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, 4^th 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, 2019

Date of reporting period: February 28, 2019

Item 1. Reports to Stockholders.

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

FEBRUARY 28, 2019

2019 SEMI-ANNUAL REPORT (UNAUDITED)

iShares 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		5
About Fund Performance		16
Shareholder Expenses		16
Schedules of Investments		17
Financial Statements
Statements of Assets and Liabilities		46
Statements of Operations		49
Statements of Changes in Net Assets		52
Financial Highlights		58
Notes to Financial Statements		69
Supplemental Information		79
General Information		80
Glossary of Terms Used in this Report		81

Fund Summary  as of February 28, 2019 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		8.91	%		(23.06	)%		(1.22	)%		(23.06	)%		(2.25	)%
Fund Market		9.26			(22.80	)		(1.25	)		(22.80	)		(2.29	)
Index		9.24			(22.65	)		(1.47	)		(22.65	)		(2.70	)

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 16 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,089.10	$	3.06		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Consumer Discretionary	29.2	%
Energy	21.8
Financials	15.3
Consumer Staples	8.4
Utilities	6.4
Materials	6.1
Information Technology	4.4
Communication Services	4.0
Real Estate	3.1
Industrials	1.3

^(a)  Excludes money market funds.

TEN LARGEST COUNTRIES

Country	Percent of Total Investments	(a)
Argentina	50.9	%
United States	24.5
Italy	13.7
Chile	6.1
Canada	4.0
United Kingdom	0.8

F U N D    S U M M A R Y 5

Fund Summary  as of February 28, 2019 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		38.10	%		(4.51	)%		1.16	%		(2.37	)%		(4.51	)%		5.94	%		(18.30	)%
Fund Market		36.65			(4.53	)		1.18			(2.39	)		(4.53	)		6.03			(18.43	)
Index		38.63			(3.50	)		1.64			(1.89	)		(3.50	)		8.46			(14.82	)

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

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 16 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,381.00	$	3.48		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Consumer Discretionary	28.7	%
Utilities	21.8
Industrials	10.3
Materials	9.0
Health Care	8.3
Information Technology	4.8
Consumer Staples	4.7
Real Estate	4.5
Financials	4.0
Communication Services	2.6
Energy	1.3

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
CVC Brasil Operadora e Agencia de Viagens SA	4.6	%
Estacio Participacoes SA	4.3
Bradespar SA (Preferred)	4.0
Transmissora Alianca de Energia Eletrica SA	3.3
EDP - Energias do Brasil SA	3.1
Metalurgica Gerdau SA (Preferred)	2.8
Banco do Estado do Rio Grande do Sul SA (Preferred), Class B	2.8
Cia. Energetica de Sao Paulo (Preferred), Class B	2.7
Cyrela Brazil Realty SA Empreendimentos e Participacoes	2.7
TOTVS SA	2.7

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Fund Summary  as of February 28, 2019 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		0.86	%		(11.85	)%		7.98	%		4.62	%		(11.85	)%		46.82	%		43.05	%
Fund Market		0.88			(11.01	)		8.12			4.60			(11.01	)		47.76			42.86
Index		1.13			(11.47	)		8.53			5.17			(11.47	)		50.59			49.04

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 16 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,008.60	$	2.94		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Communication Services	25.5	%
Financials	23.0
Consumer Discretionary	22.6
Industrials	5.5
Real Estate	5.3
Energy	5.0
Information Technology	3.0
Health Care	2.9
Utilities	2.8
Consumer Staples	2.3
Materials	2.1

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Tencent Holdings Ltd.	14.3	%
Alibaba Group Holding Ltd.	13.9
China Construction Bank Corp., Class H	5.0
China Mobile Ltd.	3.8
Ping An Insurance Group Co. of China Ltd., Class H	3.2
Industrial & Commercial Bank of China Ltd., Class H	3.1
Baidu Inc.	2.6
Bank of China Ltd., Class H	2.1
CNOOC Ltd.	1.8
China Petroleum & Chemical Corp., Class H	1.3

F U N D    S U M M A R Y 7

Fund Summary  as of February 28, 2019 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		(2.45	)%		(10.26	)%		2.44	%		1.57	%		(10.26	)%		12.81	%		14.06	%
Fund Market		(2.08	)		(8.98	)		2.75			1.70			(8.98	)		14.52			15.21
Index		(2.88	)		(11.46	)		1.28			0.74			(11.46	)		6.56			6.45

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

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 16 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	975.50	$	2.89		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Consumer Discretionary	22.8	%
Real Estate	16.5
Information Technology	11.8
Industrials	11.1
Materials	8.8
Health Care	8.7
Communication Services	6.9
Utilities	5.6
Financials	2.9
Consumer Staples	2.9
Energy	2.0

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
LiNing Co. Ltd.	3.1	%
IGG Inc.	1.6
Chinasoft International Ltd.	1.6
GCL-Poly Energy Holdings Ltd.	1.4
Yuexiu REIT	1.3
Renhe Commercial Holdings Co. Ltd.	1.3
China Grand Pharmaceutical and Healthcare Holdings Ltd.,
Class A	1.3
Fanhua Inc.	1.2
China Aoyuan Group Ltd.	1.2
Genertec Universal Medical Group Co. Ltd.	1.1

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Fund Summary  as of February 28, 2019 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 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		10.82	%		(7.90	)%		1.66	%		2.52	%		(7.90	)%		8.57	%		24.60	%
Fund Market		10.31			(8.34	)		1.64			2.37			(8.34	)		8.49			23.00
Index		11.04			(7.56	)		2.14			3.01			(7.56	)		11.18			29.92

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

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 16 for more information.

Expense Example

		Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,108.20	$	3.08		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	38.2	%
Consumer Staples	16.9
Communication Services	11.7
Consumer Discretionary	10.1
Materials	7.6
Energy	5.3
Real Estate	3.6
Industrials	3.3
Health Care	1.8
Utilities	1.5

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Bank Central Asia Tbk PT	12.8	%
Bank Rakyat Indonesia Persero Tbk PT	10.7
Telekomunikasi Indonesia Persero Tbk PT	9.8
Astra International Tbk PT	7.2
Bank Mandiri Persero Tbk PT	6.4
Unilever Indonesia Tbk PT	4.1
Bank Negara Indonesia Persero Tbk PT	3.8
Charoen Pokphand Indonesia Tbk PT	3.0
United Tractors Tbk PT	2.5
Gudang Garam Tbk PT	2.4

F U N D  S U M M A R Y 9

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

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		3.24	%		(7.32	)%		4.66	%		6.62	%		(7.32	)%		25.57	%		86.14	%
Fund Market		4.95			(6.30	)		4.84			6.68			(6.30	)		26.64			87.22
Index		3.65			(7.12	)		5.37			7.30			(7.12	)		29.90			98.09

The inception date of the Fund was 6/19/09. The first day of secondary market trading was 6/22/09.

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 16 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,032.40	$	2.97		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments(a)
Materials	45.9	%
Financials	31.3
Consumer Staples	10.1
Industrials	5.2
Utilities	3.9
Consumer Discretionary	2.6
Energy	1.0

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments(a)
Credicorp Ltd.	22.9	%
Cia. de Minas Buenaventura SAA	10.6
Southern Copper Corp.	10.3
Alicorp SAA	4.8
InRetail Peru Corp.	4.7
Intercorp Financial Services Inc.	4.6
Pan American Silver Corp.	4.0
Hochschild Mining PLC	3.7
Ferreycorp SAA	3.6
Minsur SA	3.5

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Fund Summary  as of February 28, 2019 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		2.40	%		(7.01	)%		0.53	%		4.53	%		(7.01	)%		2.68	%		45.21	%
Fund Market		2.01			(7.00	)		0.28			4.40			(7.00	)		1.42			43.76
Index		2.75			(6.42	)		1.17			5.09			(6.42	)		5.98			51.86

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

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 16 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,024.00	$	2.96		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments(a)
Financials	26.5	%
Real Estate	26.5
Industrials	23.6
Consumer Discretionary	6.0
Utilities	5.9
Consumer Staples	4.6
Communication Services	4.6
Energy	1.1
Materials	1.0
Information Technology	0.2

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments(a)
SM Prime Holdings Inc	11.7	%
Ayala Land Inc.	9.8
BDO Unibank Inc.	7.6
Ayala Corp.	7.0
SM Investments Corp.	6.8
JG Summit Holdings Inc	5.7
Jollibee Foods Corp.	4.0
Metropolitan Bank & Trust Co.	3.7
Aboitiz Equity Ventures Inc.	3.6
Universal Robina Corp.	3.6

F U N D  S U M M A R Y 11

Fund Summary  as of February 28, 2019 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		(2.29	)%		(10.19	)%		(3.32	)%		2.69	%		(10.19	)%		(15.52	)%		26.22	%
Fund Market		(2.11	)		(9.97	)		(3.32	)		2.63			(9.97	)		(15.54	)		25.56
Index		(2.24	)		(10.26	)		(3.14	)		2.95			(10.26	)		(14.73	)		29.08

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.

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 16 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (09/ 01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period (a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period (a)		Annualized Expense Ratio
$	1,000.00	$	977.10	$	3.14	$	1,000.00	$	1,021.60	$	3.21		0.64	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments(a)
Financials		42.9	%
Energy		20.0
Communication Services		9.7
Materials		8.0
Utilities		6.7
Consumer Discretionary		6.2
Consumer Staples		2.8
Industrials		1.7
Information Technology		1.7
Health Care		0.3

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments(a)
Powszechna Kasa Oszczednosci Bank Polski SA		12.7	%
Polski Koncern Naftowy ORLEN SA		11.7
Powszechny Zaklad Ubezpieczen SA		9.4
Bank Polska Kasa Opieki SA		7.1
KGHM Polska Miedz SA		4.7
CD Projekt SA		4.6
Polskie Gornictwo Naftowe i Gazownictwo SA		4.5
Santander Bank Polska SA		4.4
LPP SA		4.1
PGE Polska Grupa Energetyczna SA		3.9

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Fund Summary  as of February 28, 2019 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			Since Inception			1 Year			Since Inception
Fund NAV		4.03	%		20.77	%		(2.29	)%		20.77	%		(10.60	)%
Fund Market		2.32			20.77			(2.43	)		20.77			(11.23	)
Index		4.27			21.93			(1.69	)		21.93			(7.91	)

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 16 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,040.30	$	2.98		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	50.6	%
Industrials	18.6
Real Estate	11.4
Communication Services	5.7
Energy	5.1
Utilities	4.4
Materials	1.5
Health Care	1.4
Consumer Staples	1.3

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Qatar National Bank QPSC	23.7	%
Industries Qatar QSC	12.1
Qatar Islamic Bank SAQ	8.6
Qatar Electricity & Water Co. QSC	4.4
Commercial Bank PQSC (The)	4.4
Ezdan Holding Group QSC	4.3
Masraf Al Rayan QSC	4.2
Barwa Real Estate Co.	4.2
Qatar Gas Transport Co. Ltd.	3.9
Ooredoo QPSC	3.5

F U N D  S U M M A R Y 13

Fund Summary  as of February 28, 2019 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		7.79	%		21.08	%		9.62	%		21.08	%		37.33	%
Fund Market		9.53			22.60			9.89			22.60			38.50
Index		8.12			21.83			10.52			21.83			41.30

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 16 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period (a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period (a)		Annualized Expense Ratio
$	1,000.00	$	1,077.90	$	3.81	$	1,000.00	$	1,021.10	$	3.71		0.74	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments(a)
Financials		43.3	%
Materials		32.6
Communication Services		6.8
Consumer Staples		5.4
Consumer Discretionary		3.7
Utilities		2.5
Health Care		2.2
Real Estate		2.2
Other (each representing less than 1%)		1.3

TEN LARGEST HOLDINGS

Security	Percent of Total Investments(a)
Saudi Basic Industries Corp.		15.0	%
Al Rajhi Bank		13.2
National Commercial Bank		10.3
Samba Financial Group		4.5
Saudi Telecom Co.		4.5
Riyad Bank		4.3
Saudi Arabian Mining Co.		3.7
Alinma Bank		3.0
Almarai Co. JSC		2.7
Yanbu National Petrochemical Co.		2.5

^(a)  Excludes money market funds.

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Fund Summary  as of February 28, 2019 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			Since Inception			1 Year			Since Inception
Fund NAV		(6.94	)%		(9.80	)%		(7.28	)%		(9.80	)%		(30.64	)%
Fund Market		(4.91	)		(7.71	)		(7.00	)		(7.71	)		(29.60	)
Index		(7.58	)		(10.07	)		(6.92	)		(10.07	)		(29.32	)

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 16 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period (a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period (a)		Annualized Expense Ratio
$	1,000.00	$	930.60	$	2.82	$	1,000.00	$	1,021.90	$	2.96		0.59	%

(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 16 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments(a)
Financials		46.8	%
Real Estate		15.1
Communication Services		14.4
Industrials		12.5
Health Care		4.3
Energy		4.3
Consumer Discretionary		1.5
Consumer Staples		1.1

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments(a)
First Abu Dhabi Bank PJSC		20.9	%
Emirates Telecommunications Group Co. PJSC		14.3
Abu Dhabi Commercial Bank PJSC		8.4
Emaar Properties PJSC		4.9
Aldar Properties PJSC		4.5
Union National Bank PJSC		4.4
DP World Ltd.		4.4
Dubai Islamic Bank PJSC		4.3
NMC Health PLC		4.3
Dana Gas PJSC		2.8

F U N D    S U M M A R Y 15

About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

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

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

Shareholder Expenses

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

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

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

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

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Schedule of Investments  (unaudited) February 28, 2019 iShares^® MSCI Argentina and Global Exposure ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Argentina — 50.8%
Adecoagro SA(a)		78,705	$	559,593
Arcos Dorados Holdings Inc., Class A		92,901		770,149
Banco Macro SA, ADR		19,395		979,447
BBVA Banco Frances SA, ADR		50,315		557,490
Central Puerto SA, ADR		54,651		557,440
Corp. America Airports SA(a)(b)		39,149		309,669
Cresud SACIF y A, ADR(a)		31,972		398,691
Despegar.com Corp.(a)(b)		20,655		371,583
Empresa Distribuidora y Comercializadora Norte SA, ADR(a)		4,012		106,278
Globant SA(a)		15,572		1,072,755
Grupo Financiero Galicia SA, ADR		56,505		1,727,358
Grupo Supervielle SA, ADR		47,169		420,747
IRSA Inversiones y Representaciones SA, ADR(a)		24,784		339,789
Loma Negra Cia Industrial Argentina SA, ADR(a)		45,224		507,866
Pampa Energia SA, ADR(a)		27,578		878,635
Telecom Argentina SA, ADR		64,561		961,313
Transportadora de Gas del Sur SA, Class B, ADR		51,696		751,143
YPF SA, ADR		71,348		1,008,861
				12,278,807
Canada — 4.0%
Pan American Silver Corp.		29,346		391,726
SSR Mining Inc.(a)		41,163		570,718
				962,444
Chile — 3.9%
Cencosud SA		228,042		425,212
Cia. Cervecerias Unidas SA		36,464		516,479
				941,691
Italy — 13.7%
Tenaris SA		247,914		3,311,377
United Kingdom — 0.8%
IOX Investments Ltd.(a)		616,161		7,751
Phoenix Global Resources PLC(a)		586,006		183,170
				190,921

Security	Shares		Value
United States — 24.5%
MercadoLibre Inc.(a)		12,892	$	5,914,721
Total Common Stocks — 97.7% (Cost: $30,110,593)				23,599,961
Preferred Stocks
Chile — 2.2%
Embotelladora Andina SA, Class B, Preference Shares		140,848		528,052
Total Preferred Stocks — 2.2% (Cost: $565,505)				528,052
Short-Term Investments
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional,
SL Agency Shares, 2.62%(c)(d)(e)		152,968		153,029
BlackRock Cash Funds: Treasury,
SL Agency Shares, 2.33%(c)(d)		803		803
				153,832
Total Short-Term Investments — 0.7% (Cost: $153,804)				153,832
Total Investments in Securities — 100.6% (Cost: $30,829,902)				24,281,845
Other Assets, Less Liabilities — (0.6)%				(133,502	)
Net Assets — 100.0%			$	24,148,343

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

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

Affiliated Issuer	Shares Held at 08/31/18		Net Activity			Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		309,671		(156,703	)		152,968	$	153,029	$	2,156	(b)	$	158	$	(33	)
BlackRock Cash Funds: Treasury, SL Agency Shares		25,728		(24,925	)		803		803		177			—		—
								$	153,832	$	2,333		$	158	$	(33	)

^(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 17

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI Argentina and Global Exposure ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	23,592,210	$	7,751	$	—	$	23,599,961
Preferred Stocks		528,052		—		—		528,052
Money Market Funds		153,832		—		—		153,832
	$	24,274,094	$	7,751	$	—	$	24,281,845

See notes to financial statements.

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Schedule of Investments  (unaudited)  February 28, 2019 iShares^® MSCI Brazil Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Auto Components — 1.2%
Mahle-Metal Leve SA		80,500	$	565,180
Tupy SA		115,000		564,229
				1,129,409
Banks — 0.0%
Banco ABC Brasil SA(a)		4,705		22,708
Commercial Services & Supplies — 0.9%
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		149,561		785,243
Diversified Consumer Services — 5.5%
Anima Holding SA		69,000		344,425
Estacio Participacoes SA		540,537		3,970,880
Ser Educacional SA(b)		138,053		698,686
				5,013,991
Electric Utilities — 9.4%
Alupar Investimento SA		299,072		1,822,224
EDP - Energias do Brasil SA		621,000		2,864,689
Light SA		172,500		913,039
Transmissora Alianca de Energia Eletrica SA		460,000		3,061,556
				8,661,508
Food Products — 4.7%
Camil Alimentos SA		299,000		573,244
Marfrig Global Foods SA(a)		448,500		657,756
Minerva SA(a)		207,000		352,153
Sao Martinho SA		333,500		1,670,057
SLC Agricola SA		97,700		1,068,636
				4,321,846
Health Care Providers & Services — 8.3%
Alliar Medicos A Frente SA(a)		115,000		484,501
Fleury SA		391,000		2,085,194
Instituto Hermes Pardini SA		103,500		528,781
Odontoprev SA		552,000		2,443,357
Qualicorp Consultoria e Corretora de Seguros SA		494,500		2,042,479
				7,584,312
Hotels, Restaurants & Leisure — 6.2%
BK Brasil Operacao e Assessoria a Restaurantes SA		253,000		1,495,636
CVC Brasil Operadora e Agencia de Viagens SA		271,200		4,223,207
				5,718,843
Household Durables — 5.9%
Cyrela Brazil Realty SA Empreendimentos e Participacoes		540,500		2,464,516
Ez Tec Empreendimentos e Participacoes SA		115,053		818,202
MRV Engenharia e Participacoes SA		598,000		2,167,008
				5,449,726
Independent Power and Renewable Electricity Producers — 2.9%
AES Tiete Energia SA		333,500		1,035,115
Eneva SA(a)		230,000		1,146,244
Omega Geracao SA		92,000		487,935
				2,669,294
Insurance — 0.4%
Wiz Solucoes e Corretagem de Seguros SA		149,500		358,377
Machinery — 1.4%
Iochpe Maxion SA		218,507		1,265,508
Media — 2.6%
Multiplus SA		97,300		691,952

Security	Shares		Value
Media (continued)
Smiles Fidelidade SA		129,595	$	1,658,705
				2,350,657
Oil, Gas & Consumable Fuels — 1.3%
Dommo Energia SA(a)		2,472,500		586,767
QGEP Participacoes SA		161,000		567,541
				1,154,308
Paper & Forest Products — 2.2%
Duratex SA		644,000		2,026,318
Real Estate Management & Development — 4.5%
Aliansce Shopping Centers SA		149,500		801,266
BR Properties SA		253,000		590,969
Iguatemi Empresa de Shopping Centers SA		184,007		2,060,741
LOG Commercial Properties e Participacoes SA(a)		46,092		214,713
Sonae Sierra Brasil SA		57,900		476,910
				4,144,599
Road & Rail — 1.9%
Cosan Logistica SA(a)		287,584		1,155,627
Movida Participacoes SA		195,500		604,707
				1,760,334
Software — 4.8%
Linx SA		253,000		1,924,021
TOTVS SA		253,046		2,459,443
				4,383,464
Specialty Retail — 1.4%
Via Varejo SA		1,069,500		1,306,129
Textiles, Apparel & Luxury Goods — 6.4%
Arezzo Industria e Comercio SA		94,948		1,366,400
Cia. Hering		287,500		2,314,412
Grendene SA		552,000		1,276,139
Guararapes Confeccoes SA		15,420		600,888
Vulcabras Azaleia SA(a)		172,500		366,136
				5,923,975
Transportation Infrastructure — 2.1%
EcoRodovias Infraestrutura e Logistica SA		460,000		1,388,494
Santos Brasil Participacoes SA		552,000		554,907
				1,943,401
Water Utilities — 2.4%
Cia. de Saneamento de Minas Gerais-COPASA		130,870		2,161,828
Total Common Stocks — 76.4% (Cost: $54,621,090)				70,135,778
Preferred Stocks
Airlines — 1.7%
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS		218,500		1,553,286
Banks — 3.6%
Banco ABC Brasil SA, Preference Shares, NVS		161,037		784,950
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS		379,500		2,529,831
				3,314,781
Electric Utilities — 2.5%
Cia. Energetica do Ceara, Class A, Preference Shares, NVS		23,300		341,711
Cia. Paranaense de Energia, Preference Shares, NVS		207,000		1,972,716
				2,314,427

S C H E D U L E    O F    I N V E S T M E N T  S 19

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI Brazil Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Gas Utilities — 1.1%
Cia. de Gas de Sao Paulo - COMGAS, Class A, Preference Shares, NVS		48,610	$	1,050,943
Independent Power and Renewable Electricity Producers — 2.7%
Cia. Energetica de Sao Paulo, Class B, Preference Shares, NVS		391,000		2,512,659
Machinery — 2.3%
Marcopolo SA, Preference Shares, NVS		1,046,514		1,130,160
Randon SA Implemetos e Participacoes, Preference Shares, NVS		379,550		976,643
				2,106,803
Metals & Mining — 6.8%
Bradespar SA, Preference Shares, NVS		471,593		3,624,108
Metalurgica Gerdau SA, Preference Shares, NVS		1,345,500		2,576,011
				6,200,119
Textiles, Apparel & Luxury Goods — 1.9%
Alpargatas SA, Preference Shares, NVS		333,500		1,705,628
Water Utilities — 0.6%
Cia. de Saneamento do Parana, Preference Shares, NVS		149,500		545,340
Total Preferred Stocks — 23.2% (Cost: $12,843,119)				21,303,986

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(c)(d)		96,656	$	96,656
Total Short-Term Investments — 0.1% (Cost: $96,656)				96,656
Total Investments in Securities — 99.7% (Cost: $67,560,865)				91,536,420
Other Assets, Less Liabilities — 0.3%				285,727
Net Assets — 100.0%			$	91,822,147

^(a)  Non-income producing security.

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

^(c) Affiliate of the Fund.

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

Affiliates

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

Affiliated Issuer	Shares Held at 08/31/18		Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income		Net Realized Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares		30,183		66,473		96,656	$	96,656	$	982	$	—	$	—

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

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	70,135,778	$	—	$	—	$	70,135,778
Preferred Stocks		21,303,986		—		—		21,303,986
Money Market Funds		96,656		—		—		96,656
	$	91,536,420	$	—	$	—	$	91,536,420

20 2 0 1 9    I S H A R E S    S E M I  - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments  (unaudited) February 28, 2019 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.1%
AviChina Industry & Technology Co. Ltd., Class H(a)		5,400,000	$	3,831,690
Air Freight & Logistics — 0.4%
Sinotrans Ltd., Class H		5,400,000		2,538,409
ZTO Express Cayman Inc., ADR		804,240		15,988,291
				18,526,700
Airlines — 0.3%
Air China Ltd., Class H		5,040,000		5,444,623
China Eastern Airlines Corp. Ltd., Class A		1,260,096		1,099,140
China Eastern Airlines Corp. Ltd., Class H		2,880,000		1,838,110
China Southern Airlines Co. Ltd., Class H		5,040,000		4,115,570
				12,497,443
Auto Components — 0.3%
China First Capital Group Ltd.(b)		8,640,000		3,830,314
Fuyao Glass Industry Group Co. Ltd., Class H(c)		1,440,800		5,148,467
Nexteer Automotive Group Ltd.		2,160,000		3,076,359
				12,055,140
Automobiles — 1.6%
BAIC Motor Corp. Ltd., Class H(c)		4,680,000		2,975,006
Brilliance China Automotive Holdings Ltd.(a)		7,920,000		7,758,771
BYD Co. Ltd., Class A		108,072		879,885
BYD Co. Ltd., Class H(a)		1,620,000		10,360,009
Chongqing Changan Automobile Co. Ltd., Class A		540,007		687,994
Dongfeng Motor Group Co. Ltd., Class H		7,200,000		7,658,794
Geely Automobile Holdings Ltd.(a)		12,600,000		23,659,711
Great Wall Motor Co. Ltd., Class H(a)		8,100,000		5,933,272
Guangzhou Automobile Group Co. Ltd., Class H		8,028,400		9,869,558
SAIC Motor Corp. Ltd., Class A		360,087		1,523,131
				71,306,131
Banks — 14.2%
Agricultural Bank of China Ltd., Class A		3,602,000		2,044,390
Agricultural Bank of China Ltd., Class H		73,800,000		35,349,691
Bank of Beijing Co. Ltd., Class A		1,513,200		1,451,001
Bank of China Ltd., Class A		3,024,600		1,734,745
Bank of China Ltd., Class H		201,240,000		93,828,938
Bank of Communications Co. Ltd., Class A		2,594,000		2,479,627
Bank of Communications Co. Ltd., Class H		20,880,200		17,529,175
Bank of Jiangsu Co. Ltd., Class A		1,188,679		1,260,548
Bank of Ningbo Co. Ltd., Class A		351,083		1,012,054
Bank of Shanghai Co. Ltd., Class A		612,680		1,125,577
China CITIC Bank Corp. Ltd., Class H		23,040,800		14,969,564
China Construction Bank Corp., Class A		683,790		733,303
China Construction Bank Corp., Class H		245,520,000		218,315,065
China Everbright Bank Co. Ltd., Class A		3,169,400		2,002,414
China Everbright Bank Co. Ltd., Class H		4,320,000		2,069,250
China Merchants Bank Co. Ltd., Class A		864,094		4,096,419
China Merchants Bank Co. Ltd., Class H		9,900,150		45,403,119
China Minsheng Banking Corp. Ltd., Class A		2,702,615		2,635,930
China Minsheng Banking Corp. Ltd., Class H		14,040,160		10,838,922
Chongqing Rural Commercial Bank Co. Ltd., Class H		6,480,000		4,053,199
Huaxia Bank Co. Ltd., Class A		900,094		1,118,530
Industrial & Commercial Bank of China Ltd., Class A		2,664,600		2,288,423
Industrial & Commercial Bank of China Ltd., Class H		176,400,000		135,730,337
Industrial Bank Co. Ltd., Class A		1,008,200		2,689,457
Ping An Bank Co. Ltd., Class A		792,299		1,462,662
Postal Savings Bank of China Co. Ltd., Class H(c)		19,440,000		11,639,532

Security	Shares		Value
Banks (continued)
Shanghai Pudong Development Bank Co. Ltd., Class A		1,332,086	$	2,335,806
				620,197,678
Beverages — 0.6%
China Resources Beer Holdings Co. Ltd.		3,600,000		13,414,354
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		63,097		1,046,559
Kweichow Moutai Co. Ltd., Class A		47,381		5,343,101
Luzhou Laojiao Co. Ltd., Class A		108,000		826,550
Tsingtao Brewery Co. Ltd., Class H		930,000		3,945,196
Wuliangye Yibin Co. Ltd., Class A		172,295		1,839,989
				26,415,749
Biotechnology — 0.1%
3SBio Inc.(a)(c)		3,240,000		5,357,487
Capital Markets — 2.2%
China Cinda Asset Management Co. Ltd., Class H		23,040,000		6,692,043
China Ding Yi Feng Holdings Ltd.(b)		2,256,000		7,271,115
China Everbright Ltd.		2,880,000		5,818,849
China Galaxy Securities Co. Ltd., Class H		9,000,000		6,122,449
China Huarong Asset Management Co. Ltd., Class H(c)		25,920,000		5,943,591
China International Capital Corp. Ltd., Class H(c)		2,736,000		6,357,441
China Merchants Securities Co. Ltd., Class A		468,053		1,226,898
CITIC Securities Co. Ltd., Class A		792,075		2,781,348
CITIC Securities Co. Ltd., Class H		5,400,000		13,084,155
GF Securities Co. Ltd., Class H		3,888,000		6,557,762
Guotai Junan Securities Co. Ltd., Class A		684,000		1,993,195
Guotai Junan Securities Co. Ltd., Class H(c)		1,152,000		2,565,283
Haitong Securities Co. Ltd., Class A		323,960		614,998
Haitong Securities Co. Ltd., Class H		8,640,000		11,468,929
Huatai Securities Co. Ltd., Class A		355,293		1,221,068
Huatai Securities Co. Ltd., Class H(c)		4,104,000		8,312,772
Noah Holdings Ltd., ADR(a)(b)		72,360		4,178,790
Orient Securities Co. Ltd./China, Class A		540,064		989,752
Shenwan Hongyuan Group Co. Ltd., Class A		2,196,097		1,804,059
				95,004,497
Chemicals — 0.1%
Sinopec Shanghai Petrochemical Co. Ltd., Class H		7,920,000		4,015,593
Commercial Services & Supplies — 0.4%
China Everbright International Ltd.(a)		8,640,148		8,453,252
Country Garden Services Holdings Co. Ltd.(b)		2,520,000		4,147,673
Greentown Service Group Co. Ltd.		2,880,000		2,626,920
				15,227,845
Communications Equipment — 0.2%
BYD Electronic International Co. Ltd.(a)		1,801,000		2,303,503
ZTE Corp., Class A(b)		104,700		466,014
ZTE Corp., Class H(b)		1,987,840		5,938,349
				8,707,866
Construction & Engineering — 1.0%
China Communications Construction Co. Ltd., Class H		11,520,000		12,415,501
China Railway Construction Corp. Ltd., Class A		534,300		909,759
China Railway Construction Corp. Ltd., Class H		5,040,000		7,255,217
China Railway Group Ltd., Class H		9,720,000		9,633,570
China State Construction Engineering Corp. Ltd., Class A		1,980,039		1,818,802
China State Construction International Holdings Ltd.		5,040,000		5,329,053
Metallurgical Corp. of China Ltd., Class A		1,872,000		973,019
Metallurgical Corp. of China Ltd., Class H		6,840,000		2,004,127
Sinopec Engineering Group Co. Ltd., Class H		3,420,000		3,106,398
				43,445,446

S C H E D U L E    O F    I N V E S T M E N T  S 21

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction Materials — 0.8%
Anhui Conch Cement Co. Ltd., Class A		246,900	$	1,307,296
Anhui Conch Cement Co. Ltd., Class H		3,060,000		17,502,866
BBMG Corp., Class H		6,840,000		2,509,516
China National Building Material Co. Ltd., Class H		10,080,000		8,025,682
China Resources Cement Holdings Ltd.		6,480,000		6,901,170
				36,246,530
Diversified Consumer Services — 1.4%
New Oriental Education & Technology Group Inc., ADR(b)		365,400		29,984,724
TAL Education Group, ADR(b)		910,080		32,398,848
				62,383,572
Diversified Financial Services — 0.1%
Far East Horizon Ltd.		5,760,000		6,427,883
Diversified Telecommunication Services — 1.6%
China Communications Services Corp. Ltd., Class H		5,760,800		5,790,302
China Telecom Corp. Ltd., Class H		35,280,000		19,101,124
China Tower Corp. Ltd., Class H(b)(c)		101,520,000		24,055,033
China Unicom Hong Kong Ltd.		15,840,000		18,786,517
				67,732,976
Electrical Equipment — 0.4%
Fullshare Holdings Ltd.(a)		19,535,000		3,907,099
NARI Technology Co. Ltd., Class A		319,489		881,849
Shanghai Electric Group Co. Ltd., Class H		7,920,000		2,936,024
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		324,008		668,806
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		1,368,000		1,568,448
Zhuzhou CRRC Times Electric Co. Ltd., Class H		1,404,000		7,878,698
				17,840,924
Electronic Equipment, Instruments & Components — 1.1%
AAC Technologies Holdings Inc.		1,800,000		10,697,088
BOE Technology Group Co. Ltd., Class A		2,052,000		1,247,407
China Railway Signal & Communication Corp. Ltd., Class H(c)		3,960,000		3,279,064
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		468,095		2,412,068
Kingboard Holdings Ltd.		1,800,000		6,305,893
Kingboard Laminates Holdings Ltd.		2,880,000		3,529,466
Sunny Optical Technology Group Co. Ltd.(a)		1,872,000		22,178,400
				49,649,386
Energy Equipment & Services — 0.1%
China Oilfield Services Ltd., Class H		4,756,000		4,707,651
Entertainment — 1.5%
Alibaba Pictures Group Ltd.(a)(b)		36,000,000		6,649,851
iQIYI Inc., ADR(b)		319,680		8,682,509
NetEase Inc., ADR		199,080		44,438,638
Tencent Music Entertainment Group, ADR(b)		229,320		4,132,346
				63,903,344
Food & Staples Retailing — 0.2%
Sun Art Retail Group Ltd.		6,120,000		6,221,509
Yonghui Superstores Co. Ltd., Class A		684,041		883,760
				7,105,269
Food Products — 1.2%
China Agri-Industries Holdings Ltd.		5,760,000		2,047,237
China Huishan Dairy Holdings Co. Ltd.(b)(d)		1,366,667		3,482
China Mengniu Dairy Co. Ltd.		7,200,000		22,242,605
Dali Foods Group Co. Ltd.(c)		5,400,000		3,680,349

Security	Shares		Value
Food Products (continued)
Foshan Haitian Flavouring & Food Co. Ltd., Class A		108,054	$	1,237,540
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		315,098		1,272,591
Tingyi Cayman Islands Holding Corp.		5,040,000		6,998,395
Uni-President China Holdings Ltd.		3,240,000		2,885,118
Want Want China Holdings Ltd.(a)		12,960,000		10,450,814
Yihai International Holding Ltd.		1,080,000		3,412,061
				54,230,192
Gas Utilities — 1.2%
Beijing Enterprises Holdings Ltd.		1,260,000		7,391,654
China Gas Holdings Ltd.		4,536,000		14,908,507
China Resources Gas Group Ltd.		2,160,000		9,383,169
ENN Energy Holdings Ltd.		2,016,000		20,802,568
Towngas China Co. Ltd.		2,520,000		2,009,631
				54,495,529
Health Care Equipment & Supplies — 0.1%
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		5,760,000		5,004,357
Health Care Providers & Services — 0.4%
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A		216,028		558,204
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		360,058		990,600
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		1,980,000		4,449,438
Sinopharm Group Co. Ltd., Class H		3,024,000		13,444,623
				19,442,865
Health Care Technology — 0.2%
Alibaba Health Information Technology Ltd.(b)		9,360,000		9,598,716
Hotels, Restaurants & Leisure — 1.2%
China International Travel Service Corp. Ltd., Class A		108,085		1,029,965
China Travel International Investment Hong Kong Ltd.		5,760,000		1,709,700
Huazhu Group Ltd., ADR(a)		334,080		11,716,185
Yum China Holdings Inc.		921,600		38,449,152
				52,905,002
Household Durables — 0.3%
Gree Electric Appliances Inc. of Zhuhai, Class A		172,293		1,152,875
Haier Electronics Group Co. Ltd.		3,240,000		9,658,335
Midea Group Co. Ltd., Class A		281,957		2,012,174
Qingdao Haier Co. Ltd., Class A		360,288		886,836
				13,710,220
Independent Power and Renewable Electricity Producers — 1.0%
CGN Power Co. Ltd., Class H(c)		27,360,000		7,214,859
China Longyuan Power Group Corp. Ltd., Class H		8,280,000		6,181,151
China National Nuclear Power Co. Ltd., Class A		972,064		869,677
China Power International Development Ltd.		11,160,000		2,814,951
China Resources Power Holdings Co. Ltd.		5,040,000		9,553,772
China Yangtze Power Co. Ltd., Class A		684,088		1,665,467
Datang International Power Generation Co. Ltd., Class H		7,920,000		2,199,496
Huadian Power International Corp. Ltd., Class H		4,320,000		1,893,144
Huaneng Power International Inc., Class H		10,800,000		6,659,023
Huaneng Renewables Corp. Ltd., Class H		12,240,000		3,726,668
				42,778,208
Industrial Conglomerates — 0.8%
CITIC Ltd.		15,120,000		22,998,395
Fosun International Ltd.		6,480,000		10,665,444
Shanghai Industrial Holdings Ltd.		1,440,000		3,228,617
				36,892,456

22 2 0 1 9    I S H A R E S    S E M I  - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance — 6.5%
China Life Insurance Co. Ltd., Class H		19,080,000	$	52,501,720
China Pacific Insurance Group Co. Ltd., Class A		324,353		1,648,119
China Pacific Insurance Group Co. Ltd., Class H		6,624,000		24,935,565
China Reinsurance Group Corp., Class H		13,680,000		3,154,322
China Taiping Insurance Holdings Co. Ltd.		4,104,124		12,704,809
New China Life Insurance Co. Ltd., Class A		104,670		784,181
New China Life Insurance Co. Ltd., Class H		2,052,000		9,933,502
People’s Insurance Co. Group of China Ltd. (The), Class H		19,080,000		8,653,061
PICC Property & Casualty Co. Ltd., Class H		18,000,462		21,555,243
Ping An Insurance Group Co. of China Ltd., Class A		468,099		4,894,792
Ping An Insurance Group Co. of China Ltd., Class H		13,320,000		140,245,357
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c)		612,000		2,299,931
				283,310,602
Interactive Media & Services — 18.6%
58.com Inc., ADR(a)(b)		240,840		17,559,645
Autohome Inc., ADR(a)(b)		150,120		14,118,786
Baidu Inc., ADR(a)(b)		708,480		115,156,339
Momo Inc., ADR(a)(b)		371,520		12,323,318
SINA Corp./China(b)		165,240		11,132,219
Tencent Holdings Ltd.		14,616,000		625,245,586
Weibo Corp., ADR(a)(b)		140,040		10,117,890
YY Inc., ADR(b)		126,360		8,908,380
				814,562,163
Internet & Direct Marketing Retail — 16.6%
Alibaba Group Holding Ltd., ADR(a)(b)		3,318,480		607,381,394
Baozun Inc., ADR(a)(b)		94,680		3,545,766
Ctrip.com International Ltd., ADR(b)		1,046,520		35,717,728
JD.com Inc., ADR(a)(b)		1,872,360		51,883,096
Meituan Dianping, Class B(b)		828,000		6,423,756
Pinduoduo Inc., ADR(b)		487,800		14,604,732
Vipshop Holdings Ltd., ADR(b)		1,117,080		8,020,634
				727,577,106
IT Services — 0.3%
GDS Holdings Ltd., ADR(b)		151,560		5,042,401
TravelSky Technology Ltd., Class H		2,520,000		7,303,371
				12,345,772
Life Sciences Tools & Services — 0.4%
Genscript Biotech Corp.(a)(b)		2,160,000		4,039,441
Wuxi Biologics Cayman Inc.(b)(c)		1,260,000		11,958,266
				15,997,707
Machinery — 1.0%
China Conch Venture Holdings Ltd.		4,140,000		13,817,932
China International Marine Containers Group Co. Ltd., Class A		432,000		853,650
China Shipbuilding Industry Co. Ltd., Class A		1,836,000		1,428,719
CRRC Corp. Ltd., Class A		1,044,098		1,475,261
CRRC Corp. Ltd., Class H		10,440,650		10,959,637
Haitian International Holdings Ltd.		1,800,000		3,934,877
Sinotruk Hong Kong Ltd.		1,800,000		3,274,478
Weichai Power Co. Ltd., Class H		5,040,000		6,998,395
				42,742,949
Marine — 0.1%
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		2,880,000		1,695,024
COSCO SHIPPING Holdings Co. Ltd., Class A(b)		1,080,000		808,161

Security	Shares		Value
Marine (continued)
COSCO SHIPPING Holdings Co. Ltd., Class H(b)		5,760,000	$	2,509,516
				5,012,701
Media — 0.1%
China Literature Ltd.(a)(b)(c)		504,000		2,404,494
Metals & Mining — 0.9%
Aluminum Corp. of China Ltd., Class H(b)		10,804,000		4,431,817
Angang Steel Co. Ltd., Class A		972,097		823,245
Angang Steel Co. Ltd., Class H		2,160,000		1,606,971
Baoshan Iron & Steel Co. Ltd., Class A		891,095		998,210
China Hongqiao Group Ltd.(a)		5,580,000		3,731,942
China Molybdenum Co. Ltd., Class H		10,800,000		5,173,125
China Oriental Group Co. Ltd.		2,880,000		1,929,833
China Zhongwang Holdings Ltd.		4,464,000		2,365,696
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		3,024,092		799,475
Jiangxi Copper Co. Ltd., Class H		3,600,000		4,916,304
Maanshan Iron & Steel Co. Ltd., Class H		4,320,000		2,058,244
MMG Ltd.(a)(b)		5,760,000		2,729,649
Zhaojin Mining Industry Co. Ltd., Class H		2,880,000		3,070,855
Zijin Mining Group Co. Ltd., Class H		15,840,000		6,780,096
				41,415,462
Oil, Gas & Consumable Fuels — 4.9%
China Coal Energy Co. Ltd., Class H		5,400,000		2,345,792
China Petroleum & Chemical Corp., Class A		1,584,893		1,422,692
China Petroleum & Chemical Corp., Class H		64,801,000		55,969,678
China Shenhua Energy Co. Ltd., Class A		252,000		769,339
China Shenhua Energy Co. Ltd., Class H		8,640,000		21,308,874
CNOOC Ltd.		45,720,000		78,861,729
Inner Mongolia Yitai Coal Co. Ltd., Class B		2,916,000		3,601,260
Kunlun Energy Co. Ltd.		8,640,000		9,487,732
PetroChina Co. Ltd., Class A		605,890		708,585
PetroChina Co. Ltd., Class H		54,000,000		35,702,821
Yanzhou Coal Mining Co. Ltd., Class H		5,040,000		5,001,605
				215,180,107
Paper & Forest Products — 0.2%
Lee & Man Paper Manufacturing Ltd.		3,960,000		3,647,329
Nine Dragons Paper Holdings Ltd.		4,320,000		4,479,706
				8,127,035
Personal Products — 0.3%
Hengan International Group Co. Ltd.(a)		1,800,000		14,549,415
Pharmaceuticals — 1.7%
China Medical System Holdings Ltd.		3,600,000		3,788,122
China Resources Pharmaceutical Group Ltd.(c)		4,140,000		5,548,269
China Traditional Chinese Medicine Holdings Co. Ltd.		5,760,000		3,800,963
CSPC Pharmaceutical Group Ltd.		12,240,000		20,894,290
Hutchison China MediTech Ltd., ADR(b)		137,160		3,578,504
Jiangsu Hengrui Medicine Co. Ltd., Class A		180,287		1,936,109
Kangmei Pharmaceutical Co. Ltd., Class A		252,888		401,134
Luye Pharma Group Ltd.(a)(c)		3,060,000		2,284,338
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		1,620,000		5,747,535
Sihuan Pharmaceutical Holdings Group Ltd.		10,440,000		2,181,151
Sino Biopharmaceutical Ltd.		18,000,000		15,615,685
SSY Group Ltd.		4,320,000		3,830,314
Tong Ren Tang Technologies Co. Ltd., Class H		1,440,000		1,885,806
Yunnan Baiyao Group Co. Ltd., Class A		59,499		756,090
				72,248,310

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Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services — 0.1%
51job Inc., ADR(a)(b)		63,000	$	4,552,380
Real Estate Management & Development — 5.3%
Agile Group Holdings Ltd.		4,320,000		5,398,762
China Evergrande Group(a)		6,840,000		21,130,475
China Fortune Land Development Co. Ltd., Class A		140,500		663,552
China Jinmao Holdings Group Ltd.(a)		13,680,000		6,639,762
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		360,067		1,140,133
China Overseas Land & Investment Ltd.		10,080,000		37,110,754
China Resources Land Ltd.(a)		7,200,665		26,877,052
China Vanke Co. Ltd., Class A		459,824		1,922,343
China Vanke Co. Ltd., Class H		3,096,031		11,753,385
CIFI Holdings Group Co. Ltd.		9,360,000		6,105,022
Country Garden Holdings Co. Ltd.		19,440,727		25,607,929
Future Land Development Holdings Ltd.(a)		4,320,000		3,720,248
Greentown China Holdings Ltd.		2,340,000		1,988,305
Guangzhou R&F Properties Co. Ltd., Class H		2,448,000		4,578,033
Jiayuan International Group Ltd.		2,864,000		1,393,727
Kaisa Group Holdings Ltd.(a)		5,400,000		1,926,164
KWG Group Holdings Ltd.(a)		3,240,000		3,046,090
Logan Property Holdings Co. Ltd.		3,600,000		5,127,264
Longfor Group Holdings Ltd.		3,780,000		11,219,904
Poly Developments and Holdings Group Co. Ltd., Class A		540,079		1,065,606
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		2,016,043		2,848,669
Shenzhen Investment Ltd.		8,640,000		3,224,948
Shimao Property Holdings Ltd.		3,060,000		7,235,038
Shui On Land Ltd.		9,900,000		2,471,910
Sino-Ocean Group Holding Ltd.		6,300,000		2,945,425
SOHO China Ltd.(b)		5,760,000		2,458,152
Sunac China Holdings Ltd.		6,120,000		25,611,098
Yuexiu Property Co. Ltd.		16,560,000		3,818,390
Yuzhou Properties Co. Ltd.		4,320,000		2,107,773
				231,135,913
Road & Rail — 0.1%
CAR Inc.(a)(b)		2,160,000		1,898,647
Daqin Railway Co. Ltd., Class A		864,200		1,152,663
				3,051,310
Semiconductors & Semiconductor Equipment — 0.3%
Hua Hong Semiconductor Ltd.(c)		1,080,000		2,526,026
Sanan Optoelectronics Co. Ltd., Class A		324,055		696,976
Semiconductor Manufacturing International Corp.(a)(b)		7,740,300		7,839,102
Xinyi Solar Holdings Ltd.		7,920,000		3,894,520
				14,956,624
Software — 0.3%
Iflytek Co. Ltd., Class A		144,085		768,502
Kingdee International Software Group Co. Ltd.		6,120,000		6,626,920
Kingsoft Corp. Ltd.		2,160,000		4,199,037
				11,594,459
Specialty Retail — 0.2%
GOME Retail Holdings Ltd.(a)(b)		28,850,000		2,609,430
Suning.com Co. Ltd., Class A		612,267		1,119,331
Zhongsheng Group Holdings Ltd.		1,440,000		3,346,022
				7,074,783
Technology Hardware, Storage & Peripherals — 0.8%
Focus Media Information Technology Co. Ltd., Class A		648,238		652,576
Legend Holdings Corp., Class H(c)		1,008,000		2,805,779

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
Lenovo Group Ltd.		18,720,000	$	16,860,353
Meitu Inc.(a)(b)(c)		4,500,000		1,840,174
Xiaomi Corp., Class B(b)(c)		8,784,000		13,383,352
				35,542,234
Textiles, Apparel & Luxury Goods — 1.0%
ANTA Sports Products Ltd.		2,880,000		16,876,863
Heng Ten Networks Group Ltd.(b)		57,600,000		2,054,575
Shenzhou International Group Holdings Ltd.		1,944,000		24,269,663
				43,201,101
Trading Companies & Distributors — 0.1%
BOC Aviation Ltd.(c)		540,000		4,670,947
Transportation Infrastructure — 0.7%
Beijing Capital International Airport Co. Ltd., Class H		4,320,000		4,320,110
China Merchants Port Holdings Co. Ltd.		3,600,000		7,567,072
COSCO SHIPPING Ports Ltd.		4,320,000		4,589,773
Jiangsu Expressway Co. Ltd., Class H		3,600,000		4,962,165
Shenzhen International Holdings Ltd.		2,520,000		5,200,642
Zhejiang Expressway Co. Ltd., Class H		3,600,000		3,756,019
				30,395,781
Water Utilities — 0.5%
Beijing Enterprises Water Group Ltd.		14,400,000		8,621,876
Guangdong Investment Ltd.		7,920,000		15,194,680
				23,816,556
Wireless Telecommunication Services — 3.8%
China Mobile Ltd.		15,660,000		164,783,306
China United Network Communications Ltd., Class A		1,512,000		1,452,109
				166,235,415
Total Common Stocks — 99.9% (Cost: $3,762,731,753)				4,373,345,671
Short-Term Investments
Money Market Funds — 15.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(e)(f)(g)		677,602,884		677,873,925
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(e)(f)		406,912		406,912
				678,280,837
Total Short-Term Investments — 15.5% (Cost: $678,100,444)				678,280,837
Total Investments in Securities — 115.4% (Cost: $4,440,832,197)				5,051,626,508
Other Assets, Less Liabilities — (15.4)%				(675,658,807	)
Net Assets — 100.0%			$	4,375,967,701

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

^(b)  Non-income producing security.

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

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

^(e)  Affiliate of the Fund.

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

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

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Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI China ETF

Affiliates

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

															Change in
	Shares				Shares										Unrealized
	Held at				Held at		Value at					Net Realized			Appreciation
Affiliated Issuer		08/31/18	Net Activity			02/28/19		02/28/19		Income			Gain (Loss)	(a)		(Depreciation	)
BlackRock Cash Funds: Institutional, SL Agency Shares		490,177,186	187,425,698			677,602,884	$	677,873,925	$	1,467,219	(b)	$	(22,118	)	$	85,049
BlackRock Cash Funds: Treasury, SL Agency Shares		3,643,507	(3,236,595	)		406,912		406,912		30,303			—			—
							$	678,280,837	$	1,497,522		$	(22,118	)	$	85,049

^(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
HSCEI Index	26	03/28/19	$	1,890	$	24,540

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation	$	24,540

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

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(101,274	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	147,541

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	5,261,293

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

Fair Value Measurements

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

S C H E D U L E    O F    I N V E S T M E N T  S 25

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI China ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	4,372,586,099	$	—	$	759,572	$	4,373,345,671
Money Market Funds		678,280,837		—		—		678,280,837
	$	5,050,866,936	$	—	$	759,572	$	5,051,626,508
Derivative financial instruments(a)
Assets
Futures Contracts	$	24,540	$	—	$	—	$	24,540

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

See notes to financial statements.

