4.78			(4.11	)		4.58
Net increase (decrease) from investment operations		0.56			(2.59	)		3.27			5.30			(3.70	)		5.01

Distributions^(c)
From net investment income		(0.39	)		(0.64	)		(0.47	)		(0.47	)		(0.44	)		(0.32	)
From net realized gain		—			—			—			—			(0.59	)		(0.25	)
Total distributions		(0.39	)		(0.64	)		(0.47	)		(0.47	)		(1.03	)		(0.57	)

Net asset value, end of period	$	29.30		$	29.13		$	32.36		$	29.56		$	24.73		$	29.46

Total Return
Based on net asset value		1.78	%^(d)		(8.06	)%		11.07	%		21.50	%		(12.91	)%		20.08	%

Ratios to Average Net Assets
Total expenses^(e)		0.53	%^(f)		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%
Total expenses after fees waived^(e)		0.00	%^(f)(g)		0.00	%^(g)		0.01	%		0.00	%(g)		0.00	%^(g)		0.01	%
Net investment income		2.76	%^(f)		1.47	%		1.41	%		1.84	%		1.57	%		1.39	%

Supplemental Data
Net assets, end of period (000)	$	309,151		$	329,138		$	1,004,834		$	1,198,726		$	476,015		$	735,081
Portfolio turnover rate^(h)(i)		2	%^(d)		9	%		9	%		11	%		11	%		12	%

^(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)

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

^(f)

Annualized.

^(g)

Rounds to less than 0.01%.

^(h)

Portfolio turnover rate excludes in-kind transactions.

⁽ⁱ⁾

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 Currency Hedged MSCI Mexico ETF
	Six Months Ended															Period From
		02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			06/29/15	^(a)
		(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			to 08/31/15

Net asset value, beginning of period	$	16.08		$	19.45		$	21.52		$	23.54		$	24.03		$	24.43
Net investment income (loss)^(b)		0.20			0.51			0.41			0.43			0.49			(0.00	)^(c)
Net realized and unrealized gain (loss)^(d)		(0.63	)		(3.43	)		(1.95	)		0.09			1.15			(0.40	)
Net increase (decrease) from investment operations		(0.43	)		(2.92	)		(1.54	)		0.52			1.64			(0.40	)

Distributions^(e)
From net investment income		(0.22	)		(0.45	)		(0.53	)		(0.33	)		(0.71	)		—
In excess of net investment income		—			—			—			(2.21	)		(1.42	)		—
Total distributions		(0.22	)		(0.45	)		(0.53	)		(2.54	)		(2.13	)		—

Net asset value, end of period	$	15.43		$	16.08		$	19.45		$	21.52		$	23.54		$	24.03

Total Return
Based on net asset value		(2.75	)%^(f)		(15.02	)%		(7.10	)%		3.24	%		7.41	%		(1.64	)%^(f)

Ratios to Average Net Assets
Total expenses^(g)		0.62	%^(h)		0.62	%		0.62	%		0.62	%		0.62	%		0.62	%^(h)
Total expenses after fees waived^(g)		0.03	%^(h)		0.03	%		0.03	%		0.03	%		0.03	%		0.04	%^(h)
^{Net investment income (loss)}		2.46	%^(h)		3.01	%		2.05	%		2.03	%		2.11	%		(0.04	)%^(h)

Supplemental Data
Net assets, end of period (000)	$	772		$	804		$	972		$	3,228		$	1,177		$	2,403
Portfolio turnover rate^(i)(j)		5	%^(f)		18	%		23	%		12	%		22	%		0	%^(f)(k)

^(a)

Commencement of operations.

^(b)

Based on average shares outstanding.

^(c)

Rounds to less than $0.01.

^(d)

^(e)

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

^(f) Not annualized.

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

^(h) Annualized.

⁽ⁱ⁾ Portfolio turnover rate excludes in-kind transactions.

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

^(k) 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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI South Korea ETF
	Six Months Ended																Period From
		02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			06/29/15	^(a)
		(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			to 08/31/15

Net asset value, beginning of period	$	24.04		$	28.78		$	29.31		$	24.71		$	22.70		$	24.64
Net investment income (loss)^(b)		0.46			0.43			0.89			0.51			2.12			(0.00	)^(c)
Net realized and unrealized gain (loss)^(d)		0.95			(3.75	)		(0.53	)		5.29			0.92			(1.94	)
Net increase (decrease) from investment operations		1.41			(3.32	)		0.36			5.80			3.04			(1.94	)

Distributions^(e)
From net investment income		(0.47	)		(0.37	)		(0.89	)		(0.35	)		(0.55	)		—
From net realized gain		(5.05	)		(1.05	)		—			(0.85	)		(0.48	)		—
Total distributions		(5.52	)		(1.42	)		(0.89	)		(1.20	)		(1.03	)		—

Net asset value, end of period	$	19.93		$	24.04		$	28.78		$	29.31		$	24.71		$	22.70

Total Return
Based on net asset value		5.54	%^(f)		(11.65	)%		1.09	%		24.59	%		13.67	%		(7.87	)%^(f)

Ratios to Average Net Assets
Total expenses^(g)		0.77	%^(h)		0.77	%		0.77	%		0.77	%		0.77	%		0.77	%^(h)
Total expenses after fees waived^(g)		0.00	%^(h)		0.00	%		0.00	%		0.00	%		0.00	%		0.02	%^(h)
Net investment income (loss)		3.93	%^(h)		1.65	%		2.96	%		2.01	%		9.13	%		(0.02	)%^(h)

Supplemental Data
Net assets, end of period (000)	$	1,993		$	2,404		$	1,439		$	1,465		$	12,353		$	2,270
Portfolio turnover rate^(i)(j)		7	%^(f)		17	%		11	%		25	%		21	%		2	%^(f)

^(a)

Commencement of operations.

^(b)

Based on average shares outstanding.

^(c)

Rounds to less than $0.01.

^(d)

^(e)

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

^(f) Not annualized.

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)

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 Australia	Diversified
Currency Hedged MSCI Canada	Diversified
Currency Hedged MSCI Japan	Diversified
Currency Hedged MSCI MexiCo	Diversified
Currency Hedged MSCI South Korea	Diversified

Currently each Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements and schedules of investments for the underlying funds should be read in conjunction with the Funds' financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

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:

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)

•

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”).

• 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.

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;

•

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

4. SECURITIES AND OTHER INVESTMENTS

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

As of 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.

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)

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
Currency Hedged MSCI Canada
TD Prime Services LLC	$	998,758	$	998,758	$	—	$	—
Currency Hedged MSCI MexiCo
Citigroup Global Markets Inc.	$	225,664	$	225,664	$	—	$	—
Jefferies LLC		83,240		83,240		—		—
	$	308,904	$	308,904	$	—	$	—

^(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 with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Forward Foreign Currency Exchange Contracts: Each Fund uses forward foreign currency exchange contracts to hedge the currency exposure of non-U.S. dollar-denominated securities held in its portfolio or its underlying fund’s portfolio. A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency against another currency at an agreed upon price and quantity. The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

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

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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 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
Currency Hedged MSCI Australia		0.62	%
Currency Hedged MSCI Canada		0.62
Currency Hedged MSCI Japan		0.53
Currency Hedged MSCI MexiCo		0.62
Currency Hedged MSCI South Korea		0.77

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

For the iShares Currency Hedged MSCI Australia 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 Australia ETF (“EWA”), after taking into account any fee waivers by EWA, plus 0.03%.

For the iShares Currency Hedged MSCI Canada 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 Canada ETF (“EWC”), after taking into account any fee waivers by EWC, plus 0.03%.

For the iShares Currency Hedged MSCI Japan ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2020 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds, provided that the waiver be no greater than the Fund’s investment advisory fee of 0.53%. BFA has also contractually agreed to waive an additional portion of its investment advisory fee for the Fund through December 31, 2020 such that the Fund’s total annual operating expenses after fee waiver will be equal to the greater of the acquired fund fees and expenses or 0.48%.

For the iShares Currency Hedged MSCI Mexico 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 Mexico ETF (“EWW”), after taking into account any fee waivers by EWW, plus 0.03%.

For the iShares Currency Hedged MSCI South Korea 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 South Korea ETF (“EWY”), after taking into account any fee waivers by EWY, plus 0.03%. BFA has also contractually agreed to an additional reduction in the investment advisory fee of 0.03% through December 31, 2020.

		Fees Paid
iShares ETF		to BTC
Currency Hedged MSCI Australia	$	128
Currency Hedged MSCI Canada		1,581
Currency Hedged MSCI MexiCo		490
Currency Hedged MSCI South Korea		19

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)

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

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 Australia	$	209,704	$	92,703
Currency Hedged MSCI Canada		2,157,768		2,410,053
Currency Hedged MSCI Japan		21,218,594		5,859,456
Currency Hedged MSCI MexiCo		43,534		101,407
Currency Hedged MSCI South Korea		165,186		671,553

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


iShares ETF	In-kind Purchases		In-kind Sales
Currency Hedged MSCI Australia	$	1,311,795	$	—
Currency Hedged MSCI Canada		9,570,004		1,337,006
Currency Hedged MSCI Japan		244,975,090		265,887,698

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 Australia	$	468,506
Currency Hedged MSCI Japan		69,777,311
Currency Hedged MSCI MexiCo		417,442

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Currency Hedged MSCI Australia	$	2,678,160	$	85,636	$	(175,902	)	$	(90,266	)
Currency Hedged MSCI Canada		47,136,864		726,224		(1,212,803	)		(486,579	)
Currency Hedged MSCI Japan		361,262,228		—		(48,836,461	)		(48,836,461	)
Currency Hedged MSCI MexiCo		1,169,369		35,104		(93,320	)		(58,216	)
Currency Hedged MSCI South Korea		2,478,719		18,981		(440,085	)		(421,104	)

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)

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
Currency Hedged MSCI Australia
Shares sold	50,000		$	1,321,172		—		$	—
Currency Hedged MSCI Canada
Shares sold	350,000		$	9,479,812		1,850,000		$	47,613,132
Shares redeemed	(50,000	)		(1,343,628	)	(600,000	)		(15,157,771	)
Net increase	300,000		$	8,136,184		1,250,000		$	32,455,361
Currency Hedged MSCI Japan
Shares sold	7,550,000		$	246,426,505		14,950,000		$	470,204,334
Shares redeemed	(8,300,000	)		(266,833,954	)	(34,700,000	)		(1,053,745,327	)
Net decrease	(750,000	)	$	(20,407,449	)	(19,750,000	)	$	(583,540,993	)
Currency Hedged MSCI MexiCo
Shares sold.	—		$	—		50,000		$	814,287
Shares redeemed	—			—		(50,000	)		(858,639	)
Net decrease	—		$	—		—		$	(44,352	)
Currency Hedged MSCI South Korea
Shares sold.	—		$	—		1,450,000		$	40,677,512
Shares redeemed	—			—		(1,400,000	)		(36,736,375	)
Net increase	—		$	—		50,000		$	3,941,137

2 0 2 0 i S h a r e s S e m i - A n 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)

may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

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 43

Statement Regarding Liquidity Risk Management Program

The Board of Trustees (the “Board”) of iShares Currency Hedged MSCI Australia ETF, iShares Currency Hedged MSCI Canada ETF, iShares Currency Hedged MSCI Japan ETF, iShares Currency Hedged MSCI Mexico ETF and iShares Currency Hedged 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 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:

2 0 2 0 i S h a r e s S e m i - A n 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
		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
Currency Hedged MSCI Australia^(a)	$	0.520742	$	—	$	0.040318	$	0.561060		93	%	—	%	7	%	100	%
Currency Hedged MSCI Canada^(a)		0.158619		0.371966		0.128232		0.658817		25		56		19		100
Currency Hedged MSCI Japan^(a)		0.308492		—		0.086022		0.394514		78		—		22		100
Currency Hedged MSCI Mexico^(a)		0.219054		—		0.001561		0.220615		99		—		1		100
Currency Hedged MSCI South Korea^(a)		0.151074		5.053720		0.310940		5.515734		2		92		6		100

^(a)

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

N o t e s t o F i n a n c i a l S t a t e m e n t s 45

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

2 0 2 0 i S h a r e s S e m i - A n 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

Counterparty Abbreviations

ANZ	Australia and New Zealand Bank Group
BNP	BNP Paribas SA
BOA	Bank of America N.A.
BSCH	Banco Santander Central Hispano
CBA	Commonwealth Bank of Australia
CITI	Citibank N.A.
HSBC	HSBC Bank PLC
MS	Morgan Stanley & Co. International PLC
NAB	National Australia Bank Limited
SSB	State Street Bank and Trust Co.
TDB	Toronto Dominion Bank
UBS	UBS AG

Currency Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
USD	United States Dollar

N o t e s t o F i n a n c i a l S t a t e m e n t s 47

Additional Financial Information

February 29, 2020

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

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.

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) 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).

2 0 2 0 i S h a r e s S e m i - A n 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

2 0 2 0 i S h a r e s S e m i - A n 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 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)

^(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:

															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		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)

Futures Contracts

Value/

Notional

Unrealized

Number of

Expiration

Amount

Appreciation

Description

Contracts

Date

(000

)

(Depreciation)

Long Contracts

S&P/TSX 60 Index

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

2 0 2 0 i S h a r e s S e m i - A n 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

2 0 2 0 i S h a r e s S e m i - A n 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.

2 0 2 0 i S h a r e s S e m i - A n 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:

															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		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)

Futures Contracts

Value/

Notional

Unrealized

Number of

Expiration

Amount

Appreciation

Description

Contracts

Date

(000

)

(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.

2 0 2 0 i S h a r e s S e m i - A n 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 1940Act, were as follows:


	Shares					Shares										Change in 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		3,758,756		(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

Value/

Notional

Unrealized

Number of

Expiration

Amount

Appreciation

Description

Contracts

Date

(000

)

(Depreciation)

Long Contracts

MEX BOLSA Index

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)

2 0 2 0 i S h a r e s S e m i - A n 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

2 0 2 0 i S h a r e s S e m i - A n 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 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		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

Value/

Notional

Unrealized

Number of

Expiration

Amount

Appreciation

Description

Contracts

Date

(000

)

(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)

2 0 2 0 i S h a r e s S e m i - A n 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			iShares			iShares			iShares
	ETF			MSCI Canada ETF			MSCI Japan ETF			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.

2 0 2 0 i S h a r e s S e m i - A n 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			iShares			iShares			iShares
	MSCI			MSCI			MSCI Japan			MSCI MexiCo
	Australia ETF			Canada ETF			ETF			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.

2 0 2 0 i S h a r e s S e m i - A n 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						iShares
	MSCI Australia ETF						MSCI Canada 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	$	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.

2 0 2 0 i S h a r e s S e m i - A n 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 Japan ETF						MSCI Mexico 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	$	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			Year Ended
		(unaudited)			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.

2 0 2 0 i S h a r e s S e m i - A n 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			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	$	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)

^(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			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	$	28.22		$	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)

^(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 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	^(a)		08/31/16	^(a)		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)

^(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			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	$	41.47		$	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)

^(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 South Korea 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	$	53.34		$	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)

^(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%

^(g) 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

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

		Diversification
iShares ETF		Classification
MSCI Australia		Non-diversified
MSCI Canada		Diversified
MSCI Japan		Diversified
MSCI MexiCo		Non-diversified
MSCI South Korea		Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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.

2 0 2 0 i S h a r e s S e m i - A n 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

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 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;

•

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 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.

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:


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)

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.

2 0 2 0 i S h a r e s S e m i - A n 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)

DERIVATIVE FINANCIAL INSTRUMENTS

INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each of the iShares MSCI Australia, iShares MSCI Canada, iShares MSCI Japan and iShares MSCI Mexico ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

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

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

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $2 billion		0.74	%
Over $2 billion, up to and including $4 billion		0.69
Over $4 billion, up to and including $8 billion		0.64
Over $8 billion, up to and including $16 billion		0.57
Over $16 billion, up to and including $24 billion		0.51
Over $24 billion, up to and including $32 billion		0.48
Over $32 billion		0.45

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

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	)

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

2 0 2 0 i S h a r e s S e m i - A n 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)

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 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

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)

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

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.

2 0 2 0 i S h a r e s S e m i - A n 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

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity

CPO Certificates of Participation (Ordinary)

NVS Non-Voting Shares

2 0 2 0 i S h a r e s S e m i - A n 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-801-0220

FEBRUARY 29, 2020


	2020 Semi-Annual Report (Unaudited)

iShares Trust

•

iShares Currency Hedged MSCI Eurozone ETF | HEZU | NYSE Arca

•

iShares Currency Hedged MSCI Germany ETF | HEWG | NASDAQ

•

iShares Currency Hedged MSCI Italy ETF | HEWI | NYSE Arca

•

iShares Currency Hedged MSCI Spain ETF | HEWP | NYSE Arca

•

iShares Currency Hedged MSCI Switzerland ETF | HEWL | 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	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	44
Supplemental Information	45
General Information	46
Glossary of Terms Used in this Report	47
Additional Financial Information	48

Fund Summary as of February 29, 2020

iShares^®Currency Hedged MSCI Eurozone ETF

Investment Objective

The iShares Currency Hedged 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 which use the euro as their official currency while mitigating exposure to fluctuations between the value of the euro and the U.S. dollar, as represented by the MSCI EMU 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 Eurozone ETF.

Performance

			Average Annual Total Returns						Cumulative Total Returns
							Since						Since
	6 Months		1 Year		5 Years		Inception				5 Years		Inception
Fund NAV	0.07	%	6.09	%	3.92	%	5.83	%	6.09	%	21.21	%	37.65	%
Fund Market	0.14		6.27		3.93		5.84		6.27		21.24		37.78
Index	(0.02	)	5.85		4.06		6.12		5.85		22.02		39.79

The inception date of the Fund was 7/9/14. The first day of secondary market trading was 7/10/14.

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	$ 1,000.70	$ 0.15	$ 1,000.00	$ 1,024.70	$ 0.15	0.03	%

^(a)	Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.
^(b)	Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (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

Tables shown are for the underlying fund in which the Fund invests.

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^®Currency Hedged MSCI Germany ETF

Investment Objective

The iShares Currency Hedged MSCI Germany ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization German equities while mitigating exposure to fluctuations between the value of the euro and the U.S. dollar, as represented by the MSCI Germany 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 Germany ETF.

Performance

			Average Annual Total Returns						Cumulative Total Returns
							Since						Since
	6 Months		1 Year		5 Years		Inception		1 Year		5 Years		Inception
Fund NAV	0.65	%	4.53	%	1.79	%	4.82	%	4.53	%	9.26	%	33.12	%
Fund Market	0.65		4.57		1.79		4.82		4.57		9.26		33.11
Index	0.74		4.73		2.05		5.05		4.73		10.66		34.98

The inception date of the Fund was 1/31/14. The first day of secondary market trading was 2/4/14.

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 $ 1,006.50 $ 0.15 $ 1,000.00 $ 1,024.70 $ 0.15 0.03 %

(a) Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

(b) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (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

Tables shown are for the underlying fund in which the Fund invests.

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^®Currency Hedged MSCI Italy ETF

Investment Objective

The iShares Currency Hedged MSCI Italy ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization Italian equities while mitigating exposure to fluctuations between the value of the euro and the U.S. dollar, as represented by the MSCI Italy 25/50 100% 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 Italy ETF.

Performance

			Average Annual Total Returns				Cumulative Total Returns
					Since				Since
	6 Months		1 Year		Inception		1 Year		Inception
Fund NAV	3.11	%	11.28	%	4.04	%	11.28	%	20.30	%
Fund Market	3.11		11.22		3.99		11.22		20.05
Index	2.69		10.23		3.58		10.23		17.83

The inception date of the Fund was 6/29/15. The first day of secondary market trading was 7/1/15.

Expense Example

(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 8 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	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	%
ntesa 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

5

Fund Summary as of February 29, 2020 iShares^®Currency Hedged MSCI I Spain ETF

Investment Objective

The iShares Currency Hedged MSCI Spain ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization Spanish equities while mitigating exposure to fluctuations between the value of the euro and the U.S. dollar, as represented by the MSCI Spain 25/50 100% 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 Spain ETF.

Performance

			Average Annual Total Returns				Cumulative Total Returns
					Since				Since
	6 Months		1 Year		Inception		1 Year		Inception
Fund NAV	1.64	%^(a)	(0.24	)%	0.93	%	(0.24	)%	4.41	%
Fund Market	1.89		(0.10	)	0.94		(0.10	)	4.46
Index	1.62		(0.74	)	0.94		(0.74	)	4.45

^(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 6/29/15. The first day of secondary market trading was 7/1/15.

Expense Example

(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 8 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	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)
berdrola SA	17.0	%
Banco Santander SA	14.7
Banco Bilbao Vizcaya Argentaria SA	7.0
ndustria 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^®Currency Hedged MSCI Switzerland ETF

Investment Objective

The iShares Currency Hedged MSCI Switzerland ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization Swiss equities while mitigating exposure to fluctuations between the value of the Swiss franc and the U.S. dollar, as represented by the MSCI Switzerland 25/50 100% 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 Switzerland ETF.

Performance

			Average Annual Total Returns				Cumulative Total Returns
					Since				Since
	6 Months		1 Year		Inception		1 Year		Inception
Fund NAV	(0.05	)%	11.37	%	8.42	%	11.37	%	45.88	%
Fund Market	0.46		11.79		8.51		11.79		46.42
Index	0.18		10.99		8.46		10.99		46.09

The inception date of the Fund was 6/29/15. The first day of secondary market trading was 7/1/15.

Expense Example

Portfolio Information

Tables shown are for the underlying fund in which the Fund invests.

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

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.

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 calcu late market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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.

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^® Currency Hedged MSCI Eurozone ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares	Value
Investment Companies
Exchange-Traded Funds — 100.6%
iShares MSCI Eurozone ETF^(a)	23,309,379	$ 873,868,619
Total Investment Companies — 100.6% (Cost: $993,090,120)		873,868,619

Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(a)(b)	954,000	954,000
Total Short-Term Investments — 0.1% (Cost: $954,000)		954,000
Total Investments in Securities — 100.7% (Cost: $994,044,120)		874,822,619
Other Assets, Less Liabilities — (0.7)%		(6,499,852	)
Net Assets — 100.0%		$ 868,322,767

^(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 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	851,000	103,000	^(b)	—		954,000	$	954,000	$	6,321	$	—		$	—
iShares MSCI Eurozone ETF	22,742,705	9,653,694		(9,087,020	)	23,309,379		873,868,619		4,077,200		(578,044	)		(3,820,602	)
							$	874,822,619	$	4,083,521	$	(578,044	)	$	(3,820,602	)

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

(b) Net of purchases and sales.

Forward Foreign Currency Exchange Contracts

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

EUR 41,537,000 USD 45,093,539 BNP 03/03/20 $ 761,239

EUR 5,898,000 USD 6,426,859 BOA 03/03/20 84,239

EUR 647,000 USD 703,874 DB 03/03/20 10,382

EUR 215,667,586 USD 236,492,018 MS 03/03/20 1,594,247

EUR 4,371,000 USD 4,757,525 SSB 03/03/20 67,841

EUR 725,524,593 USD 795,555,854 UBS 03/03/20 5,387,132

USD 24,196,348 EUR 21,797,000 CITI 03/03/20 133,547

USD 12,357,537 EUR 11,171,000 JPM 03/03/20 25,310

USD 99,910,995 EUR 90,473,834 MS 03/03/20 32,392

EUR 31,777,000 USD 35,034,571 BNP 04/02/20 111,175

EUR 31,049,000 USD 34,170,232 SSB 04/02/20 170,339

8,377,843

EUR 3,253,000 USD 3,610,989 BOA 03/03/20 (19,839 )

EUR 4,286,000 USD 4,737,306 MS 03/03/20 (5,774 )

USD 32,474,954 EUR 29,928,000 BNP 03/03/20 (564,067 )

F U N D S U M M A R Y

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

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

USD 815,150,272 EUR 738,554,511 BOA 03/03/20 $ (177,094 )

USD 1,605,833 EUR 1,465,000 DB 03/03/20 (11,454 )

USD 1,849,727 EUR 1,700,000 JPM 03/03/20 (26,989 )

USD 96,261,385 EUR 87,633,834 MS 03/03/20 (482,000 )

USD 18,468,647 EUR 17,079,000 SSB 03/03/20 (385,717 )

USD 1,504,576 EUR 1,382,000 UBS 03/03/20 (21,083 )

EUR 3,942,000 USD 4,360,759 UBS 04/02/20 (859 )

USD 3,039,966 EUR 2,761,000 BOA 04/02/20 (13,733 )

USD 140,485,998 EUR 128,033,752 MS 04/02/20 (1,120,887 )

USD 797,016,335 EUR 725,524,593 UBS 04/02/20 (5,422,674 )

(8,252,170 )

Net unrealized appreciation $ 125,673

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	$	8,377,843
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts	$	8,252,170

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. $ 19,857,454

Net Change in Unrealized Appreciation (Depreciation) on:

Forward foreign currency exchange contracts $ (14,593,183 )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:

Average amounts purchased — in USD $ 1,042,762,783

Average amounts sold — in USD. $ 1,941,932,037

For more information about the Fund’s investment risks regarding derivative 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^® Currency Hedged MSCI Eurozone ETF
February 29, 2020

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	$	8,377,843	$	8,252,170

Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	8,377,843	$	8,252,170
Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA")		—		—
Total derivative assets and liabilities subject to an MNA	$	8,377,843	$	8,252,170

	Derivative
	Assets
	Subject to		Derivatives			Cash			Net Amount
	an MNA by		Available			Collateral			of Derivative
Counterparty	Counterparty		for Offset^(a)			Received^(b)			Assets^(c)(d)

Bank of America N.A	$	84,239	$	(84,239	)	$	—		$	—
BNP Paribas SA		872,414		(564,067	)		—			308,347
Citibank N.A.		133,547		—			—			133,547
Deutsche Bank AG London		10,382		(10,382	)		—			—
JPMorgan Chase Bank N.A.		25,310		(25,310	)		—			—
Morgan Stanley & Co. International PLC		1,626,639		(1,608,661	)		(17,978	)		—
State Street Bank and Trust Co.		238,180		(238,180	)		—			—
UBSAG		5,387,132		(5,387,132	)		—			—
	$	8,377,843	$	(7,917,971	)	$	(17,978	)	$	441,894

	Derivative
	Liabilities
	Subject to		Derivatives			Cash		Net Amount
	an MNA by		Available			Collateral		of Derivative
Counterparty	Counterparty		for Offset^(a)			Pledged		Liabilities^(d)(e)
Bank of America N.A	$	210,666	$	(84,239	)	$	—	$	126,427
BNP Paribas SA		564,067		(564,067	)		—		—
Deutsche Bank AG London		1 1,454		(10,382	)		—		1,072
JPMorgan Chase Bank N.A.		26,989		(25,310	)		—		1,679
Morgan Stanley & Co. International PLC		1,608,661		(1,608,661	)		—		—
State Street Bank and Trust Co.		385,717		(238,180	)		—		147,537
UBSAG		5,444,616		(5,387,132	)		—		57,484
	$	8,252,170	$	(7,917,971	)	$	—	$	334,199

^(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

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 Eurozone ETF

February 29, 2020

Fair Value Measurements (continued)

	Level 1		Level 2			Level 3		Total

Investments
Assets
Investment Companies	$	873,868,619	$	—		$	—	$	873,868,619
Money Market Funds		954,000		—			—		954,000
	$	874,822,619	$	—		$	—	$	874,822,619
Derivative financial instruments^(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	8,377,843		$	—	$	8,377,843
Liabilities
Forward Foreign Currency Exchange Contracts		—		(8,252,170	)		—		(8,252,170	)
	$	—	$	125,673		$	—	$	125,673

^(a)

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

See notes to financial statements.

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

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

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 100.7%
iShares MSCI Germany ETF^(a)		5,420,829	$	142,134,136

Total Investment Companies — 100.7%
(Cost: $172,296,148)				142,134,136

Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(a)(b)		75,000		75,000

Total Short-Term Investments — 0.0%
(Cost: $75,000)				75,000

Total Investments in Securities — 100.7%
(Cost: $172,371,148)				142,209,136

Other Assets, Less Liabilities — (0.7)%				(1,045,175	)
Net Assets — 100.0% .			$	141,163,961

^(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 1940 Act, 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: Treasury, SL Agency Shares		75,000		—		—			75,000	$	75,000	$	537	$	—		$	—
iShares MSCI Germany ETF		5,844,757		751,153		(1,175,081	)		5,420,829		142,134,136		—		(1,446,988	)		2,052,312
										$	142,209,136	$	537	$	(1,446,988	)	$	2,052,312

^(a)

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

Forward Foreign Currency Exchange Contracts

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

EUR	36,110,150	USD	39,596,871		MS	03/03/20	$	266,935
EUR	125,788,950	USD	137,930,728		UBS	03/03/20		934,002
USD	5,655,842	EUR	5,095,000		CITI	03/03/20		31,216
USD	15,360,350	EUR	13,912,100		MS	03/03/20		2,085
EUR	2,547,000	USD	2,804,344		BOA	04/02/20		12,669
EUR	4,943,000	USD	5,449,920		CITI	04/02/20		17,098
EUR	6,386,000	USD	7,027,959		SSB	04/02/20		35,035
								1,299,040
EUR	1,092,000	USD	1,212,176		MS	03/03/20		(6,662	)
USD	18,276,884	EUR	16,681,100		MS	03/03/20		(138,219	)
USD	140,498,962	EUR	127,302,900		SSB	03/03/20		(37,094	)
EUR	3,646,000	USD	4,033,315		UBS	04/02/20		(794	)
USD	24,359,384	EUR	22,198,050		MS	04/02/20		(191,929	)

SC 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 Germany ETF

February 29, 2020

Forward Foreign Currency Exchange Contracts (continued)

						Unrealized
						Appreciation
Currency Purchased	Currency Sold		Counterparty		Settlement Date	(Depreciation)
USD 138,183,942	EUR	125,788,950		UBS	04/02/20	$	(940,165	)
							(1,314,863	)
Net unrealized depreciation						$	(15,823	)

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:

	Foreign
	Currency
	Exchange
	Contracts

Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	1,299,040
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	1,3 14,863

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 $ 3,854,480

Net Change in Unrealized Appreciation (Depreciation) on:

Forward foreign currency exchange contracts $ (2,762,918 )

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	186,459,350
Average amounts sold — in USD	$	341,198,994

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

Derivative Financial Instruments - Offsetting as of Period End

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

	Assets		Liabilities

Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	1,299,040	$	1,314,863
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	1,299,040	$	1,314,863
Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA")		—		—
Total derivative assets and liabilities subject to an MNA	$	1,299,040	$	1,314,863

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^®Currency Hedged MSCI Germany ETF

February 29, 2020

	Derivative
	Assets
	Subject to		Derivatives			Net Amount
	an MNA by		Available			of Derivative
Counterparty	Counterparty		for Offset^(a)			Assets^(b)
Bank of America N.A	$	12,669	$	—		$	12,669
Citibank N.A.		48,314		—			48,314
Morgan Stanley & Co. International PLC		269,020		(269,020	)		—
State Street Bank and Trust Co.		35,035		(35,035	)		—
UBSAG		934,002		(934,002	)		—
	$	1,299,040	$	(1,238,057	)	$	60,983

	Derivative
	Liabilities
	Subject to		Derivatives			Net Amount
	an MNA by		Available			of Derivative
Counterparty	Counterparty		for Offset^(a)			Liabilities^(c)
Morgan Stanley & Co. International PLC	$	336,810	$	(269,020	)	$	67,790
State Street Bank and Trust Co.		37,094		(35,035	)		2,059
UBSAG		940,959		(934,002	)		6,957
	$	1,314,863	$	(1,238,057	)	$	76,806

^(a)

The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA.

^(b) Net amount represents the net amount receivable from the counterparty in the event of default.

^(c) Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Measurements

	Level 1		Level 2			Level 3		Total

Investments
Assets
Investment Companies	$	142,134,136	$	—		$	—	$	142,134,136
Money Market Funds		75,000		—			—		75,000
	$	142,209,136	$	—		$	—	$	142,209,136

Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	1,299,040		$	—	$	1,299,040
Liabilities
Forward Foreign Currency Exchange Contracts		—		(1,314,863	)		—		(1,314,863	)
	$	—	$	(15,823	)	$	—	$	(15,823	)

^(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^® Currency Hedged MSCI Italy ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies

Exchange-Traded Funds — 100.8%
iShares MSCI Italy ETF^(a)		64,461	$	1,755,918

Total Investment Companies — 100.8%
(Cost: $1,905,169)				1,755,918

Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(a)(b)		1,000		1,000

Total Short-Term Investments — 0.1%
(Cost: $1,000)				1,000

Total Investments in Securities — 100.9%
(Cost: $1,906,169)				1,756,918

Other Assets, Less Liabilities — (0.9)%				(15,136	)

Net Assets — 100.0%			$	1,741,782

^(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 1940 Act, 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 130,344 — (130,344 )^(b) — $ — $ 6,624 ^(c) $ 58 $ 13

BlackRock Cash Funds: Treasury, SL Agency Shares — 1,000 ^(b) — 1,000 1,000 3 — —

iShares MSCI Italy ETF 62,897 3,914 (2,350 ) 64,461 1,755,918 12,988 (1,840 ) 23,024

$ 1,756,918 $ 19,615 $ (1,782 ) $ 23,037

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

^(b) Net of purchases and sales.

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

Forward Foreign Currency Exchange Contracts

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

EUR	3,420,000	USD	3,750,245		MS	03/03/20	$	25,265
USD	1,892,870	EUR	1,714,000		MS	03/03/20		700
EUR	103,000	USD	113,455		MS	04/02/20		464
								26,429
EUR	8,000	USD	8,879		MS	03/03/20		(48	)
USD	1,882,743	EUR	1,714,000		MS	03/03/20		(9,427	)
USD	1,870,911	EUR	1,706,000		MS	04/02/20.		(15,947	)
								(25,422	)
	Net unrealized appreciation							$ 1 ,007

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

Schedule of Investments (unaudited) (continued)	iShares^®Currency Hedged MSCI Italy 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:

	Foreign
	Currency
	Exchange
	Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	26,429

Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	25,422

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.	$	41,701

Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts.	$	(27,021	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD.	$	3,062,221
Average amounts sold — in USD	$	4,852,078

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	$	26,429	$	25,422
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	26,429	$	25,422
Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA")		—		—
Total derivative assets and liabilities subject to an MNA	$	26,429	$	25,422

		Derivative
		Assets
		Subject to	Derivatives			Net Amount
		an MNA by	Available			of Derivative
Counterparty		Counterparty	for Offset^(a)			Assets^(b)
Morgan Stanley & Co. International PLC	$	26,429	$	(25,422	)	$	1,007

		Derivative
		Liabilities
		Subject to	Derivatives			Net Amount
		an MNA by	Available			of Derivative
Counterparty		Counterparty	for Offset^(a)			Liabilities
Morgan Stanley & Co. International PLC	$	25,422	$	(25,422	)	$	—

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 Italy ETF

February 29, 2020

^(a) The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA.

^(b) Net amount represents the net amount receivable from the counterparty in the event of default.

Fair Value Measurements

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	1,755,918	$	—		$	—	$	1,755,918
Money Market Funds		1,000		—			—		1,000
	$	1,756,918	$	—		$	—	$	1,756,918
Derivative financial instruments^(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	26,429		$	—	$	26,429
Liabilities
Forward Foreign Currency Exchange Contracts		—		(25,422	)		—		(25,422	)
	$	—	$	1,007		$	—	$	1,007

^(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^® Currency Hedged MSCI Spain ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies

Exchange-Traded Funds — 100.8%
iShares MSCI Spain ETF^(a)(b)		275,959	$	7,254,962

Total Investment Companies — 100.8%
(Cost: $9,120,912)				7,254,962

Short-Term Investments
Money Market Funds — 46.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(a)(c)(d)		3,338,105		3,340,442
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(a)(c)		3,000		3,000
				3,343,442
Total Short-Term Investments — 46.4%
(Cost: $3,343,238)				3,343,442

Total Investments in Securities — 147.2%
(Cost: $12,464,150)				10,598,404

Other Assets, Less Liabilities — (47.2)%				(3,400,580	)

Net Assets — 100.0%			$	7,197,824

^(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 1940 Act, 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.		3,874,277		—		(536,172	)^(b)		3,338,105	$	3,340,442	$	15,451	^(c)	$	(48	)	$	590
BlackRock Cash Funds: Treasury, SL Agency Shares		5,000		—		(2,000	)^(b)		3,000		3,000		29			—			—
iShares MSCI Spain ETF		385,170		24,490		(133,701	)		275,959		7,254,962		185,250			(412,020	)		534,361
										$	10,598,404	$	200,730		$	(412,068	)	$	534,951

^(a)

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

^(b) Net of purchases and sales.

Forward Foreign Currency Exchange Contracts

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

EUR	14,080,000	USD	15,439,542		MS	03/03/20	$	104,076
USD	7,773,572	EUR	7,040,000		MS	03/03/20		1,763
EUR	402,000	USD	442,997		MS	04/02/20		1,620
								107,459
USD	7,733,088	EUR	7,040,000		MS	03/03/20		(38,721	)
USD	7,720,522	EUR	7,040,000		MS	04/02/20		(65,803	)
								(104,524	)
	Net unrealized appreciation						$	2,935

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 Spain 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:

	Foreign
	Currency
	Exchange
	Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	107,459
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	104,524

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	$	211,414
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	(172,270	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	14,827,431
Average amounts sold — in USD	$	23,731,310

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	$	107,459	$	104,524
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	107,459	$	104,524
Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA")		—		—
Total derivative assets and liabilities subject to an MNA	$	107,459	$	104,524

		Derivative
		Assets
		Subject to	Derivatives			Net Amount
		an MNA by	Available			of Derivative
Counterparty		Counterparty	for Offset^(a)			Assets^(b)
Morgan Stanley & Co. International PLC	$	107,459	$	(104,524	)	$	2,935

		Derivative
		Liabilities
		Subject to	Derivatives			Net Amount
		an MNA by	Available			of Derivative
Counterparty		Counterparty	for Offset^(a)			Liabilities
Morgan Stanley & Co. International PLC	$	104,524	$	(104,524	)	$	—

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

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

^(a)

The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA.

^(b)

Net amount represents the net amount receivable from the counterparty in the event of default.

Fair Value Measurements

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	7,254,962	$	—		$	—	$	7,254,962
Money Market Funds		3,343,442		—			—		3,343,442
	$	10,598,404	$	—		$	—	$	10,598,404
Derivative financial instruments^(a)
Assets
Forward Foreign Currency Exchange Contracts.	$	—	$	107,459		$	—	$	107,459
Liabilities
Forward Foreign Currency Exchange Contracts		—		(104,524	)		—		(104,524	)
	$	—	$	2,935		$	—	$	2,935

^(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^®Currency Hedged MSCI Switzerland ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Investment Companies

Exchange-Traded Funds — 100.6%
iShares MSCI Switzerland ETF^(a)		230,414	$	8,728,082

Total Investment Companies — 100.6%
(Cost: $7,899,453)				8,728,082

Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(a)(b)		4,000		4,000

Total Short-Term Investments — 0.0%
(Cost: $4,000)				4,000

Total Investments in Securities — 100.6%
(Cost: $7,903,453)				8,732,082

Other Assets, Less Liabilities — (0.6)%				(53,912	)

Net Assets — 100.0%			$	8,678,170

^(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:

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 (Loss)^(a) (Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares — 0 ^(b) — — $ — $ 262 ^(c) $ — $ —

BlackRock Cash Funds: Treasury, SL Agency Shares 3,000 1,000 ^(b) — 4,000 4,000 30 — —

iShares MSCI Switzerland ETF 194,217 45,431 (9,234 ) 230,414 8,728,082 — 293 (13,217 )

$ 8,732,082 $ 292 $ 293 $ (13,217 )

^(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)
CHF	18,406,000	USD	18,990,299		MS	03/03/20	$	87,230
USD	318,914	CHF	307,000		MS	03/03/20		713
CHF	668,000	USD	692,138		MS	04/02/20		1,731
								89,674
CHF	36,000	USD	37,391		MS	03/03/20		(78	)
USD	18,727,819	CHF	18,135,000		MS	03/03/20		(68,822	)
USD	9,483,884	CHF	9,185,000		MS	04/02/20		(56,801	)
								(125,701	)
	Net unrealized depreciation						$	(36,027	)

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

Schedule of Investments (unaudited) (continued)	iShares^®Currency Hedged MSCI Switzerland 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:

	Foreign
	Currency
	Exchange
	Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	89,674

Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	125,701

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	$	(49,009	)

Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	(41,138	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	14,101,723
Average amounts sold — in USD	$	22,045,195

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	$	89,674	$	125,701
Total derivative assets and liabilities in the Statement of Assets and Liabilities.	$	89,674	$	125,701
Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA")		—		—
Total derivative assets and liabilities subject to an MNA	$	89,674	$	125,701

		Derivative
		Assets
		Subject to	Derivatives			Net Amount
		an MNA by	Available			of Derivative
Counterparty		Counterparty	for Offset^(a)			Assets
Morgan Stanley & Co. International PLC.	$	89,674	$	(89,674	)	$	—

		Derivative
		Liabilities
		Subject to	Derivatives			Net Amount
		an MNA by	Available			of Derivative
Counterparty		Counterparty	for Offset^(a)			Liabilities^(b)
Morgan Stanley & Co. International PLC	$	125,701	$	(89,674	)	$	36,027

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 Switzerland ETF
February 29, 2020

^(a)

The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA.

^(b)

Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Measurements

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	8,728,082	$	—		$	—	$	8,728,082
Money Market Funds		4,000		—			—		4,000
	$	8,732,082	$	—		$	—	$	8,732,082
Derivative financial instruments^(a)
Assets
Forward Foreign Currency Exchange Contracts.	$	—	$	89,674		$	—	$	89,674
Liabilities
Forward Foreign Currency Exchange Contracts		—		(125,701	)		—		(125,701	)
	$	—	$	(36,027	)	$	—	$	(36,027	)

^(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			iShares
	Currency			Currency			iShares			iShares
	Hedged			Hedged			Currency			Currency
	MSCI			MSCI			Hedged			Hedged
	Eurozone			Germany			MSCI Italy			MSCI Spain
	ETF			ETF			ETF			ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a)
Affiliated^(b)	$	874,822,619		$	142,209,136		$	1,756,918		$	10,598,404
Cash		302			373			24			916
Receivables:
Securities lending income — Affiliated		—			—			1,185			2,095
Capital shares sold		13,827			—			—			—
Dividends		1,961			110			2			3
Unrealized appreciation on:
Forward foreign currency exchange contracts		8,377,843			1,299,040			26,429			107,459
Total assets		883,216,552			143,508,659			1,784,558			10,708,877

LIABILITIES
Cash received:
Collateral — forward foreign currency exchange contracts		520,000			—			—			—
Collateral on securities loaned, at value		—			—			—			3,339,900
Payables:
Investments purchased		6,097,093			1,013,500			17,354			66,441
Capital shares redeemed		1,386			11,707			—			—
Investment advisory fees		23,136			4,628			—			188
Unrealized depreciation on:
Forward foreign currency exchange contracts		8,252,170			1,314,863			25,422			104,524
Total liabilities		14,893,785			2,344,698			42,776			3,511,053

NET ASSETS	$	868,322,767		$	141,163,961		$	1,741,782		$	7,197,824

NET ASSETS CONSIST OF:
Paid-in capital.	$	991,928,318		$	211,588,816		$	2,231,860		$	13,481,436
Accumulated loss		(123,605,551	)		(70,424,855	)		(490,078	)		(6,283,612	)
NET ASSETS	$	868,322,767		$	141,163,961		$	1,741,782		$	7,197,824

Shares outstanding		29,950,000			5,350,000			100,000			350,000
Net asset value	$	28.99		$	26.39		$	17.42		$	20.57
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None

^(a) Securities loaned, at value	$	—		$	—		$	—		$	3,252,073
^(b) Investments, at cost — Affiliated	$	994,044,120		$	172,371,148		$	1,906,169		$	12,464,150

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) (continued)

February 29, 2020

	iShares
	Currency
	Hedged
	MSCI
	Switzerland
	ETF

ASSETS
Investments in securities, at value:
Affiliated^(a)	$	8,732,082
Cash		709
Receivables:
Dividends		6
Unrealized appreciation on:
Forward foreign currency exchange contracts		89,674
Total assets		8,822,471

LIABILITIES
Payables:
Investments purchased		18,373
Investment advisory fees		227
Unrealized depreciation on:
Forward foreign currency exchange contracts		125,701
Total liabilities		144,301

NET ASSETS	$	8,678,170

NET ASSETS CONSIST OF:
Paid-in capital	$	7,980,551
Accumulated earnings		697,619
NET ASSETS	$	8,678,170

Shares outstanding		300,000
Net asset value	$	28.93
Shares authorized		Unlimited
Par value		None

^(a) Investments, at cost — Affiliated	$	7,903,453

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
	Currency			Currency			iShares			iShares
	Hedged			Hedged			Currency			Currency
	MSCI			MSCI			Hedged			Hedged
	Eurozone			Germany			MSCI			MSCI
	ETF			ETF			Italy ETF			Spain ETF

INVESTMENT INCOME
Dividends — Affiliated	$	4,083,521		$	537		$	12,991		$	185,279
Securities lending income — Affiliated — net		—			—			6,624			15,451
Total investment income		4,083,521			537			19,615			200,730

EXPENSES
Investment advisory fees		2,868,084			426,815			5,645			27,596
Total expenses		2,868,084			426,815			5,645			27,596
Less:
Investment advisory fees waived		(2,729,306	)		(400,519	)		(5,645	)		(26,261	)
Total expenses after fees waived		138,778			26,296			—			1,335
Net investment income (loss)		3,944,743			(25,759	)		19,615			199,395

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		(5,480,448	)		(778,087	)		(1,782	)		(84,182	)
In-kind redemptions — Affiliated		4,902,404			(668,901	)		—			(327,886	)
Forward foreign currency exchange contracts		19,857,454			3,854,480			41,701			211,414
Net realized gain (loss)		19,279,410			2,407,492			39,919			(200,654	)
Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		(3,820,602	)		2,052,312			23,037			534,951
Forward foreign currency exchange contracts		(14,593,183	)		(2,762,918	)		(27,021	)		(172,270	)
Net change in unrealized appreciation (depreciation)		(18,413,785	)		(710,606	)		(3,984	)		362,681
Net realized and unrealized gain		865,625			1,696,886			35,935			162,027
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,810,368		$	1,671,127		$	55,550		$	361,422

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 Operations (unaudited) (continued)

Six Months Ended February 29, 2020

	iShares
	Currency
	Hedged
	MSCI
	Switzerland
	ETF

INVESTMENT INCOME
Dividends — Affiliated	$	30
Securities lending income — Affiliated — net.		262
Total investment income		292

EXPENSES
Investment advisory fees		25,144
Total expenses		25,144
Less:
Investment advisory fees waived		(23,927	)
Total expenses after fees waived		1,217
Net investment loss		(925	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		293
Forward foreign currency exchange contracts		(49,009	)
Net realized loss		(48,716	)
Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		(13,217	)
Forward foreign currency exchange contracts		(41,138	)
Net change in unrealized appreciation (depreciation)		(54,355	)
Net realized and unrealized loss		(103,071	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(103,996	)

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						iShares
	Currency Hedged MSCI Eurozone ETF						Currency Hedged MSCI Germany 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)	$	3,944,743		$	30,304,545		$	(25,759	)	$	4,709,161
Net realized gain		19,279,410			22,553,918			2,407,492			1,958,880
Net change in unrealized appreciation (depreciation)		(18,413,785	)		(75,152,916	)		(710,606	)		(23,097,587	)
Net increase (decrease) in net assets resulting from operations		4,810,368			(22,294,453	)		1,671,127			(16,429,546	)

DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income and net realized gain		(28,920,443	)		(30,343,703	)		—			(4,709,161	)
Return of capital		—			—			—			(7,999	)
Decrease in net assets resulting from distributions to shareholders		(28,920,443	)		(30,343,703	)		—			(4,717,160	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		23,445,500			(738,822,576	)		(15,126,825	)		(154,579,632	)

NET ASSETS
Total decrease in net assets		(664,575	)		(791,460,732	)		(13,455,698	)		(175,726,338	)
Beginning of period		868,987,342			1,660,448,074			154,619,659			330,345,997
End of period	$	868,322,767		$	868,987,342		$	141,163,961		$	154,619,659

^(a)

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

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 Changes in Net Assets (continued)

	iShares						iShares
	Currency Hedged MSCI Italy ETF						Currency Hedged 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	$	19,615		$	92,180		$	199,395		$	478,644
Net realized gain (loss)		39,919			(4,640	)		(200,654	)		210,659
Net change in unrealized appreciation (depreciation)		(3,984	)		76,153			362,681			(517,623	)
Net increase in net assets resulting from operations		55,550			163,693			361,422			171,680

DISTRIBUTIONS TO SHAREHOLDERS^(a)		`
Decrease in net assets resulting from distributions to shareholders		(19,337	)		(94,542	)		(201,347	)		(479,645	)

CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		—			(746,187	)		(3,334,315	)		(5,223,688	)

NET ASSETS
Total increase (decrease) in net assets		36,213			(677,036	)		(3,174,240	)		(5,531,653	)
Beginning of period		1,705,569			2,382,605			10,372,064			15,903,717
End of period	$	1,741,782		$	1,705,569		$	7,197,824		$	10,372,064

^(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
Currency Hedged MSCI
Switzerland ETF

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

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS

Net investment income (loss) $ (925 ) $ 148,895

Net realized gain (loss) (48,716) 191,646

Net change in unrealized appreciation (depreciation) (54,355 ) 762,888

Net increase (decrease) in net assets resulting from operations (103,996 ) 1,103,429

DISTRIBUTIONS TO SHAREHOLDERS^(a)

Decrease in net assets resulting from distributions to shareholders (102,154 ) (340,012 )

CAPITAL SHARE TRANSACTIONS

Net increase in net assets derived from capital share transactions 1,550,696 1,214,499

NET ASSETS

Total increase in net assets 1,344,546 1,977,916

Beginning of period 7,333,624 5,355,708

End of period $ 8,678,170 $ 7,333,624

^(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 31

Financial Highlights

(For a share outstanding throughout each period)

iShares Currency Hedged 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 $ 29.86 $ 29.76 $ 28.83 $ 24.73 $ 25.90 $ 24.87

Net investment income^(a) 0.13 0.76 0.79 0.64 0.60 1.17

Net realized and unrealized gain (loss)^(b) (0.04 ) 0.24 1.03 4.07 (0.93 ) 0.65

Net increase (decrease) from investment operations 0.09 1.00 1.82 4.71 (0.33 ) 1.82

Distributions^(c)

From net investment income (0.13 ) (0.90 ) (0.89 ) (0.61 ) (0.71 ) (0.63 )

From net realized gain (0.83 ) (0.00 )^(d) — — (0.13 ) (0.16 )

Return of capital — — — (0.00 )^(d) (0.00 )^(d) (0.00 )^(d)

Total distributions (0.96 ) (0.90 ) (0.89 ) (0.61 ) (0.84 ) (0.79 )

Net asset value, end of period $ 28.99 $ 29.86 $ 29.76 $ 28.83 $ 24.73 $ 25.90

Total Return

Based on net asset value 0.07 %^(e) 3.41 % 6.36 % 19.13 % (1.02 )% 7.27 %

Ratios to Average Net Assets

Total expenses^(f) 0.62 %^(g) 0.62 % 0.62 % 0.62 % 0.62 % 0.62 %

0.03 %^(g) 0.03 % 0.03 % 0.03 % 0.03 % 0.03 %

Net investment income 0.85 %^(g) 2.63 % 2.61 % 2.32 % 2.42 % 4.15 %

Supplemental Data

Net assets, end of period (000) $ 868,323 $ 868,987 $ 1,660,448 $ 1,791,673 $ 1,345,405 $ 1,562,767

Portfolio turnover rate^(h)(i) 6 %^(e) 5 % 11 % 9 % 12 % 21 %

^(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) Rounds to less than $0.01.