26 2 0 1 9    I S H A R E S    S E M I  - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments  (unaudited)  February 28, 2019 iShares^® MSCI China Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 0.3%
Shandong Airlines Co. Ltd., Class B		35,000	$	57,740
Auto Components — 1.5%
Chaowei Power Holdings Ltd.		170,000		67,785
Launch Tech Co. Ltd., Class H		45,000		33,249
Tianneng Power International Ltd.(a)		180,000		176,336
Xingda International Holdings Ltd.		200,000		59,365
				336,735
Automobiles — 0.7%
Qingling Motors Co. Ltd., Class H		200,000		54,779
Yadea Group Holdings Ltd.(b)		280,000		102,015
				156,794
Beverages — 0.8%
Dynasty Fine Wines Group Ltd.(c)(d)		128,000		—
Tibet Water Resources Ltd.(d)		600,000		188,030
				188,030
Biotechnology — 1.5%
Ascletis Pharma Inc.(b)(d)		60,000		53,428
Shanghai Haohai Biological Technology Co. Ltd., Class H(b)		11,000		67,333
Zai Lab Ltd., ADR(d)		7,080		204,046
				324,807
Building Products — 0.3%
China Fangda Group Co. Ltd., Class B		109,000		57,209
Capital Markets — 0.8%
AGM Group Holdings Inc.(a)(d)		2,280		64,319
China LNG Group Ltd.(d)		540,000		84,613
Yintech Investment Holdings Ltd., ADR(a)		5,920		39,309
				188,241
Chemicals — 4.5%
China BlueChemical Ltd., Class H		480,000		151,647
China Lumena New Materials Corp.(a)(c)(d)		868,000		1
China Sanjiang Fine Chemicals Co. Ltd.		190,000		51,555
China XLX Fertiliser Ltd.		110,000		39,797
Dongyue Group Ltd.		320,000		218,095
Fufeng Group Ltd.		420,600		213,788
Huabao International Holdings Ltd.		170,000		76,015
Shanghai Chlor-Alkali Chemical Co. Ltd., Class B		112,000		77,616
Silver Grant International Industries Ltd.(d)		340,000		71,467
Sinofert Holdings Ltd.(a)(d)		580,000		75,365
Tsaker Chemical Group Ltd.(b)		70,000		13,376
				988,722
Commercial Services & Supplies — 0.7%
Capital Environment Holdings Ltd.(d)		1,360,000		32,745
Dynagreen Environmental Protection Group Co. Ltd., Class H(d)		100,000		50,065
Realord Group Holdings Ltd.(d)		120,000		76,588
				159,398
Communications Equipment — 0.7%
China Fiber Optic Network System Group Ltd.(c)		181,600		8,097
Comba Telecom Systems Holdings Ltd.(d)		400,060		106,516
Eastern Communications Co. Ltd., Class B		79,000		50,639
				165,252
Construction & Engineering — 0.3%
Baoye Group Co. Ltd., Class H(d)		60,000		38,600

Security	Shares		Value
Construction & Engineering (continued)
Beijing Urban Construction Design & Development Group Co. Ltd., Class H(b)		80,000	$	32,816
				71,416
Construction Materials — 1.0%
Asia Cement China Holdings Corp.		130,000		117,417
China Shanshui Cement Group Ltd.(a)(d)		48,000		11,801
West China Cement Ltd.		660,000		99,213
				228,431
Consumer Finance — 0.4%
Chong Sing Holdings FinTech Group(d)		4,640,000		42,559
Yirendai Ltd., ADR(a)		3,190		44,724
				87,283
Containers & Packaging — 1.1%
CPMC Holdings Ltd.		130,000		57,301
Greatview Aseptic Packaging Co. Ltd.		200,000		124,334
Ming Lam Holdings Ltd.(a)(d)		2,400,000		19,873
Youyuan International Holdings Ltd.(a)(d)		100,000		31,848
				233,356
Distributors — 0.6%
China Animation Characters Co. Ltd.(a)		130,000		40,906
Dah Chong Hong Holdings Ltd.		230,000		85,849
				126,755
Diversified Consumer Services — 3.7%
China Maple Leaf Educational Systems Ltd.(a)		400,000		179,877
China New Higher Education Group Ltd.(a)(b)		120,000		68,180
China Yuhua Education Corp. Ltd., Class L(b)		320,000		127,596
Fu Shou Yuan International Group Ltd.(a)		240,000		209,432
Hope Education Group Co. Ltd.(b)(d)		460,000		70,320
RISE Education Cayman Ltd., ADR(a)(d)		3,220		35,291
Tarena International Inc., ADR		8,980		59,358
Wisdom Education International Holdings Co. Ltd.(a)		160,000		69,505
				819,559
Diversified Financial Services — 0.4%
Sheng Ye Capital Ltd.(d)		100,000		100,003
Diversified Telecommunication Services — 0.2%
APT Satellite Holdings Ltd.		101,500		45,127
Electrical Equipment — 1.4%
China High Speed Transmission Equipment Group Co. Ltd.(a)		140,000		137,685
Hangzhou Steam Turbine Co. Ltd., Class B		75,046		67,782
Harbin Electric Co. Ltd., Class H		180,000		95,391
Trony Solar Holdings Co. Ltd.(c)(d)		216,000		—
				300,858
Electronic Equipment, Instruments & Components — 3.2%
Anxin-China Holdings Ltd.(c)(d)		672,000		6,849
AVIC International Holdings Ltd., Class H		81,184		55,848
Camsing International Holding Ltd.(a)		120,000		123,366
China Youzan Ltd.(a)(d)		2,000,000		137,583
PAX Global Technology Ltd.		210,000		98,181
Tongda Group Holdings Ltd.(a)		1,000,000		110,831
Truly International Holdings Ltd.(d)		520,000		96,053
Wasion Holdings Ltd		140,000		68,307
				697,018
Energy Equipment & Services — 0.7%
Anton Oilfield Services Group/Hong Kong(d)		520,000		68,893
Honghua Group Ltd.(d)		660,000		47,084

S C H E D U L E    O F    I N V E S T M E N T  S 27

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI China Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Energy Equipment & Services (continued)
Wison Engineering Services Co. Ltd.		280,000	$	37,097
				153,074
Entertainment — 4.0%
Changyou.com Ltd., ADR		4,810		98,124
FingerTangoInc.(d)		200,000		41,785
Huanxi Media Group Ltd.(a)(d)		300,000		61,912
IGG Inc.		250,000		355,423
IMAX China Holding Inc.(b)		34,000		88,792
NetDragon Websoft Holdings Ltd.		60,000		128,717
Poly Culture Group Corp. Ltd., Class H		23,000		33,344
SMI Holdings Group Ltd.(c)(d)		267,200		81,353
				889,450
Equity Real Estate Investment Trusts (REITs) — 1.3%
Yuexiu REIT		420,000		284,109
Food & Staples Retailing — 0.2%
Springland International Holdings Ltd.		200,000		40,001
Food Products — 1.1%
China Foods Ltd.		240,000		92,334
China Huiyuan Juice Group Ltd.(c)(d)		81,000		15,168
China Modern Dairy Holdings Ltd.(d)		490,000		70,537
COFCO Meat Holdings Ltd.(d)		210,000		57,250
				235,289
Gas Utilities — 1.1%
Beijing Gas Blue Sky Holdings Ltd.(d)		1,440,000		57,785
China Oil and Gas Group Ltd.		1,216,000		85,200
China Tian Lun Gas Holdings Ltd.		80,000		92,639
				235,624
Health Care Equipment & Supplies — 0.8%
AK Medical Holdings Ltd.(b)		80,000		43,008
Lifetech Scientific Corp.(d)		600,000		126,882
				169,890
Health Care Providers & Services — 2.1%
China Medical & HealthCare Group Ltd.(a)(d)		1,000,000		24,969
China Resources Medical Holdings Co. Ltd.		230,000		164,959
Genertec Universal Medical Group Co. Ltd.(b)		260,000		243,777
Golden Meditech Holdings Ltd.		320,000		33,020
				466,725
Hotels, Restaurants & Leisure — 1.6%
500.com Ltd., ADR(a)(d)		4,180		63,536
Ajisen China Holdings Ltd.		130,000		36,931
Beijing Sports and Entertainment Industry Group Ltd.(a)(d)		225,000		76,531
Haichang Ocean Park Holdings Ltd.(b)(d)		320,000		65,224
Huangshan Tourism Development Co. Ltd., Class B		62,000		76,632
Tuniu Corp., ADR(d)		6,780		33,764
				352,618
Household Durables — 2.5%
Kasen International Holdings Ltd.(a)		200,000		128,920
Konka Group Co. Ltd., Class B		188,000		63,467
Ozner Water International Holding Ltd.(a)(b)		110,000		24,243
Q Technology Group Co. Ltd.(a)		110,000		91,365
Skyworth Digital Holdings Ltd.		500,000		156,055
TCL Electronics Holdings Ltd.		190,000		93,671
				557,721
Household Products — 0.8%
NVC Lighting Holdings Ltd.		500,000		34,396

Security	Shares		Value
Household Products (continued)
Vinda International Holdings Ltd.(a)		70,000	$	137,328
				171,724
Independent Power and Renewable Electricity Producers — 2.9%
Canvest Environment Protection Group Co. Ltd.		200,000		104,971
CGN Meiya Power Holdings Co. Ltd.(b)(d)		360,000		54,575
China Datang Corp. Renewable Power Co. Ltd., Class H		650,000		86,945
China Everbright Greentech Ltd., Class L(a)(b)		140,000		110,041
China Power Clean Energy Development Co. Ltd.		115,000		40,141
Concord New Energy Group Ltd.		1,600,000		76,435
GCL New Energy Holdings Ltd.(a)(d)		1,840,000		86,728
Huadian Energy Co. Ltd., Class B(d)		122,000		34,282
Panda Green Energy Group Ltd.(a)(d)		1,020,000		49,377
				643,495
Insurance — 1.2%
Fanhua Inc., ADR		10,610		267,372
Interactive Media & Services — 2.5%
Bitauto Holdings Ltd., ADR(d)		6,910		135,160
Fang Holdings Ltd., ADR(a)(d)		58,180		90,761
Sohu.com Ltd., ADR(a)(d)		8,460		169,707
Tian Ge Interactive Holdings Ltd.(b)		140,000		60,460
Wise Talent Information Technology Co. Ltd.(d)		28,000		96,308
				552,396
Internet & Direct Marketing Retail — 0.5%
Cogobuy Group(a)(b)(d)		160,000		62,779
Jumei International Holding Ltd., ADR(d)		21,020		55,703
				118,482
IT Services — 3.6%
21Vianet Group Inc., ADR(d)		16,550		156,232
AGTech Holdings Ltd.(d)		920,000		64,460
Chinasoft International Ltd.		560,000		344,570
Digital China Holdings Ltd.(a)(d)		180,000		96,308
Hi Sun Technology China Ltd.(d)		510,000		83,811
INESA Intelligent Tech Inc., Class B		79,000		48,980
				794,361
Leisure Products — 0.6%
Bestway Global Holding Inc.(b)		70,000		27,733
Goodbaby International Holdings Ltd.(a)		230,000		82,919
Shanghai Phoenix Enterprise Group Co. Ltd., Class B(d)		48,000		26,976
				137,628
Machinery — 3.7%
China Yuchai International Ltd.		4,920		94,612
CIMC Enric Holdings Ltd.		160,000		142,883
First Tractor Co. Ltd., Class H(d)		100,000		27,135
Huangshi Dongbei Electrical Appliance Co. Ltd., Class B(d)		32,920		42,697
Kama Co. Ltd., Class B(d)		66,015		36,704
Lonking Holdings Ltd		530,000		177,571
Sany Heavy Equipment International Holdings Co. Ltd.(d)		250,000		89,174
Shang Gong Group Co. Ltd., Class B(d)		67,000		49,580
Shanghai Diesel Engine Co. Ltd., Class B		91,045		56,448
Shanghai Highly Group Co. Ltd., Class B		77,000		66,528
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H		60,000		28,357
				811,689
Marine — 0.7%
Seaspan Corp.(a)		18,650		164,120
Media — 0.2%
Phoenix Media Investment Holdings Ltd.		340,000		38,982

28 2 0 1 9    I S H A R E S    S E M I  - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI China Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining — 2.2%
Chiho Environmental Group Ltd.(a)(d)		100,000	$	19,619
China Metal Recycling Holdings Ltd.(c)(d)		184,800		—
China Metal Resources Utilization Ltd.(a)(b)(d)		200,000		111,595
Inner Mongolia Eerduosi Resources Co. Ltd., Class B		86,000		80,238
Jinchuan Group International Resources Co. Ltd.(a)(d)		670,000		60,600
Real Gold Mining Ltd.(c)(d)		126,000		16
Shougang Fushan Resources Group Ltd.		660,000		149,660
Tiangong International Co. Ltd.(a)		240,000		54,422
				476,150
Multi-Utilities — 0.2%
Tianjin Development Holdings Ltd.		100,000		37,326
Multiline Retail — 0.3%
Lifestyle China Group Ltd.(d)		160,000		61,148
Oil, Gas & Consumable Fuels — 1.4%
China Suntien Green Energy Corp. Ltd., Class H		430,000		119,417
Sinopec Kantons Holdings Ltd.		280,000		131,621
Yuan Heng Gas Holdings Ltd.(a)(d)		640,000		48,103
				299,141
Paper & Forest Products — 0.0%
China Forestry Holdings Co. Ltd.(c)(d)		306,000		—
Qunxing Paper Holdings Co. Ltd.(c)(d)		148,000		1,697
				1,697
Pharmaceuticals — 4.3%
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.		70,000		120,742
China Animal Healthcare Ltd.(a)(c)(d)		140,000		1,070
China Grand Pharmaceutical and Healthcare Holdings Ltd., Class A(d)		440,000		275,778
China Shineway Pharmaceutical Group Ltd.		80,000		83,773
Consun Pharmaceutical Group Ltd.		100,000		76,562
Dawnrays Pharmaceutical Holdings Ltd.		220,000		45,963
Hua Han Health Industry Holdings Ltd., Class H(a)(c)(d)		651,960		26,577
Lee’s Pharmaceutical Holdings Ltd.		75,000		65,448
Shandong Xinhua Pharmaceutical Co. Ltd., Class H		50,800		27,957
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd., Class H		70,000		44,587
Shanghai Haixin Group Co., Class B		118,000		58,292
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H(b)		28,000		119,493
				946,242
Real Estate Management & Development — 15.1%
Beijing Capital Land Ltd., Class H		260,000		108,971
Beijing North Star Co. Ltd., Class H		200,000		63,186
C&D International Investment Group Ltd.		50,000		48,918
Carnival Group International Holdings Ltd.(d)		2,202,596		34,232
Central China Real Estate Ltd.		190,038		80,133
China Aoyuan Group Ltd.		330,000		259,382
China Logistics Property Holdings Co. Ltd.(b)(d)		260,000		85,786
China Merchants Land Ltd.		340,000		52,409
China Overseas Grand Oceans Group Ltd.		420,000		165,329
China Overseas Property Holdings Ltd.(a)		350,000		131,532
China SCE Group Holdings Ltd.		500,800		197,135
China Vast Industrial Urban Development Co. Ltd.(b)		110,000		45,262
Colour Life Services Group Co. Ltd.		90,000		53,772
Fantasia Holdings Group Co. Ltd.(a)		405,000		63,460
Gemdale Properties & Investment Corp. Ltd.		1,320,000		151,341
Glorious Property Holdings Ltd.(d)		710,000		33,014
Greenland Hong Kong Holdings Ltd.		230,000		67,976
Ground International Development Ltd.(a)(d)		350,000		15,160

Security	Shares		Value
Real Estate Management & Development (continued)
Guangdong Land Holdings Ltd.(d)		60,000	$	12,306
Guorui Properties Ltd.(a)		240,000		49,836
HKC Holdings Ltd.		50,920		45,278
Modern Land China Co. Ltd.		240,000		34,549
Nam Tai Property Inc.		6,530		61,970
Poly Property Group Co. Ltd.		550,000		207,394
Powerlong Real Estate Holdings Ltd.		330,000		153,864
Redco Group(b)		240,000		112,512
Redsun Properties Group Ltd.(d)		180,000		71,085
Renhe Commercial Holdings Co. Ltd.(a)(d)		6,220,000		281,294
Road King Infrastructure Ltd.		60,000		114,805
Ronshine China Holdings Ltd.(d)		155,000		203,381
Shanghai Industrial Urban Development Group Ltd.		400,000		75,416
Shanghai Shibei Hi-Tech Co. Ltd., Class B		127,000		66,294
Skyfame Realty Holdings Ltd.		640,000		97,837
Top Spring International Holdings Ltd.		115,000		39,995
Zhuguang Holdings Group Co. Ltd.(a)(d)		400,000		63,696
				3,348,510
Road & Rail — 0.6%
eHi Car Services Ltd., ADR(d)		7,290		87,917
Shanghai Jinjiang International Industrial Investment Co. Ltd., Class B		43,000		45,408
				133,325
Semiconductors & Semiconductor Equipment — 2.9%
Daqo New Energy Corp., ADR(d)		2,630		95,680
GCL-Poly Energy Holdings Ltd.(d)		3,530,000		305,791
JinkoSolar Holding Co. Ltd., ADR(a)(d)		8,010		164,926
Shanghai Fudan Microelectronics Group Co. Ltd., Class H(d)		80,000		85,505
				651,902
Software — 0.8%
Inspur International Ltd.		140,000		81,149
National Agricultural Holdings Ltd.(a)(c)(d)		126,000		11,396
Sinosoft Technology Group Ltd.		150,012		51,598
Xunlei Ltd., ADR(d)		8,210		37,027
				181,170
Specialty Retail — 2.3%
Boshiwa International Holding Ltd.(a)(c)(d)		153,000		585
China Harmony New Energy Auto Holding Ltd.		210,000		84,002
China Meidong Auto Holdings Ltd.		120,000		54,269
China ZhengTong Auto Services Holdings Ltd.		300,000		183,062
Grand Baoxin Auto Group Ltd.		200,000		62,167
Pou Sheng International Holdings Ltd.		590,000		120,258
				504,343
Technology Hardware, Storage & Peripherals — 0.5%
China Goldjoy Group Ltd.		2,120,000		103,977
Coolpad Group Ltd.(c)(d)		384,000		2,446
				106,423
Textiles, Apparel & Luxury Goods — 8.3%
361 Degrees International Ltd.		230,000		45,415
Best Pacific International Holdings Ltd.(a)		80,000		23,950
Bosideng International Holdings Ltd.		880,000		169,278
China Dongxiang Group Co. Ltd.		960,000		138,195
China Lilang Ltd.		120,000		115,111
China Longevity Group Co. Ltd.(c)(d)		96,000		—
Citychamp Watch & Jewellery Group Ltd.		420,000		89,352
Cosmo Lady China Holdings Co. Ltd.(a)(b)		180,000		56,868
Fuguiniao Co. Ltd., Class H(c)(d)		43,200		9,631
HOSA International Ltd.(c)		220,000		8,408

S C H E D U L E    O F    I N V E S T M E N T  S 29

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI China Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
JNBY Design Ltd.		50,000	$	98,729
Li Ning Co. Ltd.(d)		480,000		672,628
Luthai Textile Co. Ltd., Class B		67,937		83,517
Texhong Textile Group Ltd.		75,000		100,512
Weiqiao Textile Co.		115,000		46,441
Xtep International Holdings Ltd.		275,000		180,419
				1,838,454
Trading Companies & Distributors — 1.3%
China Aircraft Leasing Group Holdings Ltd.		75,000		84,270
CITIC Resources Holdings Ltd.		760,037		69,712
HC Group Inc.(a)(d)		135,000		82,378
Shougang Concord International Enterprises Co. Ltd.(d)		1,960,000		57,178
Superb Summit International Group Ltd.(a)(c)(d)		59,500		76
				293,614
Transportation Infrastructure — 1.8%
Anhui Expressway Co. Ltd., Class H		120,000		78,422
COSCO SHIPPING International Hong Kong Co. Ltd.(a)		160,000		59,314
Tianjin Port Development Holdings Ltd.		500,000		57,963
Xiamen International Port Co. Ltd., Class H		280,000		40,307
Yuexiu Transport Infrastructure Ltd.		200,000		155,673
				391,679
Water Utilities — 1.4%
China Everbright Water Ltd.(a)		217,000		56,209
China Water Affairs Group Ltd.		220,000		229,254
CT Environmental Group Ltd.(a)		600,000		29,428
				314,891
Total Common Stocks — 99.6% (Cost: $26,540,626)				22,003,499
Rights
Real Estate Management & Development — 0.0%
China Aoyuan Group Ltd., (Expires 03/04/19)(d)		3,882		—
Total Rights — 0.0% (Cost: $0)				—

Security	Shares		Value
Short-Term Investments
Money Market Funds — 14.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(e)(f)(g)		3,186,801	$	3,188,075
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(e)(f)		52,857		52,857
				3,240,932
Total Short-Term Investments — 14.6% (Cost: $3,239,919)				3,240,932
Total Investments in Securities — 114.2% (Cost: $29,780,545)				25,244,431
Other Assets, Less Liabilities — (14.2)%				(3,147,266	)
Net Assets — 100.0%			$	22,097,165

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

^(d)  Non-income producing security. (e) Affiliate of the Fund.

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

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

Affiliates

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

Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss) (Depreciation)	(a)		Change in Unrealized Appreciation
BlackRock Cash Funds: Institutional, SL Agency Shares	4,008,047	(821,246	)	3,186,801	$	3,188,075	$	96,942	(b)	$	110		$	(108	)
BlackRock Cash Funds: Treasury, SL Agency Shares	20,119	32,738		52,857		52,857		389			—			—
					$	3,240,932	$	97,331		$	110		$	(108	)

^(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.

30 2 0 1 9    I S H A R E S    S E M I  - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI China Small-Cap ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	21,830,129	$	—		$	173,370	$	22,003,499
Rights		—		0	(a)		—		0	(a)
Money Market Funds		3,240,932		—			—		3,240,932
	$	25,071,061	$	0	(a)	$	173,370	$	25,244,431

^(a)  Rounds to less than $1.

The following table includes a rollforward for the six months ended February 28, 2019 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	$	104,781
Realized gain (loss) and change in unrealized appreciation/depreciation		(12,193	)
Purchases		—
Sales		—
Transfers in(a)		87,789	(b)
Transfers out(a)		(7,007	)(c)
Balance at end of period	$	173,370
Net change in unrealized appreciation/depreciation on investments still held at end of period	$	(8,374	)

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

^(b)  Transfers in to Level 3 are due to the suspension of trading of equity securities.

^(c)  Transfers out of Level 3 are due to resumption of trading of equity securities.

See notes to financial statements.

S C H E D U L E    O F    I N V E S T M E N T  S 31

Schedule of Investments  (unaudited) February 28, 2019 iShares^® MSCI Indonesia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Automobiles — 7.2%
Astra International Tbk PT		94,115,330	$	47,835,409
Banks — 36.7%
Bank Central Asia Tbk PT		43,235,358		84,749,600
Bank Danamon Indonesia Tbk PT		16,861,260		10,218,037
Bank Mandiri Persero Tbk PT		84,228,960		42,660,838
Bank Negara Indonesia Persero Tbk PT		40,724,458		25,475,403
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		16,222,136		2,363,986
Bank Pembangunan Daerah Jawa Timur Tbk PT		56,557,800		2,854,526
Bank Rakyat Indonesia Persero Tbk PT		257,812,660		70,558,290
Bank Tabungan Negara Persero Tbk PT		25,219,126		4,356,316
				243,236,996
Capital Markets — 1.0%
Kresna Graha Investama Tbk PT(a)		81,581,300		3,566,554
Pool Advista Indonesia Tbk PT(a)		8,681,200		3,017,670
				6,584,224
Construction & Engineering — 1.7%
Adhi Karya Persero Tbk PT		10,824,710		1,154,225
PP Persero Tbk PT		16,248,522		2,310,080
Sitara Propertindo Tbk PT(a)		44,303,000		2,519,453
Waskita Karya Persero Tbk PT		24,890,900		3,317,607
Wijaya Karya Persero Tbk PT		17,331,770		2,199,197
				11,500,562
Construction Materials — 4.3%
Indocement Tunggal Prakarsa Tbk PT		9,391,844		12,835,131
Semen Indonesia Persero Tbk PT		15,400,455		13,848,641
Waskita Beton Precast Tbk PT		60,323,100		1,655,213
				28,338,985
Diversified Telecommunication Services — 10.6%
Inovisi Infracom Tbk PT(a)(b)		9,476,400		—
Link Net Tbk PT		7,572,500		2,314,679
Telekomunikasi Indonesia Persero Tbk PT		236,350,190		64,852,443
Tower Bersama Infrastructure Tbk PT		10,872,700		3,076,122
				70,243,244
Food Products — 8.2%
Charoen Pokphand Indonesia Tbk PT		37,805,225		19,618,137
Eagle High Plantations Tbk PT(a)		44,557,452		525,789
Indofood CBP Sukses Makmur Tbk PT		14,581,554		10,598,642
Indofood Sukses Makmur Tbk PT		25,727,130		12,939,004
Inti Agri Resources Tbk PT(a)		157,847,600		2,244,146
Japfa Comfeed Indonesia Tbk PT		24,692,700		3,931,875
Nippon Indosari Corpindo Tbk PT		230,233		19,067
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		15,588,500		1,351,908
Salim Ivomas Pratama Tbk PT		24,723,900		836,579
Sawit Sumbermas Sarana Tbk PT		19,627,300		1,520,793
Tunas Baru Lampung Tbk PT		13,561,700		800,157
				54,386,097
Gas Utilities — 1.5%
Perusahaan Gas Negara Persero Tbk PT		55,243,407		9,974,640
Household Products — 4.1%
Unilever Indonesia Tbk PT		7,816,304		27,045,218
Insurance — 0.5%
Panin Financial Tbk PT(a)		100,838,778		3,197,021

Security	Shares		Value
Marine — 0.2%
Berlian Laju Tanker Tbk PT(a)(b)		20,137,514	$	—
Trada Alam Minera Tbk PT(a)		125,829,300		1,627,932
				1,627,932
Media — 1.1%
Global Mediacom Tbk PT		32,657,800		919,317
Media Nusantara Citra Tbk PT		32,133,500		2,135,761
Surya Citra Media Tbk PT		31,820,000		3,958,415
				7,013,493
Metals & Mining — 0.8%
Aneka Tambang Tbk		42,528,954		3,068,554
Krakatau Steel Persero Tbk PT(a)		24,138,793		820,213
Timah Tbk PT		14,340,380		1,396,575
				5,285,342
Multiline Retail — 1.7%
Matahari Department Store Tbk PT		12,121,200		4,954,462
Mitra Adiperkasa Tbk PT		57,129,400		4,304,757
Ramayana Lestari Sentosa Tbk PT		18,888,500		2,349,733
				11,608,952
Oil, Gas & Consumable Fuels — 5.3%
Adaro Energy Tbk PT		73,439,139		6,838,832
Bukit Asam Tbk PT		15,124,400		4,279,020
Bumi Resources Tbk PT(a)		257,875,800		2,749,698
Delta Dunia Makmur Tbk PT(a)		23,822,700		965,270
Indika Energy Tbk PT		9,112,400		1,266,376
Medco Energi Internasional Tbk PT(a)		34,733,233		2,283,863
Sekawan Intipratama Tbk PT(a)(b)		30,572,100		84,756
Sugih Energy Tbk PT(a)(b)		119,120,611		423,389
United Tractors Tbk PT		8,677,996		16,347,389
				35,238,593
Paper & Forest Products — 2.5%
Indah Kiat Pulp & Paper Corp. Tbk PT		13,825,000		10,834,948
Pabrik Kertas Tjiwi Kimia Tbk PT		7,012,700		5,570,778
				16,405,726
Personal Products — 0.3%
Industri Jamu Dan Farmasi Sido Muncul Tbk PT		24,268,600		1,785,534
Pharmaceuticals — 1.8%
Kalbe Farma Tbk PT		112,929,985		12,001,445
Real Estate Management & Development — 3.6%
Alam Sutera Realty Tbk PT(a)		89,075,616		2,051,573
Bumi Serpong Damai Tbk PT(a)		43,438,822		4,184,084
Ciputra Development Tbk PT		55,002,913		3,421,187
Hanson International Tbk PT(a)		368,271,535		2,617,889
Lippo Karawaci Tbk PT		57,953,462		1,285,337
Pakuwon Jati Tbk PT		96,109,177		4,235,841
PP Properti Tbk PT		146,221,739		1,631,904
Sentul City Tbk PT(a)		99,615,600		892,238
Summarecon Agung Tbk PT		53,649,758		3,584,914
				23,904,967
Specialty Retail — 0.9%
Ace Hardware Indonesia Tbk PT		48,320,679		6,028,277
Textiles, Apparel & Luxury Goods — 0.2%
Sri Rejeki Isman Tbk PT		61,419,500		1,536,852
Tobacco — 4.4%
Gudang Garam Tbk PT		2,578,442		15,653,026

32 2 0 1 9    I S H A R E S    S E M I  - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI Indonesia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Tobacco (continued)
Hanjaya Mandala Sampoerna Tbk PT		49,070,500	$	13,255,227
				28,908,253
Trading Companies & Distributors — 0.6%
AKR Corporindo Tbk PT		10,188,100		4,019,474
Transportation Infrastructure — 0.7%
Jasa Marga Persero Tbk PT		13,111,908		4,870,071
Total Common Stocks — 99.9% (Cost: $732,560,319)				662,577,307
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(c)(d)		234,474		234,474
Total Short-Term Investments — 0.0% (Cost: $234,474)				234,474
Total Investments in Securities — 99.9% (Cost: $732,794,793)				662,811,781
Other Assets, Less Liabilities — 0.1%				775,036
Net Assets — 100.0%			$	663,586,817

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

														Change in
	Shares				Shares									Unrealized
	Held at				Held at		Value at				Net Realized			Appreciation
Affiliated Issuer		08/31/18	Net Activity			02/28/19		02/28/19		Income		Gain (Loss)	(a)		(Depreciation	)
BlackRock Cash Funds: Treasury, SL Agency Shares		375,511	(141,037	)		234,474	$	234,474	$	4,418	$	—		$	—

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

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	662,069,162	$	—	$	508,145	$	662,577,307
Money Market Funds		234,474		—		—		234,474
	$	662,303,636	$	—	$	508,145	$	662,811,781

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 33

Schedule of Investments  (unaudited) February 28, 2019 iShares^® MSCI Peru ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 30.3%
BBVA Banco Continental SA		4,318,447	$	5,068,232
Credicorp Ltd.		152,677		37,114,252
Intercorp Financial Services Inc.		165,623		7,386,785
				49,569,269
Capital Markets — 0.7%
Bolsa de Valores de Lima SAA, Class A		1,270,264		1,152,690
Construction & Engineering — 1.6%
Grana y Montero SAA(a)		4,560,294		2,579,477
Construction Materials — 5.9%
Cementos Pacasmayo SAA		2,429,764		4,799,261
Union Andina de Cementos SAA		5,994,177		4,804,770
				9,604,031
Electric Utilities — 3.9%
Enel Distribucion Peru SAA		1,146,971		1,838,762
Luz del Sur SAA		1,228,405		4,521,987
				6,360,749
Food & Staples Retailing — 4.7%
InRetail Peru Corp.(a)(b)		219,882		7,649,695
Food Products — 5.3%
Alicorp SAA		2,288,164		7,786,402
Casa Grande SAA		694,876		840,745
				8,627,147
Metals & Mining — 39.6%
Cia. de Minas Buenaventura SAA, ADR		1,033,119		17,191,100
Cia. Minera Atacocha SAA, Class B(a)		6,682,472		636,715
Hochschild Mining PLC		2,239,929		5,910,991
Minsur SA(a)		10,291,337		5,603,269
Pan American Silver Corp.		483,170		6,449,604
Sociedad Minera Cerro Verde SAA		157,675		3,799,968
Southern Copper Corp.		466,867		16,625,134

Security	Shares		Value
Metals & Mining (continued)
Trevali Mining Corp.(a)		12,280,798	$	3,450,186
Volcan Cia. Minera SAA, Class B, NVS		24,676,414		5,075,608
			64,742,575
Multiline Retail — 2.6%
SACI Falabella		547,911		4,267,317
Oil, Gas &Consumable Fuels — 1.0%
Refineria La Pampilla SAA Relapasa(a)		35,657,732		1,650,222
Trading Companies & Distributors — 3.5%
Ferreycorp SAA		7,827,644		5,824,563
Total Common Stocks — 99.1% (Cost: $203,480,211)				162,027,735
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(c)(d)		303,214		303,214
Total Short-Term Investments — 0.2% (Cost: $303,214)				303,214
Total Investments in Securities — 99.3% (Cost: $203,783,425)				162,330,949
Other Assets, Less Liabilities — 0.7%				1,177,157
Net Assets — 100.0%			$	163,508,106

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

Affiliates

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

Change in

Shares

Shares

Unrealized

Held at

Held at

Value at

Net Realized

Appreciation

Affiliated Issuer

08/31/18

Net Activity

02/28/19

02/28/19

Income

Gain (Loss)

(a)

(Depreciation

)

BlackRock Cash Funds: Treasury, SL Agency Shares

163,488

139,726

303,214

$

303,214

$

1,069

$

—

$

—

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

Fair Value Measurements

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

34 2 0 1 9    I S H A R E S    S E M I  - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI Peru ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	162,027,735	$	—	$	—	$	162,027,735
Money Market Funds		303,214		—		—		303,214
	$	162,330,949	$	—	$	—	$	162,330,949

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 35

Schedule of Investments  (unaudited) February 28, 2019 iShares^® MSCI Philippines ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 0.5%
Cebu Air Inc.		832,710	$	1,353,234
Banks — 14.9%
Bank of the Philippine Islands		3,538,095		5,746,326
BDO Unibank Inc.		7,752,314		19,125,972
East West Banking Corp.(a)		2,216,000		536,433
Metropolitan Bank & Trust Co.		6,256,248		9,193,249
Security Bank Corp.		888,490		2,848,253
				37,450,233
Chemicals — 1.0%
D&L Industries Inc.		11,238,000		2,537,893
Construction & Engineering — 0.4%
Megawide Construction Corp.		2,877,600		1,112,761
Diversified Financial Services — 11.6%
Ayala Corp.		993,018		17,759,893
GT Capital Holdings Inc.		352,544		6,509,658
Metro Pacific Investments Corp.		55,733,450		5,064,718
				29,334,269
Electric Utilities — 2.5%
Manila Electric Co.		889,210		6,320,062
Electronic Equipment, Instruments & Components — 0.2%
Integrated Micro-Electronics Inc.		2,165,800		547,731
Food & Staples Retailing — 0.5%
Cosco Capital Inc.		8,590,700		1,303,886
Food Products — 4.1%
Century Pacific Food Inc.		4,175,000		1,235,064
Universal Robina Corp.		3,464,948		9,117,931
				10,352,995
Hotels, Restaurants & Leisure — 5.4%
Bloomberry Resorts Corp.		15,168,765		3,343,463
Jollibee Foods Corp.		1,710,131		10,177,462
				13,520,925
Independent Power and Renewable Electricity Producers — 2.4%
Aboitiz Power Corp.		5,790,135		3,901,512
First Gen Corp.		5,009,837		2,058,373
				5,959,885
Industrial Conglomerates — 19.2%
Aboitiz Equity Ventures Inc.		7,750,637		9,141,316
Alliance Global Group Inc.		15,780,239		4,179,994
DMCI Holdings Inc.		15,661,560		3,452,084
JG Summit Holdings Inc.		11,262,492		14,415,641
SM Investments Corp.		946,686		17,205,817
				48,394,852

Security	Shares		Value
Oil, Gas & Consumable Fuels — 1.1%
Petron Corp.		9,194,100	$	1,185,705
Pilipinas Shell Petroleum Corp.		1,585,100		1,500,206
				2,685,911
Real Estate Management & Development — 26.4%
Ayala Land Inc.		28,949,500		24,628,345
DoubleDragon Properties Corp.(a)		2,793,590		1,166,697
Filinvest Land Inc.		38,237,590		1,094,192
Megaworld Corp.		44,342,760		4,432,561
Robinsons Land Corp.		8,171,606		3,697,130
SM Prime Holdings Inc.		39,725,935		29,456,489
Vista Land & Lifescapes Inc.		15,151,100		2,167,791
				66,643,205
Specialty Retail — 0.6%
Wilcon Depot Inc.		5,724,800		1,633,760
Transportation Infrastructure — 3.5%
International Container Terminal Services Inc.		3,578,973		8,027,086
MacroAsia Corp.		1,874,520		697,327
				8,724,413
Water Utilities — 1.0%
Manila Water Co. Inc.		4,872,229		2,543,507
Wireless Telecommunication Services — 4.6%
Globe Telecom Inc.		130,740		4,802,900
PLDT Inc.		339,639		6,763,886
				11,566,786
Total Common Stocks — 99.9% (Cost: $278,405,528)				251,986,308
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(b)(c)		65,154		65,154
Total Short-Term Investments — 0.1% (Cost: $65,154)				65,154
Total Investments in Securities — 100.0% (Cost: $278,470,682)				252,051,462
Other Assets, Less Liabilities — 0.0%				121,931
Net Assets — 100.0%			$	252,173,393

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

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

36 2 0 1 9    I S H A R E S    S E M I  - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI Philippines ETF

Affiliates

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

														Change in
	Shares				Shares									Unrealized
	Held at				Held at		Value at				Net Realized			Appreciation
Affiliated Issuer		08/31/18	Net Activity			02/28/19		02/28/19		Income		Gain (Loss)	(a)		(Depreciation	)
BlackRock Cash Funds: Treasury, SL Agency Shares		83,914	(18,760	)		65,154	$	65,154	$	800	$	—		$	—

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

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	251,986,308	$	—	$	—	$	251,986,308
Money Market Funds		65,154		—		—		65,154
	$	252,051,462	$	—	$	—	$	252,051,462

See notes to financial statements.

S C H E D U L E    O F    I N V E S T M E N T  S 37

Schedule of Investments  (unaudited) February 28, 2019 iShares^® MSCI Poland ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 31.8%
Alior Bank SA(a)(b)		384,787	$	5,977,768
Bank Handlowy w Warszawie SA		157,455		2,746,138
Bank Millennium SA(a)(b)		2,765,137		6,330,140
Bank Polska Kasa Opieki SA		705,902		21,166,785
mBank SA		66,523		7,524,661
Powszechna Kasa Oszczednosci Bank Polski SA		3,761,621		37,870,071
Santander Bank Polska SA		131,680		13,117,468
				94,733,031
Capital Markets — 0.5%
Warsaw Stock Exchange		146,184		1,555,272
Chemicals — 1.6%
Ciech SA		136,201		2,144,756
Grupa Azoty SA(b)		214,674		2,528,250
				4,673,006
Construction & Engineering — 0.6%
Budimex SA		56,567		1,724,631
Consumer Finance — 1.1%
KRUK SA		77,308		3,375,895
Diversified Telecommunication Services — 1.5%
Orange Polska SA(a)		3,060,283		4,389,767
Electric Utilities — 6.7%
Enea SA(a)		1,053,473		2,810,377
Energa SA(a)		994,684		2,579,834
PGE Polska Grupa Energetyczna SA(a)		3,732,830		11,459,793
Tauron Polska Energia SA(a)		4,954,306		3,055,057
				19,905,061
Entertainment — 4.6%
CD Projekt SA(a)		271,665		13,667,730
Food & Staples Retailing — 2.8%
Dino Polska SA(a)(c)		220,708		6,250,035
Eurocash SA(b)		407,394		2,196,272
				8,446,307
Health Care Providers & Services — 0.3%
Neuca SA		12,883		886,484
Insurance — 9.4%
Powszechny Zaklad Ubezpieczen SA		2,583,217		27,893,411
Machinery — 0.5%
Famur SA		1,265,008		1,633,780
Media — 2.6%
Cyfrowy Polsat SA(a)		1,140,624		7,703,778
Metals & Mining — 6.5%
Boryszew SA(a)		489,198		587,789

Security	Shares		Value
Metals & Mining (continued)
Jastrzebska Spolka Weglowa SA(a)		241,399	$	3,679,921
KGHM Polska Miedz SA(a)		526,132		14,105,378
Stalprodukt SA		10,134		871,655
				19,244,743
Oil, Gas & Consumable Fuels — 20.0%
Grupa Lotos SA		418,934		10,552,901
Lubelski Wegiel Bogdanka SA(a)		69,427		946,273
Polski Koncern Naftowy ORLEN SA		1,285,542		34,668,977
Polskie Gornictwo Naftowe i Gazownictwo SA		7,342,689		13,447,508
				59,615,659
Road & Rail — 0.6%
PKP Cargo SA(a)		156,912		1,773,228
Software — 1.7%
Asseco Poland SA		351,249		4,936,171
Textiles, Apparel & Luxury Goods — 6.2%
CCC SA		129,367		6,282,611
LPP SA		5,643		12,179,083
				18,461,694
Wireless Telecommunication Services — 1.0%
PLAY Communications SA(c)		531,757		3,011,671
Total Common Stocks — 100.0% (Cost: $359,343,679)				297,631,319
Short-Term Investments
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(d)(e)(f)		2,353,586		2,354,528
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(d)(e)		104,114		104,114
				2,458,642
Total Short-Term Investments — 0.8% (Cost: $2,457,855)				2,458,642
Total Investments in Securities — 100.8% (Cost: $361,801,534)				300,089,961
Other Assets, Less Liabilities — (0.8)%				(2,356,354	)
Net Assets — 100.0%			$	297,733,607

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

38 2 0 1 9    I S H A R E S    S E M I  - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI Poland ETF

Affiliates

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

Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	1,985,114	368,472		2,353,586	$	2,354,528	$	32,128	(b)	$	1,070		$	494
BlackRock Cash Funds: Treasury, SL Agency Shares	128,703	(24,589	)	104,114		104,114		2,081			—			—
					$	2,458,642	$	34,209		$	1,070		$	494

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

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

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	297,631,319	$	—	$	—	$	297,631,319
Money Market Funds		2,458,642		—		—		2,458,642
	$	300,089,961	$	—	$	—	$	300,089,961

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 39

Schedule of Investments  (unaudited) February 28, 2019 iShares^® MSCI Qatar ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 1.5%
Gulf Warehousing Co		70,751	$	812,703
Banks — 46.2%
Commercial Bank PQSC (The)		218,620		2,398,212
Doha Bank QPSC		217,514		1,219,816
Masraf Al Rayan QSC		231,013		2,331,933
Qatar First Bank(a)		475,582		528,207
Qatar International Islamic Bank QSC		69,330		1,334,254
Qatar Islamic Bank SAQ		118,792		4,718,533
Qatar National Bank QPSC		252,259		12,987,319
				25,518,274
Construction Materials — 1.5%
Qatar National Cement Co. QSC		47,801		810,740
Diversified Financial Services — 0.8%
Salam International Investment Ltd. QSC(a)		357,749		434,525
Diversified Telecommunication Services — 3.5%
Ooredoo QPSC		104,572		1,916,367
Energy Equipment &Services — 1.2%
Gulf International Services QSC(a)		177,201		682,046
Food &Staples Retailing —1.3%
Al Meera Consumer Goods Co. QSC		17,089		722,268
Health Care Providers &Services — 1.4%
Medicare Group		43,426		790,589
Industrial Conglomerates — 14.2%
Industries Qatar QSC		182,230		6,630,171
Mannai Corp. QSC		36,619		490,858
Qatar Industrial Manufacturing Co. QSC		65,855		738,628
				7,859,657
Insurance — 3.3%
Qatar Insurance Co. SAQ		202,949		1,859,880

Security	Shares		Value
Marine — 2.8%
Qatar Navigation QSC		83,314	$	1,538,420
Multi-Utilities — 4.4%
Qatar Electricity & Water Co. QSC		50,048		2,416,488
Oil, Gas & Consumable Fuels — 3.9%
Qatar Gas Transport Co. Ltd.		390,791		2,138,099
Real Estate Management & Development — 11.3%
Barwa Real Estate Co.		214,323		2,321,759
Ezdan Holding Group QSC(a)		667,503		2,373,831
Mazaya Qatar Real Estate Development QSC(a)		219,099		419,558
United Development Co. QSC		295,239		1,117,797
				6,232,945
Wireless Telecommunication Services — 2.1%
Vodafone Qatar QSC(a)		528,158		1,186,206
Total Common Stocks — 99.4% (Cost: $47,927,295)				54,919,207
Short-Term Investments
Money Market Funds — 0.7%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(b)(c)		368,668		368,668
Total Short-Term Investments — 0.7% (Cost: $368,668)				368,668
Total Investments in Securities — 100.1% (Cost: $48,295,963)				55,287,875
Other Assets, Less Liabilities — (0.1)%				(28,647	)
Net Assets — 100.0%			$	55,259,228

^(a)  Non-income producing security.

^(b) Affiliate of the Fund.

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

Affiliates

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

Affiliated Issuer	Shares Held at 08/31/18	Net Activity	Shares Held at 02/28/19		Value at 02/28/19		Income		Net Realized Gain (Loss	)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	25,912	342,756	368,668	$	368,668	$	553	$	—		$	—

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

Fair Value Measurements

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

40 2 0 1 9    I S H A R E S    S E M I  - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI Qatar ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	54,919,207	$	—	$	—	$	54,919,207
Money Market Funds		368,668		—		—		368,668
	$	55,287,875	$	—	$	—	$	55,287,875

See notes to financial statements.

S C H E D U L E    O F    I N V E S T M E N T  S 41

Schedule of Investments  (unaudited) February 28, 2019 iShares MSCI Saudi Arabia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 41.4%
Al Rajhi Bank		1,305,406	$	34,946,808
Alinma Bank		1,220,765		7,857,738
Bank AlBilad		497,973		3,857,271
Bank Al-Jazira		686,709		2,944,333
Banque Saudi Fransi		604,300		5,816,852
National Commercial Bank		1,969,807		27,364,631
Riyad Bank		1,915,449		11,389,474
Samba Financial Group		1,225,225		11,908,075
Saudi British Bank (The)		381,072		3,708,755
				109,793,937
Building Products — 0.2%
Saudi Ceramic Co.(a)		71,245		378,418
Chemicals — 25.6%
Advanced Petrochemical Co.		166,165		2,459,012
Alujain Corp.(a)		75,770		479,226
National Industrialization Co.(a)		563,644		2,494,831
Sahara Petrochemical Co.		380,018		1,617,206
Saudi Arabian Fertilizer Co.		286,216		6,280,901
Saudi Basic Industries Corp.		1,214,486		39,637,124
Saudi Industrial Investment Group		379,075		2,526,931
Saudi International Petrochemical Co.		317,245		1,695,199
Saudi Kayan Petrochemical Co.(a)		1,122,623		4,232,642
Yanbu National Petrochemical Co.		352,318		6,510,229
				67,933,301
Construction Materials — 3.2%
Arabian Cement Co./Saudi Arabia		98,791		637,999
City Cement Co.		196,816		540,538
Eastern Province Cement Co.		90,772		580,887
Najran Cement Co.(a)		192,376		428,317
Northern Region Cement Co.(a)		198,007		464,613
Qassim Cement Co. (The)		84,505		865,250
Saudi Cement Co.		131,957		1,991,485
Southern Province Cement Co.		114,244		1,276,367
Yamama Cement Co.(a)		194,929		726,628
Yanbu Cement Co.		143,688		1,072,770
				8,584,854
Diversified Financial Services — 0.2%
Aseer Trading Tourism & Manufacturing Co.(a)		151,110		378,747
Diversified Telecommunication Services — 4.5%
Saudi Telecom Co.		448,273		11,881,114
Electric Utilities — 2.3%
Saudi Electricity Co.		1,389,963		6,122,679
Food &Staples Retailing — 0.5%
Abdullah Al Othaim Markets Co.		79,203		1,408,626
Food Products — 4.8%
Almarai Co. JSC		503,665		7,238,669
Halwani Brothers Co.		29,341		349,321
National Agriculture Development Co. (The)(a)		84,867		614,380
Saudia Dairy & Foodstuff Co.		30,628		833,004
Savola Group (The)		443,207		3,758,044
				12,793,418
Gas Utilities — 0.2%
National Gas & Industrialization Co.		76,206		599,431

Security	Shares		Value
Health Care Providers & Services — 1.9%
Al Hammadi Co. for Development and Investment(a)		115,017	$	766,709
Dallah Healthcare Co.		58,512		795,689
Middle East Healthcare Co.		67,875		560,143
Mouwasat Medical Services Co.		86,237		1,761,370
National Medical Care Co.		46,303		592,623
Saudi Chemical Co.		65,044		570,599
				5,047,133
Hotels, Restaurants & Leisure — 1.5%
Al Tayyar Travel Group Holding Co.		188,601		1,215,986
Dur Hospitality Co.		81,904		441,148
Herfy Food Services Co.		46,776		613,644
Saudi Airlines Catering Co.		71,276		1,594,533
				3,865,311
Insurance — 1.7%
Al Rajhi Co. for Cooperative Insurance(a)		36,514		728,265
Bupa Arabia for Cooperative Insurance Co.		88,276		2,104,303
Co. for Cooperative Insurance (The)(a)		108,262		1,685,843
				4,518,411
Media — 0.5%
Saudi Research & Marketing Group(a)		64,345		1,415,458
Metals & Mining —3.7%
Saudi Arabian Mining Co.(a)		676,763		9,870,795
Oil, Gas & Consumable Fuels — 0.8%
Rabigh Refining & Petrochemical Co.		381,365		2,021,554
Pharmaceuticals — 0.3%
Saudi Pharmaceutical Industries & Medical
Appliances Corp.		112,904		802,296
Real Estate Management & Development — 2.2%
Arriyadh Development Co.		131,919		705,613
Dar Al Arkan Real Estate Development Co.		915,360		2,587,176
Emaar Economic City(a)		733,844		1,896,076
Saudi Real Estate Co.		193,799		656,271
				5,845,136
Road & Rail — 0.4%
Saudi Public Transport Co.		131,961		529,906
United International Transportation Co.		73,509		574,297
				1,104,203
Specialty Retail — 2.2%
Fawaz Abdulaziz Al Hokair & Co.(a)		142,518		805,626
Jarir Marketing Co.		99,122		3,911,650
Saudi Co. For Hardware CJSC		27,947		518,648
United Electronics Co.		41,035		664,158
				5,900,082
Wireless Telecommunication Services — 1.8%
Etihad Etisalat Co.(a)		642,601		3,402,897
Mobile Telecommunications Co.(a)		494,794		1,256,000
				4,658,897
Total Common Stocks — 99.9% (Cost: $239,700,850)				264,923,801
Total Investments in Securities — 99.9% (Cost: $239,700,850)				264,923,801
Other Assets, Less Liabilities — 0.1%				157,837
Net Assets — 100.0%			$	265,081,638

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Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI Saudi Arabia ETF

^(a)  Non-income producing security.

Affiliates

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

Affiliated Issuer	Shares Held at 08/31/18		Net Activity			Shares Held at 02/28/19		Value at 02/28/19		Income		Net Realized Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares		940,172		(940,172	)		—	$	—	$	1,256	$	—	$	—

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

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	264,923,801	$	—	$	—	$	264,923,801

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 43

Schedule of Investments  (unaudited) February 28, 2019 iShares^® MSCI UAE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 2.2%
Air Arabia PJSC		4,275,134	$	1,103,410
Banks — 39.7%
Abu Dhabi Commercial Bank PJSC		1,610,162		4,177,741
Ajman Bank PJSC		3,231,732		816,512
Dubai Islamic Bank PJSC		1,523,523		2,165,203
First Abu Dhabi Bank PJSC		2,512,617		10,397,980
Union National Bank PJSC		1,449,474		2,202,032
				19,759,468
Building Products — 0.9%
National Central Cooling Co. PJSC		1,014,056		452,777
Capital Markets — 2.7%
Dubai Financial Market PJSC		4,317,972		986,327
SHUAA Capital PSC		1,909,539		372,758
				1,359,085
Construction & Engineering — 2.4%
Arabtec Holding PJSC		1,585,148		932,186
Drake & Scull International PJSC(a)(b)		2,972,998		256,019
				1,188,205
Diversified Financial Services — 3.9%
Al Waha Capital PJSC		2,229,537		880,160
Amanat Holdings PJSC		3,057,592		832,451
GulfGeneral Investment Co.(a)(b)		7,295,803		236,374
				1,948,985
Diversified Telecommunication Services — 14.3%
Emirates Telecommunications Group Co. PJSC		1,554,139		7,142,354
Energy Equipment & Services — 1.5%
Lamprell PLC(b)		924,894		738,121
Food Products — 1.1%
Agthia Group PJSC		541,045		564,172
Health Care Providers & Services — 4.3%
NMC Health PLC		59,892		2,154,070
Hotels, Restaurants & Leisure — 1.6%
DXB Entertainments PJSC(b)		10,726,055		768,024
Industrial Conglomerates — 2.6%
Dubai Investments PJSC		3,680,781		1,282,712

Security	Shares		Value
Oil, Gas & Consumable Fuels — 2.8%
Dana Gas PJSC		5,657,870	$	1,381,734
Real Estate Management & Development — 15.0%
Aldar Properties PJSC		4,664,849		2,260,667
DAMAC Properties Dubai Co. PJSC		3,272,980		1,229,707
Deyaar Development PJSC(b)		313,900		30,681
Emaar Development PJSC		28,966		30,756
Emaar Malls PJSC		68,761		32,761
Emaar Properties PJSC		1,812,284		2,417,694
Eshraq Properties Co. PJSC(b)		4,549,871		542,566
RAK Properties PJSC		3,913,871		493,363
Union Properties PJSC(b)		4,282,835		451,254
				7,489,449
Thrifts & Mortgage Finance — 0.5%
Amlak Finance PJSC(b)		2,388,240		234,728
Transportation Infrastructure — 4.4%
DP World Ltd.		136,770		2,189,688
Total Common Stocks — 99.9% (Cost: $50,007,192)				49,756,982
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(c)(d)		78,274		78,274
Total Short-Term Investments — 0.2% (Cost: $78,274)				78,274
Total Investments in Securities — 100.1% (Cost: $50,085,466)				49,835,256
Other Assets, Less Liabilities — (0.1)%				(25,461	)
Net Assets — 100.0%			$	49,809,795

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

^(b)  Non-income producing security.

^(c)  Affiliate of the Fund.

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

Affiliates

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

Affiliated Issuer	Shares Held at 08/31/18		Net Activity			Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		—		—			—	$	—	$	14	(b)	$	—	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		120,744		(42,470	)		78,274		78,274		943			—		—
								$	78,274	$	957		$	—	$	—

^(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.

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Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI UAE ETF

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	49,264,589	$	—	$	492,393	$	49,756,982
Money Market Funds		78,274		—		—		78,274
	$	49,342,863	$	—	$	492,393	$	49,835,256

S C H E D U L E    O F    I N V E S T M E N T  S 45

Statements of Assets and Liabilities  (unaudited)

February 28, 2019

	iShares
	MSCI
	Argentina			iShares					iShares
	and Global			MSCI Brazil					MSCI China
	Exposure			Small-Cap			iShares		Small-Cap
	ETF			ETF			MSCI China ETF		ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	24,128,013		$	91,439,764		$	4,373,345,671	$	22,003,499
Affiliated(c)		153,832			96,656			678,280,837		3,240,932
Foreign currency, at value(d)		22,905			101,196			5,808,233		41,922
Foreign currency pledged:
Futures contracts(e)		—			—			142,679		—
Receivables:
Investments sold		1,456,061			122,317			72,586,428		212,939
Securities lending income — Affiliated		54			—			222,823		10,804
Dividends		16			286,149			135,095		3,502
Total assets		25,760,881			92,046,082			5,130,521,766		25,513,598
LIABILITIES
Collateral on securities loaned, at value		152,700			—			677,713,527		3,186,694
Payables:
Investments purchased		1,245,307			182,763			74,922,268		220,951
Variation margin on futures contracts		—			—			22,692		—
Capital shares redeemed		202,512			—			—		—
Investment advisory fees		12,019			41,172			1,895,578		8,788
Total liabilities		1,612,538			223,935			754,554,065		3,416,433
NET ASSETS	$	24,148,343		$	91,822,147		$	4,375,967,701	$	22,097,165
NET ASSETS CONSIST OF:
Paid-in capital	$	32,149,199		$	114,443,723		$	4,148,629,471	$	32,105,816
Accumulated earnings (loss)		(8,000,856	)		(22,621,576	)		227,338,230		(10,008,651	)
NET ASSETS	$	24,148,343		$	91,822,147		$	4,375,967,701	$	22,097,165
Shares outstanding		1,000,000			5,750,000			72,000,000		500,000
Net asset value	$	24.15		$	15.97		$	60.78	$	44.19
Shares authorized		Unlimited			Unlimited			Unlimited		Unlimited
Par value		None			None			None		None
(a) Securities loaned, at value	$	146,016		$	—		$	655,566,540	$	2,781,008
(b) Investments, at cost — Unaffiliated	$	30,676,098		$	67,464,209		$	3,762,731,753	$	26,540,626
(c)  Investments, at cost — Affiliated	$	153,804		$	96,656		$	678,100,444	$	3,239,919
(d) Foreign currency, at cost	$	22,766		$	101,778		$	5,786,070	$	41,920
(e) Foreign currency collateral pledged, at cost	$	—		$	—		$	142,796	$	—

See notes to financial statements.

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Statements of Assets and Liabilities  (unaudited) (continued)

February 28, 2019

	iShares						iShares
	MSCI			iShares			MSCI			iShares
	Indonesia			MSCI Peru			Philippines			MSCI Poland
	ETF			ETF			ETF			ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	662,577,307		$	162,027,735		$	251,986,308		$	297,631,319
Affiliated(c)		234,474			303,214			65,154			2,458,642
Foreign currency, at value(d)		520,933			1,643,621			269,175			110,000
Receivables:
Investments sold		981,109			5,751,010			3,667,181			1,524,936
Securities lending income — Affiliated		—			—			—			7,666
Dividends		672			896			138,922			239
Tax reclaims		—			—			—			9,757
Total assets		664,314,495			169,726,476			256,126,740			301,742,559
LIABILITIES
Collateral on securities loaned, at value		—			—			—			2,345,526
Payables:
Investments purchased		421,930			6,147,600			3,841,302			1,530,037
Capital shares redeemed		4,420			—			—			2,623
Investment advisory fees		301,328			70,572			112,045			130,766
Foreign taxes		—			198			—			—
Total liabilities		727,678			6,218,370			3,953,347			4,008,952
NET ASSETS	$	663,586,817		$	163,508,106		$	252,173,393		$	297,733,607
NET ASSETS CONSIST OF:
Paid-in capital	$	813,470,443		$	297,253,099		$	324,908,679		$	409,860,421
Accumulated loss		(149,883,626	)		(133,744,993	)		(72,735,286	)		(112,126,814	)
NET ASSETS	$	663,586,817		$	163,508,106		$	252,173,393		$	297,733,607
Shares outstanding		25,450,000			4,250,000			7,450,000			12,700,000
Net asset value	$	26.07		$	38.47		$	33.85		$	23.44
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None
(a) Securities loaned, at value	$	—		$	—		$	—		$	2,287,558
(b) Investments, at cost — Unaffiliated	$	732,560,319		$	203,480,211		$	278,405,528		$	359,343,679
(c)  Investments, at cost — Affiliated	$	234,474		$	303,214		$	65,154		$	2,457,855
(d) Foreign currency, at cost	$	511,765		$	1,641,561		$	263,554		$	110,838

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T S 47

Statements of Assets and Liabilities  (unaudited) (continued)

February 28, 2019

	iShares			iShares		iShares
	MSCI Qatar			MSCI Saudi		MSCI UAE
	ETF			Arabia ETF		ETF
ASSETS
Investments in securities, at value:
Unaffiliated(a)	$	54,919,207		$	264,923,801	$	49,756,982
Affiliated(b)		368,668			—		78,274
Foreign currency, at value(c)		292,544			20,728,499		10,544
Receivables:
Investments sold		769,689			2,403,097		4,515,161
Capital shares sold		—			20,516,287		—
Dividends		235			1,600		203
Total assets		56,350,343			308,573,284		54,361,164
LIABILITIES
Bank overdraft		—			52,346		—
Payables:
Investments purchased		1,066,226			43,311,665		4,530,256
Investment advisory fees		24,889			127,635		21,113
Total liabilities		1,091,115			43,491,646		4,551,369
NET ASSETS	$	55,259,228		$	265,081,638	$	49,809,795
NET ASSETS CONSIST OF:
Paid-in capital	$	69,395,423		$	249,182,222	$	74,327,179
Accumulated earnings (loss)		(14,136,195	)		15,899,416		(24,517,384	)
NET ASSETS	$	55,259,228		$	265,081,638	$	49,809,795
Shares outstanding		3,000,000			8,400,000		3,450,000
Net asset value	$	18.42		$	31.56	$	14.44
Shares authorized		Unlimited			Unlimited		Unlimited
Par value		None			None		None
(a) Investments, at cost — Unaffiliated	$	47,927,295		$	239,700,850	$	50,007,192
(b) Investments, at cost — Affiliated	$	368,668		$	—	$	78,274
(c)  Foreign currency, at cost	$	292,618		$	20,728,499	$	10,016

See notes to financial statements.

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Statements of Operations  (unaudited)

Six Months Ended February 28, 2019

	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	$	66,747		$	1,192,861		$	11,711,627		$	131,672
Dividends — Affiliated		177			982			30,303			389
Securities lending income — Affiliated — net		2,156			—			1,467,219			96,942
Foreign taxes withheld		(5,401	)		(86,430	)		(511,585	)		(329	)
Total investment income		63,679			1,107,413			12,697,564			228,674
EXPENSES
Investment advisory fees		64,197			194,074			10,731,552			59,545
Total expenses		64,197			194,074			10,731,552			59,545
Net investment income (loss)		(518	)		913,339			1,966,012			169,129
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(559,464	)		1,639,160			(64,607,577	)		(2,288,130	)
Investments — Affiliated		158			—			(22,118	)		110
In-kind redemptions — Unaffiliated		422,697			—			—			281,805
Futures contracts		—			—			(101,274	)		—
Foreign currency transactions		(407	)		(2,064	)		(11,933	)		(553	)
Net realized gain (loss)		(137,016	)		1,637,096			(64,742,902	)		(2,006,768	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		2,060,607			16,686,047			190,516,241			711,777
Investments — Affiliated		(33	)		—			85,049			(108	)
Futures contracts		—			—			147,541			—
Foreign currency translations		155			15,791			47,598			—
Net change in unrealized appreciation (depreciation)		2,060,729			16,701,838			190,796,429			711,669
Net realized and unrealized gain (loss)		1,923,713			18,338,934			126,053,527			(1,295,099	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,923,195		$	19,252,273		$	128,019,539		$	(1,125,970	)

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T S 49

Statements of Operations  (unaudited) (continued)

Six Months Ended February 28, 2019

	iShares						iShares
	MSCI			iShares			MSCI			iShares
	Indonesia			MSCI Peru			Philippines			MSCI Poland
	ETF			ETF			ETF			ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	1,244,264		$	1,075,448		$	752,557		$	1,786,641
Dividends — Affiliated		4,418			1,069			800			2,081
Securities lending income — Affiliated — net		—			—			—			32,128
Foreign taxes withheld		(193,781	)		(28,376	)		(225,768	)		(267,996	)
Foreign withholding tax claims		—			—			—			656,879
Total investment income		1,054,901			1,048,141			527,589			2,209,733
EXPENSES
Investment advisory fees		1,439,315			438,939			514,477			791,485
Professional fees		—			—			—			66,295
Total expenses		1,439,315			438,939			514,477			857,780
Net investment income (loss)		(384,414	)		609,202			13,112			1,351,953
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(9,453,026	)		(4,723,414	)		(6,369,344	)		(4,801,902	)
Investments — Affiliated		—			—			—			1,070
In-kind redemptions — Unaffiliated		7,538,918			139,890			(914,439	)		3,706,951
Foreign currency transactions		27,288			(6,373	)		(3,753	)		(1,956	)
Net realized loss		(1,886,820	)		(4,589,897	)		(7,287,536	)		(1,095,837	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		46,216,611			8,567,334			9,543,328			(7,671,028	)
Investments — Affiliated		—			—			—			494
Foreign currency translations		10,396			4,520			6,461			(6,023	)
Net change in unrealized appreciation (depreciation)		46,227,007			8,571,854			9,549,789			(7,676,557	)
Net realized and unrealized gain (loss)		44,340,187			3,981,957			2,262,253			(8,772,394	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	43,955,773		$	4,591,159		$	2,275,365		$	(7,420,441	)

See notes to financial statements.

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Statements of Operations  (unaudited) (continued)

Six Months Ended February 28, 2019

	iShares MSCI Qatar ETF			iShares MSCI Saudi Arabia ETF			iShares MSCI UAE ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	940,715		$	1,270,257		$	18,006	(a)
Dividends — Affiliated		553			1,256			943
Securities lending income — Affiliated — net		—			—			14
Foreign taxes withheld		—			(19,041	)		—
Total investment income		941,268			1,252,472			18,963
EXPENSES
Investment advisory fees		158,039			801,096			114,276
Total expenses		158,039			801,096			114,276
Net investment income (loss)		783,229			451,376			(95,313	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(350,000	)		(6,820,215	)		(2,686,047	)
In-kind redemptions — Unaffiliated		—			—			355,805
Foreign currency transactions		(7,323	)		(33,223	)		(7,419	)
Net realized loss		(357,323	)		(6,853,438	)		(2,337,661	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		1,493,410			17,886,521			120,804
Foreign currency translations		973			(2,460	)		690
Net change in unrealized appreciation (depreciation)		1,494,383			17,884,061			121,494
Net realized and unrealized gain (loss)		1,137,060			11,030,623			(2,216,167	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,920,289		$	11,481,999		$	(2,311,480	)

^(a) Includes $10,272 related to a special distribution from Emaar Development PJSC.

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 MSCI Argentina and Global Exposure ETF						iShares MSCI Brazil Small-Cap ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(518	)	$	925,959		$	913,339		$	1,822,314
Net realized gain (loss)		(137,016	)		668,781			1,637,096			2,731,146
Net change in unrealized appreciation (depreciation)		2,060,729			(8,489,312	)		16,701,838			(20,166,503	)
Net increase (decrease) in net assets resulting from operations		1,923,195			(6,894,572	)		19,252,273			(15,613,043	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(22,203	)		(1,034,545	)		(1,721,560	)		(3,340,505	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		44,012			14,704,620			25,612,318			5,317,014
NET ASSETS(a)
Total increase (decrease) in net assets		1,945,004			6,775,503			43,143,031			(13,636,534	)
Beginning of period		22,203,339			15,427,836			48,679,116			62,315,650
End of period	$	24,148,343		$	22,203,339		$	91,822,147		$	48,679,116

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

See notes to financial statements.

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Statements of Changes in Net Assets  (continued)

	iShares MSCI China ETF						iShares MSCI China Small-Cap ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,966,012		$	50,425,310		$	169,129		$	683,030
Net realized gain (loss)		(64,742,902	)		(24,735,994	)		(2,006,768	)		4,006,605
Net change in unrealized appreciation (depreciation)		190,796,429			(146,407,361	)		711,669			(4,518,436	)
Net increase (decrease) in net assets resulting from operations		128,019,539			(120,718,045	)		(1,125,970	)		171,199
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(35,147,664	)		(51,449,006	)		(752,784	)		(738,092	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		838,952,711			1,022,062,880			(2,000,973	)		4,718,949
NET ASSETS(a)
Total increase (decrease) in net assets		931,824,586			849,895,829			(3,879,727	)		4,152,056
Beginning of period		3,444,143,115			2,594,247,286			25,976,892			21,824,836
End of period	$	4,375,967,701		$	3,444,143,115		$	22,097,165		$	25,976,892

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

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T S 53

Statements of Changes in Net Assets  (continued)

	iShares MSCI Indonesia ETF						iShares MSCI Peru ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(384,414	)	$	7,776,288		$	609,202		$	5,144,546
Net realized gain (loss)		(1,886,820	)		(4,103,607	)		(4,589,897	)		3,760,094
Net change in unrealized appreciation (depreciation)		46,227,007			(68,342,634	)		8,571,854			(7,622,653	)
Net increase (decrease) in net assets resulting from operations		43,955,773			(64,669,953	)		4,591,159			1,281,987
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(988,561	)		(7,486,688	)		(648,546	)		(5,225,025	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		205,861,544			(14,496,385	)		(5,151,123	)		(2,134,236	)
NET ASSETS(a)
Total increase (decrease) in net assets		248,828,756			(86,653,026	)		(1,208,510	)		(6,077,274	)
Beginning of period		414,758,061			501,411,087			164,716,616			170,793,890
End of period	$	663,586,817		$	414,758,061		$	163,508,106		$	164,716,616

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

See notes to financial statements.

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Statements of Changes in Net Assets  (continued)

	iShares MSCI Philippines ETF						iShares MSCI Poland ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	13,112		$	687,429		$	1,351,953		$	4,289,279
Net realized gain (loss)		(7,287,536	)		(3,836,083	)		(1,095,837	)		24,638,296
Net change in unrealized appreciation (depreciation)		9,549,789			(10,993,790	)		(7,676,557	)		(67,372,274	)
Net increase (decrease) in net assets resulting from operations		2,275,365			(14,142,444	)		(7,420,441	)		(38,444,699	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(106,003	)		(742,473	)		(3,708,505	)		(5,917,963	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		77,991,121			14,653,010			45,104,089			(55,415,554	)
NET ASSETS(a)
Total increase (decrease) in net assets		80,160,483			(231,907	)		33,975,143			(99,778,216	)
Beginning of period		172,012,910			172,244,817			263,758,464			363,536,680
End of period	$	252,173,393		$	172,012,910		$	297,733,607		$	263,758,464

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

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T S 55

Statements of Changes in Net Assets  (continued)

	iShares MSCI Qatar ETF						iShares MSCI Saudi Arabia ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	783,229		$	2,142,518		$	451,376		$	5,049,338
Net realized loss		(357,323	)		(6,953,869	)		(6,853,438	)		(2,116,701	)
Net change in unrealized appreciation (depreciation)		1,494,383			12,274,448			17,884,061			6,703,058
Net increase in net assets resulting from operations		1,920,289			7,463,097			11,481,999			9,635,695
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(348,789	)		(2,211,558	)		(3,167,379	)		(2,600,597	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(1,565,678	)		611,767			(331,721	)		231,757,266
NET ASSETS(a)
Total increase in net assets		5,822			5,863,306			7,982,899			238,792,364
Beginning of period		55,253,406			49,390,100			257,098,739			18,306,375
End of period	$	55,259,228		$	55,253,406		$	265,081,638		$	257,098,739

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

See notes to financial statements.

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Statements of Changes in Net Assets  (continued)

	iShares MSCI UAE ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(95,313	)	$	1,776,026
Net realized loss		(2,337,661	)		(1,591,539	)
Net change in unrealized appreciation (depreciation)		121,494			(3,476,500	)
Net decrease in net assets resulting from operations		(2,311,480	)		(3,292,013	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(195,400	)		(1,907,835	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		13,298,593			(5,445,277	)
NET ASSETS(a)
Total increase (decrease) in net assets		10,791,713			(10,645,125	)
Beginning of period		39,018,082			49,663,207
End of period	$	49,809,795		$	39,018,082

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

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T S 57

Financial Highlights  

(For a share outstanding throughout each period)

	iShares MSCI Argentina and Global Exposure ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Period From 04/25/17(a) to 08/31/17
Net asset value, beginning of period	$	22.20		$	25.71		$	25.23
Net investment income(b)		(0.00	)(c)		0.63			0.03
Net realized and unrealized gain (loss)(d)		1.97			(3.61	)		0.46
Net increase (decrease) from investment operations		1.97			(2.98	)		0.49
Distributions
From net investment income		(0.02	)		(0.53	)		(0.01	)
Total distributions		(0.02	)		(0.53	)		(0.01	)
Net asset value, end of period	$	24.15		$	22.20		$	25.71
Total Return
Based on net asset value		8.91	%(e)		(12.00	)%		2.00	%(e)
Ratios to Average Net Assets
Total expenses		0.59	%(f)		0.59	%		0.59	%(f)
Net investment income		(0.00	)%(f)(g)		2.22	%		0.34	%(f)
Supplemental Data
Net assets, end of period (000)	$	24,148		$	22,203		$	15,428
Portfolio turnover rate(h)		10	%(e)		42	%		17	%(e)

^(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)  Not annualized.

^(f)  Annualized.

^(g) Rounds to less than 0.01%.

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

See notes to financial statements.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Brazil Small-Cap ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14
Net asset value, beginning of period	$	11.87		$	16.19		$	11.51		$	8.12		$	21.00		$	19.78
Net investment income(a)		0.20			0.40			0.36			0.24			0.37			0.47
Net realized and unrealized gain (loss)(b)		4.27			(4.01	)		4.74			3.35			(12.85	)		1.13
Net increase (decrease) from investment operations		4.47			(3.61	)		5.10			3.59			(12.48	)		1.60
Distributions
From net investment income		(0.37	)		(0.71	)		(0.42	)		(0.20	)		(0.40	)		(0.38	)
Return of capital		—			—			—			—			(0.00	)(c)		—
Total distributions		(0.37	)		(0.71	)		(0.42	)		(0.20	)		(0.40	)		(0.38	)
Net asset value, end of period	$	15.97		$	11.87		$	16.19		$	11.51		$	8.12		$	21.00
Total Return
Based on net asset value		38.10	%(d)		(22.95	)%		45.92	%		45.17	%		(60.01	)%		8.18	%
Ratios to Average Net Assets
Total expenses		0.59	%(e)		0.59	%		0.62	%		0.63	%		0.62	%		0.62	%
Net investment income		2.77	%(e)		2.55	%		2.76	%		2.77	%		2.87	%		2.36	%
Supplemental Data
Net assets, end of period (000)	$	91,822		$	48,679		$	62,316		$	50,087		$	27,189		$	40,951
Portfolio turnover rate(f)		14	%(d)(g)		67	%(g)		58	%(g)		38	%(g)		172	%(g)		40	%(g)
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Rounds to less than $0.01.
(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:		8	%		25	%		26	%		28	%		39	%		35	%

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T S 59

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI China ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14
Net asset value, beginning of period	$	60.85		$	62.06		$	46.87		$	44.49		$	50.34		$	43.90
Net investment income(a)		0.03			1.05			0.86			0.97			1.41			1.15
Net realized and unrealized gain (loss)(b)		0.42			(1.10	)		14.94			2.34			(6.21	)		6.24
Net increase (decrease) from investment operations		0.45			(0.05	)		15.80			3.31			(4.80	)		7.39
Distributions
From net investment income		(0.52	)		(1.16	)		(0.61	)		(0.93	)		(1.05	)		(0.95	)
Total distributions		(0.52	)		(1.16	)		(0.61	)		(0.93	)		(1.05	)		(0.95	)
Net asset value, end of period	$	60.78		$	60.85		$	62.06		$	46.87		$	44.49		$	50.34
Total Return
Based on net asset value		0.86	%(c)		(0.22	)%		34.13	%		7.63	%		(9.86	)%		17.03	%
Ratios to Average Net Assets
Total expenses		0.59	%(d)		0.59	%		0.62	%		0.64	%		0.62	%		0.62	%
Net investment income		0.11	%(d)		1.57	%		1.70	%		2.24	%		2.65	%		2.48	%
Supplemental Data
Net assets, end of period (000)	$	4,375,968		$	3,444,143		$	2,594,247		$	2,099,991		$	1,815,303		$	1,132,558
Portfolio turnover rate(e)		5	%(c)		14	%		6	%		27	%		14	%		7	%

^(a)  Based on average shares outstanding.

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

^(c) Not annualized.

^(d)  Annualized.

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

See notes to financial statements.

60 2 0 1 9    I S H A R E S    S E M I  - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI China Small-Cap ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14
Net asset value, beginning of period	$	47.23		$	48.50		$	43.79		$	41.08		$	48.30		$	41.98
Net investment income(a)		0.35			1.51			1.22			1.25			1.24			1.09
Net realized and unrealized gain (loss)(b)		(1.72	)		(1.14	)		5.21			2.99			(7.18	)		6.55
Net increase (decrease) from investment operations		(1.37	)		0.37			6.43			4.24			(5.94	)		7.64
Distributions
From net investment income		(1.67	)		(1.64	)		(1.72	)		(1.53	)		(1.28	)		(1.32	)
Total distributions		(1.67	)		(1.64	)		(1.72	)		(1.53	)		(1.28	)		(1.32	)
Net asset value, end of period	$	44.19		$	47.23		$	48.50		$	43.79		$	41.08		$	48.30
Total Return
Based on net asset value		(2.45	)%(c)		0.58	%		15.29	%		10.50	%		(12.94	)%		18.46	%
Ratios to Average Net Assets
Total expenses		0.59	%(d)		0.59	%		0.62	%		0.64	%		0.62	%		0.62	%
Net investment income		1.68	%(d)		2.91	%		2.72	%		2.95	%		2.44	%		2.38	%
Supplemental Data
Net assets, end of period (000)	$	22,097		$	25,977		$	21,825		$	19,706		$	24,646		$	33,808
Portfolio turnover rate(e)		21	%(c)		63	%		26	%		31	%		35	%		33	%

^(a)  Based on average shares outstanding.

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

^(c)  Not annualized.

^(d)  Annualized.

^(e) 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 61

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Indonesia ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14
Net asset value, beginning of period	$	23.57		$	26.89		$	25.82		$	20.18		$	28.54		$	24.78
Net investment income (loss)(a)		(0.02	)		0.43			0.31			0.34			0.31			0.37
Net realized and unrealized gain (loss)(b)		2.57			(3.27	)		1.11			5.59			(8.29	)		3.75
Net increase (decrease) from investment operations		2.55			(2.84	)		1.42			5.93			(7.98	)		4.12
Distributions
From net investment income		(0.05	)		(0.48	)		(0.35	)		(0.27	)		(0.38	)		(0.36	)
Return of capital		—			—			—			(0.02	)		—			—
Total distributions		(0.05	)		(0.48	)		(0.35	)		(0.29	)		(0.38	)		(0.36	)
Net asset value, end of period	$	26.07		$	23.57		$	26.89		$	25.82		$	20.18		$	28.54
Total Return
Based on net asset value		10.82	%(c)		(10.67	)%		5.53	%		29.59	%		(28.13	)%		16.79	%
Ratios to Average Net Assets
Total expenses		0.59	%(d)		0.59	%		0.62	%		0.63	%		0.62	%		0.62	%
Net investment income (loss)		(0.16	)%(d)		1.63	%		1.22	%		1.47	%		1.16	%		1.41	%
Supplemental Data
Net assets, end of period (000)	$	663,587		$	414,758		$	501,411		$	702,198		$	268,381		$	576,411
Portfolio turnover rate(e)		5	%(c)		7	%		6	%		5	%		4	%		8	%

^(a)  Based on average shares outstanding.

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

^(c)  Not annualized.

^(d)  Annualized.

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

See notes to financial statements.

62 2 0 1 9    I S H A R E S    S E M I  - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Peru ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14
Net asset value, beginning of period	$	37.44		$	37.54		$	32.79		$	23.09		$	36.60		$	33.90
Net investment income(a)		0.15			1.09			0.46			0.33			0.36			0.45
Net realized and unrealized gain (loss)(b)		1.04			(0.06	)		4.99			9.73			(13.48	)		2.73
Net increase (decrease) from investment operations		1.19			1.03			5.45			10.06			(13.12	)		3.18
Distributions
From net investment income		(0.16	)		(1.13	)		(0.70	)		(0.36	)		(0.39	)		(0.48	)
Total distributions		(0.16	)		(1.13	)		(0.70	)		(0.36	)		(0.39	)		(0.48	)
Net asset value, end of period	$	38.47		$	37.44		$	37.54		$	32.79		$	23.09		$	36.60
Total Return
Based on net asset value		3.24	%(c)		2.60	%		16.89	%		44.13	%		(36.15	)%		9.50	%
Ratios to Average Net Assets
Total expenses		0.59	%(d)		0.59	%		0.62	%		0.63	%		0.62	%		0.62	%
Total expenses after fees waived		0.59	%(d)		0.59	%		0.62	%		0.63	%		0.61	%		0.51	%
Net investment income		0.82	%(d)		2.65	%		1.37	%		1.23	%		1.15	%		1.33	%
Supplemental Data
Net assets, end of period (000)	$	163,508		$	164,717		$	170,794		$	218,026		$	131,595		$	252,539
Portfolio turnover rate(e)		10	%(c)		11	%		13	%		22	%		21	%		13	%

^(a)  Based on average shares outstanding.

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

^(c)  Not annualized.

^(d)  Annualized.

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

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T S 63

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Philippines ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14
Net asset value, beginning of period		$    33.08			$    35.88			$    39.19			$    35.50			$    38.19			$    31.93
Net investment income(a)		0.00	(b)		0.14			0.15			0.21			0.34			0.35
Net realized and unrealized gain (loss)(c)		0.79			(2.79	)		(3.26	)		3.74			(2.70	)		6.22
Net increase (decrease) from investment operations		0.79			(2.65	)		(3.11	)		3.95			(2.36	)		6.57
Distributions
From net investment income		(0.02	)		(0.15	)		(0.20	)		(0.26	)		(0.33	)		(0.31	)
Total distributions		(0.02	)		(0.15	)		(0.20	)		(0.26	)		(0.33	)		(0.31	)
Net asset value, end of period		$    33.85			$    33.08			$    35.88			$    39.19			$    35.50			$    38.19
Total Return
Based on net asset value		2.40	%(d)		(7.40	)%		(7.87	)%		11.19	%		(6.21	)%		20.53	%(e)
Ratios to Average Net Assets
Total expenses		0.59	%(f)		0.59	%		0.62	%		0.64	%		0.62	%		0.62	%
Net investment income		0.02	%(f)		0.40	%		0.42	%		0.58	%		0.85	%		1.02	%
Supplemental Data
Net assets, end of period (000)		$252,173			$172,013			$172,245			$317,403			$266,273			$351,313
Portfolio turnover rate(g)		5	%(d)		8	%		7	%		10	%		12	%		24	%

^(a)  Based on average shares outstanding.

^(b)  Rounds to less than $0.01.

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

^(d)  Not annualized.

^(e)  The total return disclosed is based on the net asset value (“NAV”) calculated daily for the creation and redemption of shares in the Fund, which may differ from the NAV calculated for financial reporting purposes. Based on the NAV calculated for financial reporting purposes, the total return for the Fund was 20.63%.

^(f)  Annualized.

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

See notes to financial statements.

64 2 0 1 9    I S H A R E S    S E M I  - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Poland ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14
Net asset value, beginning of period		$    24.31			$    27.33			$    18.06			$    21.63			$    28.02			$    27.12
Net investment income(a)		0.12	(b)		0.33	(b)		0.45	(b)		0.42			0.65			0.84
Net realized and unrealized gain (loss)(c)		(0.68	)		(2.90	)		9.25			(3.70	)		(6.25	)		1.04
Net increase (decrease) from investment operations		(0.56	)		(2.57	)		9.70			(3.28	)		(5.60	)		1.88
Distributions
From net investment income		(0.31	)		(0.45	)		(0.43	)		(0.29	)		(0.79	)		(0.98	)
Total distributions		(0.31	)		(0.45	)		(0.43	)		(0.29	)		(0.79	)		(0.98	)
Net asset value, end of period		$    23.44			$    24.31			$    27.33			$    18.06			$    21.63			$    28.02
Total Return
Based on net asset value		(2.29	)%(b)(d)		(9.53	)%(b)		54.79	%(b)		(15.17	)%		(20.31	)%		6.82	%
Ratios to Average Net Assets
Total expenses		0.64	%(e)		0.63	%		0.63	%		0.64	%		0.62	%		0.62	%
Total expenses excluding professional fees for foreign withholding tax claims		0.59	%(e)		0.59	%		0.62	%		N/A			N/A			N/A
Net investment income		1.01	%(b)(e)		1.28	%(b)		2.07	%(b)		2.24	%		2.60	%		2.83	%
Supplemental Data
Net assets, end of period (000)		$297,734			$263,758			$363,537			$179,737			$193,567			$297,056
Portfolio turnover rate(f)		1	%(d)		7	%		6	%		10	%		17	%		10	%

^(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 28, 2019 and for the years ended August 31, 2018 and August 31, 2017 respectively:

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

• Total return by 0.16%, 0.41% and 0.11%, respectively.

• Ratio of net investment income to average net assets by 0.44%, 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)  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 Qatar ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Period From 08/01/15 (a) to 08/31/15			Year Ended 07/31/15			Period From 04/29/14 (b) to 07/31/14
Net asset value, beginning of period		$  17.82			$  16.19			$  20.18			$  21.43			$  22.14			$  24.73			$  24.26
Net investment income (loss)(c)		0.27	(d)		0.66			0.57			0.67			(0.01	)		0.70			(0.02	)
Net realized and unrealized gain (loss)(e)		0.45			1.71			(3.90	)		(1.24	)		(0.70	)		(2.44	)		0.49
Net increase (decrease) from investment operations		0.72			2.37			(3.33	)		(0.57	)		(0.71	)		(1.74	)		0.47
Distributions
From net investment income		(0.12	)		(0.74	)		(0.66	)		(0.66	)		—			(0.85	)		—
From net realized gain		—			—			—			(0.02	)		—			—			—
Total distributions		(0.12	)		(0.74	)		(0.66	)		(0.68	)		—			(0.85	)		—
Net asset value, end of period		$  18.42			$  17.82			$  16.19			$  20.18			$  21.43			$  22.14			$  24.73
Total Return
Based on net asset value		4.03	%(f)		14.96	%		(16.52	)%		(2.32	)%		(3.21	)%(f)		(7.10	)%		1.94	%(f)
Ratios to Average Net Assets
Total expenses		0.59	%(g)		0.59	%		0.62	%		0.64	%		0.63	%(g)		0.62	%		0.61	%(g)
Net investment income (loss)		2.93	%(d)(g)		4.09	%		3.05	%		3.44	%		(0.63	)%(g)		2.94	%		(0.34	)%(g)
Supplemental Data
Net assets, end of period (000)		$55,259			$55,253			$49,390			$53,486			$45,000			$47,590			$35,853
Portfolio turnover rate(h)		14	%(f)(i)		58	%(i)		47	%(i)		29	%(i)		5	%(f)(i)		85	%(i)		11	%(f)(i)

^(a)  The Fund’s fiscal year-end was changed from July 31 to August 31.

^(b)  Commencement of operations.

^(c)  Based on average shares outstanding.

^(d)  Includes a one-time special distribution from Emaar Development PJSC. Excluding such special distribution, the net investment income would have been $(0.04) per share and (0.55)% of average net assets.

^(e)  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.

^(f)  Not annualized.

^(g)  Annualized.

^(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:       7 %        22 %        20 %        12 %        2 %        37 %        —

See notes to financial statements.

66 2 0 1 9    I S H A R E S    S E M I  - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Saudi Arabia ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Period From    09/16/15(a) to 08/31/16
Net asset value, beginning of period	$	29.72		$	26.15		$	21.52		$	24.92
Net investment income(b)		0.06			1.28			0.91			0.81
Net realized and unrealized gain (loss)(c)		2.22			2.92			4.24			(3.69	)
Net increase (decrease) from investment operations		2.28			4.20			5.15			(2.88	)
Distributions
From net investment income		(0.44	)		(0.63	)		(0.52	)		(0.52	)
Total distributions		(0.44	)		(0.63	)		(0.52	)		(0.52	)
Net asset value, end of period	$	31.56		$	29.72		$	26.15		$	21.52
Total Return
Based on net asset value		7.79	%(d)		16.23	%		24.06	%		(11.64	)%(d)
Ratios to Average Net Assets
Total expenses		0.74	%(e)		0.74	%		0.74	%		0.74	%(e)
Net investment income		0.42	%(e)		4.31	%		3.68	%		3.71	%(e)
Supplemental Data
Net assets, end of period (000)	$	265,082		$	257,099		$	18,306		$	4,305
Portfolio turnover rate(f)		56	%(d)(g)		20	%(g)		21	%(g)		17	%(d)(g)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).

^(g) Portfolio turnover rate excluding cash creations was as follows:     4 %      10 %      21 %      17 % 

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T S 67

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI UAE ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Period From    08/01/15(a) to 08/31/15			Year Ended 07/31/15			Period From    04/29/14(b) to 07/31/14
Net asset value, beginning of period	$	15.61		$	17.74		$	17.15		$	18.34		$	20.46		$	24.00		$	25.04
Net investment income (loss)(c)		(0.04	)		0.70			0.50			0.68	(d)		(0.01	)		1.01			0.01
Net realized and unrealized gain (loss)(e)		(1.06	)		(2.04	)		0.72			(1.19	)		(2.11	)		(3.56	)		(1.01	)
Net increase (decrease) from investment operations		(1.10	)		(1.34	)		1.22			(0.51	)		(2.12	)		(2.55	)		(1.00	)
Distributions
From net investment income		(0.07	)		(0.79	)		(0.63	)		(0.68	)		—			(0.99	)		(0.04	)
Total distributions		(0.07	)		(0.79	)		(0.63	)		(0.68	)		—			(0.99	)		(0.04	)
Net asset value, end of period	$	14.44		$	15.61		$	17.74		$	17.15		$	18.34		$	20.46		$	24.00
Total Return
Based on net asset value		(6.94	)%(f)		(7.55	)%		7.33	%		(2.66	)%		(10.36	)%(f)		(10.33	)%		(4.00	)%(f)
Ratios to Average Net Assets
Total expenses		0.59	%(g)		0.59	%		0.62	%		0.64	%		0.63	%(g)		0.62	%		0.62	%(g)
Net investment income (loss)		(0.49	)%(g)		4.18	%		2.94	%		4.09	%(d)		(0.76	)%(g)		4.81	%		0.19	%(g)
Supplemental Data
Net assets, end of period (000)	$	49,810		$	39,018		$	49,663		$	41,156		$	31,172		$	33,756		$	51,610
Portfolio turnover rate(h)		33	%(f)		33	%		33	%		55	%		1	%(f)		72	%		22	%(f)

^(a)  The Fund’s fiscal year-end was changed from July 31 to August 31.

^(b)  Commencement of operations.

^(c)  Based on average shares outstanding.

^(d)  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.

^(e)  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.

^(f)  Not annualized.

^(g)  Annualized.

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

See notes to financial statements.

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Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification   Classification
MSCI 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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2019, if any, are disclosed in the statement of assets and liabilities.

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

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

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

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Notes to Financial Statements (unaudited)(continued)

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S.

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Notes to Financial Statements (unaudited)(continued)

exchanges and a value of at least 105%for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of February 28, 2019, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock 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 28, 2019 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

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

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

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral        Received(a)		Non-Cash Collateral Received		Net Amount
MSCI Argentina and Global Exposure
Citigroup Global Markets Inc.	$	738	$	738	$	—	$	—
Credit Suisse Securities (USA) LLC		18,193		18,193		—		—
Merrill Lynch, Pierce, Fenner & Smith		43,239		43,239		—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		83,846		83,846		—		—
	$	146,016	$	146,016	$	—	$	—
MSCI China
Barclays Bank PLC	$	1,999,620	$	1,999,620	$	—	$	—
Barclays Capital Inc.		1,617,121		1,617,121		—		—
Citigroup Global Markets Inc.		10,416,929		10,416,929		—		—
Credit Suisse Securities (USA) LLC		3,513,149		3,513,149		—		—
Goldman Sachs & Co.		47,049,483		47,049,483		—		—
HSBC Bank PLC		91,720,796		91,720,796		—		—
JPMorgan Securities LLC		428,414,173		428,414,173		—		—
Macquarie Bank Limited		1,751,507		1,751,507		—		—
Morgan Stanley & Co. LLC		38,640,062		38,640,062		—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		29,051,501		29,051,501		—		—
Nomura Securities International Inc.		125,539		125,539		—		—
State Street Bank & Trust Company		150,288		150,288		—		—
UBS AG		1,116,372		1,116,372		—		—
	$	655,566,540	$	655,566,540	$	—	$	—
MSCI China Small-Cap
Barclays Bank PLC	$	169,708	$	169,708	$	—	$	—
Barclays Capital Inc.		122,127		122,127		—		—
Citigroup Global Markets Inc.		76,062		76,062		—		—
Credit Suisse Securities (USA) LLC		529,226		529,226		—		—
Goldman Sachs &Co.		720,013		720,013		—		—
HSBC Bank PLC		42,925		42,925		—		—
Jefferies LLC		50,713		50,713		—		—
JPMorgan Securities LLC		292,291		292,291		—		—
Macquarie Bank Limited		117,138		117,138		—		—
Merrill Lynch, Pierce, Fenner &Smith		13,330		13,330		—		—
Morgan Stanley & Co. LLC		472,146		472,146		—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		56,420		56,420		—		—
State Street Bank & Trust Company		13,965		13,965		—		—
UBS AG		103,927		103,927		—		—
UBS Securities LLC		1,017		1,017		—		—
	$	2,781,008	$	2,781,008	$	—	$	—

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Notes to Financial Statements (unaudited)  (continued)

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral         Received(a)		Non-Cash Collateral Received		Net Amount
MSCI Poland
Citigroup Global Markets Inc.	$	252,455	$	252,455	$	—	$	—
Deutsche Bank Securities Inc.		588,858		588,858		—		—
HSBC Bank PLC		1,390,077		1,390,077		—		—
Merrill Lynch, Pierce, Fenner & Smith		10,782		10,782		—		—
Morgan Stanley & Co. LLC		45,386		45,386		—		—
	$	2,287,558	$	2,287,558	$	—	$	—

^(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 if the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment AdvisoryAgreement, 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 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

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Notes to Financial Statements (unaudited)  (continued)

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

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

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

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund retained 80% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees.

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, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund was subject to the same terms under the previous securities lending fee arrangement.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months ended February 28, 2019, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid     to BTC
MSCI Argentina and Global Exposure	$	327
MSCI China		372,871
MSCI China Small-Cap		18,928
MSCI Poland		7,025
MSCI UAE		5

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

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

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

iShares ETF	Purchases		Sales
MSCI Argentina and Global Exposure	$	1,255,924	$	93,206
MSCI China		2,570,752		15,128,376
MSCI China Small-Cap		862,209		860,769
MSCI Peru		—		1,254,914
MSCI Poland		2,014,951		265,297

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.

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Notes to Financial Statements (unaudited)  (continued)

7. PURCHASES AND SALES

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

iShares ETF	Purchases		Sales
MSCI Argentina and Global Exposure	$	2,280,411	$	2,466,658
MSCI Brazil Small-Cap		34,312,223		9,587,144
MSCI China		799,418,363		179,856,225
MSCI China Small-Cap		5,293,556		4,350,213
MSCI Indonesia		27,189,338		26,349,841
MSCI Peru		15,182,575		15,456,894
MSCI Philippines		9,605,966		9,387,319
MSCI Poland		4,302,361		2,707,489
MSCI Qatar		7,715,253		9,181,038
MSCI Saudi Arabia		127,825,869		130,875,925
MSCI UAE		25,129,739		12,882,843

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

iShares ETF	In-kind Purchases		In-kind     Sales
MSCI Argentina and Global Exposure	$	4,528,757	$	4,478,509
MSCI China		194,890,821		—
MSCI China Small-Cap		221,353		3,805,846
MSCI Indonesia		320,994,393		117,355,226
MSCI Peru		5,487,804		10,512,212
MSCI Philippines		100,078,220		22,264,488
MSCI Poland		77,998,146		36,704,780
MSCI UAE		1,237,810		487,355

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

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

iShares ETF	Non-Expiring(a)		Expiring 2019		Total
MSCI Argentina and Global Exposure	$	1,174,389	$	—	$	1,174,389
MSCI Brazil Small-Cap		38,942,178		—		38,942,178
MSCI China		220,580,428		—		220,580,428
MSCI China Small-Cap		2,353,397		—		2,353,397
MSCI Indonesia		72,041,694		20,329		72,062,023
MSCI Peru		78,718,275		481,024		79,199,299
MSCI Philippines		37,243,059		—		37,243,059
MSCI Poland		38,730,734		5		38,730,739
MSCI Qatar		12,783,521		—		12,783,521
MSCI Saudi Arabia		1,309,671		—		1,309,671
MSCI UAE		13,962,409		—		13,962,409

^(a)  Must be utilized prior to losses subject to expiration.

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.

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Notes to Financial Statements  (unaudited)  (continued)

As of February 28, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Argentina and Global Exposure	$	30,962,995	$	1,979,037	$	(8,660,187	)	$	(6,681,150	)
MSCI Brazil Small-Cap		76,237,261		25,128,646		(9,829,487	)		15,299,159
MSCI China		4,535,549,570		800,382,633		(284,281,155	)		516,101,478
MSCI China Small-Cap		30,539,237		1,147,446		(6,442,252	)		(5,294,806	)
MSCI Indonesia		737,595,361		33,189,877		(107,973,457	)		(74,783,580	)
MSCI Peru		212,423,667		15,691,776		(65,784,494	)		(50,092,718	)
MSCI Philippines		280,150,044		7,339,653		(35,438,235	)		(28,098,582	)
MSCI Poland		372,918,935		10,165,447		(82,994,421	)		(72,828,974	)
MSCI Qatar		57,067,423		9,341,464		(11,121,012	)		(1,779,548	)
MSCI Saudi Arabia		240,745,625		28,168,397		(3,990,221	)		24,178,176
MSCI UAE		57,957,781		4,623,207		(12,745,732	)		(8,122,525	)

9. PRINCIPAL RISKS

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

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

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

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

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

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Notes to Financial Statements  (unaudited)  (continued)

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.

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 02/28/19						Year Ended 08/31/18
iShares ETF	Shares			Amount			Shares			Amount
MSCI Argentina and Global Exposure
Shares sold		200,000		$	4,785,425			2,600,000		$	75,168,504
Shares redeemed		(200,000	)		(4,741,413	)		(2,200,000	)		(60,463,884	)
Net increase		—		$	44,012			400,000		$	14,704,620
MSCI Brazil Small-Cap
Shares sold		1,850,000		$	28,278,697			2,050,000		$	33,169,945
Shares redeemed		(200,000	)		(2,666,379	)		(1,800,000	)		(27,852,931	)
Net increase		1,650,000		$	25,612,318			250,000		$	5,317,014
MSCI China
Shares sold		15,400,000		$	838,952,711			16,600,000		$	1,134,621,225
Shares redeemed		—			—			(1,800,000	)		(112,558,345	)
Net increase		15,400,000		$	838,952,711			14,800,000		$	1,022,062,880
MSCI China Small-Cap
Shares sold		50,000		$	2,197,218			150,000		$	7,515,832
Shares redeemed		(100,000	)		(4,198,191	)		(50,000	)		(2,796,883	)
Net increase(decrease)		(50,000	)	$	(2,000,973	)		100,000		$	4,718,949
MSCI Indonesia
Shares sold		13,000,000		$	323,683,952			10,200,000		$	269,845,147
Shares redeemed		(5,150,000	)		(117,822,408	)		(11,250,000	)		(284,341,532	)
Net increase(decrease)		7,850,000		$	205,861,544			(1,050,000	)	$	(14,496,385	)
MSCI Peru
Shares sold		150,000		$	5,646,260			2,000,000		$	82,950,331
Shares redeemed		(300,000	)		(10,797,383	)		(2,150,000	)		(85,084,567	)
Net decrease		(150,000	)	$	(5,151,123	)		(150,000	)	$	(2,134,236	)
MSCI Philippines
Shares sold		3,000,000		$	100,358,284			1,900,000		$	66,401,989
Shares redeemed		(750,000	)		(22,367,163	)		(1,500,000	)		(51,748,979	)
Net increase		2,250,000		$	77,991,121			400,000		$	14,653,010
MSCI Poland
Shares sold		3,450,000		$	81,894,276			3,800,000		$	99,241,572
Shares redeemed		(1,600,000	)		(36,790,187	)		(6,250,000	)		(154,657,126	)
Net increase(decrease)		1,850,000		$	45,104,089			(2,450,000	)	$	(55,415,554	)
MSCI Qatar
Shares sold		200,000		$	3,752,641			1,300,000		$	20,609,864
Shares redeemed		(300,000	)		(5,318,319	)		(1,250,000	)		(19,998,097	)
Net increase(decrease)		(100,000	)	$	(1,565,678	)		50,000		$	611,767
MSCI Saudi Arabia
Shares sold		3,750,000		$	119,976,998			8,400,000		$	244,345,759
Shares redeemed		(4,000,000	)		(120,308,719	)		(450,000	)		(12,588,493	)
Net increase(decrease)		(250,000	)	$	(331,721	)		7,950,000		$	231,757,266

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Notes to Financial Statements  (unaudited)  (continued)

	Six Months Ended 02/28/19						Year Ended 08/31/18
iShares ETF	Shares			Amount			Shares			Amount
MSCI UAE
Shares sold		1,250,000		$	17,963,845			350,000		$	5,814,662
Shares redeemed		(300,000	)		(4,665,252	)		(650,000	)		(11,259,939	)
Net increase(decrease)		950,000		$	13,298,593			(300,000	)	$	(5,445,277	)

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

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

11. FOREIGN WITHHOLDING TAX CLAIMS

The iShares 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 Internal Revenue Service has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the Fund is able to pass through to its shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

12. LEGAL PROCEEDINGS

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

13. REGULATION S-X AMENDMENTS

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

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

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Notes to Financial Statements  (unaudited) (continued)

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

iShares ETF	Net   Investment Income
MSCI Argentina and Global Exposure	$	1,034,545
MSCI Brazil Small-Cap		3,340,505
MSCI China		51,449,006
MSCI China Small-Cap		738,092
MSCI Indonesia		7,486,688
MSCI Peru		5,225,025
MSCI Philippines		742,473
MSCI Poland		5,917,963
MSCI Qatar		2,211,558
MSCI Saudi Arabia		2,600,597
MSCI UAE		1,907,835

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

iShares ETF	Undistributed (distributions in excess of) net investment income
MSCI Argentina and Global Exposure	$	(8,920	)
MSCI Brazil Small-Cap		(1,661,220	)
MSCI China		27,290,179
MSCI China Small-Cap		(8,328	)
MSCI Indonesia		188,273
MSCI Peru		(98,441	)
MSCI Philippines		(19,508	)
MSCI Poland		2,886,047
MSCI Qatar		249,061
MSCI Saudi Arabia		2,602,811
MSCI UAE		(333,709	)

14. SUBSEQUENT EVENTS

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

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Supplemental Information  (unaudited)

Section 19(a) Notices

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

	Total Cumulative Distributions 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)	$	0.011827	$	—	$	0.359005	$	0.370832		3	%		—	%		97	%		100	%
MSCI China Small-Cap(a)		0.842781		—		0.830072		1.672853		50			—			50			100
MSCI Indonesia(a)		0.021964		—		0.025449		0.047413		46			—			54			100
MSCI Peru(a)		0.117917		—		0.040265		0.158182		75			—			25			100
MSCI Philippines(a)		0.010993		—		0.009792		0.020785		53			—			47			100
MSCI Qatar(a)		0.089568		—		0.030704		0.120272		74			—			26			100
MSCI UAE(a)		0.058023		—		0.015713		0.073736		79			—			21			100

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

S U P P L E M E N T A L    I N F O R M A T I O  N 79

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to www.icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

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

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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 81

For more information visit www.iShares.com or call 1-800-iShares (1-800-474-2737)

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

Investing involves risk, including possible loss of principal.

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

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

^©2019 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-806-0219

FEBRUARY 28, 2019    

2019 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

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

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

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

Table of Contents

	Page
Fund Summary		5
About Fund Performance		11
Shareholder Expenses		11
Schedules of Investments		12
Financial Statements
Statements of Assets and Liabilities		26
Statements of Operations		28
Statements of Changes in Net Assets		30
Financial Highlights		33
Notes to Financial Statements		39
Supplemental Information		47
General Information		48
Glossary of Terms Used in this Report		49

Fund Summary as of February 28, 2019 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
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(8.07	)%		(7.90	)%		5.64	%		14.53	%		(7.90	)%		31.59	%		161.94	%
Fund Market		(7.86	)		(7.48	)		5.62			14.52			(7.48	)		31.47			161.74
Index		(8.00	)		(7.76	)		5.93			14.82			(7.76	)		33.41			166.75

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	919.30	$	2.52		$	1,000.00	$	1,022.20	$	2.66		0.53	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Health Care	39.6	%
Industrials	24.1
Financials	11.1
Materials	7.9
Consumer Staples	7.2
Utilities	4.5
Consumer Discretionary	3.1
Information Technology	2.3
Energy	0.2

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Novo Nordisk A/S, Class B	21.7	%
Vestas Wind Systems A/S	6.0
DSV A/S	5.8
Danske Bank A/S	5.3
Coloplast A/S, Class B	4.5
Orsted A/S	4.5
Carlsberg A/S, Class B	4.5
Genmab A/S	4.1
Chr Hansen Holding A/S	4.0
Novozymes A/S, Class B	3.9

F U N D    S U M M A R Y 5

Fund Summary as of February 28, 2019 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
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(7.13	)%		(5.47	)%		4.67	%		9.36	%		(5.47	)%		25.61	%		88.66	%
Fund Market		(6.67	)		(5.19	)		4.70			9.35			(5.19	)		25.82			88.58
Index		(7.05	)		(6.07	)		4.14			8.84			(6.07	)		22.48			82.51

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	928.70	$	2.58		$	1,000.00	$	1,022.10	$	2.71		0.54	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Industrials	24.6	%
Information Technology	19.5
Materials	18.2
Financials	11.2
Consumer Discretionary	6.5
Communication Services	5.2
Utilities	4.5
Energy	4.4
Health Care	2.8
Consumer Staples	2.5
Real Estate	0.6

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Nokia OYJ	17.9	%
Sampo OYJ, Class A	10.7
Kone OYJ, Class B	8.0
UPM-Kymmene OYJ	7.7
Fortum OYJ	4.5
Neste OYJ	4.4
Stora Enso OYJ, Class R	4.4
Wartsila OYJ Abp	4.3
Elisa OYJ	3.6
Amer Sports OYJ	3.4

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Fund Summary as of February 28, 2019 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
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(13.94	)%		(15.23	)%		6.41	%		13.00	%		(15.23	)%		36.43	%		138.06	%
Fund Market		(13.67	)		(14.83	)		6.42			12.99			(14.83	)		36.52			137.82
Index		(13.94	)		(15.59	)		6.25			12.85			(15.59	)		35.39			135.94

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	860.60	$	2.72		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Industrials	24.0	%
Real Estate	18.1
Information Technology	14.5
Health Care	11.5
Communication Services	10.5
Financials	8.1
Consumer Discretionary	5.9
Materials	5.5
Consumer Staples	1.3
Other (each representing less than 1%)	0.6

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
LEG Immobilien AG	5.3	%
Scout24 AG	4.2
Rheinmetall AG	3.5
K+S AG	2.7
Carl Zeiss Meditec AG	2.6
MorphoSys AG	2.4
Evotec AG	2.2
TAG Immobilien AG	2.2
Nemetschek SE	2.1
Grand City Properties SA	2.1

F U N D    S U M M A R Y 7

Fund Summary as of February 28, 2019 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
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(9.99	)%		(9.13	)%		2.13	%		8.97	%		(9.13	)%		11.13	%		113.32	%
Fund Market		(9.87	)		(8.92	)		1.90			8.93			(8.92	)		9.88			112.67
Index		(9.51	)		(8.58	)		2.53			9.44			(8.58	)		13.32			121.62

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.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	900.10	$	2.31		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Materials	26.4	%
Consumer Staples	25.7
Industrials	13.4
Consumer Discretionary	11.9
Financials	10.7
Health Care	6.1
Real Estate	5.8
Information Technology	0.0	(b)

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
CRH PLC	22.3	%
Kerry Group PLC, Class A	15.4
ICON PLC	6.1
Glanbia PLC	4.8
Kingspan Group PLC	4.7
Bank of Ireland Group PLC	4.7
AIB Group PLC	4.6
Paddy Power Betfair PLC	4.5
Smurfit Kappa Group PLC	4.1
Grafton Group PLC	3.6

^(a) Excludes money market funds.

^(b) Rounds to less than 0.1%.

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Fund Summary as of February 28, 2019 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
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		2.79	%		5.25	%		8.91	%		13.21	%		5.25	%		53.25	%		186.88	%
Fund Market		2.69			5.91			8.88			13.16			5.91			53.04			185.85
Index		2.99			5.69			9.35			13.67			5.69			56.36			196.96

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.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,027.90	$	2.46		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Health Care	18.9	%
Utilities	17.4
Consumer Staples	14.2
Communication Services	12.1
Industrials	11.8
Real Estate	8.8
Consumer Discretionary	8.3
Materials	4.2
Energy	3.6
Information Technology	0.7

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
a2 Milk Co. Ltd.	12.9	%
Fisher & Paykel Healthcare Corp. Ltd.	10.4
Auckland International Airport Ltd.	9.2
Spark New Zealand Ltd.	8.4
Ryman Healthcare Ltd.	5.3
Meridian Energy Ltd.	4.4
Contact Energy Ltd.	4.4
Fletcher Building Ltd.	4.2
Trade Me Group Ltd.	3.5
Mercury NZ Ltd.	3.5

F U N D    S U M M A R Y 9

Fund Summary as of February 28, 2019 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
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(8.04	)%		(4.40	)%		(1.49	)%		2.56	%		(4.40	)%		(7.23	)%		19.70	%
Fund Market		(7.67	)		(3.12	)		(1.45	)		2.57			(3.12	)		(7.06	)		19.73
Index		(7.82	)		(3.92	)		(1.21	)		2.87			(3.92	)		(5.89	)		22.26

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	919.60	$	2.52		$	1,000.00	$	1,022.20	$	2.66		0.53	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Energy	29.9	%
Financials	23.4
Consumer Staples	16.6
Communication Services	12.0
Materials	9.1
Industrials	3.7
Information Technology	1.8
Real Estate	1.5
Consumer Discretionary	1.2
Other (each representing less than 1%)	0.8

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Equinor ASA	17.3	%
DNB ASA	12.1
Telenor ASA	9.4
Mowi ASA	6.0
Yara International ASA	4.6
Orkla ASA	4.1
Norsk Hydro ASA	3.6
Storebrand ASA	2.6
Aker BP ASA	2.6
Schibsted ASA, Class B	2.6

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About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

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

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

Shareholder Expenses

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

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

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

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

A B O U T    F U N D    P E R F O R M A N C E / S H A R E H O L D E R    E X P E N S E S 11

Schedule of Investments  (unaudited) February 28, 2019 iShares^® MSCI Denmark ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 7.8%
Danske Bank A/S		131,473	$	2,618,504
Jyske Bank A/S, Registered		14,964		586,703
Spar Nord Bank A/S		29,178		251,154
Sydbank A/S		16,862		401,973
				3,858,334
Beverages — 6.0%
Carlsberg A/S, Class B		18,050		2,188,931
Royal Unibrew A/S		10,472		775,135
				2,964,066
Biotechnology — 4.9%
Bavarian Nordic A/S(a)(b)		10,476		237,106
Genmab A/S(a)		11,517		1,992,357
Zealand Pharma A/S(a)		12,889		190,611
				2,420,074
Building Products — 1.0%
Rockwool International A/S, Class B		2,048		500,412
Chemicals — 7.8%
Chr Hansen Holding A/S		19,190		1,956,986
Novozymes A/S, Class B		42,043		1,910,841
				3,867,827
Commercial Services & Supplies — 2.1%
ISS A/S		33,100		1,034,075
Construction & Engineering — 1.5%
FLSmidth & Co. A/S		9,630		462,666
Per Aarsleff Holding A/S		8,066		273,286
				735,952
Electric Utilities — 4.4%
Orsted A/S(c)		30,157		2,190,793
Electrical Equipment — 6.4%
NKT A/S(a)(b)		11,045		204,640
Vestas Wind Systems A/S		35,560		2,963,198
				3,167,838
Food Products — 0.6%
Schouw & Co. A/S		3,665		293,377
Health Care Equipment & Supplies — 10.4%
Ambu A/S, Series B(b)		35,113		824,196
Coloplast A/S, Class B		22,005		2,195,697
GN Store Nord A/S		28,925		1,395,417
William Demant Holding A/S(a)		24,412		733,966
				5,149,276
Health Care Technology — 0.4%
NNIT A/S(c)		6,405		186,315
Household Durables — 0.4%
Bang & Olufsen A/S(a)		14,070		201,850
Insurance — 3.2%
Alm Brand A/S		25,812		221,787
Topdanmark A/S		11,985		591,540
Tryg A/S		27,904		761,448
				1,574,775
Machinery — 0.6%
Nilfisk Holding A/S(a)		7,572		321,841

Security	Shares		Value
Marine — 6.4%
AP Moller - Maersk A/S, Class A		749	$	964,213
AP Moller - Maersk A/S, Class B, NVS		1,228		1,656,750
D/S Norden A/S(a)(b)		13,419		191,794
Dfds A/S		8,258		377,844
				3,190,601
Oil, Gas & Consumable Fuels — 0.2%
TORM PLC(a)		20,247		128,701
Pharmaceuticals — 23.5%
ALK-Abello A/S(a)		2,115		331,826
H Lundbeck A/S		14,885		681,516
Novo Nordisk A/S, Class B		216,758		10,647,187
				11,660,529
Road & Rail — 5.7%
DSV A/S		34,304		2,856,441
Software — 2.3%
Netcompany Group A/S(a)(c)		8,770		320,294
SimCorp A/S		9,195		828,663
				1,148,957
Specialty Retail — 0.4%
Matas A/S		17,544		185,821
Textiles, Apparel & Luxury Goods — 2.3%
Pandora A/S		21,595		1,134,411
Tobacco — 0.5%
Scandinavian Tobacco Group A/S(c)		20,381		269,370
Total Common Stocks — 98.8% (Cost: $53,864,000)				49,041,636
Short-Term Investments
Money Market Funds — 2.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(d)(e)(f)		1,404,673		1,405,235
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(d)(e)		28,907		28,907
				1,434,142
Total Short-Term Investments — 2.9% (Cost: $1,434,083)				1,434,142
Total Investments in Securities — 101.7% (Cost: $55,298,083)				50,475,778
Other Assets, Less Liabilities — (1.7)%				(841,751	)
Net Assets — 100.0%			$	49,634,027

^(a) Non-income producing security.

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

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

^(d) Affiliate of the Fund.

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

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

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Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI Denmark ETF

Affiliates

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

Affiliated Issuer	Shares Held at 08/31/18	Net Activity	Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	771,104	633,569	1,404,673	$	1,405,235	$	7,843	(b)	$	(162	)	$	(23	)
BlackRock Cash Funds: Treasury, SL Agency Shares	15,884	13,023	28,907		28,907		335			—			—
				$	1,434,142	$	8,178		$	(162	)	$	(23	)

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

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

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	49,041,636	$	—	$	—	$	49,041,636
Money Market Funds		1,434,142		—		—		1,434,142
	$	50,475,778	$	—	$	—	$	50,475,778

See notes to financial statements.    