^(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

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 Currency Hedged 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 $ 26.21 $ 27.64 $ 26.82 $ 24.03 $ 24.01 $ 23.63

Net investment income^(a) (0.00 ) 0.55 0.53 0.74 0.31 0.99

Net realized and unrealized gain (loss)^(b) 0.18 (1.25 ) 1.02 2.62 0.46 0.68

Net increase (decrease) from investment operations 0.18 (0.70 ) 1.55 3.36 0.77 1.67

Distributions^(c)

From net investment income — (0.73 ) (0.73 ) (0.57 ) (0.54 ) (0.46 )

From net realized gain — — — — (0.21 ) (0.83 )

Return of capital — (0.00 )^(d) — — — (0.00 )^(d)

Total distributions — (0.73 ) (0.73 ) (0.57 ) (0.75 ) (1.29 )

Net asset value, end of period $ 26.39 $ 26.21 $ 27.64 $ 26.82 $ 24.03 $ 24.01

Total Return

Based on net asset value 0.65 %^(e) (2.65 )% 5.83 % 13.88 % 3.50 % 7.00 %

Ratios to Average Net Assets

Total expenses^(f) 0.53 %^(g) 0.53 % 0.53 % 0.53 % 0.53 % 0.53 %

0.03 %^(g) 0.04 % 0.06 % 0.05 % 0.05 % 0.05 %

Net investment income (loss) (0.03 )%^(g) 2.09 % 1.87 % 2.75 % 1.33 % 3.69 %

Supplemental Data

Net assets, end of period (000) $ 141,164 $ 154,620 $ 330,346 $ 791,051 $ 492,701 $ 1,746,987

Portfolio turnover rate(^h)(ⁱ) 3 %^(e) 5 % 11 % 9 % 11 % 21 %

^(a)

Based on average shares outstanding.

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

^(d) Rounds to less than $0.01.

^(e) Not annualized.

^(g) Annualized.

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

See notes to financial statements

F i n a n c i a l S t a t e m e n t s 33

Financial Highlights (continued)

(For a share outstanding throughout each period)

iShares Currency Hedged MSCI Italy ETF

Six Months Ended Period From

02/29/20 Year Ended Year Ended Year Ended Year Ended 06/29/15^(a)

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

Net asset value, beginning of period $ 17.06 $ 15.88 $ 16.81 $ 17.55 $ 23.52 $ 23.65

Net investment income (loss)^(b) 0.20 0.80 0.51 0.51 0.41 (0.00 )^(c)

Net realized and unrealized gain (loss)^(d) 0.35 1.33 (0.87 ) 3.71 (4.93 ) (0.13 )

Net increase (decrease) from investment operations 0.55 2.13 (0.36 ) 4.22 (4.52 ) (0.13 )

Distributions^(e)

From net investment income (0.19 ) (0.95 ) (0.57 ) (0.48 ) (0.70 ) —

From net realized gain — — — (4.48 ) (0.75 ) —

Total distributions (0.19 ) (0.95 ) (0.57 ) (4.96 ) (1.45 ) —

Net asset value, end of period
$ 17.42 $ 17.06 $ 15.88 $ 16.81 $ 17.55 $ 23.52

Total Return

Based on net asset value 3.11 %^(f) 13.89 % (2.25 )% 31.21 % (19.68 )% (0.55 )%^(f)

Ratios to Average Net Assets

Total expenses^(g) 0.62 %^(h) 0.62 % 0.62 % 0.62 % 0.62 % 0.62 %^(h)

Total expenses after fees waived^(g) 0.00 %^(h) 0.00 % 0.00 % 0.00 % 0.00 % 0.00 %^(h)(i)

Net investment income (loss) 2.15 %^(h) 4.96 % 2.92 % 3.15 % 1.90 % (0.00 )%^(h)(i)

Supplemental Data

Net assets, end of period (000) $ 1,742 $ 1,706 $ 2,383 $ 5,885 $ 7,021 $ 85,845

Portfolio turnover rate^(j)(k) 4 %^(f) 8 % 11 % 12 % 12 % 0 %^(f)(l)

^(a)

Commencement of operations.

^(b) Based on average shares outstanding.

^(c) Rounds to less than $0.01.

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

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

^(f) Not annualized.

^(h) Annualized.

⁽ⁱ⁾ Rounds to less than 0.01%.

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

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

^(l) Rounds to less than 1%.

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 Currency Hedged MSCI Italy ETF

Six Months Ended Period From

02/29/20 Year Ended Year Ended Year Ended Year Ended 06/29/15 ^(a)

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

Net asset value, beginning of period $ 20.74 $ 21.20 $ 22.80 $ 18.80 $ 22.73 $ 23.77

Net investment income^(b) 0.49 0.78 0.67 0.94 0.80 (0.00 )^(c)

Net realized and unrealized gain (loss)^(d) (0.08 ) (0.46 ) (1.55 ) 3.81 (3.61 ) (1.04 )

Net increase (decrease) from investment operations 0.41 0.32 (0.88 ) 4.75 (2.81 ) (1.04 )

Distributions^(e)

From net investment income (0.58 ) (0.78 ) (0.72 ) (0.75 ) (0.81 ) —

From net realized gain (0.31 ) —

Total distributions (0.58 ) (0.78 ) (0.72 ) (0.75 ) (1.12 ) —

Net asset value, end of period $ 20.57 $ 20.74 $ 21.20 $ 22.80 $ 18.80 $ 22.73

Total Return

Based on net asset value 1.74 %(f) 1.59 % (3.88 )% 25.70 % (12.51 )% (4.33 )%^(f)

Ratios to Average Net Assets

Total expenses^(g) 0.62 %(h) 0.62 % 0.62 % 0.62 % 0.62 % 0.62 %^(h)

Total expenses after fees waived^(g) 0.03 %(h) 0.03 % 0.03 % 0.03 % 0.03 % 0.03 %^(h)

Net investment income (loss) 4.48 %(h) 3.70 % 2.98 % 4.29 % 4.02 % (0.03 )%^(h)

Supplemental Data

Net assets, end of period (000) $ 7,198 $ 10,372 $ 15,904 $ 53,592 $ 15,978 $ 56,825

Portfolio turnover rate^(i)(j) 5 %(f) 6 % 12 % 9 % 15 % 0 %^(f)(k)

^(a)

Commencement of operations.

^(b) Based on average shares outstanding.

^(c) Rounds to less than $0.01.

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

^(f) Not annualized.

^(h) Annualized.

⁽ⁱ⁾ Portfolio turnover rate excludes in-kind transactions.

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

^(k) Rounds to less than 1%.

See notes to financial statements

F i n a n c i a l S t a t e m e n t s 35

Financial Highlights (continued)

(For a share outstanding throughout each period)

iShares Currency Hedged MSCI Italy ETF

Six Months Ended Period From

02/29/20 Year Ended Year Ended Year Ended Year Ended 06/29/15 ^(a)

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

Net asset value, beginning of period $ 29.33 $ 26.78 $ 26.23 $ 23.38 $ 24.67 $ 24.64

Net investment income (loss)^(b) (0.00 ) 0.64 0.61 0.66 0.41 (0.00 )^(c)

Net realized and unrealized gain (loss)^(d) 0.01 3.46 1.39 3.00 (0.27 ) 0.03

Net increase from investment operations 0.01 4.10 2.00 3.66 0.14 0.03

Distributions^(e)

From net investment income — (0.60 ) (0.63 ) (0.58 ) (0.61 ) —

From net realized gain (0.41 ) (0.95 ) (0.82 ) (0.23 ) (0.82 ) —

Return of capital — — — (0.00 )^(c)

Total distributions (0.41 ) (1.55 ) (1.45 ) (0.81 ) (1.43 ) —

Net asset value, end of period $ 28.93 $ 29.33 $ 26.78 $ 26.23 $ 23.38 $ 24.67

Total Return

Based on net asset value (0.05 )%^(f) 15.95 % 7.81 % 15.88 % 0.63 % 0.12 %^(f)

Ratios to Average Net Assets

Total expenses^(g) 0.62 %^(h) 0.62 % 0.62 % 0.62 % 0.62 % 0.62 %^(h)

Total expenses after fees waived^(g) 0.03 %^(h) 0.03 % 0.03 % 0.03 % 0.03 % 0.04 %^(h)

Net investment income (loss) (0.02 )%^(h) 2.35 % 2.28 % 2.65 % 1.72 % (0.04 )%^(h)

Supplemental Data

Net assets, end of period (000) $ 8,678 $ 7,334 $ 5,356 $ 6,558 $ 4,677 $ 3,701

Portfolio turnover rate^(i)(j) 3 %^(f) 12 % 14 % 11 % 19 % 1 %^(f)

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

^(c) Rounds to less than $0.01.

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

^(f) Not annualized.

^(h) Annualized.

⁽ⁱ⁾ 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

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

Diversification

iShares ETF Classification

Currency Hedged MSCI Eurozone Diversified

Currency Hedged MSCI Germany Diversified

Currency Hedged MSCI Italy Diversified

Currency Hedged MSCI Spain Diversified

Currency Hedged MSCI Switzerland Diversified

SIGNIFICANT ACCOUNTING POLICIES

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:

N o t e s t o F i n a n c i a l S t a t e m e n t s 37

Notes to Financial Statements (unaudited) (continued)

•

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

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

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 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.

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

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)

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

Currency Hedged MSCI Spain

Citigroup Global Markets Inc. $ 644,105 $ 644,105 $ — $ —

JPMorgan Securities LLC 1,643,125 1,643,125 — —

SG Americas Securities LLC 964,843 964,843 — —

$ 3,252,073 $ 3,252,073 $ — $ —

(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

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

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)

iShares ETF Investment Advisory Fee

Currency Hedged MSCI Eurozone 0.62%

Currency Hedged MSCI Germany 0.53

Currency Hedged MSCI Italy 0.62

Currency Hedged MSCI Spain 0.62

Currency Hedged MSCI Switzerland 0.62

For the iShares Currency Hedged MSCI Eurozone 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 Eurozone ETF (“EZU”), after taking into account any fee waivers by EZU, plus 0.03%.

For the iShares Currency Hedged MSCI Germany ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2020 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds.

For the iShares Currency Hedged MSCI Italy 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 Italy ETF (“EWI”), after taking into account any fee waivers by EWI, plus 0.03%. BFA has also contractually agreed to an additional reduction in the investment advisory fee of 0.03% through December 31, 2020.

For the iShares Currency Hedged MSCI Spain 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 Spain ETF (“EWP”), after taking into account any fee waivers by EWP, plus 0.03%.

For the iShares Currency Hedged MSCI Switzerland 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 Switzerland ETF (“EWL”), after taking into account any fee waivers by EWL, plus 0.03%.

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

Currency Hedged MSCI Italy . $ 1,559

Currency Hedged MSCI Spain . 3,892

Currency Hedged MSCI Switzerland . 80

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

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)

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 Eurozone	$	51,231,228	$	59,125,999
Currency Hedged MSCI Germany		8,460,718		5,083,349
Currency Hedged MSCI Italy		110,883		68,707
Currency Hedged MSCI Spain		688,813		475,429
Currency Hedged MSCI Switzerland		239,393		370,412

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 Eurozone	$	329,522,917	$	305,536,826
Currency Hedged MSCI Germany		12,951,822		28,225,733
Currency Hedged MSCI Spain		—		3,372,505
Currency Hedged MSCI Switzerland		1,594,714		—

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 Germany	$	37,920,803
Currency Hedged MSCI Italy		345,558
Currency Hedged MSCI Spain		3,951,881

								Net Unrealized
			Gross Unrealized		Gross Unrealized			Appreciation
iShares ETF	Tax Cost		Appreciation		Depreciation			(Depreciation)
Currency Hedged MSCI Eurozone	$	1,003,213,018	$	8,377,843	$	(136,642,569	)	$	(128,264,726	)
Currency Hedged MSCI Germany		174,332,003		1,299,040		(33,437,730	)		(32,138,690	)
Currency Hedged MSCI Italy		1,915,360		27,885		(185,320	)		(157,435	)
Currency Hedged MSCI Spain		12,562,046		107,663		(2,068,370	)		(1,960,707	)
Currency Hedged MSCI Switzerland		7,931,293		918,303		(153,541	)		764,762

9. PRINCIPAL RISKS

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

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
Currency Hedged MSCI Eurozone
Shares sold		10,700,000		$	330,113,749			8,550,000		$	242,699,585
Shares redeemed		(9,850,000	)		(306,668,249	)		(35,250,000	)		(981,522,161	)
Net increase(decrease)		850,000			23,445,500			(26,700,000	)	$	(738,822,576	)
Currency Hedged MSCI Germany
Shares sold		450,000			13,043,589			3,550,000		$	92,522,500
Shares redeemed		(1,000,000	)		(28,170,414	)		(9,600,000	)		(247,102,132	)
Net decrease		(550,000	)		(15,126,825	)		(6,050,000	)	$	(154,579,632	)
Currency Hedged MSCI Italy
Shares redeemed		—			—			(50,000	)	$	(746,187	)
Currency Hedged MSCI Spain
Shares redeemed		(150,000	)		(3,334,315	)		(250,000	)	$	(5,223,688	)
Currency Hedged MSCI Switzerland
Shares sold		50,000			1,550,696			50,000		$	1,214,499

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)

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 Trustees (the “Board”) of iShares Currency Hedged MSCI Eurozone ETF, iShares Currency Hedged MSCI Germany ETF, iShares Currency Hedged MSCI Italy ETF, iShares Currency Hedged MSCI Spain ETF and iShares Currency Hedged 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 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:

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.

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

	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
Currency Hedged MSCI Eurozone^(a)	$	0.106962	$	0.834421	$	0.017507	$	0.958890		11	%	87	%	2	%	100	%
Currency Hedged MSCI Spain^(a)		0.458144		—		0.117134		0.575278		80		—		20		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.

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

Additional 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

Complete Schedules of Portfolio Holdings

The complete schedules of investments in securities of unaffiliated issuers for certain iShares Funds in this report are also available without charge, upon request, by calling toll-free 1-800-474-2737.

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

Counterparty Abbreviations

BNP	BNP Paribas SA
BOA	Bank of America N.A.
CITI	Citibank N.A.
DB	Deutsche Bank AG London
JPM	JPMorgan Chase Bank N.A.
MS	Morgan Stanley & Co. International PLC
SSB	State Street Bank and Trust Co.
UBS	UBS AG

Currency Abbreviations

CHF	Swiss Franc
EUR	Euro
USD	United States Dollar

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

Additional Financial Information

February 29, 2020

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

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

2 0 2 0 I S H A R E S S E M I - A N 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.

^(b)

^(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 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		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.

^(b)

Futures Contracts

Value/

Notional

Unrealized

Number of

Expiration

Amount

Appreciation

Description

Contracts

Date

(000)

(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)	$	1,8 14,750

^(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

2 0 2 0 I s h a r e s S e m I - A n 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)

	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

2 0 2 0 I s h a r e s S e m I - A n 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 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		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.

^(b)

Futures Contracts

Value/

Notional

Unrealized

Number of

Expiration

Amount

Appreciation

Description

Contracts

Date

(000)

(Depreciation)

Long Contracts

DAX Index

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

2 0 2 0 I s h a r e s S e m I - A n 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 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		—		—		—		—	$	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.

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

2 0 2 0 I s h a r e s S e m I - A n 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		1 1,134,474		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		1,1 16,611		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 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		—		—			—	$	—	$	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

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

2 0 2 0 I s h a r e s S e m I - A n 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

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 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: Treasury, SL Agency Shares	516,000	10,000	526,000	$	526,000	$	4,293	$	—	$	—

^(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 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

2 0 2 0 i S h a r e s S e m i - A n 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 MSCI Eurozone ETF			iShares MSCI Germany ETF			iShares MSCI Italy ETF			iShares MSCI Spain ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a)
Unaffiliated^(b)	$	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.

2 0 2 0 i S h a r e s S e m i - A n 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

Statements of Operations (unaudited)

Six Months Ended February 29, 2020

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

2 0 2 0 i S h a r e s S e m i - A n 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 MSCI Eurozone ETF						iShares MSCI Germany 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	$	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.

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

Statements of Changes in Net Assets (continued)


		iShares MSCI Italy ETF						iShares MSCI Spain ETF
		Six Months Ended 02/29/20 (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	$	1,893,250		$	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

Statements of Changes in Net Assets (continued)

		iShares MSCI Switzerland ETF
		Six Months Ended 02/29/20 (unaudited)			Year Ended 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.

2 0 2 0 i S h a r e s S e m i - A n 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
(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 $ 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
(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 $ 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.

2 0 2 0 i S h a r e s S e m i - A n 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 (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	$	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 (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	$	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.

2 0 2 0 i S h a r e s S e m i - A n 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 (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	$	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)

^(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

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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:

•

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 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 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.

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 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 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		$	—	$	—

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

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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 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

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 $ 1 17,321,335 $ 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

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

2020 | S h a r e s S e m i - a n 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

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 02/29/20						Year Ended 08/31/19
iShares ETF		Shares			Amount						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

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

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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

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity

NVS	Non-Voting Shares

2 0 2 0 i S h a r e s S e m i - A n 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?

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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-814-0220

FEBRUARY 29, 2020

2020 Semi-Annual Report
(Unaudited)

iShares Trust

Table of Contents

	Page
Fund Summary	3
About Fund Performance	6
Shareholder Expenses	6
Schedules of Investments	7
Financial Statements
Statements of Assets and Liabilities	18
Statements of Operations	19
Statements of Changes in Net Assets	20
Financial Highlights	22
Notes to Financial Statements	25
Statement Regarding Liquidity Risk Management Program	33
Supplemental Information	34
General Information	35
Glossary of Terms Used in this Report	36

Fund Summary as of February 29, 2020

iShares^®Currency Hedged MSCI United Kingdom ETF

Investment Objective

The iSharesCurrency Hedged MSCI United Kingdom ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization United Kingdom equities while mitigating exposure to fluctuations between the value of the British pound and the U.S. dollar, as represented by the MSCI United Kingdom 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 United Kingdom ETF.

Performance

			Average Annual Total Returns					Cumulative Total Returns
	6 Months			1 Year		Since Inception			1 Year		Since Inception
Fund NAV	(5.92	)%		(1.25	)%	4.63	%		(1.25	)%	23.52	%
Fund Market	(6.23	)		(1.44	)	4.55			(1.44	)	23.11
Index	(6.52	)		(1.55	)	4.79			(1.55	)	24.44

The inception date of the Fund was 6/29/15. The first day of secondary market trading was 7/1/15.

Expense Example

Actual							Hypothetical 5% Return
Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)(b)	Beginning Account Value (09/01/19)		Ending Account Value (02/29/20)		Expenses Paid During the Period		^(a)(b)	Annualized Expense Ratio
$	1,000.00	$	940.80	$	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 6 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		20.3	%
Consumer Staples		17.4
Energy		13.2
Health Care		11.4
Industrials		11.2
Materials		8.3
Consumer Discretionary		6.8
Communication Services		4.9
Utilities		4.1
Information Technology		1.2
Real Estate		1.2

TEN LARGEST HOLDINGS

Security	Percent of Total Investments		^(a)
HSBC Holdings PLC		6.6	%
AstraZeneca PLC		5.5
BP PLC		5.0
GlaxoSmithKline PLC		4.8
British American Tobacco PLC		4.4
Royal Dutch Shell PLC, Class A		4.3
Diageo PLC .		4.0
Royal Dutch Shell PLC, Class B		3.9
Unilever PLC		2.9
Rio Tinto PLC		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 United Kingdom ETF

Investment Objective

The iShares MSCI United Kingdom ETF (the “Fund”) seeks to track the investment results of an index composed of U.K. equities, as represented by the MSCI United Kingdom 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	(3.22	)%		(7.86	)%	(1.62	)%	3.44	%		(7.86	)%	(7.83	)%	40.27	%
Fund Market	(1.67	)		(6.05	)	(1.19	)	3.58			(6.05	)	(5.79	)	42.20
Index	(2.96	)		(7.37	)	(1.12	)	3.98			(7.37	)	(5.48	)	47.81

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
$	1,000.00	$	967.80	$	2.45		$	1,000.00	$	1,022.40	$	2.51			0.50	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR

Sector Percent of
Total Investments ^(a)

Financials 20.3 %

Consumer Staples 17.4

Energy 13.2

Health Care 11.4

Industrials 11.2

Materials 8.3

Consumer Discretionary 6.8

Communication Services 4.9

Utilities 4.1

Information Technology 1.2

Real Estate 1.2

TEN LARGEST HOLDINGS

Security Percent of
Total Investments ^(a)

HSBC Holdings PLC 6.6 %

AstraZeneca PLC 5.5

BP PLC 5.0

GlaxoSmithKline PLC 4.8

British American Tobacco PLC 4.4

Royal Dutch Shell PLC, Class A 4.3

Diageo PLC 4.0

Royal Dutch Shell PLC, Class B 3.9

Unilever PLC 2.9

Rio Tinto PLC 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 United Kingdom Small-Cap ETF

Investment Objective

The iShares MSCI United Kingdom Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.K. equities, as represented by the MSCI United Kingdom 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	6.29	%		(0.79	)%	1.51	%	7.95	%		(0.79	)%	7.78	%	85.76	%
Fund Market	7.69			0.81		1.89		8.12			0.81		9.80		88.22
Index	6.69			(0.15	)	2.12		8.61			(0.15	)	11.04		95.16

The inception date of the Fund was 1/25/12. The first day of secondary market trading was 1/26/12.

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
$	1,000.00	$	1,062.90	$	3.03		$	1,000.00	$	1,021.90	$	2.97			0.59	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR

Security	Percent of Total Investments		^(a)
Industrials		19.1	%
Consumer Discretionary		17.0
Financials		16.7
Real Estate		13.6
Information Technology		7.6
Health Care		6.9
Materials		5.9
Communication Services		4.6
Consumer Staples		4.0
Energy		2.5
Utilities		2.1

TEN LARGEST HOLDINGS

Security	Percent of Total Investments		^(a)
Rightmove PLC		1.8	%
Intermediate Capital Group PLC		1.5
Bellway PLC		1.5
Pennon Group PLC		1.5
DS Smith PLC		1.4
Derwent London PLC		1.4
Howden Joinery Group PLC		1.3
Phoenix Group Holdings PLC		1.2
Travis Perkins PLC		1.2
HomeServe PLC		1.2

^(a)	Excludes money market funds.

F u n d S u m m a r y

About Fund Performance

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

Shareholder Expenses

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.

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)	iShares^® Currency Hedged MSCI United Kingdom ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.4%
iShares MSCI United Kingdom ETF^(a)		1,985,913	$	58,187,251
Total Investment Companies — 99.4%
(Cost: $62,332,416)				58,187,251

Short-Term Investments
Money Market Funds — 1.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(a)(b)		761,000		761,000
Total Short-Term Investments — 1.3%
(Cost: $761,000)				761,000
Total Investments in Securities — 100.7%
(Cost: $63,093,416)				58,948,251
Other Assets, Less Liabilities — (0.7)%				(410,576	)
Net Assets — 100.0%			$	58,537,675

^(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		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		77,000		684,000	^(b)		—			761,000	$	761,000	$	1,215	$	—		$	—
iShares MSCI United Kingdom ETF		1,154,591		1,063,448			(232,126	)		1,985,913		58,187,251		1,115,165		(147,693	)		(2,742,138	)
											$	58,948,251	$	1,116,380	$	(147,693	)	$	(2,742,138	)

^(a)

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

^(b)

Net of purchases and sales.

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty		Settlement Date	Unrealized Appreciation (Depreciation)
GBP	49,932,000	USD	63,778,144		MS	03/03/20	$	242,166
USD	65,428,329	GBP	49,932,000		MS	03/03/20		1,408,019
GBP	3,798,000	USD	4,856,939		MS	04/02/20		16,820
USD	63,459,334	GBP	49,255,000		MS	04/02/20		253,169
								1,920,174
GBP	49,932,000	USD	64,302,131		MS	03/03/20		(281,821	)
USD	63,778,144	GBP	49,932,000		MS	03/03/20		(242,166	)
								(523,987	)
	Net unrealized appreciation						$	1,396,187

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 United Kingdom 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:

	Foreign
	Currency
	Exchange
	Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	1,920,174

Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	523,987

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	$	(3,528,111	)

Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	1,339,017

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	97,746,519
Average amounts sold — in USD	$	149,059,747

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

Derivative Financial Instruments - Offsetting as of Period End

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

	Assets		Liabilities
Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	1,920,174	$	523,987
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	1,920,174	$	523,987
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA	$	1,920,174	$	523,987

Counterparty		Derivative Assets Subject to an MNA by Counterparty				Derivatives Available for Offset^(a)				Cash Collateral Received^(b)				Net Amount of Derivative Assets^(c)(d)
Morgan Stanley & Co. International PLC		$	1,920,174			$	(523,987	)		$	(1,120,000	)		$	276,187

Counterparty		Derivative Liabilities Subject to an MNA by Counterparty				Derivatives Available for Offset^(a)				Cash Collateral Pledged				Net Amount of Derivative Liabilities
Morgan Stanley & Co. International PLC		$	523,987			$	(523,987	)		$	—			$	—

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 United Kingdom ETF
February 29, 2020

^(a)

The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA.

^(b)

Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

^(c) Net amount represents the net amount receivable from the counterparty in the event of default.

^(d) Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

Fair Value Measurements

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	58,187,251	$	—		$	—	$	58,187,251
Money Market Funds		761,000		—			—		761,000
	$	58,948,251	$	—		$	—	$	58,948,251
Derivative financial instruments^(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	1,920,174		$	—	$	1,920,174
Liabilities
Forward Foreign Currency Exchange Contracts		—		(523,987	)		—		(523,987	)
	$	—	$	1,396,187		$	—	$	1,396,187

^(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 United Kingdom ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.1%
BAE Systems PLC		3,565,420	$	27,707,226
Meggitt PLC		857,966		5,939,673
Rolls-Royce Holdings PLC		1,933,394		15,311,058
				48,957,957
Airlines — 0.1%
easyJet PLC		174,275		2,449,730

Banks — 11.8%
Barclays PLC		19,214,341		36,504,501
HSBC Holdings PLC		22,597,502		151,217,476
Lloyds Banking Group PLC		77,833,532		49,907,246
Royal Bank of Scotland Group PLC		5,374,811		12,264,769
Standard Chartered PLC		3,021,846		21,715,269
				271,609,261
Beverages — 4.3%
Coca-Cola HBC AG		223,133		7,051,097
Diageo PLC		2,610,831		92,224,344
				99,275,441
Capital Markets — 3.3%
3i Group PLC		1,081,206		13,920,734
Hargreaves Lansdown PLC		368,410		7,230,313
London Stock Exchange Group PLC		349,617		33,831,843
Schroders PLC		138,439		5,046,678
St. James’s Place PLC		590,753		7,662,651
Standard Life Aberdeen PLC		2,612,640		9,223,819
				76,916,038
Chemicals — 0.7%
Croda International PLC		143,379		8,340,109
Johnson Matthey PLC		215,383		6,907,983
				15,248,092
Commercial Services & Supplies — 0.7%
G4S PLC		1,713,440		3,745,751
Rentokil Initial PLC		2,057,401		12,719,132
				16,464,883
Diversified Financial Services — 0.3%
M&G PLC^(a)		2,892,370		7,344,519

Diversified Telecommunication Services — 0.7%
BT Group PLC		9,316,973		16,853,596

Electric Utilities — 1.0%
SSE PLC		1,151,139		22,481,662

Electrical Equipment — 0.6%
Melrose Industries PLC		5,395,953		14,432,381

Electronic Equipment, Instruments & Components — 0.5%
Halma PLC		419,211		10,328,995

Equity Real Estate Investment Trusts (REITs) — 1.2%
British Land Co. PLC (The)		975,100		6,239,935
Land Securities Group PLC		785,960		8,378,610
Segro PLC		1,216,785		12,763,093
				27,381,638
Food & Staples Retailing — 1.8%
J Sainsbury PLC		1,976,996		4,943,115
Tesco PLC		10,878,275		31,749,683

Security	Shares		Value

Food & Staples Retailing (continued)
Wm Morrison Supermarkets PLC		2,663,224	$	5,825,476
				42,518,274
Food Products — 0.5%
Associated British Foods PLC		396,222		11,412,434

Health Care Equipment & Supplies — 0.9%
Smith & Nephew PLC		970,352		21,553,710

Health Care Providers & Services — 0.1%
NMC Health PLC		139,672		1,674,135

Hotels, Restaurants & Leisure — 3.1%
Carnival PLC		176,735		5,496,860
Compass Group PLC		1,761,040		38,475,604
GVC Holdings PLC		649,176		6,547,308
InterContinental Hotels Group PLC		192,526		10,579,203
TUI AG		492,012		3,770,684
Whitbread PLC		147,635		7,343,083
				72,212,742
Household Durables — 1.8%
Barratt Developments PLC		1,133,814		10,965,933
Berkeley Group Holdings PLC		131,835		8,005,400
Persimmon PLC		354,845		12,867,591
Taylor Wimpey PLC		3,621,163		9,352,385
				41,191,309
Household Products — 2.5%
Reckitt Benckiser Group PLC		789,218		57,671,611

Industrial Conglomerates — 0.7%
DCC PLC		109,313		7,724,087
Smiths Group PLC		437,461		8,565,932
				16,290,019
Insurance — 4.7%
Admiral Group PLC		210,895		5,689,228
Aviva PLC		4,345,013		19,469,008
Direct Line Insurance Group PLC		1,534,477		6,017,165
Legal & General Group PLC		6,613,662		21,963,851
Prudential PLC		2,892,527		46,810,921
RSA Insurance Group PLC		1,151,515		7,630,671
				107,580,844
Interactive Media & Services — 0.3%
Auto Trader Group PLC^(b)		1,022,988		6,789,422

Internet & Direct Marketing Retail — 0.3%
Ocado Group PLC^(a)		507,444		6,896,407

Machinery — 0.6%
Spirax-Sarco Engineering PLC		81,986		8,791,309
Weir Group PLC (The)		286,660		4,780,102
				13,571,411
Media — 1.6%
Informa PLC		1,391,740		12,130,823
ITV PLC		3,993,821		5,945,577
Pearson PLC		869,987		6,196,247
WPP PLC		1,401,451		13,475,680
				37,748,327
Metals & Mining — 7.0%
Anglo American PLC		1,148,954		26,295,736
Antofagasta PLC		439,230		4,218,936
BHP Group PLC		2,349,661		42,569,356

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

Security	Shares		Value

Metals & Mining (continued)
Evraz PLC		557,061	$	2,321,737
Glencore PLC		11,876,064		29,316,199
Rio Tinto PLC		1,254,399		57,808,990
				162,530,954
Multi-Utilities — 2.4%
Centrica PLC		6,425,290		5,918,908
National Grid PLC		3,872,252		48,609,585
				54,528,493
Multiline Retail — 0.7%
Marks & Spencer Group PLC		2,153,493		4,357,042
Next PLC		148,235		11,515,700
				15,872,742
Oil, Gas & Consumable Fuels — 13.0%
BP PLC		22,549,809		114,102,637
Royal Dutch Shell PLC, Class A		4,650,654		98,691,872
Royal Dutch Shell PLC, Class B		4,154,035		88,269,815
				301,064,324
Paper & Forest Products — 0.5%
Mondi PLC		536,178		10,697,522

Personal Products — 2.9%
Unilever PLC		1,233,930		65,723,356

Pharmaceuticals — 10.3%
AstraZeneca PLC		1,459,484		126,653,744
GlaxoSmithKline PLC		5,550,116		110,746,968
				237,400,712
Professional Services — 4.2%
Experian PLC		1,012,147		33,496,864
Intertek Group PLC		179,510		12,083,491
RELX PLC		2,157,991		51,475,834
				97,056,189
Software — 0.8%
AVEVA Group PLC		72,498		4,063,365
Micro Focus International PLC		374,222		3,540,502
Sage Group PLC (The)		1,202,025		10,467,998
				18,071,865
Specialty Retail — 0.4%
JD Sports Fashion PLC		491,236		4,624,351
Kingfisher PLC		2,327,084		5,628,213
				10,252,564

Security	Shares		Value

Textiles, Apparel & Luxury Goods — 0.4%
Burberry Group PLC		458,186	$	9,650,629

Tobacco — 5.2%
British American Tobacco PLC		2,551,883		99,822,860
Imperial Brands PLC .		1,057,382		20,999,047
				120,821,907
Trading Companies & Distributors — 2.0%
Ashtead Group PLC		506,766		15,463,820
Bunzl PLC		374,081		8,935,120
Ferguson PLC		252,021		21,696,505
				46,095,445
Water Utilities — 0.8%
Severn Trent PLC		262,658		8,269,909
United Utilities Group PLC		758,247		9,144,666
				17,414,575
Wireless Telecommunication Services — 2.2%
Vodafone Group PLC		29,779,869		51,107,652

Total Common Stocks — 99.0%
(Cost: $2,995,918,956)				2,285,143,767

Short-Term Investments

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(c)(d)		1,145,000		1,145,000

Total Short-Term Investments — 0.0%
(Cost: $1,145,000)				1,145,000

Total Investments in Securities — 99.0%
(Cost: $2,997,063,956)				2,286,288,767

Other Assets, Less Liabilities — 1.0%				22,441,303

Net Assets — 100.0%			$	2,308,730,070

^(a)	Non-income producing security.

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

^(c) Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 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 (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		2,504,668		(2,504,668	)		—	$	—	$	9,589	^(b)	$	421	$	(323	)
BlackRock Cash Funds: Treasury, SL Agency Shares		868,000		277,000			1,145,000		1,145,000		10,602			—		—
								$	1,145,000	$	20,191		$	421	$	(323	)

^(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

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

February 29, 2020

Futures Contracts

Value/

Notional

Unrealized

Number of

Expiration

Amount

Appreciation

Description

Contracts

Date

(000)

(Depreciation)

Long Contracts

FTSE 100 Index

272

03/20/20

22,682

(2,256,446

)

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)	$	2,256,446

^(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	$	1,309,465

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(2,146,470	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	22,587,221

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	$	2,285,143,767		$	—	$	—	$	2,285,143,767
Money Market Funds		1,145,000			—		—		1,145,000
	$	2,286,288,767		$	—	$	—	$	2,286,288,767
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(2,256,446	)	$	—	$	—	$	(2,256,446	)

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

See notes to financial statements

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

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

Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.3%
QinetiQ Group PLC		177,014	$	777,784
Senior PLC		129,255		233,118
Ultra Electronics Holdings PLC		22,134		549,886
				1,560,788
Air Freight & Logistics — 0.5%
Royal Mail PLC		280,985		583,037

Airlines — 0.4%
Dart Group PLC		27,980		439,231
Stobart Group Ltd.		102,713		101,020
				540,251
Auto Components — 0.2%
AB Dynamics PLC		5,042		109,161
TI Fluid Systems PLC^(a)		74,242		191,081
				300,242
Automobiles — 0.1%
Aston Martin Lagonda Global Holdings PLC^(a)(b)(c)		18,087		78,087

Banks — 0.9%
Bank of Georgia Group PLC		13,138		283,937
Virgin Money UK PLC^(b)		411,483		798,105
				1,082,042
Beverages — 1.7%
AG Barr PLC		32,034		218,906
Britvic PLC		82,811		901,728
C&C Group PLC		96,845		405,737
Fevertree Drinks PLC		32,661		526,480
				2,052,851
Biotechnology — 1.5%
Abcam PLC		60,939		899,800
Genus PLC		20,281		818,078
Oxford Biomedica PLC^(b)		16,980		136,855
				1,854,733
Building Products — 0.4%
Polypipe Group PLC		62,065		423,728

Capital Markets — 9.2%
Ashmore Group PLC		133,282		786,855
Brewin Dolphin Holdings PLC		93,654		364,376
Burford Capital Ltd.		65,015		447,190
Close Brothers Group PLC		47,144		772,585
CMC Markets PLC^(a)		37,355		71,570
IG Group Holdings PLC		115,142		990,670
IntegraFin Holdings PLC		71,855		439,628
Intermediate Capital Group PLC		90,518		1,840,650
Investec PLC		216,945		1,086,525
Jupiter Fund Management PLC		142,838		547,341
Man Group PLC		473,447		886,540
Numis Corp. PLC		20,524		66,063
Pollen Street Secured Lending PLC		23,405		258,893
Quilter PLC^(a)		592,866		1,105,612
Rathbone Brothers PLC		15,877		336,643
Sanne Group PLC		45,670		332,506
TP ICAP PLC		175,572		816,748
				11,150,395
Chemicals — 1.6%
Elementis PLC		179,311		232,240
Essentra PLC		81,872		375,006

Security	Shares		Value

Chemicals (continued)
Scapa Group PLC		47,690	$	102,702
Sirius Minerals PLC^(b)(c)		2,200,702		124,919
Synthomer PLC		105,597		379,820
Victrex PLC.		26,948		721,458
				1,936,145
Commercial Services & Supplies — 3.5%
Aggreko PLC		79,828		690,503
Babcock International Group PLC		79,161		448,433
Biffa PLC^(a)		77,598		258,693
De La Rue PLC		34,168		60,751
HomeServe PLC		93,860		1,418,268
Mitie Group PLC		113,714		203,055
Renewi PLC		246,385		113,295
Restore PLC		35,241		205,261
RPS Group PLC		69,587		109,504
Serco Group PLC^(b)		381,285		743,186
				4,250,949
Communications Equipment — 0.4%
Spirent Communications PLC		191,170		512,781

Construction & Engineering — 1.5%
Balfour Beatty PLC		214,990		676,082
John Laing Group PLC^(a)		153,794		660,828
Keller Group PLC		22,184		183,898
Morgan Sindall Group PLC		11,957		267,883
				1,788,691
Construction Materials — 1.3%
Forterra PLC^(a)		61,926		258,255
Ibstock PLC^(a)		126,680		443,031
Marshalls PLC		62,448		579,891
Rhi Magnesita NV		6,836		261,076
				1,542,253
Consumer Finance — 0.6%
Amigo Holdings PLC^(a)		35,542		15,821
Arrow Global Group PLC		53,423		161,722
Funding Circle Holdings PLC^(a)(b)		58,033		58,559
International Personal Finance PLC		69,816		129,841
Provident Financial PLC		78,299		401,846
				767,789
Containers & Packaging — 1.4%
DS Smith PLC		427,725		1,716,580

Distributors — 0.8%
Inchcape PLC		125,331		923,693

Diversified Consumer Services — 0.2%
AA PLC		188,262		105,373
Dignity PLC		14,676		107,506
				212,879
Diversified Financial Services — 0.3%
Plus500 Ltd.		33,138		401,939

Diversified Telecommunication Services — 0.2%
TalkTalk Telecom Group PLC		213,778		300,092

Electronic Equipment, Instruments & Components — 2.5%
Electrocomponents PLC		139,070		1,076,818
Renishaw PLC		11,384		508,055
Smart Metering Systems PLC^(c)		31,577		194,326

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 United Kingdom Small-Cap ETF

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

Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Spectris PLC		36,139	$	1,253,716
				3,032,915
Energy Equipment & Services — 1.2%
Hunting PLC		43,585		177,034
John Wood Group PLC		213,472		998,510
Petrofac Ltd.		80,151		325,866
				1,501,410
Entertainment — 0.6%
Cineworld Group PLC		320,944		636,025
Frontier Developments PLC^(b)		6,234		90,456
				726,481
Equity Real Estate Investment Trusts (REITs) — 10.1%
Assura PLC		751,284		707,237
Big Yellow Group PLC		49,484		673,775
Civitas Social Housing PLC		194,796		238,114
Custodian REIT PLC		120,687		165,869
Derwent London PLC		33,088		1,656,722
Empiric Student Property PLC		186,473		218,651
GCP Student Living PLC		140,576		340,083
Great Portland Estates PLC		72,975		785,396
Hammerson PLC		239,157		637,222
Intu Properties PLC^(b)(c)		288,790		44,836
LondonMetric Property PLC		249,059		659,151
LXI REIT PLC		162,131		263,833
NewRiver REIT PLC		95,720		190,242
Picton Property Income Ltd. (The)		170,588		213,534
Primary Health Properties PLC		379,085		701,130
RDI REIT PLC		89,083		129,261
Regional REIT Ltd.^(a)		120,408		172,868
Safestore Holdings PLC		65,591		663,114
Schroder REIT Ltd.		160,790		99,711
Shaftesbury PLC		48,082		489,786
Standard Life Investment Property Income Trust Ltd.		124,644		140,103
Tritax Big Box REIT PLC		532,005		883,389
UK Commercial Property REIT Ltd.		241,525		245,566
UNITE Group PLC (The)		90,640		1,311,726
Workspace Group PLC		42,253		610,938
				12,242,257
Food & Staples Retailing — 0.0%
Just Eat Takeaway^(a)(b)		146		12,709

Food Products — 2.2%
Bakkavor Group PLC^(a)		45,186		63,603
Cranswick PLC		16,233		690,456
Greencore Group PLC		139,017		371,647
Hotel Chocolat Group PLC^(c)		12,288		63,959
Premier Foods PLC^(b)		212,638		89,222
Tate & Lyle PLC		145,978		1,315,646
				2,594,533
Health Care Equipment & Supplies — 1.2%
Advanced Medical Solutions Group PLC		60,482		196,224
ConvaTec Group PLC^(a)		463,645		1,214,039
				1,410,263
Health Care Providers & Services — 1.4%
CVS Group PLC		20,982		285,691
Mediclinic International PLC		126,629		548,310
Spire Healthcare Group PLC^(a)		86,062		127,076

Security	Shares		Value

Health Care Providers & Services (continued)
UDG Healthcare PLC		77,939	$	698,354
				1,659,431
Health Care Technology — 0.3%
Craneware PLC^(c)		6,251		151,305
EMIS Group PLC		15,649		227,069
				378,374
Hotels, Restaurants & Leisure — 3.8%
888 Holdings PLC		114,378		166,548
Domino’s Pizza Group PLC		144,401		545,953
Gamesys Group PLC^(b)		23,655		213,617
Greggs PLC .		31,527		841,632
J D Wetherspoon PLC		21,105		362,308
Marston’s PLC		197,173		226,790
Mitchells & Butlers PLC^(b)		59,583		254,953
Patisserie Holdings PLC^(d)		6,053		—
Playtech PLC		96,071		306,779
Restaurant Group PLC (The)		153,506		207,838
SSP Group PLC		138,588		897,484
William Hill PLC		272,979		519,004
				4,542,906
Household Durables — 4.5%
Bellway PLC		38,387		1,825,452
Countryside Properties PLC^(a)		140,249		842,317
Crest Nicholson Holdings PLC		80,433		464,372
IG Design Group PLC		22,216		207,149
McCarthy & Stone PLC^(a)		117,531		201,164
Redrow PLC		71,364		680,003
Victoria PLC^(b)		32,646		144,278
Vistry Group PLC		67,858		1,108,574
				5,473,309
Household Products — 0.2%
PZ Cussons PLC		81,106		187,510

Independent Power and Renewable Electricity Producers — 0.4%
Drax Group PLC		123,180		424,812

Insurance — 4.6%
Beazley PLC		165,084		1,127,057
Hastings Group Holdings PLC^(a)		112,470		234,163
Hiscox Ltd.		89,916		1,408,058
Just Group PLC^(b)		321,709		298,327
Lancashire Holdings Ltd.		59,917		554,475
Phoenix Group Holdings PLC		168,652		1,488,978
Sabre Insurance Group PLC^(a)		73,561		263,556
Saga PLC		356,373		147,028
				5,521,642
Interactive Media & Services — 1.8%
Rightmove PLC		274,317		2,168,885

Internet & Direct Marketing Retail — 2.8%
AO World PLC^(b)		76,514		60,105
ASOS PLC^(b)		18,313		701,035
boohoo Group PLC^(b)		234,033		869,888
GoCo Group PLC		99,363		104,198
Moneysupermarket.com Group PLC		167,268		663,388
N Brown Group PLC		48,981		35,974
On the Beach Group PLC^(a)		37,454		154,619
Trainline PLC^(a)(b)		142,321		843,490
				3,432,697

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 United Kingdom Small-Cap ETF

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

Security	Shares		Value

IT Services — 2.6%
Computacenter PLC		23,205	$	489,945
Equiniti Group PLC^(a)		112,758		289,204
Finablr PLC^(a)(b)		62,689		48,924
iomart Group PLC		23,391		103,973
Kainos Group PLC		22,768		216,949
Keywords Studios PLC^(c)		17,090		334,640
NCC Group PLC		87,011		230,614
Network International Holdings PLC^(a)(b)		132,458		908,543
Softcat PLC		37,197		501,724
				3,124,516
Leisure Products — 0.7%
Games Workshop Group PLC		9,624		774,443
Photo-Me International PLC		85,023		90,572
				865,015
Life Sciences Tools & Services — 0.3%
Clinigen Healthcare Ltd.^(b)		39,555		362,760

Machinery — 2.8%
Bodycote PLC		59,779		583,358
IMI PLC		84,833		1,090,074
Morgan Advanced Materials PLC		89,395		317,433
Rotork PLC		271,809		977,664
Vesuvius PLC		67,032		361,830
				3,330,359
Media — 1.8%
Ascential PLC^(a)		125,849		549,433
Daily Mail & General Trust PLC, Class A, NVS		49,394		466,873
Euromoney Institutional Investor PLC		34,216		472,005
Future PLC		30,334		447,900
Hyve Group PLC		229,120		226,222
				2,162,433
Metals & Mining — 1.6%
Centamin PLC		360,569		593,886
Central Asia Metals PLC		48,609		114,863
Ferrexpo PLC		90,288		149,057
Hill & Smith Holdings PLC		24,636		420,722
Hochschild Mining PLC		80,879		164,981
KAZ Minerals PLC		81,419		426,282
SolGold PLC^(b)(c)		216,667		47,213
				1,917,004
Multi-Utilities — 0.3%
Telecom Plus PLC		19,526		332,707

Multiline Retail — 1.0%
B&M European Value Retail SA		280,656		1,194,104

Oil, Gas & Consumable Fuels — 1.2%
Anglo Pacific Group PLC		53,215		88,023
Cairn Energy PLC^(b)		184,157		327,196
Diversified Gas & Oil PLC		197,953		201,265
EnQuest PLC^(b)		441,804		112,863
Gulf Keystone Petroleum Ltd.		68,447		129,567
Hurricane Energy PLC^(b)(c)		489,316		92,501
Pharos Energy PLC		77,135		30,149
Premier Oil PLC^(b)(c)		256,899		254,766
Serica Energy PLC^(b)		54,990		68,764
Tullow Oil PLC		436,778		188,011
				1,493,105

Security	Shares		Value

Pharmaceuticals — 2.1%
Alliance Pharma PLC		128,458	$	124,044
Dechra Pharmaceuticals PLC		32,044		1,083,003
Hikma Pharmaceuticals PLC		45,312		1,034,842
Indivior PLC^(b)		228,925		126,465
Vectura Group PLC		183,703		205,783
				2,574,137
Professional Services — 2.1%
Capita PLC^(b)		520,075		858,930
Hays PLC		457,264		807,760
Pagegroup PLC		102,697		533,095
RWS Holdings PLC		55,977		375,372
				2,575,157
Real Estate Management & Development — 3.5%
Capital & Counties Properties PLC		226,317		572,368
Grainger PLC		190,827		722,456
Helical PLC		34,123		205,069
IWG PLC		207,006		929,926
Purplebricks Group PLC^(b)(c)		71,110		81,292
Savills PLC		44,627		616,763
Sirius Real Estate Ltd.		289,449		297,989
St. Modwen Properties PLC		62,384		382,081
Urban & Civic PLC		45,335		202,672
Watkin Jones PLC		47,146		153,560
				4,164,176
Road & Rail — 1.8%
Firstgroup PLC^(b)		379,457		570,954
Go-Ahead Group PLC (The)		13,419		334,061
National Express Group PLC		143,542		776,655
Northgate PLC		76,995		242,914
Stagecoach Group PLC		130,921		217,560
				2,142,144
Semiconductors & Semiconductor Equipment — 0.1%
IQE PLC^(b)(c)		250,351		153,491

Software — 1.9%
Alfa Financial Software Holdings PLC^(a)(b)		25,734		27,611
Avast PLC^(a)		185,149		931,301
Blue Prism Group PLC^(b)(c)		20,074		370,762
First Derivatives PLC		5,825		205,724
GB Group PLC .		57,538		474,032
Learning Technologies Group PLC		145,338		255,441
				2,264,871
Specialty Retail — 2.5%
Card Factory PLC		103,398		103,939
Dixons Carphone PLC		309,082		480,460
Dunelm Group PLC		31,640		439,702
Frasers Group PLC^(b)		65,254		319,893
Halfords Group PLC		62,002		118,793
Lookers PLC		107,060		61,879
Pets at Home Group PLC		156,251		513,718
Superdry PLC		15,884		62,895
WH Smith PLC		35,860		882,643
				2,983,922
Textiles, Apparel & Luxury Goods — 0.3%
Coats Group PLC		447,537		339,554
Ted Baker PLC		8,898		33,028
				372,582

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 United Kingdom Small-Cap ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Thrifts & Mortgage Finance — 1.0%
OneSavings Bank PLC		138,674	$	711,348
Paragon Banking Group PLC		79,981		464,827
				1,176,175
Trading Companies & Distributors — 4.0%
Diploma PLC		35,293		847,500
Grafton Group PLC		74,113		816,009
Howden Joinery Group PLC		186,578		1,515,691
SIG PLC		174,017		140,253
Travis Perkins PLC		78,585		1,466,503
				4,785,956
Transportation Infrastructure — 0.8%
John Menzies PLC		21,915		81,177
Signature Aviation PLC		257,951		921,229
				1,002,406
Water Utilities — 1.5%
Pennon Group PLC		131,196		1,806,477
Wireless Telecommunication Services — 0.2%
Airtel Africa PLC^(a)		231,621		191,859

Total Common Stocks — 99.7%
(Cost: $133,690,428)				120,265,435

Short-Term Investments

Money Market Funds — 1.4%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.74%^(e)(f)(g)		1,612,361		1,613,490

Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.52%^(e)(f)		62,000	$	62,000
				1,675,490
Total Short-Term Investments — 1.4%
(Cost: $1,674,705)				1,675,490
Total Investments in Securities — 101.1%
(Cost: $135,365,133)				121,940,925
Other Assets, Less Liabilities — (1.1)%				(1,328,270	)
Net Assets — 100.0%			$	120,612,655

^(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		1,482,477		129,884		1,612,361	$	1,613,490	$	28,660	^(b)	$	(26	)	$	409
BlackRock Cash Funds: Treasury, SL Agency Shares		27,000		35,000		62,000		62,000		983			—			—
							$	1,675,490	$	29,643		$	(26	)	$	409

^(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 250 Index 6 03/20/20 $ 297 $ (16,517 )

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 United Kingdom 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)	$	16,517

^(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	$	(79,415	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(16,517	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	98,981

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	$	120,265,435		$	—	$	0	^(a)	$	120,265,435
Money Market Funds		1,675,490			—		—			1,675,490
	$	121,940,925		$	—	$	0	^(a)	$	121,940,925
Derivative financial instruments^(b)
Liabilities
Futures Contracts	$	(16,517	)	$	—	$	—		$	(16,517	)

^(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

Shares

Currency Shares

Hedged MSCI United

MSCI United Shares Kingdom

Kingdom MSCI United Small-Cap

ETF Kingdom ETF ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a)

Unaffiliated^(b) $ — $ 2,285,143,767 $ 120,265,435

Affiliated^(c) 58,948,251 1,145,000 1,675,490

Cash 400,363 537 195

Foreign currency, at value^(d) — 2,950,962 1,742,683

Foreign currency collateral pledged:

Futures contracts^(e) — 1,172,920 80,470

Receivables:

Investments sold — 3,872,377 —

Securities lending income — Affiliated — — 4,573

Dividends 729 20,082,125 84,928

Tax reclaims — 55,811 13,404

Unrealized appreciation on:

Forward foreign currency exchange contracts 1,920,174 — —

Total assets 61,269,517 2,314,423,499 123,867,178

LIABILITIES

Cash received:

Collateral — forward foreign currency exchange contracts 1,120,000 — —

Collateral on securities loaned, at value — — 1,612,831

Payables:

Investments purchased 1,087,855 3,596,788 1,552,297

Variation margin on futures contracts — 867,385 28,084

Capital shares redeemed — 195,732 —

Investment advisory fees — 1,033,524 61,311

Unrealized depreciation on:

Forward foreign currency exchange contracts 523,987 — —

Total liabilities 2,731,842 5,693,429 3,254,523

NET ASSETS $ 58,537,675 $ 2,308,730,070 $ 120,612,655

NET ASSETS CONSIST OF

Paid-in capital $ 69,645,190 $ 3,332,634,505 $ 136,169,577

Accumulated loss (11,107,515 ) (1,023,904,435 ) (15,556,922 )

NET ASSETS $ 58,537,675 $ 2,308,730,070 $ 120,612,655

Shares outstanding 2,700,000 80,200,000 3,200,000

Net asset value $ 21.68 $ 28.79 $ 37.69

Shares authorized Unlimited Unlimited Unlimited

Par value None None None

^(a) Securities loaned, at value $ — $ — $ 1,451,222

^(b) Investments, at cost — Unaffiliated $ — $ 2,995,918,956 $ 133,690,428

^(c) Investments, at cost — Affiliated $ 63,093,416 $ 1,145,000 $ 1,674,705

^(d) Foreign currency, at cost $ — $ 3,008,524 $ 1,758,026

^(e) Foreign currency collateral pledged, at cost $ — $ 1,188,584 $ 81,394

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

Statements of Operations (unaudited)

Six Months Ended February 29, 2020

	iShares
	Currency						iShares
	Hedged			iShares			MSCI United
	MSCI United			MSCI United			Kingdom
	Kingdom			Kingdom			Small-Cap
	ETF			ETF			ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	—		$	45,585,733		$	1,083,311
Dividends — Affiliated		1,116,380			10,602			983
Non-cash dividends — Unaffiliated		—			—			264,120
Interest — Unaffiliated		—			1,134			6
Securities lending income — Affiliated — net		—			9,589			28,660
Foreign taxes withheld		—			(789,766	)		(22,004	)
Total investment income		1,116,380			44,817,292			1,355,076

EXPENSES
Investment advisory fees		175,697			5,967,231			271,137
Total expenses		175,697			5,967,231			271,137
Less:
Investment advisory fees waived		(175,697	)		—			—
Total expenses after fees waived		—			5,967,231			271,137
Net investment income		1,116,380			38,850,061			1,083,939

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		—			(25,159,663	)		(271,235	)
Investments — Affiliated		(354,188	)		421			(26	)
In-kind redemptions — Unaffiliated		—			5,744,882			589,326
In-kind redemptions — Affiliated		206,495			—			—
Futures contracts		—			1,309,465			(79,415	)
Forward foreign currency exchange contracts		(3,528,111	)		—			—
Foreign currency transactions		—			953,353			17,878
Net realized gain (loss)		(3,675,804	)		(17,151,542	)		256,528
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		—			(126,746,097	)		(4,049,081	)
Investments — Affiliated		(2,742,138	)		(323	)		409
Futures contracts		—			(2,146,470	)		(16,517	)
Forward foreign currency exchange contracts		1,339,017			—			—
Foreign currency translations		—			(135,962	)		(15,942	)
Net change in unrealized appreciation (depreciation)		(1,403,121	)		(129,028,852	)		(4,081,131	)
Net realized and unrealized loss		(5,078,925	)		(146,180,394	)		(3,824,603	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,962,545	)	$	(107,330,333	)	$	(2,740,664	)

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 United Kingdom						iShares
	ETF						MSCI United Kingdom 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	$	1,116,380		$	630,045		$	38,850,061		$	94,432,632
Net realized gain (loss)		(3,675,804	)		997,815			(17,151,542	)		(62,577,464	)
Net change in unrealized appreciation (depreciation)		(1,403,121	)		(918,926	)		(129,028,852	)		(150,368,603	)
Net increase (decrease) in net assets resulting from operations		(3,962,545	)		708,934			(107,330,333	)		(118,513,435	)

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(1,095,078	)		(630,281	)		(44,788,146	)		(92,775,686	)

CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		28,448,979			12,425,088			460,126,552			225,039,997

NET ASSETS
Total increase in net assets		23,391,356			12,503,741			308,008,073			13,750,876
Beginning of period		35,146,319			22,642,578			2,000,721,997			1,986,971,121
End of period	$	58,537,675		$	35,146,319		$	2,308,730,070		$	2,000,721,997

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

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

Statements of Changes in Net Assets (continued)

	iShares MSCI United Kingdom Small-Cap ETF
	Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,083,939		$	1,622,981
Net realized gain (loss)		256,528			(38,950	)
Net change in unrealized appreciation (depreciation)		(4,081,131	)		(9,242,245	)
Net decrease in net assets resulting from operations		(2,740,664	)		(7,658,214	)

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(1,446,293	)		(1,591,702	)

CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		63,690,484			12,788,229

NET ASSETS
Total increase in net assets		59,503,527			3,538,313
Beginning of period		61,109,128			57,570,815
End of period	$	120,612,655		$	61,109,128

^(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 Currency Hedged MSCI United Kingdom 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 06/29/15^(a) to 08/31/15

Net asset value, beginning of period	$	23.43		$	23.83		$	23.84		$	24.87		$	23.21		$	24.35
Net investment income (loss)^(b)		0.47			0.92			1.11			0.48			0.43			(0.00	)^(c)
Net realized and unrealized gain (loss)^(d)		(1.80	)		(0.26	)		(0.05	)		2.39			2.48			(1.14	)
Net increase (decrease) from investment operations		(1.33	)		0.66			1.06			2.87			2.91			(1.14	)

Distributions^(e)
From net investment income		(0.42	)		(1.06	)		(1.07	)		(0.84	)		(1.01	)		—
From net realized gain		—			—			—			(3.06	)		(0.24	)		—
Total distributions		(0.42	)		(1.06	)		(1.07	)		(3.90	)		(1.25	)		—

Net asset value, end of period	$	21.68		$	23.43		$	23.83		$	23.84		$	24.87		$	23.21

Total Return
Based on net asset value		(5.92	)%^(f)		2.92	%		4.42	%		13.48	%		12.90	%		(4.64	)%^(f)

Ratios to Average Net Assets
Total expenses^(g)		0.62	%^(h)		0.62	%		0.62	%		0.62	%		0.62	%		0.62	%^(h)
Total expenses after fees waived^(g)		0.00	%^(h)		0.00	%		0.00	%		0.00	%		0.00	%		0.01	%^(h)
Net investment income (loss)		3.94	%^(h)		3.96	%		4.62	%		1.99	%		1.80	%		(0.01	)%^(h)

Supplemental Data
Net assets, end of period (000)	$	58,538		$	35,146		$	22,643		$	19,073		$	114,398		$	2,321
Portfolio turnover rate^(i)(j)		5	%^(f)		11	%		17	%		20	%		4	%		0	%^(f)

^(a)

Commencement of operations.

^(b)

Based on average shares outstanding.

^(c)

Rounds to less than $0.01.

^(d)

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

^(f) Not annualized.

^(h) Annualized.

⁽ⁱ⁾ Portfolio turnover rate excludes in-kind transactions.

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

See notes to financial statements

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI United Kingdom 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	$	30.27		$	33.62		$	33.76		$	31.36		$	34.30		$	41.05
Net investment income^(b)		0.53			1.49			1.29			1.13			1.22			1.30
Net realized and unrealized gain (loss)^(c)		(1.41	)		(3.39	)		0.06			2.43			(2.73	)		(6.66	)
Net increase (decrease) from investment operations		(0.88	)		(1.90	)		1.35			3.56			(1.51	)		(5.36	)

Distributions^(d)
From net investment income		(0.60	)		(1.45	)		(1.49	)		(1.16	)		(1.43	)		(1.39	)
Total distributions		(0.60	)		(1.45	)		(1.49	)		(1.16	)		(1.43	)		(1.39	)

Net asset value, end of period	$	28.79		$	30.27		$	33.62		$	33.76		$	31.36		$	34.30

Total Return
Based on net asset value		(3.22	)%^(e)		(5.64	)%		3.90	%		11.60	%		(4.44	)%		(13.26	)%

Ratios to Average Net Assets
Total expenses		0.50	%^(f)		0.50	%		0.47	%		0.49	%		0.48	%		0.48	%
Net investment income		3.25	%^(f)		4.64	%		3.66	%		4.07	%		3.80	%		3.46	%

Supplemental Data
Net assets, end of period (000)	$	2,308,730		$	2,000,722		$	1,986,971		$	2,764,746		$	1,928,881		$	3,210,826
Portfolio turnover rate^(g)		3	%^(e)		11	%		5	%		4	%		5	%		4	%

^(a)

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

^(b)

Based on average shares outstanding.

^(c)

^(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 United Kingdom Small-Cap 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	$	35.95		$	42.65		$	39.92		$	35.91		$	40.91		$	40.82
Net investment income^(a)		0.48			1.05			1.15			0.92			1.02			1.07
Net realized and unrealized gain (loss)^(b)		1.86			(6.69	)		2.93			4.12			(4.89	)		0.40
Net increase (decrease) from investment operations		2.34			(5.64	)		4.08			5.04			(3.87	)		1.47

Distributions^(c)
From net investment income		(0.60	)		(1.06	)		(1.35	)		(1.03	)		(1.13	)		(1.38	)
Total distributions		(0.60	)		(1.06	)		(1.35	)		(1.03	)		(1.13	)		(1.38	)

Net asset value, end of period	$	37.69		$	35.95		$	42.65		$	39.92		$	35.91		$	40.91

Total Return
Based on net asset value		6.29	%^(d)		(13.17	)%		10.22	%		14.40	%		(9.66	)%		3.84	%

Ratios to Average Net Assets
Total expenses		0.59	%^(e)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net investment income		2.36	%^(e)		2.76	%		2.68	%		2.50	%		2.72	%		2.71	%

Supplemental Data
Net assets, end of period (000)	$	120,613		$	61,109		$	57,571		$	31,935		$	25,135		$	16,365
Portfolio turnover rate^(f)		12	%^(d)		20	%		20	%		19	%		21	%		17	%

^(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

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

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 United Kingdom		Diversified
MSCI United Kingdom		Non-diversified
MSCI United Kingdom Small-Cap		Diversified

Currently the iShares Currency Hedged MSCI United Kingdom ETF seeks to achieve its investment objective by investing a substantial portion of its assets in the iShares MSCI United Kingdom 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 United Kingdom ETF.

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.

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.

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)

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;

●

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

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned

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) (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 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.

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 United Kingdom Small-Cap
Barclays Capital Inc	$	64,114	$	64,114	$	—	$	—
BofA Securities, Inc.		2,967		2,967		—		—
Citigroup Global Markets Inc.		85,279		85,279		—		—
Credit Suisse AG Dublin Branch		35,873		35,873		—		—
Deutsche Bank Securities Inc.		298,485		298,485		—		—
HSBC Bank PLC		3,282		3,282		—		—
Morgan Stanley & Co. LLC		829,738		829,738		—		—
UBS AG		131,484		131,484		—		—
	$	1,451,222	$	1,451,222	$	—	$	—

^(a)

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

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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)

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

iShares ETF	Investment Advisory Fee
Currency Hedged MSCI United Kingdom		0.62	%
MSCI United Kingdom Small-Cap		0.59

For its investment advisory services to the iShares MSCI United Kingdom 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 $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 the iShares Currency Hedged MSCI United Kingdom 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

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)

in the iShares MSCI United Kingdom ETF (“EWU”), after taking into account any fee waivers by EWU, plus 0.03%. BFA has also contractually agreed to an additional reduction in its investment advisory fee of 0.03% through December 31, 2020.

		Fees Paid
iShares ETF		to BTC
MSCI United Kingdom	$	2,497
MSCI United Kingdom Small-Cap		6,606

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees 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 United Kingdom	$	12,911,513	$	2,206,918	$	(1,517,968	)
MSCI United Kingdom Small-Cap		1,260,633		797,546		316,283

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 United Kingdom.	$	2,619,185	$	5,200,089
MSCI United Kingdom		61,929,805		58,676,183
MSCI United Kingdom Small-Cap		12,409,432		11,212,586

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

	In-kind		In-kind
iShares ETF	Purchases		Sales
Currency Hedged MSCI United Kingdom	$	31,041,272	$	2,413,576
MSCI United Kingdom		498,207,556		40,784,618
MSCI United Kingdom Small-Cap		65,156,087		2,114,529

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 United Kingdom	$	4,517,637
MSCI United Kingdom		218,802,277
MSCI United Kingdom Small-Cap		1,281,221

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Currency Hedged MSCI United Kingdom	$	63,222,947	$	1,920,174	$	(4,798,683	)	$	(2,878,509	)
MSCI United Kingdom		3,089,557,268		75,670,412		(881,195,359	)		(805,524,947	)
MSCI United Kingdom Small-Cap		136,539,062		3,820,832		(18,435,486	)		(14,614,654	)

9. PRINCIPAL RISKS

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)

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

Transactions in capital shares were as follows:

	Six Months Ended					Year Ended
	02/29/20					08/31/19
iShares ETF	Shares		Amount			Shares		Amount
Currency Hedged MSCI United Kingdom
Shares sold	1,300,000		$	30,823,807		1,100,000		$	25,247,824
Shares redeemed	(100,000	)		(2,374,828	)	(550,000	)	(12,822,736		)
Net increase	1,200,000		$	28,448,979		550,000		$	12,425,088
MSCI United Kingdom
Shares sold	15,400,000		$	501,296,354		17,200,000		$	552,815,601
Shares redeemed	(1,300,000	)		(41,169,802	)	(10,200,000	)	(327,775,604		)
Net increase	14,100,000		$	460,126,552		7,000,000		$	225,039,997
MSCI United Kingdom Small-Cap
Shares sold	1,550,000		$	65,817,356		450,000		$	16,605,156
Shares redeemed	(50,000	)		(2,126,872	)	(100,000	)	(3,816,927		)
Net increase	1,500,000		$	63,690,484		350,000		$	12,788,229

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

11. LEGAL PROCEEDINGS

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

Notes to Financial Statements (unaudited) (continued)

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

12. SUBSEQUENT EVENTS

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

On March 31, 2020, several large banks located in the United Kingdom (UK) announced cancellation of payments of their outstanding dividends and suspension of dividends until the end of 2020 based on a recommendation from the primary UK banking regulator. As a result, in early April, the iShares MSCI United Kingdom ETF reversed approximately $6 million of income recorded in these 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

Statement Regarding Liquidity Risk Management Program

The Board of Trustees (the “Board”) of iShares Currency Hedged MSCI United Kingdom ETF, iShares MSCI United Kingdom ETF and iShares MSCI United Kingdom 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

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
Currency Hedged MSCI United Kingdom^(a)	$	0.388105	$	—	$	0.033079	$	0.421184		92	%		—	%		8	%		100	%
MSCI United Kingdom^(a)		0.552622		—		0.046150		0.598772		92			—			8			100
MSCI United Kingdom Small-Cap^(a)		0.484858		—		0.117764		0.602622		80			—			20			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.

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

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

NVS	Non-Voting Shares

Counterparty Abbreviations

MS	Morgan Stanley & Co. International PLC

Currency Abbreviations

GBP	British Pound
USD	United States Dollar

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

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-813-0220

(GRAPHIC)

FEBRUARY 29, 2020

2020 Semi-Annual Report
(Unaudited)

iShares Trust

Table of Contents

Page

Fund Summary 3

About Fund Performance 9

Shareholder Expenses 9

Schedules of Investments 10

Financial Statements

Statements of Assets and Liabilities 48

Statements of Operations 50

Statements of Changes in Net Assets 52

Financial Highlights 55

Notes to Financial Statements 61

Board Review and Approval of Investment Advisory Contract 70

Statement Regarding Liquidity Risk Management Program 72

Supplemental Information 73

General Information 74

Glossary of Terms Used in this Report 75

Fund Summary as of February 29, 2020 iShares^®ESG MSCI EAFE ETF

Investment Objective

The iShares ESG MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed market equities, excluding the U.S. and Canada that have positive environmental, social and governance characteristics, as represented by the MSCI EAFE Extended ESG Focus Index (the "Index")The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

			Average Annual Total Returns					Cumulative Total Returns
	6 Months			1 Year		Since Inception			1 Year		Since Inception
Fund NAV	(0.19	)%		0.82	%	7.57	%		0.82	%	30.75	%
Fund Market	0.40			1.53		7.79			1.53		31.71
Index	(0.09	)		0.87		7.71			0.87		31.34

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 EAFE ESG Focus Index. Index performance beginning on June 1, 2018 reflects the performance of the MSCI EAFE Extended ESG Focus Index.

Expense Example

^(a)

Portfolio Information

ALLOCATION BY SECTOR TEN LARGEST GEOGRAPHIC ALLOCATION

Percent of Percent of

Sector Total Investments ^(a) Country/Geographic Region Total Investments ^(a)

Financials 18.6 % Japan 24.2 %

Industrials 15.8 United Kingdom 15.3

Health Care 12.0 France 11.5

Consumer Staples 11.0 Switzerland 9.7

Consumer Discretionary 10.7 Germany 8.5

Information Technology 7.5 Australia 7.0

Materials 7.1 Netherlands 4.0

Communication Services 5.2 Hong Kong 3.4

Energy 4.5 Spain 3.0

Utilities 3.8 Sweden 2.8

Real Estate 3.8

^(a) Excludes money market funds.

F u n d S u m m a r y

Fund Summary as of February 29, 2020

iShares^®ESG MSCI EM Leaders ETF

Investment Objective

The iShares ESG MSCI EM Leaders ETF (the "Fund") seeks to track the investment results of an index composed of emerging market large and mid-capitalization stocks of companies with high environmental, social, and governance performance relative to their sector peers as represented by the MSCI EM Extended ESG Leaders 5% Issuer Capped Net Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Cumulative Total Returns
	Since
	Inception
Fund NAV	(8.21	)%
Fund Market	(6.61	)
Index	(8.24	)

The inception date of the Fund was 2/5/20. The first day of secondary market trading was 2/7/20.

Expense Example

Actual								Hypothetical 5% Return
	Beginning Account Value			Ending Account Value		Expenses Paid During			Beginning Account Value		Ending Account Value		Expenses Paid During		Annualized Expense
	(02/05/20)	^(a)		(02/29/20)		the Period	^(b)		(09/01/19)		(02/29/20)		the Period	^(b)	Ratio
$	1,000.00		$	917.90	$	0.10		$	1,000.00	$	1,024.10	$	0.81		0.16	%

^(a) The beginning of the period (commencement of operations) is February 05, 2020.

^(b) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (24 days for actual and 182 days for hypothetical expenses) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR			TEN LARGEST GEOGRAPHIC ALLOCATION
	Percent of			Percent of
Sector	Total Investments	^(a)	Country/Geographic Region	Total Investments	^(a)
Financials	27.9	%	China	26.3	%
Consumer Discretionary	13.8		Taiwan	15.2
Information Technology	13.1		India	13.2
Communication Services	9.4		South Africa	8.7
Consumer Staples	7.0		Brazil	7.7
Materials	6.7		South Korea	5.9
Energy	6.6		Thailand	3.7
Industrials	6.1		Malaysia	3.2
Health Care	3.8		Indonesia	3.2
Utilities	3.1		Russia	2.6
Real Estate	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 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^®ESG MSCI USA ETF

Investment Objective

The iShares ESG MSCI USA ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. companies that have positive environmental, social and governance characteristics, as represented by the MSCI USA 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	3.12	%		9.36	%	12.16	%		9.36	%	45.16	%
Fund Market	3.29			9.43		12.21			9.43		45.37
Index	3.27			9.60		12.40			9.60		46.15

The inception date of the Fund was 12/1/16. The first day of secondary market trading was 12/2/16.

Index performance through May 31, 2018 reflects the performance of the MSCI USA ESG Focus Index. Index performance beginning on June 1, 2018 reflects the performance of the MSCI USA Extended ESG Focus Index.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value		Ending Account Value		Expenses Paid During			Beginning Account Value		Ending Account Value		Expenses Paid During		Annualized Expense
	(09/01/19)		(02/29/20)		the Period	^(a)		(09/01/19)		(02/29/20)		the Period	^(a)	Ratio
$	1,000.00	$	1,031.20	$	0.76		$	1,000.00	$	1,024.10	$	0.75		0.15	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR TEN LARGEST HOLDINGS

Percent of Percent of

Sector Total Investments ^(a) Security Total Investments ^(a)

Information Technology 25.2 % Microsoft Corp 5.2 %

Health Care 14.0 Apple Inc. 4.7

Financials 11.0 Amazon. com Inc. 2.9

Industrials 10.3 Alphabet Inc., Class C 1.9

Communication Services 9.8 Facebook Inc., Class A 1.7

Consumer Discretionary 9.1 Alphabet Inc., Class A 1.4

Consumer Staples 7.2 NextEra Energy Inc. 1.4

Utilities 3.5 Johnson & Johnson 1.4

Real Estate 3.5 Procter & Gamble Co. (The) 1.2

Energy 3.5 Visa Inc., Class A 1.2

Materials 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^®ESG MSCI USA Leaders ETF

Investment Objective

The iShares ESG MSCI USA Leaders ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks of companies with high environmental, social, and governance performance relative to their sector peers, as represented by the MSCI USA Extended ESG Leaders Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

			Cumulative Total Returns
			Since
	6 Months		Inception
Fund NAV	2.97	%	6.45	%
Fund Market	3.15		6.61
Index	3.02		6.54

The inception date of the Fund was 5/7/19. The first day of secondary market trading was 5/9/19.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value		Ending Account Value		Expenses Paid During			Beginning Account Value		Ending Account Value		Expenses Paid During		Annualized Expense
	(09/01/19)		(02/29/20)		the Period	^(a)		(09/01/19)		(02/29/20)		the Period	^(a)	Ratio
$	1,000.00	$	1,029.70	$	0.50		$	1,000.00	$	1,024.10	$	0.50		0.10	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR			TEN LARGEST HOLDINGS
	Percent of			Percent of
Sector	Total Investments	^(a)	Security	Total Investments	^(a)
Information Technology	25.1	%	Microsoft Corp.	9.1	%
Health Care	14.0		Alphabet Inc., Class C	3.2
Financials	11.5		Alphabet Inc., Class A	3.1
Consumer Discretionary	10.4		Johnson & Johnson	2.7
Communication Services	10.4		Visa Inc., Class A	2.4
Industrials	8.8		Procter & Gamble Co. (The)	2.2
Consumer Staples	7.2		Mastercard Inc., Class A	2.0
Utilities	3.4		Intel Corp	1.9
Real Estate	3.3		Home Depot Inc. (The)	1.8
Energy	3.2		Verizon Communications Inc.	1.7
Materials	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 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^®ESG MSCI USA Small-Cap ETF

Investment Objective

The iShares ESG MSCI USA Small-Cap ETF (the “Fund”) seeks to track the investment results of an optimized index designed to produce investment results comparable to a capitalization weighted index of small-capitalization U.S. companies, while reflecting a higher allocation to those companies with favorable environmental, social and governance (“ESG”) profiles, as represented by the MSCI USA Small Cap 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	(1.91	)%		(3.03	)%	1.30	%		(3.03	)%	2.46	%
Fund Market	(1.75	)		(2.99	)	1.42			(2.99	)	2.70
Index	(1.82	)		(3.01	)	1.41			(3.01	)	2.67

The inception date of the Fund was 4/10/18. The first day of secondary market trading was 4/12/18.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value		Ending Account Value		Expenses Paid During			Beginning Account Value		Ending Account Value		Expenses Paid During		Annualized Expense
	(09/01/19)		(02/29/20)		the Period	^(a)		(09/01/19)		(02/29/20)		the Period	^(a)	Ratio
$	1,000.00	$	980.90	$	0.84		$	1,000.00	$	1,024.00	$	0.86		0.17	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR			TEN LARGEST HOLDINGS
	Percent of			Percent of
Sector	Total Investments	^(a)	Security	Total Investments	^(a)
Industrials	17.6	%	Douglas Emmett Inc. .	0.7	%
Information Technology	16.7		Bright Horizons Family Solutions Inc.	0.7
Health Care	14.4		Kilroy Realty Corp. .	0.5
Financials	13.6		Easterly Government Properties Inc.	0.5
Consumer Discretionary	12.4		Fair Isaac Corp.	0.5
Real Estate	10.1		Bank of Hawaii Corp. .	0.4
Materials .	3.8		Cullen/Frost Bankers Inc. .	0.4
Utilities .	3.4		Hawaiian Electric Industries Inc.	0.4
Consumer Staples . .	2.9		Quanta Services Inc. .	0.4
Communication Services. .	2.6		Pool Corp. .	0.4
Energy .	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 Global Impact ETF

Investment Objective

The iShares MSCI Global Impact ETF (the "Fund") seeks to track the investment results of an index composed of positive impact companies that derive a majority of their revenue from products and services that address at least one of the world's major social and environmental challenges as identified by the United Nations Sustainable Development Goals, as represented by the MSCI ACWI Sustainable Impact 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	11.83	%		11.44	%	9.27	%		11.44	%	40.85	%
Fund Market	12.31			11.86		9.53			11.86		42.14
Index	11.89			11.38		9.50			11.38		41.98

The inception date of the Fund was 4/20/16. The first day of secondary market trading was 4/22/16.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value		Ending Account Value		Expenses Paid During			Beginning Account Value		Ending Account Value		Expenses Paid During		Annualized Expense
	(09/01/19)		(02/29/20)		the Period	^(a)		(09/01/19)		(02/29/20)		the Period	^(a)	Ratio
$	1,000.00	$	1,118.30	$	2.58		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR			TEN LARGEST GEOGRAPHIC ALLOCATION
	Percent of			Percent of
Sector	Total Investments	^(a)	Country/Geographic Region	Total Investments	^(a)
Health Care	20.6	%	United States	31.7	%
Industrials	20.1		Japan	13.2
Consumer Staples	20.1		United Kingdom	9.7
Materials	11.2		China	8.4
Consumer Discretionary	10.6		France	7.6
Real Estate	6.3		Denmark	5.6
Utilities	4.7		Belgium	4.1
Information Technology	3.6		Hong Kong	2.9
Communication Services	2.8		Germany	2.3
Financials	0.0		Canada	2.0

^(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 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

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.

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^®ESG MSCI EAFE ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Australia — 7.0%
Alumina Ltd.		1,206,622	$	1,509,261
APA Group		423,163		2,930,240
Aristocrat Leisure Ltd.		105,050		2,242,573
ASX Ltd.		40,499		1,935,923
Aurizon Holdings Ltd.		488,580		1,521,508
Australia & New Zealand Banking Group Ltd.		334,097		5,348,606
BlueScope Steel Ltd.		191,957		1,462,894
Brambles Ltd.		389,305		3,002,012
Coca-Cola Amatil Ltd.		235,804		1,746,878
Cochlear Ltd.		11,761		1,574,135
Coles Group Ltd.		155,420		1,423,942
Commonwealth Bank of Australia		184,590		9,732,996
CSL Ltd.		62,766		12,522,533
Dexus		346,541		2,716,937
Fortescue Metals Group Ltd.		245,434		1,595,095
Goodman Group		174,454		1,684,938
GPT Group (The)		419,107		1,561,867
Insurance Australia Group Ltd.		478,425		1,968,003
Lendlease Group		149,276		1,696,811
Macquarie Group Ltd.		59,150		5,142,006
Mirvac Group		1,481,919		2,904,620
National Australia Bank Ltd.		285,752		4,624,388
Newcrest Mining Ltd.		102,440		1,737,067
Ramsay Health Care Ltd.		47,543		2,084,734
Rio Tinto Ltd.		60,954		3,429,718
Seek Ltd.		111,402		1,485,371
Sonic Healthcare Ltd.		83,644		1,553,168
Stockland		885,169		2,688,056
Sydney Airport		489,566		2,452,582
Tabcorp Holdings Ltd.		572,960		1,400,086
Transurban Group		722,771		6,920,197
Wesfarmers Ltd.		58,454		1,532,026
Westpac Banking Corp.		444,380		6,773,190
Woodside Petroleum Ltd.		211,894		3,814,392
Woolworths Group Ltd.		66,533		1,664,409
Worley Ltd.		235,712		1,902,731
				110,285,893
Austria — 0.3%
Erste Group Bank AG		45,396		1,547,318
OMV AG		81,394		3,384,063
				4,931,381
Belgium — 0.9%
Anheuser-Busch InBev SA/NV		100,107		5,578,398
KBC Group NV		61,797		4,074,211
Solvay SA		17,047		1,536,970
UCB SA		19,699		1,808,101
Umicore SA^(a)		46,192		1,916,434
				14,914,114
Denmark — 2.3%
AP Moller - Maersk A/S, Class A		1,534		1,441,969
Carlsberg A/S, Class B		14,804		1,931,463
Chr Hansen Holding A/S		22,391		1,582,771
Coloplast A/S, Class B		20,516		2,728,571
DSV Panalpina A/S		16,117		1,615,218
Genmab A/S^(b)		7,541		1,687,072
Novo Nordisk A/S, Class B		254,020		14,778,612
Novozymes A/S, Class B		37,372		1,884,764
Orsted A/S^(c)		37,661		3,849,608

Security	Shares		Value

Denmark (continued)
Pandora A/S		35,764	$	1,596,544
Vestas Wind Systems A/S		26,557		2,535,019
				35,631,611
Finland — 1.0%
Metso OYJ		50,243		1,612,634
Neste OYJ		77,459		3,034,124
Nokia OYJ		921,023		3,485,298
Nordea Bank Abp		201,785		1,575,135
UPM-Kymmene OYJ		115,681		3,523,644
Wartsila OYJ Abp		202,819		2,095,084
				15,325,919
France — 11.5%
Accor SA		40,931		1,468,864
Air Liquide SA		25,784		3,480,826
Airbus SE		55,472		6,586,879
Alstom SA		33,269		1,625,857
Atos SE		28,951		2,140,222
AXA SA		338,576		7,793,347
BNP Paribas SA		109,001		5,242,470
Bouygues SA		42,093		1,640,490
Capgemini SE		22,938		2,499,971
Carrefour SA		111,044		1,908,318
Cie. de Saint-Gobain		70,280		2,439,490
Cie. Generale des Etablissements Michelin SCA		25,934		2,741,607
CNP Assurances		147,475		2,292,213
Credit Agricole SA		124,156		1,474,258
Danone SA		116,848		8,178,567
Dassault Systemes SE		22,170		3,458,073
Edenred		32,391		1,678,303
Electricite de France SA		137,139		1,896,561
Engie SA		183,400		3,027,879
EssilorLuxottica SA		27,728		3,749,357
Gecina SA		10,198		1,800,160
Getlink SE		103,433		1,656,520
Ingenico Group SA		11,544		1,622,470
JCDecaux SA		79,645		1,819,709
Kering SA		9,912		5,507,066
Legrand SA.		42,568		3,227,293
L'Oreal SA		43,469		11,507,390
LVMH Moet Hennessy Louis Vuitton SE		29,711		12,103,074
Natixis SA		398,547		1,605,353
Orange SA		303,553		4,064,605
Pernod Ricard SA		30,289		4,870,866
Peugeot SA.		98,151		1,887,283
Renault SA		52,355		1,523,710
Safran SA		34,156		4,656,064
Sanofi		136,810		12,612,908
Schneider Electric SE		97,261		9,668,686
Societe Generale SA		83,520		2,347,691
STMicroelectronics NV		96,391		2,584,547
Teleperformance		14,377		3,471,172
Thales SA		17,633		1,758,702
TOTAL SA		336,263		14,176,343
Unibail-Rodamco-Westfield		34,978		4,187,951
Valeo SA		73,694		1,844,022
Vinci SA		28,122		2,810,427
Vivendi SA		76,349		1,930,585
Worldline SA^(b)(c)		21,262		1,608,008
				182,176,157

10	2 0 2 0 i S h a r e s S e m i - A n n u a 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 EAFE ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Germany — 8.1%
adidas AG		25,127	$	6,915,366
Allianz SE, Registered		69,851		14,946,577
BASF SE		123,750		7,215,331
Bayerische Motoren Werke AG		44,485		2,879,587
Beiersdorf AG		15,734		1,640,157
Brenntag AG		40,799		1,811,000
Continental AG		14,657		1,636,080
Daimler AG, Registered		90,972		3,751,303
Delivery Hero SE^(b)(c)		20,508		1,531,836
Deutsche Bank AG, Registered		195,305		1,690,303
Deutsche Boerse AG		42,385		6,613,534
Deutsche Post AG, Registered		137,970		4,110,120
Deutsche Telekom AG, Registered		145,149		2,352,680
Deutsche Wohnen SE		55,364		2,217,299
E.ON SE		373,138		4,274,979
Fraport AG Frankfurt Airport Services Worldwide		23,399		1,463,507
Fresenius Medical Care AG & Co. KGaA		21,912		1,668,479
HeidelbergCement AG		32,875		1,944,245
Henkel AG & Co. KGaA		26,771		2,259,897
Infineon Technologies AG		200,156		4,132,073
Merck KGaA		41,883		5,016,994
MTU Aero Engines AG		9,003		2,182,578
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		17,443		4,420,271
Puma SE		25,323		1,924,870
QIAGEN NV^(b)		46,584		1,698,850
SAP SE		143,338		17,565,075
Siemens AG, Registered		134,889		13,809,330
Telefonica Deutschland Holding AG		618,792		1,604,800
thyssenkrupp AG^(b)		158,062		1,510,869
Vonovia SE		40,813		2,177,891
Wirecard AG		12,670		1,599,800
				128,565,681
Hong Kong — 3.4%
AIA Group Ltd.		1,411,800		13,931,313
BOC Hong Kong Holdings Ltd.		1,523,500		5,229,483
Hang Seng Bank Ltd.		250,800		5,229,660
Hong Kong Exchanges & Clearing Ltd.		211,100		6,929,172
Link REIT		181,200		1,678,757
Melco Resorts & Entertainment Ltd., ADR		82,092		1,423,475
MTR Corp. Ltd.		1,074,000		6,043,192
Sands China Ltd.		754,800		3,511,013
Sun Hung Kai Properties Ltd.		176,000		2,502,332
Swire Pacific Ltd., Class A		402,000		3,621,227
Swire Properties Ltd.		1,355,400		4,008,953
				54,108,577
Ireland — 0.7%
CRH PLC^(b)		148,533		4,971,364
Flutter Entertainment PLC		15,593		1,643,957
Kerry Group PLC, Class A		22,404		2,830,112
Kingspan Group PLC		26,452		1,657,656
				11,103,089
Israel — 0.5%
Bank Hapoalim BM		406,949		3,178,524
Bank Leumi Le-Israel BM		250,187		1,623,772
Teva Pharmaceutical Industries Ltd., ADR^(a)(b)		142,328		1,641,042
Wix.com Ltd.^(a)(b)		13,721		1,839,026
				8,282,364

Security	Shares		Value

Italy — 2.0%
Assicurazioni Generali SpA		183,663	$	3,280,367
CNH Industrial NV		322,287		2,956,034
Eni SpA		357,819		4,385,609
Ferrari NV		9,822		1,527,179
Intesa Sanpaolo SpA		5,071,860		12,248,246
Snam SpA		358,372		1,760,025
Terna Rete Elettrica Nazionale SpA		559,532		3,681,560
UniCredit SpA		176,148		2,232,484
				32,071,504
Japan — 24.1%
Advantest Corp		34,700		1,581,148
Aeon Co. Ltd.		160,300		2,993,783
Ajinomoto Co. Inc.		98,300		1,651,320
Alfresa Holdings Corp		87,900		1,545,065
Asahi Kasei Corp		332,800		2,778,964
Astellas Pharma Inc.		325,300		5,123,856
Benesse Holdings Inc.		64,100		1,653,235
Bridgestone Corp.		67,000		2,239,855
Canon Inc.		88,800		2,250,357
Central Japan Railway Co.		11,100		1,829,676
Chugai Pharmaceutical Co. Ltd.		40,700		4,420,345
Dai Nippon Printing Co. Ltd.		66,900		1,609,470
Daifuku Co. Ltd.		28,300		1,684,383
Dai-ichi Life Holdings Inc.		117,100		1,605,084
Daiichi Sankyo Co. Ltd.		78,100		4,771,511
Daikin Industries Ltd.		37,100		5,064,641
Daiwa House Industry Co. Ltd.		110,800		3,060,572
Denso Corp.		105,900		4,143,123
East Japan Railway Co.		56,700		4,372,941
Eisai Co. Ltd.		43,200		3,196,396
Fast Retailing Co. Ltd.		7,300		3,616,669
FUJIFILM Holdings Corp.		36,000		1,761,202
Fujitsu Ltd.		38,500		4,001,159
Hankyu Hanshin Holdings Inc.		87,800		2,889,631
Hitachi Ltd.		93,700		3,159,383
Hitachi Metals Ltd.		115,600		1,653,649
Honda Motor Co. Ltd.		310,300		8,053,445
Hoya Corp.		43,000		3,830,594
Idemitsu Kosan Co. Ltd.		67,500		1,663,329
Inpex Corp.		297,700		2,574,740
ITOCHU Corp.		167,500		3,822,382
JFE Holdings Inc.		164,200		1,525,318
JXTG Holdings Inc.		702,900		2,828,152
Kajima Corp.		148,500		1,601,126
Kansai Paint Co. Ltd.		77,400		1,691,297
Kao Corp.		65,600		4,785,063
Kawasaki Heavy Industries Ltd.		86,600		1,573,597
KDDI Corp.		265,000		7,512,817
Keio Corp.		34,100		1,640,745
Keyence Corp.		20,600		6,571,603
Kikkoman Corp.		33,200		1,542,039
Kirin Holdings Co. Ltd.		123,800		2,381,542
Komatsu Ltd.		183,200		3,706,800
Kubota Corp.		177,400		2,504,800
Kyocera Corp.		26,100		1,644,422
Kyowa Kirin Co. Ltd.		69,800		1,663,060
Kyushu Railway Co.		64,000		1,925,370
Lawson Inc.		31,100		1,652,093
Mazda Motor Corp.		217,800		1,514,393
Mitsubishi Chemical Holdings Corp.		271,500		1,828,123