S C H E D U L E  O F  I N V E S T M E N T S 13

Schedule of Investments  (unaudited) February 28, 2019 iShares^® MSCI Finland ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 0.5%
Finnair OYJ		18,726	$	174,531
Auto Components — 2.6%
Nokian Renkaat OYJ		24,043		851,449
Banks — 0.5%
Aktia Bank OYJ		16,928		176,953
Building Products — 0.6%
Uponor OYJ		17,154		201,779
Chemicals — 1.6%
Kemira OYJ		24,973		334,416
Tikkurila OYJ		12,553		207,265
				541,681
Commercial Services & Supplies — 0.6%
Caverion OYJ(a)		32,235		188,852
Communications Equipment — 17.7%
Nokia OYJ		965,363		5,843,663
Construction & Engineering — 1.2%
Lehto Group OYJ(b)		22,721		115,132
YIT OYJ		43,538		266,475
				381,607
Containers & Packaging — 2.4%
Huhtamaki OYJ		22,161		803,222
Diversified Telecommunication Services — 4.5%
DNA OYJ		14,561		294,140
Elisa OYJ		28,217		1,185,302
				1,479,442
Electric Utilities — 4.5%
Fortum OYJ		66,220		1,471,901
Food & Staples Retailing — 2.4%
Kesko OYJ, Class B		13,384		799,815
Health Care Providers & Services — 0.5%
Oriola OYJ, Class B		57,504		152,895
Insurance — 10.6%
Sampo OYJ, Class A		72,316		3,484,894
IT Services — 1.2%
Tieto OYJ		13,177		390,121
Leisure Products — 3.3%
Amer Sports OYJ		24,348		1,104,845
Machinery — 20.3%
Cargotec OYJ, Class B		9,400		336,527
Kone OYJ, Class B		53,584		2,621,863
Konecranes OYJ		14,729		517,414
Metso OYJ		23,058		782,696
Outotec OYJ(a)		50,257		188,680
Ponsse OYJ		4,643		146,978
Valmet OYJ		27,517		686,206
Wartsila OYJ Abp		86,655		1,409,066
				6,689,430

Security	Shares		Value
Media — 0.7%
Sanoma OYJ		22,059	$	219,537
Metals & Mining — 1.0%
Outokumpu OYJ		79,254		316,134
Multiline Retail — 0.5%
Tokmanni Group Corp.		17,595		174,909
Oil, Gas & Consumable Fuels — 4.4%
Neste OYJ		14,981		1,441,475
Paper & Forest Products — 13.0%
Metsa Board OYJ		47,385		328,330
Stora Enso OYJ, Class R		107,086		1,437,050
UPM-Kymmene OYJ		83,681		2,527,027
				4,292,407
Pharmaceuticals — 2.3%
Orion OYJ, Class B		21,707		776,385
Real Estate Management & Development — 0.6%
Citycon OYJ		108,876		209,769
Software — 0.4%
F-Secure OYJ		47,793		128,436
Trading Companies & Distributors — 1.2%
Cramo OYJ		11,560		226,542
Ramirent OYJ(a)		26,468		180,533
				407,075
Total Common Stocks — 99.1% (Cost: $35,166,342)				32,703,207
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(c)(d)(e)		32,087		32,100
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(c)(d)		12,294		12,294
				44,394
Total Short-Term Investments — 0.1% (Cost: $44,394)				44,394
Total Investments in Securities — 99.2% (Cost: $35,210,736)				32,747,601
Other Assets, Less Liabilities — 0.8%				264,975
Net Assets — 100.0%			$	33,012,576

^(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.

14 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI Finland ETF

Affiliates

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

Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	433,631	(401,544	)	32,087	$	32,100	$	3,391	(b)	$	18		$	(75	)
BlackRock Cash Funds: Treasury, SL Agency Shares	5,022	7,272		12,294		12,294		181			—			—
					$	44,394	$	3,572		$	18		$	(75	)

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

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

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	32,703,207	$	—	$	—	$	32,703,207
Money Market Funds		44,394		—		—		44,394
	$	32,747,601	$	—	$	—	$	32,747,601

See notes to financial statements.    

S C H E D U L E  O F  I N V E S T M E N T S 15

Schedule of Investments  (unaudited) February 28, 2019 iShares^® MSCI Germany Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.1%
OHB SE		1,558	$	58,456
Auto Components — 1.4%
EDAG Engineering Group AG(a)		2,599		45,043
ElringKlinger AG(a)		9,458		68,927
Leoni AG(a)		9,826		268,309
SAF-Holland SA		13,660		167,057
				549,336
Banks — 0.3%
comdirect bank AG		8,454		99,731
Biotechnology — 2.4%
MorphoSys AG(b)		9,563		983,312
Capital Markets — 2.5%
AURELIUS Equity Opportunities SE & Co KGaA(a)		6,942		314,613
Deutsche Beteiligungs AG		3,853		150,708
DWS Group GmbH & Co. KGaA(b)(c)		12,032		357,524
FinTech Group AG, Registered(b)		3,357		76,452
MLP SE		18,008		92,993
				992,290
Chemicals — 2.8%
H&R GmbH & Co. KGaA		3,885		31,542
K+S AG, Registered		57,499		1,097,019
				1,128,561
Commercial Services & Supplies — 1.3%
Bilfinger SE		9,309		360,830
Cewe Stiftung & Co. KGaA		1,551		145,705
				506,535
Communications Equipment — 0.3%
ADVA Optical Networking SE(a)(b)		12,789		123,056
Diversified Financial Services — 2.4%
GRENKE AG(a)		7,656		781,995
Hypoport AG(a)(b)		1,075		205,160
				987,155
Electrical Equipment — 1.4%
Nordex SE(b)		18,956		242,834
Senvion SA(a)(b)		6,691		9,143
SGL Carbon SE(b)		16,600		134,585
Varta AG(b)		4,032		160,326
				546,888
Electronic Equipment, Instruments & Components — 2.1%
Basler AG		365		66,251
Isra Vision AG		4,944		208,582
Jenoptik AG		15,495		564,966
				839,799
Entertainment — 2.3%
Borussia Dortmund GmbH & Co. KGaA		17,987		155,150
CTS Eventim AG & Co. KGaA		17,297		777,996
				933,146
Equity Real Estate Investment Trusts (REITs) — 2.2%
alstria office REIT AG		45,376		687,723
Hamborner REIT AG		19,099		193,558
				881,281
Food Products — 1.3%
KWS Saat SE		695		219,612

Security	Shares		Value
Food Products (continued)
Suedzucker AG(a)		21,495	$	314,644
				534,256
Health Care Equipment & Supplies — 2.9%
Carl Zeiss Meditec AG, Bearer		12,090		1,032,517
Draegerwerk AG & Co. KGaA		912		44,032
STRATEC SE		1,450		101,544
				1,178,093
Health Care Providers & Services — 0.4%
RHOEN-KLINIKUM AG		6,048		164,596
Health Care Technology — 1.0%
CompuGroup Medical SE		7,204		421,644
Hotels, Restaurants & Leisure — 0.1%
bet-at-home.com AG		846		57,800
Household Durables — 0.2%
Surteco Group SE		2,310		67,733
Independent Power and Renewable Electricity Producers — 0.5%
Encavis AG		27,284		186,410
Industrial Conglomerates — 4.2%
Indus Holding AG(a)		5,519		263,006
MBB SE(a)		587		52,070
Rheinmetall AG		13,086		1,401,293
				1,716,369
Insurance — 0.3%
Wuestenrot & Wuerttembergische AG		7,061		135,078
Interactive Media & Services — 4.9%
Scout24 AG(a)(c)		32,329		1,704,444
XING SE		846		289,966
				1,994,410
Internet & Direct Marketing Retail — 3.1%
HelloFresh SE(a)(b)		21,915		239,065
Rocket Internet SE(b)(c)		20,895		492,042
Shop Apotheke Europe NV(b)(c)		2,552		105,196
Takkt AG		9,879		165,364
zooplus AG(a)(b)		1,826		241,195
				1,242,862
IT Services — 3.0%
Bechtle AG		8,829		758,040
CANCOM SE		10,013		410,237
GFT Technologies SE		5,184		46,516
				1,214,793
Life Sciences Tools & Services — 4.0%
Evotec AG(b)		38,041		894,936
Gerresheimer AG		9,429		724,734
				1,619,670
Machinery — 11.4%
Aumann AG(a)(c)		2,272		65,454
Deutz AG		36,336		263,357
DMG Mori AG		5,928		289,247
Duerr AG		15,579		637,569
Heidelberger Druckmaschinen AG(b)		75,561		135,343
JOST Werke AG(c)		4,492		148,848
Koenig & Bauer AG(a)		4,224		195,569
Krones AG		4,738		396,275
Norma Group SE		9,584		514,453

16 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI Germany Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Pfeiffer Vacuum Technology AG(a)		2,078	$	317,310
Rational AG		1,024		671,633
SLM Solutions Group AG(a)(b)		3,734		37,927
Stabilus SA		7,429		429,738
Vossloh AG		2,627		123,543
Wacker Neuson SE		8,442		193,412
Washtec AG		3,360		205,841
				4,625,519
Marine — 0.8%
Hapag-Lloyd AG(c)		10,570		311,734
Media — 1.2%
Stroeer SE & Co. KGaA		8,436		500,957
Metals & Mining — 2.5%
Aurubis AG		11,471		631,811
Salzgitter AG		11,751		359,410
				991,221
Oil, Gas & Consumable Fuels — 0.1%
VERBIO Vereinigte BioEnergie AG		6,557		50,473
Professional Services — 0.7%
Amadeus Fire AG		1,566		164,590
Bertrandt AG		1,669		133,034
				297,624
Real Estate Management & Development — 15.9%
ADLER Real Estate AG		10,421		147,618
ADO Properties SA(c)		8,622		495,312
Consus Real Estate AG(b)		11,204		92,368
Corestate Capital Holding SA		3,850		132,397
Deutsche EuroShop AG(a)		14,837		440,619
DIC Asset AG		14,774		164,867
Grand City Properties SA		35,084		826,969
LEG Immobilien AG		18,985		2,122,045
PATRIZIA Immobilien AG		13,887		301,240
TAG Immobilien AG		37,409		873,252
TLG Immobilien AG		27,944		811,406
				6,408,093
Road & Rail — 1.0%
Sixt Leasing SE		3,664		57,826
Sixt SE		3,655		336,702
				394,528
Semiconductors & Semiconductor Equipment — 4.4%
AIXTRON SE(b)		33,962		303,889
Dialog Semiconductor PLC(b)		22,970		701,241
Elmos Semiconductor AG		3,302		91,180
Siltronic AG		6,304		616,909
SMA Solar Technology AG(a)		3,106		81,771
				1,794,990
Software — 3.8%
Nemetschek SE		5,782		845,381
RIB Software SE		11,652		169,965
Software AG		14,435		528,454
				1,543,800
Specialty Retail — 1.2%
CECONOMY AG(a)(b)		53,662		302,469
Hornbach Holding AG & Co. KGaA		3,132		164,412
				466,881

Security	Shares		Value
Technology Hardware, Storage & Peripherals — 0.9%
S&T AG(a)		14,409	$	347,512
Thrifts & Mortgage Finance — 2.6%
Aareal Bank AG		17,067		559,511
Deutsche Pfandbriefbank AG(c)		40,447		499,258
				1,058,769
Trading Companies & Distributors — 0.7%
BayWa AG(a)		4,065		112,943
Kloeckner & Co. SE		22,508		166,851
				279,794
Transportation Infrastructure — 0.4%
Hamburger Hafen und Logistik AG		7,377		161,284
Wireless Telecommunication Services — 2.0%
Freenet AG		38,459		810,833
Total Common Stocks — 97.0% (Cost: $45,908,330)				39,207,272
Preferred Stocks
Biotechnology — 0.4%
Biotest AG, Preference Shares, NVS		5,960		155,075
Construction Materials — 0.2%
STO SE & Co. KGaA, Preference Shares, NVS		757		73,011
Health Care Equipment & Supplies — 0.3%
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		2,293		128,985
Machinery — 1.1%
Jungheinrich AG, Preference Shares, NVS		14,438		447,512
Road & Rail — 0.8%
Sixt SE, Preference Shares, NVS		4,982		333,573
Total Preferred Stocks — 2.8% (Cost: $1,531,900)				1,138,156
Short-Term Investments
Money Market Funds — 15.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(d)(e)(f)		6,044,767		6,047,185
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(d)(e)		21,394		21,394
				6,068,579
Total Short-Term Investments — 15.0% (Cost: $6,066,936)				6,068,579
Total Investments in Securities — 114.8% (Cost: $53,507,166)				46,414,007
Other Assets, Less Liabilities — (14.8)%				(5,992,117	)
Net Assets — 100.0%			$	40,421,890

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

^(b)  Non-income producing security.

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

^(d)  Affiliate of the Fund.

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

S C H E D U L E  O F  I N V E S T M E N T S 17

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI Germany Small-Cap ETF

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

Affiliates

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

Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	7,722,919	(1,678,152	)	6,044,767	$	6,047,185	$	79,674	(b)	$	216		$	217
BlackRock Cash Funds: Treasury, SL Agency Shares	29,976	(8,582	)	21,394		21,394		357			—			—
					$	6,068,579	$	80,031		$	216		$	217

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

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

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	39,207,272	$	—	$	—	$	39,207,272
Preferred Stocks		1,138,156		—		—		1,138,156
Money Market Funds		6,068,579		—		—		6,068,579
	$	46,414,007	$	—	$	—	$	46,414,007

See notes to financial statements.    

18 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) February 28, 2019 iShares^® MSCI Ireland ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 3.1%
Ryanair Holdings PLC, ADR(a)		23,808	$	1,774,648
Banks — 10.3%
AIB Group PLC		574,178		2,704,186
Bank of Ireland Group PLC		419,729		2,731,459
Permanent TSB Group Holdings PLC(a)		316,805		569,979
				6,005,624
Beverages — 2.2%
C&C Group PLC		360,721		1,256,905
Building Products — 4.7%
Kingspan Group PLC		58,373		2,755,820
Construction Materials — 22.4%
CRH PLC		410,878		13,025,417
Containers & Packaging — 4.1%
Smurfit Kappa Group PLC		84,782		2,407,740
Diversified Financial Services — 0.2%
IFG Group PLC(a)		52,230		95,159
Equity Real Estate Investment Trusts (REITs) — 5.8%
Green REIT PLC		729,405		1,224,266
Hibernia REIT PLC		789,828		1,154,801
Irish Residential Properties REIT PLC		558,873		992,767
				3,371,834
Food & Staples Retailing — 1.7%
Total Produce PLC		459,656		973,544
Food Products — 22.0%
Glanbia PLC		137,142		2,784,399
Kerry Group PLC, Class A		87,045		8,970,196
Origin Enterprises PLC		162,795		1,004,731
				12,759,326
Hotels, Restaurants & Leisure — 6.9%
Dalata Hotel Group PLC		206,211		1,425,313
Paddy Power Betfair PLC		32,164		2,604,049
				4,029,362
Household Durables — 4.0%
Cairn Homes PLC(a)		833,237		1,284,685
Glenveagh Properties PLC(a)(b)		1,035,921		1,014,460
				2,299,145

Security	Shares		Value
Insurance — 0.3%
FBD Holdings PLC		14,253	$	145,744
Life Sciences Tools & Services — 6.1%
ICON PLC(a)		25,405		3,556,192
Marine — 2.0%
Irish Continental Group PLC		199,342		1,134,954
Professional Services — 0.1%
CPL Resources PLC		10,367		72,954
Software — 0.0%
Datalex PLC		38,823		28,293
Specialty Retail — 1.1%
Applegreen PLC		98,885		650,830
Trading Companies & Distributors — 3.6%
Grafton Group PLC		195,755		2,080,387
Total Common Stocks — 100.6% (Cost: $59,752,568)				58,423,878
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(c)(d)		23,173		23,173
Total Short-Term Investments — 0.0% (Cost: $23,173)				23,173
Total Investments in Securities — 100.6% (Cost: $59,775,741)				58,447,051
Other Assets, Less Liabilities — (0.6)%				(347,356	)
Net Assets — 100.0%			$	58,099,695

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

Affiliates

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

Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income		Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares .	23,669	(496	)	23,173	$	23,173	$	290	$	—		$	—

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

Fair Value Measurements

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

S C H E D U L E  O F  I N V E S T M E N T S 19

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI Ireland ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	58,423,878	$	—	$	—	$	58,423,878
Money Market Funds		23,173		—		—		23,173
	$	58,447,051	$	—	$	—	$	58,447,051

See notes to financial statements.    

20 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) February 28, 2019 iShares^® MSCI New Zealand ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 1.9%
Air New Zealand Ltd.		1,832,546	$	3,084,735
Construction Materials — 4.2%
Fletcher Building Ltd.(a)		2,020,739		6,734,185
Diversified Telecommunication Services — 11.2%
Chorus Ltd.		1,267,099		4,507,617
Spark New Zealand Ltd.		5,317,487		13,517,030
				18,024,647
Electric Utilities — 12.9%
Contact Energy Ltd.		1,645,035		7,096,510
Genesis Energy Ltd.(b)		1,714,807		3,272,196
Infratil Ltd.		1,818,834		4,933,352
Mercury NZ Ltd.		2,207,465		5,551,191
				20,853,249
Equity Real Estate Investment Trusts (REITs) — 8.8%
Argosy Property Ltd.		2,979,713		2,497,730
Goodman Property Trust(b)		3,252,558		3,635,255
Kiwi Property Group Ltd.		4,597,134		4,417,456
Precinct Properties New Zealand Ltd.		3,486,499		3,564,075
				14,114,516
Food Products — 14.1%
a2 Milk Co. Ltd.(a)(b)		2,129,244		20,764,958
Synlait Milk Ltd.(a)(b)		281,950		2,021,407
				22,786,365
Health Care Equipment & Supplies — 10.3%
Fisher & Paykel Healthcare Corp. Ltd.		1,659,194		16,621,894
Health Care Providers & Services — 8.5%
Metlifecare Ltd.		599,300		2,078,873
Ryman Healthcare Ltd.		1,142,159		8,562,197
Summerset Group Holdings Ltd.(b)		706,333		3,128,880
				13,769,950
Hotels, Restaurants & Leisure — 4.8%
Restaurant Brands New Zealand Ltd.		369,374		2,212,693
SKYCITY Entertainment Group Ltd.		2,130,653		5,474,193
				7,686,886
Independent Power and Renewable Electricity Producers — 4.4%
Meridian Energy Ltd.		2,826,669		7,108,326
Internet & Direct Marketing Retail — 3.5%
Trade Me Group Ltd.		1,288,966		5,613,171

Security	Shares		Value
Media — 0.9%
Sky Network Television Ltd.		1,390,550	$	1,383,584
Oil, Gas & Consumable Fuels — 3.6%
New Zealand Refining Co. Ltd. (The)		794,709		1,137,348
Z Energy Ltd.		1,136,313		4,692,849
				5,830,197
Road & Rail — 0.7%
Tourism Holdings Ltd.		333,590		1,084,420
Software — 0.6%
Pushpay Holdings Ltd.(a)(b)		456,120		1,044,442
Transportation Infrastructure — 9.2%
Auckland International Airport Ltd.		2,791,923		14,783,949
Total Common Stocks — 99.6% (Cost: $159,366,873)				160,524,516
Short-Term Investments
Money Market Funds — 14.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(c)(d)(e)		22,796,072		22,805,190
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(c)(d)		86,470		86,470
				22,891,660
Total Short-Term Investments — 14.2% (Cost: $22,891,054)				22,891,660
Total Investments in Securities — 113.8% (Cost: $182,257,927)				183,416,176
Other Assets, Less Liabilities — (13.8)%				(22,244,617	)
Net Assets — 100.0%			$	161,171,559

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

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

Affiliated Issuer	Shares Held at 08/31/18	Net Activity	Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	14,452,593	8,343,479	22,796,072	$	22,805,190	$	37,974	(b)	$	(1,414	)	$	(784	)
BlackRock Cash Funds: Treasury, SL Agency Shares	67,985	18,485	86,470		86,470		1,379			—			—
				$	22,891,660	$	39,353		$	(1,414	)	$	(784	)

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

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

S C H E D U L E  O F  I N V E S T M E N T S 21

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI New Zealand ETF

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	160,524,516	$	—	$	—	$	160,524,516
Money Market Funds		22,891,660		—		—		22,891,660
	$	183,416,176	$	—	$	—	$	183,416,176

See notes to financial statements.    

22 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) February 28, 2019 iShares^® MSCI Norway ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.4%
Kongsberg Gruppen ASA		8,943	$	137,288
Airlines — 0.2%
Norwegian Air Shuttle ASA(a)(b)		9,349		63,534
Auto Components — 0.4%
Kongsberg Automotive ASA(a)		133,127		128,510
Banks — 16.1%
DNB ASA		206,270		3,958,190
Norwegian Finans Holding ASA(a)		25,855		226,137
Sbanken ASA(c)		17,238		161,763
SpareBank 1 Nord Norge		27,303		222,988
Sparebank 1 Oestlandet		7,350		74,993
SpareBank 1 SMN		31,560		344,537
SpareBank 1 SR-Bank ASA		26,691		298,253
				5,286,861
Biotechnology — 0.1%
Nordic Nanovector ASA(a)(b)		8,912		45,319
Chemicals — 5.5%
Borregaard ASA		26,968		255,909
Elkem ASA(a)(c)		15,615		53,817
Yara International ASA		35,398		1,491,484
				1,801,210
Commercial Services & Supplies — 1.5%
Tomra Systems ASA		19,236		508,675
Construction & Engineering — 0.3%
Veidekke ASA		10,621		112,096
Consumer Finance — 0.4%
Axactor SE(a)(b)		28,042		62,224
B2Holding ASA(b)		42,817		66,432
				128,656
Diversified Financial Services — 1.3%
Aker ASA, Class A		5,705		431,894
Diversified Telecommunication Services — 9.3%
Telenor ASA		156,848		3,062,119
Electrical Equipment — 0.1%
NEL ASA(a)		57,850		35,943
Energy Equipment & Services — 7.6%
Akastor ASA(a)		57,863		92,484
Aker Solutions ASA(a)		41,730		199,900
Borr Drilling Ltd.(a)		92,181		252,391
BW Offshore Ltd.(a)(b)		21,239		96,796
Kvaerner ASA(a)		21,593		34,664
Northern Drilling Ltd.(a)		8,059		54,127
Ocean Yield ASA		18,141		130,331
Odfjell Drilling Ltd.(a)		21,879		65,409
Petroleum Geo-Services ASA(a)		81,443		172,103
Subsea 7 SA		61,714		755,322
TGS NOPEC Geophysical Co. ASA		24,129		656,981
				2,510,508
Food Products — 16.6%
Austevoll Seafood ASA		23,416		283,850
Bakkafrost P/F		10,037		514,862

Security	Shares		Value
Food Products (continued)
Grieg Seafood ASA		11,563	$	151,126
Leroy Seafood Group ASA		70,796		534,300
Mowi ASA(a)		85,492		1,974,647
Norway Royal Salmon ASA(b)		3,047		71,840
Orkla ASA		170,057		1,341,529
Salmar ASA		12,015		576,682
				5,448,836
Hotels, Restaurants & Leisure — 0.1%
Gaming Innovation Group Inc.(a)(b)		10,890		24,366
Independent Power and Renewable Electricity Producers — 0.7%
Scatec Solar ASA(c)		23,323		226,779
Insurance — 5.5%
Gjensidige Forsikring ASA		46,721		838,599
Protector Forsikring ASA(a)(b)		18,848		115,120
Storebrand ASA		108,264		861,663
				1,815,382
IT Services — 1.3%
Atea ASA		21,311		302,220
Evry AS(c)		34,114		125,337
				427,557
Marine — 0.9%
Golden Ocean Group Ltd.(b)		25,635		129,099
Stolt-Nielsen Ltd.		7,998		107,808
Wallenius Wilhelmsen ASA(a)		24,271		78,097
				315,004
Media — 2.6%
Schibsted ASA, Class B		22,887		848,916
Metals & Mining — 3.6%
Norsk Hydro ASA		283,386		1,175,138
Multiline Retail — 0.4%
Europris ASA(c)		36,437		122,147
Oil, Gas & Consumable Fuels — 22.1%
Aker BP ASA		25,362		860,594
BW LPG Ltd.(a)(b)(c)		24,382		79,767
DNO ASA		172,370		367,172
Equinor ASA		251,902		5,669,445
FLEX LNG Ltd.(a)(b)		54,053		66,409
Frontline Ltd./Bermuda(a)		23,993		155,108
Hoegh LNG Holdings Ltd.(b)		14,838		69,186
				7,267,681
Real Estate Management & Development — 1.5%
Entra ASA(c)		26,444		371,300
Norwegian Property ASA		16,670		19,505
Selvaag Bolig ASA		19,571		101,904
				492,709
Semiconductors & Semiconductor Equipment — 0.5%
Nordic Semiconductor ASA(a)(b)		36,055		153,562
Specialty Retail — 0.3%
XXL ASA(b)(c)		26,691		102,437
Total Common Stocks — 99.3% (Cost: $35,790,438)				32,673,127

S C H E D U L E  O F  I N V E S T M E N T S 23

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI Norway ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Rights
Airlines — 0.2%
Norwegian Air Shuttle ASA, (Expires 03/08/19)(a)(b)		18,698	$	54,695
Biotechnology — 0.0%
Nordic Nanovector AS, (Expires 03/07/19)(a)(b)		193		—
Total Rights — 0.2% (Cost: $152,839)				54,695
Short-Term Investments
Money Market Funds — 3.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(d)(e)(f)		1,151,445		1,151,906
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(d)(e)		17,895		17,895
				1,169,801
Total Short-Term Investments — 3.6% (Cost: $1,169,590)				1,169,801
Total Investments in Securities — 103.1% (Cost: $37,112,867)				33,897,623
Other Assets, Less Liabilities — (3.1)%				(1,015,691	)
Net Assets — 100.0%			$	32,881,932

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

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

Affiliated Issuer	Shares Held at 08/31/18	Net Activity	Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	965,925	185,520	1,151,445	$	1,151,906	$	13,161	(b)	$	(48	)	$	31
BlackRock Cash Funds: Treasury, SL Agency Shares	3,447	14,448	17,895		17,895		247			—			—
				$	1,169,801	$	13,408		$	(48	)	$	31

^(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.

24 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI Norway ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	32,673,127	$	—		$	—	$	32,673,127
Rights		54,695		0	(a)		—		54,695
Money Market Funds		1,169,801		—			—		1,169,801
	$	33,897,623	$	0	(a)	$	—	$	33,897,623

^(a)  Rounds to less than $1.    

See notes to financial statements.    

S C H E D U L E  O F  I N V E S T M E N T S 25

Statements of Assets and Liabilities (unaudited)

February 28, 2019

	iShares MSCI Denmark ETF			iShares MSCI Finland ETF			iShares MSCI Germany Small-Cap ETF			iShares MSCI Ireland ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	49,041,636		$	32,703,207		$	40,345,428		$	58,423,878
Affiliated(c)		1,434,142			44,394			6,068,579			23,173
Foreign currency, at value(d)		30,474			24,218			23,846			45,023
Receivables:
Investments sold		615,063			508,553			37,035			2,009,909
Securities lending income — Affiliated		1,147			24			7,848			—
Capital shares sold		—			19,950			—			—
Dividends		23,467			97,301			29			1,019
Tax reclaims		538,014			—			28,348			21,886
Foreign withholding tax claims		—			342,085			—			—
Total assets		51,683,943			33,739,732			46,511,113			60,524,888
LIABILITIES
Collateral on securities loaned, at value		1,405,380			32,100			6,045,616			—
Payables:
Investments purchased		620,967			530,047			25,397			2,403,382
Investment advisory fees		23,569			12,541			18,210			21,811
Professional fees		—			53,421			—			—
IRS compliance fee for foreign withholding tax claims		—			99,047			—			—
Total liabilities		2,049,916			727,156			6,089,223			2,425,193
NET ASSETS	$	49,634,027		$	33,012,576		$	40,421,890		$	58,099,695
NET ASSETS CONSIST OF:
Paid-in capital	$	55,336,354		$	35,631,853		$	51,108,986		$	67,304,228
Accumulated loss		(5,702,327	)		(2,619,277	)		(10,687,096	)		(9,204,533	)
NET ASSETS	$	49,634,027		$	33,012,576		$	40,421,890		$	58,099,695
Shares outstanding		800,000			850,000			750,000			1,400,000
Net asset value	$	62.04		$	38.84		$	53.90		$	41.50
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None
(a) Securities loaned, at value	$	1,356,668		$	30,403		$	5,678,330		$	—
(b) Investments, at cost — Unaffiliated	$	53,864,000		$	35,166,342		$	47,440,230		$	59,752,568
(c) Investments, at cost — Affiliated	$	1,434,083		$	44,394		$	6,066,936		$	23,173
(d) Foreign currency, at cost	$	30,397		$	24,152		$	23,772		$	44,651

See notes to financial statements.

26 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Assets and Liabilities  (unaudited) (continued)

February 28, 2019

	iShares MSCI New Zealand ETF			iShares MSCI Norway ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	160,524,516		$	32,727,822
Affiliated(c)		22,891,660			1,169,801
Foreign currency, at value(d)		98,135			154,522
Receivables:
Investments sold		1,321,959			142,132
Securities lending income — Affiliated		4,327			2,107
Dividends		145,306			19,531
Tax reclaims		—			3,090
Total assets		184,985,903			34,219,005
LIABILITIES
Collateral on securities loaned, at value		22,806,686			1,151,537
Payables:
Investments purchased		949,512			172,374
Investment advisory fees		58,146			13,162
Total liabilities		23,814,344			1,337,073
NET ASSETS	$	161,171,559		$	32,881,932
NET ASSETS CONSIST OF:
Paid-in capital	$	167,793,849		$	41,842,816
Accumulated loss		(6,622,290	)		(8,960,884	)
NET ASSETS	$	161,171,559		$	32,881,932
Shares outstanding		3,250,000			1,300,000
Net asset value	$	49.59		$	25.29
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Securities loaned, at value	$	21,638,299		$	1,062,234
(b) Investments, at cost — Unaffiliated	$	159,366,873		$	35,943,277
(c) Investments, at cost — Affiliated	$	22,891,054		$	1,169,590
(d) Foreign currency, at cost	$	97,330		$	153,956

See notes to financial statements.

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

Statements of Operations  (unaudited)

Six Months Ended February 28, 2019

	iShares MSCI Denmark ETF			iShares MSCI Finland ETF			iShares MSCI Germany Small-Cap ETF			iShares MSCI Ireland ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	190,476	(a)	$	180,870		$	24,029		$	305,292
Dividends — Affiliated		335			181			357			290
Securities lending income — Affiliated — net		7,843			3,391			79,674			—
Foreign taxes withheld		(29,347	)		—			(7,047	)		(5,537	)
Total investment income		169,307			184,442			97,013			300,045
EXPENSES
Investment advisory fees		125,399			88,930			134,461			146,116
Professional fees		—			1,176			—			—
Total expenses		125,399			90,106			134,461			146,116
Net investment income (loss)		43,908			94,336			(37,448	)		153,929
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(607,867	)		(258,829	)		(1,150,784	)		(971,480	)
Investments — Affiliated		(162	)		18			216			—
In-kind redemptions — Unaffiliated		2,103,488			1,033,789			(310,139	)		344,228
Foreign currency transactions		425			1,672			4,083			(1,542	)
Net realized gain (loss)		1,495,884			776,650			(1,456,624	)		(628,794	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(3,398,452	)		(3,937,286	)		(7,042,368	)		(6,617,695	)
Investments — Affiliated		(23	)		(75	)		217			—
Foreign currency translations		(11,976	)		(7,300	)		147			(1,023	)
Net change in unrealized appreciation (depreciation)		(3,410,451	)		(3,944,661	)		(7,042,004	)		(6,618,718	)
Net realized and unrealized loss		(1,914,567	)		(3,168,011	)		(8,498,628	)		(7,247,512	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,870,659	)	$	(3,073,675	)	$	(8,536,076	)	$	(7,093,583	)

^(a)  Includes $79,838 related to a special distribution from IC Group A/S.    

See notes to financial statements.    

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Statements of Operations  (unaudited) (continued)

Six Months Ended February 28, 2019

	iShares MSCI New Zealand ETF			iShares MSCI Norway ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	3,115,399		$	400,937
Dividends — Affiliated		1,379			247
Securities lending income — Affiliated — net		37,974			13,161
Foreign taxes withheld		(447,828	)		(95,302	)
Total investment income		2,706,924			319,043
EXPENSES
Investment advisory fees		366,024			88,662
Total expenses		366,024			88,662
Net investment income		2,340,900			230,381
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(2,545,218	)		(838,834	)
Investments — Affiliated		(1,414	)		(48	)
In-kind redemptions — Unaffiliated		4,801,137			369,656
Foreign currency transactions		(22,064	)		(1,881	)
Net realized gain (loss)		2,232,441			(471,107	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(731,467	)		(3,383,660	)
Investments — Affiliated		(784	)		31
Foreign currency translations		7,392			423
Net change in unrealized appreciation (depreciation)		(724,859	)		(3,383,206	)
Net realized and unrealized gain (loss)		1,507,582			(3,854,313	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,848,482		$	(3,623,932	)

See notes to financial statements.    

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

Statements of Changes in Net Assets

	iShares MSCI Denmark ETF						iShares MSCI Finland ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	43,908		$	771,945		$	94,336		$	1,584,085
Net realized gain		1,495,884			10,234,984			776,650			4,606,786
Net change in unrealized appreciation (depreciation)		(3,410,451	)		(10,556,730	)		(3,944,661	)		(2,537,033	)
Net increase (decrease) in net assets resulting from operations		(1,870,659	)		450,199			(3,073,675	)		3,653,838
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(168,675	)		(1,199,663	)		(6,797	)		(1,829,682	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		11,024,496			(26,169,111	)		(3,641,806	)		(7,842,584	)
NET ASSETS(a)
Total increase (decrease) in net assets		8,985,162			(26,918,575	)		(6,722,278	)		(6,018,428	)
Beginning of period		40,648,865			67,567,440			39,734,854			45,753,282
End of period	$	49,634,027		$	40,648,865		$	33,012,576		$	39,734,854

^(a)  Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

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Statements of Changes in Net Assets  (continued)

	iShares MSCI Germany Small-Cap ETF						iShares MSCI Ireland ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(37,448	)	$	1,339,789		$	153,929		$	911,702
Net realized gain (loss)		(1,456,624	)		10,276,808			(628,794	)		1,329,069
Net change in unrealized appreciation (depreciation)		(7,042,004	)		(5,552,749	)		(6,618,718	)		2,681,554
Net increase (decrease) in net assets resulting from operations		(8,536,076	)		6,063,848			(7,093,583	)		4,922,325
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(501,045	)		(1,210,800	)		(178,159	)		(1,127,676	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(10,801,060	)		15,382,259			(4,009,826	)		(2,296,182	)
NET ASSETS(a)
Total increase (decrease) in net assets		(19,838,181	)		20,235,307			(11,281,568	)		1,498,467
Beginning of period		60,260,071			40,024,764			69,381,263			67,882,796
End of period	$	40,421,890		$	60,260,071		$	58,099,695		$	69,381,263

^(a)  Prior year distribution character information and undistributed (distributions in excess of) net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

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

Statements of Changes in Net Assets  (continued)

	iShares MSCI New Zealand ETF						iShares MSCI Norway ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	2,340,900		$	5,407,619		$	230,381		$	1,007,885
Net realized gain (loss)		2,232,441			13,241,598			(471,107	)		2,413,217
Net change in unrealized appreciation (depreciation)		(724,859	)		(5,382,654	)		(3,383,206	)		689,223
Net increase (decrease) in net assets resulting from operations		3,848,482			13,266,563			(3,623,932	)		4,110,325
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(2,583,224	)		(5,177,401	)		(201,322	)		(1,008,633	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		17,500,648			(41,473,802	)		6,273,201			(5,256,826	)
NET ASSETS(a)
Total increase (decrease) in net assets		18,765,906			(33,384,640	)		2,447,947			(2,155,134	)
Beginning of period		142,405,653			175,790,293			30,433,985			32,589,119
End of period	$	161,171,559		$	142,405,653		$	32,881,932		$	30,433,985

^(a)  Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

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Financial Highlights  

(For a share outstanding throughout each period)

	iShares MSCI Denmark ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14
Net asset value, beginning of period	$	67.75		$	67.57		$	56.39		$	53.99		$	50.53		$	37.64
Net investment income(a)		0.06	(b)		0.90			0.94			0.76			0.84			0.65
Net realized and unrealized gain (loss)(c)		(5.55	)		0.77			11.07			2.27			3.43			12.66
Net increase (decrease) from investment operations		(5.49	)		1.67			12.01			3.03			4.27			13.31
Distributions
From net investment income		(0.22	)		(1.49	)		(0.83	)		(0.63	)		(0.81	)		(0.42	)
Total distributions		(0.22	)		(1.49	)		(0.83	)		(0.63	)		(0.81	)		(0.42	)
Net asset value, end of period	$	62.04		$	67.75		$	67.57		$	56.39		$	53.99		$	50.53
Total Return
Based on net asset value		(8.07	)%(d)		2.58	%		21.43	%		5.63	%		8.43	%		35.33	%
Ratios to Average Net Assets
Total expenses		0.53	%(e)		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%
Net investment income		0.19	%(b)(e)		1.34	%		1.66	%		1.38	%		1.62	%		1.32	%
Supplemental Data
Net assets, end of period (000)	$	49,634		$	40,649		$	67,567		$	47,928		$	48,594		$	60,635
Portfolio turnover rate(f)		5	%(d)		13	%		14	%		40	%		9	%		9	%

^(a)  Based on average shares outstanding.

^(b)  Includes a one-time special distribution from IC Group A/S. Excluding such special distribution, the net investment income would have been $(0.05) 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)  Not annualized.

^(e)  Annualized.

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

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 33

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Finland ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14
Net asset value, beginning of period	$	41.83		$	39.79		$	33.19		$	31.32		$	34.52		$	27.57
Net investment income(a)		0.11			1.39			1.02			1.51	(b)		0.56			1.72
Net realized and unrealized gain (loss)(c)		(3.09	)		2.16			6.74			1.13			(3.25	)		6.37
Net increase (decrease) from investment operations		(2.98	)		3.55			7.76			2.64			(2.69	)		8.09
Distributions
From net investment income		(0.01	)		(1.51	)		(1.16	)		(0.77	)		(0.51	)		(1.14	)
Total distributions		(0.01	)		(1.51	)		(1.16	)		(0.77	)		(0.51	)		(1.14	)
Net asset value, end of period	$	38.84		$	41.83		$	39.79		$	33.19		$	31.32		$	34.52
Total Return
Based on net asset value		(7.13	)%(d)		9.08	%		23.32	%		8.60	%(b)		(7.90	)%		29.25	%
Ratios to Average Net Assets
Total expenses		0.54	%(e)		0.53	%		0.55	%		0.72	%		0.53	%		0.53	%
Total expenses excluding professional fees for foreign withholding tax claims		0.53	%(e)		N/A			0.53	%		0.53	%		N/A			N/A
Net investment income		0.56	%(e)		3.38	%		2.84	%		4.72	%(b)		1.68	%		4.95	%
Supplemental Data
Net assets, end of period (000)	$	33,013		$	39,735		$	45,753		$	38,168		$	23,488		$	36,246
Portfolio turnover rate(f)		4	%(d)		11	%		12	%		21	%		12	%		14	%

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

^(d)  Not annualized.

^(e)  Annualized.

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

See notes to financial statements.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Germany Small-Cap ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14
Net asset value, beginning of period	$	63.43		$	57.18		$	43.23		$	40.03		$	38.93		$	34.54
Net investment income (loss)(a)		(0.04	)		1.33			0.78			0.71			0.53			0.70
Net realized and unrealized gain (loss)(b)		(8.86	)		6.19			13.87			3.16			1.26			4.26
Net increase (decrease) from investment operations		(8.90	)		7.52			14.65			3.87			1.79			4.96
Distributions
From net investment income		(0.63	)		(1.27	)		(0.70	)		(0.67	)		(0.69	)		(0.57	)
Total distributions		(0.63	)		(1.27	)		(0.70	)		(0.67	)		(0.69	)		(0.57	)
Net asset value, end of period	$	53.90		$	63.43		$	57.18		$	43.23		$	40.03		$	38.93
Total Return
Based on net asset value		(13.94	)%(c)		13.22	%		34.12	%		9.72	%		4.61	%		14.21	%
Ratios to Average Net Assets
Total expenses		0.59	%(d)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net investment income (loss)		(0.16	)%(d)		2.09	%		1.65	%		1.73	%		1.36	%		1.72	%
Supplemental Data
Net assets, end of period (000)	$	40,422		$	60,260		$	40,025		$	23,779		$	26,023		$	36,983
Portfolio turnover rate(e)		5	%(c)		14	%		14	%		12	%		18	%		15	%

^(a)  Based on average shares outstanding.

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

^(c)  Not annualized.

^(d)  Annualized.

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

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 35

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Ireland ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14
Net asset value, beginning of period	$	46.25		$	43.80		$	38.94		$	40.34		$	35.27		$	31.16
Net investment income(a)		0.11			0.61			0.47			0.49			0.52	(b)		0.47
Net realized and unrealized gain (loss)(c)		(4.74	)		2.62			4.94			(1.33	)		5.43			4.32
Net increase (decrease) from investment operations		(4.63	)		3.23			5.41			(0.84	)		5.95			4.79
Distributions
From net investment income		(0.12	)		(0.78	)		(0.55	)		(0.56	)		(0.62	)		(0.68	)
From net realized gain		—			—			—			—			(0.26	)		—
Total distributions		(0.12	)		(0.78	)		(0.55	)		(0.56	)		(0.88	)		(0.68	)
Net asset value, end of period	$	41.50		$	46.25		$	43.80		$	38.94		$	40.34		$	35.27
Total Return
Based on net asset value		(9.99	)%(d)		7.38	%		13.99	%		(2.12	)%		17.10	%		15.45	%
Ratios to Average Net Assets
Total expenses		0.49	%(e)		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%
Net investment income		0.52	%(e)		1.31	%		1.19	%		1.27	%		1.41	%(b)		1.30	%
Supplemental Data
Net assets, end of period (000)	$	58,100		$	69,381		$	67,883		$	124,596		$	177,496		$	126,979
Portfolio turnover rate(f)		10	%(d)		20	%		14	%		31	%		26	%		31	%

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

^(d)  Not annualized.

^(e)  Annualized.

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

See notes to financial statements.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI New Zealand ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14
Net asset value, beginning of period	$	49.11		$	46.26		$	46.90		$	32.17		$	40.88		$	34.14
Net investment income(a)		0.74			1.71			1.96			1.21			1.87			1.68
Net realized and unrealized gain (loss)(b)		0.57			2.86			(0.39	)		14.76			(8.57	)		6.78
Net increase (decrease) from investment operations		1.31			4.57			1.57			15.97			(6.70	)		8.46
Distributions
From net investment income		(0.83	)		(1.72	)		(2.21	)		(1.24	)		(2.01	)		(1.72	)
Total distributions		(0.83	)		(1.72	)		(2.21	)		(1.24	)		(2.01	)		(1.72	)
Net asset value, end of period	$	49.59		$	49.11		$	46.26		$	46.90		$	32.17		$	40.88
Total Return
Based on net asset value		2.79	%(c)		10.02	%		3.95	%		50.49	%		(17.01	)%		25.02	%
Ratios to Average Net Assets
Total expenses		0.49	%(d)		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%
Net investment income		3.15	%(d)		3.58	%		4.45	%		3.05	%		4.83	%		4.17	%
Supplemental Data
Net assets, end of period (000)	$	161,172		$	142,406		$	175,790		$	171,183		$	64,344		$	159,446
Portfolio turnover rate(e)		5	%(c)		14	%		9	%		11	%		14	%		20	%

^(a)  Based on average shares outstanding.

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

^(c)  Not annualized.

^(d)  Annualized.

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

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 37

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Norway ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14
Net asset value, beginning of period	$	27.67		$	25.07		$	20.36		$	20.40		$	31.83		$	28.33
Net investment income(a)		0.18			0.72			0.69			0.64			0.64			1.09
Net realized and unrealized gain (loss)(b)		(2.42	)		2.56			4.70			(0.06	)		(11.49	)		3.43
Net increase (decrease) from investment operations		(2.24	)		3.28			5.39			0.58			(10.85	)		4.52
Distributions
From net investment income		(0.14	)		(0.68	)		(0.68	)		(0.62	)		(0.58	)		(1.02	)
Total distributions		(0.14	)		(0.68	)		(0.68	)		(0.62	)		(0.58	)		(1.02	)
Net asset value, end of period	$	25.29		$	27.67		$	25.07		$	20.36		$	20.40		$	31.83
Total Return
Based on net asset value		(8.04	)%(c)		13.21	%		27.10	%		2.89	%		(34.32	)%		15.91	%
Ratios to Average Net Assets
Total expenses		0.53	%(d)		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%
Net investment income		1.38	%(d)		2.67	%		3.11	%		3.23	%		2.60	%		3.48	%
Supplemental Data
Net assets, end of period (000)	$	32,882		$	30,434		$	32,589		$	26,462		$	30,595		$	22,280
Portfolio turnover rate(e)		6	%(c)		13	%		10	%		19	%		14	%		12	%

^(a)  Based on average shares outstanding.

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

^(c)  Not annualized.

^(d)  Annualized.

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

See notes to financial statements.

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Notes to Financial Statements  (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
MSCI 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    

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2019, if any, are disclosed in the statement of assets and liabilities.

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

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

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

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

N O T E S  T O  F I N A N C I A L  S T A T  E M E N T S 39

Notes to Financial Statements  (unaudited) (continued)

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned

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Notes to Financial Statements  (unaudited) (continued)

securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of February 28, 2019, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of February 28, 2019 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

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

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

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI Denmark
Citigroup Global Markets Inc.	$	108,561	$	108,561		$	—	$	—
Deutsche Bank Securities Inc.		132,511		131,440			—		(1,071	)(b)
Goldman Sachs & Co.		715,259		715,259			—		—
Morgan Stanley & Co. LLC		400,337		400,337			—		—
	$	1,356,668	$	1,355,597		$	—	$	(1,071	)
MSCI Finland
UBS AG	$	30,403	$	30,403		$	—	$	—
MSCI Germany Small-Cap
Citigroup Global Markets Inc.	$	489,346	$	489,346		$	—	$	—
Credit Suisse Securities (USA) LLC		789		789			—		—
Deutsche Bank Securities Inc.		328,908		328,908			—		—
Goldman Sachs & Co.		1,071,033		1,071,033			—		—
HSBC Bank PLC		1,161		1,161			—		—
JPMorgan Securities LLC		1,704,444		1,704,444			—		—
Morgan Stanley & Co. LLC		1,962,061		1,962,061			—		—
UBS AG		120,588		120,588			—		—
	$	5,678,330	$	5,678,330		$	—	$	—
MSCI New Zealand
Barclays Capital Inc.	$	655,464	$	655,464		$	—	$	—
Deutsche Bank Securities Inc.		21,296		21,296			—		—
Goldman Sachs & Co.		20,278,241		20,278,241			—		—
Jefferies LLC		343,299		343,299			—		—
Morgan Stanley & Co. LLC		261,039		261,039			—		—
SG Americas Securities LLC		53,048		52,817			—		(231	)(b)
State Street Bank & Trust Company		25,912		25,912			—		—
	$	21,638,299	$	21,638,068		$	—	$	(231	)
MSCI Norway
Citigroup Global Markets Inc.	$	360,410	$	360,410		$	—	$	—
Credit Suisse AG Dublin Branch		79,767		79,767			—		—
Credit Suisse Securities (USA) LLC		18,501		10,639			—		(7,862	)(b)
Deutsche Bank Securities Inc.		145,048		145,048			—		—
JPMorgan Securities LLC		62,224		62,224			—		—
Morgan Stanley & Co. LLC		386,216		386,216			—		—
SG Americas Securities LLC		10,068		10,068			—		—
	$	1,062,234	$	1,054,372		$	—	$	(7,862	)

^(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.

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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 if the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. 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 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 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.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund retained 80% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees.

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, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund was subject to the same terms under the previous securities lending fee arrangement.

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Notes to Financial Statements  (unaudited) (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months ended February 28, 2019, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
MSCI Denmark	$	1,617
MSCI Finland		629
MSCI Germany Small-Cap		15,843
MSCI New Zealand		8,918
MSCI Norway		2,664

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

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

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

iShares ETF	Purchases		Sales
MSCI Denmark	$	175,418	$	1,038,175
MSCI Finland		41,024		412,599
MSCI Germany Small-Cap		1,151,011		6,742
MSCI Ireland		1,523,966		251,056
MSCI New Zealand		1,540,847		—
MSCI Norway		—		256,067

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.

6. PURCHASES AND SALES

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

iShares ETF	Purchases		Sales
MSCI Denmark	$	2,303,414	$	2,259,274
MSCI Finland		1,350,428		1,389,266
MSCI Germany Small-Cap		2,871,567		2,188,591
MSCI Ireland		6,476,289		5,964,254
MSCI New Zealand		7,887,609		8,432,592
MSCI Norway		2,438,132		1,980,703

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

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Denmark	$	31,990,954	$	21,200,122
MSCI Finland		7,789,161		11,411,772
MSCI Germany Small-Cap		—		10,726,984
MSCI Ireland		—		4,003,083
MSCI New Zealand		52,182,432		34,583,362
MSCI Norway		10,420,422		4,651,997

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.

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Notes to Financial Statements  (unaudited) (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of August 31, 2018, the Funds had capital loss carryforwards, with no expiration dates, available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
MSCI Denmark	$	1,837,134
MSCI Finland		526,955
MSCI Germany Small-Cap		1,051,014
MSCI Ireland		6,536,962
MSCI New Zealand		8,176,361
MSCI Norway		4,928,216

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

As of February 28, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Denmark	$	55,810,835	$	1,525,677	$	(6,860,734	)	$	(5,335,057	)
MSCI Finland		35,876,508		1,394,258		(4,523,165	)		(3,128,907	)
MSCI Germany Small-Cap		54,556,827		2,097,269		(10,240,089	)		(8,142,820	)
MSCI Ireland		60,639,805		5,218,522		(7,411,276	)		(2,192,754	)
MSCI New Zealand		184,534,686		15,202,015		(16,320,525	)		(1,118,510	)
MSCI Norway		37,516,085		1,474,661		(5,093,123	)		(3,618,462	)

8. PRINCIPAL RISKS    

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

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

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

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

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

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Notes to Financial Statements  (unaudited) (continued)

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

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

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.

9. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 02/28/19						Year Ended 08/31/18
iShares ETF	Shares			Amount			Shares			Amount
MSCI Denmark
Shares sold		550,000		$	32,488,084			400,000		$	26,929,995
Shares redeemed		(350,000	)		(21,463,588	)		(800,000	)		(53,099,106	)
Net increase(decrease)		200,000		$	11,024,496			(400,000	)	$	(26,169,111	)
MSCI Finland
Shares sold		200,000		$	7,844,967			400,000		$	16,562,867
Shares redeemed		(300,000	)		(11,486,773	)		(600,000	)		(24,405,451	)
Net decrease		(100,000	)	$	(3,641,806	)		(200,000	)	$	(7,842,584	)
MSCI Germany Small-Cap
Shares sold		—		$	—			850,000		$	54,026,908
Shares redeemed		(200,000	)		(10,801,060	)		(600,000	)		(38,644,649	)
Net increase(decrease)		(200,000	)	$	(10,801,060	)		250,000		$	15,382,259
MSCI Ireland
Shares sold		—		$	—			200,000		$	9,429,760
Shares redeemed		(100,000	)		(4,009,826	)		(250,000	)		(11,725,942	)
Net decrease		(100,000	)	$	(4,009,826	)		(50,000	)	$	(2,296,182	)
MSCI New Zealand
Shares sold		1,100,000		$	52,428,407			1,050,000		$	50,851,465
Shares redeemed		(750,000	)		(34,927,759	)		(1,950,000	)		(92,325,267	)
Net increase(decrease)		350,000		$	17,500,648			(900,000	)	$	(41,473,802	)
MSCI Norway
Shares sold		400,000		$	11,351,102			600,000		$	15,881,621
Shares redeemed		(200,000	)		(5,077,901	)		(800,000	)		(21,138,447	)
Net increase(decrease)		200,000		$	6,273,201			(200,000	)	$	(5,256,826	)

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.

10. 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 a receivable for all recoverable taxes withheld by Finland based upon recent favorable determinations issued by the Finnish authorities. Professional fees associated with the filing of these claims that result in the recovery of foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Withholding tax claims may be for the current year and potentially for a limited number of prior calendar years,

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)

depending upon statutes of limitation on taxes. The Fund continues to evaluate developments in Finland for potential impact to the receivables and payables recorded. Foreign withholding tax claims and associated payable amounts are disclosed in the statement of assets and liabilities.

The Fund, under the approval of the Board, plans to seek 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 an estimated liability for the 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.

11. LEGAL PROCEEDINGS

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

12. REGULATION S-X AMENDMENTS

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

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

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

iShares ETF	Net Investment Income
MSCI Denmark	$	1,199,663
MSCI Finland		1,829,682
MSCI Germany Small-Cap		1,210,800
MSCI Ireland		1,127,676
MSCI New Zealand		5,177,401
MSCI Norway		1,008,633

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

iShares ETF	Undistributed (distributions in excess of) net investment income
MSCI Denmark	$	116,653
MSCI Finland		165,290
MSCI Germany Small-Cap		256,976
MSCI Ireland		(114,496	)
MSCI New Zealand		468,462
MSCI Norway		27,434

13. SUBSEQUENT EVENTS    

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

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Supplemental Information  (unaudited)

Section 19(a) Notices

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

	Total Cumulative Distributions 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 Germany Small-Cap(a)	$	0.594709	$	—	$	0.031597	$	0.626306		95	%		—	%		5	%		100	%

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

SUPPLEMENTAL INFORMATION 47

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to www.icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

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

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Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
ADR	American Depositary Receipt
NVS	Non-Voting Shares

GLOSSARY OF TERMS USED IN THIS REPORT 49

               This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.   Investing involves risk, including possible loss of principal.   The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).   The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.   ©2019 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

FEBRUARY 28, 2019

2019 SEMI-ANNUAL REPORT (UNAUDITED)

iShares Trust

▶ iShares MSCI India ETF  |  INDA  |  Cboe BZX

▶ iShares MSCI India Small-Cap ETF  |  SMIN  |  Cboe BZX

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

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

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

Table of Contents

	Page
Fund Summary		5
About Fund Performance		7
Shareholder Expenses		7
Consolidated Schedules of Investments		8
Consolidated Financial Statements
Consolidated Statements of Assets and Liabilities		15
Consolidated Statements of Operations		16
Consolidated Statements of Changes in Net Assets		17
Consolidated Financial Highlights		18
Notes to Consolidated Financial Statements		20
Supplemental Information		26
General Information		27

Fund Summary as of February 28, 2019 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		(8.28	)%		(6.05	)%		6.93	%		4.31	%		(6.05	)%		39.82	%		34.76	%
Fund Market		(7.61	)		(3.90	)		7.11			4.41			(3.90	)		40.97			35.69
Index		(8.57	)		(5.77	)		7.77			5.06			(5.77	)		45.35			41.85

The inception date of the Fund was 2/2/12. The first day of secondary market trading was 2/3/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$	917.20	$	3.38		$	1,000.00	$	1,021.30	$	3.56		0.71	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 7 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Financials	23.6%
Information Technology	18.1
Energy	14.8
Consumer Staples	10.9
Consumer Discretionary	9.4
Materials	8.2
Health Care	5.4
Industrials	4.0
Utilities	3.0
Communication Services	2.6

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Reliance Industries Ltd.	11.1%
Housing Development Finance Corp. Ltd.	9.5
Infosys Ltd.	8.1
Tata Consultancy Services Ltd.	5.6
Axis Bank Ltd.	4.3
Hindustan Unilever Ltd.	3.6
ITC Ltd.	3.0
ICICI Bank Ltd.	2.6
Maruti Suzuki India Ltd.	2.3
Larsen & Toubro Ltd.	1.9

^(a)  Excludes money market funds.