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

Security	Shares		Value

Japan (continued)
Mitsubishi Corp.		149,300	$	3,723,330
Mitsubishi Electric Corp.		172,200		2,188,719
Mitsubishi Estate Co. Ltd.		153,800		2,629,279
Mitsubishi Heavy Industries Ltd.		62,500		1,981,064
Mitsubishi UFJ Financial Group Inc.		1,086,200		5,356,230
Mitsui Fudosan Co. Ltd.		102,300		2,349,680
Mizuho Financial Group Inc.		3,799,400		5,199,012
MS&AD Insurance Group Holdings Inc.		101,900		3,290,388
Murata Manufacturing Co. Ltd.		83,500		4,428,716
Nabtesco Corp.		59,100		1,595,505
NEC Corp.		40,300		1,509,405
NGK Insulators Ltd.		128,300		2,018,496
Nikon Corp.		160,300		1,648,104
Nintendo Co. Ltd.		15,908		5,349,123
Nippon Express Co. Ltd.		32,800		1,572,113
Nippon Steel Corp.		136,900		1,543,322
Nippon Telegraph & Telephone Corp.		166,000		3,892,801
Nippon Yusen KK		1 13,300		1,621,798
Nitto Denko Corp.		48,200		2,421,953
Nomura Holdings Inc.		395,700		1,759,034
Nomura Real Estate Master Fund Inc.		970		1,540,453
Nomura Research Institute Ltd.		93,000		2,030,455
NSK Ltd.		215,100		1,649,170
NTT DOCOMO Inc.		294,700		7,998,278
Obayashi Corp.		166,500		1,680,976
Odakyu Electric Railway Co. Ltd.		83,000		1,603,597
Omron Corp.		76,400		4,136,430
Ono Pharmaceutical Co. Ltd.		83,900		1,718,991
Oriental Land Co. Ltd.		24,500		2,785,820
ORIX Corp.		239,500		3,867,881
Osaka Gas Co. Ltd.		160,400		2,594,892
Otsuka Holdings Co. Ltd.		50,900		1,925,296
Panasonic Corp.		426,900		4,078,436
Rakuten Inc.		202,700		1,696,918
Recruit Holdings Co. Ltd.		159,500		5,556,955
Resona Holdings Inc.		732,200		2,777,697
Santen Pharmaceutical Co. Ltd.		97,100		1,559,145
Secom Co. Ltd.		30,300		2,408,775
Sekisui Chemical Co. Ltd.		204,000		3,043,026
Sekisui House Ltd.		162,700		3,193,213
Seven & i Holdings Co. Ltd.		47,800		1,637,870
Shimadzu Corp.		66,600		1,622,628
Shimizu Corp.		178,300		1,623,238
Shin-Etsu Chemical Co. Ltd.		32,600		3,670,579
Shionogi & Co. Ltd.		63,700		3,451,782
Shiseido Co. Ltd.		44,100		2,623,963
Softbank Corp.		204,600		2,679,252
SoftBank Group Corp.		190,200		8,839,499
Sompo Holdings Inc.		79,900		2,974,815
Sony Corp.		185,900		11,393,732
Stanley Electric Co. Ltd.		72,700		1,776,639
Sumitomo Chemical Co. Ltd.		1,710,700		6,232,838
Sumitomo Metal Mining Co. Ltd.		75,500		1,879,713
Sumitomo Mitsui Financial Group Inc.		217,100		7,012,251
Sumitomo Mitsui Trust Holdings Inc.		103,400		3,546,841
Sysmex Corp.		38,000		2,437,510
T&D Holdings Inc.		157,400		1,554,081
Taisei Corp.		46,800		1,603,171
Takeda Pharmaceutical Co. Ltd.		204,794		7,144,485
TDK Corp.		17,300		1,676,030

Security	Shares		Value

Japan (continued)
Teijin Ltd.		1 14,200	$	1,879,247
Terumo Corp.		74,200		2,392,505
Tokio Marine Holdings Inc.		81,700		4,393,841
Tokyo Electron Ltd.		18,700		3,870,370
Tokyo Gas Co. Ltd.		157,500		3,187,526
Tokyu Corp.		156,400		2,401,135
Toray Industries Inc.		352,100		2,039,187
Toyota Motor Corp.		245,200		16,201,181
Toyota Tsusho Corp.		59,300		1,794,971
Unicharm Corp.		49,300		1,598,771
West Japan Railway Co.		41,900		2,959,201
Yamaha Corp.		37,300		1,832,754
Yaskawa Electric Corp.		51,500		1,616,164
Yokogawa Electric Corp.		102,300		1,647,384
				381,813,898
Netherlands — 3.9%
Aegon NV		434,820		1,466,795
Akzo Nobel NV		49,504		3,923,348
ASML Holding NV		60,896		16,595,704
Heineken NV		31,952		3,166,511
ING Groep NV		434,255		4,106,555
Koninklijke Ahold Delhaize NV		89,549		2,083,372
Koninklijke DSM NV		32,026		3,579,458
Koninklijke KPN NV		638,856		1,544,554
Koninklijke Philips NV		111,635		4,748,057
Koninklijke Vopak NV		34,058		1,614,285
NXP Semiconductors NV		22,438		2,550,976
Prosus NV^(b)		51,431		3,596,996
Unilever NV.		154,684		8,090,388
Wolters Kluwer NV		71,365		5,198,882
				62,265,881
New Zealand — 0.3%
Auckland International Airport Ltd.		329,624		1,609,016
Fisher & Paykel Healthcare Corp. Ltd.		111,456		1,782,187
Meridian Energy Ltd.		487,642		1,397,365
				4,788,568
Norway — 0.9%
Equinor ASA		383,218		5,714,811
Mowi ASA		72,328		1,511,574
Norsk Hydro ASA		577,183		1,624,580
Orkla ASA		270,044		2,258,587
Telenor ASA		206,887		3,284,007
				14,393,559
Portugal — 0.3%
Galp Energia SGPS SA		297,129		4,037,336
Singapore — 1.4%
CapitaLand Ltd.		1,243,500		3,145,056
City Developments Ltd.		470,400		3,292,834
DBS Group Holdings Ltd.		347,200		5,997,701
Keppel Corp. Ltd.		670,900		3,047,579
Oversea-Chinese Banking Corp. Ltd.		286,600		2,176,657
Singapore Telecommunications Ltd.		1,180,000		2,536,362
United Overseas Bank Ltd.		75,700		1,327,747
				21,523,936
Spain — 3.0%
Amadeus IT Group SA		58,198		4,059,401
Banco Bilbao Vizcaya Argentaria SA		1,679,021		7,994,205
Banco Santander SA		764,836		2,795,125

12 2 0 2 0 i S h a r e s S e m i - A n n u a 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 EAFE ETF

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

Security	Shares		Value

Spain (continued)
CaixaBank SA		715,179	$	1,823,350
Enagas SA		22,083		567,615
Iberdrola SA		989,868		11,221,144
Industria de Diseno Textil SA		209,872		6,484,917
Naturgy Energy Group SA		169,337		3,911,752
Red Electrica Corp. SA		89,822		1,711,343
Repsol SA		372,808		4,148,345
Telefonica SA		412,974		2,431,463
				47,148,660
Sweden — 2.8%
Alfa Laval AB		67,416		1,502,676
Assa Abloy AB, Class B		104,507		2,316,485
Atlas Copco AB, Class A		74,981		2,622,568
Atlas Copco AB, Class B		58,053		1,771,212
Boliden AB		141,273		2,891,003
Electrolux AB, Series B		77,167		1,547,702
Essity AB, Class B		136,092		4,037,097
Hennes & Mauritz AB, Class B		116,189		2,077,599
Hexagon AB, Class B		30,236		1,598,640
ICA Gruppen AB		42,905		1,592,270
Sandvik AB		166,664		2,722,981
Skandinaviska Enskilda Banken AB, Class A		239,483		2,258,700
Skanska AB, Class B		77,749		1,675,255
SKF AB, Class B		91,039		1,577,555
Svenska Handelsbanken AB, Class A		223,263		2,221,784
Swedbank AB, Class A		109,032		1,627,872
Tele2 AB, Class B		118,806		1,708,853
Telefonaktiebolaget LM Ericsson, Class B		333,292		2,636,056
Telia Co. AB		707,345		2,767,336
Volvo AB, Class B		203,102		3,117,201
				44,270,845
Switzerland — 9.7%
ABB Ltd., Registered		236,653		5,087,813
Adecco Group AG, Registered		30,044		1,594,773
Alcon Inc.^(b)		80,307		4,891,679
Barry Callebaut AG, Registered		875		1,792,577
Chocoladefabriken Lindt & Spruengli AG, Registered		19		1,642,957
Clariant AG, Registered		72,859		1,526,505
Coca-Cola HBC AG		74,051		2,340,043
Credit Suisse Group AG, Registered		193,436		2,160,280
Dufry AG, Registered		20,260		1,469,763
Geberit AG, Registered		6,735		3,332,884
Givaudan SA, Registered		2,279		7,077,508
Julius Baer Group Ltd.		34,875		1,448,756
Kuehne + Nagel International AG, Registered		23,023		3,343,027
LafargeHolcim Ltd., Registered		35,171		1,624,563
Lonza Group AG, Registered		16,979		6,707,753
Nestle SA, Registered		373,979		38,191,874
Roche Holding AG, NVS		86,827		27,780,693
SGS SA, Registered		1,251		3,099,228
Sika AG, Registered		13,728		2,430,889
Sonova Holding AG, Registered		1 1,642		2,763,915
Straumann Holding AG, Registered		1,741		1,620,581
Swiss Re AG		76,310		7,224,597
Swisscom AG, Registered		7,900		4,191,787
Temenos AG, Registered ^(b)		10,894		1,544,709
UBS Group AG, Registered		713,857		7,817,433
Vifor Pharma AG		9,690		1,608,743

Security	Shares		Value

Switzerland (continued)
Zurich Insurance Group AG.		23,481	$	8,997,472
				153,312,802
United Kingdom — 15.3%
3i Group PLC		171,067		2,202,520
Antofagasta PLC		207,389		1,992,034
Ashtead Group PLC		57,915		1,767,260
Associated British Foods PLC		57,538		1,657,275
AstraZeneca PLC		167,578		14,542,387
Aviva PLC		537,220		2,407,160
BAE Systems PLC		500,551		3,889,831
Barclays PLC		1,024,557		1,946,512
Barratt Developments PLC		179,569		1,736,741
Berkeley Group Holdings PLC		33,743		2,048,972
BP PLC		3,398,116		17,194,558
British Land Co. PLC (The)		336,594		2,153,958
BT Group PLC		1,303,115		2,357,222
Burberry Group PLC		84,042		1,770,150
Centrica PLC		1,790,375		1,649,274
Coca-Cola European Partners PLC		70,634		3,599,509
Compass Group PLC		167,387		3,657,109
Croda International PLC		50,837		2,957,101
DCC PLC		34,165		2,414,108
Diageo PLC		390,186		13,782,833
easyJet PLC		90,144		1,267,127
Experian PLC		107,190		3,547,438
Ferguson PLC		44,346		3,817,750
GlaxoSmithKline PLC		621,727		12,405,935
Glencore PLC		937,802		2,314,975
HSBC Holdings PLC		2,170,858		14,526,901
Informa PLC		258,690		2,254,820
InterContinental Hotels Group PLC		27,852		1,530,453
Intertek Group PLC		22,866		1,539,196
ITV PLC		1,125,745		1,675,890
J Sainsbury PLC		720,222		1,800,783
Johnson Matthey PLC		69,752		2,237,157
Kingfisher PLC		844,063		2,041,424
Land Securities Group PLC		138,663		1,478,196
Legal & General Group PLC		881,976		2,929,026
Lloyds Banking Group PLC		6,816,027		4,370,470
London Stock Exchange Group PLC		42,481		4,110,814
Marks & Spencer Group PLC		834,591		1,688,581
Meggitt PLC		218,307		1,511,333
Micro Focus International PLC		171,048		1,618,279
Mondi PLC		147,064		2,934,138
National Grid PLC		637,954		8,008,435
Next PLC		19,034		1,478,664
Pearson PLC		234,475		1,669,985
Prudential PLC		287,073		4,645,817
Reckitt Benckiser Group PLC		76,544		5,593,405
RELX PLC		323,435		7,715,086
Rentokil Initial PLC		280,982		1,737,069
Rio Tinto PLC		153,263		7,063,127
Rolls-Royce Holdings PLC		201,005		1,591,812
Sage Group PLC (The)		172,032		1,498,164
Schroders PLC		65,018		2,370,177
Segro PLC		392,708		4,119,190
Smith & Nephew PLC		109,594		2,434,330
Smiths Group PLC		77,002		1,507,778
Spirax-Sarco Engineering PLC		14,627		1,568,444
SSE PLC		209,764		4,096,676

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^®ESG MSCI EAFE ETF

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

Security	Shares		Value

United Kingdom (continued)
Standard Chartered PLC		424,623	$	3,051,381
Standard Life Aberdeen PLC		427,203		1,508,223
Taylor Wimpey PLC		580,488		1,499,228
Tesco PLC		1,318,921		3,849,445
Unilever PLC		1 19,411		6,360,241
Vodafone Group PLC		3,370,645		5,784,638
Whitbread PLC		28,143		1,399,779
Wm Morrison Supermarkets PLC		759,447		1,661,197
WPP PLC		258,309		2,483,775
				242,023,266
Total Common Stocks — 99.4%
(Cost: $1,612,964,439)				1,572,975,041

Preferred Stocks

Germany — 0.3%

Bayerische Motoren Werke AG, Preference Shares, NVS	31,582	1,613,836
Henkel AG & Co. KGaA, Preference Shares, NVS	17,572	1,615,188
Sartorius AG, Preference Shares, NVS	7,870	1,789,474
		5,018,498
Total Preferred Stocks — 0.3%
(Cost: $4,981,360)		5,018,498

Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.74% (d)(e)(f)	3,488,848	3,491,290

Security Shares Value

Money Market Funds (continued)

BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(d)(e) 23,000 $ 23,000

3,514,290

Total Short-Term Investments — 0.2%

(Cost: $3,513,802) 3,514,290

Total Investments in Securities — 99.9%

(Cost: $1,621,459,601) 1,581,507,829

Other Assets, Less Liabilities — 0.1% 1,511,391

Net Assets — 100.0% $ 1,583,019,220

^(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

^(d)

registration to qualified institutional investors.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:

															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		2,858,199		630,649			3,488,848	$	3,491,290	$	12,485	^(b)	$	393	$	459
BlackRock Cash Funds: Treasury, SL Agency Shares		195,000		(172,000	)		23,000		23,000		6,170			—		—
								$	3,514,290	$	18,655		$	393	$	459

^(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

ASX SPI 200 Index 5 03/19/20 $ 514 $ (40,164 )

Euro STOXX 50 Index 54 03/20/20 1,966 (215,553 )

FTSE 100 Index 12 03/20/20 1,000 (109,469 )

TOPIX Index 9 03/12/20 1,251 (142,261 )

$ (507,447 )

14	2 0 2 0 i S h a r e s S e m i - A n n u a 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 EAFE 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)	$	507,447

^(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	$	473,321

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(608,009	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts:
Average notional value of contracts — long	$	5,916,921

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	$	1,572,975,041		$	—	$	—	$	1,572,975,041
Preferred Stocks		5,018,498			—		—		5,018,498
Money Market Funds		3,514,290			—		—		3,514,290
	$	1,581,507,829		$	—	$	—	$	1,581,507,829
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(507,447	)	$	—	$	—	$	(507,447	)

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

See notes to financial statements

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

Schedule of Investments (unaudited) (continued) iShares^®ESG MSCI EM Leaders ETF

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

Security	Shares		Value

Common Stocks

Argentina — 0.2%
Globant SA^(a)		8,715	$	984,882

Brazil — 4.1%
Atacadao SA		99,600		456,756
B2W Cia. Digital^(a)		51,900		714,946
B3 SA - Brasil, Bolsa, Balcao		513,200		5,459,998
Banco do Brasil SA		216,100		2,244,511
Banco Santander Brasil SA		102,800		908,228
BR Malls Participacoes SA		199,200		721,450
Cielo SA		298,800		453,666
Cosan SA		41,800		677,913
Energisa SA		38,500		460,807
Engie Brasil Energia SA		49,800		524,640
Klabin SA		174,300		743,691
Localiza Rent a Car SA		151,690		1,665,626
Lojas Renner SA		197,700		2,335,600
Natura & Co. Holding SA		162,400		1,638,164
Notre Dame Intermedica Participacoes SA		120,129		1,683,587
TIM Participacoes SA		210,000		750,790
Ultrapar Participacoes SA		184,000		778,146
WEG SA		209,653		2,005,148
				24,223,667

Chile — 0.7%
Aguas Andinas SA, Class A		671,304		229,142
Empresa Nacional de Telecomunicaciones SA^(a)		38,595		202,523
Empresas CMPC SA		277,635		558,431
Empresas COPEC SA		99,533		770,342
Enel Americas SA		9,486,677		1,584,332
Latam Airlines Group SA		62,001		412,368
SACI Falabella		176,418		584,956
				4,342,094

China — 26.2%
3SBio Inc.^(a)(b)		322,500		334,375
51job Inc., ADR^(a)		6,707		501,482
AAC Technologies Holdings Inc.		180,000		1,179,128
Air China Ltd., Class A		49,800		53,147
Air China Ltd., Class H		484,000		389,409
Alibaba Group Holding Ltd., ADR^(a)		145,236		30,209,088
Alibaba Health Information Technology Ltd.^(a)		900,000		1,725,383
Alibaba Pictures Group Ltd.(^a)		3,750,000		505,258
A-Living Services Co. Ltd., Class H^(b)		1 10,000		492,618
BAIC Motor Corp. Ltd., Class H^(b)		454,500		222,787
Bank of Shanghai Co. Ltd., Class A		235,500		290,071
Baoshan Iron & Steel Co. Ltd., Class A		263,100		195,720
Baozun Inc., ADR(^a)		10,900		345,748
BBMG Corp., Class A		124,500		60,022
BBMG Corp., Class H		709,000		199,243
Beijing Enterprises Water Group Ltd.		1,230,000		571,355
Beijing Oriental Yuhong Waterproof Technology Co. Ltd.,
Class A		24,900		110,640
Beijing Originwater Technology Co. Ltd., Class A		38,900		54,870
Beijing Sanju Environmental Protection and New Material
Co. Ltd., Class A		32,900		26,404
BEST Inc., ADR^(a)		48,995		265,063
BOC Aviation Ltd.^(b)		49,800		432,304
BYD Co. Ltd., Class A		26,700		249,689
BYD Co. Ltd., Class H		159,500		976,274
BYD Electronic International Co. Ltd.		171,000		320,362

Security	Shares		Value

China (continued)
China Agri-Industries Holdings Ltd.		584,000	$	316,990
China CITIC Bank Corp. Ltd., Class H		2,181,000		1,133,452
China Conch Venture Holdings Ltd.		400,000		1,945,323
China Construction Bank Corp., Class H		23,956,000		19,366,333
China Eastern Airlines Corp. Ltd., Class A^(a)		149,400		97,032
China Eastern Airlines Corp. Ltd., Class H^(a)		498,000		213,436
China Everbright Bank Co. Ltd., Class H		747,000		299,066
China Everbright International Ltd.		972,000		647,331
China Gas Holdings Ltd.		451,000		1,649,354
China Jushi Co. Ltd., Class A		49,800		66,826
China Lesso Group Holdings Ltd.		252,000		378,337
China Longyuan Power Group Corp. Ltd., Class H		781,000		408,887
China Medical System Holdings Ltd.		334,000		411,444
China Meheco Co. Ltd., Class A		13,400		28,294
China Mengniu Dairy Co. Ltd.		694,000		2,489,051
China Merchants Bank Co. Ltd., Class H.		980,500		4,623,783
China Merchants Securities Co. Ltd., Class A		97,000		244,921
China Merchants Shekou Industrial Zone Holdings Co.
Ltd., Class A		124,500		308,837
China Minsheng Banking Corp. Ltd., Class H		1,743,000		1,176,456
China Molybdenum Co. Ltd., Class A		312,000		181,660
China Molybdenum Co. Ltd., Class H		882,000		329,347
China Overseas Land & Investment Ltd.		964,000		3,234,754
China Resources Gas Group Ltd.		218,000		1,088,175
China Resources Pharmaceutical Group Ltd.(^b)		373,500		324,947
China Shenhua Energy Co. Ltd., Class A		96,800		221,567
China Shenhua Energy Co. Ltd., Class H		844,500		1,465,105
China Vanke Co. Ltd., Class A		158,600		671,365
China Vanke Co. Ltd., Class H		356,600		1,372,762
China Zhongwang Holdings Ltd.		398,400		133,941
CITIC Ltd.		1,429,000		1,586,138
Contemporary Amperex Technology Co. Ltd., Class A		32,900		638,543
Country Garden Services Holdings Co. Ltd.		299,000		1,166,373
CSPC Pharmaceutical Group Ltd.		1,164,000		2,652,702
Dali Foods Group Co. Ltd.^(b)		498,000		329,101
Dongfang Electric Corp. Ltd., Class A		38,000		50,285
ENN Energy Holdings Ltd.		197,200		2,185,052
Eve Energy Co. Ltd., Class A^(a)		13,800		131,383
Fosun International Ltd.		641,000		816,770
Geely Automobile Holdings Ltd.		1,245,000		2,214,242
GEM Co. Ltd., Class A		54,800		41,942
Genscript Biotech Corp.(^a)		228,000		474,546
Greenland Holdings Corp. Ltd., Class A		124,500		104,014
Greentown Service Group Co. Ltd.		288,000		359,951
Guangzhou Automobile Group Co. Ltd., Class A		21,100		32,751
Guangzhou Automobile Group Co. Ltd., Class H		758,000		845,243
Guoxuan High-Tech Co. Ltd., Class A.		16,200		51,635
Hangzhou Robam Appliances Co. Ltd., Class A		10,800		47,927
Hengli Petrochemical Co. Ltd., Class A		91,400		194,824
Huadong Medicine Co. Ltd., Class A		24,900		68,749
Hutchison China MediTech Ltd., ADR^(a)		15,105		352,249
Inner Mongolia Yitai Coal Co. Ltd., Class B.		38,400		26,342
Jiangsu Expressway Co. Ltd., Class H		348,000		402,343
Jinke Properties Group Co. Ltd., Class A.		74,700		80,469
Kingdee International Software Group Co. Ltd.		576,000		736,903
Lee & Man Paper Manufacturing Ltd.		361,000		281,646
Legend Holdings Corp., Class H^(b)		1 19,100		204,790
Lenovo Group Ltd.		1,814,000		1,119,631
Meituan Dianping, Class B^(a)		252,400		3,203,157
NARI Technology Co. Ltd., Class A		72,600		205,954

16	2 0 2 0 i S h a r e s S e m i - A n n u a 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 Leaders ETF

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

Security	Shares		Value

China (continued)
Oceanwide Holdings Co. Ltd., Class A		47,200	$	28,495
Offshore Oil Engineering Co. Ltd., Class A		74,700		62,088
Pinduoduo Inc., ADR^(a)		48,555		1,737,298
Poly Developments and Holdings Group Co. Ltd., Class A		183,500		425,004
Shandong Weigao Group Medical Polymer Co. Ltd.,
Class H		524,000		675,084
Shanghai Industrial Holdings Ltd.		103,000		181,865
Shanghai International Airport Co. Ltd., Class A		15,900		149,465
Shanghai International Port Group Co. Ltd., Class A		1 18,700		77,093
Shanghai M&G Stationery Inc., Class A		12,000		76,221
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		41,500		110,842
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		185,100		338,703
Shenzhen Expressway Co. Ltd., Class H		160,000		193,608
Shenzhen Inovance Technology Co. Ltd., Class A		24,900		100,844
Shenzhen Investment Ltd.		898,000		301,905
Shenzhou International Group Holdings Ltd.		189,100		2,323,394
Shui On Land Ltd.		1,245,000		247,624
Siasun Robot & Automation Co. Ltd., Class A^(a)		18,600		39,833
Sichuan Chuantou Energy Co. Ltd., Class A		74,700		97,780
Sino Biopharmaceutical Ltd.		1,743,000		2,522,894
Sino-Ocean Group Holding Ltd.		747,000		271,269
Sinopharm Group Co. Ltd., Class H		332,800		1,027,048
Sinotrans Ltd., Class H		809,000		228,383
Sinotruk Hong Kong Ltd.		178,500		341,285
SOHO China Ltd.		562,500		203,547
Suning.com Co. Ltd., Class A		151,100		200,596
TBEA Co. Ltd., Class A		39,000		34,759
TCL Technology Group Corp., Class A		209,000		175,806
Tencent Holdings Ltd.		609,800		30,204,195
Towngas China Co. Ltd.		332,000		192,561
Transfar Zhilian Co. Ltd., Class A		37,700		33,546
Vipshop Holdings Ltd., ADR^(a)		109,674		1,407,117
Wanxiang Qianchao Co. Ltd., Class A		29,800		23,873
Wuxi Biologics Cayman Inc.^(a)(b)		192,000		2,808,656
Xiamen Tungsten Co. Ltd., Class A		16,900		28,867
Xinjiang Goldwind Science & Technology Co. Ltd.,
Class A		49,800		74,947
Xinjiang Goldwind Science & Technology Co. Ltd.,
Class H		208,800		207,379
Yunnan Energy New Material Co. Ltd., Class A		7,000		58,422
Yuzhou Properties Co. Ltd.		496,000		243,129
Zhejiang Expressway Co. Ltd., Class H		400,000		302,321
Zhejiang Huayou Cobalt Co. Ltd., Class A		15,600		84,336
Zhejiang Weixing New Building Materials Co. Ltd.,
Class A		21,000		35,630
Zhengzhou Yutong Bus Co. Ltd., Class A		24,900		53,717
Zhongsheng Group Holdings Ltd.		137,000		521,240
Zoomlion Heavy Industry Science and Technology Co.
Ltd., Class A		94,400		84,809
Zoomlion Heavy Industry Science and Technology Co.
Ltd., Class H		328,600		272,391
				153,954,740

Colombia — 0.2%
Grupo Argos SA		66,234		280,094
Interconexion Electrica SA ESP		1 15,269		604,445
				884,539

Czech Republic — 0.2%
CEZ AS		40,089		762,803

Security	Shares		Value

Czech Republic (continued)
Komercni Banka AS		17,679	$	538,806
				1,301,609
Egypt — 0.3%
Commercial International Bank Egypt SAE		341,707		1,804,659
Greece — 0.3%
Alpha Bank AE^(a)		365,073		516,105
Hellenic Telecommunications Organization SA		60,603		853,419
Motor Oil Hellas Corinth Refineries SA		14,291		232,330
Titan Cement International SA^(a)		7,123		99,994
				1,701,848
Hungary — 0.6%
MOL Hungarian Oil & Gas PLC		108,332		833,152
OTP Bank Nyrt		55,554		2,401,929
				3,235,081
India — 13.1%
Ambuja Cements Ltd.		133,826		380,241
Ashok Leyland Ltd.		309,009		299,300
Asian Paints Ltd.		72,207		1,798,934
Axis Bank Ltd.		518,418		5,009,081
Bajaj Auto Ltd.		20,667		827,625
Berger Paints India Ltd.		51,616		405,211
Bharat Petroleum Corp. Ltd.		164,340		970,885
Bharti Airtel Ltd.^(a)		611,934		4,438,943
Britannia Industries Ltd.		13,944		573,894
Dabur India Ltd.		128,982		886,659
DLF Ltd.		140,891		393,774
Eicher Motors Ltd.		3,422		787,241
Grasim Industries Ltd.		72,162		687,148
Havells India Ltd.		62,748		533,033
HCL Technologies Ltd.		267,924		1,983,790
Hero MotoCorp Ltd.		24,369		692,820
Hindalco Industries Ltd.		291,712		630,171
Hindustan Petroleum Corp. Ltd.		152,637		417,826
Hindustan Unilever Ltd.		161,361		4,862,574
Housing Development Finance Corp. Ltd.		408,679		12,321,105
Infosys Ltd.		848,538		8,603,253
Lupin Ltd.		56,025		496,844
Mahindra & Mahindra Ltd.		184,893		1,170,961
Marico Ltd.		109,432		453,013
Nestle India Ltd.		5,727		1,252,163
Petronet LNG Ltd.		155,406		528,877
Pidilite Industries Ltd.		31,872		668,244
Piramal Enterprises Ltd.		25,896		468,832
Reliance Industries Ltd.		711,403		13,097,386
Shree Cement Ltd.		2,241		703,996
Siemens Ltd.		17,280		312,174
Tata Consultancy Services Ltd.		224,297		6,216,478
Tech Mahindra Ltd.		1 13,793		1,173,763
Titan Co. Ltd.		78,435		1,363,449
UPL Ltd.		133,464		961,115
Wipro Ltd.		283,639		870,362
				77,241,165
Indonesia — 3.2%
Astra International Tbk PT.		5,023,500		1,934,472
Bank Central Asia Tbk PT		2,440,200		5,348,966
Bank Mandiri Persero Tbk PT		4,606,500		2,335,758
Bank Negara Indonesia Persero Tbk PT		1,834,700		898,329
Bank Rakyat Indonesia Persero Tbk PT.		13,844,400		4,043,076

S c h e d u l e o f I n v e s t m e n t s 17

Schedule of Investments (unaudited) (continued) iShares^®ESG MSCI EM Leaders ETF

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

Security	Shares		Value

Indonesia (continued)
Barito Pacific Tbk PT^(a)		6,686,100	$	459,021
Bukit Asam Tbk PT		1,068,600		166,835
Indah Kiat Pulp & Paper Corp. Tbk PT		672,300		263,578
Indofood Sukses Makmur Tbk PT		1,068,600		484,119
Jasa Marga Persero Tbk PT		604,100		197,051
Kalbe Farma Tbk PT		5,494,200		467,184
Pabrik Kertas Tjiwi Kimia Tbk PT		361,200		151,051
Pakuwon Jati Tbk PT		4,639,000		171,366
Perusahaan Gas Negara Tbk PT		2,705,000		241,324
Unilever Indonesia Tbk PT		1,875,100		891,971
United Tractors Tbk PT		429,400		496,814
				18,550,915
Malaysia — 3.2%
AMMB Holdings Bhd		398,400		349,722
Axiata Group Bhd		697,200		691,411
CIMB Group Holdings Bhd		1,221,100		1,396,371
DiGi.Com Bhd		771,900		761,828
Fraser & Neave Holdings Bhd		48,200		351,294
HAP Seng Consolidated Bhd		149,400		317,586
Hartalega Holdings Bhd		388,400		571,312
Hong Leong Bank Bhd		157,400		571,345
IHH Healthcare Bhd		547,800		740,797
Malayan Banking Bhd		967,600		1,932,904
Maxis Bhd		597,600		769,862
MISC Bhd		367,400		661,582
Nestle Malaysia Bhd		22,800		773,523
Petronas Dagangan Bhd		82,600		447,588
PPB Group Bhd		137,500		590,451
Press Metal Aluminium Holdings Bhd		373,500		412,932
Public Bank Bhd		772,300		3,133,174
RHB Bank Bhd		398,400		524,584
Sime Darby Bhd		647,400		307,189
Telekom Malaysia Bhd		286,700		251,670
Tenaga Nasional Bhd		771,900		2,215,893
Top Glove Corp. Bhd		387,500		518,505
Westports Holdings Bhd		273,900		223,539
YTL Corp. Bhd		810,900		162,565
				18,677,627
Mexico — 1.8%
Alfa SAB de CV, Class A		747,000		474,316
Alsea SAB de CV^(a)		137,900		278,078
Arca Continental SAB de CV		107,300		585,322
Cemex SAB de CV, CPO, NVS		3,807,076		1,219,249
Coca-Cola Femsa SAB de CV		129,900		715,101
Fomento Economico Mexicano SAB de CV		481,900		3,875,599
Gruma SAB de CV, Series B		52,290		499,379
Grupo Aeroportuario del Sureste SAB de CV, Class B		52,600		863,244
Grupo Bimbo SAB de CV, Series A		398,400		597,504
Industrias Penoles SAB de CV		34,860		312,457
Infraestructura Energetica Nova SAB de CV		136,700		591,228
Kimberly-Clark de Mexico SAB de CV, Class A		394,400		742,520
				10,753,997
Philippines — 1.3%
Aboitiz Equity Ventures Inc.		473,100		395,835
Aboitiz Power Corp.		398,400		214,929
Bank of the Philippine Islands		206,670		300,426
BDO Unibank Inc.		485,550		1,324,011
Globe Telecom Inc.		8,715		304,149
JG Summit Holdings Inc.		727,080		962,784

Security	Shares		Value

Philippines (continued)
Manila Electric Co.		49,800	$	263,581
Metropolitan Bank & Trust Co.		435,440		478,792
SM Investments Corp.		64,065		1,224,744
SM Prime Holdings Inc.		2,502,200		1,880,025
				7,349,276
Poland — 1.0%
Bank Millennium SA^(a)		156,388		191,424
Bank Polska Kasa Opieki SA		41,085		917,423
CCC SA		7,307		133,345
Grupa Lotos SA		23,655		356,742
KGHM Polska Miedz SA^(a)		35,607		637,055
mBank SA^(a)		3,735		282,301
Orange Polska SA^(a)		162,889		254,908
Polski Koncern Naftowy ORLEN SA		75,223		1,118,796
Polskie Gornictwo Naftowe i Gazownictwo SA.		449,710		361,347
Powszechny Zaklad Ubezpieczen SA		150,894		1,329,943
Santander Bank Polska SA.		8,715		554,372
				6,137,656
Qatar — 1.2%
Commercial Bank PSQC (The)		580,292		716,400
Ooredoo QPSC.		268,380		463,055
Qatar National Bank QPSC		1,172,892		6,028,779
				7,208,234
Russia — 2.6%
Inter RAO UES PJSC		9,213,000		713,459
LUKOIL PJSC		104,114		8,830,324
Novatek PJSC, GDR^(c)		22,659		3,247,035
Novolipetsk Steel PJSC		306,270		569,425
PhosAgro PJSC, GDR^(c)		25,341		279,005
Polymetal International PLC		50,826		775,323
Polyus PJSC		6,568		827,255
				15,241,826
Saudi Arabia — 1.2%
Almarai Co. JSC		62,259		760,086
Banque Saudi Fransi.		137,199		1,245,269
Saudi Arabian Mining Co.(^a)		108,564		1,102,569
Saudi Basic Industries Corp.		187,535		3,934,161
				7,042,085
South Africa — 8.6%
Absa Group Ltd.		177,326		1,491,290
Anglo American Platinum Ltd.		13,559		902,704
Aspen Pharmacare Holdings Ltd.(^a)		98,853		628,376
Bid Corp. Ltd.		82,979		1,467,053
Bidvest Group Ltd. (The)		73,953		846,171
Clicks Group Ltd.		66,981		1,002,703
Exxaro Resources Ltd.		63,246		450,278
FirstRand Ltd.		830,913		2,911,351
Fortress REIT Ltd., Series A		278,798		286,215
Foschini Group Ltd. (The)		61,058		484,109
Gold Fields Ltd.		207,915		1,218,824
Growthpoint Properties Ltd.		735,100		822,411
Investec Ltd.		68,475		343,300
Kumba Iron Ore Ltd.		16,987		303,070
Liberty Holdings Ltd.		37,350		222,488
Life Healthcare Group Holdings Ltd.		344,118		487,800
Momentum Metropolitan Holdings		244,999		277,213
Mr. Price Group Ltd.		65,333		626,979
MTN Group Ltd.		421,557		1,974,939
MultiChoice Group Ltd.(^a)		111,054		638,306

18	2 0 2 0 i S h a r e s S e m i - A n n u a 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 Leaders ETF

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

Security	Shares		Value

South Africa (continued)
Naspers Ltd., Class N		1 10,631	$	16,743,844
Nedbank Group Ltd.		90,564		1,016,719
NEPI Rockcastle PLC		94,620		685,674
Northam Platinum Ltd.^(a)		90,078		636,784
Old Mutual Ltd.		1,217,859		1,212,324
Pick n Pay Stores Ltd.		87,399		306,895
PSG Group Ltd.		37,101		440,075
Redefine Properties Ltd.		1,351,095		466,354
Remgro Ltd.		130,725		1,329,562
RMB Holdings Ltd.		198,453		883,808
Sanlam Ltd.		470,610		1,943,886
Sasol Ltd.		141,626		1,673,602
Shoprite Holdings Ltd.		1 17,330		836,223
SPAR Group Ltd. (The)		46,346		483,154
Standard Bank Group Ltd.		320,096		3,021,597
Vodacom Group Ltd.		159,609		1,112,692
Woolworths Holdings Ltd.		249,996		568,119
				50,746,892
South Korea — 5.8%
Amorepacific Corp.^(a)		7,968		1,056,277
AMOREPACIFIC Group^(a)		7,281		371,694
BNK Financial Group Inc.		66,732		339,017
CJ CheilJedang Corp.		1,992		400,204
CJ Corp.		3,735		247,565
Coway Co. Ltd.		13,011		738,129
Doosan Bobcat Inc.		1 1,594		271,115
GS Engineering & Construction Corp.		14,193		306,765
GS Holdings Corp.		13,729		466,300
Hana Financial Group Inc.		74,202		1,918,438
Hankook Tire & Technology Co. Ltd.		17,679		371,194
Hanwha Solutions Corp.		26,643		391,583
Hyundai Heavy Industries Holdings Co. Ltd.		2,490		554,586
Hyundai Marine & Fire Insurance Co. Ltd.		15,238		283,556
KB Financial Group Inc.		98,604		3,158,251
Korea Gas Corp.		8,340		192,963
LG Chem Ltd.		1 1,454		3,470,623
LG Corp.		23,655		1,314,708
LG Display Co. Ltd.^(a)		57,519		644,099
LG Electronics Inc.		26,643		1,325,020
LG Household & Health Care Ltd.		2,329		2,341,465
LG Innotek Co. Ltd.		3,586		383,845
Lotte Chemical Corp.		4,233		653,510
Lotte Corp.		6,928		165,713
OCI Co. Ltd.^(a)		5,079		205,962
Samsung Card Co. Ltd.		7,604		210,996
Samsung Fire & Marine Insurance Co. Ltd.		7,638		1,245,224
Samsung SDI Co. Ltd.		13,695		3,326,493
Shinhan Financial Group Co. Ltd.		1 13,295		3,013,115
SK Holdings Co. Ltd.		8,946		1,414,271
SK Innovation Co. Ltd.		13,942		1,297,197
SK Telecom Co. Ltd.		4,849		848,425
S-Oil Corp.		1 1,519		631,672
Yuhan Corp.		2,414		425,357
				33,985,332
Taiwan — 15.1%
Acer Inc.		747,000		403,357
Advantech Co. Ltd.		80,000		778,084
ASE Technology Holding Co. Ltd.		856,000		2,015,648
AU Optronics Corp.		2,241,000		703,099

Security Shares Value

Taiwan (continued)

Catcher Technology Co. Ltd. 164,000 $ 1,283,641

Cathay Financial Holding Co. Ltd. 1,971,000 2,606,996

Chailease Holding Co. Ltd. 288,000 1,093,809

Cheng Shin Rubber Industry Co. Ltd. 498,000 650,470

China Airlines Ltd. 817,000 220,173

China Steel Corp. 2,988,000 2,269,654

Chunghwa Telecom Co. Ltd. 957,000 3,413,399

CTBC Financial Holding Co. Ltd. 4,653,000 3,488,271

Delta Electronics Inc. 487,000 2,251,688

E.Sun Financial Holding Co. Ltd. 2,617,000 2,510,737

Eva Airways Corp. 498,000 198,184

Evergreen Marine Corp. Taiwan Ltd.^(a) 646,000 246,414

Far Eastern New Century Corp. 791,000 737,983

Far EasTone Telecommunications Co. Ltd. 366,000 798,976

First Financial Holding Co. Ltd. 2,490,000 1,948,942

Fubon Financial Holding Co. Ltd. 1,673,000 2,455,947

Giant Manufacturing Co. Ltd. 71,000 385,723

Hiwin Technologies Corp. 57,000 567,562

Hotai Motor Co. Ltd. 65,000 1,345,960

Hua Nan Financial Holdings Co. Ltd. 2,038,000 1,450,450

Innolux Corp. 2,090,000 545,286

Inventec Corp. 657,000 497,966

Lite-On Technology Corp. 498,000 721,191

MediaTek Inc. 377,000 4,482,240

Nan Ya Plastics Corp. 1,259,000 2,831,549

President Chain Store Corp. 146,000 1,429,647

Quanta Computer Inc. 686,000 1,404,647

Ruentex Development Co. Ltd. 153,000 207,423

SinoPac Financial Holdings Co. Ltd. 2,761,000 1,185,389

Standard Foods Corp. 84,000 188,365

Taishin Financial Holding Co. Ltd. 2,241,000 1,050,949

Taiwan Business Bank 1,396,000 553,246

Taiwan High Speed Rail Corp. 498,000 567,414

Taiwan Mobile Co. Ltd. 413,000 1,432,157

Taiwan Semiconductor Manufacturing Co. Ltd. 2,990,000 31,203,950

Tatung Co. Ltd.^(a) 473,000 328,825

Uni-President Enterprises Corp. 1,214,000 2,934,817

United Microelectronics Corp. 2,739,000 1,383,996

Wistron Corp. 747,000 667,328

Yuanta Financial Holding Co. Ltd. 2,490,000 1,578,890

89,020,442

Thailand — 3.7%

Advanced Info Service PCL, NVDR 298,800 1,893,836

Airports of Thailand PCL, NVDR 1,070,700 2,027,391

B Grimm Power PCL, NVDR 171,200 245,501

Bangkok Dusit Medical Services PCL, NVDR 2,340,600 1,646,690

Banpu PCL, NVDR 1,020,900 229,706

BTS Group Holdings PCL, NVDR. 1,892,400 653,689

Bumrungrad Hospital PCL, NVDR 99,600 405,597

Central Pattana PCL, NVDR 522,900 878,266

CP ALL PCL, NVDR 1,444,200 3,009,227

Electricity Generating PCL, NVDR 74,700 646,272

Energy Absolute PCL, NVDR 423,300 523,172

Global Power Synergy PCL, NVDR 175,400 350,189

Gulf Energy Development PCL, NVDR. 132,700 695,986

Home Product Center PCL, NVDR. 1,743,000 707,032

Indorama Ventures PCL, NVDR 423,300 348,781

IRPC PCL, NVDR . 2,689,200 187,490

Kasikornbank PCL 282,000 1,067,945

Kasikornbank PCL, NVDR 152,300 574,353

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^®ESG MSCI EM Leaders ETF

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

Security	Shares		Value

Thailand (continued)
Land & Houses PCL, NVDR		1,892,400	$	503,760
Minor International PCL, NVDR		672,300		585,906
Muangthai Capital PCL, NVDR		199,200		362,985
PTT Global Chemical PCL, NVDR		547,800		716,107
Siam Cement PCL (The), NVDR		199,200		1,956,964
Siam Commercial Bank PCL (The), NVDR		199,200		550,791
Thai Oil PCL, NVDR		273,900		375,414
TMB Bank PCL, NVDR		5,851,500		202,128
True Corp. PCL, NVDR		2,888,400		303,898
				21,649,076
Turkey — 0.2%
Arcelik AS^(a)		50,307		149,571
KOC Holding AS		191,133		526,061
Turkcell Iletisim Hizmetleri AS		269,393		596,615
				1,272,247
United Arab Emirates — 0.9%
Abu Dhabi Commercial Bank PJSC		688,485		1,336,518
DP World PLC		41,334		671,677
Dubai Islamic Bank PJSC		422,304		620,883
First Abu Dhabi Bank PJSC		688,485		2,684,284
				5,313,362
Total Common Stocks — 95.7%
(Cost: $609,251,661)				562,623,251

Preferred Stocks

Brazil — 3.6%
Banco Bradesco SA, Preference Shares, NVS	1,005,000	6,800,760
Cia. Brasileira de Distribuicao, Preference Shares, NVS	39,900	637,724
Cia. Energetica de Minas Gerais, Preference
Shares, NVS	229,600	710,431

Security	Shares		Value

Brazil (continued)
Itau Unibanco Holding SA, Preference Shares, NVS		1,207,800	$	8,566,622
Itausa-Investimentos Itau SA, Preference Shares, NVS		1,095,600		2,916,484
Telefonica Brasil SA, Preference Shares, NVS		110,424		1,306,492
				20,938,513
Chile — 0.2%
Embotelladora Andina SA, Class B, Preference Shares		96,363		232,001
Sociedad Quimica y Minera de Chile SA, Series B,
Preference Shares		29,050		759,812
				991,813
South Korea — 0.1%
Amorepacific Corp., Preference Shares, NVS		2,241		135,438
LG Chem Ltd., Preference Shares, NVS		1,743		268,375
LG Household & Health Care Ltd., Preference
Shares, NVS.		498		300,563
				704,376
Total Preferred Stocks — 3.9%
(Cost: $25,733,972)				22,634,702

Total Investments in Securities — 99.6%
(Cost: $634,985,633)				585,257,953

Other Assets, Less Liabilities — 0.4%				2,464,967

Net Assets — 100.0%			$	587,722,920

^(a)	Non-income producing security.
^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
^(c)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

Affiliates

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

Change in

Unrealized

Held at

Value at

Net Realized

Appreciation

Affiliated Issuer

02/05/20(a)

Net Activity

02/29/20

Income

Gain (Loss)^(b)

(Depreciation)

BlackRock Cash Funds: Treasury, SL Agency Shares

—

118

—

^(a)The Fund commenced operations on February 05, 2020.