F U N D    S U M M A R Y 5

Fund Summary as of February 28, 2019 iShares^® 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		(18.82	)%		(26.30	)%		12.64	%		6.35	%		(26.30	)%		81.32	%		54.40	%
Fund Market		(17.99	)		(24.72	)		13.10			6.49			(24.72	)		85.04			55.88
Index		(18.43	)		(26.17	)		13.58			7.13			(26.17	)		88.99			62.60

The inception date of the Fund was 2/8/12. The first day of secondary market trading was 2/9/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$	811.80	$	3.41		$	1,000.00	$	1,021.00	$	3.81		0.76	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 7 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Financials	23.8%
Consumer Discretionary	16.6
Industrials	14.4
Materials	12.2
Health Care	9.3
Information Technology	6.4
Utilities	5.3
Communication Services	4.3
Consumer Staples	4.3
Real Estate	2.7
Energy	0.7

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
RBL Bank Ltd.	2.6%
Federal Bank Ltd.	1.8
Info Edge India Ltd.	1.6
Apollo Hospitals Enterprise Ltd.	1.6
Mphasis Ltd.	1.5
Bharat Financial Inclusion Ltd.	1.4
Mindtree Ltd.	1.3
IDFC First Bank Ltd.	1.3
Jubilant Foodworks Ltd.	1.3
AU Small Finance Bank Ltd.	1.2

^(a)  Excludes money market funds.

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About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

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

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

Shareholder Expenses

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

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

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

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

A B O U T    F U N D     P E R F O R M A N C E / S H A R E H O L D E R    E X P  E N S E S 7

Consolidated Schedule of Investments  (unaudited)  February 28, 2019 iShares^® MSCI India ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 0.3%
InterGlobe Aviation Ltd.(a)		954,382	$	15,100,104
Auto Components — 1.3%
Bharat Forge Ltd.		2,166,970		15,626,283
Bosch Ltd.		75,775		20,269,842
Motherson Sumi Systems Ltd.		9,799,839		22,403,175
				58,299,300
Automobiles — 6.7%
Bajaj Auto Ltd.		868,094		35,401,746
Eicher Motors Ltd.		138,254		38,621,220
Hero MotoCorp Ltd.		516,511		19,084,973
Mahindra & Mahindra Ltd.		7,716,304		70,072,031
Maruti Suzuki India Ltd.		1,093,729		105,022,280
Tata Motors Ltd.(b)		16,427,882		40,985,257
				309,187,507
Banks — 9.6%
Axis Bank Ltd.(b)		19,672,941		196,255,747
ICICI Bank Ltd.		24,646,497		121,333,135
State Bank of India(b)		18,464,512		69,845,900
Yes Bank Ltd.		17,698,252		57,516,753
				444,951,535
Beverages — 0.5%
United Spirits Ltd.(b)		3,006,756		23,091,903
Chemicals — 2.7%
Asian Paints Ltd.		2,976,796		58,810,829
Pidilite Industries Ltd.		1,261,106		20,433,548
UPL Ltd.		3,688,313		45,508,704
				124,753,081
Construction & Engineering — 1.9%
Larsen & Toubro Ltd.		4,931,907		89,653,386
Construction Materials — 2.8%
Ambuja Cements Ltd.		6,162,297		18,371,770
Grasim Industries Ltd.		3,401,306		37,159,063
Shree Cement Ltd.		86,492		20,177,423
UltraTech Cement Ltd.		994,341		53,494,256
				129,202,512
Consumer Finance — 2.4%
Bajaj Finance Ltd.		1,793,564		66,798,841
Mahindra & Mahindra Financial Services Ltd.		3,131,404		17,449,703
Shriram Transport Finance Co. Ltd.		1,525,578		24,499,977
				108,748,521
Diversified Financial Services — 0.3%
REC Ltd.		7,150,506		13,707,618
Diversified Telecommunication Services — 0.3%
Bharti Infratel Ltd.		3,444,070		14,219,099
Electric Utilities — 1.3%
Power Grid Corp. of India Ltd.		18,941,807		48,695,234
Tata Power Co. Ltd. (The)		11,471,876		10,556,360
				59,251,594
Electrical Equipment — 0.6%
Havells India Ltd.		2,588,142		26,030,156
Food & Staples Retailing — 0.6%
Avenue Supermarts Ltd.(a)(b)		1,291,199		26,428,042

Security	Shares		Value
Food Products — 1.3%
Britannia Industries Ltd.		596,647	$	25,642,997
Nestle India Ltd.		239,375		35,808,020
				61,451,017
Gas Utilities — 0.9%
GAIL India Ltd.		8,164,845		39,259,443
Household Products — 3.6%
Hindustan Unilever Ltd.		6,717,821		163,647,494
Independent Power and Renewable Electricity Producers — 0.9%
NTPC Ltd.		20,471,329		40,654,122
Insurance — 0.8%
Bajaj Finserv Ltd.		395,091		35,897,518
IT Services — 18.1%
HCL Technologies Ltd.		5,611,642		83,149,463
Infosys Ltd.		36,153,677		373,246,797
Tata Consultancy Services Ltd.		9,316,189		259,794,311
Tech Mahindra Ltd.		4,871,434		56,856,940
Wipro Ltd.		11,700,190		60,683,645
				833,731,156
Life Sciences Tools & Services — 0.4%
Divi’s Laboratories Ltd.		823,861		19,161,309
Machinery — 0.3%
Ashok Leyland Ltd.		12,146,910		14,772,432
Media — 0.7%
Zee Entertainment Enterprises Ltd.		4,967,889		32,597,161
Metals & Mining — 2.7%
Hindalco Industries Ltd.		12,078,543		33,241,944
JSW Steel Ltd.		8,751,933		34,588,754
Tata Steel Ltd.		3,612,492		25,417,783
Vedanta Ltd.		13,458,705		32,054,335
				125,302,816
Oil, Gas & Consumable Fuels — 14.7%
Bharat Petroleum Corp. Ltd.		7,854,126		37,274,006
Coal India Ltd.		7,063,545		22,672,464
Hindustan Petroleum Corp. Ltd.		6,305,421		19,800,225
Indian Oil Corp. Ltd.		19,477,410		39,597,666
Oil & Natural Gas Corp. Ltd.		14,603,216		30,519,928
Petronet LNG Ltd.		6,206,846		19,512,497
Reliance Industries Ltd.		29,506,856		510,703,363
				680,080,149
Personal Products — 2.0%
Dabur India Ltd.		5,481,465		33,759,067
Godrej Consumer Products Ltd.		3,700,916		35,010,440
Marico Ltd.		4,673,781		22,322,046
				91,091,553
Pharmaceuticals — 4.9%
Aurobindo Pharma Ltd.		2,727,479		27,304,988
Cadila Healthcare Ltd.		2,118,071		9,490,578
Cipla Ltd./India		3,581,954		27,927,419
Dr. Reddy’s Laboratories Ltd.		1,184,784		43,836,654
Glenmark Pharmaceuticals Ltd.		1,430,289		11,996,118
Lupin Ltd.		2,292,503		24,616,779
Piramal Enterprises Ltd.		853,565		27,920,236
Sun Pharmaceutical Industries Ltd.		8,686,937		54,367,973
				227,460,745

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Consolidated Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI India ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Road & Rail — 0.3%
Container Corp. of India Ltd.		2,143,017	$	14,243,845
Textiles, Apparel & Luxury Goods — 1.4%
Page Industries Ltd.		56,538		17,716,134
Titan Co. Ltd.		3,214,372		46,331,336
				64,047,470
Thrifts & Mortgage Finance — 10.5%
Housing Development Finance Corp. Ltd.		16,894,477		437,336,582
Indiabulls Housing Finance Ltd.		2,869,137		26,431,901
LIC Housing Finance Ltd.		3,080,159		20,591,773
				484,360,256
Tobacco — 3.0%
ITC Ltd.		35,468,158		137,656,421
Transportation Infrastructure — 0.5%
Adani Ports & Special Economic Zone Ltd.		5,355,866		24,536,777
Wireless Telecommunication Services — 1.6%
Bharti Airtel Ltd.		14,473,226		64,718,856
Vodafone Idea Ltd.(b)		22,591,332		9,496,927
				74,215,783
Total Common Stocks — 99.9% (Cost: $3,674,303,011)				4,606,791,825

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(c)(d)		18,132,534	$	18,132,534
Total Short-Term Investments — 0.4% (Cost: $18,132,534)				18,132,534
Total Investments in Securities — 100.3% (Cost: $3,692,435,545)				4,624,924,359
Other Assets, Less Liabilities — (0.3)%				(11,634,043	)
Net Assets — 100.0%			$	4,613,290,316

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

Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income		Net Realized Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	40,830,082	(22,697,548	)	18,132,534	$	18,132,534	$	541,986	$	—	$	—

^(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	79	03/15/19	$	4,134	$	(48,055	)

Derivative Financial Instruments Categorized by Risk Exposure

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

		Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Net unrealized depreciation(a)	$	48,055

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

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) February 28, 2019 iShares^® MSCI India ETF

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

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$(313,556	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$(142,775	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	3,759,123

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

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	4,606,791,825		$	—	$	—	$	4,606,791,825
Money Market Funds		18,132,534			—		—		18,132,534
	$	4,624,924,359		$	—	$	—	$	4,624,924,359
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(48,055	)	$	—	$	—	$	(48,055	)

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

See notes to consolidated financial statements.

10 2 0 1 9    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O     S H A R E H O L D E R S

Consolidated Schedule of Investments  (unaudited) February 28, 2019 iShares^® MSCI India Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.2%
Blue Dart Express Ltd.		12,054	$	530,079
Airlines — 0.2%
SpiceJet Ltd.(a)		375,496		421,551
Auto Components — 5.7%
Apollo Tyres Ltd.		670,888		2,051,066
Asahi India Glass Ltd.		150,960		544,402
Balkrishna Industries Ltd.		201,552		2,509,827
Ceat Ltd.		47,328		725,461
Endurance Technologies Ltd.(b)		73,168		1,335,363
Exide Industries Ltd.		529,448		1,635,770
KPIT Engineering Ltd.(a)		356,306		401,210
Mahindra CIE Automotive Ltd.(a)		238,000		779,656
Minda Industries Ltd.		164,560		744,296
Sundram Fasteners Ltd.		131,920		962,512
Suprajit Engineering Ltd.		88,944		239,910
Tube Investments of India Ltd.		183,736		924,799
WABCO India Ltd.		11,832		1,132,167
				13,986,439
Banks — 10.5%
Allahabad Bank(a)		744,736		502,590
AU Small Finance Bank Ltd.(b)		372,504		3,035,494
Canara Bank(a)		382,296		1,244,019
City Union Bank Ltd.		756,976		1,952,405
DCB Bank Ltd.		392,496		1,002,951
Federal Bank Ltd.		3,817,384		4,500,275
IDFC First Bank Ltd.(a)		4,971,208		3,127,700
Indian Bank(a)		250,512		791,058
Jammu & Kashmir Bank Ltd. (The)(a)		514,624		278,561
Karnataka Bank Ltd. (The)		363,256		573,283
Karur Vysya Bank Ltd. (The)		830,824		807,739
RBL Bank Ltd.(b)		775,064		6,296,842
South Indian Bank Ltd. (The)		2,312,000		429,074
Union Bank of India(a)		609,144		613,630
Vijaya Bank		686,256		389,796
				25,545,417
Beverages — 0.8%
Radico Khaitan Ltd.		138,856		707,689
Varun Beverages Ltd.		113,152		1,287,166
				1,994,855
Building Products — 1.7%
Astral Poly Technik Ltd.		124,576		1,892,646
Blue Star Ltd.		60,928		531,789
Cera Sanitaryware Ltd.		12,104		409,359
Kajaria Ceramics Ltd.		165,648		1,262,163
				4,095,957
Capital Markets — 4.1%
BSE Ltd.		34,086		272,635
Care Ratings Ltd.		54,264		732,790
CRISIL Ltd.		46,263		948,334
Edelweiss Financial Services Ltd.		1,190,680		2,289,246
ICICI Securities Ltd.(b)		166,056		468,918
IIFL Holdings Ltd.		247,792		1,145,659
Indiabulls Ventures Ltd.		408,272		1,604,933
Indian Energy Exchange Ltd.(b)		301,920		650,310
JM Financial Ltd.		526,320		574,224
Motilal Oswal Financial Services Ltd.		91,256		722,786

Security	Shares		Value
Capital Markets (continued)
Multi Commodity Exchange of India Ltd.		22,440	$	206,334
Tata Investment Corp. Ltd.		34,680		402,037
				10,018,206
Chemicals — 7.6%
Aarti Industries Ltd.		51,544		1,007,382
Akzo Nobel India Ltd.		23,133		581,055
Atul Ltd.		37,808		1,789,742
BASF India Ltd.		26,442		490,428
Bayer CropScience Ltd./India		21,352		1,304,633
Chambal Fertilizers and Chemicals Ltd.		262,072		582,720
Coromandel International Ltd.		181,424		1,127,041
DCM Shriram Ltd.		84,864		467,892
EID Parry India Ltd.		145,272		378,160
Finolex Industries Ltd.		85,544		570,744
Gujarat Alkalies &Chemicals Ltd.		46,413		289,925
Gujarat Fluorochemicals Ltd.		68,816		880,007
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		97,515		356,121
Gulf Oil Lubricants India Ltd.		31,416		378,266
Himadri Speciality Chemical Ltd.		219,504		361,693
Monsanto India Ltd.		8,704		311,583
Phillips Carbon Black Ltd.		133,416		291,587
PI Industries Ltd.		143,616		1,862,281
Rain Industries Ltd.		210,808		269,266
Rallis India Ltd.		125,528		265,965
Sharda Cropchem Ltd.		53,340		270,051
SRF Ltd.		35,632		1,149,798
Supreme Industries Ltd.		98,464		1,581,003
Tata Chemicals Ltd.		159,664		1,248,893
Vinati Organics Ltd.		32,368		657,292
				18,473,528
Communications Equipment — 0.4%
Sterlite Technologies Ltd.		251,464		854,167
Tejas Networks Ltd.(a)(b)		84,456		185,117
				1,039,284
Construction & Engineering — 4.2%
Ashoka Buildcon Ltd.		177,536		295,784
Dilip Buildcon Ltd.(b)		85,544		517,164
Engineers India Ltd.		395,624		596,276
Gayatri Projects Ltd.(a)		219,232		462,652
GE Power India Ltd.		42,704		483,590
GMR Infrastructure Ltd.(a)		3,787,328		862,617
IRB Infrastructure Developers Ltd.		365,976		690,776
Kalpataru Power Transmission Ltd.		97,376		546,597
KEC International Ltd.		161,296		598,684
NBCC India Ltd.		1,123,904		835,111
NCC Ltd./India		1,095,208		1,318,076
PNC Infratech Ltd.		161,840		290,226
Sadbhav Engineering Ltd.		220,184		589,727
Voltas Ltd.		258,672		2,060,429
				10,147,709
Construction Materials — 2.6%
Birla Corp. Ltd.		48,688		317,930
Century Textiles & Industries Ltd.		69,496		783,667
HeidelbergCement India Ltd.		143,480		307,329
India Cements Ltd. (The)		442,272		545,019
JK Cement Ltd.		47,464		484,074
JK Lakshmi Cement Ltd.		77,656		357,948
Odisha Cement Ltd.(a)		118,864		1,927,192
Prism Johnson Ltd.		320,824		351,378

C O N S O L I D A T E D    S C H E D U L E      O F    I N V E S T M E N T S 11

Consolidated Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI India Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction Materials (continued)
Ramco Cements Ltd. (The)		147,560	$	1,391,863
				6,466,400
Consumer Finance — 4.2%
Bharat Financial Inclusion Ltd.(a)		269,960		3,506,666
Equitas Holdings Ltd./India(a)		429,080		686,516
Magma Fincorp Ltd.		350,200		504,181
Manappuram Finance Ltd.		1,075,216		1,708,978
Muthoot Finance Ltd.		249,152		1,849,560
Repco Home Finance Ltd.		80,512		379,150
Sundaram Finance Ltd.		68,740		1,582,079
				10,217,130
Containers & Packaging — 0.1%
Time Technoplast Ltd.		288,048		357,801
Diversified Financial Services — 1.9%
Cox & Kings Financial Service Ltd.(a)		65,956		49,045
IDFC Ltd.		1,988,592		1,021,888
IFCI Ltd.(a)		1,557,718		274,854
Power Finance Corp. Ltd.		1,648,592		2,599,457
Reliance Capital Ltd.		263,296		639,488
				4,584,732
Diversified Telecommunication Services — 0.8%
Himachal Futuristic Communications Ltd.		1,295,536		385,239
Tata Communications Ltd.		177,072		1,469,080
				1,854,319
Electric Utilities — 2.1%
Adani Transmissions Ltd.(a)		716,448		2,053,362
CESC Ltd.		155,448		1,470,747
Reliance Infrastructure Ltd.		342,584		591,474
Torrent Power Ltd.		300,560		1,026,640
				5,142,223
Electrical Equipment — 2.4%
Amara Raja Batteries Ltd.		53,992		544,199
CG Power and Industrial Solutions Ltd.(a)		979,064		443,238
Finolex Cables Ltd.		180,200		1,022,530
GE T&D India Ltd.		160,480		652,288
Graphite India Ltd.		152,456		883,211
HEG Ltd.		20,672		593,309
KEI Industries Ltd.		92,072		442,844
Suzlon Energy Ltd.(a)		6,999,784		565,878
V-Guard Industries Ltd.		267,240		770,802
				5,918,299
Electronic Equipment, Instruments & Components — 0.3%
Redington India Ltd.		606,560		721,890
Entertainment — 0.9%
Chennai Super Kings Cricket Ltd.		206,787		6,541
Inox Leisure Ltd.(a)		114,376		446,159
PVR Ltd.		79,152		1,672,151
				2,124,851
Food & Staples Retailing — 0.1%
Spencer’s Retail Ltd.(a)(c)		97,020		194,378
Food Products — 2.1%
Avanti Feeds Ltd.		85,408		401,846
CCL Products India Ltd.		136,680		538,543
Future Consumer Ltd.(a)		1,180,208		769,922
Kaveri Seed Co. Ltd.		64,464		369,285
KRBL Ltd.		122,808		607,770

Security	Shares		Value
Food Products (continued)
Tata Global Beverages Ltd.		772,208	$	2,102,975
Venky’s India Ltd.		8,805		254,960
				5,045,301
Gas Utilities — 2.1%
Gujarat Gas Ltd.		428,400		717,049
Gujarat State Petronet Ltd.		353,736		782,060
Indraprastha Gas Ltd.		545,224		2,244,482
Mahanagar Gas Ltd.		101,456		1,282,495
				5,026,086
Health Care Providers & Services — 2.8%
Apollo Hospitals Enterprise Ltd.		235,280		3,774,007
Dr Lal PathLabs Ltd.(b)		65,008		924,308
Fortis Healthcare Ltd.(a)		1,078,072		2,042,428
				6,740,743
Hotels, Restaurants & Leisure — 3.5%
Cox & Kings Ltd.		203,864		416,033
EIH Ltd.		371,416		968,928
Indian Hotels Co. Ltd. (The)		1,231,081		2,400,674
Jubilant Foodworks Ltd.		171,904		3,066,423
Lemon Tree Hotels Ltd.(a)(b)		493,816		528,001
Thomas Cook India Ltd.		234,736		698,503
Westlife Development Ltd.(a)		96,152		477,338
				8,555,900
Household Durables — 3.0%
Bajaj Electricals Ltd.		63,920		407,104
Crompton Greaves Consumer Electricals Ltd.		978,384		2,888,675
IFB Industries Ltd.(a)		25,432		297,062
Johnson Controls-Hitachi Air Conditioning India Ltd.		17,000		406,391
LA Opala RG Ltd.		81,192		223,909
Symphony Ltd.		44,200		803,851
TTK Prestige Ltd.		7,344		782,111
Whirlpool of India Ltd.		78,744		1,520,660
				7,329,763
Household Products — 0.2%
Jyothy Laboratories Ltd.		223,856		564,469
Independent Power and Renewable Electricity Producers — 1.2%
Adani Power Ltd.(a)		2,009,400		1,360,294
JSW Energy Ltd.(a)		856,528		776,130
PTC India Ltd.		448,256		482,753
Reliance Power Ltd.(a)		1,462,136		220,987
				2,840,164
Industrial Conglomerates — 0.6%
Godrej Industries Ltd.		210,800		1,461,274
Insurance — 1.2%
Max Financial Services Ltd.(a)		341,632		1,895,574
TI Financial Holdings Ltd.		186,728		1,150,145
				3,045,719
Interactive Media & Services — 1.9%
Info Edge India Ltd.		158,576		3,990,025
Just Dial Ltd.(a)		93,296		678,672
				4,668,697
IT Services — 5.1%
CESC Ventures Ltd.(a)		32,338		226,578
eClerx Services Ltd.		50,456		735,279
Firstsource Solutions Ltd.		433,840		264,112
Hexaware Technologies Ltd.		232,288		1,158,399
Mindtree Ltd.		256,768		3,280,796

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Consolidated Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI India Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Mphasis Ltd.		242,224	$	3,545,859
NIIT Technologies Ltd.		78,744		1,462,149
Persistent Systems Ltd.		102,408		943,361
Sonata Software Ltd.		82,960		394,352
Vakrangee Ltd.		796,960		489,652
				12,500,537
Life Sciences Tools & Services — 0.6%
Dishman Carbogen Amcis Ltd.(a)		168,096		440,291
Syngene International Ltd.(b)		124,848		1,035,979
				1,476,270
Machinery — 3.6%
AIA Engineering Ltd.		98,192		2,368,163
Carborundum Universal Ltd.		115,533		604,172
Cochin Shipyard Ltd.(b)		82,530		404,898
Escorts Ltd.		156,944		1,451,031
Greaves Cotton Ltd.		154,375		272,498
ISGEC Heavy Engineering Ltd.		4,432		289,575
Jain Irrigation Systems Ltd.		776,016		620,256
Lakshmi Machine Works Ltd.		6,818		549,854
Schaeffler India Ltd.		10,200		774,326
Thermax Ltd.		74,800		1,040,031
Timken India Ltd.		47,872		383,979
				8,758,783
Media — 0.7%
Dish TV India Ltd.		1,686,128		924,539
Jagran Prakashan Ltd.		183,600		248,710
TV18 Broadcast Ltd.(a)		1,164,840		550,270
				1,723,519
Metals & Mining — 1.7%
APL Apollo Tubes Ltd.		15,096		254,468
Jindal Saw Ltd.		292,725		335,007
Jindal Steel & Power Ltd.(a)		1,008,848		2,224,746
MOIL Ltd.		163,472		329,696
National Aluminium Co. Ltd.		1,176,808		836,367
Welspun Corp. Ltd.		138,992		211,538
				4,191,822
Multiline Retail — 0.5%
Shoppers Stop Ltd.		54,128		364,677
V-Mart Retail Ltd.		21,216		769,609
				1,134,286
Oil, Gas & Consumable Fuels — 0.7%
Aegis Logistics Ltd.		209,984		587,207
Chennai Petroleum Corp. Ltd.		93,160		298,958
Great Eastern Shipping Co. Ltd. (The)		130,716		494,093
Gujarat Mineral Development Corp. Ltd.		201,416		217,908
				1,598,166
Paper & Forest Products — 0.3%
Anup Engineering Ltd. (The)(a)		12,943		314,582
Century Plyboards India Ltd.		140,624		330,868
				645,450
Personal Products — 0.9%
Bajaj Consumer Care Ltd.(a)		135,200		665,106
Gillette India Ltd.		16,864		1,543,423
				2,208,529
Pharmaceuticals — 5.9%
Ajanta Pharma Ltd.		55,080		758,058
Alembic Pharmaceuticals Ltd.		118,456		924,232
Caplin Point Laboratories Ltd.		47,872		262,492

Security	Shares		Value
Pharmaceuticals (continued)
Eris Lifesciences Ltd.(a)(b)		90,168	$	772,357
FDC Ltd./India(a)		111,112		259,712
Granules India Ltd.		324,224		445,358
Ipca Laboratories Ltd.		114,512		1,303,764
Jubilant Life Sciences Ltd.		185,368		2,041,944
Laurus Labs Ltd.(b)		97,240		455,875
Merck Ltd./India		10,472		463,616
Natco Pharma Ltd.		234,736		1,899,637
Pfizer Ltd./India		28,288		1,287,564
Sanofi India Ltd.		14,229		1,194,335
Shilpa Medicare Ltd.		75,480		371,636
Strides Pharma Science Ltd.		114,240		676,032
Sun Pharma Advanced Research Co. Ltd.(a)		164,288		411,839
Suven Life Sciences Ltd.		117,504		397,896
Wockhardt Ltd.(a)		71,944		400,553
				14,326,900
Professional Services — 0.8%
Quess Corp. Ltd.(a)(b)		95,200		958,341
TeamLease Service Ltd.(a)		26,520		1,063,391
				2,021,732
Real Estate Management & Development — 2.7%
Godrej Properties Ltd.(a)		142,936		1,425,717
Indiabulls Real Estate Ltd.(a)		533,392		528,321
NESCO Ltd.		41,717		252,673
Oberoi Realty Ltd.		141,168		983,147
Phoenix Mills Ltd. (The)		138,001		1,209,731
Prestige Estates Projects Ltd.		294,168		851,573
Sobha Ltd.		111,656		687,585
Sunteck Realty Ltd.		133,416		649,764
				6,588,511
Software — 0.6%
Birlasoft Ltd.(a)		361,624		552,658
Tata Elxsi Ltd.		39,304		488,964
Zensar Technologies Ltd.		142,477		404,037
				1,445,659
Specialty Retail — 0.8%
Arvind Fashions Ltd.(a)		69,894		679,490
Future Lifestyle Fashions Ltd.		125,664		758,123
PC Jeweller Ltd.		357,816		355,420
Shankara Building Products Ltd.		27,880		168,061
				1,961,094
Technology Hardware, Storage & Peripherals — 0.0%
Ricoh India Ltd.(a)(c)		9,870		—
Textiles, Apparel & Luxury Goods — 3.1%
Aditya Birla Fashion and Retail Ltd.(a)		477,632		1,512,950
Arvind Ltd.		324,950		345,389
Bata India Ltd.		80,104		1,451,476
KPR Mill Ltd.		46,451		347,437
Rajesh Exports Ltd.		192,304		1,568,416
Raymond Ltd.		68,680		741,345
Vardhman Textiles Ltd.		35,768		507,130
VIP Industries Ltd.		88,536		507,805
Welspun India Ltd.		657,560		476,578
				7,458,526
Thrifts & Mortgage Finance — 1.8%
Can Fin Homes Ltd.		83,838		313,776
Dewan Housing Finance Corp. Ltd.		367,880		658,940
GRUH Finance Ltd.		456,416		1,588,203

C O N S O L I D A T E D    S C H E D U L E      O F    I N V E S T M E N T S 13

Consolidated Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI India Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
PNB Housing Finance Ltd.(b)		152,592	$	1,922,250
				4,483,169
Tobacco — 0.2%
Godfrey Phillips India Ltd.		32,776		408,097
Trading Companies & Distributors — 0.2%
Adani Enterprises Ltd.		343,858		622,922
Transportation Infrastructure — 0.3%
Gujarat Pipavav Port Ltd.		571,336		650,649
Wireless Telecommunication Services — 0.1%
Reliance Communications Ltd.(a)		1,800,504		164,542
Total Common Stocks — 100.0% (Cost: $252,689,568)				243,482,327
Total Investments in Securities — 100.0% (Cost: $252,689,568)				243,482,327
Other Assets, Less Liabilities — 0.0%				7,996
Net Assets — 100.0%			$	243,490,323

^(a)  Non-income producing security.

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

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

Affiliates

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

Affiliated Issuer	Shares Held at 08/31/18		Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income		Net Realized Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares		—		—		—	$	—	$	3,902	$	—	$	—

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

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	242,031,459	$	1,450,868	$	—	$	243,482,327

See notes to consolidated financial statements.

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Consolidated Statements of Assets and Liabilities  (unaudited) 

February 28, 2019

	iShares MSCI India ETF		iShares MSCI India Small-Cap ETF
ASSETS
Investments in securities, at value:
Unaffiliated(a)	$	4,606,791,825	$	243,482,327
Affiliated(b)		18,132,534		—
Cash		31,173,693		155,988
Foreign currency, at value(c)		137,219		86,190
Cash pledged:
Futures contracts		355,000		—
Receivables:
Investments sold		29,135,615		1,210,551
Dividends		2,710,595		19,088
Total assets		4,688,436,481		244,954,144
LIABILITIES
Deferred foreign capital gain tax		43,093,872		—
Payables:
Investments purchased		29,689,231		1,328,487
Variation margin on futures contracts		80,567		—
Investment advisory fees		2,282,495		135,334
Total liabilities		75,146,165		1,463,821
NET ASSETS	$	4,613,290,316	$	243,490,323
NET ASSETS CONSIST OF:
Paid-in capital	$	4,255,163,659	$	283,616,652
Accumulated earnings (loss)		358,126,657		(40,126,329	)
NET ASSETS	$	4,613,290,316	$	243,490,323
Shares outstanding		142,150,000		6,800,000
Net asset value	$	32.45	$	35.81
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a)   Investments, at cost — Unaffiliated	$	3,674,303,011	$	252,689,568
(b)   Investments, at cost — Affiliated	$	18,132,534	$	—
(c)   Foreign currency, at cost	$	137,239	$	86,757

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 15

Consolidated Statements of Operations  (unaudited) 

Six Months Ended February 28, 2019

	iShares MSCI India ETF			iShares MSCI India Small-Cap ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	24,874,461		$	842,894
Dividends — Affiliated		541,986			3,902
Interest — Unaffiliated		27			—
Total investment income		25,416,474			846,796
EXPENSES
Investment advisory fees		14,642,472			898,289
Mauritius income taxes		1,355,119			25,533
Total expenses		15,997,591			923,822
Net investment income (loss)		9,418,883			(77,026	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(21,543,365	)		(12,275,411	)
Futures contracts		(313,556	)		—
Foreign currency transactions		(768,284	)		(287,075	)
Net realized loss		(22,625,205	)		(12,562,486	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(414,489,748	)		(39,548,893	)
Futures contracts		(142,775	)		—
Foreign currency translations		35,316			14,201
Net change in unrealized appreciation (depreciation)		(414,597,207	)		(39,534,692	)
Net realized and unrealized loss		(437,222,412	)		(52,097,178	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(427,803,529	)	$	(52,174,204	)

See notes to consolidated financial statements.

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Consolidated Statements of Changes in Net Assets

	iShares MSCI India ETF						iShares MSCI India Small-Cap ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	9,418,883		$	37,959,625		$	(77,026	)	$	(5,337	)
Net realized loss		(22,625,205	)		(47,736,260	)		(12,562,486	)		(5,942,280	)
Net change in unrealized appreciation (depreciation)		(414,597,207	)		248,886,635			(39,534,692	)		(10,628,355	)
Net increase (decrease) in net assets resulting from operations		(427,803,529	)		239,110,000			(52,174,204	)		(16,575,972	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income		(37,746,486	)		(47,283,590	)		—			(3,843,860	)
Return of capital		—			—			—			(2,942,209	)
Decrease in net assets resulting from distributions to shareholders		(37,746,486	)		(47,283,590	)		—			(6,786,069	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(3,279,697	)		(373,524,895	)		13,400,125			99,712,128
NET ASSETS(a)
Total increase (decrease) in net assets		(468,829,712	)		(181,698,485	)		(38,774,079	)		76,350,087
Beginning of period		5,082,120,028			5,263,818,513			282,264,402			205,914,315
End of period	$	4,613,290,316		$	5,082,120,028		$	243,490,323		$	282,264,402

^(a) Prior year distribution character information and undistributed (distributions in excess of) net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 11 for this prior year information.

See notes to consolidated financial statements.

C O N S O L I D A T E D    F I N A N C I A L     S T A T E M E N T S 17

Consolidated Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI India ETF
	Six Months Ended
		02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14
Net asset value, beginning of period		$	35.68			$       34.20			$       29.61			$       28.12			$       30.83			$       20.48
Net investment income(a)			0.07			0.25			0.26			0.22			0.45			0.40
Net realized and unrealized gain (loss)(b)			(3.03	)		1.54			4.53			1.64			(2.92	)		10.12
Net increase (decrease) from investment operations			(2.96	)		1.79			4.79			1.86			(2.47	)		10.52
Distributions
From net investment income			(0.27	)		(0.31	)		(0.20	)		(0.37	)		(0.24	)		(0.17	)
Total distributions			(0.27	)		(0.31	)		(0.20	)		(0.37	)		(0.24	)		(0.17	)
Net asset value, end of period		$	32.45			$       35.68			$       34.20			$       29.61			$       28.12			$       30.83
Total Return
Based on net asset value			(8.28	)%(c)		5.26	%		16.27	%		6.73	%		(8.05	)%		51.61	%
Ratios to Average Net Assets
Total expenses			0.71	%(d)		0.68	%		0.68	%		0.71	%		0.68	%		0.68	%
Net investment income			0.42	%(d)		0.72	%		0.87	%		0.79	%		1.47	%		1.47	%
Supplemental Data
Net assets, end of period (000)		$	4,613,290			$5,082,120			$5,263,819			$4,112,252			$3,583,362			$1,456,894
Portfolio turnover rate(e)			4	%(c)(f)		10	%(f)		13	%(f)		25	%(f)		30	%(f)		22	%(f)
(a)  Based on average shares outstanding. (b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due      to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. (c)  Not annualized. (d)  Annualized. (e)  Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).
(f)  Portfolio turnover rate excluding cash     creations was as follows:			2	%		5	%		5	%		15	%		22	%		14	%

See notes to consolidated financial statements.

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Consolidated Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI India Small-Cap ETF
	Six Months Ended
		02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14
Net asset value, beginning of period		$	44.10		$	46.27		$	36.01		$	32.24		$	31.44		$	15.49
Net investment income (loss)(a)			(0.01	)		(0.00	)(b)		0.09			0.07			0.21			0.26
Net realized and unrealized gain (loss)(c)			(8.28	)		(1.06	)		10.55			4.36			0.69			15.84
Net increase (decrease) from investment operations			(8.29	)		(1.06	)		10.64			4.43			0.90			16.10
Distributions
From net investment income			—			(0.63	)		(0.38	)		(0.66	)		(0.10	)		(0.15	)
Return of capital			—			(0.48	)
Total distributions			—			(1.11	)		(0.38	)		(0.66	)		(0.10	)		(0.15	)
Net asset value, end of period		$	35.81		$	44.10		$	46.27		$	36.01		$	32.24		$	31.44
Total Return
Based on net asset value			(18.82	)%(d)		(2.36	)%		29.97	%		13.99	%		2.87	%		104.53	%(e)
Ratios to Average Net Assets
Total expenses			0.76	%(f)		0.77	%		0.75	%		0.80	%		0.74	%		0.74	%
Net investment income (loss)			(0.06	)%(f)		(0.00	)%(g)		0.21	%		0.23	%		0.62	%		1.06	%
Supplemental Data
Net assets, end of period (000)		$	243,490		$	282,264		$	205,914		$	64,825		$	62,874		$	11,003
Portfolio turnover rate(h)			14	%(d)(i)		49	%(i)		38	%(i)		53	%(i)		73	%(i)		54	%(i)
(a)  Based on average shares outstanding. (b)  Rounds to less than $0.01. (c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. (d)  Not annualized. (e)  The total return disclosed is based on the net asset value (“NAV”) calculated daily for the creation and redemption of shares in the Fund, which may differ from the NAV calculated for financial reporting purposes. Based on the NAV calculated for financial reporting purposes, the total return for the Fund was 104.39%. (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:			12	%		31	%		22	%		25	%		61	%		28	%

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 19

Notes to Consolidated Financial Statements  (unaudited)

1.  ORGANIZATION

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

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

iShares ETF	Diversification   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 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 consolidated statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2019, if any, are disclosed in the consolidated statement of assets and liabilities.

Each Fund conducts its investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, each Subsidiary must, on an annual basis, satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius and related requirements. Each Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, each Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, a system of tax credits effectively reduces the Mauritius income tax rate to a maximum of 3%. Taxes on income, if any, are paid by each Subsidiary and are disclosed in its consolidated statement of operations. Any dividends paid by a Subsidiary to its Fund are not subject to tax in Mauritius. Each Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.

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.

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Notes to Consolidated Financial Statements  (unaudited) (continued)

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

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

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

3.  INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value mayfall 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.

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 21

Notes to Consolidated Financial Statements  (unaudited) (continued)

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.  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.

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.

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.

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.

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Notes to Consolidated Financial Statements  (unaudited) (continued)

6.  PURCHASES AND SALES

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

iShares ETF	Purchases		Sales
MSCI India	$	168,056,993	$	164,668,475
MSCI India Small-Cap		49,949,944		35,795,457

There were no in-kind transactions for the six months ended February 28, 2019.

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.

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ consolidated financial statements.

As of August 31, 2018, the Funds had capital loss carryforwards, with no expiration dates, available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
MSCI India	$	313,824,438
MSCI India Small-Cap		9,964,106

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

As of February 28, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI India	$	3,888,954,915	$	1,282,708,490	$	(546,787,101	)	$	735,921,389
MSCI India Small-Cap		261,633,087		27,378,627		(45,529,387	)		(18,150,760	)

8.  PRINCIPAL RISKS

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

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

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

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers.

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Notes to Consolidated Financial Statements  (unaudited) (continued)

Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

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

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

9.  CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 02/28/19						Year Ended 08/31/18
iShares ETF	Shares			Amount			Shares			Amount
MSCI India
Shares sold		2,200,000		$	73,716,850			4,150,000		$	154,495,054
Shares redeemed		(2,500,000	)		(76,996,547	)		(15,600,000	)		(528,019,949	)
Net decrease		(300,000	)	$	(3,279,697	)		(11,450,000	)	$	(373,524,895	)
MSCI India Small-Cap
Shares sold		550,000		$	19,748,004			3,000,000		$	149,328,288
Shares redeemed		(150,000	)		(6,347,879	)		(1,050,000	)		(49,616,160	)
Net increase		400,000		$	13,400,125			1,950,000		$	99,712,128

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.

10.  LEGAL PROCEEDINGS

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

11.  REGULATION S-X AMENDMENTS

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

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Notes to Consolidated Financial Statements  (unaudited) (continued)

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

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

iShares ETF	Net Investment Income		Return of capital
MSCI India	$	47,283,590	$	—
MSCI India Small-Cap		3,843,860		2,942,209

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

iShares ETF	Undistributed (distributions in excess of) net investment income
MSCI India	$	28,262,202
MSCI India Small-Cap		(785,842	)

12.  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.

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Supplemental Information  (unaudited)

Section 19(a) Notices

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

	Total Cumulative Distributions 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 India(a)	$	—	$	—	$	0.268475	$	0.268475		—	%	—	%	100	%	100	%

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

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General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to www.icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

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

G E N E R A L    I N F O R M A T I O N 27

For more information visit www.iShares.com or call 1-800-iShares (1-800-474-2737)

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

Investing involves risk, including possible loss of principal.

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

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

©2019 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-809-0219

 

FEBRUARY 28, 2019

2019 SEMI-ANNUAL REPORT (UNAUDITED)

iShares Trust

▶ iShares Currency Hedged MSCI United Kingdom ETF | HEWU | NYSE Arca

▶ iShares MSCI United Kingdom ETF | EWU | NYSE Arca

▶ iShares MSCI United Kingdom Small-Cap ETF | EWUS | Cboe BZX

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

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

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

Table of Contents

	Page
Fund Summary		5
About Fund Performance		8
Shareholder Expenses		8
Schedules of Investments		9
Financial Statements
Statements of Assets and Liabilities		20
Statements of Operations		21
Statements of Changes in Net Assets		22
Financial Highlights		24
Notes to Financial Statements		27
Supplemental Information		35
General Information		36
Glossary of Terms Used in this Report		37

Fund Summary  as of February 28, 2019 iShares^® Currency Hedged MSCI United Kingdom ETF

Investment Objective

The iShares Currency 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		(1.95	)%		3.78	%		6.29	%		3.78	%		25.08	%
Fund Market		(2.16	)		3.64			6.25			3.64			24.91
Index		(1.78	)		3.89			6.59			3.89			26.40

The inception date of the Fund was 6/29/15. The first day of secondary market trading was 7/1/15.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)(b)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
	$        1,000.00	$	980.50	$	0.00		$	1,000.00	$	1,024.80	$	0.00		0.00	%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 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		20.7%
Energy		17.5
Consumer Staples		16.4
Health Care		9.7
Materials		9.6
Industrials		9.1
Consumer Discretionary		6.3
Communication Services		5.1
Utilities		3.4
Real Estate		1.3
Information Technology		0.9

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
HSBC Holdings PLC		7.0%
BP PLC		6.2
Royal Dutch Shell PLC, Class A		6.1
Royal Dutch Shell PLC, Class B		5.1
AstraZeneca PLC		4.5
GlaxoSmithKline PLC		4.3
Diageo PLC		4.1
British American Tobacco PLC		3.6
Rio Tinto PLC		2.9
Lloyds Banking Group PLC		2.6

^(a)  Excludes money market funds.

F U N D  S U M M A R Y 5

Fund Summaryas of February 28, 2019 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		(0.88	)%		(1.98	)%		(0.67	)%		8.93	%		(1.98	)%		(3.31	)%		135.30	%
Fund Market		(0.89	)		(1.72	)		(0.73	)		9.01			(1.72	)		(3.62	)		136.95
Index		(0.61	)		(1.46	)		(0.17	)		9.56			(1.46	)		(0.84	)		149.11

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning   Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses     Paid During     the Period  (a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses     Paid During     the Period  (a)		Annualized Expense Ratio
$	1,000.00	$	991.20	$	2.42	$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Financials		20.7%
Energy		17.5
Consumer Staples		16.4
Health Care		9.7
Materials		9.6
Industrials		9.1
Consumer Discretionary		6.3
Communication Services		5.1
Utilities		3.4
Real Estate		1.3
Information Technology		0.9

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
HSBC Holdings PLC		7.0%
BP PLC		6.2
Royal Dutch Shell PLC, Class A		6.1
Royal Dutch Shell PLC, Class B		5.1
AstraZeneca PLC		4.5
GlaxoSmithKline PLC		4.3
Diageo PLC		4.1
British American Tobacco PLC		3.6
Rio Tinto PLC		2.9
Lloyds Banking Group PLC		2.6

^(a)  Excludes money market funds.

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Fund Summaryas of February 28, 2019 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			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(6.97	)%		(5.75	)%		0.28	%		9.24	%		(5.75	)%		1.39	%		87.24	%
Fund Market		(6.84	)		(5.73	)		0.28			9.20			(5.73	)		1.38			86.71
Index		(6.76	)		(5.17	)		0.86			9.90			(5.17	)		4.40			95.46

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning   Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses     Paid During     the Period  (a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses     Paid During     the Period  (a)		Annualized Expense Ratio
$	1,000.00	$	930.30	$	2.82	$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Industrials		21.5%
Consumer Discretionary		19.5
Financials		15.5
Real Estate		9.7
Information Technology		7.6
Materials		7.3
Health Care		5.7
Communication Services		4.8
Consumer Staples		4.0
Energy		2.7
Utilities		1.7

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Rentokil Initial PLC		2.0%
Halma PLC		1.8
Ocado Group PLC		1.8
Spirax-Sarco Engineering PLC		1.5
Hiscox Ltd.		1.4
DS Smith PLC		1.4
Rightmove PLC		1.3
Just Eat PLC		1.2
Phoenix Group Holdings PLC		1.1
Bellway PLC		1.1

^(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. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

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

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

Shareholder Expenses

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

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

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

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

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Schedule of Investments(unaudited) February 28, 2019 iShares^® Currency Hedged MSCI United Kingdom ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.5%
iShares MSCI United Kingdom ETF(a)		454,526	$	14,803,912
Total Investment Companies — 99.5%
(Cost: $15,743,242)				14,803,912
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(a)(b)		7,630		7,630
Total Short-Term Investments — 0.1%
(Cost: $7,630)				7,630
Total Investments in Securities — 99.6%
(Cost: $15,750,872)				14,811,542
Other Assets, Less Liabilities — 0.4%				59,698
Net Assets — 100.0%			$	14,871,240

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

Affiliated Issuer	Shares Held at 08/31/18	Shares Purchased	Shares Sold		Shares Held at 02/28/19		Value at 02/28/19		Income		Net Realized Gain (Loss)	(a)	Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	520,158	—	(512,528	)(b)	7,630	$	7,630	$	644	$	—		$                  —
iShares MSCI United Kingdom ETF	671,352	143,703	(360,529	)	454,526		14,803,912		298,995		(195,097)		(311,480)
						$	14,811,542	$	299,639	$	(195,097)		$      (311,480)

^(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	1,030,000		USD	1,346,912		MS		03/04/19	$	19,228
USD	16,018,394		GBP	12,043,000		MS		03/04/19		45,165
USD	14,977,135		GBP	11,229,000		MS		04/02/19		61,192
										125,585
GBP	23,056,000		USD	30,685,993		MS		03/04/19		(105,675	)
USD	15,801,866		GBP	12,043,000		MS		03/04/19		(171,363	)
GBP	96,000		USD	127,578		MS		04/02/19		(58	)
										(277,096	)
	Net unrealized depreciation								$	(151,511	)

S C H E D U L E  O F   I N V E S T M E N T S 9

Schedule of Investments(unaudited) (continued) February 28, 2019 iShares^® Currency Hedged MSCI United Kingdom ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$ 125,585
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$ 277,096

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

	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$ 191,634
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$(352,430)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	38,126,848
Average amounts sold — in USD	$	56,375,140

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	$	125,585	$	277,096
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	125,585	$	277,096
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA	$	125,585	$	277,096

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

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Net Amount of Derivative Assets
Morgan Stanley & Co. International PLC	$	125,585	$	(125,585	)	$	—
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Net Amount of Derivative Liabilities
Morgan Stanley & Co. International PLC	$	277,096	$	(125,585	)	$	151,511

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Schedule of Investments(unaudited) (continued) February 28, 2019 iShares^® Currency Hedged MSCI United Kingdom 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.

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	14,803,912	$	—		$	—	$	14,803,912
Money Market Funds		7,630		—			—		7,630
	$	14,811,542	$	—		$	—	$	14,811,542
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	125,585		$	—	$	125,585
Liabilities
Forward Foreign Currency Exchange Contracts		—		(277,096	)		—		(277,096	)
	$	—	$	(151,511	)	$	—	$	(151,511	)

^(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 11

Schedule of Investments(unaudited) February 28, 2019 iShares^® MSCI United Kingdom ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.0%
BAE Systems PLC		2,935,811	$	18,196,942
Meggitt PLC		713,308		5,115,774
Rolls-Royce Holdings PLC		1,556,568		19,772,239
				43,084,955
Air Freight & Logistics — 0.1%
Royal Mail PLC		831,363		3,127,192
Airlines — 0.1%
easyJet PLC		146,317		2,388,915
Banks — 12.8%
Barclays PLC		15,721,054		34,326,806
HSBC Holdings PLC		18,380,551		149,841,648
Lloyds Banking Group PLC		65,299,937		55,187,963
Royal Bank of Scotland Group PLC		4,422,504		15,629,467
Standard Chartered PLC		2,579,823		20,643,443
				275,629,327
Beverages — 4.3%
Coca-Cola HBC AG(a)		187,520		6,325,301
Diageo PLC		2,228,669		86,366,434
				92,691,735
Capital Markets — 2.3%
3i Group PLC		890,100		11,197,537
Hargreaves Lansdown PLC		261,397		6,056,659
Investec PLC		624,145		4,091,105
London Stock Exchange Group PLC		287,510		17,235,540
Schroders PLC		113,014		4,111,251
St. James’s Place PLC		485,631		6,281,101
				48,973,193
Chemicals — 0.7%
Croda International PLC		121,093		7,748,877
Johnson Matthey PLC		177,433		7,299,594
				15,048,471
Commercial Services & Supplies — 0.3%
Babcock International Group PLC		230,436		1,658,181
G4S PLC		1,415,725		3,952,535
				5,610,716
Diversified Financial Services — 0.3%
Standard Life Aberdeen PLC		2,287,670		7,508,184
Diversified Telecommunication Services — 1.0%
BT Group PLC		7,739,637		22,102,278
Electric Utilities — 0.7%
SSE PLC		941,550		14,884,250
Electrical Equipment — 0.5%
Melrose Industries PLC		4,467,144		10,332,703
Energy Equipment & Services — 0.2%
John Wood Group PLC		627,195		4,341,345
Equity Real Estate Investment Trusts (REITs) — 1.3%
British Land Co. PLC (The)		853,309		6,857,589
Hammerson PLC		712,998		3,619,886
Land Securities Group PLC		680,088		8,137,649
Segro PLC		991,499		8,717,222
				27,332,346

Security	Shares		Value
Food & Staples Retailing — 1.8%
J Sainsbury PLC		1,618,033	$	4,928,415
Tesco PLC		8,987,499		27,016,662
Wm Morrison Supermarkets PLC		2,061,470		6,309,254
				38,254,331
Food Products — 0.5%
Associated British Foods PLC		327,611		9,773,996
Health Care Equipment & Supplies — 0.8%
ConvaTec Group PLC(b)		1,241,108		2,189,784
Smith & Nephew PLC		802,515		15,333,566
				17,523,350
Health Care Providers & Services — 0.2%
NMC Health PLC		95,602		3,438,413
Hotels, Restaurants & Leisure — 3.4%
Carnival PLC		156,330		8,766,522
Compass Group PLC		1,455,337		32,230,141
GVC Holdings PLC		509,549		4,449,437
InterContinental Hotels Group PLC		157,411		9,441,649
Merlin Entertainments PLC(b)		649,243		3,122,627
TUIAG		403,783		4,297,649
Whitbread PLC		168,599		10,883,026
				73,191,051
Household Durables — 1.4%
Barratt Developments PLC		929,217		7,403,351
Berkeley Group Holdings PLC		112,620		5,916,938
Persimmon PLC		289,849		9,379,902
Taylor Wimpey PLC		3,004,285		7,248,745
				29,948,936
Household Products — 2.2%
Reckitt Benckiser Group PLC		616,656		47,301,761
Industrial Conglomerates — 0.7%
DCC PLC		89,950		7,806,675
Smiths Group PLC		362,822		6,903,445
				14,710,120
Insurance — 5.1%
Admiral Group PLC		186,485		5,412,315
Aviva PLC		3,579,447		20,148,652
Direct Line Insurance Group PLC		1,255,538		5,956,860
Legal & General Group PLC		5,469,812		20,414,768
Prudential PLC		2,378,759		50,307,410
RSA Insurance Group PLC		941,719		6,400,687
				108,640,692
Interactive Media & Services — 0.3%
Auto Trader Group PLC(b)		862,880		5,459,689
Machinery — 0.2%
Weir Group PLC(The)		227,017		4,952,068
Media — 1.7%
Informa PLC		1,145,382		10,743,531
ITV PLC		3,323,971		5,796,213
Pearson PLC		714,862		8,044,091
WPP PLC		1,157,860		12,717,897
				37,301,732
Metals & Mining — 8.4%
Anglo American PLC		966,968		25,768,304
Antofagasta PLC		358,643		4,468,828
BHP Group PLC .		1,938,278		45,013,699

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Schedule of Investments(unaudited) (continued) February 28, 2019 iShares^® MSCI United Kingdom ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining (continued)
Fresnillo PLC		202,249	$	2,313,499
Glencore PLC		10,339,908		41,802,592
Rio Tinto PLC		1,061,316		61,209,436
				180,576,358
Multi-Utilities — 2.0%
Centrica PLC		5,225,538		8,653,359
National Grid PLC		3,118,999		35,175,823
				43,829,182
Multiline Retail — 0.7%
Marks & Spencer Group PLC		1,491,576		5,416,172
Next PLC		127,806		8,649,335
				14,065,507
Oil, Gas & Consumable Fuels — 17.2%
BP PLC		18,403,008		130,809,612
Royal Dutch Shell PLC, Class A		4,138,925		129,344,331
Royal Dutch Shell PLC, Class B		3,437,163		108,099,538
				368,253,481
Paper & Forest Products — 0.4%
Mondi PLC		336,592		7,738,514
Personal Products — 2.5%
Unilever PLC		1,019,840		54,368,099
Pharmaceuticals — 8.6%
AstraZeneca PLC		1,162,554		94,928,181
GlaxoSmithKline PLC		4,552,876		90,679,276
				185,607,457
Professional Services — 3.4%
Experian PLC		838,438		21,897,082
Intertek Group PLC		148,412		10,039,909
RELX PLC		1,809,352		41,610,454
				73,547,445
Software — 0.9%
Micro Focus International PLC		391,229		9,738,796
Sage Group PLC(The)		997,683		8,771,592
				18,510,388
Specialty Retail — 0.3%
Kingfisher PLC		1,953,899		6,291,892
Textiles, Apparel & Luxury Goods — 0.4%
Burberry Group PLC		378,631		9,515,847

Security	Shares		Value
Tobacco — 5.0%
British American Tobacco PLC		2,104,978	$	77,233,362
Imperial Brands PLC		875,251		29,226,529
				106,459,891
Trading Companies & Distributors — 1.7%
Ashtead Group PLC		443,932		11,827,196
Bunzl PLC		308,254		9,729,507
Ferguson PLC		212,735		14,773,284
				36,329,987
Water Utilities — 0.6%
Severn Trent PLC.		216,511		5,814,343
United Utilities Group PLC		622,586		6,957,712
				12,772,055
Wireless Telecommunication Services — 2.0%
Vodafone Group PLC		24,520,609		43,795,247
Total Common Stocks — 99.0%
(Cost: $2,570,624,690)				2,125,213,099
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(c)(d)		1,363,199		1,363,199
Total Short-Term Investments — 0.1%
(Cost: $1,363,199)				1,363,199
Total Investments in Securities — 99.1%
(Cost: $2,571,987,889)				2,126,576,298
Other Assets, Less Liabilities — 0.9%				19,199,737
Net Assets — 100.0%			$	2,145,776,035

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

Affiliates

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

Affiliated Issuer	Shares Held at 08/31/18	Net Activity	Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	—	—	—	$	—	$	1,815	(b)	$	—		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares	644,144	719,055	1,363,199		1,363,199		16,779			—			—
				$	1,363,199	$	18,594		$	—		$	—

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

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

S C H E D U L E  O F  I N V E S T M E N T S 13

Schedule of Investments(unaudited) (continued) February 28, 2019 iShares^® MSCI United Kingdom ETF

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Long Contracts
FTSE100 Index		213		03/15/19	$20,046	$	188,372

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation(a)	$	188,372

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

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

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(1,183,415	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	729,028

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	17,534,219

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

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,125,213,099	$	—	$	—	$	2,125,213,099
Money Market Funds		1,363,199		—		—		1,363,199
	$	2,126,576,298	$	—	$	—	$	2,126,576,298
Derivative financial instruments(a)
Assets
Futures Contracts	$	188,372	$	—	$	—	$	188,372

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

See notes to financial statements.

14 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments(unaudited) February 28, 2019 iShares^® MSCI United Kingdom Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.1%
Chemring Group PLC		43,475	$	86,739
Cobham PLC(a)		373,112		583,869
QinetiQ Group PLC		88,748		362,158
Senior PLC		65,324		198,973
Ultra Electronics Holdings PLC		11,325		186,786
				1,418,525
Airlines — 0.4%
Dart Group PLC		15,108		161,666
Stobart Group Ltd.		49,893		100,473
				262,139
Banks — 1.2%
Bank of Georgia Group PLC		5,926		132,011
CYBG PLC		200,327		523,317
Metro Bank PLC(a)(b)		13,652		161,520
				816,848
Beverages — 1.7%
Britvic PLC		41,284		504,640
Fevertree Drinks PLC		15,402		548,621
Stock Spirits Group PLC		27,811		84,895
				1,138,156
Biotechnology — 1.2%
Abcam PLC		28,792		492,107
Genus PLC		9,576		278,941
Oxford Biomedica PLC(a)		7,649		68,115
				839,163
Building Products — 0.2%
Polypipe Group PLC		31,269		172,852
Capital Markets — 7.7%
Ashmore Group PLC		61,075		342,815
Brewin Dolphin Holdings PLC		44,311		185,066
Burford Capital Ltd.		32,362		761,891
Close Brothers Group PLC		23,568		473,352
CMC Markets PLC(c)		18,378		20,411
Georgia Capital PLC(a)		6,035		88,459
IG Group Holdings PLC		57,562		432,200
IntegraFin Holdings PLC		31,087		147,243
Intermediate Capital Group PLC		45,204		630,119
Jupiter Fund Management PLC		67,698		304,983
Man Group PLC		244,029		448,412
Numis Corp. PLC		10,909		37,726
P2P Global Investments PLC/Fund		11,925		129,112
Quilter PLC(c)		296,124		511,958
Rathbone Brothers PLC		7,739		237,166
Sanne Group PLC		21,527		147,460
TP ICAP PLC		87,696		370,113
				5,268,486
Chemicals — 1.9%
Elementis PLC		90,325		215,654
Essentra PLC		40,953		205,249
Scapa Group PLC		21,468		84,407
Sirius Minerals PLC(a)(b)		672,643		178,757
Synthomer PLC		42,354		214,299
Victrex PLC		13,411		418,479
				1,316,845
Commercial Services & Supplies — 5.0%
Aggreko PLC		39,870		380,021

Security	Shares		Value
Commercial Services & Supplies (continued)
Biffa PLC(c)		36,863	$	88,159
De La Rue PLC		16,176		91,227
HomeServe PLC		46,599		590,682
IWG PLC		104,799		321,022
Mitie Group PLC		57,557		98,681
Renewi PLC		125,709		42,052
Rentokil Initial PLC		287,496		1,342,219
Restore PLC		17,298		65,573
RPS Group PLC		34,884		85,839
Serco Group PLC(a)		171,056		294,185
				3,399,660
Construction & Engineering — 2.1%
Balfour Beatty PLC		107,734		412,695
Costain Group PLC		16,521		81,745
Galliford Try PLC		17,365		170,804
John Laing Group PLC(c)		76,377		390,102
Keller Group PLC		11,318		79,787
Kier Group PLC(b)		25,354		175,867
Morgan Sindall Group PLC		5,974		106,159
				1,417,159
Construction Materials — 1.1%
Forterra PLC(c)		31,117		116,923
Ibstock PLC(c)		63,318		212,401
Marshalls PLC		31,131		224,635
Rhi Magnesita NV		3,491		204,866
				758,825
Consumer Finance — 0.8%
Amigo Holdings PLC(b)(c)		18,701		58,094
Arrow Global Group PLC		25,960		66,987
International Personal Finance PLC		34,709		92,702
Provident Financial PLC(a)		39,451		315,892
				533,675
Containers & Packaging — 2.4%
DS Smith PLC		213,325		951,960
RPC Group PLC		63,323		667,069
				1,619,029
Distributors — 0.8%
Inchcape PLC		64,770		486,751
John Menzies PLC		12,340		94,377
				581,128
Diversified Consumer Services — 0.3%
AA PLC		94,937		113,901
Dignity PLC		7,855		76,897
				190,798
Diversified Financial Services — 0.2%
Plus500 Ltd.		12,425		130,146
Diversified Telecommunication Services — 0.9%
Inmarsat PLC		72,118		383,505
KCOM Group PLC		73,115		69,534
TalkTalk Telecom Group PLC(b)		107,697		143,677
				596,716
Electronic Equipment, Instruments & Components — 4.2%
accesso Technology Group PLC(a)(b)		3,978		44,657
Electrocomponents PLC		69,058		508,688
Halma PLC		59,149		1,222,595
Renishaw PLC		5,670		319,767
Smart Metering Systems PLC		15,701		132,404

S C H E D U L E  O F  I N V E S T M E N T S 15

Schedule of Investments(unaudited) (continued) February 28, 2019 iShares^® MSCI United Kingdom Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Spectris PLC		17,997	$	631,719
				2,859,830
Energy Equipment & Services — 0.6%
Hunting PLC		21,877		159,315
Petrofac Ltd.		40,398		229,871
				389,186
Entertainment — 1.3%
Cineworld Group PLC		149,789		555,864
Entertainment One Ltd.		57,647		322,347
Frontier Developments PLC(a)(b)		3,035		36,332
				914,543
Equity Real Estate Investment Trusts (REITs) — 7.5%
Assura PLC		373,858		286,924
Big Yellow Group PLC		24,668		321,711
Capital & Regional PLC		67,327		28,254
Civitas Social Housing PLC		96,979		126,670
Derwent London PLC		16,510		717,212
Empiric Student Property PLC		93,731		120,433
GCP Student Living PLC		63,968		129,498
Great Portland Estates PLC		39,453		399,766
Hansteen Holdings PLC		64,128		83,591
Intu Properties PLC(b)		137,517		210,531
LondonMetric Property PLC		108,795		278,563
NewRiver REIT PLC		47,090		137,169
Primary Health Properties PLC		115,063		188,246
RDI REIT PLC		44,871		82,064
Regional REIT Ltd.(c)		49,948		67,499
Safestore Holdings PLC		32,761		266,899
Schroder REIT Ltd.		80,067		61,342
Shaftesbury PLC		26,401		309,196
Standard Life Investment Property Income Trust Ltd.		60,673		70,614
Tritax Big Box REIT PLC		259,817		491,764
UNITE Group PLC (The)		41,097		500,441
Workspace Group PLC		21,051		274,819
				5,153,206
Food & Staples Retailing — 0.0%
Majestic Wine PLC		8,583		33,507
Food Products — 2.1%
Bakkavor Group PLC(c)		22,686		43,753
Cranswick PLC		8,022		263,764
Dairy Crest Group PLC		24,131		202,209
Greencore Group PLC		69,184		180,363
Hotel Chocolat Group Ltd.		6,171		26,266
Premier Foods PLC(a)(b)		98,499		51,554
Tate & Lyle PLC		72,877		673,689
				1,441,598
Health Care Equipment & Supplies — 0.2%
Advanced Medical Solutions Group PLC		29,894		121,274
Health Care Providers & Services — 1.0%
CVS Group PLC(b)		10,366		65,437
Mediclinic International PLC		63,144		266,998
Spire Healthcare Group PLC(c)		44,182		74,927
UDG Healthcare PLC		38,723		297,959
				705,321
Health Care Technology — 0.1%
EMIS Group PLC		8,350		105,510

Security	Shares		Value
Hotels, Restaurants & Leisure — 4.9%
888 Holdings PLC		55,803	$	131,450
Domino’s Pizza Group PLC		73,448		228,211
EI Group PLC(a)		72,773		196,011
Greene King PLC		48,418		425,045
Greggs PLC		15,805		376,298
J D Wetherspoon PLC(b)		10,685		186,463
JPJ Group PLC(a)		9,346		87,888
Marston’s PLC		98,385		129,292
Mitchells & Butlers PLC(a)		33,506		127,816
Patisserie Holdings PLC(a)(d)		6,053		—
Playtech PLC		46,943		263,742
Restaurant Group PLC (The)		76,954		129,686
SSP Group PLC		72,384		639,286
Thomas Cook Group PLC		217,199		87,709
William Hill PLC		133,952		334,157
				3,343,054
Household Durables — 3.3%
Bellway PLC		19,152		770,591
Bovis Homes Group PLC		20,977		301,755
Countryside Properties PLC(c)		63,055		273,414
Crest Nicholson Holdings PLC		40,009		207,968
DFS Furniture PLC		32,877		99,922
IG Design Group PLC		7,217		52,988
McCarthy & Stone PLC(c)		70,900		116,560
Redrow PLC		37,405		309,709
Telford Homes PLC		10,016		37,103
Victoria PLC(a)(b)		15,657		70,598
				2,240,608
Household Products — 0.2%
PZ Cussons PLC		43,687		110,754
Independent Power and Renewable Electricity Producers — 0.4%
Drax Group PLC		61,593		298,862
Insurance — 4.9%
Beazley PLC		82,310		599,406
Hastings Group Holdings PLC(c)		51,434		153,107
Hiscox Ltd.		44,841		953,692
Just Group PLC		146,687		201,157
Lancashire Holdings Ltd.		29,857		263,097
Phoenix Group Holdings PLC		84,271		783,501
Sabre Insurance Group PLC(c)		36,932		132,142
Saga PLC		174,721		281,432
				3,367,534
Interactive Media & Services — 1.3%
Rightmove PLC		139,499		894,525
Internet & Direct Marketing Retail — 4.8%
AO World PLC(a)(b)		35,498		47,594
ASOS PLC(a)(b)		8,490		360,910
boohoo Group PLC(a)		116,359		271,156
Gocompare.Com Group PLC		49,465		43,161
Just Eat PLC(a)		84,932		843,194
Moneysupermarket.com Group PLC		83,455		382,629
N Brown Group PLC		24,551		33,112
Ocado Group PLC(a)		87,087		1,198,307
On the Beach Group PLC(c)		17,278		96,177
				3,276,240
IT Services — 1.3%
Computacenter PLC		11,598		171,234

16 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments(unaudited) (continued) February 28, 2019 iShares^® MSCI United Kingdom Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Equiniti Group PLC(c)		56,990	$	151,984
First Derivatives PLC(b)		2,615		76,173
iomart Group PLC		12,826		65,339
Kainos Group PLC		10,242		67,161
Keywords Studios PLC(b)		8,380		124,838
NCC Group PLC		43,128		70,558
SafeCharge International Group Ltd		6,906		25,261
Softcat PLC		16,986		171,256
				923,804
Leisure Products — 0.4%
Games Workshop Group PLC		4,801		199,876
Photo-Me International PLC		41,545		52,662
				252,538
Life Sciences Tools & Services — 0.3%
Clinigen Healthcare Ltd.(a)		18,536		235,823
Machinery — 4.0%
Bodycote PLC		29,803		300,875
IMI PLC		42,340		532,754
Morgan Advanced Materials PLC		40,306		138,316
Rotork PLC		135,532		512,871
Spirax-Sarco Engineering PLC		11,461		1,016,031
Vesuvius PLC		33,793		273,060
				2,773,907
Media — 1.3%
Ascential PLC		59,261		289,911
Daily Mail & General Trust PLC, Class A, NVS		44,639		379,402
Future PLC		12,652		115,443
ITE Group PLC		115,054		103,604
				888,360
Metals & Mining — 1.9%
Acacia Mining PLC(a)		25,764		74,089
Centamin PLC		180,442		218,933
Central Asia Metals PLC(b)		26,112		87,176
Ferrexpo PLC		46,045		159,174
Hill & Smith Holdings PLC		12,332		193,553
Hochschild Mining PLC		39,915		105,333
KAZ Minerals PLC		38,369		338,462
Petra Diamonds Ltd.(a)		133,721		39,557
SolGold PLC(a)		129,446		64,824
				1,281,101
Multi-Utilities — 0.3%
Telecom Plus PLC		9,751		183,652
Multiline Retail — 1.0%
B&M European Value Retail SA		140,437		660,321
Oil, Gas & Consumable Fuels — 2.2%
Cairn Energy PLC(a)		91,859		248,029
EnQuest PLC(a)		253,101		65,445
Gulf Keystone Petroleum Ltd.(a)		35,585		108,153
Hurricane Energy PLC(a)(b)		230,268		131,945
Nostrum Oil & Gas PLC(a)		14,609		19,392
Ophir Energy PLC(a)		110,845		81,531
Premier Oil PLC(a)(b)		127,129		125,468
Soco International PLC		31,049		27,092
Sound Energy PLC(a)		115,512		36,106
Tullow Oil PLC(a)		216,849		635,990
				1,479,151

Security	Shares		Value
Pharmaceuticals — 2.7%
Alliance Pharma PLC		60,809	$	53,706
BTG PLC(a)		48,310		535,262
Dechra Pharmaceuticals PLC		15,970		525,095
Hikma Pharmaceuticals PLC		22,610		501,778
Indivior PLC(a)		113,998		162,849
Vectura Group PLC(a)		92,875		96,788
				1,875,478
Professional Services — 2.0%
Capita PLC(a)		260,616		429,840
Hays PLC		214,657		433,983
Pagegroup PLC		51,044		305,793
RWS Holdings PLC		27,796		174,505
Staffline Group PLC(d)		2,111		18,813
				1,362,934
Real Estate Management & Development — 2.1%
Capital & Counties Properties PLC		112,533		382,732
Grainger PLC		95,240		312,897
Helical PLC		16,001		72,362
Purplebricks Group PLC(a)(b)		32,677		61,718
Savills PLC		22,210		263,215
Sirius Real Estate Ltd.		140,760		112,335
St. Modwen Properties PLC		29,444		159,395
Watkin Jones PLC		25,948		75,412
				1,440,066
Road & Rail — 1.7%
Firstgroup PLC(a)		188,780		224,355
Go-Ahead Group PLC (The)		6,744		183,351
National Express Group PLC		71,655		404,489
Northgate PLC		20,976		101,947
Redde PLC		47,845		98,003
Stagecoach Group PLC		67,330		142,752
				1,154,897
Semiconductors & Semiconductor Equipment — 0.2%
IQE PLC(a)(b)		114,938		138,967
Software — 1.8%
Alfa Financial Software Holdings PLC(a)(c)		14,076		22,954
Avast PLC(a)(c)		44,569		182,912
AVEVA Group PLC		10,035		401,761
Blue Prism Group PLC(a)		9,470		182,643
GB Group PLC		28,462		185,312
Learning Technologies Group PLC(b)		62,879		57,876
Sophos Group PLC(c)		51,744		225,607
				1,259,065
Specialty Retail — 3.5%
BCA Marketplace PLC		117,931		319,210
Card Factory PLC		50,371		130,781
Dixons Carphone PLC		153,530		271,089
Dunelm Group PLC		15,795		175,845
Halfords Group PLC		30,919		97,303
JD Sports Fashion PLC		68,402		423,701
Lookers PLC		48,671		66,420
Pendragon PLC		218,353		73,189
Pets at Home Group PLC		77,605		156,279
Sports Direct International PLC(a)		33,639		120,717
Superdry PLC		8,365		57,634
WH Smith PLC		16,895		471,464
				2,363,632

S C H E D U L E  O F  I N V E S T M E N T S 17

Schedule of Investments(unaudited) (continued) February 28, 2019 iShares^® MSCI United Kingdom Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Textiles, Apparel & Luxury Goods — 0.5%
Coats Group PLC		222,268	$	261,936
Ted Baker PLC		4,540		110,266
				372,202
Thrifts & Mortgage Finance — 0.7%
Charter Court Financial Services Group PLC(c)		18,836		77,717
OneSavings Bank PLC		34,378		179,429
Paragon Banking Group PLC		40,600		234,585
				491,731
Trading Companies & Distributors — 3.3%
Diploma PLC		17,625		316,950
Grafton Group PLC		37,009		393,313
Howden Joinery Group PLC		94,969		622,370
SIG PLC		87,227		145,258
Travis Perkins PLC		39,327		751,155
				2,229,046
Transportation Infrastructure — 0.8%
BBA Aviation PLC		160,721		520,328
Water Utilities — 1.0%
Pennon Group PLC		65,314		675,881
Total Common Stocks — 99.8%     (Cost: $71,456,020)			68,278,586
Short-Term Investments
Money Market Funds — 2.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(e)(f)(g)		1,726,988		1,727,679

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(e)(f)		29,920	$	29,920
				1,757,599
Total Short-Term Investments — 2.6%     (Cost: $1,757,237)			1,757,599
Total Investments in Securities — 102.4%     (Cost: $73,213,257)			70,036,185
Other Assets, Less Liabilities — (2.4)%				(1,652,738	)
Net Assets — 100.0%			$	68,383,447

^(a)  Non-income producing security.

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

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

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

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

Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	1,877,006	(150,018	)	1,726,988	$	1,727,679	$	30,846	(b)	$	60		$	250
BlackRock Cash Funds: Treasury, SL Agency Shares	59,068	(29,148	)	29,920		29,920		443			—			—
					$	1,757,599	$	31,289		$	60		$	250

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

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

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.

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Schedule of Investments(unaudited) (continued) February 28, 2019 iShares^® MSCI United Kingdom Small-Cap ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	68,259,773	$	—	$	18,813	$68,278,586
Money Market Funds		1,757,599		—		—	1,757,599
	$	70,017,372	$	—	$	18,813	$70,036,185

See notes to financial statements.

S C H E D U L E  O F  I N V E S T M E N T S 19

Statements of Assets and Liabilities(unaudited)

February 28, 2019

	iShares Currency Hedged MSCI United Kingdom ETF			iShares MSCI United Kingdom ETF			iShares MSCI United Kingdom Small-Cap ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	—		$	2,125,213,099		$	68,278,586
Affiliated(c)		14,811,542			1,363,199			1,757,599
Foreign currency, at value(d)		—			5,190,264			91,631
Foreign currency pledged:
Futures contracts(e)		—			821,045			—
Receivables:
Investments sold		211,198			5,359,756			113,315
Securities lending income — Affiliated		—			—			5,384
Capital shares sold		—			5,539,827			—
Dividends		11			15,657,800			42,759
Tax reclaims		—			86,882			4,347
Unrealized appreciation on:
Forward foreign currency exchange contracts		125,585			—			—
Total assets		15,148,336			2,159,231,872			70,293,621
LIABILITIES
Collateral on securities loaned, at value		—			—			1,727,477
Payables:
Investments purchased		—			12,702,477			156,980
Variation margin on futures contracts		—			3,207			—
Investment advisory fees		—			750,153			25,717
Unrealized depreciation on:
Forward foreign currency exchange contracts		277,096			—			—
Total liabilities		277,096			13,455,837			1,910,174
NET ASSETS	$	14,871,240		$	2,145,776,035		$	68,383,447
NET ASSETS CONSIST OF:
Paid-in capital	$	21,845,589		$	2,875,299,805		$	73,963,827
Accumulated loss		(6,974,349	)		(729,523,770	)		(5,580,380	)
NET ASSETS	$	14,871,240		$	2,145,776,035		$	68,383,447
Shares outstanding		650,000			65,800,000			1,750,000
Net asset value	$	22.88		$	32.61		$	39.08
Shares authorized		Unlimited			Unlimited			Unlimited
Par value		None			None			None
(a) Securities loaned, at value	$	—		$	—		$	1,658,261
(b) Investments, at cost — Unaffiliated	$	—		$	2,570,624,690		$	71,456,020
(c)  Investments, at cost — Affiliated	$	15,750,872		$	1,363,199		$	1,757,237
(d) Foreign currency, at cost	$	—		$	5,092,324		$	89,805
(e) Foreign currency collateral pledged, at cost	$	—		$	797,792		$	—

See notes to financial statements.

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Statements of Operations(unaudited)

Six Months Ended February 28, 2019

	iShares Currency Hedged MSCI United Kingdom ETF			iShares MSCI United Kingdom ETF			iShares MSCI United Kingdom Small-Cap ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	—		$	38,463,571		$	611,230
Dividends — Affiliated		299,639			16,779			443
Interest — Unaffiliated		—			1,092			—
Securities lending income — Affiliated — net		—			1,815			30,846
Foreign taxes withheld		—			(612,802	)		(10,992	)
Total investment income		299,639			37,870,455			631,527
EXPENSES
Investment advisory fees		52,627			4,516,168			149,940
Total expenses		52,627			4,516,168			149,940
Less:
Investment advisory fees waived		(52,627	)		—			—
Total expenses after fees waived		—			4,516,168			149,940
Net investment income		299,639			33,354,287			481,587
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		—			(33,009,502	)		(887,780	)
Investments — Affiliated		(197,701	)		—			60
In-kind redemptions — Unaffiliated		—			1,423,363			238,921
In-kind redemptions — Affiliated		2,604			—			—
Futures contracts		—			(1,183,415	)		—
Forward foreign currency exchange contracts		191,634			—			—
Foreign currency transactions		—			247,227			(3,956	)
Net realized loss		(3,463	)		(32,522,327	)		(652,755	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		—			(11,974,709	)		(3,040,787	)
Investments — Affiliated		(311,480	)		—			250
Futures contracts		—			729,028			—
Forward foreign currency exchange contracts		(352,430	)		—			—
Foreign currency translations		—			(2,782	)		751
Net change in unrealized appreciation (depreciation)		(663,910	)		(11,248,463	)		(3,039,786	)
Net realized and unrealized loss		(667,373	)		(43,770,790	)		(3,692,541	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(367,734	)	$	(10,416,503	)	$	(3,210,954	)

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 21

Statements of Changes in Net Assets

	iShares Currency Hedged MSCI United Kingdom ETF						iShares MSCI United Kingdom ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	299,639		$	799,365		$	33,354,287		$	85,083,388
Net realized gain (loss)		(3,463	)		1,439,857			(32,522,327	)		42,086,782
Net change in unrealized appreciation (depreciation)		(663,910	)		(1,382,765	)		(11,248,463	)		(28,540,918	)
Net increase (decrease) in net assets resulting from operations		(367,734	)		856,457			(10,416,503	)		98,629,252
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(295,517	)		(798,826	)		(37,342,616	)		(93,783,177	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(7,108,087	)		3,512,002			206,564,033			(782,620,817	)
NET ASSETS(a)
Total increase (decrease) in net assets		(7,771,338	)		3,569,633			158,804,914			(777,774,742	)
Beginning of period		22,642,578			19,072,945			1,986,971,121			2,764,745,863
End of period	$	14,871,240		$	22,642,578		$	2,145,776,035		$	1,986,971,121

^(a)  Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

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Statements of Changes in Net Assets(continued)

	iShares MSCI United Kingdom Small-Cap ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	481,587		$	848,766
Net realized gain (loss)		(652,755	)		3,590,893
Net change in unrealized appreciation (depreciation)		(3,039,786	)		(1,751,287	)
Net increase (decrease) in net assets resulting from operations		(3,210,954	)		2,688,372
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(660,947	)		(838,865	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		14,684,533			23,786,328
NET ASSETS(a)
Total increase in net assets		10,812,632			25,635,835
Beginning of period		57,570,815			31,934,980
End of period	$	68,383,447		$	57,570,815

^(a)  Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

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

Financial Highlights

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI United Kingdom ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Period From 06/29/15 to 08/31/15	(a)
Net asset value, beginning of period	$	23.83		$	23.84		$	24.87		$	23.21		$	24.35
Net investment income (loss)(b)		0.40			1.11			0.48			0.43			(0.00	)(c)
Net realized and unrealized gain (loss)(d)		(0.90	)		(0.05	)		2.39			2.48			(1.14	)
Net increase (decrease) from investment operations		(0.50	)		1.06			2.87			2.91			(1.14	)
Distributions
From net investment income		(0.45	)		(1.07	)		(0.84	)		(1.01	)		—
From net realized gain		—			—			(3.06	)		(0.24	)		—
Total distributions		(0.45	)		(1.07	)		(3.90	)		(1.25	)		—
Net asset value, end of period	$	22.88		$	23.83		$	23.84		$	24.87		$	23.21
Total Return
Based on net asset value		(1.95	)%(e)		4.42	%		13.48	%		12.90	%		(4.64	)%(e)
Ratios to Average Net Assets
Total expenses(f)		0.62	%(g)		0.62	%		0.62	%		0.62	%		0.62	%(g)
Total expenses after fees waived(f)		0.00	%(g)		0.00	%		0.00	%		0.00	%		0.01	%(g)
Net investment income (loss)		3.53	%(g)		4.62	%		1.99	%		1.80	%		(0.01	)%(g)
Supplemental Data
Net assets, end of period (000)	$	14,871		$	22,643		$	19,073		$	114,398		$	2,321
Portfolio turnover rate(h)(i)		6	%(e)		17	%		20	%		4	%		0	%(e)

^(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)  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.

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Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares MSCI United Kingdom ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17	(a)		Year Ended 08/31/16	(a)		Year Ended 08/31/15	(a)		Year Ended 08/31/14	(a)
Net asset value, beginning of period	$	33.62		$	33.76		$	31.36		$	34.30		$	41.05		$	37.09
Net investment income(b)		0.57			1.29			1.13			1.22			1.30			2.76	(c)
Net realized and unrealized gain (loss)(d)		(0.94	)		0.06			2.43			(2.73	)		(6.66	)		3.71
Net increase (decrease) from investment operations		(0.37	)		1.35			3.56			(1.51	)		(5.36	)		6.47
Distributions
From net investment income		(0.64	)		(1.49	)		(1.16	)		(1.43	)		(1.39	)		(2.51	)
Total distributions		(0.64	)		(1.49	)		(1.16	)		(1.43	)		(1.39	)		(2.51	)
Net asset value, end of period	$	32.61		$	33.62		$	33.76		$	31.36		$	34.30		$	41.05
Total Return
Based on net asset value		(0.88	)%(e)		3.90	%		11.60	%		(4.44	)%		(13.26	)%		17.56	%
Ratios to Average Net Assets
Total expenses		0.49	%(f)		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%
Net investment income		3.63	%(f)		3.66	%		4.07	%		3.80	%		3.46	%		6.71	%(c)
Supplemental Data
Net assets, end of period (000)	$	2,145,776		$	1,986,971		$	2,764,746		$	1,928,881		$	3,210,826		$	4,236,360
Portfolio turnover rate(g)		7	%(e)		5	%		4	%		5	%		4	%		10	%

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

^(b)  Based on average shares outstanding.

^(c)  Includes a one-time special distribution from Vodafone Group PLC which represented $0.66 per share and 3.23% 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)  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 25

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares MSCI United Kingdom Small-Cap ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14
Net asset value, beginning of period	$	42.65		$	39.92		$	35.91		$	40.91		$	40.82		$	35.27
Net investment income(a)		0.36			1.15			0.92			1.02			1.07			0.95
Net realized and unrealized gain (loss)(b)		(3.42	)		2.93			4.12			(4.89	)		0.40			5.26
Net increase (decrease) from investment operations		(3.06	)		4.08			5.04			(3.87	)		1.47			6.21
Distributions
From net investment income		(0.51	)		(1.35	)		(1.03	)		(1.13	)		(1.38	)		(0.66	)
Total distributions		(0.51	)		(1.35	)		(1.03	)		(1.13	)		(1.38	)		(0.66	)
Net asset value, end of period	$	39.08		$	42.65		$	39.92		$	35.91		$	40.91		$	40.82
Total Return
Based on net asset value		(6.97	)%(c)		10.22	%		14.40	%		(9.66	)%		3.84	%		17.66	%
Ratios to Average Net Assets
Total expenses		0.59	%(d)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net investment income		1.90	%(d)		2.68	%		2.50	%		2.72	%		2.71	%		2.29	%
Supplemental Data
Net assets, end of period (000)	$	68,383		$	57,571		$	31,935		$	25,135		$	16,365		$	32,656
Portfolio turnover rate(e)		6	%(c)		20	%		19	%		21	%		17	%		13	%

^(a)  Based on average shares outstanding.

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

^(c)  Not annualized.

^(d)  Annualized.

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

See notes to financial statements.

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Notes to Financial Statements(unaudited) 

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
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 (the “underlying fund”). The financial statements and schedule of investments for the underlying fund are included in this report and should be read in conjunction with the financial statements of the iShares Currency Hedged MSCI United Kingdom ETF.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2019, if any, are disclosed in the statement of assets and liabilities.

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

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

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

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

Notes to Financial Statements(unaudited) (continued)

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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Notes to Financial Statements(unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

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

As of February 28, 2019, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of February 28, 2019 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

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

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

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI United Kingdom Small-Cap
BNP Paribas Securities Corp.	$	52,176	$	52,176		$	—	$	—
Citigroup Global Markets Inc.		850,376		850,376			—		—
Deutsche Bank Securities Inc.		72,131		72,131			—		—
HSBC Bank PLC		42,722		42,722			—		—
Merrill Lynch, Pierce, Fenner & Smith		200,604		200,604			—		—
Morgan Stanley & Co. LLC		204,115		204,115			—		—
UBS AG		236,137		236,137			—		—
	$	1,658,261	$	1,658,261		$	—	$	—

^(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 if the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

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.

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

Notes to Financial Statements(unaudited) (continued)

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

Forward Foreign Currency Exchange Contracts: The currency-hedged fund uses forward foreign currency exchange contracts to hedge the currency exposure of non-U.S. dollar-denominated securities held in its portfolio or its underlying fund’s portfolio. A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency against another currency at an agreed upon price and quantity. The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

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

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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
Currency Hedged MSCI United Kingdom		0.62	%
MSCI United Kingdom Small-Cap		0.59

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Notes to Financial Statements(unaudited) (continued)

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

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

For 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 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.

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

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

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund retained 80% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees.

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, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund was subject to the same terms under the previous securities lending fee arrangement.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months ended February 28, 2019, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
MSCI United Kingdom	$	388
MSCI United Kingdom Small-Cap		6,131

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

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

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

iShares ETF	Purchases		Sales
MSCI United Kingdom	$	15,466,186	$	12,229,839
MSCI United Kingdom Small-Cap		632,390		—

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.

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

Notes to Financial Statements(unaudited) (continued)

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

7. PURCHASES AND SALES

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

iShares ETF	Purchases		Sales
Currency Hedged MSCI United Kingdom	$	1,081,790	$	1,239,936
MSCI United Kingdom		128,345,287		130,487,214
MSCI United Kingdom Small-Cap		3,244,273		3,275,008

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

iShares ETF	In-kind Purchases		In-kind Sales
Currency Hedged MSCI United Kingdom	$	3,398,712	$	10,467,365
MSCI United Kingdom		340,574,227		135,642,734
MSCI United Kingdom Small-Cap		16,560,124		1,903,666

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

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

iShares ETF	Non-Expiring(a)		Expiring 2019		Total
Currency Hedged MSCI United Kingdom	$	5,629,043	$	—	$	5,629,043
MSCI United Kingdom		174,886,638		22,514,433		197,401,071
MSCI United Kingdom Small-Cap		1,281,523		—		1,281,523

^(a)  Must be utilized prior to losses subject to expiration.

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

As of February 28, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Currency Hedged MSCI United Kingdom	$	15,805,616	$	125,585	$	(1,271,170	)	$	(1,145,585	)
MSCI United Kingdom		2,644,308,729		72,213,072		(589,757,131	)		(517,544,059	)
MSCI United Kingdom Small-Cap		73,812,080		3,398,057		(7,173,952	)		(3,775,895	)

9. PRINCIPAL RISKS

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

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Notes to Financial Statements(unaudited) (continued)

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

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

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

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

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

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

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 02/28/19						Year Ended 08/31/18
iShares ETF	Shares			Amount			Shares			Amount
Currency Hedged MSCI United Kingdom
Shares sold		150,000		$	3,345,896			650,000		$	15,586,960
Shares redeemed		(450,000	)		(10,453,983	)		(500,000	)		(12,074,958	)
Net increase(decrease)		(300,000	)	$	(7,108,087	)		150,000		$	3,512,002
MSCI United Kingdom
Shares sold		10,900,000		$	343,741,273			11,200,000		$	402,182,910
Shares redeemed		(4,200,000	)		(137,177,240	)		(34,000,000	)		(1,184,803,727	)
Net increase(decrease)		6,700,000		$	206,564,033			(22,800,000	)	$	(782,620,817	)
MSCI United Kingdom Small-Cap
Shares sold		450,000		$	16,605,156			950,000		$	41,063,300
Shares redeemed		(50,000	)		(1,920,623	)		(400,000	)		(17,276,972	)
Net increase		400,000		$	14,684,533			550,000		$	23,786,328

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.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 33

Notes to Financial Statements(unaudited) (continued)

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

11. LEGAL PROCEEDINGS

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

12. REGULATION S-X AMENDMENTS

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

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

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

iShares ETF	Net Investment Income
Currency Hedged MSCI United Kingdom	$	798,826
MSCI United Kingdom		93,783,177
MSCI United Kingdom Small-Cap		838,865

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

iShares ETF	Undistributed net investment income
Currency Hedged MSCI United Kingdom	$	539
MSCI United Kingdom		19,403,125
MSCI United Kingdom Small-Cap		184,943

13. SUBSEQUENT EVENTS

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

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Supplemental Information(unaudited)

Section 19(a) Notices

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

	Total Cumulative Distributions 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)	$	0.439979	$	—	$	0.014663	$	0.454642		97	%		—	%		3	%		100	%
MSCI United Kingdom(a)		0.616989		—		0.020257		0.637246		97			—			3			100

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

S U P P L E M E N T A L  I N F O R M A T I O  N 35

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to www.icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

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

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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

G L O S S A R Y  O F  T E R M S  U S E D   I N  T H I S  R E P O R T 37

For more information visit www.iShares.com or call 1-800-iShares (1-800-474-2737)

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

Investing involves risk, including possible loss of principal.

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

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

©2019 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-813-0219

FEBRUARY 28, 2019    

2019 SEMI-ANNUAL REPORT (UNAUDITED)

iShares Trust

▶ iShares Adaptive Currency Hedged MSCI Japan ETF  |  DEWJ  |  Cboe BZX

▶ 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

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

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

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

Table of Contents

	Page
Fund Summary		5
About Fund Performance		11
Shareholder Expenses		11
Schedules of Investments		12
Financial Statements
Statements of Assets and Liabilities		30
Statements of Operations		32
Statements of Changes in Net Assets		34
Financial Highlights		37
Notes to Financial Statements		43
Supplemental Information		51
General Information		52
Glossary of Terms Used in this Report		53
Additional Financial Information		54

Fund Summary  as of February 28, 2019 iShares^® Adaptive Currency Hedged MSCI Japan ETF

Investment Objective

The iShares Adaptive 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 dynamically hedging currency risk for a U.S. dollar based investor, as represented by the MSCI Japan Adaptive Hedge to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Japan ETF.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(6.18	)%		(7.09	)%		3.99	%		(7.09	)%		13.13	%
Fund Market		(6.22	)		(7.23	)		3.96			(7.23	)		13.00
Index		(6.57	)		(7.95	)		4.40			(7.95	)		14.54

The inception date of the Fund was 1/5/16. The first day of secondary market trading was 1/7/16.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)(b)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
$	1,000.00	$	938.20	$	0.00		$	1,000.00	$	1,024.80	$	0.00		0.00	%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

Tables shown are for the underlying fund in which the Fund invests.

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Industrials	20.9	%
Consumer Discretionary	18.5
Financials	11.2
Information Technology	10.4
Health Care	9.3
Consumer Staples	8.6
Communication Services	8.3
Materials	5.6
Real Estate	4.1
Utilities	2.1
Energy	1.0

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Toyota Motor Corp.	4.2	%
SoftBank Group Corp.	2.3
Sony Corp.	1.9
Mitsubishi UFJ Financial Group Inc.	1.9
Takeda Pharmaceutical Co. Ltd.	1.8
Keyence Corp.	1.8
Sumitomo Mitsui Financial Group Inc.	1.4
Honda Motor Co. Ltd.	1.4
KDDI Corp.	1.3
Kao Corp.	1.2

F U N D  S U M M A R Y 5

Fund Summary  as of February 28, 2019 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
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		0.06	%		8.61	%		6.85	%		8.61	%		27.54	%
Fund Market		(0.77	)		7.63			6.63			7.63			26.56
Index		0.36			7.82			7.11			7.82			28.67

The inception date of the Fund was 6/29/15. The first day of secondary market trading was 7/1/15.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)(b)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
$	1,000.00	$	1,000.60	$	0.15		$	1,000.00	$	1,024.60	$	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 (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 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	38.0	%
Materials	18.8
Health Care	8.8
Real Estate	7.3
Energy	6.5
Industrials	6.0
Consumer Discretionary	5.4
Consumer Staples	4.9
Utilities	2.2
Communication Services	1.5
Information Technology	0.6

TEN LARGEST HOLDINGS

Security		Percent of Total Investments	(a)
Commonwealth Bank of Australia		9.8	%
BHP Group Ltd.		8.2
Westpac Banking Corp.		7.0
CSL Ltd.		6.6
Australia & New Zealand Banking Group Ltd.	6.0
National Australia Bank Ltd.		5.2
Macquarie Group Ltd.		3.1
Woolworths Group Ltd.		2.8
Wesfarmers Ltd.		2.8
Rio Tinto Ltd.	2.7

^(a)  Excludes money market funds.

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Fund Summary  as of February 28, 2019 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
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		0.02	%		6.62	%		5.56	%		6.62	%		21.96	%
Fund Market		(0.16	)		6.60			5.53			6.60			21.83
Index		0.31			7.18			5.86			7.18			23.24

The inception date of the Fund was 6/29/15. The first day of secondary market trading was 7/1/15.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)(b)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
$	1,000.00	$	1,000.20	$	0.15		$	1,000.00	$	1,024.60	$	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 (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 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	39.4	%
Energy	20.3
Materials	10.3
Industrials	9.2
Information Technology	4.8
Consumer Staples	4.4
Consumer Discretionary	4.2
Communication Services	3.2
Utilities	2.3
Health Care	1.2
Real Estate	0.7

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Royal Bank of Canada	8.2	%
Toronto-Dominion Bank (The)	7.6
Enbridge Inc.	4.8
Bank of Nova Scotia (The)	4.8
Canadian National Railway Co.	4.4
Suncor Energy Inc.	4.0
Bank of Montreal	3.7
TransCanada Corp.	2.9
Brookfield Asset Management Inc., Class A	2.8
Canadian Imperial Bank of Commerce	2.7

^(a)  Excludes money market funds.

F U N D  S U M M A R Y 7

Fund Summary  as of February 28, 2019 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
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(4.71	)%		(3.62	)%		7.08	%		7.44	%		(3.62	)%		40.81	%		43.98	%
Fund Market		(4.74	)		(3.71	)		7.07			7.43			(3.71	)		40.72			43.88
Index		(5.05	)		(4.52	)		7.55			7.33			(4.52	)		43.89			43.25

The inception date of the Fund was 1/31/14. The first day of secondary market trading was 2/4/14.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/18)	Ending Account Value (02/28/19)	Expenses Paid During the Period	(a)(b)		Beginning Account Value (09/01/18)	Ending Account Value (02/28/19)	Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
	$        1,000.00	$          952.90	$          0.00			$        1,000.00	$        1,024.80	$          0.00		0.00	%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

Tables shown are for the underlying fund in which the Fund invests.

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Industrials	20.9	%
Consumer Discretionary	18.5
Financials	11.2
Information Technology	10.4
Health Care	9.3
Consumer Staples	8.6
Communication Services	8.3
Materials	5.6
Real Estate	4.1
Utilities	2.1
Energy	1.0

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Toyota Motor Corp.	4.2	%
SoftBank Group Corp.	2.3
Sony Corp.	1.9
Mitsubishi UFJ Financial Group Inc.	1.9
Takeda Pharmaceutical Co. Ltd.	1.8
Keyence Corp.	1.8
Sumitomo Mitsui Financial Group Inc.	1.4
Honda Motor Co. Ltd.	1.4
KDDI Corp.	1.3
Kao Corp.	1.2

8 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary  as of February 28, 2019 iShares^® 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
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(13.42	)%		(12.17	)%		(3.50	)%		(12.17	)%		(12.27	)%
Fund Market		(13.65	)		(12.54	)		(3.70	)		(12.54	)		(12.91	)
Index		(13.28	)		(12.38	)		(3.33	)		(12.38	)		(11.69	)

The inception date of the Fund was 6/29/15. The first day of secondary market trading was 7/1/15.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)(b)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
$	1,000.00	$	865.80	$	0.14		$	1,000.00	$	1,024.60	$	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 (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 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 Staples	29.2	%
Communication Services	19.5
Financials	16.7
Materials	12.6
Industrials	11.5
Real Estate	6.4
Consumer Discretionary	2.4
Utilities	1.3
Health Care	0.4

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
America Movil SAB de CV, Series L	14.8	%
Fomento Economico Mexicano SAB de CV	10.6
Grupo Financiero Banorte SAB de CV, Class O	8.5
Wal-Mart de Mexico SAB de CV	8.0
Grupo Mexico SAB de CV, Series B	4.9
Cemex SAB de CV	4.1
Grupo Televisa SAB	3.3
Fibra Uno Administracion SA de CV	2.8
Grupo Aeroportuario del Sureste SAB de CV, Class B	2.3
Grupo Financiero Inbursa SAB de CV, Class O	2.3

F U N D  S U M M A R Y 9

Fund Summary  as of February 28, 2019 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
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(3.51	)%		(6.77	)%		6.79	%		(6.77	)%		27.27	%
Fund Market		(2.07	)		(5.62	)		6.91			(5.62	)		27.79
Index		(3.32	)		(7.09	)		7.24			(7.09	)		29.23

The inception date of the Fund was 6/29/15. The first day of secondary market trading was 7/1/15.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)(b)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
$	1,000.00	$	964.90	$	0.00		$	1,000.00	$	1,024.80	$	0.00		0.00	%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 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)
Information Technology	31.8	%
Financials	13.3
Consumer Discretionary	12.1
Industrials	11.0
Materials	8.4
Consumer Staples	6.8
Health Care	6.3
Communication Services	6.3
Energy	2.6
Utilities	1.4

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Samsung Electronics Co. Ltd.	22.0	%
SK Hynix Inc.	5.2
POSCO	2.6
Hyundai Motor Co.	2.5
Shinhan Financial Group Co. Ltd.	2.4
NAVER Corp.	2.4
LG Chem Ltd.	2.3
KB Financial Group Inc.	2.3
Celltrion Inc.	2.2
Hyundai Mobis Co. Ltd.	2.0

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About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

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

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

Shareholder Expenses

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

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

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

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

A B O U T  F U N D  P E R F O R M A N C E  / S H A R E H O L D E R  E X P E N S E S 11

Schedule of Investments  (unaudited) February 28, 2019 iShares^® Adaptive Currency Hedged MSCI Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.6%
iShares MSCI Japan ETF(a)		73,697	$	4,006,169
Total Investment Companies — 99.6% (Cost: $3,637,294)				4,006,169
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(a)(b)		2,419		2,419
Total Short-Term Investments — 0.0% (Cost: $2,419)				2,419
Total Investments in Securities — 99.6% (Cost: $3,639,713)				4,008,588
Other Assets, Less Liabilities — 0.4%				14,703
Net Assets — 100.0%			$	4,023,291

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

Affiliated Issuer	Shares Held at 08/31/18	Shares Purchased		Shares Sold		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	—	0	(b)	—		—	$	—	$	208	(c)	$	175		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares	2,430	—		(11	)(b)	2,419		2,419		53			—			—
iShares MSCI Japan ETF	74,340	1,817		(2,460	)	73,697		4,006,169		30,483			(21,400	)		(275,302	)
							$	4,008,588	$	30,744		$	(21,225	)	$	(275,302	)

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

^(b)  Net of purchases and sales.

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

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	5,606,693	JPY	618,024,000	MS	03/04/19	$	62,137
USD	1,967,841	JPY	217,107,000	MS	04/02/19		15,561
							77,698
JPY	618,024,000	USD	5,585,361	MS	03/04/19		(40,805	)
JPY	105,243,000	USD	947,169	MS	04/02/19		(798	)
							(41,603	)
	Net unrealized appreciation					$	36,095

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Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® Adaptive Currency Hedged MSCI Japan ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	77,698
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	41,603

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

	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	(43,488	)
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	38,869

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	5,139,610
Average amounts sold — in USD	$	7,249,792

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	$	77,698	$	41,603
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	77,698	$	41,603
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA	$	77,698	$	41,603

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

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Net Amount of Derivative Assets	(b)
Morgan Stanley & Co. International PLC	$	77,698	$	(41,603	)	$	36,095
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Net Amount of Derivative Liabilities
Morgan Stanley & Co. International PLC	$	41,603	$	(41,603	)	$	—

^(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.

S C H E D U L E   O F  I N V E S T M E N T S 13

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® Adaptive Currency Hedged MSCI Japan ETF

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	4,006,169	$	—		$	—	$	4,006,169
Money Market Funds		2,419		—			—		2,419
	$	4,008,588	$	—		$	—	$	4,008,588
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	77,698		$	—	$	77,698
Liabilities
Forward Foreign Currency Exchange Contracts		—		(41,603	)		—		(41,603	)
	$	—	$	36,095		$	—	$	36,095

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

See notes to financial statements.

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Schedule of Investments  (unaudited) February 28, 2019 iShares^® Currency Hedged MSCI Australia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.1%
iShares MSCI Australia ETF(a)(b)		56,736	$	1,207,342
Total Investment Companies — 99.1% (Cost: $1,152,193)				1,207,342
Short-Term Investments
Money Market Funds — 44.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(a)(c)(d)		543,690		543,908
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(a)(c)		825 825
				544,733
Total Short-Term Investments — 44.7% (Cost: $544,575)				544,733
Total Investments in Securities — 143.8% (Cost: $1,696,768)				1,752,075
Other Assets, Less Liabilities — (43.8)%				(534,078	)
Net Assets — 100.0%			$	1,217,997

^(a)  Affiliate of the Fund.

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

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

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

Affiliates

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

Affiliated Issuer	Shares Held at 08/31/18	Shares Purchased		Shares Sold		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	241,752	301,938	(b)	—		543,690	$	543,908	$	289	(c)	$	25		$	134
BlackRock Cash Funds: Treasury, SL Agency Shares	705	120	(b)	—		825		825		13			—			—
iShares MSCI Australia ETF	55,268	6,436		(4,968	)	56,736		1,207,342		41,085			(11,175	)		(52,730	)
							$	1,752,075	$	41,387		$	(11,150	)	$	(52,596	)

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

^(b)  Net of purchases and sales.

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

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold			Counterparty		Settlement Date		Unrealized Appreciation (Depreciation)
USD	2,320,318		AUD	3,240,000		MS		03/04/19	$	22,024
USD	1,210,654		AUD	1,692,000		MS		04/02/19		9,828
										31,852
AUD	3,240,000		USD	2,311,442		MS		03/04/19		(13,148	)
	Net unrealized appreciation								$	18,704

S C H E D U L E  O F  I N V E S T M E N T S 15

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® Currency Hedged MSCI Australia ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	31,852
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	13,148

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

	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	35,696
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	(16,619	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	2,448,375
Average amounts sold — in USD	$	3,654,534

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	$	31,852	$	13,148
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	31,852	$	13,148
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA	$	31,852	$	13,148

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

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Net Amount of Derivative Assets	(b)
Morgan Stanley & Co. International PLC	$	31,852	$	(13,148	)	$	18,704
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Net Amount of Derivative Liabilities
Morgan Stanley & Co. International PLC	$	13,148	$	(13,148	)	$	—

^(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.

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Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® Currency Hedged MSCI Australia ETF

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	1,207,342	$	—		$	—	$	1,207,342
Money Market Funds		544,733		—			—		544,733
	$	1,752,075	$	—		$	—	$	1,752,075
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	31,852		$	—	$	31,852
Liabilities
Forward Foreign Currency Exchange Contracts		—		(13,148	)		—		(13,148	)
	$	—	$	18,704		$	—	$	18,704

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

See notes to financial statements.

S C H E D U L E   O F  I N V E S T M E N T S 17

Schedule of Investments  (unaudited)  February 28, 2019 iShares^® Currency Hedged MSCI Canada ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.8%
iShares MSCI Canada ETF(a)(b)		1,333,444	$	37,136,415
Total Investment Companies — 99.8% (Cost: $36,761,103)				37,136,415
Short-Term Investments
Money Market Funds — 34.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(a)(c)(d)		12,718,197		12,723,285
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(a)(c)		17,914		17,914
				12,741,199
Total Short-Term Investments — 34.3% (Cost: $12,739,970)				12,741,199
Total Investments in Securities — 134.1% (Cost: $49,501,073)				49,877,614
Other Assets, Less Liabilities — (34.1)%				(12,677,771	)
Net Assets — 100.0%			$	37,199,843

^(a)  Affiliate of the Fund.

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

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

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

Affiliates

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

Affiliated Issuer	Shares Held at 08/31/18	Shares Purchased		Shares Sold	Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	2,342,477	10,375,720	(b)	—	12,718,197	$	12,723,285	$	2,670	(c)	$	600		$	1,229
BlackRock Cash Funds: Treasury, SL Agency Shares	2,881	15,033	(b)	—	17,914		17,914		355			—			—
iShares MSCI Canada ETF	184,171	1,663,123		(513,850)	1,333,444		37,136,415		436,120			(1,024,563)			305,734
						$	49,877,614	$	439,145		$	(1,023,963)		$	306,963

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

^(b) Net of purchases and sales.

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

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold			Counterparty		Settlement Date	Unrealized Appreciation (Depreciation)
USD	2,297,136		CAD	3,015,000		MS	03/04/19	$	5,858
USD	36,269,727		CAD	47,633,000		MS	04/02/19		44,453
									50,311
CAD	47,633,000		USD	36,244,538		MS	03/04/19		(45,399	)
USD	33,777,929		CAD	44,618,000		MS	03/04/19		(129,933	)
CAD	81,000		USD	61,618		MS	04/02/19		(17	)
USD	1,124,625		CAD	1,480,000		MS	04/02/19		(926	)
									(176,275	)
	Net unrealized depreciation							$	(125,964	)

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Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® Currency Hedged MSCI Canada ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	50,311
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	176,275

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

	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	917,795
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	(122,853	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	27,966,570
Average amounts sold — in USD	$	54,932,341

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	$	50,311	$	176,275
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	50,311	$	176,275
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA	$	50,311	$	176,275

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

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Net Amount of Derivative Assets
Morgan Stanley & Co. International PLC	$	50,311	$	(50,311	)	$	—
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Net Amount of Derivative Liabilities	(b)
Morgan Stanley & Co. International PLC	$	176,275	$	(50,311	)	$	125,964

^(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.

S C H E D U L E   O F  I N V E S T M E N T S 19

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® Currency Hedged MSCI Canada ETF

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	37,136,415	$	—		$	—	$	37,136,415
Money Market Funds		12,741,199		—			—		12,741,199
	$	49,877,614	$	—		$	—	$	49,877,614
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	50,311		$	—	$	50,311
Liabilities
Forward Foreign Currency Exchange Contracts		—		(176,275	)		—		(176,275	)
	$	—	$	(125,964	)	$	—	$	(125,964	)

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

See notes to financial statements.

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Schedule of Investments  (unaudited)	iShares® Currency Hedged MSCI Japan ETF (Percentages shown are based on Net Assets)
February 28, 2019

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.1%
iShares MSCI Japan ETF(a)		13,045,161	$	709,134,952
Total Investment Companies — 99.1% (Cost: $767,512,778)				709,134,952
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(a)(b)		1,355,217		1,355,217
Total Short-Term Investments — 0.2% (Cost: $1,355,217)				1,355,217
Total Investments in Securities — 99.3% (Cost: $768,867,995)				710,490,169
Other Assets, Less Liabilities — 0.7%				5,056,396
Net Assets — 100.0%			$	715,546,565

^(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 28, 2019, for purposes of

Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 08/31/18	Shares Purchased		Shares Sold		Shares Held at 02/28/19		Value at 02/28/19		Income		Net Realized Gain (Loss	)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	1,023,195	332,022	(b)	—		1,355,217	$	1,355,217	$	8,620	$	—		$	—
iShares MSCI Japan ETF	17,310,986	7,180,796		(11,446,621	)	13,045,161		709,134,952		6,572,962		5,937,931			(92,408,822	)
							$	710,490,169	$	6,581,582	$	5,937,931		$	(92,408,822	)

^(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)
USD	7,749,818		JPY	856,608,000		BNP	03/04/19	$	64,823
USD	39,314,181		JPY	4,269,444,000		CITI	03/04/19		1,011,180
USD	1,533,720		JPY	169,702,000		HSBC	03/04/19		11,251
USD	166,299,033		JPY	18,301,251,700		MS	03/04/19		2,110,707
USD	603,043,010		JPY	65,906,449,900		SSB	03/04/19		11,768,170
USD	27,645,669		JPY	3,070,516,000		CITI	04/02/19		34,820
USD	6,137,745		JPY	682,523,000		JPM	04/02/19		328
USD	69,386,559		JPY	7,655,245,600		MS	04/02/19		548,673
USD	617,747,679		JPY	68,116,627,400		SSB	04/02/19		5,225,905
									20,775,857
JPY	700,604,000		USD	6,312,538		CITI	03/04/19		(27,121	)
JPY	1,283,947,000		USD	11,650,198		JPM	03/04/19		(131,363	)
JPY	15,310,491,200		USD	137,992,917		MS	03/04/19		(635,979	)
JPY	652,461,000		USD	6,005,412		NAB	03/04/19		(151,907	)
JPY	2,434,767,000		USD	22,283,321		RBS	03/04/19		(439,988	)

S C H E D U L E   O F  I N V E S T M E N T  S 21

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® Currency Hedged MSCI Japan ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold			Counterparty		Settlement Date		Unrealized Appreciation (Depreciation)
JPY	68,116,627,400		USD	616,272,753		SSB		03/04/19	$	(5,169,470	)
JPY	672,725,000		USD	6,086,621		UBS		03/04/19		(51,318	)
JPY	331,833,000		USD	3,023,329		Westpac Banking Corp.		03/04/19		(46,313	)
JPY	307,387,000		USD	2,766,800		CITI		04/02/19		(2,700	)
										(6,656,159	)
	Net unrealized appreciation								$	14,119,698

Derivative Financial Instruments Categorized by Risk Exposure

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

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	20,775,857
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	6,656,159

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

	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	1,353,729
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	11,779,900

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	1,135,763,410
Average amounts sold — in USD	$	2,064,541,545

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	$	20,775,857	$	6,656,159
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	20,775,857	$	6,656,159
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA	$	20,775,857	$	6,656,159

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Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® Currency Hedged MSCI Japan ETF

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

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Cash Collateral Received			Net Amount of Derivative Assets	(b)
BNP Paribas SA	$	64,823	$	—		$	—		$	64,823
Citibank N.A.		1,046,000		(29,821	)		—			1,016,179
HSBC Bank PLC		11,251		—			—			11,251
JPMorgan Chase Bank N.A.		328		(328	)		—			—
Morgan Stanley & Co. International PLC		2,659,380		(635,979	)		(1,000,000	)		1,023,401
State Street Bank and Trust Co.		16,994,075		(5,169,470	)		—			11,824,605
	$	20,775,857	$	(5,835,598	)	$	(1,000,000	)	$	13,940,259
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Cash Collateral Pledged			Net Amount of Derivative Liabilities	(c)
Citibank N.A.	$	29,821	$	(29,821	)	$	—		$	—
JPMorgan Chase Bank N.A.		131,363		(328	)		—			131,035
Morgan Stanley & Co. International PLC		635,979		(635,979	)		—			—
National Australia Bank Limited		151,907		—			—			151,907
Royal Bank of Scotland PLC		439,988		—			—			439,988
State Street Bank and Trust Co.		5,169,470		(5,169,470	)		—			—
UBS AG		51,318		—			—			51,318
Westpac Banking Corp.		46,313		—			—			46,313
	$	6,656,159	$	(5,835,598	)	$	—		$	820,561

^(a)  The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA.