^(b)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

1,816

(36,939

)

20	2 0 2 0 i S h a r e s S e m i - A n n u a 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 Leaders ETF

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

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) $ 36,939

^(a)

For the period 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	$	83,514
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(36,939	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	1,815,840

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	$	562,623,251		$	—	$	—	$	562,623,251
Preferred Stocks		22,634,702			—		—		22,634,702
	$	585,257,953		$	—	$	—	$	585,257,953
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(36,939	)	$	—	$	—	$	(36,939	)

^(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^®ESG MSCI USA ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.1%
Arconic Inc.		1 15,760	$	3,397,556
HEICO Corp., Class A		37,305		3,295,151
Huntington Ingalls Industries Inc.		25,477		5,236,288
L3Harris Technologies Inc.		56,872		11,245,300
Raytheon Co.		83,461		15,737,406
Spirit AeroSystems Holdings Inc., Class A		57,451		3,035,711
Teledyne Technologies Inc.(^a)		9,925		3,347,901
TransDigm Group Inc.		6,002		3,347,976
United Technologies Corp.		163,910		21,405,007
				70,048,296
Air Freight & Logistics — 0.8%
CH Robinson Worldwide Inc.		52,945		3,647,911
Expeditors International of Washington Inc.		197,515		13,909,006
United Parcel Service Inc., Class B		93,464		8,457,557
				26,014,474
Airlines — 0.1%
Delta Air Lines Inc.		65,363		3,015,195

Auto Components — 0.1%
Aptiv PLC		57,554		4,495,543

Automobiles — 0.4%
Tesla Inc.^(a)		19,099		12,757,941

Banks — 3.7%
Bank of America Corp.		1,072,283		30,560,066
Citigroup Inc.		256,563		16,281,488
Comerica Inc.		94,797		4,990,114
JPMorgan Chase & Co.		293,677		34,098,836
KeyCorp		529,412		8,655,886
PNC Financial Services Group Inc. (The)		101,230		12,795,472
Regions Financial Corp.		442,398		5,981,221
SVB Financial Group^(a)		15,039		3,130,518
Truist Financial Corp.		109,841		5,068,064
Zions Bancorp. N.A.		106,875		4,269,656
				125,831,321
Beverages — 2.4%
Brown-Forman Corp., Class B, NVS		53,616		3,292,559
Coca-Cola Co. (The)		703,578		37,634,387
Molson Coors Beverage Co., Class B		124,334		6,168,210
PepsiCo Inc.		264,868		34,970,522
				82,065,678
Biotechnology — 2.5%
AbbVie Inc.		214,850		18,414,793
Amgen Inc.		109,024		21,775,364
Biogen Inc.^(a)		30,684		9,462,639
Gilead Sciences Inc.		321,242		22,281,345
Vertex Pharmaceuticals Inc.(^a)		53,880		12,070,736
				84,004,877
Building Products — 0.9%
Allegion PLC		33,090		3,805,019
Fortune Brands Home & Security Inc.		52,928		3,268,304
Johnson Controls International PLC		475,330		17,382,818
Lennox International Inc.		15,586		3,555,634
Owens Corning		60,904		3,440,467
				31,452,242
Capital Markets — 3.5%
Ameriprise Financial Inc.		21,663		3,060,982

Security	Shares		Value

Capital Markets (continued)
Bank of New York Mellon Corp. (The)		206,148	$	8,225,305
BlackRock Inc.^(b)		35,327		16,356,754
Charles Schwab Corp. (The)		87,375		3,560,531
CME Group Inc.		38,968		7,747,618
FactSet Research Systems Inc.		20,474		5,445,879
Franklin Resources Inc.		152,417		3,316,594
Goldman Sachs Group Inc. (The)		24,286		4,875,900
Intercontinental Exchange Inc.		81,661		7,285,795
Invesco Ltd.		217,954		3,138,538
Moody's Corp.		33,777		8,107,493
Morgan Stanley		210,932		9,498,268
Northern Trust Corp.		111,958		9,825,434
S&P Global Inc.		44,651		11,873,148
State Street Corp.		125,557		8,551,687
T Rowe Price Group Inc.		72,439		8,548,526
				119,418,452
Chemicals — 2.2%
Air Products & Chemicals Inc.		15,104		3,316,990
Axalta Coating Systems Ltd.^(a)		214,878		5,354,760
Corteva Inc.^(a)		122,452		3,330,694
Dow Inc.^(a)		80,584		3,256,399
DuPont de Nemours Inc.		110,235		4,729,082
Ecolab Inc.		135,767		24,499,155
International Flavors & Fragrances Inc.		38,590		4,622,310
Linde PLC		64,428		12,306,392
Mosaic Co. (The).		225,623		3,842,360
PPG Industries Inc.		46,229		4,828,619
Sherwin-Williams Co. (The).		9,181		4,744,282
				74,831,043
Commercial Services & Supplies — 0.1%
Copart Inc.^(a)		40,813		3,447,882

Communications Equipment — 0.9%
Cisco Systems Inc.		609,721		24,346,159
Motorola Solutions Inc.		37,126		6,151,036
				30,497,195
Consumer Finance — 0.8%
Ally Financial Inc.		224,744		5,634,332
American Express Co.		203,524		22,373,393
				28,007,725
Containers & Packaging — 0.4%
Amcor PLC^(a)		817,565		7,619,706
Ball Corp.		88,587		6,241,840
				13,861,546
Diversified Financial Services — 0.7%
Berkshire Hathaway Inc., Class B^(a)		86,563		17,861,409
Equitable Holdings Inc.		143,870		3,078,818
Voya Financial Inc.		64,922		3,417,494
				24,357,721
Diversified Telecommunication Services — 1.7%
AT&T Inc.		787,065		27,720,429
CenturyLink Inc.		287,303		3,467,747
Verizon Communications Inc.		510,547		27,651,226
				58,839,402
Electric Utilities — 2.7%
Edison International		49,810		3,346,734
Eversource Energy		262,472		22,693,329
Exelon Corp.		402,820		17,365,570

22	2 0 2 0 i S h a r e s S e m i - A n n u a 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 USA ETF

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

Security	Shares		Value

Electric Utilities (continued)
NextEra Energy Inc.		188,038	$	47,528,485
				90,934,118
Electrical Equipment — 0.1%
Rockwell Automation Inc.		19,304		3,542,284

Electronic Equipment, Instruments & Components — 0.7%
Corning Inc.		137,129		3,271,898
FLIR Systems Inc.		67,860		2,882,014
Keysight Technologies Inc.^(a)		57,199		5,420,177
TE Connectivity Ltd.		80,907		6,704,763
Trimble Inc.^(a)		138,045		5,450,017
				23,728,869
Energy Equipment & Services — 0.4%
Baker Hughes Co.		344,768		5,547,317
National Oilwell Varco Inc.		144,115		2,696,392
Schlumberger Ltd.		158,469		4,292,925
TechnipFMC PLC		134,339		1,993,591
				14,530,225
Entertainment — 1.7%
Activision Blizzard Inc.		75,425		4,384,455
Electronic Arts Inc.^(a)		34,681		3,515,613
Netflix Inc.^(a)		48,478		17,889,836
Roku Inc.^(a)		30,129		3,424,764
Walt Disney Co. (The)		237,795		27,976,582
				57,191,250
Equity Real Estate Investment Trusts (REITs) — 3.1%
Alexandria Real Estate Equities Inc.		24,630		3,740,804
American Tower Corp.		67,355		15,276,114
Boston Properties Inc.		45,862		5,913,446
Equinix Inc.		18,746		10,737,709
Equity Residential		44,481		3,340,523
Healthpeak Properties Inc.		361,171		11,427,451
Host Hotels & Resorts Inc.		227,689		3,296,937
Iron Mountain Inc.		222,472		6,765,374
Prologis Inc.		219,263		18,479,486
Regency Centers Corp.		87,594		5,031,399
SBA Communications Corp.		16,633		4,409,242
UDR Inc.		96,106		4,322,848
Ventas Inc.		36,043		1,938,032
Welltower Inc.		72,399		5,416,893
Weyerhaeuser Co.		175,788		4,566,972
				104,663,230
Food & Staples Retailing — 0.8%
Costco Wholesale Corp.		46,028		12,940,312
Kroger Co. (The)		216,079		6,078,302
Sysco Corp.		76,777		5,117,187
Walgreens Boots Alliance Inc.		79,734		3,648,628
				27,784,429
Food Products — 1.7%
Bunge Ltd.		148,875		6,989,681
Campbell Soup Co.		87,807		3,961,852
Conagra Brands Inc.		125,162		3,340,574
General Mills Inc.		188,617		9,242,233
Hershey Co. (The)		23,991		3,454,464
Hormel Foods Corp.		103,246		4,295,034
Ingredion Inc.		42,035		3,501,515
Kellogg Co.		178,356		10,785,187
Lamb Weston Holdings Inc.		42,749		3,714,461
McCormick & Co. Inc./MD, NVS		30,017		4,388,185

Security	Shares		Value

Food Products (continued)
Mondelez International Inc., Class A		67,352	$	3,556,186
				57,229,372
Health Care Equipment & Supplies — 2.9%
Abbott Laboratories		187,315		14,428,875
ABIOMED Inc.^(a)(c)		22,640		3,401,886
Align Technology Inc.^(a)		14,218		3,104,500
Becton Dickinson and Co.		36,831		8,759,148
Cooper Companies Inc. (The).		10,785		3,500,487
Danaher Corp.		23,484		3,395,317
Dentsply Sirona Inc.		75,432		3,714,272
DexCom Inc.^(a)		15,264		4,212,864
Edwards Lifesciences Corp.^(a)		51,293		10,506,858
IDEXX Laboratories Inc.^(a)		35,656		9,074,809
Medtronic PLC		1 13,152		11,391,012
ResMed Inc.		67,862		10,787,344
Steris PLC		25,729		4,081,134
West Pharmaceutical Services Inc.		40,295		6,066,815
				96,425,321
Health Care Providers & Services — 3.0%
Anthem Inc.		24,377		6,267,083
Cardinal Health Inc.		104,701		5,457,016
Centene Corp.^(a)		64,007		3,393,651
Cigna Corp.^(a)		70,842		12,959,835
CVS Health Corp.		187,305		11,084,710
HCA Healthcare Inc.		41,985		5,332,515
Henry Schein Inc.^(a)		157,024		9,569,043
Humana Inc.		16,564		5,295,180
Laboratory Corp. of America Holdings^(a)		20,679		3,633,093
Quest Diagnostics Inc.		81,777		8,673,269
UnitedHealth Group Inc.		109,720		27,974,211
				99,639,606
Health Care Technology — 0.1%
Cerner Corp.		62,804		4,350,433

Hotels, Restaurants & Leisure — 1.3%
Chipotle Mexican Grill Inc.^(a)		4,152		3,211,904
Darden Restaurants Inc.		32,015		3,121,463
McDonald's Corp.		81,868		15,896,310
MGM Resorts International		1 19,865		2,943,884
Starbucks Corp.		156,587		12,281,118
Vail Resorts Inc.		25,694		5,462,801
				42,917,480
Household Durables — 0.3%
Garmin Ltd.		39,504		3,491,759
Mohawk Industries Inc.^(a)		29,171		3,534,067
Newell Brands Inc.		191,664		2,957,375
				9,983,201
Household Products — 2.1%
Clorox Co. (The)		37,929		6,046,641
Colgate-Palmolive Co.		183,196		12,378,554
Kimberly-Clark Corp.		92,610		12,149,506
Procter & Gamble Co. (The)		368,066		41,676,113
				72,250,814
Industrial Conglomerates — 2.3%
3M Co.		169,184		25,249,020
General Electric Co.		1,238,485		13,474,717
Honeywell International Inc.		147,621		23,939,697
Roper Technologies Inc.		11,500		4,044,550

S c h e d u l e o f I n v e s t m e n t s 23

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

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

Security	Shares		Value
Industrial Conglomerates (continued)
Trane Technologies PLC		79,547	$	10,264,745
				76,972,729
Insurance — 2.2%
Allstate Corp. (The)		75,577		7,954,479
American International Group Inc.		79,774		3,363,272
Arthur J Gallagher & Co.		37,939		3,698,673
Chubb Ltd.		52,806		7,658,454
Lincoln National Corp.		63,782		2,895,065
Marsh & McLennan Companies Inc.		131,332		13,732,074
Principal Financial Group Inc.		69,447		3,082,752
Progressive Corp. (The)		68,399		5,004,071
Prudential Financial Inc.		130,765		9,866,219
Travelers Companies Inc. (The)		103,514		12,402,013
Willis Towers Watson PLC		18,460		3,493,555
				73,150,627
Interactive Media & Services — 5.1%
Alphabet Inc., Class A^(a)		35,512		47,559,446
Alphabet Inc., Class C, NVS^(a)		48,777		65,328,499
Facebook Inc., Class A^(a)		303,116		58,340,737
				171,228,682
Internet & Direct Marketing Retail — 3.3%
Amazon.com Inc.^(a)		51,803		97,583,901
Booking Holdings Inc.^(a)		4,015		6,808,075
eBay Inc.		104,642		3,624,799
MercadoLibre Inc.^(a)		7,653		4,714,478
				112,731,253
IT Services — 5.5%
Accenture PLC, Class A		172,796		31,205,230
Automatic Data Processing Inc.		72,535		11,224,066
Cognizant Technology Solutions Corp., Class A		70,033		4,267,111
Fiserv Inc.^(a)		39,773		4,349,575
International Business Machines Corp.		172,722		22,479,768
Leidos Holdings Inc.		48,009		4,928,124
Mastercard Inc., Class A.		118,243		34,320,031
Okta Inc.^(a)		27,908		3,573,898
PayPal Holdings Inc.^(a)		147,543		15,933,168
Square Inc., Class A^(a)		46,704		3,891,844
Twilio Inc., Class A^(a)		34,425		3,877,632
Visa Inc., Class A		222,714		40,480,497
Western Union Co. (The)		169,302		3,790,672
				184,321,616
Leisure Products — 0.1%
Hasbro Inc.		55,314		4,273,006
Life Sciences Tools & Services — 1.1%
Agilent Technologies Inc.		150,853		11,626,241
IQVIA Holdings Inc.^(a)		29,543		4,120,953
Mettler-Toledo International Inc.^(a)		8,748		6,138,472
Thermo Fisher Scientific Inc.		35,015		10,182,362
Waters Corp.^(a)		20,368		3,969,519
				36,037,547
Machinery — 1.9%
Caterpillar Inc.		84,458		10,493,062
Cummins Inc.		104,201		15,764,569
Deere & Co.		49,410		7,731,677
Flowserve Corp.		83,394		3,351,605
IDEX Corp.		21,949		3,248,452
Illinois Tool Works Inc.		42,829		7,185,850
Parker-Hannifin Corp.		21,534		3,978,837

Security	Shares		Value

Machinery (continued)
Xylem Inc./NY		150,995	$	11,677,953
				63,432,005
Media — 1.3%
Charter Communications Inc., Class A^(a)		12,987		6,404,799
Comcast Corp., Class A		551,340		22,290,676
Discovery Inc., Class A^(a)(c)		126,644		3,254,751
Liberty Global PLC, Class C, NVS^(a)		206,795		3,844,319
Omnicom Group Inc.		50,193		3,477,371
Sirius XM Holdings Inc.^(c)		530,169		3,361,271
				42,633,187
Metals & Mining — 0.2%
Newmont Corp.		157,436		7,026,369
Multi-Utilities — 0.8%
Consolidated Edison Inc.		137,446		10,833,494
Public Service Enterprise Group Inc.		146,734		7,528,922
Sempra Energy		62,407		8,723,250
				27,085,666
Multiline Retail — 0.4%
Nordstrom Inc.		96,095		3,334,496
Target Corp.		81,597		8,404,491
				11,738,987
Oil, Gas & Consumable Fuels — 3.1%
Cheniere Energy Inc.^(a)		69,476		3,563,424
Chevron Corp.		239,775		22,380,598
ConocoPhillips		321,951		15,588,867
Exxon Mobil Corp.		481,715		24,779,420
Hess Corp.		126,978		7,133,624
Kinder Morgan Inc./DE		174,488		3,344,935
Marathon Oil Corp.		372,010		3,080,243
Marathon Petroleum Corp.		71,623		3,396,363
Occidental Petroleum Corp.		92,761		3,036,995
ONEOK Inc.		133,768		8,925,001
Phillips 66		60,527		4,531,051
Valero Energy Corp		46,455		3,077,644
				102,838,165
Personal Products — 0.1%
Estee Lauder Companies Inc. (The), Class A		18,205		3,342,438
Pharmaceuticals — 4.4%
Allergan PLC		25,868		4,932,252
Bristol-Myers Squibb Co.		351,719		20,772,524
Eli Lilly & Co.		138,719		17,496,627
Jazz Pharmaceuticals PLC^(a)		28,053		3,214,313
Johnson & Johnson		349,965		47,063,293
Merck & Co. Inc.		362,441		27,748,483
Pfizer Inc.		493,516		16,493,305
Zoetis Inc.		82,573		11,001,201
				148,721,998
Professional Services — 0.6%
IHS Markit Ltd.		196,922		14,028,723
Nielsen Holdings PLC		176,760		3,218,800
Robert Half International Inc.		76,248		3,843,662
				21,091,185
Real Estate Management & Development — 0.4%
CBRE Group Inc., Class A^(a)		167,403		9,398,004
Jones Lang LaSalle Inc.		22,575		3,335,908
				12,733,912

24	2 0 2 0 i S h a r e s S e m i - A n n u a 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 USA ETF

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

Security	Shares		Value

Road & Rail — 1.2%
AMERCO.		11,019	$	3,553,738
CSX Corp.		125,846		8,865,851
Kansas City Southern		42,262		6,368,038
Norfolk Southern Corp.		46,778		8,529,968
Uber Technologies Inc.^(a)		94,470		3,199,699
Union Pacific Corp.		63,613		10,165,993
				40,683,287
Semiconductors & Semiconductor Equipment — 4.0%
Advanced Micro Devices Inc.^(a)		114,275		5,197,227
Analog Devices Inc.		32,484		3,542,380
Applied Materials Inc.		184,312		10,712,213
Broadcom Inc.		29,333		7,996,763
Intel Corp.		585,627		32,514,011
Lam Research Corp.		22,053		6,471,012
Marvell Technology Group Ltd.		154,644		3,293,917
Maxim Integrated Products Inc.		61,491		3,420,129
Micron Technology Inc.^(a)		100,111		5,261,834
NVIDIA Corp.		90,966		24,567,188
QUALCOMM Inc.		93,976		7,358,321
Texas Instruments Inc.		189,301		21,606,816
Xilinx Inc.		42,979		3,588,317
				135,530,128
Software — 8.9%
Adobe Inc.^(a)		82,289		28,399,580
Autodesk Inc.^(a)		41,589		7,938,508
Cadence Design Systems Inc.^(a)		54,930		3,633,070
Citrix Systems Inc.		33,936		3,508,643
Intuit Inc.		47,932		12,742,722
Microsoft Corp.		1,069,825		173,322,348
NortonLifeLock Inc.		184,953		3,519,656
Oracle Corp.		216,021		10,684,399
Paycom Software Inc.^(a)		12,111		3,423,174
PTC Inc.^(a)		44,007		3,324,729
salesforce.com Inc.^(a)		173,598		29,581,099
ServiceNow Inc.^(a)		25,748		8,396,166
Splunk Inc.^(a)		26,206		3,860,930
VMware Inc., Class A^(a)		23,927		2,883,682
Workday Inc., Class A^(a)		23,997		4,157,480
				299,376,186
Specialty Retail — 2.4%
Best Buy Co. Inc.		123,353		9,331,655
Gap Inc. (The)		222,327		3,185,946
Home Depot Inc. (The)		185,333		40,372,941
Lowe's Companies Inc.		104,871		11,176,103
Tiffany & Co.		68,216		9,112,975

Security	Shares		Value

Specialty Retail (continued)
TJX Companies Inc. (The)		91,393	$	5,465,301
Tractor Supply Co.		39,220		3,471,362
				82,116,283
Technology Hardware, Storage & Peripherals — 5.1%
Apple Inc.		579,450		158,398,452
Hewlett Packard Enterprise Co.		456,262		5,835,591
HP Inc.		256,976		5,342,531
Xerox Holdings Corp.^(a)		103,039		3,317,856
				172,894,430
Textiles, Apparel & Luxury Goods — 0.8%
Hanesbrands Inc.		264,295		3,499,266
NIKE Inc., Class B		154,270		13,788,653
PVH Corp.		44,485		3,296,783
VF Corp.		79,174		5,700,528
				26,285,230
Trading Companies & Distributors — 0.2%
Fastenal Co.		100,262		3,430,966
WW Grainger Inc.		15,151		4,205,008
				7,635,974
Total Common Stocks — 99.6%
(Cost: $3,554,949,076).				3,361,998,055

Short-Term Investments

Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.74%^(b)(d)(e)		7,558,229		7,563,520
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.52%^(b)(d)		8,548,000		8,548,000
				16,111,520
Total Short-Term Investments — 0.5%
(Cost: $16,109,806).				16,111,520

Total Investments in Securities — 100.1%
(Cost: $3,571,058,882).				3,378,109,575

Other Assets, Less Liabilities — (0.1)%.				(2,542,543	)

Net Assets — 100.0%			$	3,375,567,032

^(a)	Non-income producing security.
^(b)	Affiliate of the Fund.
^(c)	All or a portion of this security is on loan.
^(d)	Annualized 7-day yield as of period-end.
^(e)	All or a portion of this security was purchased with cash collateral received from loaned securities.

S c h e d u l e o f I n v e s t m e n t s 25

Schedule of Investments (unaudited) (continued)	iShares^®ESG MSCI USA 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		1,160,849		6,397,380	^(b)		—			7,558,229	$	7,563,520	$	17,020	^(c)	$	623	$	1,605
BlackRock Cash Funds: Treasury, SL Agency Shares		775,000		7,773,000	^(b)		—			8,548,000		8,548,000		27,847			—		—
BlackRock Inc.		3,162		34,147			(1,982	)		35,327		16,356,754		58,997			27,200		(1,001,220	)
											$	32,468,274	$	103,864		$	27,823	$	(999,615	)

^(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

03/20/20

10,919

(1,154,206

)

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)	$	1,154,206

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	$	19,359
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,154,206	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	3,639,690

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

Fair Value Measurements

26	2 0 2 0 i S h a r e s S e m i - A n n u a 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 USA ETF
February 29, 2020

Fair Value Measurements (continued)

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	3,361,998,055		$	—	$	—	$	3,361,998,055
Money Market Funds		16,111,520			—		—		16,111,520
	$	3,378,109,575		$	—	$	—	$	3,378,109,575
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(1,154,206	)	$	—	$	—	$	(1,154,206	)

^(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 USA Leaders ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.3%
Arconic Inc.		54,795	$	1,608,233
TransDigm Group Inc.		6,655		3,712,226
				5,320,459
Air Freight & Logistics — 0.7%
CH Robinson Worldwide Inc.		18,692		1,287,879
Expeditors International of Washington Inc.		23,610		1,662,616
United Parcel Service Inc., Class B		97,196		8,795,266
				11,745,761
Airlines — 0.1%
Delta Air Lines Inc.		22,453		1,035,757
Southwest Airlines Co.		18,560		857,286
				1,893,043
Auto Components — 0.2%
Aptiv PLC		35,370		2,762,751
BorgWarner Inc.		28,550		902,180
				3,664,931
Automobiles — 0.7%
Harley-Davidson Inc.		21,632		659,127
Tesla Inc.^(a)		18,753		12,526,817
				13,185,944
Banks — 2.6%
Citizens Financial Group Inc.		61,724		1,956,034
Comerica Inc.		20,629		1,085,911
East West Bancorp. Inc.		20,095		778,480
Fifth Third Bancorp.		100,300		2,447,320
First Republic Bank/CA		23,327		2,345,996
Huntington Bancshares Inc./OH		143,266		1,757,874
KeyCorp		138,488		2,264,279
M&T Bank Corp.		17,523		2,459,879
People's United Financial Inc.		61,306		857,671
PNC Financial Services Group Inc. (The)		60,791		7,683,982
Regions Financial Corp.		137,733		1,862,150
Signature Bank/New York NY		7,635		955,138
SVB Financial Group^(a)(b)		7,108		1,479,601
Truist Financial Corp.		186,027		8,583,286
U.S. Bancorp.		206,649		9,596,780
Zions Bancorp. N.A.		24,455		976,977
				47,091,358
Beverages — 3.1%
Coca-Cola Co. (The)		564,548		30,197,672
PepsiCo Inc.		193,432		25,538,827
				55,736,499
Biotechnology — 3.6%
AbbVie Inc.		205,125		17,581,264
Amgen Inc.		82,783		16,534,249
Biogen Inc.^(a)		25,046		7,723,936
BioMarin Pharmaceutical Inc.^(a)		24,785		2,239,820
Gilead Sciences Inc.		175,494		12,172,264
Vertex Pharmaceuticals Inc.^(a)		35,667		7,990,478
				64,242,011
Building Products — 0.6%
Allegion PLC		12,904		1,483,831
Fortune Brands Home & Security Inc.		19,355		1,195,171
Johnson Controls International PLC		107,072		3,915,623
Lennox International Inc.		4,814		1,098,218
Masco Corp.		39,943		1,650,445

Security	Shares		Value

Building Products (continued)
Owens Corning .		15,069	$	851,248
				10,194,536
Capital Markets — 4.2%
Ameriprise Financial Inc.		18,066		2,552,726
Bank of New York Mellon Corp. (The)		117,132		4,673,567
BlackRock Inc.^(c)		16,059		7,435,478
Cboe Global Markets Inc.		15,427		1,758,678
Charles Schwab Corp. (The)		160,146		6,525,949
CME Group Inc.		49,704		9,882,149
E*TRADE Financial Corp.		31,378		1,436,485
FactSet Research Systems Inc.		5,318		1,414,535
Franklin Resources Inc.		41,717		907,762
Intercontinental Exchange Inc.		77,354		6,901,524
Invesco Ltd.		55,116		793,670
KKR & Co. Inc., Class A, NVS		68,711		1,965,135
Moody's Corp.		23,512		5,643,585
Nasdaq Inc.		15,946		1,635,262
Northern Trust Corp.		28,195		2,474,393
Raymond James Financial Inc.		17,255		1,443,036
S&P Global Inc.		34,003		9,041,738
State Street Corp.		51,433		3,503,102
T Rowe Price Group Inc.		32,525		3,838,275
TD Ameritrade Holding Corp.		37,846		1,598,236
				75,425,285
Chemicals — 1.9%
Axalta Coating Systems Ltd.^(a)		28,990		722,431
Celanese Corp.		17,095		1,602,485
Ecolab Inc.		35,975		6,491,689
International Flavors & Fragrances Inc.		14,013		1,678,477
Linde PLC		74,615		14,252,211
Mosaic Co. (The)		50,694		863,319
PPG Industries Inc.		32,621		3,407,263
Sherwin-Williams Co. (The)		11,516		5,950,893
				34,968,768
Commercial Services & Supplies — 0.5%
Copart Inc.^(a)(b)		29,010		2,450,765
Waste Management Inc.		58,841		6,520,171
				8,970,936
Communications Equipment — 0.2%
Motorola Solutions Inc.		23,750		3,934,900
Consumer Finance — 0.8%
Ally Financial Inc.		53,909		1,351,499
American Express Co.		96,502		10,608,465
Discover Financial Services		43,926		2,880,667
				14,840,631
Containers & Packaging — 0.3%
Avery Dennison Corp.		11,660		1,334,953
Ball Corp.		43,551		3,068,604
International Paper Co.		51,514		1,903,957
				6,307,514
Distributors — 0.2%
Genuine Parts Co.		20,165		1,759,195
LKQ Corp.^(a)		42,540		1,258,333
				3,017,528
Diversified Financial Services — 0.1%
Equitable Holdings Inc.		58,163		1,244,688

28 2 0 2 0 i S h a r e s S e m i - A n n u a 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 USA Leaders ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Diversified Financial Services (continued)
Voya Financial Inc.		19,380	$	1,020,163
				2,264,851
Diversified Telecommunication Services — 1.8%
CenturyLink Inc.		135,724		1,638,189
Verizon Communications Inc.		573,666		31,069,750
				32,707,939
Electric Utilities — 1.3%
Alliant Energy Corp.		33,907		1,767,233
Edison International		49,737		3,341,829
Eversource Energy		44,903		3,882,313
Pinnacle West Capital Corp.		15,504		1,387,453
Southern Co. (The)		145,461		8,780,026
Xcel Energy Inc.		72,703		4,530,851
				23,689,705
Electrical Equipment — 0.5%
Acuity Brands Inc.		5,510		566,759
Eaton Corp. PLC		57,967		5,258,766
Rockwell Automation Inc.		16,145		2,962,607
Sensata Technologies Holding PLC^(a)		22,305		910,044
				9,698,176
Electronic Equipment, Instruments & Components — 0.4%
Keysight Technologies Inc.^(a)		25,916		2,455,800
TE Connectivity Ltd.		46,383		3,843,759
Trimble Inc.^(a)		34,810		1,374,299
				7,673,858
Energy Equipment & Services — 0.4%
Baker Hughes Co.		90,079		1,449,371
National Oilwell Varco Inc.		53,377		998,684
Schlumberger Ltd.		192,023		5,201,903
				7,649,958
Entertainment — 1.9%
Electronic Arts Inc.^(a)		40,697		4,125,455
Walt Disney Co. (The)		250,003		29,412,853
				33,538,308
Equity Real Estate Investment Trusts (REITs) — 3.1%
Alexandria Real Estate Equities Inc.		15,974		2,426,131
American Tower Corp.		61,439		13,934,365
Boston Properties Inc.		21,346		2,752,353
Camden Property Trust		13,369		1,416,847
Duke Realty Corp.		50,969		1,654,963
Equinix Inc.		11,830		6,776,224
Federal Realty Investment Trust		10,371		1,206,562
Healthpeak Properties Inc.		68,648		2,172,023
Host Hotels & Resorts Inc.		100,761		1,459,019
Iron Mountain Inc.		39,692		1,207,034
Prologis Inc.		102,266		8,618,979
SBA Communications Corp.		15,600		4,135,404
UDR Inc.		40,473		1,820,476
Welltower Inc.		56,272		4,210,271
Weyerhaeuser Co.		102,836		2,671,679
				56,462,330
Food Products — 0.7%
Bunge Ltd.		19,563		918,483
Campbell Soup Co.		22,907		1,033,564
General Mills Inc.		83,832		4,107,768
Hormel Foods Corp.		40,570		1,687,712
Kellogg Co.		35,275		2,133,079

Security	Shares		Value

Food Products (continued)
McCormick & Co. Inc./MD, NVS		17,132	$	2,504,527
				12,385,133
Health Care Equipment & Supplies — 1.9%
Align Technology Inc.^(a)		10,472		2,286,561
Becton Dickinson and Co.		37,519		8,922,769
Dentsply Sirona Inc.		31,030		1,527,917
DexCom Inc.^(a)(b)		12,693		3,503,268
Edwards Lifesciences Corp.^(a)		28,923		5,924,587
Hologic Inc.^(a)		36,949		1,741,037
IDEXX Laboratories Inc.^(a)		11,881		3,023,833
ResMed Inc.		19,847		3,154,879
Steris PLC		11,721		1,859,185
Varian Medical Systems Inc.^(a)		12,583		1,547,332
				33,491,368
Health Care Providers & Services — 1.9%
AmerisourceBergen Corp.		21,568		1,818,614
Cardinal Health Inc.		41,150		2,144,738
Centene Corp.^(a)		80,574		4,272,033
Cigna Corp.^(a)		52,127		9,536,113
HCA Healthcare Inc.		37,652		4,782,181
Henry Schein Inc.^(a)		20,453		1,246,406
Humana Inc.		18,377		5,874,759
Laboratory Corp. of America Holdings^(a)		13,475		2,367,423
Quest Diagnostics Inc.		18,637		1,976,640
				34,018,907
Health Care Technology — 0.2%
Cerner Corp.		43,946		3,044,139
Hotels, Restaurants & Leisure — 2.5%
Aramark .		34,133		1,185,780
Darden Restaurants Inc.		16,951		1,652,723
Domino's Pizza Inc.		5,432		1,843,947
Hilton Worldwide Holdings Inc.		37,615		3,656,178
McDonald's Corp.		104,843		20,357,365
Norwegian Cruise Line Holdings Ltd.^(a)		29,820		1,111,093
Royal Caribbean Cruises Ltd.		24,578		1,976,317
Starbucks Corp.		163,863		12,851,775
Vail Resorts Inc.		5,559		1,181,899
				45,817,077
Household Durables — 0.4%
Garmin Ltd.		18,366		1,623,371
Mohawk Industries Inc.^(a)		8,461		1,025,050
Newell Brands Inc.		55,618		858,186
NVR Inc.^(a)		500		1,833,590
Whirlpool Corp.		8,810		1,126,446
				6,466,643
Household Products — 3.1%
Clorox Co. (The)		17,359		2,767,372
Colgate-Palmolive Co.		112,937		7,631,153
Kimberly-Clark Corp.		47,504		6,232,050
Procter & Gamble Co. (The)		345,932		39,169,880
				55,800,455
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp./VA.		91,790		1,535,647
Industrial Conglomerates — 1.2%
3M Co.		79,760		11,903,382
Roper Technologies Inc.		14,438		5,077,845

S c h e d u l e o f I n v e s t m e n t s 29

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

Security	Shares		Value

Industrial Conglomerates (continued)
Trane Technologies PLC		33,349	$	4,303,355
				21,284,582
Insurance — 3.7%
Allstate Corp. (The)		45,432		4,781,718
American Financial Group Inc./OH		10,556		975,585
American International Group Inc.		120,671		5,087,489
Aon PLC		32,562		6,772,896
Arch Capital Group Ltd.^(a)		55,894		2,259,794
Arthur J Gallagher & Co.		25,687		2,504,226
Assurant Inc.		8,435		1,017,177
Chubb Ltd.		62,929		9,126,593
Erie Indemnity Co., Class A, NVS		3,506		501,078
Hartford Financial Services Group Inc. (The)		49,920		2,493,504
Lincoln National Corp.		27,689		1,256,804
Loews Corp.^(b)		37,566		1,714,137
Marsh & McLennan Companies Inc.		69,907		7,309,476
Principal Financial Group Inc.		38,475		1,707,905
Progressive Corp. (The)		81,090		5,932,544
Prudential Financial Inc.		55,499		4,187,400
Reinsurance Group of America Inc.		8,650		1,055,559
Travelers Companies Inc. (The)		35,954		4,307,649
Willis Towers Watson PLC		17,818		3,372,056
				66,363,590
Interactive Media & Services — 6.3%
Alphabet Inc., Class A^(a)		41,553		55,649,855
Alphabet Inc., Class C, NVS^(a)		42,896		57,451,900
TripAdvisor Inc.		1,029		24,130
				113,125,885
Internet & Direct Marketing Retail — 0.9%
Booking Holdings Inc.^(a)		5,801		9,836,524
Expedia Group Inc.		19,351		1,908,396
MercadoLibre Inc.^(a)(b)		6,179		3,806,449
				15,551,369
IT Services — 6.6%
Accenture PLC, Class A		88,100		15,909,979
Cognizant Technology Solutions Corp., Class A		76,251		4,645,973
International Business Machines Corp.		122,845		15,988,277
Jack Henry & Associates Inc.		10,624		1,612,086
Mastercard Inc., Class A		124,618		36,170,374
Visa Inc., Class A		237,601		43,186,358
Western Union Co. (The)		58,544		1,310,800
				118,823,847
Leisure Products — 0.1%
Hasbro Inc.		17,818		1,376,441
Life Sciences Tools & Services — 0.6%
Agilent Technologies Inc.		42,707		3,291,428
IQVIA Holdings Inc.^(a)		23,096		3,221,661
Mettler-Toledo International Inc.^(a)		3,401		2,386,482
Waters Corp.^(a)		9,208		1,794,547
				10,694,118
Machinery — 2.5%
Caterpillar Inc.		76,690		9,527,966
Cummins Inc.		20,699		3,131,552
Deere & Co.		41,485		6,491,573
Dover Corp.		20,080		2,063,019
Flowserve Corp.		18,106		727,680
IDEX Corp.		10,482		1,551,336
Illinois Tool Works Inc.		44,647		7,490,874

Security	Shares		Value

Machinery (continued)
PACCAR Inc.		47,821	$	3,199,225
Parker-Hannifin Corp.		17,746		3,278,929
Pentair PLC		22,047		868,431
Snap-on Inc.		7,623		1,103,429
Stanley Black & Decker Inc.		20,943		3,009,509
WABCO Holdings Inc.^(a)		7,072		955,427
Xylem Inc./NY		24,907		1,926,307
				45,325,257
Media — 0.4%
Discovery Inc., Class A^(a)(b)		21,805		560,389
Discovery Inc., Class C, NVS^(a)(b)		51,569		1,294,382
Liberty Broadband Corp., Class C, NVS^(a)		14,763		1,858,514
Liberty Global PLC, Class A^(a)(b)		22,511		439,415
Liberty Global PLC, Class C, NVS^(a)		57,524		1,069,371
Omnicom Group Inc.		30,022		2,079,924
				7,301,995
Metals & Mining — 0.4%
Newmont Corp.		113,719		5,075,279
Nucor Corp.		41,843		1,730,208
				6,805,487
Multi-Utilities — 1.8%
CMS Energy Corp.		39,165		2,366,349
Consolidated Edison Inc.		46,110		3,634,390
Dominion Energy Inc.		114,161		8,925,107
DTE Energy Co.		26,614		2,971,986
NiSource Inc.		51,606		1,394,394
Public Service Enterprise Group Inc.		69,788		3,580,822
Sempra Energy		39,086		5,463,441
WEC Energy Group Inc.		43,555		4,021,433
				32,357,922
Multiline Retail — 0.1%
Kohl's Corp.		22,362		875,472
Nordstrom Inc.		14,982		519,876
				1,395,348
Oil, Gas & Consumable Fuels — 2.7%
Apache Corp.		52,002		1,295,890
Cheniere Energy Inc.^(a)		31,958		1,639,126
ConocoPhillips		153,266		7,421,140
Devon Energy Corp.		55,790		906,029
Hess Corp.		37,816		2,124,503
HollyFrontier Corp.		21,582		726,882
Kinder Morgan Inc./DE		282,749		5,420,298
Marathon Oil Corp.		111,004		919,113
Marathon Petroleum Corp.		90,886		4,309,814
Noble Energy Inc.		66,054		1,045,635
Occidental Petroleum Corp.		123,489		4,043,030
ONEOK Inc.		57,008		3,803,574
Phillips 66		61,917		4,635,107
Pioneer Natural Resources Co.		23,068		2,832,289
Targa Resources Corp.		32,165		1,042,146
Valero Energy Corp.		57,197		3,789,301
Williams Companies Inc. (The)		167,323		3,187,503
				49,141,380
Personal Products — 0.3%
Estee Lauder Companies Inc. (The), Class A		30,866		5,666,998
Pharmaceuticals — 5.9%
Bristol-Myers Squibb Co.		325,158		19,203,831
Jazz Pharmaceuticals PLC^(a)		7,810		894,870

30 2 0 2 0 i S h a r e s S e m i - A n n u a 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 USA Leaders ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Pharmaceuticals (continued)
Johnson & Johnson		365,075	$	49,095,286
Merck & Co. Inc.		353,463		27,061,127
Perrigo Co. PLC		17,853		904,969
Zoetis Inc.		65,929		8,783,721
				105,943,804
Professional Services — 0.3%
IHS Markit Ltd.		52,611		3,748,008
ManpowerGroup Inc.		8,264		627,568
Nielsen Holdings PLC		49,199		895,914
Robert Half International Inc.		16,218		817,549
				6,089,039
Real Estate Management & Development — 0.2%
CBRE Group Inc., Class A^(a)		44,094		2,475,437
Jones Lang LaSalle Inc.		7,106		1,050,054
				3,525,491
Road & Rail — 1.8%
AMERCO		1,234		397,977
CSX Corp.		102,534		7,223,520
Kansas City Southern		13,797		2,078,932
Norfolk Southern Corp.		36,353		6,628,970
Union Pacific Corp.		96,321		15,393,059
				31,722,458
Semiconductors & Semiconductor Equipment — 4.7%
Applied Materials Inc.		128,123		7,446,509
Intel Corp.		603,611		33,512,483
Lam Research Corp.		20,126		5,905,572
Marvell Technology Group Ltd.		87,878		1,871,801
NVIDIA Corp.		80,636		21,777,364
Texas Instruments Inc.		129,649		14,798,137
				85,311,866
Software — 12.6%
Adobe Inc.^(a)		67,142		23,172,047
Autodesk Inc.^(a)		30,464		5,814,968
Cadence Design Systems Inc.^(a)		38,685		2,558,626
Citrix Systems Inc.		18,070		1,868,257
Intuit Inc.		36,111		9,600,109
Microsoft Corp.		1,005,275		162,864,603
salesforce.com Inc.^(a)		115,556		19,690,743
VMware Inc., Class A^(a)		11,304		1,362,358
				226,931,711
Specialty Retail — 4.0%
Advance Auto Parts Inc.		9,849		1,309,720
Best Buy Co. Inc.		33,186		2,510,521
CarMax Inc.^(a)		22,862		1,996,081
Gap Inc. (The)		8,932		127,996
Home Depot Inc. (The)		151,325		32,964,638
Lowe's Companies Inc.		107,120		11,415,778
Ross Stores Inc.		50,332		5,475,115
Tiffany & Co.		15,020		2,006,522
TJX Companies Inc. (The)		167,684		10,027,503
Tractor Supply Co.		16,473		1,458,025

Security	Shares		Value

Specialty Retail (continued)
Ulta Salon Cosmetics & Fragrance Inc.^(a)		7,722	$	1,985,249
				71,277,148
Technology Hardware, Storage & Peripherals — 0.4%
Dell Technologies Inc., Class C^(a)		22,467		909,015
Hewlett Packard Enterprise Co.		180,223		2,305,052
HP Inc.		204,702		4,255,755
				7,469,822
Textiles, Apparel & Luxury Goods — 1.4%
Capri Holdings Ltd.^(a)		20,948		540,877
Hanesbrands Inc.		49,915		660,875
Lululemon Athletica Inc.^(a)		15,287		3,323,547
NIKE Inc., Class B .		172,825		15,447,098
PVH Corp.		10,345		766,668
Tapestry Inc.		39,599		928,596
Under Armour Inc., Class A^(a)		25,961		368,387
Under Armour Inc., Class C, NVS^(a)		26,842		334,988
VF Corp.		46,856		3,373,632
				25,744,668
Trading Companies & Distributors — 0.3%
Fastenal Co.		79,163		2,708,958
United Rentals Inc.^(a)		10,642		1,409,852
WW Grainger Inc.		6,397		1,775,423
				5,894,233
Water Utilities — 0.2%
American Water Works Co. Inc.		24,942		3,084,328
Total Common Stocks — 99.7%
(Cost: $1,745,037,012)				1,794,993,385

Short-Term Investments

Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(c)(d)(e)		3,941,297		3,944,056
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(c)(d)		3,953,000		3,953,000
				7,897,056
Total Short-Term Investments — 0.5%
(Cost: $7,895,880)				7,897,056

Total Investments in Securities — 100.2%
(Cost: $1,752,932,892)				1,802,890,441

Other Assets, Less Liabilities — (0.2)%		.		(3,081,553	)

Net Assets — 100.0%			$	1,799,808,888

^(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.

Sc 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^® ESG MSCI USA Leaders 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		484,177		3,457,120	^(b)		—			3,941,297	$	3,944,056	$	24,128	^(c)	$	2,121	$	1,225
BlackRock Cash Funds: Treasury, SL Agency Shares		2,641,000		1,312,000	^(b)		—			3,953,000		3,953,000		31,637			—		—
BlackRock Inc.		14,048		3,066			(1,055	)		16,059		7,435,478		94,007			64,718		413,641
											$	15,332,534	$	149,772		$	66,839	$	414,866

^(a)

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

^(b)

Net of purchases and sales.

^(c)

Futures Contracts

Value/

Notional

Unrealized

Number of

Expiration

Amount

Appreciation

Description

Contracts

Date

(000

)

(Depreciation)

Long Contracts

S&P 500 E-Mini Index

03/20/20

4,574

(519,462

)

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).	$	519,462

^(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	$	352,988
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(562,656	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	4,753,972

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

Fair Value Measurements

32	2 0 2 0 i S h a r e s S e m i - A n n u a 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 USA Leaders ETF
February 29, 2020

Fair Value Measurements (continued)

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,794,993,385		$	—	$	—	$	1,794,993,385
Money Market Funds		7,897,056			—		—		7,897,056
	$	1,802,890,441		$	—	$	—	$	1,802,890,441
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(519,462	)	$	—	$	—	$	(519,462	)

^(a)

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

See notes to financial statements.