^(b)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(c)  Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	709,134,952	$	—		$	—	$	709,134,952
Money Market Funds		1,355,217		—			—		1,355,217
	$	710,490,169	$	—		$	—	$	710,490,169
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	20,775,857		$	—	$	20,775,857
Liabilities
Forward Foreign Currency Exchange Contracts		—		(6,656,159	)		—		(6,656,159	)
	$	—	$	14,119,698		$	—	$	14,119,698

^(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) February 28, 2019 iShares^® Currency Hedged MSCI Mexico ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.3%
iShares MSCI Mexico ETF(a)		19,110	$	832,432
Total Investment Companies — 99.3% (Cost: $889,359)				832,432
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(a)(b)		641		641
Total Short-Term Investments — 0.1% (Cost: $641)				641
Total Investments in Securities — 99.4% (Cost: $890,000)				833,073
Other Assets, Less Liabilities — 0.6%				4,934
Net Assets — 100.0%			$	838,007

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

Affiliated Issuer	Shares Held at 08/31/18	Shares Purchased		Shares Sold		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	—	0	(b)	—		—	$	—	$	1,765	(c)	$	75		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares	545	96	(b)	—		641		641		19			—			—
iShares MSCI Mexico ETF	19,342	22,729		(22,961	)	19,110		832,432		7,547			74,074			(106,204	)
							$	833,073	$	9,331		$	74,149		$	(106,204	)

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

^(b)  Net of purchases and sales.

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

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold			Counterparty		Settlement Date		Unrealized Appreciation (Depreciation)
USD	1,707,792		MXN	32,882,000		MS		03/04/19	$	2,417
USD	854,063		MXN	16,441,000		MS		04/02/19		5,237
										7,654
MXN	32,882,000		USD	1,711,223		MS		03/04/19		(5,849	)
MXN	160,000		USD	8,270		MS		04/02/19		(9	)
										(5,858	)
	Net unrealized appreciation								$	1,796

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Schedule of Investments  (unaudited) (continued)	iShares® Currency Hedged MSCI Mexico ETF
February 28, 2019

Derivative Financial Instruments Categorized by Risk Exposure

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

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	7,654
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	5,858

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

	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	(39,349	)
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	(20,085	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	1,563,870
Average amounts sold — in USD	$	2,455,537

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	$	7,654	$	5,858
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	7,654	$	5,858
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA	$	7,654	$	5,858

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

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Net Amount of Derivative Assets	(b)
Morgan Stanley & Co. International PLC	$	7,654	$	(5,858	)	$	1,796
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Net Amount of Derivative Liabilities
Morgan Stanley & Co. International PLC	$	5,858	$	(5,858	)	$	—

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® Currency Hedged MSCI Mexico ETF
February 28, 2019

^(a)  The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA.

^(b)  Net amount represents the net amount receivable from the counterparty in the event of default.

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	832,432	$	—		$	—	$	832,432
Money Market Funds		641		—			—		641
	$	833,073	$	—		$	—	$	833,073
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	7,654		$	—	$	7,654
Liabilities
Forward Foreign Currency Exchange Contracts		—		(5,858	)		—		(5,858	)
	$	—	$	1,796		$	—	$	1,796

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

See notes to financial statements.

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Schedule of Investments  (unaudited)  February 28, 2019   iShares^® Currency Hedged MSCI South Korea ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.4%
iShares MSCI South Korea ETF(a)(b)		476,710	$	30,018,429
Total Investment Companies — 99.4% (Cost: $31,270,429)				30,018,429
Short-Term Investments
Money Market Funds — 8.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(a)(c)(d)		2,638,944		2,640,000
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(a)(c)		19,189		19,189
				2,659,189
Total Short-Term Investments — 8.8% (Cost: $2,659,189)				2,659,189
Total Investments in Securities — 108.2% (Cost: $33,929,618)				32,677,618
Other Assets, Less Liabilities — (8.2)%				(2,462,931	)
Net Assets — 100.0%			$	30,214,687

^(a)  Affiliate of the Fund.

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

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

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

Affiliates

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

Affiliated Issuer	Shares Held at 08/31/18	Shares Purchased		Shares Sold		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation	)
BlackRock Cash Funds: Institutional, SL Agency Shares	—	2,638,944	(b)	—		2,638,944	$	2,640,000	$	2,976	(c)	$	2,477		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares	770	18,419	(b)	—		19,189		19,189		182			—			—
iShares MSCI South Korea ETF	21,273	635,930		(180,493	)	476,710		30,018,429		295,606			(778,210	)		(1,447,840	)
							$	32,677,618	$	298,764		$	(775,733	)	$	(1,447,840	)

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

^(b)  Net of purchases and sales.

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

Forward Foreign Currency Exchange Contracts

Currency Purchased			Currency Sold		Counterparty		Settlement Date		Unrealized Appreciation (Depreciation)
USD	61,950,192	KRW		69,295,116,000		MS		03/05/19	$	338,103
USD	30,986,059	KRW		34,647,558,000		MS		04/02/19		179,707
										517,810
KRW	69,295,116,000	USD		61,903,814		MS		03/05/19		(291,726	)
KRW	345,422,000	USD		307,270		MS		04/02/19		(143	)
										(291,869	)
	Net unrealized appreciation								$	225,941

S C H E D U L E  O F  I N V E S T M E N T S 27

Schedule of Investments  (unaudited) (continued) February 28, 2019   iShares^® Currency Hedged MSCI South Korea ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	517,810
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	291,869

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

	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	296,631
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	227,901

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	45,301,701
Average amounts sold — in USD	$	65,992,961

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	$	517,810	$	291,869
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	517,810	$	291,869
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA	$	517,810	$	291,869

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

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Net Amount of Derivative Assets	(b)
Morgan Stanley & Co. International PLC	$	517,810	$	(291,869	)	$	225,941
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Net Amount of Derivative Liabilities
Morgan Stanley & Co. International PLC	$	291,869	$	(291,869	)	$	—

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Schedule of Investments  (unaudited) (continued) February 28, 2019   iShares^® Currency Hedged MSCI South Korea 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

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	30,018,429	$	—		$	—	$	30,018,429
Money Market Funds		2,659,189		—			—		2,659,189
	$	32,677,618	$	—		$	—	$	32,677,618
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	517,810		$	—	$	517,810
Liabilities
Forward Foreign Currency Exchange Contracts		—		(291,869	)		—		(291,869	)
	$	—	$	225,941		$	—	$	225,941

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

See notes to financial statements.

S C H E D U L E   O F  I N V E S T M E N T S 29

Statements of Assets and Liabilities  (unaudited)

February 28, 2019

	iShares Adaptive Currency Hedged MSCI Japan ETF		iShares Currency Hedged MSCI Australia ETF			iShares Currency Hedged MSCI Canada ETF			iShares Currency Hedged MSCI Japan ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Affiliated(b)	$	4,008,588	$	1,752,075		$	49,877,614		$	710,490,169
Receivables:
Investments sold		—		—			168,642			—
Securities lending income — Affiliated		23		125			2,249			—
Capital shares sold		—		—			—			125,191
Dividends		4		1			20			1,653
Unrealized appreciation on:
Forward foreign currency exchange contracts		77,698		31,852			50,311			20,775,857
Total assets		4,086,313		1,784,053			50,098,836			731,392,870
LIABILITIES
Cash received:
Collateral — forward foreign currency exchange contracts		—		—			—			1,000,000
Collateral on securities loaned, at value		—		543,750			12,721,875			—
Payables:
Investments purchased		21,419		9,130			—			8,190,146
Investment advisory fees		—		28			843			—
Unrealized depreciation on:
Forward foreign currency exchange contracts		41,603		13,148			176,275			6,656,159
Total liabilities		63,022		566,056			12,898,993			15,846,305
NET ASSETS	$	4,023,291	$	1,217,997		$	37,199,843		$	715,546,565
NET ASSETS CONSIST OF:
Paid-in capital	$	3,734,840	$	1,717,994		$	37,803,718		$	821,753,095
Accumulated earnings (loss)		288,451		(499,997	)		(603,875	)		(106,206,530	)
NET ASSETS	$	4,023,291	$	1,217,997		$	37,199,843		$	715,546,565
Shares outstanding		150,000		50,000			1,450,000			23,300,000
Net asset value	$	26.82	$	24.36		$	25.66		$	30.71
Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited
Par value		None		None			None			None
(a) Securities loaned, at value	$	—	$	532,000		$	12,323,625		$	—
(b) Investments, at cost — Affiliated	$	3,639,713	$	1,696,768		$	49,501,073		$	768,867,995

See notes to financial statements.

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Statements of Assets and Liabilities  (unaudited) (continued)

February 28, 2019

	iShares Currency Hedged MSCI Mexico ETF			iShares Currency Hedged MSCI South Korea ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Affiliated(b)	$	833,073		$	32,677,618
Receivables:
Investments sold		2,875			—
Securities lending income — Affiliated		278			959
Dividends		5			46
Unrealized appreciation on:
Forward foreign currency exchange contracts		7,654			517,810
Total assets		843,885			33,196,433
LIABILITIES
Collateral on securities loaned, at value		—			2,640,000
Payables:
Investments purchased		—			49,877
Investment advisory fees		20			—
Unrealized depreciation on:
Forward foreign currency exchange contracts		5,858			291,869
Total liabilities		5,878			2,981,746
NET ASSETS	$	838,007		$	30,214,687
NET ASSETS CONSIST OF:
Paid-in capital	$	1,256,096		$	32,655,974
Accumulated loss		(418,089	)		(2,441,287	)
NET ASSETS	$	838,007		$	30,214,687
Shares outstanding		50,000			1,150,000
Net asset value	$	16.76		$	26.27
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Securities loaned, at value	$	—		$	2,518,800
(b) Investments, at cost — Affiliated	$	890,000		$	33,929,618

See notes to financial statements.

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

Statements of Operations  (unaudited)

Six Months Ended February 28, 2019

	iShares Adaptive Currency Hedged MSCI Japan ETF			iShares Currency Hedged MSCI Australia ETF			iShares Currency Hedged MSCI Canada ETF			iShares Currency Hedged MSCI Japan ETF
INVESTMENT INCOME
Dividends — Affiliated	$	30,536		$	41,098		$	436,475		$	6,581,582
Securities lending income — Affiliated — net		208			289			2,670			—
Total investment income		30,744			41,387			439,145			6,581,582
EXPENSES
Investment advisory fees		12,572			3,610			92,150			2,430,189
Total expenses		12,572			3,610			92,150			2,430,189
Less:
Investment advisory fees waived		(12,572	)		(3,435	)		(87,691	)		(2,423,644	)
Total expenses after fees waived		—			175			4,459			6,545
Net investment income		30,744			41,212			434,686			6,575,037
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		(21,225	)		(11,150	)		(260,297	)		(6,147,360	)
In-kind redemptions — Affiliated		—			—			(763,666	)		12,085,291
Forward foreign currency exchange contracts		(43,488	)		35,696			917,795			1,353,729
Net realized gain (loss)		(64,713	)		24,546			(106,168	)		7,291,660
Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		(275,302	)		(52,596	)		306,963			(92,408,822	)
Forward foreign currency exchange contracts		38,869			(16,619	)		(122,853	)		11,779,900
Net change in unrealized appreciation (depreciation)		(236,433	)		(69,215	)		184,110			(80,628,922	)
Net realized and unrealized gain (loss)		(301,146	)		(44,669	)		77,942			(73,337,262	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(270,402	)	$	(3,457	)	$	512,628		$	(66,762,225	)

See notes to financial statements.

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Statements of Operations  (unaudited) (continued)

Six Months Ended February 28, 2019

	iShares Currency Hedged MSCI Mexico ETF			iShares Currency Hedged MSCI South Korea ETF
INVESTMENT INCOME
Dividends — Affiliated	$	7,566		$	295,788
Securities lending income — Affiliated — net		1,765			2,976
Total investment income		9,331			298,764
EXPENSES
Investment advisory fees		3,033			92,570
Total expenses		3,033			92,570
Less:
Investment advisory fees waived		(2,886	)		(92,570	)
Total expenses after fees waived		147			—
Net investment income		9,184			298,764
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		(20,466	)		(221,937	)
In-kind redemptions — Affiliated		94,615			(553,796	)
Forward foreign currency exchange contracts		(39,349	)		296,631
Net realized gain (loss)		34,800			(479,102	)
Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		(106,204	)		(1,447,840	)
Forward foreign currency exchange contracts		(20,085	)		227,901
Net change in unrealized appreciation (depreciation)		(126,289	)		(1,219,939	)
Net realized and unrealized loss		(91,489	)		(1,699,041	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(82,305	)	$	(1,400,277	)

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 33

Statements of Changes in Net Assets

	iShares Adaptive Currency Hedged MSCI Japan ETF						iShares Currency Hedged MSCI Australia ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	30,744		$	64,889		$	41,212		$	52,746
Net realized gain (loss)		(64,713	)		311,246			24,546			96,442
Net change in unrealized appreciation (depreciation)		(236,433	)		82,887			(69,215	)		12,831
Net increase (decrease) in net assets resulting from operations		(270,402	)		459,022			(3,457	)		162,019
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(30,257	)		(64,888	)		(40,749	)		(52,659	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		—			(1,379,179	)		—			—
NET ASSETS(a)
Total increase (decrease) in net assets		(300,659	)		(985,045	)		(44,206	)		109,360
Beginning of period		4,323,950			5,308,995			1,262,203			1,152,843
End of period	$	4,023,291		$	4,323,950		$	1,217,997		$	1,262,203

^(a) Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

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Statements of Changes in Net Assets  (continued)

	iShares Currency Hedged MSCI Canada ETF						iShares Currency Hedged MSCI Japan ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	434,686		$	128,500		$	6,575,037		$	15,322,646
Net realized gain (loss)		(106,168	)		624,771			7,291,660			126,206,935
Net change in unrealized appreciation (depreciation)		184,110			(87,910	)		(80,628,922	)		(14,801,877	)
Net increase (decrease) in net assets resulting from operations		512,628			665,361			(66,762,225	)		126,727,704
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,203,662	)		(128,454	)		(3,309,996	)		(15,325,665	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		32,533,387			2,350,148			(219,215,435	)		(305,294,147	)
NET ASSETS(a)
Total increase (decrease) in net assets		31,842,353			2,887,055			(289,287,656	)		(193,892,108	)
Beginning of period		5,357,490			2,470,435			1,004,834,221			1,198,726,329
End of period	$	37,199,843		$	5,357,490		$	715,546,565		$	1,004,834,221

^(a) Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 35

Statements of Changes in Net Assets  (continued)

	iShares Currency Hedged MSCI Mexico ETF						iShares Currency Hedged MSCI South Korea ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	9,184		$	37,102		$	298,764		$	44,727
Net realized gain (loss)		34,800			138,810			(479,102	)		10,429
Net change in unrealized appreciation (depreciation)		(126,289	)		(408,143	)		(1,219,939	)		(36,845	)
Net increase (decrease) in net assets resulting from operations		(82,305	)		(232,231	)		(1,400,277	)		18,311
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(7,699	)		(36,807	)		(1,244,648	)		(44,724	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(44,352	)		(1,986,543	)		31,420,759			—
NET ASSETS(a)
Total increase (decrease) in net assets		(134,356	)		(2,255,581	)		28,775,834			(26,413	)
Beginning of period		972,363			3,227,944			1,438,853			1,465,266
End of period	$	838,007		$	972,363		$	30,214,687		$	1,438,853

^(a) Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares Adaptive Currency Hedged MSCI Japan ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Period From 01/05/16 to 08/31/16	(a)
Net asset value, beginning of period	$	28.83		$	26.54		$	23.46		$	24.92
Net investment income(b)		0.21			0.42			0.44			0.23
Net realized and unrealized gain (loss)(c)		(2.02	)		2.30			3.10			(1.51	)
Net increase (decrease) from investment operations		(1.81	)		2.72			3.54			(1.28	)
Distributions
From net investment income		(0.20	)		(0.43	)		(0.46	)		(0.18	)
Total distributions		(0.20	)		(0.43	)		(0.46	)		(0.18	)
Net asset value, end of period	$	26.82		$	28.83		$	26.54		$	23.46
Total Return
Based on net asset value		(6.18	)%(d)		10.22	%		15.24	%		(5.06	)%(d)
Ratios to Average Net Assets
Total expenses(e)		0.62	%(f)		0.62	%		0.62	%		0.62	%(f)
Total expenses after fees waived(e)		0.00	%(f)		0.00	%		0.00	%		0.00	%(f)
Net investment income		1.52	%(f)		1.45	%		1.72	%		1.57	%(f)
Supplemental Data
Net assets, end of period (000)	$	4,023		$	4,324		$	5,309		$	3,520
Portfolio turnover rate(g)(h)		2	%(d)		5	%		8	%		2	%(d)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

^(d)  Not annualized.

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

^(f)  Annualized.

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

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

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 37

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Australia ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Period From 06/29/15 to 08/31/15	(a)
Net asset value, beginning of period	$	25.24		$	23.06		$	22.02		$	23.52		$	24.48
Net investment income (loss)(b)		0.82			1.05			0.75			0.72			(0.00	)(c)
Net realized and unrealized gain (loss)(d)		(0.88	)		2.18			1.40			0.49			(0.96	)
Net increase (decrease) from investment operations		(0.06	)		3.23			2.15			1.21			(0.96	)
Distributions
From net investment income		(0.82	)		(1.05	)		(1.11	)		(0.90	)		—
In excess of net investment income		—			—			—			(1.81	)		—
Total distributions		(0.82	)		(1.05	)		(1.11	)		(2.71	)		—
Net asset value, end of period	$	24.36		$	25.24		$	23.06		$	22.02		$	23.52
Total Return
Based on net asset value		0.06	%(e)		14.25	%		9.86	%		5.70	%		(3.92	)%(e)
Ratios to Average Net Assets
Total expenses(f)		0.62	%(g)		0.62	%		0.62	%		0.62	%		0.62	%(g)
Total expenses after fees waived(f)		0.03	%(g)		0.03	%		0.03	%		0.03	%		0.04	%(g)
Net investment income (loss)		7.08	%(g)		4.38	%		3.31	%		3.33	%		(0.04	)%(g)
Supplemental Data
Net assets, end of period (000)	$	1,218		$	1,262		$	1,153		$	9,910		$	2,352
Portfolio turnover rate(h)(i)		8	%(e)		12	%		13	%		15	%		0	%(e)(j)

^(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)  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.

^(j)  Rounds to less than 1%.

See notes to financial statements.

38 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Canada ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Period From 06/29/15 to 08/31/15	(a)
Net asset value, beginning of period	$	26.79		$	24.70		$	23.54		$	23.47		$	24.36
Net investment income (loss)(b)		0.36			0.56			0.24			0.41			(0.00	)(c)
Net realized and unrealized gain (loss)(d)		(0.45	)		2.10			1.38			1.07			(0.89	)
Net increase (decrease) from investment operations		(0.09	)		2.66			1.62			1.48			(0.89	)
Distributions
From net investment income		(0.41	)		(0.57	)		(0.46	)		(0.46	)		—
From net realized gain		(0.63	)		—			—			(0.95	)		—
Return of capital		—			—			—			(0.00	)(c)		—
Total distributions		(1.04	)		(0.57	)		(0.46	)		(1.41	)		—
Net asset value, end of period	$	25.66		$	26.79		$	24.70		$	23.54		$	23.47
Total Return
Based on net asset value		0.02	%(e)		10.82	%		6.86	%		6.92	%		(3.69	)%(e)
Ratios to Average Net Assets
Total expenses(f)		0.62	%(g)		0.62	%		0.62	%		0.62	%		0.62	%(g)
Total expenses after fees waived(f)		0.03	%(g)		0.03	%		0.03	%		0.03	%		0.05	%(g)
Net investment income (loss)		2.92	%(g)		2.12	%		0.98	%		1.84	%		(0.05	)%(g)
Supplemental Data
Net assets, end of period (000)	$	37,200		$	5,357		$	2,470		$	10,593		$	2,347
Portfolio turnover rate(h)(i)		9	%(e)		10	%		8	%		13	%		0	%(e)

^(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)  Not annualized.

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

^(g)  Annualized.

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

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 39

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Japan ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Period From 01/31/14 to 08/31/14	(a)
Net asset value, beginning of period	$	32.36		$	29.56		$	24.73		$	29.46		$	25.02		$	23.53
Net investment income(b)		0.22			0.46			0.52			0.41			0.43			0.13
Net realized and unrealized gain (loss)(c)		(1.75	)		2.81			4.78			(4.11	)		4.58			1.53
Net increase (decrease) from investment operations		(1.53	)		3.27			5.30			(3.70	)		5.01			1.66
Distributions
From net investment income		(0.12	)		(0.47	)		(0.47	)		(0.44	)		(0.32	)		(0.17	)
From net realized gain		—			—			—			(0.59	)		(0.25	)		(0.00	)(d)
Total distributions		(0.12	)		(0.47	)		(0.47	)		(1.03	)		(0.57	)		(0.17	)
Net asset value, end of period	$	30.71		$	32.36		$	29.56		$	24.73		$	29.46		$	25.02
Total Return
Based on net asset value		(4.71	)%(e)		11.07	%		21.50	%		(12.91	)%		20.08	%		7.05	%(e)
Ratios to Average Net Assets
Total expenses(f)		0.53	%(g)		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%(g)
Total expenses after fees waived(f)		0.00	%(g)(h)		0.01	%		0.00	%(h)		0.00	%(h)		0.01	%		0.01	%(g)
Net investment income		1.43	%(g)		1.41	%		1.84	%		1.57	%		1.39	%		0.94	%(g)
Supplemental Data
Net assets, end of period (000)	$	715,547		$	1,004,834		$	1,198,726		$	476,015		$	735,081		$	32,531
Portfolio turnover rate(i)(j)		3	%(e)		9	%		11	%		11	%		12	%		1	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

^(d)  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)  Rounds to less than 0.01%.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

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

See notes to financial statements.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Mexico ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Period From 06/29/15 to 08/31/15	(a)
Net asset value, beginning of period	$	19.45		$	21.52		$	23.54		$	24.03		$	24.43
Net investment income (loss)(b)		0.16			0.41			0.43			0.49			(0.00	)(c)
Net realized and unrealized gain (loss)(d)		(2.77	)		(1.95	)		0.09			1.15			(0.40	)
Net increase (decrease) from investment operations		(2.61	)		(1.54	)		0.52			1.64			(0.40	)
Distributions
From net investment income		(0.08	)		(0.53	)		(0.33	)		(0.71	)		—
In excess of net investment income		—			—			(2.21	)		(1.42	)		—
Total distributions		(0.08	)		(0.53	)		(2.54	)		(2.13	)		—
Net asset value, end of period	$	16.76		$	19.45		$	21.52		$	23.54		$	24.03
Total Return
Based on net asset value		(13.42	)%(e)		(7.10	)%		3.24	%		7.41	%		(1.64	)%(e)
Ratios to Average Net Assets
Total expenses(f)		0.62	%(g)		0.62	%		0.62	%		0.62	%		0.62	%(g)
Total expenses after fees waived(f)		0.03	%(g)		0.03	%		0.03	%		0.03	%		0.04	%(g)
Net investment income (loss)		1.88	%(g)		2.05	%		2.03	%		2.11	%		(0.04	)%(g)
Supplemental Data
Net assets, end of period (000)	$	838		$	972		$	3,228		$	1,177		$	2,403
Portfolio turnover rate(h)(i)		10	%(e)		23	%		12	%		22	%		0	%(e)(j)

^(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)  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.

^(j)  Rounds to less than 1%.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 41

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI South Korea ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Period From 06/29/15 to 08/31/15	(a)
Net asset value, beginning of period	$	28.78		$	29.31		$	24.71		$	22.70		$	24.64
Net investment income (loss)(b)		0.32			0.89			0.51			2.12			(0.00	)(c)
Net realized and unrealized gain (loss)(d)		(1.43	)		(0.53	)		5.29			0.92			(1.94	)
Net increase (decrease) from investment operations		(1.11	)		0.36			5.80			3.04			(1.94	)
Distributions
From net investment income		(0.35	)		(0.89	)		(0.35	)		(0.55	)		—
From net realized gain		(1.05	)		—			(0.85	)		(0.48	)		—
Total distributions		(1.40	)		(0.89	)		(1.20	)		(1.03	)		—
Net asset value, end of period	$	26.27		$	28.78		$	29.31		$	24.71		$	22.70
Total Return
Based on net asset value		(3.51	)%(e)		1.09	%		24.59	%		13.67	%		(7.87	)%(e)
Ratios to Average Net Assets
Total expenses(f)		0.77	%(g)		0.77	%		0.77	%		0.77	%		0.77	%(g)
Total expenses after fees waived(f)		0.00	%(g)		0.00	%		0.00	%		0.00	%		0.02	%(g)
Net investment income (loss)		2.49	%(g)		2.96	%		2.01	%		9.13	%		(0.02	)%(g)
Supplemental Data
Net assets, end of period (000)	$	30,215		$	1,439		$	1,465		$	12,353		$	2,270
Portfolio turnover rate(h)(i)		6	%(e)		11	%		25	%		21	%		2	%(e)

^(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)  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.

42 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification    Classification
Adaptive Currency Hedged MSCI Japan	Diversified(a)
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

^(a)  The Fund’s classification changed from non-diversified to diversified during the reporting period.

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

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

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions from the underlying funds, if any, are recognized on the ex-dividend date. Interest income is accrued daily.

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. However, each Fund has elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2019, if any, are disclosed in the statement of assets and liabilities.

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

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

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

N O T E S  T O  F I N A N C I A L  S T A T  E M E N T S 43

Notes to Financial Statements  (unaudited) (continued)

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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Notes to Financial Statements  (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

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

As of February 28, 2019, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of February 28, 2019 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

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

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

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Currency Hedged MSCI Australia Barclays Bank PLC	$	532,000	$	532,000		$	—	$	—
Currency Hedged MSCI Canada BNP Paribas Securities Corp.	$	12,323,625	$	12,323,625		$	—	$	—
Currency Hedged MSCI South Korea UBS AG	$	2,518,800	$	2,518,800		$	—	$	—

^(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 if the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

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.

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Notes to Financial Statements  (unaudited) (continued)

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

iShares ETF	Investment Advisory Fee
Adaptive Currency Hedged MSCI Japan		0.62	%
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 Adaptive 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 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 Japan ETF (“EWJ”), after taking into account any fee waivers by EWJ.

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.

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Notes to Financial Statements  (unaudited) (continued)

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

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

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund retained 80% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees.

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, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund was subject to the same terms under the previous securities lending fee arrangement.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months ended February 28, 2019, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid   to BTC
Adaptive Currency Hedged MSCI Japan	$	74
Currency Hedged MSCI Australia		95
Currency Hedged MSCI Canada		925
Currency Hedged MSCI Mexico		395
Currency Hedged MSCI South Korea		976

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

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

7. PURCHASES AND SALES

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

iShares ETF	Purchases		Sales
Adaptive Currency Hedged MSCI Japan	$	100,723	$	125,927
Currency Hedged MSCI Australia		127,903		99,634
Currency Hedged MSCI Canada		2,257,329		2,325,745
Currency Hedged MSCI Japan		41,798,482		32,513,982
Currency Hedged MSCI Mexico		96,230		140,486
Currency Hedged MSCI South Korea		1,304,519		1,796,750

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

iShares ETF	In-kind Purchases		In-kind   Sales
Currency Hedged MSCI Canada	$	43,804,680	$	11,185,145
Currency Hedged MSCI Japan		364,988,994		586,513,258
Currency Hedged MSCI Mexico		828,085		892,943
Currency Hedged MSCI South Korea		40,605,486		9,300,875

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Notes to Financial Statements  (unaudited) (continued)

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of August 31, 2018, the Funds had capital loss carryforwards, with no expiration dates, available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Adaptive Currency Hedged MSCI Japan	$	52,617
Currency Hedged MSCI Australia		560,062
Currency Hedged MSCI Japan		68,046,267
Currency Hedged MSCI Mexico		352,826

As of February 28, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized   Appreciation   (Depreciation)
Adaptive Currency Hedged MSCI Japan	$	3,642,169	$	446,573	$	(44,059	)	$	402,514
Currency Hedged MSCI Australia		1,700,487		87,159		(16,867	)		70,292
Currency Hedged MSCI Canada		49,504,899		426,852		(180,101	)		246,751
Currency Hedged MSCI Japan		770,987,033		20,775,857		(67,153,023	)		(46,377,166)
Currency Hedged MSCI Mexico		914,943		7,654		(87,728	)		(80,074)
Currency Hedged MSCI South Korea		33,930,806		517,810		(1,545,057	)		(1,027,247)

9. PRINCIPAL RISKS

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

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

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

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.

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Notes to Financial Statements  (unaudited) (continued)

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 02/28/19						Year Ended 08/31/18
iShares ETF	Shares			Amount			Shares			Amount
Adaptive Currency Hedged MSCI Japan
Shares redeemed		—		$	—			(50,000	)	$	(1,379,179	)
Currency Hedged MSCI Canada
Shares sold		1,700,000		$	43,728,042			300,000		$	7,634,766
Shares redeemed		(450,000	)		(11,194,655	)		(200,000	)		(5,284,618	)
Net increase		1,250,000		$	32,533,387			100,000		$	2,350,148
Currency Hedged MSCI Japan
Shares sold		11,450,000		$	365,664,393			16,950,000		$	549,525,697
Shares redeemed		(19,200,000	)		(584,879,828	)		(26,450,000	)		(854,819,844	)
Net decrease		(7,750,000	)	$	(219,215,435	)		(9,500,000	)	$	(305,294,147	)
Currency Hedged MSCI Mexico
Shares sold		50,000		$	814,287			—		$	—
Shares redeemed		(50,000	)		(858,639	)		(100,000	)		(1,986,543	)
Net decrease		—		$	(44,352	)		(100,000	)	$	(1,986,543	)
Currency Hedged MSCI South Korea
Shares sold		1,450,000		$	40,636,320			—		$	—
Shares redeemed		(350,000	)		(9,215,561	)		—			—
Net increase		1,100,000		$	31,420,759			—		$	—

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

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

12. REGULATION S-X AMENDMENTS

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

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

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Notes to Financial Statements  (unaudited) (continued)

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

iShares ETF	Net   Investment Income
Adaptive Currency Hedged MSCI Japan	$	64,888
Currency Hedged MSCI Australia		52,659
Currency Hedged MSCI Canada		128,454
Currency Hedged MSCI Japan		15,325,665
Currency Hedged MSCI Mexico		36,807
Currency Hedged MSCI South Korea		44,724

Undistributed net investment income as of August 31, 2018 are as follows:

iShares ETF	Undistributed   net investment income
Adaptive Currency Hedged MSCI Japan	$	6
Currency Hedged MSCI Australia		87
Currency Hedged MSCI Canada		46
Currency Hedged MSCI Japan		—
Currency Hedged MSCI Mexico		407
Currency Hedged MSCI South Korea		3

13. SUBSEQUENT EVENTS

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

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Supplemental Information  (unaudited)

Section 19(a) Notices

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

	Total Cumulative Distributions 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 Australia(a)	$	0.554422	$	—	$	0.260558	$	0.814980		68	%		—	%		32	%		100	%
Currency Hedged MSCI Canada(a)		0.283245		0.631040		0.122586		1.036871		27			61			12			100
Currency Hedged MSCI South Korea(a)		0.141820		1.053044		0.207484		1.402348		10			75			15			100

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

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General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to www.icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

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

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Glossary of Terms Used in this Report

Counterparty Abbreviations
BNP	BNP Paribas SA
CITI	Citibank N.A.
HSBC	HSBC Bank PLC
JPM	JPMorgan Chase Bank N.A.
MS	Morgan Stanley & Co. International PLC
NAB	National Australia Bank Limited
RBS	Royal Bank of Scotland PLC
SSB	State Street Bank and Trust Co.
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

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 53

Additional Financial Information

February 28, 2019

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)  February 28, 2019 iShares^® MSCI Australia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 28.3%
Australia & New Zealand Banking Group Ltd.		3,677,072	$	73,249,488
Bank of Queensland Ltd.		506,501		3,246,755
Bendigo & Adelaide Bank Ltd.		622,437		4,366,332
Commonwealth Bank of Australia		2,270,334		119,446,207
National Australia Bank Ltd.		3,506,465		62,691,178
Westpac Banking Corp.		4,405,089		84,492,665
				347,492,625
Beverages — 1.1%
Coca-Cola Amatil Ltd.		651,837		3,696,083
Treasury Wine Estates Ltd.		922,577		9,832,385
				13,528,468
Biotechnology — 6.5%
CSL Ltd.		580,193		79,979,934
Capital Markets — 4.1%
ASX Ltd.		248,356		12,327,863
Macquarie Group Ltd.		414,702		37,953,916
				50,281,779
Chemicals — 0.9%
Incitec Pivot Ltd.		2,099,206		5,033,029
Orica Ltd.		486,146		6,104,581
				11,137,610
Commercial Services &Supplies — 1.4%
Brambles Ltd.		2,041,727		17,082,421
Construction & Engineering — 0.4%
CIMIC Group Ltd.		125,092		4,463,185
Construction Materials — 1.0%
Boral Ltd.		1,504,530		5,330,582
James Hardie Industries PLC		566,009		7,103,401
				12,433,983
Containers & Packaging — 1.3%
Amcor Ltd./Australia		1,485,302		15,903,609
Diversified Financial Services — 0.8%
AMP Ltd.		3,739,807		6,279,219
Challenger Ltd./Australia		707,601		4,052,553
				10,331,772
Diversified Telecommunication Services — 1.1%
Telstra Corp. Ltd.		5,338,557		11,888,106
TPG Telecom Ltd.		474,514		2,248,369
				14,136,475
Electric Utilities — 0.2%
AusNet Services		2,304,359		2,844,422
Energy Equipment &Services — 0.4%
WorleyParsons Ltd.		412,976		4,380,734
Equity Real Estate Investment Trusts (REITs) — 6.7%
BGP Holdings PLC(a)(b)		18,888,372		215
Dexus		1,304,538		11,155,926
Goodman Group		2,093,651		19,065,960
GPT Group (The)		2,315,235		9,635,969
Mirvac Group		4,693,766		8,582,207
Scentre Group		6,818,996		18,774,822
Stockland		3,086,215		7,684,908

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Vicinity Centres		4,212,025	$	7,371,748
				82,271,755
Food &Staples Retailing — 3.7%
Coles Group Ltd.(b)		1,454,138		11,721,413
Woolworths Group Ltd.		1,684,322		34,355,577
				46,076,990
Gas Utilities — 0.9%
APA Group		1,514,880		10,788,393
Health Care Equipment &Supplies — 0.7%
Cochlear Ltd.		74,061		8,983,765
Health Care Providers &Services — 1.5%
Ramsay Health Care Ltd.		181,175		8,349,946
Sonic Healthcare Ltd.		554,708		9,518,887
				17,868,833
Hotels, Restaurants & Leisure — 2.4%
Aristocrat Leisure Ltd.		737,033		12,909,797
Crown Resorts Ltd.		486,098		3,963,263
Domino’s Pizza Enterprises Ltd.(c)		76,408		2,242,370
Flight Centre Travel Group Ltd.		71,077		2,314,485
Tabcorp Holdings Ltd.		2,448,648		8,222,669
				29,652,584
Insurance — 4.4%
Insurance Australia Group Ltd.		2,963,448		15,496,338
Medibank Pvt Ltd.		3,529,363		7,131,142
QBE Insurance Group Ltd.		1,703,054		14,963,728
Suncorp Group Ltd.		1,665,315		16,053,884
				53,645,092
Interactive Media &Services — 0.3%
REA Group Ltd.		67,815		3,934,059
IT Services — 0.6%
Computershare Ltd.		591,085		7,254,099
Metals & Mining — 15.4%
Alumina Ltd.		3,141,038		5,698,464
BHP Group Ltd.		3,778,024		100,069,604
BlueScope Steel Ltd.		697,553		6,679,850
Fortescue Metals Group Ltd.		1,995,986		8,605,469
Newcrest Mining Ltd.		984,615		17,036,267
Rio Tinto Ltd.		476,018		32,565,838
South32 Ltd.		6,513,924		18,120,237
				188,775,729
Multi-Utilities — 1.0%
AGL Energy Ltd.		841,085		12,691,852
Multiline Retail — 3.0%
Harvey Norman Holdings Ltd.		757,083		1,939,056
Wesfarmers Ltd.		1,454,138		34,326,256
				36,265,312
Oil, Gas &Consumable Fuels — 6.0%
Caltex Australia Ltd.		334,483		6,805,884
Oil Search Ltd.		1,754,903		10,450,162
Origin Energy Ltd.(b)		2,257,204		11,819,335
Santos Ltd.		2,273,703		11,193,973
Washington H Soul Pattinson & Co. Ltd.		137,728		2,883,745
Woodside Petroleum Ltd.		1,200,598		30,963,501
				74,116,600

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Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI Australia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services — 0.5%
Seek Ltd.		428,092	$	5,610,107
Real Estate Management & Development — 0.5%
Lendlease Group		735,976		6,744,099
Road & Rail — 0.7%
Aurizon Holdings Ltd.		2,548,037		8,193,861
Transportation Infrastructure — 3.1%
Sydney Airport		1,415,386		7,250,231
Transurban Group		3,427,989		30,412,373
				37,662,604
Total Common Stocks — 98.9% (Cost: $1,458,987,822)				1,214,532,751
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(d)(e)(f)		2,223,435		2,224,325

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(d)(e)		663,873	$	663,873
				2,888,198
Total Short-Term Investments — 0.2% (Cost: $2,887,315)				2,888,198
Total Investments in Securities — 99.1% (Cost: $1,461,875,137)				1,217,420,949
Other Assets, Less Liabilities — 0.9%				11,285,700
Net Assets — 100.0%			$	1,228,706,649

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

^(b)  Non-income producing security.

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of

Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	5,082,269	(2,858,834	)	2,223,435	$	2,224,325	$	14,720	(b)	$	663		$	(261	)
BlackRock Cash Funds: Treasury, SL Agency Shares	358,813	305,060		663,873		663,873		16,217			—			—
					$	2,888,198	$	30,937		$	663		$	(261	)

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

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

Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
ASX SPI 200 Index	128	03/21/19	$13,999	$	456,706

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation(a)	$456,706

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

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 28, 2019 iShares^® MSCI Australia ETF

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

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(1,080,414	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	276,271

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	13,555,449

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

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

		Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,214,532,536	$	—	$	215	$	1,214,532,751
Money Market Funds		2,888,198		—		—		2,888,198
	$	1,217,420,734	$	—	$	215	$	1,217,420,949
Derivative financial instruments(a)
Assets
Futures Contracts	$	456,706	$	—	$	—	$	456,706

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

The Fund had transfers from Level 2 to Level 1 during the six months ended February 28, 2019 in the amount of $ 26,380,384 (the value of the securities as of the beginning of the period), resulting in a difference of valuation methodology, due to a resumption of trading.

See notes to financial statements.

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Schedule of Investments  (unaudited)  February 28, 2019 iShares^® MSCI Canada ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.8%
Bombardier Inc., Class B(a)		4,145,489	$	8,813,492
CAE Inc.		522,879		11,017,382
				19,830,874
Auto Components — 1.3%
Magna International Inc.		660,431		34,821,814
Banks — 28.0%
Bank of Montreal		1,237,543		96,428,749
Bank of Nova Scotia (The)		2,262,876		125,669,514
Canadian Imperial Bank of Commerce		842,382		71,400,989
National Bank of Canada		657,389		30,992,622
Royal Bank of Canada		2,763,712		215,829,749
Toronto-Dominion Bank (The)		3,524,218		201,926,720
				742,248,343
Capital Markets — 3.2%
Brookfield Asset Management Inc., Class A		1,612,399		72,772,207
CI Financial Corp.		532,098		7,514,824
IGM Financial Inc.		167,510		4,372,812
				84,659,843
Chemicals — 2.8%
Methanex Corp.		130,717		7,351,715
Nutrien Ltd.		1,237,265		67,293,312
				74,645,027
Construction & Engineering — 0.8%
SNC-Lavalin Group Inc.		340,765		9,405,321
WSP Global Inc.		201,696		10,672,888
				20,078,209
Containers & Packaging — 0.4%
CCL Industries Inc., Class B, NVS		288,107		11,760,541
Diversified Financial Services — 0.4%
Onex Corp.		167,701		10,078,614
Diversified Telecommunication Services — 1.0%
BCE Inc.		297,007		13,197,304
TELUS Corp.		380,465		13,808,829
				27,006,133
Electric Utilities — 1.6%
Emera Inc.		114,634		4,075,295
Fortis Inc./Canada		810,876		29,214,933
Hydro One Ltd.(b)		635,333		9,961,751
				43,251,979
Equity Real Estate Investment Trusts (REITs) — 0.5%
H&R Real Estate Investment Trust		280,533		4,837,437
RioCan REIT		307,313		5,866,248
SmartCentres Real Estate Investment Trust		131,954		3,382,511
				14,086,196
Food & Staples Retailing — 3.8%
Alimentation Couche-Tard Inc., Class B		830,849		46,791,245
Empire Co. Ltd., Class A, NVS		339,440		7,879,029
George Weston Ltd.		149,360		10,637,789
Loblaw Companies Ltd.		370,776		18,451,525
Metro Inc.		470,264		17,660,788
				101,420,376
Food Products — 0.6%
Saputo Inc.		449,388		14,634,967

Security	Shares		Value
Gas Utilities — 0.3%
AltaGas Ltd.		519,872	$	6,978,995
Hotels, Restaurants & Leisure — 1.2%
Restaurant Brands International Inc.		446,321		28,202,607
Stars Group Inc. (The)(a)(c)		197,192		3,285,036
				31,487,643
Insurance — 7.7%
Fairfax Financial Holdings Ltd.		53,701		26,566,296
Great-West Lifeco Inc.		573,104		13,167,902
IA Financial Corp. Inc.(a)		208,327		7,986,659
Intact Financial Corp.		268,583		22,432,901
Manulife Financial Corp.		3,807,009		64,288,444
Power Corp. of Canada		682,507		14,557,040
Power Financial Corp.		485,531		10,827,673
Sun Life Financial Inc.		1,174,868		44,443,374
				204,270,289
IT Services — 2.5%
CGI Inc.(a) .		491,137		32,902,823
Shopify Inc., Class A(a)(c)		168,774		31,945,317
				64,848,140
Media — 0.7%
Shaw Communications Inc., Class B, NVS		875,783		18,047,647
Metals & Mining — 6.8%
Agnico Eagle Mines Ltd.		450,037		19,125,718
Barrick Gold Corp.		3,358,864		42,336,479
First Quantum Minerals Ltd.		1,338,041		15,331,085
Franco-Nevada Corp.		357,628		26,921,215
Goldcorp Inc.		1,673,870		17,666,509
Kinross Gold Corp.(a)		2,428,568		8,095,227
Lundin Mining Corp.		1,291,044		6,548,348
Teck Resources Ltd., Class B		990,928		22,188,661
Turquoise Hill Resources Ltd.(a)		1,982,060		3,416,307
Wheaton Precious Metals Corp.		855,010		18,580,399
				180,209,948
Multi-Utilities — 0.4%
Atco Ltd./Canada, Class I, NVS		151,339		5,089,449
Canadian Utilities Ltd., Class A, NVS		254,491		6,761,306
				11,850,755
Multiline Retail — 1.1%
Canadian Tire Corp. Ltd., Class A, NVS		121,543		13,400,185
Dollarama Inc.		601,574		16,270,361
				29,670,546
Oil, Gas & Consumable Fuels — 20.2%
ARC Resources Ltd.		703,742		5,311,463
Cameco Corp.		771,596		8,946,295
Canadian Natural Resources Ltd.		2,338,043		66,359,945
Cenovus Energy Inc.		2,018,655		18,485,178
Enbridge Inc.		3,452,188		127,602,515
Encana Corp.		2,935,777		21,533,490
Husky Energy Inc.		689,597		7,660,444
Imperial Oil Ltd.		563,252		15,238,169
Inter Pipeline Ltd.		742,217		11,925,066
Keyera Corp.		401,646		9,853,593
Pembina Pipeline Corp.		966,862		35,356,168
PrairieSky Royalty Ltd.		419,450		6,105,434
Seven Generations Energy Ltd., Class A(a)		533,790		3,899,058
Suncor Energy Inc.		3,102,223		106,846,496
Tourmaline Oil Corp.		506,215		7,675,864

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 28, 2019 iShares^® MSCI Canada ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
TransCanada Corp.		1,690,455	$	75,537,796
Vermilion Energy Inc.		284,287		7,265,832
				535,602,806
Paper & Forest Products — 0.2%
West Fraser Timber Co. Ltd.		118,646		5,835,005
Pharmaceuticals — 1.2%
Aurora Cannabis Inc.(a)(c)		591,594		4,456,046
Bausch Health Companies Inc.(a)		605,950		14,382,686
Canopy Growth Corp.(a)(c)		251,553		11,914,864
				30,753,596
Professional Services — 0.8%
Thomson Reuters Corp.		394,256		21,422,141
Real Estate Management & Development — 0.2%
First Capital Realty Inc.		332,524		5,408,249
Road & Rail — 6.6%
Canadian National Railway Co.		1,370,136		117,475,898
Canadian Pacific Railway Ltd.		277,129		57,218,616
				174,694,514
Software — 2.3%
BlackBerry Ltd.(a)		997,688		8,666,325
Constellation Software Inc./Canada		38,805		33,110,359
Open Text Corp.		513,257		19,439,073
				61,215,757
Textiles, Apparel & Luxury Goods — 0.6%
Gildan Activewear Inc.		425,784		15,214,423
Trading Companies & Distributors — 0.2%
Finning International Inc.		328,663		6,121,567

Security	Shares		Value
Wireless Telecommunication Services — 1.5%
Rogers Communications Inc., Class B, NVS		696,450	$	38,450,174
Total Common Stocks — 99.7% (Cost: $3,114,137,839)				2,640,605,111
Short-Term Investments
Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(d)(e)(f)		40,196,185		40,212,263
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(d)(e)		1,384,636		1,384,636
				41,596,899
Total Short-Term Investments — 1.5% (Cost: $41,589,187)				41,596,899
Total Investments in Securities — 101.2% (Cost: $3,155,727,026)				2,682,202,010
Other Assets, Less Liabilities — (1.2)%				(32,914,482	)
Net Assets — 100.0%			$	2,649,287,528

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

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

Affiliated Issuer	Shares Held at 08/31/18	Net Activity	Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	13,326,671	26,869,514	40,196,185	$	40,212,263	$	334,564	(b)	$	(2,418	)	$	6,308
BlackRock Cash Funds: Treasury, SL Agency Shares	840,722	543,914	1,384,636		1,384,636		22,040			—			—
				$	41,596,899	$	356,604		$	(2,418	)	$	6,308

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

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

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P/TSX 60 Index		53		03/14/19	$	7,665	$	400,683

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Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI Canada ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation(a)	$	400,683

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

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

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(617,089	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	388,785

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	10,028,165

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

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,640,605,111	$	—	$	—	$	2,640,605,111
Money Market Funds		41,596,899		—		—		41,596,899
	$	2,682,202,010	$	—	$	—	$	2,682,202,010
Derivative financial instruments(a)
Assets
Futures Contracts	$	400,683	$	—	$	—	$	400,683

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

See notes to financial statements.