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

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

Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.7%
AAR Corp.		1,859	$	64,228
Aerovironment Inc.^(a)		1,191		61,205
Astronics Corp.^(a)		2,992		60,648
Axon Enterprise Inc.^(a)		2,696		208,590
BWX Technologies Inc.		9,615		527,287
Cubic Corp.		3,000		163,320
Curtiss-Wright Corp.		1,760		211,094
Hexcel Corp.		5,958		385,066
Kratos Defense & Security Solutions Inc.^(a)(b)		4,194		68,194
Maxar Technologies Inc.^(a)		3,880		59,015
Mercury Systems Inc.^(a)		2,556		187,764
Moog Inc., Class A		2,461		189,792
Vectrus Inc.^(a)		1,251		65,165
				2,251,368
Air Freight & Logistics — 0.2%
Echo Global Logistics Inc.^(a)		6,512		120,147
Hub Group Inc., Class A^(a)		3,101		143,359
				263,506
Airlines — 0.0%
Hawaiian Holdings Inc.		2,807		58,610

Auto Components — 1.0%
American Axle & Manufacturing Holdings Inc.^(a)		8,753		55,406
Cooper Tire & Rubber Co.		2,847		72,570
Dana Inc.		4,352		62,582
Delphi Technologies PLC^(a)		4,758		67,183
Dorman Products Inc.^(a)		1,225		74,284
Fox Factory Holding Corp.^(a)		1,349		85,527
Gentex Corp.		7,895		210,796
Gentherm Inc.^(a)		5,414		220,783
Goodyear Tire & Rubber Co. (The)		10,052		97,354
LCI Industries.		706		68,164
Modine Manufacturing Co.^(a)		19,354		144,381
Tenneco Inc., Class A		7,351		67,409
Visteon Corp.^(a)		1,225		79,674
				1,306,113
Automobiles — 0.2%
Thor Industries Inc.		2,608		196,669
Winnebago Industries Inc.		1,264		65,589
				262,258
Banks — 7.6%
Amalgamated Bank, Class A		7,519		120,379
Ameris Bancorp.		3,735		127,662
BancFirst Corp.		2,552		130,918
BancorpSouth Bank		8,671		212,179
Bank of Hawaii Corp.		7,565		562,987
Bank OZK		7,853		199,388
BankUnited Inc.		5,467		162,370
Banner Corp.		1,221		55,726
BOK Financial Corp.		2,194		158,846
Bridge Bancorp. Inc.		3,037		83,578
Cadence BanCorp.		5,152		72,746
Camden National Corp.		2,533		103,878
Columbia Banking System Inc.		2,251		74,733
Commerce Bancshares Inc.		4,883		298,058
Community Trust Bancorp. Inc.		2,321		89,776
Cullen/Frost Bankers Inc.		7,004		549,044
CVB Financial Corp.		6,093		112,964

Security	Shares		Value

Banks (continued)
Equity Bancshares Inc., Class A^(a)		3,264	$	85,451
First Busey Corp.		7,404		163,406
First Financial Bancorp.		6,391		131,655
First Financial Bankshares Inc.		5,918		170,083
First Hawaiian Inc.		4,479		107,272
First Horizon National Corp.		14,269		190,206
First Interstate BancSystem Inc., Class A		5,201		177,146
Fulton Financial Corp.		27,061		391,031
Glacier Bancorp. Inc.		6,337		236,307
Great Western Bancorp. Inc.		6,387		171,619
Hancock Whitney Corp.		4,038		135,273
Heartland Financial USA Inc.		3,722		159,488
Heritage Financial Corp./WA.		1,883		43,667
HomeTrust Bancshares Inc.		6,041		143,534
Independent Bank Corp.		901		60,844
International Bancshares Corp.		10,785		367,768
Investors Bancorp. Inc.		18,315		193,040
Live Oak Bancshares Inc.		4,771		73,330
National Bank Holdings Corp., Class A		1,480		45,273
Opus Bank		7,844		185,667
Pinnacle Financial Partners Inc.		4,612		242,776
Popular Inc.		1,670		80,127
QCR Holdings Inc.		3,781		143,905
ServisFirst Bancshares Inc.		4,995		172,577
Simmons First National Corp., Class A		7,691		164,434
South State Corp.		2,505		170,641
Sterling Bancorp./DE.		5,982		99,182
Stock Yards Bancorp. Inc.		3,626		126,692
Synovus Financial Corp.		2,280		66,166
TCF Financial Corp.		7,952		289,771
Texas Capital Bancshares Inc.^(a)		3,917		184,412
TriState Capital Holdings Inc.^(a)		4,078		81,030
Triumph Bancorp. Inc.^(a)		1,858		62,930
Trustmark Corp.		4,002		107,654
UMB Financial Corp.		5,304		308,428
Umpqua Holdings Corp.		16,417		252,658
United Bankshares Inc./WV		2,828		81,673
Valley National Bancorp.		8,032		74,698
Webster Financial Corp.		7,988		303,304
Western Alliance Bancorp.		6,514		299,905
Wintrust Financial Corp.		3,655		195,214
				9,855,469
Beverages — 0.1%
Boston Beer Co. Inc. (The), Class A, NVS^(a)		175		64,888

Biotechnology — 4.6%
ACADIA Pharmaceuticals Inc.^(a)		5,860		250,456
Acceleron Pharma Inc.^(a)		1,665		143,074
Adverum Biotechnologies Inc.^(a)		4,224		51,997
Agios Pharmaceuticals Inc.^(a)		3,491		165,753
Aimmune Therapeutics Inc.^(a)(b)		2,625		62,501
Alder Biopharmaceuticals Inc.^(b)(c)		3,497		3,077
Alkermes PLC^(a)		4,141		86,298
Allakos Inc.^(a)		1,145		71,368
Amicus Therapeutics Inc.^(a)		10,020		95,641
AnaptysBio Inc.^(a)		4,350		65,033
Apellis Pharmaceuticals Inc.^(a)		1,691		58,542
Arena Pharmaceuticals Inc.^(a)		1,398		62,351
Arrowhead Pharmaceuticals Inc.^(a)		3,151		111,419
Atara Biotherapeutics Inc.^(a)		5,075		61,661

34 2 0 2 0 i S h a r e s S e m i - A n n u a 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 USA Small-Cap ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Biohaven Pharmaceutical Holding Co. Ltd.^(a)		1,882	$	83,109
Bluebird Bio Inc.^(a)(b)		2,507		181,331
Blueprint Medicines Corp.^(a)		1,743		94,349
ChemoCentryx Inc.^(a)		1,408		63,008
Coherus Biosciences Inc.^(a)		3,717		71,924
CRISPR Therapeutics AG^(a)		1,326		70,875
Deciphera Pharmaceuticals Inc.^(a)		1,352		71,981
Denali Therapeutics Inc.^(a)		3,788		74,889
Dicerna Pharmaceuticals Inc.^(a)		3,617		71,400
Eagle Pharmaceuticals Inc./DE^(a)(b)		1,431		65,683
Emergent BioSolutions Inc.^(a)		1,307		76,695
Enanta Pharmaceuticals Inc.^(a)		1,375		69,960
Epizyme Inc.^(a)(b)		3,038		65,104
Esperion Therapeutics Inc.^(a)		1,108		55,943
Exelixis Inc.^(a)		10,729		199,452
Fate Therapeutics Inc.^(a)		2,378		69,438
FibroGen Inc.^(a)		4,013		167,743
Flexion Therapeutics Inc.^(a)(b)		4,503		71,102
Forty Seven Inc.^(a)		1,506		87,348
Global Blood Therapeutics Inc.^(a)		2,622		167,703
Halozyme Therapeutics Inc.^(a)		7,506		146,892
Heron Therapeutics Inc.^(a)(b)		3,454		64,417
Immunomedics Inc.^(a)		7,517		120,272
Insmed Inc.^(a)		4,382		109,112
Intercept Pharmaceuticals Inc.^(a)		1,081		99,387
Invitae Corp.^(a)		3,097		63,117
Iovance Biotherapeutics Inc.^(a)		4,362		143,553
Ironwood Pharmaceuticals Inc.^(a)		6,404		77,104
Karyopharm Therapeutics Inc.^(a)		4,519		73,841
Kodiak Sciences Inc.^(a)		1,165		74,525
Ligand Pharmaceuticals Inc.^(a)		999		93,506
Mirati Therapeutics Inc.^(a)		1,208		108,104
Momenta Pharmaceuticals Inc.^(a)		3,896		110,218
Myriad Genetics Inc.^(a)		3,690		65,018
Natera Inc.^(a)		2,045		77,516
OPKO Health Inc.^(a)		46,772		70,158
Progenics Pharmaceuticals Inc.^(a)(b)		15,342		72,414
PTC Therapeutics Inc.^(a)		2,179		119,496
Ra Pharmaceuticals Inc.^(a)		1,575		73,647
Radius Health Inc.^(a)		3,643		76,722
REGENXBIO Inc.^(a)		1,812		72,480
Sage Therapeutics Inc.^(a)(b)		2,422		113,834
Sangamo Therapeutics Inc.^(a)		9,645		82,272
Turning Point Therapeutics Inc.^(a)		1,148		56,906
Ultragenyx Pharmaceutical Inc.^(a)		3,499		196,224
uniQure NV^(a)		1,627		83,725
United Therapeutics Corp.^(a)		1,333		137,246
Veracyte Inc.^(a)		2,823		69,700
Xencor Inc.^(a)		2,057		66,832
ZIOPHARM Oncology Inc.^(a)(b)		21,485		66,389
				5,952,835
Building Products — 0.9%
AAON Inc.		2,619		144,071
Advanced Drainage Systems Inc.		4,420		185,021
Armstrong World Industries Inc.		3,268		327,290
Builders FirstSource Inc.^(a)		6,694		152,021
Resideo Technologies Inc.^(a)		8,235		88,526
Trex Co. Inc.^(a)		2,453		234,630
				1,131,559

Security	Shares		Value
Capital Markets — 1.9%
Affiliated Managers Group Inc.		3,470	$	261,013
Donnelley Financial Solutions Inc.^(a)		7,479		65,067
Evercore Inc., Class A		1,081		72,016
Federated Hermes Inc., Class B		3,257		93,965
Interactive Brokers Group Inc., Class A		1,558		79,614
INTL. FCStone Inc.^(a)		1,904		86,727
Janus Henderson Group PLC		23,362		495,275
Legg Mason Inc.		9,751		485,795
LPL Financial Holdings Inc.		3,755		298,448
Morningstar Inc.		1,170		171,873
Stifel Financial Corp.		1,164		63,368
Virtu Financial Inc., Class A		4,164		78,325
Virtus Investment Partners Inc.		606		66,902
Westwood Holdings Group Inc.		2,685		68,145
				2,386,533
Chemicals — 1.0%
Balchem Corp.		948		89,548
Chemours Co. (The)		6,652		98,849
HB Fuller Co.		3,998		156,842
Huntsman Corp.		5,931		112,333
Ingevity Corp.^(a)		1,133		51,030
Innospec Inc.		1,854		160,445
Minerals Technologies Inc.		4,590		205,953
Scotts Miracle-Gro Co. (The)		1,100		116,589
Stepan Co.		1,286		112,949
Trinseo SA		3,018		66,034
Valvoline Inc.		5,104		99,528
				1,270,100
Commercial Services & Supplies — 2.9%
ABM Industries Inc.		5,792		190,673
ACCO Brands Corp.		13,425		107,534
ADT Inc.^(b)		12,430		79,428
Brady Corp., Class A, NVS		3,489		165,169
Brink's Co. (The)		863		67,564
Cimpress PLC^(a)(b)		831		96,737
Clean Harbors Inc.^(a)		1,542		107,200
Covanta Holding Corp.		13,722		183,326
Deluxe Corp.		2,486		82,784
Healthcare Services Group Inc.		4,016		110,601
Herman Miller Inc.		7,422		254,129
HNI Corp.		2,269		74,491
IAA Inc.^(a).		7,423		317,111
KAR Auction Services Inc.		14,046		270,386
Knoll Inc.		4,410		77,792
Matthews International Corp., Class A		5,745		169,822
McGrath RentCorp.		2,081		144,525
Mobile Mini Inc.		3,258		127,029
MSA Safety Inc.		1,673		203,554
Pitney Bowes Inc.		6,758		23,112
SP Plus Corp.^(a).		2,832		103,396
Steelcase Inc., Class A.		6,682		108,382
Team Inc.^(a).		8,261		105,163
Tetra Tech Inc.		3,481		281,508
UniFirst Corp./MA		1,076		199,932
Viad Corp.		2,680		134,536
				3,785,884
Communications Equipment — 1.1%
ADTRAN Inc.		8,506		68,431
Ciena Corp.^(a)		8,828		339,437

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^® ESG MSCI USA Small-Cap ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Communications Equipment (continued)
CommScope Holding Co. Inc.^(a)(b)		12,186	$	134,168
EchoStar Corp., Class A^(a)		1,835		64,078
Infinera Corp.^(a)		9,288		63,158
InterDigital Inc.		2,179		115,247
Lumentum Holdings Inc.^(a)		4,059		315,871
NETGEAR Inc.^(a)		3,322		62,686
NetScout Systems Inc.^(a)		3,268		83,988
Plantronics Inc.		5,053		69,378
Ribbon Communications Inc.^(a)		23,711		76,587
				1,393,029
Construction & Engineering — 2.1%
AECOM^(a).		11,710		526,247
Aegion Corp.^(a)		5,508		99,199
Arcosa Inc.		2,184		93,825
Argan Inc.		1,638		68,354
Comfort Systems USA Inc.		4,623		195,183
EMCOR Group Inc.		5,981		460,058
Fluor Corp.		8,636		80,487
Granite Construction Inc.		4,137		84,064
Great Lakes Dredge & Dock Corp.^(a)		7,401		71,790
IES Holdings Inc.^(a)		2,744		63,963
MasTec Inc.^(a)		2,016		98,945
MYR Group Inc.^(a)		2,473		63,086
Primoris Services Corp.		3,355		63,678
Quanta Services Inc.		13,949		531,875
Valmont Industries Inc.		1,680		195,250
WillScot Corp.^(a)		3,968		69,599
				2,765,603
Construction Materials — 0.1%
Summit Materials Inc., Class A^(a)		5,547		108,388
U.S. Concrete Inc.^(a)		1,950		52,338
				160,726
Consumer Finance — 0.4%
Credit Acceptance Corp.^(a)(b)		170		68,544
Encore Capital Group Inc.^(a)		2,305		85,654
Green Dot Corp., Class A^(a)		2,105		71,907
LendingTree Inc.^(a)		221		60,956
PRA Group Inc.^(a)		4,727		183,502
SLM Corp.		8,471		87,844
				558,407
Containers & Packaging — 1.0%
AptarGroup Inc.		5,083		513,739
Berry Global Group Inc.^(a)		3,869		146,867
Graphic Packaging Holding Co.		6,033		81,566
Greif Inc., Class A, NVS		2,107		74,461
Greif Inc., Class B		1,403		56,134
Myers Industries Inc.		4,626		62,775
O-I Glass Inc.		6,328		68,343
Sonoco Products Co.		5,408		260,720
				1,264,605
Distributors — 0.4%
Pool Corp.		2,520		531,619
Diversified Consumer Services — 2.2%
American Public Education Inc.^(a)		2,989		66,535
Bright Horizons Family Solutions Inc.^(a)		5,606		880,983
Carriage Services Inc.		4,847		102,514
Chegg Inc.^(a)		2,504		98,182
frontdoor Inc.^(a)		3,930		166,632

Security	Shares		Value
Diversified Consumer Services (continued)
Graham Holdings Co., Class B		262	$	131,755
Grand Canyon Education Inc.^(a)		1,419		114,485
H&R Block Inc.		7,475		154,508
Houghton Mifflin Harcourt Co.^(a)		11,756		64,305
Laureate Education Inc., Class A^(a)		3,604		67,395
Service Corp. International		9,682		462,703
ServiceMaster Global Holdings Inc.^(a)		9,012		322,359
Strategic Education Inc.		553		81,501
WW International Inc.^(a)(b)		2,918		87,540
				2,801,397
Diversified Telecommunication Services — 0.2%
Cogent Communications Holdings Inc.		1,092		79,727
GCI Liberty Inc., Class A^(a)		1,310		90,534
Iridium Communications Inc.^(a)		4,403		119,189
				289,450
Electric Utilities — 0.4%
Hawaiian Electric Industries Inc.		12,591		539,398

Electrical Equipment — 0.9%
Atkore International Group Inc.^(a)		2,346		86,591
Bloom Energy Corp., Class A^(a)(b)		6,710		60,860
EnerSys .		1,282		78,945
Generac Holdings Inc.^(a)		3,222		331,834
Hubbell Inc.		2,222		296,059
Plug Power Inc.^(a)		16,496		71,592
Regal Beloit Corp.		1,034		80,280
Sunrun Inc.^(a)(b)		6,108		118,129
				1,124,290
Electronic Equipment, Instruments & Components — 3.7%
Anixter International Inc.^(a)		1,864		181,759
Avnet Inc.		6,951		213,257
Badger Meter Inc.		4,528		272,631
Belden Inc.		1,577		62,970
Benchmark Electronics Inc.		4,371		118,804
Coherent Inc.^(a)		1,335		171,828
CTS Corp.		4,417		115,151
Dolby Laboratories Inc., Class A		5,179		340,260
ePlus Inc.^(a)		1,495		113,261
Fabrinet^(a)		2,181		120,217
Fitbit Inc., Class A^(a)(b)		11,391		72,788
Insight Enterprises Inc.^(a)		3,031		166,978
Itron Inc.^(a).		2,596		196,881
Jabil Inc.		2,001		64,132
KEMET Corp.		3,821		99,652
Knowles Corp.^(a)		4,023		66,862
Littelfuse Inc.		1,016		162,235
Methode Electronics Inc.		6,230		191,012
MTS Systems Corp.		4,087		164,052
National Instruments Corp.		12,687		511,032
Novanta Inc.^(a)(b)		2,135		190,463
OSI Systems Inc.^(a)		1,498		121,742
Plexus Corp.^(a)		2,781		184,519
Rogers Corp.^(a)(b)		1,026		119,016
SYNNEX Corp.		2,097		262,188
Tech Data Corp.^(a)		2,303		327,924
Vishay Intertechnology Inc.		5,751		107,544
Vishay Precision Group Inc.^(a)		2,206		60,599
				4,779,757

36 2 0 2 0 i S h a r e s S e m i - A n n u a 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 USA Small-Cap ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Energy Equipment & Services — 0.9%
Apergy Corp.^(a)		7,260	$	135,036
Archrock Inc.		8,861		62,470
Cactus Inc., Class A		2,553		69,722
Core Laboratories NV		6,431		172,608
DMC Global Inc.		1,882		67,865
Dril-Quip Inc.^(a)		1,787		63,653
Exterran Corp.^(a)		11,285		57,554
Helix Energy Solutions Group Inc.^(a)		8,445		56,666
Newpark Resources Inc.^(a)		19,599		68,792
Oceaneering International Inc.^(a)		8,952		94,354
Oil States International Inc.^(a)		6,589		52,119
Solaris Oilfield Infrastructure Inc., Class A		6,180		65,508
Tidewater Inc.^(a)(b)		4,593		63,797
U.S. Silica Holdings Inc.		13,997		64,246
				1,094,390
Entertainment — 0.7%
Cinemark Holdings Inc.		8,207		213,054
IMAX Corp.^(a)		12,380		192,880
Lions Gate Entertainment Corp., Class A^(a)		7,107		56,501
Madison Square Garden Co. (The), Class A^(a)		509		136,320
World Wrestling Entertainment Inc., Class A		1,931		90,313
Zynga Inc., Class A^(a)		32,439		217,666
				906,734
Equity Real Estate Investment Trusts (REITs) — 9.2%
Agree Realty Corp.		2,351		168,849
Alexander & Baldwin Inc.		8,958		168,410
American Assets Trust Inc.		2,181		90,402
American Campus Communities Inc.		11,855		514,981
Americold Realty Trust		6,960		213,463
Apartment Investment & Management Co., Class A		1,742		83,337
Armada Hoffler Properties Inc.		5,617		94,141
Brandywine Realty Trust		38,115		517,602
Brixmor Property Group Inc.		18,711		340,727
City Office REIT Inc.		5,068		58,789
Colony Capital Inc.		23,137		91,623
Columbia Property Trust Inc.		8,372		157,896
CoreSite Realty Corp.		3,504		363,470
Corporate Office Properties Trust		17,328		439,092
Cousins Properties Inc.		6,225		222,170
CubeSmart		6,727		203,626
CyrusOne Inc.		5,749		348,274
DiamondRock Hospitality Co.		20,281		184,963
Diversified Healthcare Trust		9,637		60,617
Douglas Emmett Inc.		23,429		894,519
Easterly Government Properties Inc.		27,633		656,836
Empire State Realty Trust Inc., Class A		7,960		93,132
EPR Properties		1,007		59,655
Essential Properties Realty Trust Inc.		6,163		141,194
First Industrial Realty Trust Inc.		3,685		141,873
Four Corners Property Trust Inc.		10,746		308,303
Franklin Street Properties Corp.		13,980		99,677
Gaming and Leisure Properties Inc.		1,558		69,596
Global Net Lease Inc.		3,641		67,176
Hannon Armstrong Sustainable Infrastructure Capital Inc.		2,558		86,844
Healthcare Trust of America Inc., Class A		4,259		132,625
Hudson Pacific Properties Inc.		5,930		191,420
JBG SMITH Properties		7,728		283,463
Kilroy Realty Corp.		9,374		681,396
Life Storage Inc.		2,134		230,280

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Macerich Co. (The)		16,228	$	331,376
Office Properties Income Trust		2,514		73,233
Outfront Media Inc.		8,906		234,584
Paramount Group Inc.		6,644		80,725
Park Hotels & Resorts Inc.		10,375		189,448
Pebblebrook Hotel Trust		3,001		60,650
Physicians Realty Trust		5,145		97,035
Piedmont Office Realty Trust Inc., Class A		8,574		185,113
PotlatchDeltic Corp.		2,282		83,841
QTS Realty Trust Inc., Class A		3,397		190,810
Rayonier Inc.		2,898		76,884
Rexford Industrial Realty Inc.		7,459		348,857
RLJ Lodging Trust		7,942		104,914
Ryman Hospitality Properties Inc.		810		56,303
Sabra Health Care REIT Inc.		13,496		263,847
Service Properties Trust		8,943		161,689
SITE Centers Corp.		8,974		103,291
STAG Industrial Inc.		2,160		60,437
STORE Capital Corp.		5,873		192,987
Sunstone Hotel Investors Inc.		10,360		113,442
Taubman Centers Inc.		1,874		97,560
Uniti Group Inc.		12,156		118,643
Washington Prime Group Inc.		26,019		71,552
Washington REIT		4,237		113,763
				11,871,405
Food & Staples Retailing — 1.1%
Andersons Inc. (The)		3,581		65,783
BJ's Wholesale Club Holdings Inc.^(a)(b)		5,775		111,227
Casey's General Stores Inc.		1,240		202,145
Grocery Outlet Holding Corp.^(a)		2,126		67,288
Performance Food Group Co.^(a)		5,652		239,645
PriceSmart Inc.		1,635		91,053
SpartanNash Co.		5,708		70,950
Sprouts Farmers Market Inc.^(a)		6,249		99,859
U.S. Foods Holding Corp.^(a)		13,044		438,800
United Natural Foods Inc.^(a)		9,702		62,772
				1,449,522
Food Products — 1.2%
B&G Foods Inc.		5,300		78,440
Beyond Meat Inc.^(a)(b)		877		78,623
Darling Ingredients Inc.^(a)		9,693		249,110
Farmer Bros. Co.^(a)(b)		5,226		64,541
Flowers Foods Inc.		6,522		140,419
Fresh Del Monte Produce Inc.		2,208		60,543
Freshpet Inc.^(a)		2,569		170,736
Hain Celestial Group Inc. (The)^(a)		5,910		140,244
Hostess Brands Inc.^(a)		5,976		75,955
Pilgrim's Pride Corp.^(a)		2,825		59,777
Post Holdings Inc.^(a)(b)		2,065		209,102
Sanderson Farms Inc.		543		67,093
Simply Good Foods Co. (The)^(a)		4,607		101,631
TreeHouse Foods Inc.^(a)		2,710		103,278
				1,599,492
Gas Utilities — 1.3%
Chesapeake Utilities Corp.		1,074		91,827
National Fuel Gas Co.		4,764		174,410
New Jersey Resources Corp.		5,503		194,311
Northwest Natural Holding Co.		2,130		140,090
ONE Gas Inc.		5,101		418,996

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^® ESG MSCI USA Small-Cap ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Gas Utilities (continued)
South Jersey Industries Inc.		9,085	$	245,749
Southwest Gas Holdings Inc.		4,380		283,299
Spire Inc.		848		63,642
				1,612,324
Health Care Equipment & Supplies — 3.3%
AngioDynamics Inc.^(a)		5,851		67,228
Antares Pharma Inc.^(a)		20,569		63,764
AtriCure Inc.^(a)		2,794		107,345
Atrion Corp.		110		67,794
Avanos Medical Inc.^(a)(b)		2,486		80,571
Cantel Medical Corp.		1,648		103,989
Cardiovascular Systems Inc.^(a)		2,603		97,925
CONMED Corp.		889		84,135
Envista Holdings Corp.^(a)		5,334		135,377
GenMark Diagnostics Inc.^(a)		17,140		59,819
Glaukos Corp.^(a)		1,679		73,842
Globus Medical Inc., Class A^(a)		3,817		172,643
Haemonetics Corp.^(a)		2,288		247,859
Heska Corp.^(a).		830		79,240
Hill-Rom Holdings Inc.		3,161		303,614
Inogen Inc.^(a)		1,593		72,928
Integer Holdings Corp.^(a)		991		89,358
Integra LifeSciences Holdings Corp.^(a)		1,238		64,500
iRhythm Technologies Inc.^(a)		850		73,924
LeMaitre Vascular Inc.		2,412		68,742
LivaNova PLC^(a)		1,552		108,205
Merit Medical Systems Inc.^(a)		3,903		140,547
Natus Medical Inc.^(a)		2,358		63,383
Neogen Corp.^(a)		1,275		77,456
Nevro Corp.^(a)		1,237		160,996
Novocure Ltd.^(a)(b)		3,053		222,106
NuVasive Inc.^(a)		1,995		131,291
OraSure Technologies Inc.^(a)		16,219		97,801
Orthofix Medical Inc.^(a)		1,624		57,392
Penumbra Inc.^(a)		1,621		268,859
Quidel Corp.^(a)		1,698		131,154
Quotient Ltd.^(a)(b)		9,924		60,338
Shockwave Medical Inc.^(a)		1,616		64,866
Silk Road Medical Inc.^(a)		1,465		58,380
STAAR Surgical Co.^(a)		2,261		70,950
Tactile Systems Technology Inc.^(a)		1,399		70,524
Tandem Diabetes Care Inc.^(a)		2,656		198,297
Varex Imaging Corp.^(a)(b).		3,112		72,261
Wright Medical Group NV^(a)		2,977		90,054
				4,259,457
Health Care Providers & Services — 3.2%
Acadia Healthcare Co. Inc.^(a)(b)		3,216		95,194
Addus HomeCare Corp.^(a)		1,073		81,838
Amedisys Inc.^(a)		1,509		262,581
AMN Healthcare Services Inc.^(a)		3,497		257,379
BioTelemetry Inc.^(a)		2,339		99,922
Brookdale Senior Living Inc.^(a)		10,606		69,681
Chemed Corp.		444		185,423
CorVel Corp.^(a)		936		64,528
Covetrus Inc.^(a)		6,493		72,137
Encompass Health Corp.		5,293		396,128
Ensign Group Inc. (The)		2,289		101,861
Guardant Health Inc.^(a)(b)		1,511		131,397
Hanger Inc.^(a)		3,364		77,607

Security	Shares		Value
Health Care Providers & Services (continued)
HealthEquity Inc.^(a)		1,992	$	141,412
LHC Group Inc.^(a)		1,640		199,194
Magellan Health Inc.^(a)		1,012		60,730
MEDNAX Inc.^(a)		4,324		73,897
Molina Healthcare Inc.^(a)		1,921		235,419
National Research Corp.		2,600		142,974
Patterson Companies Inc.		13,791		328,088
Pennant Group Inc. (The)^(a)		2,519		68,441
PetIQ Inc.^(a)(b)		2,252		70,037
Premier Inc., Class A^(a)		4,528		133,259
Providence Service Corp. (The)^(a)		1,746		107,868
R1 RCM Inc.^(a)		9,937		122,026
Select Medical Holdings Corp.^(a)		8,985		215,101
Tenet Healthcare Corp.^(a)(b)		2,442		64,176
Tivity Health Inc.^(a)		4,424		56,052
U.S. Physical Therapy Inc.		1,407		146,638
				4,060,988
Health Care Technology — 0.6%
Allscripts Healthcare Solutions Inc.^(a)		15,399		116,108
HMS Holdings Corp.^(a)		3,382		77,685
Omnicell Inc.^(a)		846		68,924
Teladoc Health Inc.^(a)		3,119		389,750
Vocera Communications Inc.^(a)		3,384		82,536
				735,003
Hotels, Restaurants & Leisure — 2.4%
Boyd Gaming Corp.		3,430		91,615
Brinker International Inc.		2,104		72,272
Caesars Entertainment Corp.^(a)		27,490		349,398
Churchill Downs Inc.		1,889		237,334
Dave & Buster's Entertainment Inc.		1,636		54,004
Dine Brands Global Inc.		1,536		125,722
Dunkin' Brands Group Inc.		6,234		414,686
El Pollo Loco Holdings Inc.^(a)(b)		6,667		86,004
Eldorado Resorts Inc.^(a)		2,171		108,941
Everi Holdings Inc.^(a)		5,954		61,922
Hilton Grand Vacations Inc.^(a)		2,711		72,275
Jack in the Box Inc.		1,285		88,485
Marriott Vacations Worldwide Corp.		1,494		144,589
Penn National Gaming Inc.^(a)		4,805		142,084
Planet Fitness Inc., Class A^(a)		4,004		270,230
PlayAGS Inc.^(a)		7,027		68,092
Red Robin Gourmet Burgers Inc.^(a)		2,145		58,988
Scientific Games Corp./DE, Class A^(a)		2,498		45,564
Shake Shack Inc., Class A^(a)		1,753		104,198
Six Flags Entertainment Corp.		2,247		56,804
Texas Roadhouse Inc.		1,312		73,761
Wendy's Co. (The)		9,599		181,229
Wingstop Inc.		1,167		98,553
Wyndham Hotels & Resorts Inc.		2,237		113,975
				3,120,725
Household Durables — 1.3%
Cavco Industries Inc.^(a)		298		60,113
Century Communities Inc.^(a)		2,043		68,093
Ethan Allen Interiors Inc.		4,929		65,063
Helen of Troy Ltd.^(a)		1,754		288,708
iRobot Corp.^(a)(b)		2,598		124,678
KB Home		5,929		193,226
La-Z-Boy Inc.		2,583		74,003
LGI Homes Inc.^(a)		1,417		106,771

38 2 0 2 0 i S h a r e s S e m i - A n n u a 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 USA Small-Cap ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Household Durables (continued)
MDC Holdings Inc.		1,877	$	73,841
Meritage Homes Corp.^(a)		1,578		100,140
Taylor Morrison Home Corp., Class A^(a)		5,134		115,618
Tempur Sealy International Inc.^(a)		819		61,220
Toll Brothers Inc.		3,514		130,124
TopBuild Corp.^(a)		1,297		130,997
TRI Pointe Group Inc.^(a)		4,480		68,678
				1,661,273
Household Products — 0.2%
Energizer Holdings Inc.		3,174		136,450
Spectrum Brands Holdings Inc.		2,075		111,822
				248,272
Independent Power and Renewable Electricity Producers — 1.1%
Clearway Energy Inc., Class C		9,433		198,470
NextEra Energy Partners LP		6,470		373,125
Ormat Technologies Inc.		4,293		299,136
Pattern Energy Group Inc., Class A		13,969		377,862
TerraForm Power Inc., Class A		9,846		185,006
				1,433,599
Industrial Conglomerates — 0.5%
Carlisle Companies Inc.		3,304		480,038
Raven Industries Inc.		6,861		196,979
				677,017
Insurance — 1.6%
American Equity Investment Life Holding Co.		1,586		40,094
Axis Capital Holdings Ltd.		3,252		182,502
Brighthouse Financial Inc.^(a)		2,259		80,962
CNO Financial Group Inc.		4,328		69,335
Crawford & Co., Class A, NVS		8,346		62,094
eHealth Inc.^(a)		1,042		122,279
First American Financial Corp.		8,253		471,246
Genworth Financial Inc., Class A^(a)		26,029		101,513
Hanover Insurance Group Inc. (The)		3,126		370,556
Horace Mann Educators Corp.		758		29,509
Kemper Corp.		1,763		121,365
Primerica Inc.		1,496		166,565
ProAssurance Corp.		1,031		27,992
Selective Insurance Group Inc.		1,634		91,144
Universal Insurance Holdings Inc.		2,975		61,553
				1,998,709
Interactive Media & Services — 0.1%
Yelp Inc.^(a)		2,617		81,834

Internet & Direct Marketing Retail — 0.4%
Etsy Inc.^(a)		5,149		297,664
Groupon Inc.^(a)		24,003		32,164
Quotient Technology Inc.^(a)		7,614		68,145
Stitch Fix Inc., Class A^(a)		2,702		64,929
				462,902
IT Services — 1.5%
CACI International Inc., Class A^(a)		351		86,002
Cardtronics PLC, Class A^(a)		1,787		64,815
Conduent Inc.^(a)		18,847		61,630
CoreLogic Inc.		1,790		81,212
CSG Systems International Inc.		1,455		64,384
Euronet Worldwide Inc.^(a)		1,261		156,414
ExlService Holdings Inc.^(a)		1,919		143,253
KBR Inc.		3,822		99,219
Limelight Networks Inc.^(a)		13,921		70,232

Security	Shares		Value
IT Services (continued)
LiveRamp Holdings Inc.^(a)(b)		1,923	$	68,151
Perficient Inc.^(a)		1,476		60,472
Perspecta Inc.		3,865		96,509
Science Applications International Corp.		1,374		110,099
Sykes Enterprises Inc.^(a)		5,399		171,040
TTEC Holdings Inc.		1,694		63,406
Virtusa Corp.^(a)		3,756		165,677
WEX Inc.^(a)		2,301		430,839
				1,993,354
Leisure Products — 0.5%
Brunswick Corp./DE.		1,784		94,909
Callaway Golf Co.		6,441		109,368
Johnson Outdoors Inc., Class A		1,158		72,271
Malibu Boats Inc., Class A^(a)		2,695		118,418
Mattel Inc.^(a)		16,892		199,157
YETI Holdings Inc.^(a)		2,939		88,905
				683,028
Life Sciences Tools & Services — 1.0%
Bio-Techne Corp.		1,111		209,857
Bruker Corp.		5,752		250,557
Luminex Corp.		3,184		78,836
Medpace Holdings Inc.^(a)		775		69,703
NeoGenomics Inc.^(a)		4,632		131,224
PRA Health Sciences Inc.^(a)(b)		1,913		180,205
Repligen Corp.^(a)		2,765		236,684
Syneos Health Inc.^(a)		1,345		85,206
				1,242,272
Machinery — 4.9%
AGCO Corp.		2,681		162,013
Alamo Group Inc.		883		97,810
Albany International Corp., Class A		998		63,942
Allison Transmission Holdings Inc.		8,032		326,099
Altra Industrial Motion Corp.		2,132		64,216
Astec Industries Inc.		2,082		78,179
Barnes Group Inc.		3,167		170,068
Chart Industries Inc.^(a)		1,807		102,854
Crane Co.		2,006		136,308
Donaldson Co. Inc.		6,764		304,921
Douglas Dynamics Inc.		1,689		73,522
Enerpac Tool Group Corp.		4,254		90,908
ESCO Technologies Inc.		2,568		233,482
Evoqua Water Technologies Corp.^(a)		4,540		95,204
Federal Signal Corp.		3,627		105,183
Franklin Electric Co. Inc.		3,927		202,987
Gardner Denver Holdings Inc.^(a)(b)		4,866		159,556
Gates Industrial Corp. PLC^(a)(b)		5,814		60,814
Graco Inc.		5,479		270,224
Hillenbrand Inc.		2,759		64,561
ITT Inc.		5,110		307,366
John Bean Technologies Corp.		961		93,082
Kennametal Inc.		2,414		67,109
Lincoln Electric Holdings Inc.		2,470		202,268
Lindsay Corp.		1,309		129,630
Manitowoc Co. Inc. (The)^(a)(b)		5,783		72,114
Meritor Inc.^(a)		3,655		82,932
Navistar International Corp.^(a)		3,868		140,447
Nordson Corp.		1,063		154,454
Oshkosh Corp.		5,515		397,907
Proto Labs Inc.^(a)(b)		1,329		116,474

S c h e d u l e o f I n v e s t m e n t s 39

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

Security	Shares		Value
Machinery (continued)
Rexnord Corp.		2,866	$	83,573
SPX Corp.^(a)		1,460		61,218
Tennant Co.		1,383		98,940
Terex Corp.		3,097		68,165
Toro Co. (The)		5,744		410,294
Trinity Industries Inc.		3,445		70,106
Wabash National Corp.		5,970		65,551
Watts Water Technologies Inc., Class A		3,801		356,952
Welbilt Inc.^(a)(b)		8,770		115,939
Woodward Inc.		3,693		381,118
				6,338,490
Media — 1.4%
Cable One Inc.		288		453,030
Cardlytics Inc.^(a)		734		58,272
Clear Channel Outdoor Holdings Inc.^(a)		27,532		56,991
Gray Television Inc.^(a)		4,347		82,245
Hemisphere Media Group Inc.^(a)		5,307		67,027
Iheartmedia Inc., Class A^(a)		3,895		58,854
John Wiley & Sons Inc., Class A		5,217		194,020
Liberty Latin America Ltd., Class C, NVS^(a)(b)		4,447		67,550
Loral Space & Communications Inc.^(a)		2,063		64,077
New York Times Co. (The), Class A		8,293		310,656
Nexstar Media Group Inc., Class A		1,682		193,396
Sinclair Broadcast Group Inc., Class A		2,473		57,398
TEGNA Inc.		8,442		120,890
				1,784,406
Metals & Mining — 1.2%
Alcoa Corp.^(a)		10,523		145,954
Cleveland-Cliffs Inc.^(b)		12,030		69,894
Commercial Metals Co.		4,799		87,630
Compass Minerals International Inc.		2,490		135,830
Reliance Steel & Aluminum Co.		4,913		502,551
Royal Gold Inc.		4,864		469,230
Schnitzer Steel Industries Inc., Class A		9,926		163,580
				1,574,669
Mortgage Real Estate Investment — 0.7%
Apollo Commercial Real Estate Finance Inc.		4,487		72,689
Arbor Realty Trust Inc.		5,077		61,635
Chimera Investment Corp.		4,322		84,927
Granite Point Mortgage Trust Inc.		4,829		79,292
KKR Real Estate Finance Trust Inc.		5,770		113,323
New Residential Investment Corp.		4,395		68,386
Ready Capital Corp.		4,557		66,077
Redwood Trust Inc.		5,753		98,261
Starwood Property Trust Inc.		12,899		286,100
				930,690
Multi-Utilities — 0.6%
Avista Corp.		10,755		507,098
MDU Resources Group Inc.		9,310		258,167
				765,265
Multiline Retail — 0.2%
Big Lots Inc.		3,112		49,200
Macy's Inc.		15,156		200,514
Ollie's Bargain Outlet Holdings Inc.^(a)		1,332		67,759
				317,473
Oil, Gas & Consumable Fuels — 1.6%
Antero Midstream Corp.		16,896		73,667
Callon Petroleum Co.^(a)		25,713		58,369

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Cimarex Energy Co.		4,624	$	152,823
Clean Energy Fuels Corp.^(a)		34,136		77,147
CNX Resources Corp.^(a)(b)		11,693		62,090
Delek U.S. Holdings Inc.		4,060		86,803
Denbury Resources Inc.^(a)		80,415		60,504
EnLink Midstream LLC		16,031		61,078
EQT Corp.		13,013		76,386
Equitrans Midstream Corp.		9,714		68,581
Gran Tierra Energy Inc.^(a)		82,060		62,940
Kosmos Energy Ltd.		26,330		80,306
Murphy Oil Corp.		4,566		86,069
Oasis Petroleum Inc.^(a)(b)		34,566		56,515
Parsley Energy Inc., Class A.		11,655		156,177
PBF Energy Inc., Class A.		4,577		102,479
PDC Energy Inc.^(a)		3,621		68,908
QEP Resources Inc.		27,350		61,538
Renewable Energy Group Inc.^(a)		2,890		76,440
SM Energy Co.		8,495		55,812
Southwestern Energy Co.^(a)(b)		45,719		64,921
Tallgrass Energy LP, Class A		5,583		123,217
Texas Pacific Land Trust .		125		86,975
World Fuel Services Corp.		4,263		120,558
WPX Energy Inc.^(a)		9,618		89,736
				2,070,039
Paper & Forest Products — 0.4%
Boise Cascade Co.		7,328		259,998
Domtar Corp.		5,691		163,730
Louisiana-Pacific Corp.		4,967		141,311
				565,039
Personal Products — 0.3%
Edgewell Personal Care Co.^(a)		2,583		78,420
Herbalife Nutrition Ltd.^(a)		4,365		141,252
Medifast Inc.		1,239		102,973
Nu Skin Enterprises Inc., Class A		2,454		60,172
				382,817
Pharmaceuticals — 1.8%
Aerie Pharmaceuticals Inc.^(a)(b)		3,849		67,358
Arvinas Holding Co. LLC^(a)		1,379		64,992
Axsome Therapeutics Inc.^(a)		1,363		106,314
Catalent Inc.^(a)		6,941		357,670
Corcept Therapeutics Inc.^(a)		5,353		67,555
Cymabay Therapeutics Inc.^(a)		42,037		69,782
Endo International PLC^(a)		11,587		63,960
Horizon Therapeutics PLC^(a)		7,781		266,266
Intersect ENT Inc.^(a)		5,062		120,779
Intra-Cellular Therapies Inc.^(a)(b)		3,753		79,188
MyoKardia Inc.^(a)(b)		2,099		133,056
Nektar Therapeutics^(a)		7,641		159,009
Pacira BioSciences Inc.^(a)(b)		1,519		65,894
Phibro Animal Health Corp., Class A		3,114		78,629
Reata Pharmaceuticals Inc., Class A^(a)(b)		933		181,702
Revance Therapeutics Inc.^(a)		3,503		80,989
Supernus Pharmaceuticals Inc.^(a)		3,261		58,665
Theravance Biopharma Inc.^(a)		3,998		97,351
Tilray Inc., Class 2 ^(a)(b)		4,258		61,443
Tricida Inc.^(a)		2,049		65,117
Zogenix Inc.^(a)		2,433		61,020
				2,306,739

40 2 0 2 0 i S h a r e s S e m i - A n n u a 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 USA Small-Cap ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services — 1.2%
ASGN Inc.^(a)		1,929	$	97,820
Exponent Inc.		1,485		109,370
FTI Consulting Inc.^(a)		2,357		265,375
Heidrick & Struggles International Inc.		2,611		58,225
Huron Consulting Group Inc.^(a)(b		1,117		66,283
ICF International Inc.		1,657		125,899
Insperity Inc.		2,105		141,603
Kelly Services Inc., Class A, NVS		6,890		114,443
Korn Ferry		4,333		151,568
TriNet Group Inc.^(a)		3,503		185,168
TrueBlue Inc.^(a)		18,235		271,337
				1,587,091
Real Estate Management & Development — 0.9%
Cushman & Wakefield PLC^(a)		10,905		198,362
Howard Hughes Corp. (The)^(a)		3,972		428,499
Kennedy-Wilson Holdings Inc.		3,928		79,385
Marcus & Millichap Inc.^(a)		5,429		173,511
Realogy Holdings Corp.		6,646		61,609
Redfin Corp.^(a)		2,468		66,784
St. Joe Co. (The)^(a)(b)		4,178		82,181
Tejon Ranch Co.^(a)		4,198		63,306
				1,153,637
Road & Rail — 0.7%
ArcBest Corp.		3,088		61,173
Avis Budget Group Inc.^(a)		3,978		128,788
Hertz Global Holdings Inc.^(a)		5,303		67,825
Landstar System Inc.		2,070		209,008
Ryder System Inc.		6,475		246,309
Schneider National Inc., Class B		6,977		124,958
Werner Enterprises Inc.		1,995		67,032
				905,093
Semiconductors & Semiconductor Equipment — 3.2%
Brooks Automation Inc.		2,381		82,168
Cabot Microelectronics Corp.		1,596		222,291
Cirrus Logic Inc.^(a)		3,680		252,595
Cree Inc.^(a)(b)		6,024		269,454
Cypress Semiconductor Corp.		15,250		352,123
Enphase Energy Inc.^(a)		3,644		178,447
Entegris Inc.		6,463		344,607
First Solar Inc.^(a)		4,785		219,009
Ichor Holdings Ltd.^(a)		2,452		70,912
Inphi Corp.^(a)		1,294		96,610
Kulicke & Soffa Industries Inc.		7,486		170,905
Lattice Semiconductor Corp.^(a)		4,885		87,686
Mellanox Technologies Ltd.^(a)		2,035		243,020
MKS Instruments Inc.		1,545		154,794
Monolithic Power Systems Inc.		839		133,099
Onto Innovation Inc.^(a)		3,448		105,405
Power Integrations Inc.		1,409		122,653
Rambus Inc.^(a)		6,262		87,543
Semtech Corp.^(a)		2,445		96,553
Silicon Laboratories Inc.^(a)		2,152		190,839
SolarEdge Technologies Inc.^(a)		1,675		208,906
Synaptics Inc.^(a) . .		946		62,483
Ultra Clean Holdings Inc.^(a)		2,969		62,082
Universal Display Corp.		1,672		265,497
				4,079,681
Software — 7.0%
2U Inc.^(a)(b)		3,070		72,176

Security	Shares		Value
Software (continued)
8x8 Inc.^(a)		3,670	$	67,895
ACI Worldwide Inc.^(a)		8,758		244,086
Alteryx Inc., Class A^(a)		1,734		242,101
Anaplan Inc.^(a)		3,590		161,335
Appian Corp.^(a)(b)		1,252		55,276
Aspen Technology Inc.^(a)		3,214		342,323
Avaya Holdings Corp.^(a)(b)		7,361		95,399
Benefitfocus Inc.^(a)		4,238		52,890
Blackbaud Inc. . . . .		2,890		195,942
Blackline Inc.^(a)		3,090		193,341
Bottomline Technologies DE Inc.^(a)		2,007		88,870
Box Inc., Class A^(a)		4,517		75,660
Ceridian HCM Holding Inc.^(a)		3,121		220,748
Cloudera Inc.^(a)(b)		7,378		65,664
Cornerstone OnDemand Inc.^(a)		1,460		59,904
Coupa Software Inc.^(a)		2,567		384,408
Elastic NV^(a)		1,307		96,535
Envestnet Inc.^(a)		2,657		200,550
Everbridge Inc.^(a)		1,210		127,849
Fair Isaac Corp.^(a)		1,733		651,660
FireEye Inc.^(a)		5,695		75,373
Five9 Inc.^(a)		3,006		219,528
ForeScout Technologies Inc.^(a)		2,231		72,597
HubSpot Inc.^(a)(b)		2,010		360,695
Instructure Inc.^(a)		1,506		73,433
LivePerson Inc.^(a)		3,031		80,200
LogMeIn Inc. .		2,529		215,559
Manhattan Associates Inc.^(a)		2,646		178,235
Mimecast Ltd.^(a)		4,024		159,310
Model N Inc.^(a)		2,594		75,226
New Relic Inc.^(a)		3,136		176,431
Nuance Communications Inc.^(a) .		11,294		244,176
Nutanix Inc., Class A^(a)		7,813		186,262
Paylocity Holding Corp.^(a) .		2,566		332,348
Progress Software Corp . . .		3,628		135,288
Proofpoint Inc.^(a) .		1,785		190,370
PROS Holdings Inc.^(a) .		2,157		98,769
Q2 Holdings Inc.^(a) . . . .		837		63,085
Qualys Inc.^(a)(b) . .		1,614		129,411
Rapid7 Inc.^(a) . . . .		3,156		146,123
SailPoint Technologies Holding Inc.^(a)(b)		3,125		79,125
Smartsheet Inc., Class A^(a)		4,383		202,933
SPS Commerce Inc.^(a)		2,054		108,040
SVMK Inc.^(a)		4,225		77,022
Teradata Corp.^(a)(b) . . . .		18,395		366,796
Trade Desk Inc. (The), Class A^(a)(b) . . .		1,330		382,043
Varonis Systems Inc.^(a)		1,000		80,220
Verint Systems Inc.^(a) .		1,318		72,332
Workiva Inc.^(a) . . .		2,691		115,013
Yext Inc.^(a)(b)		4,467		67,720
Zendesk Inc.^(a) . . .		4,972		394,329
Zscaler Inc.^(a)(b) . .		2,484		129,143
Zuora Inc., Class A^(a)(b)		4,835		64,015
				9,045,762
Specialty Retail — 2.5%
Aaron's Inc . .		3,883		152,718
American Eagle Outfitters Inc . . .		11,563		148,931
America's Car-Mart Inc./TX^(a) . . .		639		65,670
Asbury Automotive Group Inc.^(a)		826		73,217
AutoNation Inc.^(a)		2,889		123,447

S c h e d u l e o f I n v e s t m e n t s 41

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

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

Security	Shares		Value
Specialty Retail (continued)
Carvana Co.^(a)(b)		1,598	$	132,490
Children's Place Inc. (The)		1,054		60,710
Designer Brands Inc. , Class A		5,147		69,536
Five Below Inc.^(a)		2,249		218,041
Floor & Decor Holdings Inc., Class A^(a)(b)		2,128		108,634
Foot Locker Inc.		5,088		184,440
Genesco Inc.^(a)		1,936		66,618
Group 1 Automotive Inc . . . .		856		72,957
Haverty Furniture Companies Inc.		3,629		61,040
Hibbett Sports Inc.^(a)		3,122		60,941
L Brands Inc.		8,818		190,998
Lithia Motors Inc., Class A		1,163		138,583
MarineMax Inc.^(a)		4,534		76,761
Monro Inc.		1,837		103,092
Murphy USA Inc.^(a)(b)		1,960		191,100
National Vision Holdings Inc.^(a)		3,441		119,816
Office Depot Inc.		30,811		72,406
Rent-A-Center Inc./TX		3,022		64,338
RH^(a) . .		627		113,738
Sally Beauty Holdings Inc.^(a)		5,505		68,482
Signet Jewelers Ltd.		2,941		68,584
Sleep Number Corp.^(a)		1,331		58,631
Williams-Sonoma Inc.		4,345		271,085
Winmark Corp. . . .		350		70,000
Zumiez Inc.^(a)		2,301		61,045
				3,268,049
Technology Hardware, Storage & Peripherals — 0.2%
NCR Corp.^(a)		5,480		138,096
Pure Storage Inc., Class A^(a)		6,859		104,668
				242,764
Textiles, Apparel & Luxury Goods — 1.2%
Carter's Inc .		994		90,921
Columbia Sportswear Co.		2,632		213,982
Crocs Inc.^(a)		3,800		99,446
Deckers Outdoor Corp.^(a)(b)		1,838		319,444
Fossil Group Inc.^(a)(b) . .		11,839		54,341
Kontoor Brands Inc.^(a)		3,209		108,272
Levi Strauss & Co., Class A		5,750		97,693
Movado Group Inc.		4,401		64,695
Oxford Industries Inc.		1,095		66,127
Skechers U.S.A. Inc., Class A^(a)		2,362		78,135
Steven Madden Ltd.		1,911		62,490
Unifi Inc.^(a)		3,066		65,520
Wolverine World Wide Inc.		6,381		167,756
				1,488,822
Thrifts & Mortgage Finance — 1.4%
Columbia Financial Inc.^(a)		7,775		120,668
Federal Agricultural Mortgage Corp., Class C, NVS		1,552		116,493
First Defiance Financial Corp.		3,158		75,524
HomeStreet Inc.		3,049		82,598
Meta Financial Group Inc.		2,109		69,281
MGIC Investment Corp.		22,818		274,501
Mr Cooper Group Inc.^(a)		5,705		73,195
New York Community Bancorp. Inc.		27,263		294,713
OceanFirst Financial Corp.		10,003		204,461

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
Provident Financial Services Inc. . . .		3,248		64,895
TFS Financial Corp. .		8,748		178,809
Washington Federal Inc.		5,264		157,867
WSFS Financial Corp. . .		2,670		92,008
				1,805,013
Trading Companies & Distributors — 1.1%
Air Lease Corp. .		2,583		99,084
Aircastle Ltd		3,639		115,902
Beacon Roofing Supply Inc.^(a)		3,201		95,070
Foundation Building Materials Inc.^(a)		4,067		63,445
GATX Corp. .		2,294		164,090
GMS Inc.^(a)		2,612		59,684
Herc Holdings Inc.^(a)		1,702		62,429
Rush Enterprises Inc., Class A		1,715		71,893
SiteOne Landscape Supply Inc.^(a)		2,216		219,938
Triton International Ltd. .		3,365		115,655
Watsco Inc. .		1,059		166,242
WESCO International Inc.^(a)		4,416		179,157
				1,412,589
Transportation Infrastructure — 0.2%
Macquarie Infrastructure Corp.		7,040		276,320
Wireless Telecommunication Services — 0.2%
Boingo Wireless Inc.^(a)		5,821		73,752
Gogo Inc.^(a)(b)		14,484		52,287
Shenandoah Telecommunications Co.		3,080		136,845
				262,884
Total Common Stocks — 99.6%
(Cost: $134,736,570)				128,553,036

Short-Term Investments

Money Market Funds — 4.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(d)(e)(f)		5,388,046		5,391,818
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(d)(e)		131,000		131,000
				5,522,818
Total Short-Term Investments — 4.3%
(Cost: $5,521,088)				5,522,818
Total Investments in Securities — 103.9%
(Cost: $140,257,658)				134,075,854
Other Assets, Less Liabilities — (3.9)%				(5,044,682	)
Net Assets — 100.0%			$	129,031,172

^(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) 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.

42	2 0 2 0 i S h a r e s S e m i - A n n u a 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 USA Small-Cap 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		3,242,665		2,145,381		5,388,046	$	5,391,818	$	17,849	^(b)	$	(159	)	$	1,441
BlackRock Cash Funds: Treasury, SL Agency Shares		66,000		65,000		131,000		131,000		1,712			—			—
							$	5,522,818	$	19,561		$	(159	)	$	1,441

^(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	$	128,549,959	$	—	$	3,077	$	128,553,036
Money Market Funds		5,522,818		—		—		5,522,818
	$	134,072,777	$	—	$	3,077	$	134,075,854

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) (continued) iShares^®MSCI Global Impact ETF

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

Security	Shares		Value

Common Stocks

Australia — 0.9%
CSL Ltd.		3,172	$	632,850
GPT Group (The)		27,066		100,866
				733,716
Austria — 0.3%
Verbund AG		4,420		208,189
Belgium — 4.1%
Colruyt SA		5,902		271,121
Umicore SA^(a)		74,698		3,099,104
				3,370,225
Canada — 2.0%
First Capital Real Estate Investment Trust		5,356		79,880
West Fraser Timber Co. Ltd.		41,496		1,549,357
				1,629,237
Chile — 1.5%
Aguas Andinas SA, Class A		186,680		63,721
Empresas CMPC SA		601,016		1,208,875
				1,272,596
China — 8.5%
3SBio Inc.^(b)(c)		26,000		26,957
BAIC BluePark New Energy Technology Co. Ltd., Class A^(c). .		307,500		282,857
Beijing Enterprises Water Group Ltd.		1,456,000		676,336
BYD Co. Ltd., Class A		59,800		559,229
BYD Co. Ltd., Class H^(a)		195,000		1,193,563
China Conch Venture Holdings Ltd.		13,500		65,655
China Everbright International Ltd.		806,000		536,778
China Longyuan Power Group Corp. Ltd., Class H		806,000		421,976
China Medical System Holdings Ltd.		52,000		64,057
China Mengniu Dairy Co. Ltd.		156,000		559,498
China Railway Signal & Communication Corp. Ltd., Class H^(b)		416,000		213,523
Contemporary Amperex Technology Co. Ltd., Class A		5,200		100,925
CSPC Pharmaceutical Group Ltd.		52,000		118,506
LONGi Green Energy Technology Co. Ltd., Class A		20,800		91,351
NIO Inc., ADR^(a)(c)		367,640		1,518,353
Sino Biopharmaceutical Ltd.		130,000		188,168
SOHO China Ltd.		78,000		28,225
Tus Environmental Science And Technology Development Co. Ltd., Class A		13,000		18,356
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		2,600		20,885
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		36,400		54,781
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		20,904		20,762
Xinyi Solar Holdings Ltd.		260,000		205,850
				6,966,591
Denmark — 5.6%
Genmab A/S^(c)		208		46,534
H Lundbeck A/S		2,782		95,280
Novo Nordisk A/S, Class B		29,120		1,694,171
Vestas Wind Systems A/S		29,328		2,799,527
				4,635,512
France — 7.6%
Alstom SA		37,726		1,843,670
Covivio		2,028		213,855
Danone SA		20,748		1,452,219
Gecina SA		624		110,149
Ipsen SA		1,482		95,395
Klepierre SA		10,192		302,500

Security	Shares		Value
France (continued)
Suez .		142,142	$	2,229,620
				6,247,408
Germany — 2.3%
KION Group AG		10,816		572,656
Vonovia SE		24,180		1,290,310
				1,862,966
Hong Kong — 2.9%
Henderson Land Development Co. Ltd		38,000		174,322
MTR Corp. Ltd.		52,000		292,594
Swire Properties Ltd.		31,200		92,282
WH Group Ltd.^(b)		1,833,000		1,862,860
				2,422,058
India — 0.3%
Bandhan Bank Ltd.^(b)		4,212		22,383
Godrej Consumer Products Ltd.		3,302		25,645
Hindustan Unilever Ltd.		4,576		137,897
Marico Ltd.		5,876		24,325
Nestle India Ltd.		130		28,423
				238,673
Indonesia — 0.0%
Unilever Indonesia Tbk PT		67,600		32,157
Ireland — 1.1%
Kingspan Group PLC		14,716		922,201
Japan — 13.2%
Asahi Intecc Co. Ltd.		2,600		62,333
Central Japan Railway Co.		13,500		2,225,282
Chugai Pharmaceutical Co. Ltd.		2,600		282,381
Daiichi Sankyo Co. Ltd.		9,200		562,073
East Japan Railway Co.		43,900		3,385,752
Japan Retail Fund Investment Corp.		104		197,751
NH Foods Ltd.		28,600		1,079,145
Nippon Prologis REIT Inc.		52		141,106
Nisshin Seifun Group Inc.		20,800		352,114
Nissin Foods Holdings Co. Ltd.		2,800		220,646
Nomura Real Estate Master Fund Inc.		78		123,871
Ono Pharmaceutical Co. Ltd.		10,400		213,081
Shionogi & Co. Ltd.		3,500		189,658
Sysmex Corp.		2,600		166,777
Terumo Corp.		10,400		335,338
TOTO Ltd.		14,100		535,294
Toyo Suisan Kaisha Ltd.		10,400		412,182
Unicharm Corp.		13,000		421,583
				10,906,367
Malaysia — 0.0%
PPB Group Bhd.		7,800		33,495
Mexico — 0.3%
Gruma SAB de CV, Series B		13,260		126,635
Kimberly-Clark de Mexico SAB de CV, Class A.		70,200		132,163
				258,798
Norway — 0.5%
Mowi ASA		19,136		399,921
Saudi Arabia — 0.1%
Almarai Co. JSC		6,006		73,324
Singapore — 1.1%
CapitaLand Commercial Trust		52,695		70,225

44 2 0 2 0 i S h a r e s S e m i - A n n u a 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 Impact ETF

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

Security	Shares		Value
Singapore (continued)
CapitaLand Mall Trust		83,200	$	135,318
Keppel Corp. Ltd.		127,400		578,718
Mapletree Commercial Trust		57,200		86,064
				870,325
South Korea — 1.6%
Samsung SDI Co. Ltd.		5,512		1,338,855
Spain — 1.2%
Siemens Gamesa Renewable Energy SA		60,632		967,382
Sweden — 1.4%
Essity AB, Class B		38,818		1,151,515
Switzerland — 0.4%
Geberit AG, Registered		702		347,392
Taiwan — 1.3%
Standard Foods Corp.		26,000		58,303
Taiwan High Speed Rail Corp.		104,000		118,496
Uni-President Enterprises Corp.		364,000		879,962
				1,056,761
Thailand — 0.5%
B Grimm Power PCL, NVDR		86,900		124,615
BTS Group Holdings PCL, NVDR		444,600		153,578
Global Power Synergy PCL, NVDR		80,600		160,919
				439,112
United Kingdom — 9.8%
Berkeley Group Holdings PLC		39,260		2,383,980
Johnson Matthey PLC		104,520		3,352,272
Pearson PLC		322,998		2,300,466
				8,036,718
United States — 31.8%
AbbVie Inc.		38,792		3,324,862
ABIOMED Inc.^(c)		728		109,389
Acuity Brands Inc.^(a)		5,512		566,964
Amgen Inc.		13,130		2,622,455
Baxter International Inc.		8,866		740,045
BioMarin Pharmaceutical Inc.^(c)		2,782		251,409
Citrix Systems Inc.		7,332		758,056
Colgate-Palmolive Co.		13,520		913,546
DexCom Inc.^(a)(c)		702		193,752
Digital Realty Trust Inc.		9,204		1,105,492
Gilead Sciences Inc.		48,542		3,366,873
Healthpeak Properties Inc.		16,536		523,199
Hormel Foods Corp		11,908		495,373

Security	Shares		Value
United States (continued)
Insulet Corp.^(c)		442	$	83,967
Jazz Pharmaceuticals PLC^(c)		2,288		262,159
Kimberly-Clark Corp.		16,536		2,169,358
Procter & Gamble Co. (The)		29,068		3,291,370
Regeneron Pharmaceuticals Inc.^(c)		1,664		739,764
Sarepta Therapeutics Inc.^(c)		468		53,572
Tesla Inc.^(c)		4,238		2,830,942
Vertex Pharmaceuticals Inc.^(c)		2,288		512,581
VMware Inc., Class A^(c)		2,704		325,886
Vornado Realty Trust		8,554		458,323
Xylem Inc./NY		6,734		520,808
				26,220,145
Total Common Stocks — 100.3%
(Cost: $78,306,736)				82,641,639

Warrants

Thailand — 0.0%
BTS Group Holdings PCL (Expires 02/16/21)^(c)		28,060		765
Total Warrants — 0.0%
(Cost: $0).				765

Short-Term Investments
Money Market Funds — 2.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(d)(e)(f)		2,011,012		2,012,420
Total Short-Term Investments — 2.4%
(Cost: $2,011,860)				2,012,420
Total Investments in Securities — 102.7%
(Cost: $80,318,596)				84,654,824
Other Assets, Less Liabilities — (2.7)%				(2,223,099	)
Net Assets — 100.0%			$	82,431,725

^(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 Global Impact 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		2,906,218		(895,206	)		2,011,012	$	2,012,420	$	103,607	^(b)	$	897	$	707
BlackRock Cash Funds: Treasury, SL Agency Shares		86,000		(86,000	)		—		—		1,001			—		—
								$	2,012,420	$	104,608		$	897	$	707

^(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 EAFE E-Mini		1	03/20/20	$	91	$	(9,921	)
MSCI Emerging Markets E-Mini		1	03/20/20		50		(4,228	)
						$	(14,149	)

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)	$	14,149

^(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	$	32,614
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(18,070	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	145,212

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

Fair Value Measurements

46	2 0 2 0 i S h a r e s S e m i - A n n u a 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 Impact ETF

February 29, 2020

Fair Value Measurements (continued)

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	82,641,639		$	—	$	—	$	82,641,639
Warrants		765			—		—		765
Money Market Funds		2,012,420			—		—		2,012,420
	$	84,654,824		$	—	$	—	$	84,654,824
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(14,149	)	$	—	$	—	$	(14,149	)

^(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 ESG MSCI EAFE ETF			iShares ESG MSCI EM Leaders ETF			iShares ESG MSCI USA ETF			iShares ESG MSCI USA Leaders ETF
ASSETS
Investments in securities, at value (including securities on loan)^(a)
Unaffiliated^(b)	$	1,577,993,539		$	585,257,953		$	3,345,641,301		$	1,787,557,907
Affiliated^(c)		3,514,290			—			32,468,274			15,332,534
Cash		985			3,300,533			241			151
Foreign currency, at value^(d)		3,395,578			1,349,921			—			—
Cash pledged:
Futures contracts		—			41,000			690,000			307,000
Foreign currency collateral pledged:
Futures contracts^(e)		336,305			—			—			—
Receivables:
Investments sold		72,532,128			22,552,666			142,210,230			2,222,536
Securities lending income — Affiliated		817			—			4,546			2,865
Variation margin on futures contracts . .		—			14,248			—			—
Capital shares sold		1,164,138			—			1,625,664			160,134
Dividends		3,065,181			687,100			5,969,477			3,291,507
Tax reclaims		474,908			—			—			—
Total assets		1,662,477,869			613,203,421			3,528,609,733			1,808,874,634

LIABILITIES
Collateral on securities loaned, at value		3,490,438			—			7,560,943			3,940,759
Payables:
Investments purchased		74,527,470			22,802,217			140,354,129			4,956,358
Variation margin on futures contracts		298,845			—			31,390			16,490
Bank borrowings		—			2,628,148			—			—
Capital shares redeemed		878,843			—			4,667,801			—
Investment advisory fees		263,053			50,136			428,438			152,139
Total liabilities		79,458,649			25,480,501			153,042,701			9,065,746

NET ASSETS	$	1,583,019,220		$	587,722,920		$	3,375,567,032		$	1,799,808,888

NET ASSETS CONSIST OF:
Paid-in capital	$	1,657,384,618		$	638,014,637		$	3,575,190,023		$	1,732,669,165
Accumulated earnings (loss)		(74,365,398	)		(50,291,717	)		(199,622,991	)		67,139,723
NET ASSETS	$	1,583,019,220		$	587,722,920		$	3,375,567,032		$	1,799,808,888

Shares outstanding		25,800,000			12,450,000			51,200,000			34,750,000
Net asset value	$	61.36		$	47.21		$	65.93		$	51.79

Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None

^(a)	Securities loaned, at value	$	3,221,854	$	—	$	7,353,234	$	3,869,097
^(b)	Investments, at cost — Unaffiliated	$	1,617,945,799	$	634,985,633	$	3,537,502,488	$	1,737,595,296
^(c)	Investments, at cost — Affiliated	$	3,513,802	$	—	$	33,556,394	$	15,337,596
^(d)	Foreign currency, at cost .	$	3,396,188	$	1,358,622	$	—	$	—
^(e)	Foreign currency collateral pledged, at cost . .	$	339,264	$	—	$	—	$	—

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 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 ESG MSCI USA Small-Cap ETF			iShares MSCI Global Impact ETF
ASSETS
Investments in securities, at value (including securities on loan)^(a)
Unaffiliated^(b)		$	128,553,036		$	82,642,404
Affiliated^(c)			5,522,818			2,012,420
Cash			727			—
Foreign currency, at value^(d) .			—			425,404
Cash pledged:
Futures contracts			—			8,000
Receivables:
Investments sold			6,344,913			6,344,673
Securities lending income — Affiliated			3,168			6,981
Capital shares sold . .			328,088			—
Dividends			116,827			39,181
Tax reclaims			—			20,881
Total assets			140,869,577			91,499,944

LIABILITIES
Bank overdraft			—			23,423
Collateral on securities loaned, at value			5,390,205			2,011,142
Deferred foreign capital gain tax			—			2,494
Payables:
Investments purchased			6,430,635			6,389,814
Variation margin on futures contracts			—			855
Capital shares redeemed .			—			606,356
Investment advisory fees			17,565			34,135
Total liabilities			11,838,405			9,068,219

NET ASSETS		$	129,031,172		$	82,431,725

NET ASSETS CONSIST OF:
Paid-in capital		$	137,017,899		$	77,575,554
Accumulated earnings (loss)			(7,986,727	)		4,856,171
NET ASSETS		$	129,031,172		$	82,431,725

Shares outstanding			5,050,000			1,300,000
Net asset value		$	25.55		$	63.41
Shares authorized			Unlimited			Unlimited
Par value			None			None

^(a)	Securities loaned, at value	$	5,272,617		$	1,909,876
^(b)	Investments, at cost — Unaffiliated	$	134,736,570		$	78,306,736
^(c)	Investments, at cost — Affiliated	$	5,521,088		$	2,011,860
^(d)	Foreign currency, at cost .	$	—		$	425,878

See notes to financial statements.

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

Statements of Operations (unaudited)

Six Months Ended February 29, 2020

	iShares ESG MSCI EAFE ETF			iShares ESG MSCI EM Leaders ETF^(a)			iShares ESG MSCI USA ETF			iShares ESG MSCI USA Leaders ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	12,592,675		$	843,426		$	18,459,116		$	16,785,408
Dividends — Affiliated		6,170			118			86,844			125,644
Interest — Unaffiliated . .		—			—			559			1,418
Securities lending income — Affiliated — net		12,485			—			17,020			24,128
Foreign taxes withheld		(906,874	)		(96,630	)		—			—
Total investment income . . .		11,704,456			746,914			18,563,539			16,936,598

EXPENSES
Investment advisory fees		1,337,508			50,136			1,313,020			862,848
Interest expense . .		—			367			—			—
Total expenses		1,337,508			50,503			1,313,020			862,848
Net investment income		10,366,948			696,411			17,250,519			16,073,750

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(20,796,458	)		(1,166,660	)		(30,303,034	)		(3,932,035	)
Investments — Affiliated .		393			—			(18,014	)		2,356
In-kind redemptions — Unaffiliated		7,220,301			—			19,858,446			17,620,422
In-kind redemptions — Affiliated . . .		—			—			45,837			64,483
Futures contracts		473,321			83,514			19,359			352,988
Foreign currency transactions		27,710			(112,678	)		—			—
Net realized gain (loss)		(13,074,733	)		(1,195,824	)		(10,397,406	)		14,108,214
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(51,742,602	)		(49,727,680	)		(210,321,508	)		5,592,528
Investments — Affiliated .		459			—			(999,615	)		414,866
Futures contracts		(608,009	)		(36,939	)		(1,154,206	)		(562,656	)
Foreign currency translations		(7,480	)		(27,685	)		—			—
Net change in unrealized appreciation (depreciation)		(52,357,632	)		(49,792,304	)		(212,475,329	)		5,444,738
Net realized and unrealized gain (loss)		(65,432,365	)		(50,988,128	)		(222,872,735	)		19,552,952
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS . .	$	(55,065,417	)	$	(50,291,717	)	$	(205,622,216	)	$	35,626,702

^(a)

For the period from February 05, 2020 (commencement of operations) to February 29, 2020.

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 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 ESG MSCI USA Small-Cap ETF			iShares MSCI Global Impact ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	727,155		$	418,173
Dividends — Affiliated		1,712			1,001
Securities lending income — Affiliated — net		17,849			103,607
Foreign taxes withheld		(517	)		(10,631	)
Total investment income		746,199			512,150

EXPENSES
Investment advisory fees		78,468			171,812
Commitment fees		—			5
Interest expense		—			17
Total expenses		78,468			171,834
Net investment income		667,731			340,316

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(a)		(1,417,633	)		(305,481	)
Investments — Affiliated.		(159	)		897
In-kind redemptions — Unaffiliated		770,405			3,805,151
Futures contracts		—			32,614
Foreign currency transactions		—			180
Net realized gain (loss).		(647,387	)		3,533,361
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(b)		(7,143,299	)		1,854,749
Investments — Affiliated		1,441			707
Futures contracts		—			(18,070	)
Foreign currency translations		—			208
Net change in unrealized appreciation (depreciation)		(7,141,858	)		1,837,594
Net realized and unrealized gain (loss)		(7,789,245	)		5,370,955
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,121,514	)	$	5,711,271

^(a) Net of foreign capital gain tax of	$	—		$	(162	)
^(b)Net of deferred foreign capital gain tax of	$	—		$	978

See notes to financial statements.

F i n a n c i a l S t a t e m e n t s 51

Statements of Changes in Net Assets


	iShares ESG MSCI EAFE ETF						iShares ESG MSCI EM Leaders ETF
	Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19			Period From 02/05/20^(a) to 02/29/20 (unaudited)

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	10,366,948		$	21,367,923		$	696,411
Net realized loss		(13,074,733	)		(19,356,007	)		(1,195,824	)
Net change in unrealized appreciation (depreciation)		(52,357,632	)		(1,108	)		(49,792,304	)
Net increase (decrease) in net assets resulting from operations		(55,065,417	)		2,010,808			(50,291,717	)

DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(12,497,803	)		(19,168,507	)		—

CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		732,802,903			574,628,544			638,014,637

NET ASSETS
Total increase in net assets		665,239,683			557,470,845			587,722,920
Beginning of period		917,779,537			360,308,692			—
End of period	$	1,583,019,220		$	917,779,537		$	587,722,920

^(a)

Commencement of operations.

^(b)

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

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 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 ESG MSCI USA ETF						iShares ESG MSCI USA Leaders ETF
	Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19			Six Months Ended 02/29/20 (unaudited)			Period From 05/07/19^(a) to 08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income.	$	17,250,519		$	3,269,574		$	16,073,750		$	7,848,123
Net realized gain (loss)		(10,397,406	)		(1,392,058	)		14,108,214			(1,434,104	)
Net change in unrealized appreciation (depreciation)		(212,475,329	)		10,563,135			5,444,738			43,993,349
Net increase (decrease) in net assets resulting from operations		(205,622,216	)		12,440,651			35,626,702			50,407,368

DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(8,319,261	)		(2,815,030	)		(15,632,551	)		(2,800,982	)

CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		3,293,604,003			187,304,865			200,749,637			1,531,458,714

NET ASSETS
Total increase in net assets		3,079,662,526			196,930,486			220,743,788			1,579,065,100
Beginning of period		295,904,506			98,974,020			1,579,065,100			—
End of period	$	3,375,567,032		$	295,904,506		$	1,799,808,888		$	1,579,065,100

^(a)

Commencement of operations.

^(b)

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 53

Statements of Changes in Net Assets (continued)

	iShares ESG MSCI USA Small-Cap ETF						iShares MSCI Global Impact 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	$	667,731		$	347,114		$	340,316		$	809,310
Net realized gain (loss)		(647,387	)		(900,516	)		3,533,361			(1,049,458	)
Net change in unrealized appreciation (depreciation)		(7,141,858	)		83,278			1,837,594			324,357
Net increase (decrease) in net assets resulting from operations		(7,121,514	)		(470,124	)		5,711,271			84,209

DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(549,129	)		(262,083	)		(417,902	)		(871,734	)

CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions.		79,038,065			46,890,216			22,963,895			17,033,525

NET ASSETS
Total increase in net assets		71,367,422			46,158,009			28,257,264			16,246,000
Beginning of period		57,663,750			11,505,741			54,174,461			37,928,461
End of period	$	129,031,172		$	57,663,750		$	82,431,725		$	54,174,461

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

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 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 ESG MSCI EAFE 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 06/28/16^(a) to 08/31/16

Net asset value, beginning of period.	$	62.01		$	65.51		$	64.28		$	55.84		$	50.87
Net investment income^(b)		0.52			2.12			2.16			1.87			0.16
Net realized and unrealized gain (loss)^(c)		(0.57	)		(3.92	)		0.83			7.68			4.81
Net increase (decrease) from investment operations		(0.05	)		(1.80	)		2.99			9.55			4.97

Distributions^(d)
From net investment income		(0.60	)		(1.70	)		(1.76	)		(1.11	)		—
Total distributions		(0.60	)		(1.70	)		(1.76	)		(1.11	)		—

Net asset value, end of period	$	61.36		$	62.01		$	65.51		$	64.28		$	55.84

Total Return
Based on net asset value		(0.19	)%^(e)		(2.68	)%		4.64	%		17.16	%		9.79	%^(e)

Ratios to Average Net Assets
Total expenses		0.20	%^(f)		0.20	%		0.20	%		0.38	%		0.40	%^(f)
Net investment income		1.55	%^(f)		3.39	%		3.22	%		3.10	%		1.67	%^(f)

Supplemental Data
Net assets, end of period (000)	$	1,583,019		$	917,780		$	360,309		$	122,123		$	5,584
Portfolio turnover rate^(g)		12	%^(e)		26	%		24	%		9	%		5	%^(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)

Annualized.

^(g)

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F i n a n c i a l S t a t e m e n t s 55

Financial Highlights (continued)

(For a share outstanding throughout the period)

	iShares
		ESG MSCI
		EM
		Leaders
		ETF
		Period
		From
		02/05/20^(a)
		to
		02/29/20
		(unaudited)

Net asset value, beginning of period	$	51.43
Net investment income^(b)		0.07
Net realized and unrealized loss^(c)		(4.29	)
Net decrease from investment operations		(4.22	)

Net asset value, end of period	$	47.21

Total Return
Based on net asset value		(8.21	)%^(d)

Ratios to Average Net Assets
Total expenses		0.16	%^(e)
Net investment income		2.22	%^(e)

Supplemental Data
Net assets, end of period (000)	$	587,723
Portfolio turnover rate^(f)		8	%^(d)

^(a)

Commencement of operations.

^(b)

Based on average shares outstanding.

^(c)

^(d)

Not annualized.

^(e)

Annualized.

^(f)

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

56 2 0 2 0 i S h a r e s S e m i - A n n u a R e p o r t t o S h a r e h o l d e r s

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares ESG MSCI USA ETF
	Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19			Year Ended 08/31/18			Period From 12/01/16^(a) to 08/31/17

Net asset value, beginning of period.	$	64.33		$	63.85		$	54.15		$	47.79
Net investment income^(b)		0.69			1.17			1.09			0.71
Net realized and unrealized gain^(c)		1.34			0.40			9.52			6.22
Net increase from investment operations		2.03			1.57			10.61			6.93

Distributions^(d)
From net investment income		(0.43	)		(1.09	)		(0.80	)		(0.57	)
From net realized gain		—			—			(0.11	)		—
Total distributions		(0.43	)		(1.09	)		(0.91	)		(0.57	)

Net asset value, end of period	$	65.93		$	64.33		$	63.85		$	54.15

Total Return
Based on net asset value		3.12	%^(e)		2.59	%		19.79	%		14.55	%^(e)

Ratios to Average Net Assets
Total expenses		0.15	%^(f)		0.15	%		0.15	%		0.27	%^(f)
Net investment income		1.97	%^(f)		1.88	%		1.83	%		1.85	%^(f)

Supplemental Data
Net assets, end of period (000)	$	3,375,567		$	295,905		$	98,974		$	10,830
Portfolio turnover rate^(g)		13	%^(e)		27	%		28	%		22	%^(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)

Annualized.

^(g)

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F i n a n c i a l S t a t e m e n t s 57

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares ESG MSCI USA Leaders ETF
	Six Months Ended 02/29/20 (unaudited)			Period From 05/07/19^(a) to 08/31/19

Net asset value, beginning of period	$	50.77		$	49.23
Net investment income^(b).		0.50			0.32
Net realized and unrealized gain^(c).		1.02			1.34
Net increase from investment operations		1.52			1.66

Distributions^(d)
From net investment income		(0.50	)		(0.12	)
Total distributions		(0.50	)		(0.12	)

Net asset value, end of period.	$	51.79		$	50.77

Total Return
Based on net asset value		2.97	%^(e)		3.38	%^(e)

Ratios to Average Net Assets
Total expenses		0.10	%^(f)		0.11	%^(f)
Total expenses after fees waived.		0.10	%^(f)		0.10	%^(f)
Net investment income		1.86	%^(f)		2.00	%^(f)

Supplemental Data
Net assets, end of period (000)	$	1,799,809		$	1,579,065
Portfolio turnover rate^(g)		3	%^(e)		4	%^(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)

Annualized.

^(g)

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

58 2 0 2 0 i S h a r e s S e m i - A n n u a R e p o r t t o S h a r e h o l d e r s

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares ESG MSCI USA Small-Cap ETF
	Six Months Ended 02/29/20 (unaudited)			Year Ended 08/31/19			Period From 04/10/18 to 08/31/18		^(a)

Net asset value, beginning of period	$	26.21		$	28.76		$	25.47
Net investment income^(b)		0.20			0.36			0.12
Net realized and unrealized gain (loss)^(c)		(0.69	)		(2.58	)		3.23
Net increase (decrease) from investment operations		(0.49	)		(2.22	)		3.35

Distributions^(d)
From net investment income		(0.17	)		(0.33	)		(0.06	)
Total distributions		(0.17	)		(0.33	)		(0.06	)

Net asset value, end of period	$	25.55		$	26.21		$	28.76

Total Return
Based on net asset value		(1.91	)%^(e)		(7.69	)%		13.16	%^(e)

Ratios to Average Net Assets
Total expenses		0.17	%^(f)		0.17	%		0.17	%^(f)
Net investment income		1.45	%^(f)		1.35	%		1.17	%^(f)

Supplemental Data
Net assets, end of period (000)	$	129,031		$	57,664		$	11,506
Portfolio turnover rate^(g)		18	%^(e)		34	%		15	%^(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)

Annualized.

^(g)

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F i n a n c i a l S t a t e m e n t s 59

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Global Impact 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 04/20/16 to 08/31/16		^(a)

Net asset value, beginning of period.	$	57.03		$	58.35		$	55.92		$	49.61		$	48.70
Net investment income^(b)		0.31			1.02			1.32			1.05			0.49
Net realized and unrealized gain (loss)^(c)		6.43			(1.29	)		2.65			6.44			0.65
Net increase (decrease) from investment operations		6.74			(0.27	)		3.97			7.49			1.14

Distributions^(d)
From net investment income		(0.36	)		(1.05	)		(1.54	)		(1.18	)		(0.23	)
Total distributions		(0.36	)		(1.05	)		(1.54	)		(1.18	)		(0.23	)

Net asset value, end of period	$	63.41		$	57.03		$	58.35		$	55.92		$	49.61

Total Return
Based on net asset value.		11.83	%^(e)		(0.40	)%		7.16	%		15.27	%		2.38	%^(e)

Ratios to Average Net Assets
Total expenses		0.49	%^(f)		0.49	%		0.49	%		0.49	%		0.49	%^(f)
Net investment income		0.97	%^(f)		1.79	%		2.26	%		2.05	%		2.76	%^(f)

Supplemental Data
Net assets, end of period (000)	$	82,432		$	54,174		$	37,928		$	25,164		$	14,884
Portfolio turnover rate^(g)		20	%^(e)		43	%		36	%		32	%		28	%^(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)

Annualized.

^(g)

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

60 2 0 2 0 i S h a r e s S e m i - A n n u a 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
ESG MSCI EAFE			Diversified
ESG MSCI EM Leaders^(a)			Non-diversified
ESG MSCI USA^(b)			Diversified
ESG MSCI USA Leaders			Non-diversified
ESG MSCI USA Small-Cap			Non-diversified
MSCI Global Impact			Diversified

^(a) The Fund commenced operations on February 05, 2020.

^(b) The Fund’s classification changed from non-diversified to diversified during the reporting period.

2. 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.

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)

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 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

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

4. SECURITIES AND OTHER INVESTMENTS

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

62	2 0 2 0 i S h a r e s S e m i - A n n u a R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

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

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received		^(a)	Non-Cash Collateral Received		Net Amount
ESG MSCI EAFE BNP Paribas Prime Brokerage International Ltd.	$	1,056,517	$	1,056,517		$	—	$	—
Credit Suisse AG Dublin Branch		549,981		549,981			—		—
Morgan Stanley & Co. LLC		1,347,296		1,347,296			—		—
Wells Fargo Bank, National Association		268,060		268,060			—		—
	$	3,221,854	$	3,221,854		$	—	$	—
ESG MSCI USA
Credit Suisse AG Dublin Branch	$	2,731,987	$	2,676,558		$	—	$	(55,429)	^(b)
Credit Suisse Securities (USA) LLC		309,736		309,736			—		—
JPMorgan Securities LLC		1,694		11,606			—		(88)	^(b)
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		3,743,855		3,743,855			—		—
Wells Fargo Bank, National Association		555,962		555,962			—		—
	$	7,353,234	$	7,297,717		$	—	$	(55,517)
ESG MSCI USA Leaders Barclays Capital Inc.	$	317,871	$	316,056		$	—	$	(1,815)	^(b)
Credit Suisse AG Dublin Branch		7,453		7,305			—		(148)	^(b)
Credit Suisse Securities (USA) LLC		67,565		67,565			—		—
Goldman Sachs & Co.		700,875		700,875			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		415,815		415,815			—		—
UBS Securities LLC		1,472,895		1,472,895			—		—
Wells Fargo Securities LLC		886,623		886,623			—		—
	$	3,869,097	$	3,867,134		$	—	$	(1,963)
ESG MSCI USA Small-Cap Barclays Capital Inc.	$	160,456	$	160,456		$	—	$	—
BofA Securities, Inc.		922,862		922,862			—		—
Citadel Clearing LLC		181,525		181,525			—		—
Citigroup Global Markets Inc.		1,530,507		1,530,507			—		—
Credit Suisse AG Dublin Branch		852,575		852,575			—		—
Credit Suisse Securities (USA) LLC		51,921		51,921			—		—
HSBC Bank PLC		85,376		82,661			—		(2,715)	^(b)
Jefferies LLC		53,877		53,877			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		1,314,103		1,314,103			—		—
Scotia Capital (USA) Inc.		21,767		21,767			—		—
UBS AG		97,648		97,648			—		—
	$	5,272,617	$	5,269,902		$	—	$	(2,715)
MSCI Global Impact
Credit Suisse Securities (USA) LLC	$	1,058,737	$	1,058,737		$	—	$	—
JPMorgan Securities LLC		680,996		680,996			—		—
Morgan Stanley & Co. LLC		59,743		59,743			—		—
Wells Fargo Bank, National Association		10,400		110,400			—		—
	$	1,909,876	$	1,909,876		$	—	$	—

^(a)

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

Notes to Financial Statements (unaudited) (continued)

^(b)

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

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

6. 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 Fund, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
ESG MSCI EAFE		0 20	%
ESG MSCI EM Leaders		0.16
ESG MSCI USA		0.15
ESG MSCI USA Leaders		0.10
ESG MSCI USA Small-Cap		0.17
MSCI Global Impact		0.49

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company,

Pursuant to the current securities lending agreement, each of the iShares ESG MSCI USA ETF, iShares ESG MSCI USA Leaders ETF and iShares ESG MSCI USA Small-Cap 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.

64	2 0 2 0 i S h a r e s S e m i - A n n u a 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, each of the iShares ESG MSCI EAFE ETF, iShares ESG MSCI EM Leaders ETF and iShares MSCI Global Impact ETF (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 80% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) Each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2020, each Group 1 Fund retained 73.5% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 65% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund retained 82% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 80% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees, 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.

iShares ETF	Fees Paid to BTC
ESG MSCI EAFE	$	3,340
ESG MSCI USA		7,226
ESG MSCI USA Leaders		10,316
ESG MSCI USA Small-Cap		7,222
MSCI Global Impact		23,439

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees 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)

ESG MSCI USA Leaders

13,045,099

5,124,327

(797,742

)

ESG MSCI USA Small-Cap

2,159,250

3,176,875

(178,530

)

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
ESG MSCI EAFE	$	230,561,638	$	152,717,409
ESG MSCI EM Leaders		463,643,746		23,563,190
ESG MSCI USA		246,530,868		223,073,823
ESG MSCI USA Leaders		48,146,599		49,202,794
ESG MSCI USA Small-Cap		18,614,431		17,114,764
MSCI Global Impact		25,522,241		13,936,798

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

iShares ETF	In-kind Purchases		In-kind Sales
ESG MSCI EAFE	$	691,469,669	$	37,622,067
ESG MSCI EM Leaders		196,071,816		—
ESG MSCI USA		3,453,389,482		187,759,602
ESG MSCI USA Leaders		325,217,766		122,120,285
ESG MSCI USA Small-Cap		80,086,259		2,784,994
MSCI Global Impact		20,677,897		8,906,221

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
ESG MSCI EAFE	$	9,800,454
ESG MSCI USA		,474,894
ESG MSCI USA Leaders		1,532,638
ESG MSCI USA Small-Cap		722,702
MSCI Global Impact		1,595,674

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
ESG MSCI EAFE	$	1,635,853,903	$	65,064,279	$	(119,917,800	)	$	(54,853,521	)
ESG MSCI EM Leaders		634,985,633		755,640		(50,520,259	)		(49,764,619	)
ESG MSCI USA		3,574,969,789		37,577,296		(235,591,716	)		(198,014,420	)
ESG MSCI USA Leaders		1,753,251,978		121,228,120		(72,109,119	)		49,119,001
ESG MSCI USA Small-Cap		140,923,313		5,241,504		(12,088,963	)		(6,847,459	)
MSCI Global Impact		81,819,076		7,778,021		(4,956,422	)		2,821,599

9. LINE OF CREDIT

The iShares ESG MSCI EM Leaders ETF, effective February 5, 2020, and iShares MSCI Global Impact ETF, along with certain other iShares funds, are parties to a $300 million credit agreement with State Street Bank and Trust Company, which expires on October 21, 2020. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

66	2 0 2 0 i S h a r e s S e m i - A n n u a 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, 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
ESG MSCI EM Leaders	$	2,627,781	$	28,877		2.58	%
MSCI Global Impact		101,000		1,110		3.13

10. PRINCIPAL RISKS

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.

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)

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

ESG MSCI EAFE

Shares sold 11,600,000 $ 771,398,233 9,300,000 $ 574,628,544

Shares redeemed (600,000 ) (38,595,330 ) — —

Net increase 11,000,000 $ 732,802,903 9,300,000 $ 574,628,544

Period Ended
02/29/20

iShares ETF Shares Amount

ESG MSCI EM Leaders

Shares sold 12,450,000 $ 638,014,637

Six Months Ended
02/29/20 Year Ended
08/31/19

iShares ETF Shares Amount Shares Amount

ESG MSCI USA

Shares sold 49,500,000 $ 3,486,855,857 3,250,000 $ 199,570,624

Shares redeemed (2,900,000 ) (193,251,854 ) (200,000 ) (12,265,759 )

Net increase 46,600,000 $ 3,293,604,003 3,050,000 $ 187,304,865

Six Months Ended
02/29/20 Period Ended
08/31/19

iShares ETF Shares Amount Shares Amount

ESG MSCI USA Leaders

Shares sold 5,950,000 $ 326,261,488 31,950,000 $ 1,572,706,856

Shares redeemed (2,300,000 ) (125,511,851 ) (850,000 ) (41,248,142 )

Net increase 3,650,000 $ 200,749,637 31,100,000 $ 1,531,458,714

	Six Months Ended 02/29/20						Year Ended 08/31/19
iShares ETF	Shares			Amount			Shares			Amount
ESG MSCI USA Small-Cap
Shares sold		2,950,000		$	81,854,272			1,900,000		$	49,470,939
Shares redeemed		(100,000	)		(2,816,207	)		(100,000	)		(2,580,723	)
Net increase		2,850,000		$	79,038,065			1,800,000		$	46,890,216
MSCI Global Impact
Shares sold		500,000		$	32,476,471			350,000		$	19,922,627
Shares redeemed		(150,000	)		(9,512,576	)		(50,000	)		(2,889,102	)
Net increase		350,000		$	22,963,895			300,000		$	17,033,525

68	2 0 2 0 i S h a r e s S e m i - A n n u a 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)

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

Board Review and Approval of Investment Advisory Contract

For iShares ESG MSCI EM Leaders ETF (the “Fund”)

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

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

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

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

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

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

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

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

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

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

70	2 0 2 0 i S h a r e s S e m i - A n n u a R e p o r t t o S h a r e h o l d e r s

Board Review and Approval of Investment Advisory Contract (continued)

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

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

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

B o a r d R e v i e w a n d A p p r o v a l o f I n v e s t m e n t A d v i s o r y C o n t r a c t

Statement Regarding Liquidity Risk Management Program

The Board of Trustees (the “Board”) of iShares ESG MSCI EAFE ETF, iShares ESG MSCI USA ETF, iShares ESG MSCI USA Leaders ETF, iShares ESG MSCI USA Small-Cap ETF and iShares MSCI Global Impact 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:

72	2 0 2 0 i S h a r e s S e m i - A n n u a 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
ESG MSCI EAFE^(a)	$	0.531567	$	—	$	0.066414	$	0.597981		89	%		—%		11	%		100	%
ESG MSCI USA^(a)		0.376077		—		0.050543		0.426620		88			—		12			100
ESG MSCI USA Leaders^(a)		0.448043		—		0.051598		0.499641		90			—		10			100
ESG MSCI USA Small-Cap^(a)		0.139085		—		0.034282		0.173367		80			—		20			100
MSCI Global Impact^(a)		0.345085		—		0.018308		0.363393		95			—		5			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.

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

74	2 0 2 0 i S h a r e s S e m i - A n n u a R e p o r t t o S h a r e h o l d e r s

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity

ADR

American Depositary Receipt

CPO

Certificates of Participation (Ordinary)

GDR

Global Depositary Receipt

NVDR

Non-Voting Depositary Receipt

NVS

Non-Voting Shares

G l o s s a r y o f T e r m s U s e d i n T h i s R e p o r t

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-817-0220

FEBRUARY 29, 2020

2020 Semi-Annual Report

(Unaudited)

iShares Trust

●

iShares MSCI Japan Equal Weighted ETF | EWJE | NASDAQ

● iShares MSCI Japan Value ETF | EWJV | NASDAQ

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	16
Statements of Operations	17
Statements of Changes in Net Assets	18
Financial Highlights	19
Notes to Financial Statements	21
Statement Regarding Liquidity Risk Management Program	27
Supplemental Information	28
General Information	29

Fund Summary as of February 29, 2020

iShares^® MSCI Japan Equal Weighted ETF

Investment Objective

The iShares MSCI Japan Equal Weighted ETF (the “Fund”) seeks to track the investment results of an index composed of equal weighted Japanese equities, as represented by the MSCI Japan Equal Weighted Index (USD) (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

			Cumulative Total Returns
			Since
	6 Months		Inception
Fund NAV	(1.13	)%	(2.26	)%
Fund Market	(2.69	)	(3.92	)
Index	(1.14	)	(2.40	)

The inception date of the Fund was 3/5/19. The first day of secondary market trading was 3/7/19.

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

988.70

0.74

1,000.00

1,024.10

0.75

0.15

^(a)

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Industrials		22.1	%
Consumer Discretionary		15.8
Information Technology		11.5
Financials		10.2
Materials		9.1
Consumer Staples		8.7
Health Care		8.2
Real Estate		5.8
Communication Services		4.9
Utilities		2.9
Energy		0.8

TEN LARGEST HOLDINGS
	Percent of
Security	Total Investments		^(a)
Tokyo Electron Ltd.		0.7	%
Disco Corp.		0.6
Hoya Corp.		0.6
FANUC Corp.		0.5
Nippon Building Fund Inc.		0.5
Eisai Co. Ltd.		0.5
Hitachi High-Technologies Corp.		0.5
LINE Corp.		0.5
Olympus Corp.		0.5
Hitachi Metals Ltd.		0.5

^(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 Japan Value ETF

Investment Objective

The iShares MSCI Japan Value ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization Japanese equities with value characteristics and relatively lower valuations, as represented by the MSCI Japan Value Index (USD) (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

			Cumulative Total Returns
			Since
	6 Months		Inception
Fund NAV	0.95	%	(1.17	)%
Fund Market	(0.50	)	(2.72	)
Index.	0.92		(1.40	)

The inception date of the Fund was 3/5/19. The first day of secondary market trading was 3/7/19.

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

1,009.50

0.75

1,000.00

1,024.10

0.75

0.15

^(a)

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		^(a)
Consumer Discretionary		23.2	%
Industrials		19.5
Financials		18.5
Communication Services		12.5
Materials		6.2
Information Technology		5.5
Health Care		4.1
Real Estate		3.9
Utilities		3.1
Consumer Staples		1.9
Energy		1.6

TEN LARGEST HOLDINGS
	Percent of
Security	Total Investments	^(a)
Toyota Motor Corp.	9.1	%
SoftBank Group Corp.	4.4
Mitsubishi UFJ Financial Group Inc.	3.7
Takeda Pharmaceutical Co. Ltd.	3.2
KDDI Corp.	3.1
Sumitomo Mitsui Financial Group Inc.	2.7
Honda Motor Co. Ltd.	2.6
NTT DOCOMO Inc.	2.2
Mizuho Financial Group Inc.	2.0
Nippon Telegraph & Telephone Corp.	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

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

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.

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^® MSCI Japan Equal Weighted ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Air Freight & Logistics — 0.6%
SG Holdings Co. Ltd.		1,000	$	19,728
Yamato Holdings Co. Ltd.		1,200		18,935
				38,663
Airlines — 0.6%
ANA Holdings Inc.		600		16,173
Japan Airlines Co. Ltd.		800		19,862
				36,035
Auto Components — 3.1%
Aisin Seiki Co. Ltd.		600		19,469
Bridgestone Corp.		600		20,058
Denso Corp.		400		15,649
Koito Manufacturing Co. Ltd.		400		15,797
NGK Spark Plug Co. Ltd.		1,000		16,456
Stanley Electric Co. Ltd.		800		19,550
Sumitomo Electric Industries Ltd.		1,400		16,750
Sumitomo Rubber Industries Ltd.		1,600		16,658
Toyoda Gosei Co. Ltd.		1,000		21,379
Toyota Industries Corp.		400		21,175
Yokohama Rubber Co. Ltd. (The)		1,000		16,289
				199,230
Automobiles — 2.7%
Honda Motor Co. Ltd.		800		20,763
Isuzu Motors Ltd.		1,800		16,955
Mazda Motor Corp		2,300		15,992
Mitsubishi Motors Corp.		5,600		18,638
Nissan Motor Co. Ltd.		4,500		19,341
Subaru Corp.		800		19,428
Suzuki Motor Corp.		400		16,083
Toyota Motor Corp.		400		26,429
Yamaha Motor Co. Ltd.		1,000		16,020
				169,649
Banks — 4.3%
Aozora Bank Ltd.		600		15,030
Bank of Kyoto Ltd. (The)		600		20,442
Chiba Bank Ltd. (The)		4,000		19,765
Concordia Financial Group Ltd.		5,000		17,244
Fukuoka Financial Group Inc.		1,000		15,241
Japan Post Bank Co. Ltd.		1,600		14,299
Mebuki Financial Group Inc.		10,200		19,953
Mitsubishi UFJ Financial Group Inc.		4,000		19,725
Mizuho Financial Group Inc.		13,000		17,789
Resona Holdings Inc.		4,400		16,692
Seven Bank Ltd.		6,800		17,904
Shinsei Bank Ltd.		1,600		21,316
Shizuoka Bank Ltd. (The)		2,600		16,439
Sumitomo Mitsui Financial Group Inc.		600		19,380
Sumitomo Mitsui Trust Holdings Inc.		600		20,581
				271,800
Beverages — 1.1%
Asahi Group Holdings Ltd.		400		15,390
Coca-Cola Bottlers Japan Holdings Inc.		800		18,430
Kirin Holdings Co. Ltd.		1,000		19,237
Suntory Beverage & Food Ltd.		400		15,241
				68,298
Biotechnology — 0.3%
PeptiDream Inc.^(a)		400		15,946

Security	Shares		Value

Building Products — 1.4%
AGC Inc.		600	$	17,244
Daikin Industries Ltd.		200		27,303
LIXIL Group Corp.		1,400		21,026
TOTO Ltd.		600		22,778
				88,351
Capital Markets — 1.2%
Daiwa Securities Group Inc.		4,000		17,029
Japan Exchange Group Inc.		1,200		20,192
Nomura Holdings Inc.		5,200		23,116
SBI Holdings Inc.		800		16,131
				76,468
Chemicals — 6.2%
Air Water Inc.		1,000		13,248
Asahi Kasei Corp.		1,800		15,030
Daicel Corp.		2,200		18,989
Hitachi Chemical Co. Ltd.		600		25,337
JSR Corp.		1,200		21,138
Kansai Paint Co. Ltd.		1,200		26,222
Kuraray Co. Ltd.		1,400		14,589
Mitsubishi Chemical Holdings Corp.		2,800		18,854
Mitsubishi Gas Chemical Co. Inc.		1,600		24,267
Mitsui Chemicals Inc.		800		17,348
Nippon Paint Holdings Co. Ltd.		600		27,395
Nissan Chemical Corp.		400		16,929
Nitto Denko Corp.		400		20,099
Shin-Etsu Chemical Co. Ltd.		200		22,519
Showa Denko KK		800		17,296
Sumitomo Chemical Co. Ltd.		4,200		15,302
Taiyo Nippon Sanso Corp.		1,200		21,482
Teijin Ltd.		1,200		19,747
Toray Industries Inc.		2,800		16,216
Tosoh Corp.		1,400		19,222
				391,229
Commercial Services & Supplies — 1.5%
Dai Nippon Printing Co. Ltd.		1,000		24,058
Park24 Co. Ltd.		800		15,597
Secom Co. Ltd.		200		15,900
Sohgo Security Services Co. Ltd.		400		18,727
Toppan Printing Co. Ltd.		1,200		20,926
				95,208
Construction & Engineering — 1.6%
JGC Holdings Corp.		1,400		17,197
Kajima Corp.		1,600		17,251
Obayashi Corp.		2,200		22,211
Shimizu Corp.		2,400		21,850
Taisei Corp.		600		20,554
				99,063
Construction Materials — 0.3%
Taiheiyo Cement Corp.		800		19,751

Consumer Finance — 1.1%
Acom Co. Ltd.		6,000		24,698
AEON Financial Service Co. Ltd.		1,200		17,444
Credit Saison Co. Ltd.		1,800		26,166
				68,308
Containers & Packaging — 0.3%
Toyo Seikan Group Holdings Ltd.		1,200		19,246

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 Japan Equal Weighted ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Diversified Consumer Services — 0.3%
Benesse Holdings Inc.		800	$	20,633

Diversified Financial Services — 1.0%
Mitsubishi UFJ Lease & Finance Co. Ltd.		4,000		22,880
ORIX Corp.		1,400		22,610
Tokyo Century Corp.		500		20,767
				66,257
Diversified Telecommunication Services — 0.3%
Nippon Telegraph & Telephone Corp.		800		18,760

Electric Utilities — 1.8%
Chubu Electric Power Co. Inc.		1,200		15,659
Chugoku Electric Power Co. Inc. (The)		1,800		23,963
Kansai Electric Power Co. Inc. (The)		1,600		17,274
Kyushu Electric Power Co. Inc.		3,200		23,199
Tohoku Electric Power Co. Inc.		2,200		19,335
Tokyo Electric Power Co. Holdings Inc.^(a)		3,200		12,163
				111,593
Electrical Equipment — 1.0%
Fuji Electric Co. Ltd.		600		16,482
Mitsubishi Electric Corp.		1,600		20,337
Nidec Corp.		200		23,696
				60,515
Electronic Equipment, Instruments & Components — 3.6%
Alps Alpine Co. Ltd.		1,000		15,380
Hamamatsu Photonics KK		600		23,279
Hirose Electric Co. Ltd.		200		21,249
Hitachi High-Technologies Corp.		400		29,555
Hitachi Ltd.		600		20,231
Kyocera Corp.		400		25,202
Murata Manufacturing Co. Ltd.		400		21,215
Omron Corp.		400		21,657
Shimadzu Corp.		800		19,491
TDK Corp.		200		19,376
Yokogawa Electric Corp.		800		12,883
				229,518
Entertainment — 1.2%
Konami Holdings Corp.		600		21,666
Nexon Co. Ltd.		1,200		19,102
Square Enix Holdings Co. Ltd.		400		16,131
Toho Co. Ltd.		600		18,495
				75,394
Equity Real Estate Investment Trusts (REITs) — 3.1%
Daiwa House REIT Investment Corp.		8		19,966
Japan Prime Realty Investment Corp.		6		26,422
Japan Real Estate Investment Corp.		4		27,293
Japan Retail Fund Investment Corp.		6		11,409
Nippon Building Fund Inc.		4		30,001
Nippon Prologis REIT Inc.		10		27,136
Nomura Real Estate Master Fund Inc.		14		22,233
Orix JREIT Inc.		10		19,005
United Urban Investment Corp.		8		12,801
				196,266
Food & Staples Retailing — 2.1%
Aeon Co. Ltd.		1,000		18,676
FamilyMart Co. Ltd.		600		13,272
Lawson Inc.		400		21,249
Seven & i Holdings Co. Ltd.		400		13,706
Sundrug Co. Ltd.		600		18,773

Security	Shares		Value
Food & Staples Retailing (continued)
Tsuruha Holdings Inc.		200	$	23,233
Welcia Holdings Co. Ltd.		400		24,104
				133,013
Food Products — 3.0%
Ajinomoto Co. Inc.		1,400		23,518
Calbee Inc.		800		20,492
Kikkoman Corp.		400		18,579
MEIJI Holdings Co. Ltd.		200		11,941
NH Foods Ltd.		600		22,639
Nisshin Seifun Group Inc.		1,000		16,929
Nissin Foods Holdings Co. Ltd.		200		15,760
Toyo Suisan Kaisha Ltd.		600		23,780
Yakult Honsha Co. Ltd.		400		18,301
Yamazaki Baking Co. Ltd.		1,200		20,414
				192,353
Gas Utilities — 0.8%
Osaka Gas Co. Ltd.		1,400		22,649
Toho Gas Co. Ltd.		400		13,665
Tokyo Gas Co. Ltd.		800		16,191
				52,505
Health Care Equipment & Supplies — 2.0%
Asahi Intecc Co. Ltd.		800		19,180
Hoya Corp.		400		35,633
Olympus Corp.		1,600		29,103
Sysmex Corp.		400		25,658
Terumo Corp.		600		19,346
				128,920
Health Care Providers & Services — 0.8%
Alfresa Holdings Corp.		1,000		17,577
Medipal Holdings Corp.		800		14,626
Suzuken Co. Ltd.		600		19,886
				52,089
Health Care Technology — 0.4%
M3 Inc.		1,000		25,829

Hotels, Restaurants & Leisure — 0.6%
McDonald's Holdings Co. Japan Ltd.		400		16,799
Oriental Land Co. Ltd.		200		22,741
				39,540
Household Durables — 3.0%
Casio Computer Co. Ltd.		1,400		24,102
Iida Group Holdings Co. Ltd.		1,200		16,231
Nikon Corp.		1,400		14,394
Panasonic Corp.		2,200		21,018
Rinnai Corp.		400		27,330
Sekisui Chemical Co. Ltd.		1,400		20,884
Sekisui House Ltd.		1,200		23,552
Sharp Corp.		1,800		21,026
Sony Corp.		400		24,516
				193,053
Household Products — 0.8%
Lion Corp.		1,000		16,558
Pigeon Corp.		400		13,572
Unicharm Corp.		600		19,458
				49,588
Independent Power and Renewable Electricity Producers — 0.3%
Electric Power Development Co. Ltd.		800		17,177

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

Security	Shares		Value
Industrial Conglomerates — 0.5%
Keihan Holdings Co. Ltd.		400	$	16,243
Toshiba Corp.		600		16,270
				32,513
Insurance — 2.6%
Dai-ichi Life Holdings Inc.		1,400		19,190
Japan Post Holdings Co. Ltd.		1,900		16,570
Japan Post Insurance Co. Ltd.		1,200		18,434
MS&AD Insurance Group Holdings Inc.		600		19,374
Sompo Holdings Inc.		600		22,339
Sony Financial Holdings Inc.		1,200		24,008
T&D Holdings Inc.		2,100		20,734
Tokio Marine Holdings Inc.		400		21,512
				162,161
Interactive Media & Services — 1.2%
Kakaku.com Inc.		1,000		21,416
LINE Corp.^(a)		600		29,537
Z Holdings Corp.		7,000		25,504
				76,457
Internet & Direct Marketing Retail — 0.9%
Mercari Inc.^(a)		1,000		22,649
Rakuten Inc.		2,800		23,440
ZOZO Inc.		800		11,229
				57,318
IT Services — 3.0%
Fujitsu Ltd.		200		20,785
GMO Payment Gateway Inc.		400		24,549
Itochu Techno-Solutions Corp.		800		22,205
NEC Corp.		600		22,473
Nomura Research Institute Ltd.		1,200		26,199
NTT Data Corp.		1,800		21,544
Obic Co. Ltd.		200		24,642
Otsuka Corp.		600		25,671
				188,068
Leisure Products — 1.7%
Bandai Namco Holdings Inc.		400		19,914
Sankyo Co. Ltd.		600		19,719
Sega Sammy Holdings Inc.		1,600		21,108
Shimano Inc.		200		28,035
Yamaha Corp.		400		19,654
				108,430
Machinery — 6.8%
Amada Holdings Co. Ltd.		2,000		18,690
Daifuku Co. Ltd.		400		23,808
FANUC Corp.		200		33,319
Hino Motors Ltd.		2,600		21,501
Hitachi Construction Machinery Co. Ltd.		800		19,751
Hoshizaki Corp.		200		16,947
IHI Corp.		800		16,828
JTEKT Corp.		1,800		17,572
Kawasaki Heavy Industries Ltd.		1,000		18,171
Komatsu Ltd.		800		16,187
Kubota Corp.		1,400		19,767
Kurita Water Industries Ltd.		800		20,730
Makita Corp.		600		20,776
MINEBEA MITSUMI Inc.		1,200		21,182
MISUMI Group Inc.		800		16,888
Mitsubishi Heavy Industries Ltd.		400		12,679
Nabtesco Corp.		800		21,597

Security	Shares		Value
Machinery (continued)
NGK Insulators Ltd.		1,400	$	22,026
NSK Ltd.		2,600		19,934
Sumitomo Heavy Industries Ltd.		600		13,083
THK Co. Ltd.		800		18,341
Yaskawa Electric Corp.		600		18,829
				428,606
Marine — 0.5%
Mitsui OSK Lines Ltd.		800		16,621
Nippon Yusen KK		1,200		17,177
				33,798
Media — 0.9%
CyberAgent Inc.^(b)		600		22,778
Dentsu Group Inc.		600		15,642
Hakuhodo DY Holdings Inc.		1,400		16,341
				54,761
Metals & Mining — 1.9%
Hitachi Metals Ltd.		2,000		28,610
JFE Holdings Inc.		2,200		20,437
Maruichi Steel Tube Ltd.		800		19,432
Mitsubishi Materials Corp.		800		18,289
Nippon Steel Corp.		1,200		13,528
Sumitomo Metal Mining Co. Ltd.		800		19,917
				120,213
Multiline Retail — 1.6%
Isetan Mitsukoshi Holdings Ltd.		2,200		14,420
J Front Retailing Co. Ltd.		1,800		19,141
Marui Group Co. Ltd.		1,200		23,429
Pan Pacific International Holdings Corp.		1,600		26,522
Ryohin Keikaku Co. Ltd.		1,400		19,183
				102,695
Oil, Gas & Consumable Fuels — 0.8%
Idemitsu Kosan Co. Ltd.		800		19,713
Inpex Corp.		2,000		17,298
JXTG Holdings Inc.		4,000		16,094
				53,105
Paper & Forest Products — 0.3%
Oji Holdings Corp.		4,300		20,530

Personal Products — 1.4%
Kao Corp.		200		14,589
Kobayashi Pharmaceutical Co. Ltd.		200		14,555
Kose Corp.		200		23,993
Pola Orbis Holdings Inc.		600		11,481
Shiseido Co. Ltd.		400		23,800
				88,418
Pharmaceuticals — 4.6%
Astellas Pharma Inc.		1,400		22,052
Chugai Pharmaceutical Co. Ltd.		200		21,722
Daiichi Sankyo Co. Ltd.		400		24,438
Eisai Co. Ltd.		400		29,596
Hisamitsu Pharmaceutical Co. Inc.		400		17,930
Kyowa Kirin Co. Ltd.		1,000		23,826
Nippon Shinyaku Co. Ltd.		200		14,815
Ono Pharmaceutical Co. Ltd.		1,000		20,488
Otsuka Holdings Co. Ltd.		600		22,695
Santen Pharmaceutical Co. Ltd.		1,400		22,480
Shionogi & Co. Ltd.		400		21,675
Sumitomo Dainippon Pharma Co. Ltd.		1,200		17,366

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^® MSCI Japan Equal Weighted ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Taisho Pharmaceutical Holdings Co. Ltd.		200	$	12,404
Takeda Pharmaceutical Co. Ltd.		600		20,932
				292,419
Professional Services — 0.6%
Persol Holdings Co. Ltd.		1,200		15,898
Recruit Holdings Co. Ltd.		600		20,904
				36,802
Real Estate Management & Development — 2.7%
Aeon Mall Co. Ltd.		1,200		17,032
Daito Trust Construction Co. Ltd.		200		20,350
Daiwa House Industry Co. Ltd.		600		16,573
Hulic Co. Ltd.		2,200		24,638
Mitsubishi Estate Co. Ltd.		1,000		17,095
Mitsui Fudosan Co. Ltd.		800		18,375
Nomura Real Estate Holdings Inc.		1,000		21,583
Sumitomo Realty & Development Co. Ltd.		400		12,505
Tokyu Fudosan Holdings Corp.		3,600		22,728
				170,879
Road & Rail — 4.0%
East Japan Railway Co.		200		15,425
Hankyu Hanshin Holdings Inc.		600		19,747
Keikyu Corp.		1,200		18,223
Keio Corp.		400		19,246
Keisei Electric Railway Co. Ltd.		600		19,219
Kintetsu Group Holdings Co. Ltd.		400		17,299
Kyushu Railway Co.		600		18,050
Nagoya Railroad Co. Ltd.		800		20,908
Nippon Express Co. Ltd.		400		19,172
Odakyu Electric Railway Co. Ltd.		800		15,456
Seibu Holdings Inc.		1,200		16,977
Tobu Railway Co. Ltd.		800		23,882
Tokyu Corp.		1,200		18,423
West Japan Railway Co.		200		14,125
				256,152
Semiconductors & Semiconductor Equipment — 2.5%
Advantest Corp.		600		27,340
Disco Corp.		200		40,569
Renesas Electronics Corp.^(a)		2,400		14,485
Rohm Co. Ltd.		200		13,165
SUMCO Corp.		1,400		21,299
Tokyo Electron Ltd.		200		41,394
				158,252
Software — 0.6%
Oracle Corp. Japan.		200		15,649
Trend Micro Inc.		400		19,914
				35,563
Specialty Retail — 1.7%
ABC-Mart Inc.		400		22,843
Nitori Holdings Co. Ltd.		200		27,748
Shimamura Co. Ltd.		200		13,369
USS Co. Ltd.		1,400		22,142
Yamada Denki Co. Ltd.		4,600		22,133
				108,235

Security	Shares		Value
Technology Hardware, Storage & Peripherals — 1.8%
Brother Industries Ltd.		1,200	$	21,393
Canon Inc.		800		20,274
FUJIFILM Holdings Corp.		400		19,569
Konica Minolta Inc.		2,200		11,952
Ricoh Co. Ltd.		2,000		18,634
Seiko Epson Corp.		1,400		19,832
				111,654
Tobacco — 0.3%
Japan Tobacco Inc.		800		15,901

Trading Companies & Distributors — 2.3%
ITOCHU Corp.		1,200		27,384
Marubeni Corp.		2,800		18,607
Mitsubishi Corp.		800		19,951
Mitsui & Co. Ltd.		1,200		19,842
MonotaRO Co. Ltd.		1,000		22,250
Sumitomo Corp.		1,400		20,046
Toyota Tsusho Corp.		600		18,162
				146,242
Transportation Infrastructure — 0.6%
Japan Airport Terminal Co. Ltd.		600		23,474
Kamigumi Co. Ltd.		800		15,375
				38,849
Wireless Telecommunication Services — 1.3%
KDDI Corp.		800		22,680
NTT DOCOMO Inc.		800		21,713
Softbank Corp.		1,600		20,952
SoftBank Group Corp.		400		18,590
				83,935
Total Common Stocks — 99.5%
(Cost: $6,536,592)				6,302,204

Short-Term Investments
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.74%^(c)(d)(e)		23,747		23,763
Total Short-Term Investments — 0.4%
(Cost: $23,756)				23,763
Total Investments in Securities — 99.9%
(Cost: $6,560,348)				6,325,967
Other Assets, Less Liabilities — 0.1%				3,466
Net Assets — 100.0%			$	6,329,433

^(a)	Non-income producing security.

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

^(c) Affiliate of the Fund.

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

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

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

Schedule of Investments (unaudited) (continued)	iShares^® MSCI Japan 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:

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		—		23,747			23,747	$	23,763	$	745	^(b)	$	6		$	7
BlackRock Cash Funds: Treasury, SL Agency Shares		1,000		(1,000	)		—		—		18			—			—
								$	23,763	$	763		$	6		$	7

^(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

TOPIX Index 1 03/12/20 $ 14 $ (2,160 )

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)	$	2,160

^(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 $ 5,317

Net Change in Unrealized Appreciation (Depreciation) on:

Futures contracts $ (1,726 )

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	30,038

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

Fair Value Measurements

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 Japan Equal Weighted ETF

February 29, 2020

Fair Value Measurements (continued)

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	6,302,204		$	—	$	—	$	6,302,204
Money Market Funds		23,763			—		—		23,763
	$	6,325,967		$	—	$	—	$	6,325,967
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(2,160	)	$	—	$	—	$	(2,160	)

^(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 Japan Value ETF
February 29, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value

Common Stocks

Air Freight & Logistics — 0.2%
Yamato Holdings Co. Ltd.		900	$	14,201

Airlines — 0.2%
Japan Airlines Co. Ltd.		600		14,896

Auto Components — 4.0%
Aisin Seiki Co. Ltd .		600		19,469
Bridgestone Corp .		2,400		80,234
Denso Corp.		1,800		70,421
NGK Spark Plug Co. Ltd .		600		9,873
Sumitomo Electric Industries Ltd.		3,300		39,481
Sumitomo Rubber Industries Ltd.		900		9,370
Toyoda Gosei Co. Ltd.		300		6,414
Toyota Industries Corp		600		31,762
Yokohama Rubber Co. Ltd. (The)		600		9,773
				276,797
Automobiles — 14.2%
Honda Motor Co. Ltd.		6,900		179,081
Isuzu Motors Ltd.		2,400		22,606
Mazda Motor Corp.		2,400		16,688
Mitsubishi Motors Corp.		3,300		10,983
Nissan Motor Co. Ltd.		10,200		43,839
Subaru Corp.		2,700		65,569
Toyota Motor Corp.		9,600		634,304
Yamaha Motor Co. Ltd.		1,200		19,224
				992,294
Banks — 11.1%
Aozora Bank Ltd.		600		15,030
Bank of Kyoto Ltd. (The)		300		10,221
Chiba Bank Ltd. (The)		2,400		11,859
Concordia Financial Group Ltd.		4,500		15,519
Fukuoka Financial Group Inc		600		9,145
Japan Post Bank Co. Ltd.		1,800		16,087
Mebuki Financial Group Inc.		3,900		7,629
Mitsubishi UFJ Financial Group Inc.		52,200		257,407
Mizuho Financial Group Inc.		102,900		140,806
Resona Holdings Inc		8,700		33,004
Seven Bank Ltd.		900		2,370
Shinsei Bank Ltd		900		11,990
Shizuoka Bank Ltd. (The)		1,800		11,381
Sumitomo Mitsui Financial Group Inc.		5,700		184,108
Sumitomo Mitsui Trust Holdings Inc.		1,500		51,453
				778,009
Building Products — 0.8%
AGC Inc		900		25,866
LIXIL Group Corp.		1,200		18,022
TOTO Ltd.		300		11,389
				55,277
Capital Markets — 1.8%
Daiwa Securities Group Inc.		6,300		26,820
Japan Exchange Group Inc.		900		15,144
Nomura Holdings Inc.		14,100		62,680
SBI Holdings Inc		900		18,148
				122,792
Chemicals — 4.1%
Asahi Kasei Corp.		5,400		45,091
Daicel Corp.		1,200		10,357
JSR Corp.		900		15,853

Security	Shares		Value

Chemicals (continued)
Kuraray Co. Ltd		1,500	$	15,631
Mitsubishi Chemical Holdings Corp		5,400		36,361
Mitsubishi Gas Chemical Co. Inc		600		9,100
Mitsui Chemicals Inc.		900		19,516
Nitto Denko Corp.		600		30,149
Showa Denko KK		600		12,972
Sumitomo Chemical Co. Ltd.		6,600		24,047
Teijin Ltd		900		14,810
Toray Industries Inc.		6,000		34,749
Tosoh Corp.		1,200		16,476
				285,112
Commercial Services & Supplies — 1.0%
Dai Nippon Printing Co. Ltd.		900		21,652
Secom Co. Ltd.		300		23,849
Toppan Printing Co. Ltd		1,200		20,926
				66,427
Construction & Engineering — 1.4%
JGC Holdings Corp.		900		11,056
Kajima Corp		2,100		22,642
Obayashi Corp.		2,700		27,259
Shimizu Corp.		1,800		16,387
Taisei Corp.		600		20,553
				97,897
Construction Materials — 0.2%
Taiheiyo Cement Corp.		600		14,813

Consumer Finance — 0.3%
AEON Financial Service Co. Ltd.		600		8,722
Credit Saison Co. Ltd		600		8,722
				17,444
Containers & Packaging — 0.1%
Toyo Seikan Group Holdings Ltd		600		9,623

Diversified Financial Services — 1.6%
Mitsubishi UFJ Lease & Finance Co. Ltd..		1,500		8,580
ORIX Corp.		5,700		92,054
Tokyo Century Corp		300		12,460
				113,094
Diversified Telecommunication Services — 1.9%
Nippon Telegraph & Telephone Corp..		5,700		133,668

Electric Utilities — 1.9%
Chubu Electric Power Co. Inc.		2,700		35,231
Chugoku Electric Power Co. Inc. (The).		1,200		15,975
Kansai Electric Power Co. Inc. (The).		3,000		32,388
Kyushu Electric Power Co. Inc		1,500		10,875
Tohoku Electric Power Co. Inc.		1,800		15,820
Tokyo Electric Power Co. Holdings Inc.^(a).		6,600		25,087
				135,376
Electrical Equipment — 1.4%
Mitsubishi Electric Corp		7,800		99,141
Electronic Equipment, Instruments & Components — 1.2%
Alps Alpine Co. Ltd.		900		13,842
Hitachi Ltd.		1,500		50,577
Omron Corp		300		16,243
				80,662
Equity Real Estate Investment Trusts (REITs) — 2.4%
Daiwa House REIT Investment Corp..		9		22,461
Japan Prime Realty Investment Corp.		3		13,211

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

Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Japan Real Estate Investment Corp.		3	$	20,470
Japan Retail Fund Investment Corp.		12		22,818
Nippon Building Fund Inc		3		22,500
Nippon Prologis REIT Inc		3		8,141
Nomura Real Estate Master Fund Inc.		18		28,586
Orix JREIT Inc		6		11,403
United Urban Investment Corp		12		19,202
				168,792
Food Products — 0.5%
NH Foods Ltd		300		11,320
Nisshin Seifun Group Inc.		300		5,078
Toyo Suisan Kaisha Ltd		300		11,890
Yamazaki Baking Co. Ltd		300		5,104
				33,392
Gas Utilities — 0.9%
Osaka Gas Co. Ltd.		1,500		24,267
Toho Gas Co. Ltd.		300		10,249
Tokyo Gas Co. Ltd.		1,500		30,357
				64,873
Health Care Providers & Services — 0.2%
Medipal Holdings Corp.		900		16,454

Household Durables — 4.1%
Casio Computer Co. Ltd.		600		10,329
Iida Group Holdings Co. Ltd.		600		8,116
Nikon Corp.		1,500		15,422
Panasonic Corp.		9,600		91,715
Sekisui House Ltd.		2,700		52,991
Sony Corp.		1,800		110,321
				288,894
Independent Power and Renewable Electricity Producers — 0.2%
Electric Power Development Co. Ltd..		600		12,883

Industrial Conglomerates — 0.4%
Toshiba Corp.		900		24,406

Insurance — 3.6%
Dai-ichi Life Holdings Inc.		4,500		61,681
Japan Post Holdings Co. Ltd.		6,600		57,559
Japan Post Insurance Co. Ltd.		900		13,826
MS&AD Insurance Group Holdings Inc.		2,100		67,810
Sompo Holdings Inc		600		22,339
Sony Financial Holdings Inc.		300		6,002
T&D Holdings Inc.		2,400		23,696
				252,913
Interactive Media & Services — 0.6%
Z Holdings Corp		11,400		41,535

IT Services — 1.3%
Fujitsu Ltd.		900		93,534

Leisure Products — 0.1%
Sankyo Co. Ltd.		300		9,860

Machinery — 5.1%
Amada Holdings Co. Ltd.		1,500		14,018
FANUC Corp.		600		99,958
Hino Motors Ltd.		1,200		9,924
Hitachi Construction Machinery Co. Ltd.		600		14,813
IHI Corp.		300		6,311
JTEKT Corp		600		5,857

Security	Shares		Value

Machinery (continued)
Kawasaki Heavy Industries Ltd		300	$	5,451
Komatsu Ltd.		3,900		78,911
Kubota Corp		1,500		21,179
Makita Corp		600		20,776
Mitsubishi Heavy Industries Ltd..		1,200		38,036
NGK Insulators Ltd.		600		9,440
NSK Ltd.		1,800		13,801
Sumitomo Heavy Industries Ltd.		600		13,083
THK Co. Ltd		300		6,878
				358,436
Marine — 0.2%
Mitsui OSK Lines Ltd		300		6,233
Nippon Yusen KK		600		8,588
				14,821
Media — 0.3%
Dentsu Group Inc.		900		23,463

Metals & Mining — 1.5%
Hitachi Metals Ltd		900		12,874
JFE Holdings Inc.		2,100		19,508
Maruichi Steel Tube Ltd		300		7,287
Mitsubishi Materials Corp		300		6,859
Nippon Steel Corp		3,300		37,202
Sumitomo Metal Mining Co. Ltd.		900		22,407
				106,137
Multiline Retail — 0.4%
Isetan Mitsukoshi Holdings Ltd		1,500		9,832
J Front Retailing Co. Ltd.		900		9,570
Marui Group Co. Ltd		600		11,715
				31,117
Oil, Gas & Consumable Fuels — 1.6%
Idemitsu Kosan Co. Ltd		692		17,052
Inpex Corp.		4,500		38,920
JXTG Holdings Inc		13,500		54,318
				110,290
Paper & Forest Products — 0.2%
Oji Holdings Corp.		3,600		17,188

Pharmaceuticals — 3.8%
Kyowa Kirin Co. Ltd.		600		14,296
Otsuka Holdings Co. Ltd.		900		34,042
Takeda Pharmaceutical Co. Ltd.		6,300		219,783
				268,121
Real Estate Management & Development — 1.4%
Aeon Mall Co. Ltd		300		4,258
Daiwa House Industry Co. Ltd.		2,400		66,294
Nomura Real Estate Holdings Inc.		600		12,950
Tokyu Fudosan Holdings Corp		2,700		17,046
				100,548
Road & Rail — 2.6%
Central Japan Railway Co.		600		98,902
Hankyu Hanshin Holdings Inc.		600		19,747
Kyushu Railway Co.		600		18,050
West Japan Railway Co		600		42,375
				179,074
Semiconductors & Semiconductor Equipment — 0.3%
SUMCO Corp		1,200		18,256

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

Security	Shares		Value

Software — 0.2%
Trend Micro Inc.		300	$	14,935

Specialty Retail — 0.2%
Yamada Denki Co. Ltd.		2,700		12,991

Technology Hardware, Storage & Peripherals — 2.6%
Brother Industries Ltd		900		16,045
Canon Inc.		4,200		106,436
Konica Minolta Inc.		2,100		11,409
Ricoh Co. Ltd.		3,000		27,951
Seiko Epson Corp.		1,200		16,999
				178,840
Tobacco — 1.5%
Japan Tobacco Inc.		5,100		101,371

Trading Companies & Distributors — 6.0%
ITOCHU Corp.		3,000		68,461
Marubeni Corp.		6,600		43,859
Mitsubishi Corp.		3,600		89,779
Mitsui & Co. Ltd.		7,200		119,049
Sumitomo Corp.		5,100		73,026
Toyota Tsusho Corp		900		27,242
				421,416
Transportation Infrastructure — 0.2%
Kamigumi Co. Ltd		600		11,531

Security	Shares		Value
Wireless Telecommunication Services — 9.6%
KDDI Corp.		7,500	$	212,627
NTT DOCOMO Inc.		5,700		154,700
SoftBank Group Corp		6,600		306,734
				674,061
Total Common Stocks — 99.4%
(Cost: $7,370,290)				6,957,655

Short-Term Investments

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.52%^(b)(c)		1,000		1,000
Total Short-Term Investments — 0.0%
(Cost: $1,000)				1,000
Total Investments in Securities — 99.4%
(Cost: $7,371,290)				6,958,655
Other Assets, Less Liabilities — 0.6%				43,312
Net Assets — 100.0%			$	7,001,967

^(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:

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: Treasury, SL Agency Shares			—				1,000				1,000			$	1,000			$	20			$	—			$	—

^(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
TOPIX Index		2	03/12/20	$	28	$	(4,025	)

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)	$	4,025

^(a)

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 Value 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	$	10,831

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(3,594	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long		$	54,910

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	$	6,957,655		$	—	$	—	$	6,957,655
Money Market Funds		1,000			—		—		1,000
	$	6,958,655		$	—	$	—	$	6,958,655
Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(4,025	)	$	—	$	—	$	(4,025	)

^(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 MSCI Japan Equal Weighted ETF			iShares MSCI Japan Value ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a)
Unaffiliated^(b)	$	6,302,204		$	6,957,655
Affiliated^(c)		23,763			1,000
Cash		952			113
Foreign currency, at value^(d)		7,534			14,432
Foreign currency collateral pledged:
Futures contracts^(e)		436			872
Receivables:
Investments sold		81,146			81,280
Securities lending income — Affiliated		14			—
Dividends		15,155			17,070
Tax reclaims		—			5,234
Total assets		6,431,204			7,077,656

LIABILITIES
Collateral on securities loaned, at value		23,748			—
Payables:
Investments purchased		76,267			72,927
Variation margin on futures contracts		933			1,863
Investment advisory fees		823			899
Total liabilities		101,771			75,689

NET ASSETS	$	6,329,433		$	7,001,967

NET ASSETS CONSIST OF:
Paid-in capital	$	6,657,920		$	7,358,169
Accumulated loss		(328,487	)		(356,202	)
NET ASSETS	$	6,329,433		$	7,001,967

Shares outstanding		200,000			300,000
Net asset value	$	31.65		$	23.34
Shares authorized		Unlimited			Unlimited
Par value		None			None

^(a)Securities loaned, at value	$	22,778		$	—
^(b)Investments, at cost — Unaffiliated	$	6,536,592		$	7,370,290
^(c) Investments, at cost — Affiliated.	$	23,756		$	1,000
^(d)Foreign currency, at cost	$	7,452		$	14,285
^(e) Foreign currency collateral pledged, at cost	$	429		$	860

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

Statements of Operations (unaudited)

Six Months Ended February 29, 2020

		iShares MSCI Japan Equal Weighted ETF			iShares MSCI Japan Value ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	78,860		$	126,758
Dividends — Affiliated		18			20
Securities lending income — Affiliated — net		745			—
Foreign taxes withheld		(7,877	)		(12,669	)
Total investment income		71,746			114,109

EXPENSES
Investment advisory fees		5,264			5,761
Total expenses		5,264			5,761
Net investment income		66,482			108,348

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(4,651	)		(59,336	)
Investments — Affiliated		6			—
In-kind redemptions — Unaffiliated		—			210,323
Futures contracts		5,317			10,831
Foreign currency transactions		(871	)		(2,100	)
Net realized gain (loss)		(199	)		159,718
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(124,280	)		(168,022	)
Investments — Affiliated		7			—
Futures contracts		(1,726	)		(3,594	)
Foreign currency translations.		194			125
Net change in unrealized appreciation (depreciation)		(125,805	)		(171,491	)
Net realized and unrealized loss		(126,004	)		(11,773	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(59,522	)	$	96,575

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 Japan Equal Weighted ETF						iShares MSCI Japan Value ETF
	Six Months Ended 02/29/20 (unaudited)			Period From 03/05/19^(a) to 08/31/19			Six Months Ended 02/29/20 (unaudited)			Period From 03/05/19^(a) to 08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	66,482		$	96,336		$	108,348		$	147,267
Net realized gain (loss)		(199	)		(38,242	)		159,718			(39,295	)
Net change in unrealized appreciation (depreciation)		(125,805	)		(110,394	)		(171,491	)		(244,623	)
Net increase (decrease) in net assets resulting from operations		(59,522	)		(52,300	)		96,575			(136,651	)

DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(129,898	)		(91,202	)		(196,497	)		(136,522	)

CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		—			6,662,355			(8,724	)		7,383,786

NET ASSETS
Total increase (decrease) in net assets		(189,420	)		6,518,853			(108,646	)		7,110,613
Beginning of period		6,518,853			—			7,110,613			—
End of period	$	6,329,433		$	6,518,853		$	7,001,967		$	7,110,613

^(a)	Commencement of operations.

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

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

Financial Highlights

(For a share outstanding throughout each period)

		iShares MSCI Japan Equal Weighted ETF
		Six Months Ended 02/29/20 (unaudited)			Period From 03/05/19^(a) to 08/31/19

Net asset value, beginning of period	$	32.59		$	33.43
Net investment income^(b)		0.33			0.44
Net realized and unrealized loss^(c)		(0.62	)		(0.82	)
Net decrease from investment operations		(0.29	)		(0.38	)

Distributions^(d)
From net investment income		(0.65	)		(0.46	)
Total distributions		(0.65	)		(0.46	)

Net asset value, end of period	$	31.65		$	32.59

Total Return
Based on net asset value		(1.13	)%^(e)		(1.14	)%^(e)

Ratios to Average Net Assets
Total expenses		0.15	%^(f)		0.15	%^(f)
Net investment income		1.89	%^(f)		2.68	%^(f)

Supplemental Data
Net assets, end of period (000)	$	6,329		$	6,519
Portfolio turnover rate^(g)		5	%^(e)		6	%^(e)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

^(e) Not annualized.

^(f) Annualized.

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

See notes to financial statements

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 Value ETF
		Six Months Ended 02/29/20 (unaudited)			Period From 03/05/19^(a) to 08/31/19

Net asset value, beginning of period	$	23.70		$	24.67
Net investment income^(b)		0.36			0.46
Net realized and unrealized loss^(c)		(0.07	)		(0.97	)
Net increase (decrease) from investment operations.		0.29			(0.51	)

Distributions^(d)
From net investment income		(0.65	)		(0.46	)
Total distributions		(0.65	)		(0.46	)

Net asset value, end of period	$	23.34		$	23.70

Total Return
Based on net asset value		0.95	%^(e)		(2.10	)%^(e)

Ratios to Average Net Assets
Total expenses		0.15	%^(f)		0.15	%(f)
Net investment income.		2.82	%^(f)		3.83	%^(f)

Supplemental Data
Net assets, end of period (000)	$	7,002		$	7,111
Portfolio turnover rate^(g)		16	%^(e)		9	%^(e)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

^(e)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements

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

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 Japan Equal Weighted		Non-diversified
MSCI Japan Value	.	Non-diversified

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.

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

Notes to Financial Statements (unaudited) (continued)

Board of Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

•

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;

•

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 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 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.

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

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 Japan Equal Weighted
Morgan Stanley & Co. LLC	$	22,778	$	22,778	$	—	$	—

^(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 with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

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 0.15%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.

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

Notes to Financial Statements (unaudited) (continued)

iShares ETF						Fees Paid to BTC
MSCI Japan Equal Weighted			.			$	172

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

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 Japan Equal Weighted	$	334,982	$	404,046
MSCI Japan Value		3,653,433		1,224,139

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

		In-kind		In-kind
iShares ETF		Purchases		Sales
MSCI Japan Value	$	—	$	2,524,821

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 Japan Equal Weighted		$	44,370
MSCI Japan Value	.		27,245

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

Notes to Financial Statements (unaudited) (continued)

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Japan Equal Weighted	$	6,586,665	$	395,236	$	(658,094	)	$	(262,858	)
MSCI Japan Value		7,405,046		264,294		(714,710	)		(450,416	)

PRINCIPAL RISKS

10.

CAPITAL SHARE TRANSACTIONS

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

Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:

Six Months Ended
02/29/20 Period Ended
08/31/19

iShares ETF Shares Amount Shares Amount

MSCI Japan Equal Weighted

Shares sold — $ — 300,000 $ 10,028,668

Shares redeemed — — (100,000 ) (3,366,313 )

Net increase — $ — 200,000 $ 6,662,355

	Six Months Ended 02/29/20						Period Ended 08/31/19
iShares ETF		Shares			Amount			Shares			Amount
MSCI Japan Value
Shares sold		100,000		$	2,629,581			400,000		$	9,866,146
Shares redeemed		(100,000	)		(2,638,305	)		(100,000	)		(2,482,360	)
Net increase(decrease)		—		$	(8,724	)		300,000		$	7,383,786

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

11. LEGAL PROCEEDINGS

12. SUBSEQUENT EVENTS

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

Statement Regarding Liquidity Risk Management Program

The Board of Trustees (the “Board”) of iShares MSCI Japan Equal Weighted ETF and iShares MSCI Japan Value ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 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
MSCI Japan Equal Weighted^(a)	$	0.478836	$	—	$	0.170654	$	0.649490		74	%		—%		26	%		100	%
MSCI Japan Value^(a)		0.477904		—		0.177086		0.654990		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.

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

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

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-819-0220

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 Trustees.

Item 11. Controls and Procedures.

(a)The President (the registrant's Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant's Principal Financial Officer) have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b)There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Exhibits.

(a)(1) Not applicable to this semi-annual report.

(a)(2) Section 302 Certifications are attached.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b)Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares Trust

By: /s/ Armando Senra

Armando Senra, President (Principal Executive Officer)

Date:

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

	Equity
	Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	10,748

Futures contracts:
Average notional value of contracts — long		$	50,009

Futures contracts:
Average notional value of contracts — long		$	38,291

Futures contracts:
Average notional value of contracts — long		$	150,182

	iShares MSCI India 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	$	32.38		$	35.68		$	34.20		$	29.61		$	28.12		$	30.83
Net investment income^(a)		0.01	^(b)		0.29			0.25			0.26			0.22			0.45
Net realized and unrealized gain (loss)^(c)		(0.12	)		(3.00	)		1.54			4.53			1.64			(2.92	)
Net increase (decrease) from investment operations		(0.11	)		(2.71	)		1.79			4.79			1.86			(2.47	)

Distributions^(d)
From net investment income		(0.03	)		(0.49	)		(0.31	)		(0.20	)		(0.37	)		(0.24	)
Return of capital		—			(0.10	)		—			—			—			—
Total distributions		(0.03	)		(0.59	)		(0.31	)		(0.20	)		(0.37	)		(0.24	)

Net asset value, end of period	$	32.24		$	32.38		$	35.68		$	34.20		$	29.61		$	28.12

Total Return
Based on net asset value		(0.34	)%^(e)		(7.61	)%		5.26	%		16.27	%		6.73	%		(8.05	)%

Ratios to Average Net Assets
Total expenses		0.70	%^(f)		0.69	%		0.68	%		0.68	%		0.71	%		0.68	%
Net investment income		0.05	%^(b)(f)		0.86	%		0.72	%		0.87	%		0.79	%		1.47	%

Supplemental Data
Net assets, end of period (000)	$	4,996,133		$	4,899,749		$	5,082,120		$	5,263,819		$	4,112,252		$	3,583,362
Portfolio turnover rate^(g)		12	%^(h)(e)		9	%^(h)		10	%^(h)		13	%^(h)		25	%^(h)		30	%^(h)

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $4 billion		0.6500	%
Over $4 billion, up to and including $6 billion.		0.6175
Over $6 billion, up to and including $8 billion.		0.5867
Over $8 billion		0.5573

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	451,843,338
Average amounts sold — in USD	$	791,937,292

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	1,347,059
Average amounts sold — in USD	$	2,164,721

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

		iShares Currency Hedged MSCI Italy ETF
		Six Months Ended															Period From
		02/29/20			Year Ended			Year Ended			Year Ended			Year Ended			06/29/15^(a)
		(unaudited)			08/31/19			08/31/18			08/31/17			08/31/16			to 08/31/15
Net asset value, beginning of period	$	17.06		$	15.88		$	16.81		$	17.55		$	23.52		$	23.65
Net investment income (loss)^(b)		0.20			0.80			0.51			0.51			0.41			(0.00	)^(c)
Net realized and unrealized gain (loss)^(d)		0.35			1.33			(0.87	)		3.71			(4.93	)		(0.13	)
Net increase (decrease) from investment operations		0.55			2.13			(0.36	)		4.22			(4.52	)		(0.13	)
Distributions^(e)
From net investment income		(0.19	)		(0.95	)		(0.57	)		(0.48	)		(0.70	)		—
From net realized gain		—			—			—			(4.48	)		(0.75	)		—
Total distributions		(0.19	)		(0.95	)		(0.57	)		(4.96	)		(1.45	)		—
Net asset value, end of period	$	17.42		$	17.06		$	15.88		$	16.81		$	17.55		$	23.52
Total Return
Based on net asset value		3.11	%^(f)		13.89	%		(2.25	)%		31.21	%		(19.68	)%		(0.55	)%^(f)
Ratios to Average Net Assets
Total expenses^(g)		0.62	%^(h)		0.62	%		0.62	%		0.62	%		0.62	%		0.62	%^(h)
Total expenses after fees waived^(g)		0.00	%^(h)		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%^(h)(i)
Net investment income (loss)		2.15	%^(h)		4.96	%		2.92	%		3.15	%		1.90	%		(0.00	)%^(h)(i)
Supplemental Data
Net assets, end of period (000)	$	1,742		$	1,706		$	2,383		$	5,885		$	7,021		$	85,845
Portfolio turnover rate^(j)(k)		4	%^(f)		8	%		11	%		12	%		12	%		0	%^(f)(l)

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

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

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

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

	Period Ended 02/29/20
iShares ETF	Shares		Amount
ESG MSCI EM Leaders
Shares sold		12,450,000	$	638,014,637