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 28, 2019 iShares^® MSCI Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.3%
SG Holdings Co. Ltd.		413,600	$	12,112,253
Yamato Holdings Co. Ltd.		1,490,600		38,818,266
				50,930,519
Airlines — 0.3%
ANA Holdings Inc.		572,400		21,246,468
Japan Airlines Co. Ltd.		572,400		20,901,958
				42,148,426
Auto Components — 2.7%
Aisin Seiki Co. Ltd.		769,000		30,015,316
Bridgestone Corp.		2,888,700		113,996,219
Denso Corp.		2,098,800		90,158,656
Koito Manufacturing Co. Ltd.		520,400		30,105,785
NGK Spark Plug Co. Ltd.		758,300		16,116,940
Stanley Electric Co. Ltd.		573,400		16,482,932
Sumitomo Electric Industries Ltd.		3,434,400		47,789,127
Sumitomo Rubber Industries Ltd.		765,100		9,835,233
Toyoda Gosei Co. Ltd.		348,100		7,886,348
Toyota Industries Corp.		763,200		39,147,251
Yokohama Rubber Co. Ltd. (The)		572,400		11,677,330
				413,211,137
Automobiles — 7.9%
Honda Motor Co. Ltd.		7,632,000		216,166,870
Isuzu Motors Ltd.		2,480,400		35,550,469
Mazda Motor Corp.		2,666,800		31,322,682
Mitsubishi Motors Corp.		3,017,700		16,942,710
Nissan Motor Co. Ltd.		10,862,200		93,907,485
Subaru Corp.		2,928,100		74,346,700
Suzuki Motor Corp.		1,639,900		83,983,740
Toyota Motor Corp.		10,735,200		645,828,552
Yamaha Motor Co. Ltd.		1,331,800		27,002,090
				1,225,051,298
Banks — 6.1%
Aozora Bank Ltd.		572,400		16,505,605
Bank of Kyoto Ltd. (The)		262,100		11,737,051
Chiba Bank Ltd. (The)		2,864,400		17,394,308
Concordia Financial Group Ltd.		5,151,600		20,871,107
Fukuoka Financial Group Inc.		729,500		15,780,057
Japan Post Bank Co. Ltd.		1,718,200		19,185,435
Mebuki Financial Group Inc.		3,625,280		9,802,455
Mitsubishi UFJ Financial Group Inc.		55,332,180		286,651,709
Mizuho Financial Group Inc.		112,953,780		177,771,310
Resona Holdings Inc.		9,541,000		43,136,771
Seven Bank Ltd.		2,657,600		7,758,893
Shinsei Bank Ltd.		755,500		10,376,927
Shizuoka Bank Ltd. (The)		2,077,000		16,400,314
Sumitomo Mitsui Financial Group Inc.		6,296,400		222,964,506
Sumitomo Mitsui Trust Holdings Inc.		1,555,232		58,942,902
Yamaguchi Financial Group Inc.		839,400		7,826,960
				943,106,310
Beverages — 1.3%
Asahi Group Holdings Ltd.		1,717,200		74,151,818
Coca-Cola Bottlers Japan Holdings Inc.		629,500		16,218,164
Kirin Holdings Co. Ltd.		3,939,300		88,078,672
Suntory Beverage & Food Ltd.		638,700		28,171,191
				206,619,845
Building Products — 1.3%
AGC Inc./Japan		917,400		31,810,672

Security	Shares		Value
Building Products (continued)
Daikin Industries Ltd.		1,179,500	$	128,100,566
LIXIL Group Corp.		1,286,200		17,435,104
TOTO Ltd.		674,300		25,531,571
				202,877,913
Capital Markets — 1.1%
Daiwa Securities Group Inc.		7,552,300		38,365,304
Japan Exchange Group Inc.		2,264,400		39,970,769
Nomura Holdings Inc.		16,245,200		62,838,512
SBI Holdings Inc./Japan		1,087,110		22,890,638
				164,065,223
Chemicals — 4.0%
Air Water Inc.		756,900		12,075,588
Asahi Kasei Corp.		5,842,900		63,719,732
Daicel Corp.		1,144,800		12,052,691
Hitachi Chemical Co. Ltd.		403,100		7,321,849
JSR Corp.		941,500		15,612,729
Kaneka Corp.		248,000		9,702,120
Kansai Paint Co. Ltd.		786,900		14,469,856
Kuraray Co. Ltd.		1,521,200		20,415,674
Mitsubishi Chemical Holdings Corp.		5,874,800		43,374,938
Mitsubishi Gas Chemical Co. Inc.		779,500		11,917,975
Mitsui Chemicals Inc.		844,500		20,581,463
Nippon Paint Holdings Co. Ltd.(a)		724,900		27,870,751
Nissan Chemical Corp.		582,900		29,427,758
Nitto Denko Corp.		779,600		41,613,216
Shin-Etsu Chemical Co. Ltd.		1,735,100		144,503,343
Showa Denko KK		637,100		23,722,417
Sumitomo Chemical Co. Ltd.		6,679,000		33,119,008
Taiyo Nippon Sanso Corp.		583,000		8,238,044
Teijin Ltd.		732,400		12,283,424
Toray Industries Inc.		6,487,200		45,192,451
Tosoh Corp.		1,285,400		18,971,543
				616,186,570
Commercial Services & Supplies — 1.0%
Dai Nippon Printing Co. Ltd.		1,159,400		26,849,921
Park24 Co. Ltd.		572,400		13,749,529
Secom Co. Ltd.		963,100		83,228,728
Sohgo Security Services Co. Ltd.		381,600		16,488,466
Toppan Printing Co. Ltd.		1,194,100		19,007,772
				159,324,416
Construction & Engineering — 0.9%
JGC Corp.		953,000		13,860,106
Kajima Corp.		2,100,400		31,094,675
Obayashi Corp.		3,050,100		29,728,337
Shimizu Corp.		2,480,400		21,791,513
Taisei Corp.		999,500		47,227,542
				143,702,173
Construction Materials — 0.1%
Taiheiyo Cement Corp.		572,400		19,565,056
Consumer Finance — 0.2%
Acom Co. Ltd.		1,529,600		5,235,157
AEON Financial Service Co. Ltd.		572,470		11,257,068
Credit Saison Co. Ltd.		764,400		11,096,572
				27,588,797
Containers & Packaging — 0.1%
Toyo Seikan Group Holdings Ltd.		756,900		15,998,794

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Consumer Services — 0.1%
Benesse Holdings Inc.		381,600	$	10,369,565
Diversified Financial Services — 0.7%
Mitsubishi UFJ Lease & Finance Co. Ltd.		1,889,000		9,621,479
ORIX Corp.		6,105,600		88,413,827
Tokyo Century Corp.		196,200		8,750,745
				106,786,051
Diversified Telecommunication Services — 0.8%
Nippon Telegraph & Telephone Corp.		2,972,800		128,210,679
Electric Utilities — 1.3%
Chubu Electric Power Co. Inc.		2,847,000		44,820,046
Chugoku Electric Power Co. Inc. (The)		1,331,800		17,311,486
Kansai Electric Power Co. Inc. (The)		3,384,700		50,639,758
Kyushu Electric Power Co. Inc.		1,710,600		20,345,261
Tohoku Electric Power Co. Inc.		2,081,600		27,300,898
Tokyo Electric Power Co. Holdings Inc.(b)		6,740,000		42,019,044
				202,436,493
Electrical Equipment — 1.6%
Fuji Electric Co. Ltd.		572,400		17,996,766
Mitsubishi Electric Corp.		8,315,500		104,130,498
Nidec Corp.		1,074,200		130,029,150
				252,156,414
Electronic Equipment, Instruments & Components — 5.6%
Alps Alpine Co. Ltd.		1,032,100		20,276,704
Hamamatsu Photonics KK		583,200		20,536,687
Hirose Electric Co. Ltd.		167,658		17,244,737
Hitachi High-Technologies Corp.		347,000		13,201,087
Hitachi Ltd.		4,581,200		137,246,694
Keyence Corp.		466,152		271,894,083
Kyocera Corp.		1,526,400		84,204,298
Murata Manufacturing Co. Ltd.		862,900		134,295,208
Nippon Electric Glass Co. Ltd.		385,700		10,429,006
Omron Corp.		954,000		41,178,315
Shimadzu Corp.		1,090,100		26,880,385
TDK Corp.		612,100		47,837,496
Yaskawa Electric Corp.		1,142,400		32,480,201
Yokogawa Electric Corp.		926,200		17,838,419
				875,543,320
Entertainment — 1.5%
DeNA Co. Ltd.		557,300		8,585,784
Konami Holdings Corp.		431,700		17,819,453
Nexon Co. Ltd.(b)		2,101,200		33,352,681
Nintendo Co. Ltd.		544,300		148,836,615
Toho Co. Ltd./Tokyo		572,400		20,464,894
				229,059,427
Equity Real Estate Investment Trusts (REITs) — 1.3%
Daiwa House REIT Investment Corp.		7,644		17,056,860
Japan Prime Realty Investment Corp.		3,816		14,980,165
Japan Real Estate Investment Corp.		6,036		34,973,230
Japan Retail Fund Investment Corp.		11,448		23,076,996
Nippon Building Fund Inc.		6,259		40,763,340
Nippon Prologis REIT Inc.		7,644		16,260,324
Nomura Real Estate Master Fund Inc.		19,068		26,138,850
United Urban Investment Corp.		13,247		20,539,276
				193,789,041
Food & Staples Retailing — 1.9%
Aeon Co. Ltd.		2,671,200		56,293,884
FamilyMart UNY Holdings Co. Ltd.		1,218,800		34,761,858

Security	Shares		Value
Food & Staples Retailing (continued)
Lawson Inc.		233,400	$	14,152,443
Seven & i Holdings Co. Ltd.		3,625,280		159,379,449
Sundrug Co. Ltd.		365,700		11,202,273
Tsuruha Holdings Inc.		190,800		16,899,820
Welcia Holdings Co. Ltd.		202,500		7,185,367
				299,875,094
Food Products — 1.5%
Ajinomoto Co. Inc.		2,098,800		31,749,723
Calbee Inc.		382,600		10,602,956
Kikkoman Corp.		714,600		35,563,097
MEIJI Holdings Co. Ltd.		580,056		45,958,443
NH Foods Ltd.		442,700		16,165,788
Nisshin Seifun Group Inc.		763,275		16,373,524
Nissin Foods Holdings Co. Ltd.		281,500		19,547,206
Toyo Suisan Kaisha Ltd.		387,900		14,391,188
Yakult Honsha Co. Ltd.		572,400		38,410,241
Yamazaki Baking Co. Ltd.		575,000		9,845,041
				238,607,207
Gas Utilities — 0.6%
Osaka Gas Co. Ltd.		1,725,700		35,344,916
Toho Gas Co. Ltd.		381,600		17,345,455
Tokyo Gas Co. Ltd.		1,717,200		47,280,075
				99,970,446
Health Care Equipment & Supplies — 2.1%
Asahi Intecc Co. Ltd.		442,100		21,247,170
Hoya Corp.		1,835,100		112,179,802
Olympus Corp.		1,352,300		59,828,221
Sysmex Corp.		793,200		47,733,083
Terumo Corp.		1,470,600		90,096,047
				331,084,323
Health Care Providers & Services — 0.4%
Alfresa Holdings Corp.		933,100		27,032,407
Medipal Holdings Corp.		764,400		17,825,929
Suzuken Co. Ltd./Aichi Japan		381,640		20,912,720
				65,771,056
Health Care Technology — 0.2%
M3 Inc.		1,836,500		30,454,357
Hotels, Restaurants & Leisure — 0.8%
McDonald’s Holdings Co. Japan Ltd.		381,600		17,105,497
Oriental Land Co. Ltd./Japan(a)		954,000		104,809,738
				121,915,235
Household Durables — 3.4%
Casio Computer Co. Ltd.		753,600		10,228,976
Iida Group Holdings Co. Ltd.		745,780		13,626,631
Nikon Corp.		1,521,200		23,039,375
Panasonic Corp.		10,113,415		93,121,185
Rinnai Corp.		190,800		12,837,693
Sekisui Chemical Co. Ltd.		1,710,600		26,845,295
Sekisui House Ltd.		2,906,200		43,689,595
Sharp Corp./Japan		988,600		11,562,677
Sony Corp.		6,053,300		290,430,069
				525,381,496
Household Products — 0.7%
Lion Corp.		1,106,300		22,688,492
Pigeon Corp.		572,400		23,344,377
Unicharm Corp.		1,908,400		60,773,248
				106,806,117

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 28, 2019 iShares^® MSCI Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Independent Power and Renewable Electricity Producers — 0.1%
Electric Power Development Co. Ltd.		741,700	$	18,549,163
Industrial Conglomerates — 0.7%
Keihan Holdings Co. Ltd.		381,600		15,802,874
Toshiba Corp.		3,104,500		97,329,366
				113,132,240
Insurance — 3.2%
Dai-ichi Life Holdings Inc.		5,140,600		77,834,004
Japan Post Holdings Co. Ltd.		7,338,800		89,328,728
MS&AD Insurance Group Holdings Inc.		2,270,140		68,173,536
Sompo Holdings Inc.		1,526,450		57,001,910
Sony Financial Holdings Inc.		782,500		14,796,645
T&D Holdings Inc.		2,657,000		31,899,753
Tokio Marine Holdings Inc.		3,174,800		154,747,258
				493,781,834
Interactive Media & Services — 0.4%
Kakaku.com Inc.		575,000		11,058,884
LINE Corp.(a)(b)		357,100		13,184,342
Yahoo Japan Corp.		12,975,400		34,734,722
				58,977,948
Internet & Direct Marketing Retail — 0.3%
Rakuten Inc.(a)		4,006,800		31,530,334
ZOZO Inc.		959,000		18,056,630
				49,586,964
IT Services — 1.1%
Fujitsu Ltd.		954,000		64,351,294
Nomura Research Institute Ltd.		572,404		23,293,120
NTT Data Corp.		2,862,000		31,288,663
Obic Co. Ltd.		343,000		32,753,234
Otsuka Corp.		434,900		15,646,555
				167,332,866
Leisure Products — 0.9%
Bandai Namco Holdings Inc.		954,098		40,625,445
Sankyo Co. Ltd.		190,800		7,027,309
Sega Sammy Holdings Inc.		775,000		9,022,637
Shimano Inc.		368,300		55,946,398
Yamaha Corp.		611,500		30,102,587
				142,724,376
Machinery — 5.1%
Amada Holdings Co. Ltd.		1,531,700		16,112,295
Daifuku Co. Ltd.		478,800		23,484,082
FANUC Corp.		930,200		154,086,310
Hino Motors Ltd.		1,146,400		10,535,099
Hitachi Construction Machinery Co. Ltd.		537,100		13,408,201
Hoshizaki Corp.		256,400		17,366,655
IHI Corp.		719,500		18,976,392
JTEKT Corp.		953,000		11,814,050
Kawasaki Heavy Industries Ltd.		715,100		18,372,134
Komatsu Ltd.		4,388,700		107,667,442
Kubota Corp.		4,538,300		61,254,004
Kurita Water Industries Ltd.		385,600		9,712,742
Makita Corp.		1,091,300		38,673,900
MINEBEA MITSUMI Inc.		1,717,200		27,550,478
MISUMI Group Inc.		1,331,800		32,313,976
Mitsubishi Heavy Industries Ltd.		1,470,000		59,832,645
Nabtesco Corp.		557,000		14,705,560
NGK Insulators Ltd.		1,142,400		17,435,659
NSK Ltd.		1,699,100		15,614,259
SMC Corp./Japan		275,600		95,935,142

Security	Shares		Value
Machinery (continued)
Sumitomo Heavy Industries Ltd.		557,400	$	19,077,380
THK Co. Ltd.		572,400		14,068,329
				797,996,734
Marine — 0.2%
Mitsui OSK Lines Ltd.		563,300		13,207,088
Nippon Yusen KK		751,400		11,846,092
				25,053,180
Media — 0.5%
CyberAgent Inc.		485,600		15,115,020
Dentsu Inc.		1,022,400		42,707,150
Hakuhodo DY Holdings Inc.		954,000		14,628,800
				72,450,970
Metals & Mining — 1.2%
Hitachi Metals Ltd.		976,600		9,948,476
JFE Holdings Inc.		2,345,650		40,909,805
Kobe Steel Ltd.		1,494,600		11,828,446
Maruichi Steel Tube Ltd.		247,200		7,439,095
Mitsubishi Materials Corp.		535,100		14,709,001
Nippon Steel & Sumitomo Metal Corp.		3,859,470		69,461,446
Sumitomo Metal Mining Co. Ltd.		1,128,500		33,088,609
				187,384,878
Multiline Retail — 0.7%
Isetan Mitsukoshi Holdings Ltd.		1,534,960		15,250,321
J Front Retailing Co. Ltd.		1,129,500		12,510,542
Marui Group Co. Ltd.		763,200		13,430,729
Pan Pacific International Holdings Corp.(a)		572,400		34,142,436
Ryohin Keikaku Co. Ltd.		119,600		28,385,124
Takashimaya Co. Ltd.		706,000		9,291,143
				113,010,295
Oil, Gas & Consumable Fuels — 1.0%
Idemitsu Kosan Co. Ltd.		646,400		22,936,400
Inpex Corp.		4,896,800		47,639,547
JXTG Holdings Inc.		15,264,095		71,397,900
Showa Shell Sekiyu KK		918,500		13,779,150
				155,752,997
Paper & Forest Products — 0.2%
Oji Holdings Corp.		3,963,200		23,568,437
Personal Products — 2.3%
Kao Corp.		2,364,400		178,922,975
Kobayashi Pharmaceutical Co. Ltd.		222,600		17,956,773
Kose Corp.		148,000		23,957,600
Pola Orbis Holdings Inc.		409,500		11,495,576
Shiseido Co. Ltd.		1,814,200		119,751,541
				352,084,465
Pharmaceuticals — 6.5%
Astellas Pharma Inc.		8,587,050		132,562,392
Chugai Pharmaceutical Co. Ltd.		1,086,200		73,863,942
Daiichi Sankyo Co. Ltd.		2,694,069		100,846,079
Eisai Co. Ltd.		1,203,400		99,400,494
Hisamitsu Pharmaceutical Co. Inc.		258,000		12,747,036
Kyowa Hakko Kirin Co. Ltd.		1,172,600		22,394,427
Mitsubishi Tanabe Pharma Corp.		1,142,400		16,481,265
Ono Pharmaceutical Co. Ltd.		1,830,200		37,624,979
Otsuka Holdings Co. Ltd.		1,908,000		79,562,846
Santen Pharmaceutical Co. Ltd.		1,518,600		23,668,442
Shionogi & Co. Ltd.		1,335,600		85,376,658
Sumitomo Dainippon Pharma Co. Ltd.		764,400		18,862,799

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Taisho Pharmaceutical Holdings Co. Ltd.		190,800	$	19,316,529
Takeda Pharmaceutical Co. Ltd.		7,059,600		283,411,358
				1,006,119,246
Professional Services — 1.0%
Persol Holdings Co. Ltd.		810,000		13,883,219
Recruit Holdings Co. Ltd.		5,151,600		144,107,819
				157,991,038
Real Estate Management & Development — 2.8%
Aeon Mall Co. Ltd.		535,200		8,730,895
Daito Trust Construction Co. Ltd.		352,900		48,931,113
Daiwa House Industry Co. Ltd.		2,682,400		83,011,750
Hulic Co. Ltd.		1,331,800		12,238,874
Mitsubishi Estate Co. Ltd.		5,343,400		91,824,687
Mitsui Fudosan Co. Ltd.		4,227,000		100,150,130
Nomura Real Estate Holdings Inc.		575,000		10,893,595
Sumitomo Realty & Development Co. Ltd.		1,717,200		64,233,029
Tokyu Fudosan Holdings Corp.		2,739,200		15,133,022
				435,147,095
Road & Rail — 4.4%
Central Japan Railway Co.		686,500		154,018,483
East Japan Railway Co.		1,480,200		141,743,909
Hankyu Hanshin Holdings Inc.		1,130,200		41,016,960
Keikyu Corp.(a)		1,101,000		18,257,690
Keio Corp.		532,000		31,254,761
Keisei Electric Railway Co. Ltd.		590,500		20,157,204
Kintetsu Group Holdings Co. Ltd.		825,100		37,282,187
Kyushu Railway Co.		764,400		26,162,091
Nagoya Railroad Co. Ltd.		877,600		24,163,169
Nippon Express Co. Ltd.		381,600		22,521,667
Odakyu Electric Railway Co. Ltd.		1,331,800		31,117,605
Seibu Holdings Inc.		1,113,400		19,783,554
Tobu Railway Co. Ltd.		953,000		26,624,416
Tokyu Corp.		2,297,600		38,946,921
West Japan Railway Co.		763,200		57,527,948
				690,578,565
Semiconductors & Semiconductor Equipment — 1.2%
Disco Corp.		142,300		19,609,073
Renesas Electronics Corp.(b)		3,816,000		22,350,269
Rohm Co. Ltd.		440,800		27,837,082
SUMCO Corp.		1,123,700		14,263,278
Tokyo Electron Ltd.		763,252		103,874,127
				187,933,829
Software — 0.3%
Oracle Corp. Japan		190,800		14,243,155
Trend Micro Inc./Japan		572,400		28,229,213
				42,472,368
Specialty Retail — 1.6%
ABC-Mart Inc.		190,800		10,935,178
Fast Retailing Co. Ltd.		281,000		131,665,110
Hikari Tsushin Inc.		99,600		17,849,623
Nitori Holdings Co. Ltd.		381,600		47,597,161
Shimamura Co. Ltd.		108,100		9,137,810
USS Co. Ltd.		953,100		17,363,338
Yamada Denki Co. Ltd.(a)		2,654,800		12,830,420
				247,378,640
Technology Hardware, Storage & Peripherals — 2.2%
Brother Industries Ltd.		954,000		17,439,723

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
Canon Inc.		4,579,250	$	131,676,062
FUJIFILM Holdings Corp.		1,860,500		83,414,979
Konica Minolta Inc.		2,089,400		20,270,859
NEC Corp.		1,270,200		42,389,445
Ricoh Co. Ltd.		3,052,800		30,988,717
Seiko Epson Corp.		1,331,800		19,692,264
				345,872,049
Textiles, Apparel & Luxury Goods — 0.1%
Asics Corp.		764,400		10,176,435
Tobacco — 0.8%
Japan Tobacco Inc.		5,151,600		131,103,870
Trading Companies & Distributors — 3.8%
ITOCHU Corp.		6,487,200		116,433,935
Marubeni Corp.		7,251,400		51,766,866
Mitsubishi Corp.		6,296,400		177,545,810
Mitsui & Co. Ltd.		7,822,800		122,977,902
MonotaRO Co. Ltd.(a)		574,400		13,549,896
Sumitomo Corp.		5,117,200		73,572,391
Toyota Tsusho Corp.		981,000		31,151,949
				586,998,749
Transportation Infrastructure — 0.1%
Japan Airport Terminal Co. Ltd.		190,800		7,575,782
Kamigumi Co. Ltd.		381,600		8,847,553
				16,423,335
Wireless Telecommunication Services — 5.2%
KDDI Corp.		8,205,400		198,169,403
NTT DOCOMO Inc.		6,105,600		142,136,744
Softbank Corp.(b)		7,872,000		98,293,927
SoftBank Group Corp.		3,935,900		363,466,152
				802,066,226
Total Common Stocks — 99.7% (Cost: $16,897,758,390)				15,480,241,590
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(c)(d)(e)		31,785,538		31,798,253
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(c)(d)		8,014,536		8,014,536
				39,812,789
Total Short-Term Investments — 0.2% (Cost: $39,805,137)				39,812,789
Total Investments in Securities — 99.9% (Cost: $16,937,563,527)				15,520,054,379
Other Assets, Less Liabilities — 0.1%				11,347,565
Net Assets — 100.0%			$	15,531,401,944

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

^(b)  Non-income producing security.

^(c)  Affiliate of the Fund.

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

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

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 28, 2019 iShares^® MSCI Japan ETF

Affiliates

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

Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	71,651,613	(39,866,075	)	31,785,538	$	31,798,253	$	1,566,964	(b)	$	21,130		$	(10,183	)
BlackRock Cash Funds: Treasury, SL Agency Shares	6,517,877	1,496,659		8,014,536		8,014,536		116,957			—			—
					$	39,812,789	$	1,683,921		$	21,130		$	(10,183	)

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

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

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
TOPIX Index		323		03/07/19	$	46,599	$	1,300,486

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation(a)	$	1,300,486

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

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

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(16,223,271	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	1,773,028

Average Quarterly Balances of Outstanding Derivative Financial Instruments    

Futures contracts:
Average notional value of contracts — long	$	79,940,938

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

Fair Value Measurements

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.

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI Japan ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	15,480,241,590	$	—	$	—	$	15,480,241,590
Money Market Funds		39,812,789		—		—		39,812,789
	$	15,520,054,379	$	—	$	—	$	15,520,054,379
Derivative financial instruments(a)
Assets
Futures Contracts	$	1,300,486	$	—	$	—	$	1,300,486

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

See notes to financial statements.

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 28, 2019 iShares^® MSCI Mexico ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 0.7%
Controladora Vuela Cia. de Aviacion SAB de CV, Class A(a)		5,169,900	$	4,424,164
Grupo Aeromexico SAB de CV(a)		2,439,443		2,635,723
				7,059,887
Banks — 14.2%
Banco del Bajio SA(b)		5,029,330		9,714,376
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		12,882,450		17,696,233
Grupo Financiero Banorte SAB de CV, Class O		16,234,061		88,333,215
Grupo Financiero Inbursa SAB de CV, Class O		16,096,092		24,023,582
Regional SAB de CV		1,753,500		9,121,689
				148,889,095
Beverages — 13.8%
Arca Continental SAB de CV		3,107,729		17,527,549
Coca-Cola Femsa SAB de CV, Series L, NVS		2,617,547		15,838,771
Fomento Economico Mexicano SAB de CV		12,188,210		110,619,918
				143,986,238
Capital Markets — 0.7%
Bolsa Mexicana de Valores SAB de CV		3,404,987		7,103,460
Chemicals — 1.7%
Mexichem SAB de CV		7,344,418		17,803,102
Construction Materials — 4.2%
Cemex SAB de CV, CPO(a)		87,336,529		42,876,121
Grupo Cementos de Chihuahua SAB de CV		192,100		1,046,656
				43,922,777
Consumer Finance — 1.1%
Credito Real SAB de CV SOFOM ER		2,277,774		2,280,191
Gentera SAB de CV		7,662,606		6,294,856
Unifin Financiera SAB de CV SOFOM ENR		1,267,748		2,950,034
				11,525,081
Diversified Telecommunication Services — 0.8%
Axtel SAB de CV, CPO(a)		11,530,677		1,663,520
Telesites SAB de CV(a)		10,439,346		6,479,372
				8,142,892
Equity Real Estate Investment Trusts (REITs) — 5.6%
Concentradora Fibra Danhos SA de CV		2,503,000		3,572,086
Concentradora Fibra Hotelera Mexicana SA de CV(b)		7,592,490		4,066,234
Fibra Uno Administracion SA de CV		21,128,800		29,254,258
Macquarie Mexico Real Estate Management SA de CV(b)		6,251,800		7,225,264
PLA Administradora Industrial S. de RL de CV		6,110,900		9,063,498
Prologis Property Mexico SA de CV		3,027,100		5,559,500
				58,740,840
Food & Staples Retailing — 9.0%
Grupo Comercial Chedraui SA de CV		2,840,400		5,561,536
La Comer SAB de CV(a)		4,202,255		4,416,069
Wal-Mart de Mexico SAB de CV		32,417,833		83,864,386
				93,841,991
Food Products — 4.7%
Gruma SAB de CV, Series B		1,501,635		16,274,456
Grupo Bimbo SAB de CV, Series A		11,393,604		22,604,445
Grupo Herdez SAB de CV		2,020,744		4,478,879
Industrias Bachoco SAB de CV, Series B		1,526,200		5,927,529
				49,285,309

Security	Shares		Value
Gas Utilities — 1.3%
Infraestructura Energetica Nova SAB de CV		3,612,500	$	13,897,295
Hotels, Restaurants & Leisure — 1.3%
Alsea SAB de CV		3,765,666		9,538,477
Hoteles City Express SAB de CV(a)		3,499,100		3,991,282
				13,529,759
Household Durables — 0.2%
Consorcio ARA SAB de CV		9,291,519		2,521,836
Household Products — 1.7%
Kimberly-Clark de Mexico SAB de CV, Class A		10,756,754		17,388,724
Industrial Conglomerates — 3.4%
Alfa SAB de CV, Class A		20,424,051		23,265,096
Grupo Carso SAB de CV, Series A1		3,338,879		12,366,443
				35,631,539
Insurance — 0.4%
Qualitas Controladora SAB de CV		1,668,200		4,275,782
Machinery — 0.2%
Grupo Rotoplas SAB de CV		1,892,800		2,018,575
Media — 3.8%
Grupo Televisa SAB, CPO		14,490,847		33,953,141
Megacable Holdings SAB de CV, CPO		895,700		4,092,798
TV Azteca SAB de CV, CPO		15,645,339		1,883,655
				39,929,594
Metals & Mining — 6.7%
Grupo Mexico SAB de CV, Series B		20,260,986		50,774,565
Industrias CH SAB de CV, Series B(a)		1,304,983		5,732,036
Industrias Penoles SAB de CV		1,015,358		13,457,628
				69,964,229
Mortgage Real Estate Investment — 0.2%
Concentradora Hipotecaria SAPI de CV(c)		3,145,400		2,301,566
Multiline Retail — 0.9%
El Puerto de Liverpool SAB de CV, Series C1, NVS		1,436,865		9,015,849
Pharmaceuticals — 0.4%
Genomma Lab Internacional SAB de CV, Class B(a)		6,792,193		4,487,111
Real Estate Management & Development — 0.8%
Corp. Inmobiliaria Vesta SAB de CV		4,626,949		6,689,663
Grupo GICSA SA de CV(a)		5,594,566		1,802,962
				8,492,625
Transportation Infrastructure — 7.2%
Grupo Aeroportuario del Centro Norte SAB de CV		2,051,392		11,694,378
Grupo Aeroportuario del Pacifico SAB de CV, Series B		2,485,149		23,162,594
Grupo Aeroportuario del Sureste SAB de CV, Class B		1,436,875		24,381,214
Promotora y Operadora de Infraestructura SAB de CV		1,628,710		16,047,437
				75,285,623
Wireless Telecommunication Services — 14.8%
America Movil SAB de CV, Series L, NVS		215,184,118		154,998,719
Total Common Stocks — 99.8% (Cost: $1,478,735,388)				1,044,039,498
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(d)(e)(f)		181,348		181,420

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI Mexico ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(d)(e)		167,152	$	167,152
				348,572
Total Short-Term Investments — 0.0% (Cost: $348,505)				348,572
Total Investments in Securities — 99.8% (Cost: $1,479,083,893)				1,044,388,070
Other Assets, Less Liabilities — 0.2%				2,317,527
Net Assets — 100.0%			$	1,046,705,597

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

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

Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	16,322,257	(16,140,909	)	181,348	$	181,420	$	78,871	(b)	$	(977	)	$	(4,806	)
BlackRock Cash Funds: Treasury, SL Agency Shares	734,154	(567,002	)	167,152		167,152		10,012			—			—
					$	348,572	$	88,883		$	(977	)	$	(4,806	)

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

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

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MEX BOLSA Index		110		03/15/19	$	2,454	$	4,456

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation(a)	$	4,456

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

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 28, 2019 iShares^® MSCI Mexico ETF

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

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(465,098	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	13,801

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,536,807

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

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,044,039,498	$	—	$	—	$	1,044,039,498
Money Market Funds		348,572		—		—		348,572
	$	1,044,388,070	$	—	$	—	$	1,044,388,070
Derivative financial instruments(a)
Assets
Futures Contracts	$	4,456	$	—	$	—	$	4,456

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

See notes to financial statements.    

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) February 28, 2019 iShares^® MSCI South Korea ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.4%
Korea Aerospace Industries Ltd.(a)		624,963	$	20,448,687
Air Freight & Logistics — 0.4%
Hyundai Glovis Co. Ltd.		165,840		20,569,645
Airlines — 0.3%
Korean Air Lines Co. Ltd.(a)		479,487		15,688,736
Auto Components — 2.8%
Hankook Tire Co. Ltd.		619,103		23,532,189
Hanon Systems		1,717,956		19,017,118
Hyundai Mobis Co. Ltd.		498,572		97,746,178
				140,295,485
Automobiles — 3.8%
Hyundai Motor Co.		1,116,201		125,544,080
Kia Motors Corp.		1,989,522		64,654,600
				190,198,680
Banks — 8.1%
BNK Financial Group Inc.		2,283,073		14,392,271
DGB Financial Group Inc.		1,619,714		12,212,301
Hana Financial Group Inc.		2,178,536		75,252,177
Industrial Bank of Korea		2,045,625		25,372,516
KB Financial Group Inc.		2,871,005		113,211,587
Shinhan Financial Group Co. Ltd.		3,095,627		120,142,366
Woori Financial Group Inc.(a)		3,585,971		47,188,024
				407,771,242
Biotechnology — 3.6%
Celltrion Inc.(a)(b)		597,585		108,656,648
Medy-Tox Inc.		36,681		17,807,261
SillaJen Inc.(a)(b)		449,646		29,704,541
ViroMed Co. Ltd.(a)		112,838		27,870,896
				184,039,346
Building Products — 0.3%
KCC Corp.		53,948		15,325,319
Capital Markets — 1.5%
Korea Investment Holdings Co. Ltd.(a)		342,208		19,625,158
Mirae Asset Daewoo Co. Ltd.		3,290,518		22,118,179
NH Investment & Securities Co. Ltd.(a)		1,282,763		14,884,020
Samsung Securities Co. Ltd.		566,147		17,441,979
				74,069,336
Chemicals — 4.0%
Hanwha Chemical Corp.		926,881		19,284,267
Kumho Petrochemical Co. Ltd.		167,547		14,256,467
LG Chem Ltd.		334,928		116,288,240
Lotte Chemical Corp.		132,445		37,565,533
OCI Co. Ltd.(a)		158,003		15,172,334
				202,566,841
Commercial Services & Supplies — 0.3%
S-1 Corp.		165,898		15,045,431
Construction & Engineering — 2.1%
Daelim Industrial Co. Ltd.		250,035		20,808,461
Daewoo Engineering & Construction Co. Ltd.(a)		1,917,061		8,607,769
GS Engineering & Construction Corp.		472,741		17,989,966
HDC Hyundai Development Co-Engineering & Construction, Class E(a)		237,105		10,150,801
Hyundai Engineering & Construction Co. Ltd.		618,454		31,453,338

Security	Shares		Value
Construction & Engineering (continued)
Samsung Engineering Co. Ltd.(a)		1,351,077	$	18,860,059
				107,870,394
Construction Materials — 0.2%
POSCO Chemtech Co. Ltd.(b)		202,743		12,420,194
Consumer Finance — 0.2%
Samsung Card Co. Ltd.		320,102		9,691,005
Diversified Telecommunication Services — 0.4%
KT Corp.		205,716		5,203,717
LG Uplus Corp.		940,855		12,548,079
				17,751,796
Electric Utilities — 1.2%
Korea Electric Power Corp.(a)		1,930,832		59,828,839
Electronic Equipment, Instruments & Components — 3.4%
LG Display Co. Ltd.(a)		1,840,045		34,765,677
LG Innotek Co. Ltd.		131,483		12,625,735
Samsung Electro-Mechanics Co. Ltd.(b)		422,281		40,174,328
Samsung SDI Co. Ltd.		405,514		85,631,346
				173,197,086
Entertainment — 1.7%
NCSoft Corp.		134,905		55,295,816
Netmarble Corp.(a)(b)(c)		207,499		21,770,145
Pearl Abyss Corp.(a)(b)		58,642		9,390,437
				86,456,398
Food &Staples Retailing —1.0%
BGF retail Co. Ltd.		77,036		14,589,373
E-MART Inc.		164,137		26,268,925
GS Retail Co. Ltd.		293,285		10,091,695
				50,949,993
Food Products — 0.9%
CJ CheilJedang Corp.		72,640		20,796,728
Orion Corp./Republic of Korea		181,376		17,981,172
Ottogi Corp.		13,512		9,178,597
				47,956,497
Gas Utilities — 0.2%
Korea Gas Corp.		266,149		11,855,664
Health Care Providers & Services — 0.5%
Celltrion Healthcare Co. Ltd.(a)(b)		386,449		23,983,409
Hotels, Restaurants & Leisure — 0.5%
Kangwon Land Inc.(a)		986,158		27,093,698
Household Durables — 1.7%
Coway Co. Ltd.		422,342		35,523,743
LG Electronics Inc.		800,175		50,157,675
				85,681,418
Industrial Conglomerates — 4.1%
CJ Corp.		135,868		15,100,471
Hanwha Corp.		425,549		12,164,489
LG Corp.		726,624		48,454,521
Lotte Corp.		282,270		13,326,698
Samsung C&T Corp.		569,690		58,503,774
SK Holdings Co. Ltd.		239,191		57,952,830
				205,502,783
Insurance — 3.4%
DB Insurance Co. Ltd.		420,644		27,115,400
Hanwha Life Insurance Co. Ltd.		2,928,087		10,856,337

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 28, 2019 iShares^® MSCI South Korea ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Hyundai Marine & Fire Insurance Co. Ltd.		560,208	$	18,778,200
Orange Life Insurance Ltd.(c)		332,772		10,562,781
Samsung Fire & Marine Insurance Co. Ltd.		232,658		62,368,976
Samsung Life Insurance Co. Ltd.		535,347		42,220,396
				171,902,090
Interactive Media & Services — 3.1%
Kakao Corp.		393,644		36,224,908
NAVER Corp.		1,013,779		119,883,175
				156,108,083
Internet & Direct Marketing Retail — 0.4%
CJ ENM Co. Ltd.		89,673		18,999,801
IT Services — 1.1%
Samsung SDS Co. Ltd.		266,302		54,576,875
Leisure Products — 0.4%
HLB Inc.(a)(b)		263,979		21,077,011
Life Sciences Tools & Services — 0.8%
Samsung Biologics Co. Ltd.(a)(c)		126,044		42,137,943
Machinery — 2.2%
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)		345,408		9,704,715
Doosan Bobcat Inc.		492,107		13,957,689
Hyundai Heavy Industries Co. Ltd.(a)		296,119		34,622,253
Hyundai Heavy Industries Holdings Co. Ltd.		80,433		25,816,941
Samsung Heavy Industries Co. Ltd.(a)		3,376,871		27,502,568
				111,604,166
Marine — 0.2%
Pan Ocean Co. Ltd.(a)		2,594,668		9,977,718
Media — 0.3%
Cheil Worldwide Inc.		705,714		15,718,090
Metals & Mining — 3.7%
Hyundai Steel Co.		642,798		28,490,691
Korea Zinc Co. Ltd.(a)		70,181		28,485,486
POSCO		561,383		131,273,877
				188,250,054
Multiline Retail — 0.9%
Hyundai Department Store Co. Ltd.		138,197		11,894,256
Lotte Shopping Co. Ltd.		100,446		17,058,048
Shinsegae Inc.		62,995		15,990,995
				44,943,299
Oil, Gas & Consumable Fuels — 2.6%
GS Holdings Corp.		436,686		20,811,212
SK Innovation Co. Ltd.		476,115		79,585,329
S-Oil Corp.		356,478		31,695,385
				132,091,926
Personal Products — 2.7%
Amorepacific Corp.		239,713		42,627,011
AMOREPACIFIC Group		241,610		15,746,433
LG Household & Health Care Ltd.		68,730		76,142,598
				134,516,042
Pharmaceuticals — 1.2%
Celltrion Pharm Inc.(a)(b)		157,044		8,461,693
Hanmi Pharm Co. Ltd.		54,873		24,101,771
Hanmi Science Co. Ltd.(b)		154,999		11,204,249
Yuhan Corp.		83,924		19,438,252
				63,205,965

Security	Shares		Value
Road & Rail — 0.3%
CJ Logistics Corp.(a)		85,019	$	14,362,594
Semiconductors & Semiconductor Equipment — 5.1%
SK Hynix Inc.		4,138,589		257,580,893
Specialty Retail — 0.4%
Hotel Shilla Co. Ltd.		255,929		18,659,356
Technology Hardware, Storage & Peripherals — 21.7%
Samsung Electronics Co. Ltd.		27,379,355		1,097,900,694
Textiles, Apparel & Luxury Goods — 0.4%
Fila Korea Ltd.		395,688		19,560,997
Tobacco — 1.6%
KT&G Corp.		861,333		80,795,440
Trading Companies & Distributors — 0.2%
Posco Daewoo Corp.		549,066		9,251,179
Wireless Telecommunication Services — 0.7%
SK Telecom Co. Ltd.		159,740		36,998,552
Total Common Stocks — 97.0% (Cost: $3,051,253,859)
				4,906,476,690
Preferred Stocks
Automobiles — 0.7%
Hyundai Motor Co. Preference Shares, NVS		219,822		14,404,625
Series 2, Preference Shares, NVS		312,046		22,306,836
				36,711,461
Chemicals — 0.3%
LG Chem Ltd., Preference Shares, NVS		75,466		14,761,732
Industrial Conglomerates — .00%
CJ Corp., Preference Shares		17,539		421,048
Personal Products — 0.5%
Amorepacific Corp., Preference Shares, NVS		92,172		9,137,706
LG Household & Health Care Ltd., Preference Shares, NVS		20,480		13,638,766
				22,776,472
Technology Hardware, Storage & Peripherals — .00%
Samsung Electronics Co. Ltd., Preference Shares, NVS		22,352		715,455
Total Preferred Stocks — 1.5% (Cost: $57,939,949)
				75,386,168
Short-Term Investments
Money Market Funds — 3.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(d)(e)(f)		186,701,514		186,776,194

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI South Korea ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(d)(e)		8,062,513	$	8,062,513
				194,838,707
Total Short-Term Investments — 3.8% (Cost: $194,777,913)				194,838,707
Total Investments in Securities — 102.3% (Cost: $3,303,971,721)				5,176,701,565
Other Assets, Less Liabilities — (2.3)%				(116,991,839	)
Net Assets — 100.0%			$	5,059,709,726

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

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

Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	289,663,819	(102,962,305	)	186,701,514	$	186,776,194	$	4,207,317	(b)	$	9,520		$	667
BlackRock Cash Funds: Treasury, SL Agency Shares	3,563,166	4,499,347		8,062,513		8,062,513		97,946			—			—
					$	194,838,707	$	4,305,263		$	9,520		$	667

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

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

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
KOSPI 200 Index		1,200		03/14/19	$	75,714	$	5,136,660

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation(a)	$	5,136,660

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

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 28, 2019 iShares^® MSCI South Korea ETF

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

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(1,062,674	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	5,128,687

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	32,271,852

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

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	4,906,476,690	$	—	$	—	$	4,906,476,690
Preferred Stocks		74,965,120		421,048		—		75,386,168
Money Market Funds		194,838,707		—		—		194,838,707
	$	5,176,280,517	$	421,048	$	—	$	5,176,701,565
Derivative financial instruments(a)
Assets
Futures Contracts	$	5,136,660	$	—	$	—	$	5,136,660

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

See notes to financial statements.

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Assets and Liabilities  (unaudited)

February 28, 2019

	iShares MSCI Australia ETF			iShares MSCI Canada ETF			iShares MSCI Japan ETF			iShares MSCI Mexico ETF
ASSETS
Investments in securities, at value (including securities on loan)(a) :
Unaffiliated(b)	$	1,214,532,751		$	2,640,605,111		$	15,480,241,590		$	1,044,039,498
Affiliated(c)		2,888,198			41,596,899			39,812,789			348,572
Foreign currency, at value(d)		2,979,791			4,691,056			5,572,635			2,051,323
Foreign currency pledged:
Futures contracts(e)		601,176			367,502			936,606			228,340
Receivables:
Investments sold		1,027,137			6,674,180			21,511,255			1,478,313
Securities lending income — Affiliated		2,920			110,650			31,146			2,517
Variation margin on futures contracts		96,180			—			—			—
Capital shares sold		—			—			1,645,912			4,239,933
Dividends		10,627,850			3,943,033			27,577,534			772,372
Tax reclaims		—			—			366,512			—
Total assets		1,232,756,003			2,697,988,431			15,577,695,979			1,053,160,868
LIABILITIES
Collateral on securities loaned, at value		2,224,424			40,210,527			31,773,328			181,488
Payables:
Investments purchased		1,361,805			7,463,034			84			5,732,082
Variation margin on futures contracts		—			40,372			292,889			25,061
Capital shares redeemed		—			—			8,236,055			106,085
Investment advisory fees		463,125			986,970			5,991,679			410,555
Total liabilities		4,049,354			48,700,903			46,294,035			6,455,271
NET ASSETS	$	1,228,706,649		$	2,649,287,528		$	15,531,401,944		$	1,046,705,597
NET ASSETS CONSIST OF:
Paid-in capital	$	1,727,406,941		$	3,653,459,391		$	17,754,743,144		$	1,810,151,916
Accumulated loss		(498,700,292	)		(1,004,171,863	)		(2,223,341,200	)		(763,446,319	)
NET ASSETS	$	1,228,706,649		$	2,649,287,528		$	15,531,401,944		$	1,046,705,597
Shares outstanding		57,600,000			95,200,000			286,200,000			24,000,000
Net asset value	$	21.33		$	27.83		$	54.27		$	43.61
Shares authorized		627.8 million			340.2 million			2.5246 billion			255 million
Par value	$	0.001		$	0.001		$	0.001		$	0.001
(a) Securities loaned, at value	$	2,110,601		$	38,646,486		$	27,245,530		$	174,736
(b) Investments, at cost — Unaffiliated	$	1,458,987,822		$	3,114,137,839		$	16,897,758,390		$	1,478,735,388
(c)  Investments, at cost — Affiliated	$	2,887,315		$	41,589,187		$	39,805,137		$	348,505
(d) Foreign currency, at cost	$	2,985,715		$	4,683,284		$	5,562,868		$	2,044,116
(e) Foreign currency collateral pledged, at cost	$	603,548		$	361,137		$	948,639		$	223,156

See notes to financial statements.

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 28, 2019

	iShares MSCI South Korea ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	4,981,862,858
Affiliated(c)		194,838,707
Foreign currency, at value(d)		761
Foreign currency pledged:
Futures contracts(e)		5,324,962
Receivables:
Investments sold		26,955,394
Securities lending income — Affiliated		629,124
Variation margin on futures contracts		5,139,348
Dividends		61,139,842
Total assets		5,275,890,996
LIABILITIES
Collateral on securities loaned, at value		186,724,697
Payables:
Investments purchased		27,209,594
Investment advisory fees		2,226,474
Foreign taxes		20,505
Total liabilities		216,181,270
NET ASSETS	$	5,059,709,726
NET ASSETS CONSIST OF:
Paid-in capital	$	4,153,185,378
Accumulated earnings		906,524,348
NET ASSETS	$	5,059,709,726
Shares outstanding		80,100,000
Net asset value	$	63.17
Shares authorized		200 million
Par value	$	0.001
(a) Securities loaned, at value	$	176,962,653
(b) Investments, at cost — Unaffiliated	$	3,109,193,808
(c)  Investments, at cost — Affiliated	$	194,777,913
(d) Foreign currency, at cost	$	761
(e) Foreign currency collateral pledged, at cost	$	5,509,139

See notes to financial statements.

2 0 1 9  I S H A R E S   S E M I - A N N U A L  R E P O R T  T O  S H A R E  H O L D E R S

Statements of Operations  (unaudited)

Six Months Ended February 28, 2019

	iShares MSCI Australia ETF			iShares MSCI Canada ETF			iShares MSCI Japan ETF			iShares MSCI Mexico ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	33,769,598		$	41,699,181		$	179,097,926		$	10,102,926
Dividends — Affiliated		16,217			22,040			116,957			10,012
Interest — Unaffiliated		112			2,688			—			6,597
Securities lending income — Affiliated — net		14,720			334,564			1,566,964			78,871
Foreign taxes withheld		(271,084	)		(6,223,156	)		(17,891,709	)		(637,914	)
Total investment income		33,529,563			35,835,317			162,890,138			9,560,492
EXPENSES
Investment advisory fees		2,935,040			6,519,859			39,613,969			2,576,529
Total expenses		2,935,040			6,519,859			39,613,969			2,576,529
Net investment income		30,594,523			29,315,458			123,276,169			6,983,963
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(32,936,541	)		(74,376,071	)		(208,584,381	)		(9,725,527	)
Investments — Affiliated		663			(2,418	)		21,130			(977	)
In-kind redemptions — Unaffiliated		6,193,337			22,016,610			505,540,633			(12,681,467	)
Futures contracts		(1,080,414	)		(617,089	)		(16,223,271	)		(465,098	)
Foreign currency transactions		(268,831	)		4,405			(978,173	)		(299,158	)
Net realized gain (loss)		(28,091,786	)		(52,974,563	)		279,775,938			(23,172,227	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(33,578,577	)		(57,842,455	)		(1,515,402,672	)		(94,903,118	)
Investments — Affiliated		(261	)		6,308			(10,183	)		(4,806	)
Futures contracts		276,271			388,785			1,773,028			13,801
Foreign currency translations		56,015			15,312			(244,866	)		250,647
Net change in unrealized appreciation (depreciation)		(33,246,552	)		(57,432,050	)		(1,513,884,693	)		(94,643,476	)
Net realized and unrealized loss		(61,338,338	)		(110,406,613	)		(1,234,108,755	)		(117,815,703	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(30,743,815	)	$	(81,091,155	)	$	(1,110,832,586	)	$	(110,831,740	)

See notes to financial statements.

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 28, 2019

	iShares MSCI South Korea ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	80,904,715
Dividends — Affiliated		97,946
Interest — Unaffiliated		748
Securities lending income — Affiliated — net		4,207,317
Foreign taxes withheld		(12,635,541	)
Other foreign taxes		(20,722	)
Total investment income		72,554,463
EXPENSES
Investment advisory fees		11,993,631
Total expenses		11,993,631
Net investment income		60,560,832
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		(27,357,198	)
Investments — Affiliated		9,520
Futures contracts		(1,062,674	)
Foreign currency transactions		81,252
Net realized loss		(28,329,100	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(176,223,786	)
Investments — Affiliated		667
Futures contracts		5,128,687
Foreign currency translations		(239,818	)
Net change in unrealized appreciation (depreciation)		(171,334,250	)
Net realized and unrealized loss		(199,663,350	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(139,102,518	)
(a) Net of foreign capital gain tax of	$	155,721

See notes to financial statements.

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Changes in Net Assets

	iShares MSCI Australia ETF						iShares MSCI Canada ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	30,594,523		$	64,332,341		$	29,315,458		$	59,726,961
Net realized gain (loss)		(28,091,786	)		50,011,791			(52,974,563	)		136,191,288
Net change in unrealized appreciation (depreciation)		(33,246,552	)		(43,294,526	)		(57,432,050	)		(30,882,799	)
Net increase (decrease) in net assets resulting from operations		(30,743,815	)		71,049,606			(81,091,155	)		165,035,450
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(43,797,886	)		(70,243,817	)		(40,528,818	)		(62,114,985	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(59,521,814	)		(403,947,951	)		(223,719,461	)		(236,213,205	)
NET ASSETS(a)
Total decrease in net assets		(134,063,515	)		(403,142,162	)		(345,339,434	)		(133,292,740	)
Beginning of period		1,362,770,164			1,765,912,326			2,994,626,962			3,127,919,702
End of period	$	1,228,706,649		$	1,362,770,164		$	2,649,287,528		$	2,994,626,962

^(a)  Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

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 Japan ETF						iShares MSCI Mexico ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	123,276,169		$	282,498,661		$	6,983,963		$	20,797,009
Net realized gain (loss)		279,775,938			941,647,734			(23,172,227	)		(73,800,013	)
Net change in unrealized appreciation (depreciation)		(1,513,884,693	)		60,627,778			(94,643,476	)		(90,670,280	)
Net increase (decrease) in net assets resulting from operations		(1,110,832,586	)		1,284,774,173			(110,831,740	)		(143,673,284	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(118,844,429	)		(279,038,333	)		(9,554,874	)		(22,542,336	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(211,959,305	)		(50,386,475	)		(1,838,042	)		14,504,278
NET ASSETS(a)
Total increase (decrease) in net assets		(1,441,636,320	)		955,349,365			(122,224,656	)		(151,711,342	)
Beginning of period		16,973,038,264			16,017,688,899			1,168,930,253			1,320,641,595
End of period	$	15,531,401,944		$	16,973,038,264		$	1,046,705,597		$	1,168,930,253

^(a)  Prior year distribution character information and undistributed (distributions in excess of) net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

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Statements of Changes in Net Assets  (continued)

	iShares MSCI South Korea ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	60,560,832		$	52,988,296
Net realized gain (loss)		(28,329,100	)		37,400,518
Net change in unrealized appreciation (depreciation)		(171,334,250	)		(23,002,777	)
Net increase (decrease) in net assets resulting from operations		(139,102,518	)		67,386,037
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(52,766,055	)		(118,169,941	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,344,687,385			173,037,055
NET ASSETS(a)
Total increase in net assets		1,152,818,812			122,253,151
Beginning of period		3,906,890,914			3,784,637,763
End of period	$	5,059,709,726		$	3,906,890,914

^(a)  Prior year distribution character information and distributions in excess of net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

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 Australia ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14
Net asset value, beginning of period	$	22.56		$	22.58		$	20.30		$	18.66		$	27.15		$	23.61
Net investment income(a)		0.53			0.90			0.84			0.84			1.23			1.10
Net realized and unrealized gain (loss)(b)		(1.02	)		0.07			2.45			1.59			(8.49	)		3.43
Net increase (decrease) from investment operations		(0.49	)		0.97			3.29			2.43			(7.26	)		4.53
Distributions
From net investment income		(0.74	)		(0.99	)		(1.01	)		(0.79	)		(1.23	)		(0.99	)
Total distributions		(0.74	)		(0.99	)		(1.01	)		(0.79	)		(1.23	)		(0.99	)
Net asset value, end of period	$	21.33		$	22.56		$	22.58		$	20.30		$	18.66		$	27.15
Total Return
Based on net asset value		(1.81	)%(c)		4.43	%		16.70	%		13.36	%		(27.31	)%		19.76	%
Ratios to Average Net Assets
Total expenses		0.49	%(d)		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%
Net investment income		5.13	%(d)		3.95	%		3.90	%		4.41	%		5.37	%		4.28	%
Supplemental Data
Net assets, end of period (000)	$	1,228,707		$	1,362,770		$	1,765,912		$	1,668,702		$	1,228,063		$	2,047,113
Portfolio turnover rate(e)		4	%(c)		3	%		4	%		7	%		9	%		6	%

^(a)  Based on average shares outstanding.

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

^(c)  Not annualized.

^(d)  Annualized.

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

See notes to financial statements.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Canada ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14
Net asset value, beginning of period	$	28.79		$	27.83		$	25.33		$	24.02		$	32.93		$	27.34
Net investment income(a)		0.29			0.58			0.51			0.51			0.54			0.59
Net realized and unrealized gain (loss)(b)		(0.84	)		0.97			2.47			1.29			(8.85	)		5.62
Net increase (decrease) from investment operations		(0.55	)		1.55			2.98			1.80			(8.31	)		6.21
Distributions
From net investment income		(0.41	)		(0.59	)		(0.48	)		(0.49	)		(0.60	)		(0.62	)
Total distributions		(0.41	)		(0.59	)		(0.48	)		(0.49	)		(0.60	)		(0.62	)
Net asset value, end of period	$	27.83		$	28.79		$	27.83		$	25.33		$	24.02		$	32.93
Total Return
Based on net asset value		(1.72	)%(c)		5.61	%		11.88	%		7.73	%		(25.48	)%		23.00	%
Ratios to Average Net Assets
Total expenses		0.49	%(d)		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%
Net investment income		2.21	%(d)		2.01	%		1.93	%		2.18	%		1.92	%		1.97	%
Supplemental Data
Net assets, end of period (000)	$	2,649,288		$	2,994,627		$	3,127,920		$	3,097,794		$	1,931,454		$	3,786,906
Portfolio turnover rate(e)		4	%(c)		3	%		6	%		4	%		5	%		6	%

^(a)  Based on average shares outstanding.

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

^(c)  Not annualized.

^(d)  Annualized.

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

See notes to financial statements.

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 ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17	(a)		Year Ended 08/31/16	(a)		Year Ended 08/31/15	(a)		Year Ended 08/31/14	(a)
Net asset value, beginning of period	$	58.45		$	54.57		$	49.05		$	48.61		$	47.32		$	43.87
Net investment income(b)		0.42			0.87			0.49			0.72			0.60			0.60
Net realized and unrealized gain (loss)(c)		(4.19	)		3.87			5.96			0.44			1.22			3.53
Net increase (decrease) from investment operations		(3.77	)		4.74			6.45			1.16			1.82			4.13
Distributions
From net investment income		(0.41	)		(0.86	)		(0.93	)		(0.72	)		(0.53	)		(0.68	)
Total distributions		(0.41	)		(0.86	)		(0.93	)		(0.72	)		(0.53	)		(0.68	)
Net asset value, end of period	$	54.27		$	58.45		$	54.57		$	49.05		$	48.61		$	47.32
Total Return
Based on net asset value		(6.43	)%(d)		8.67	%		13.31	%		2.44	%		3.84	%		9.39	%
Ratios to Average Net Assets
Total expenses		0.49	%(e)		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%
Net investment income		1.53	%(e)		1.46	%		1.45	%		1.53	%		1.20	%		1.31	%
Supplemental Data
Net assets, end of period (000)	$	15,531,402		$	16,973,038		$	16,017,689		$	14,015,180		$	19,147,802		$	14,729,189
Portfolio turnover rate(f)		3	%(d)		4	%		4	%		4	%		2	%		2	%

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

^(b)  Based on average shares outstanding.

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

^(d)  Not annualized.

^(e)  Annualized.

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

See notes to financial statements.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Mexico ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14
Net asset value, beginning of period	$	50.38		$	56.68		$	50.48		$	52.70		$	71.51		$	61.93
Net investment income(a)		0.30			0.95			0.88			0.93			0.68			1.06
Net realized and unrealized gain (loss)(b)		(6.70	)		(6.17	)		6.10			(1.82	)		(18.56	)		9.61
Net increase (decrease) from investment operations		(6.40	)		(5.22	)		6.98			(0.89	)		(17.88	)		10.67
Distributions
From net investment income		(0.37	)		(1.08	)		(0.78	)		(1.33	)		(0.93	)		(1.09	)
Total distributions		(0.37	)		(1.08	)		(0.78	)		(1.33	)		(0.93	)		(1.09	)
Net asset value, end of period	$	43.61		$	50.38		$	56.68		$	50.48		$	52.70		$	71.51
Total Return
Based on net asset value		(12.65	)%(c)		(9.02	)%		14.03	%		(1.68	)%		(25.10	)%		17.42	%
Ratios to Average Net Assets
Total expenses		0.49	%(d)		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%
Net investment income		1.33	%(d)		1.87	%		1.79	%		1.82	%		1.10	%		1.61	%
Supplemental Data
Net assets, end of period (000)	$	1,046,706		$	1,168,930		$	1,320,642		$	1,317,518		$	1,206,942		$	3,275,152
Portfolio turnover rate(e)		1	%(c)		7	%		8	%		8	%		13	%		19	%

^(a)  Based on average shares outstanding.

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

^(c)  Not annualized.

^(d) Annualized.

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

See notes to financial statements.

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 South Korea ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14
Net asset value, beginning of period	$	67.65		$	68.19		$	56.89		$	48.15		$	66.42		$	57.67
Net investment income(a)		0.91			0.94			0.64			0.56			0.46			0.25
Net realized and unrealized gain (loss)(b)		(4.60	)		0.70			11.31			9.38			(18.07	)		9.40
Net increase (decrease) from investment operations		(3.69	)		1.64			11.95			9.94			(17.61	)		9.65
Distributions
From net investment income		(0.79	)		(2.18	)		(0.65	)		(1.20	)		(0.66	)		(0.90	)
Total distributions		(0.79	)		(2.18	)		(0.65	)		(1.20	)		(0.66	)		(0.90	)
Net asset value, end of period	$	63.17		$	67.65		$	68.19		$	56.89		$	48.15		$	66.42
Total Return
Based on net asset value		(5.35	)%(c)		2.15	%		21.28	%		20.92	%		(26.58	)%		16.83	%
Ratios to Average Net Assets
Total expenses		0.59	%(d)		0.59	%		0.62	%		0.64	%		0.62	%		0.62	%
Net investment income		2.98	%(d)		1.31	%		1.05	%		1.09	%		0.81	%		0.39	%
Supplemental Data
Net assets, end of period (000)	$	5,059,710		$	3,906,891		$	3,784,638		$	3,452,970		$	3,160,954		$	4,891,619
Portfolio turnover rate(e)		2	%(c)(f)		18	%(f)		16	%(f)		22	%(f)		24	%(f)		13	%(f)
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Not annualized.
(d) Annualized.
(e) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).
(f)  Portfolio turnover rate excluding cash creations was as follows:		2	%		11	%		6	%		10	%		10	%		10	%

See notes to financial statements.

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Notes to Financial Statements  (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification   Classification
MSCI Australia		Non-diversified
MSCI Canada		Diversified
MSCI Japan		Diversified
MSCI Mexico		Non-diversified
MSCI South Korea		Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2019, if any, are disclosed in the statement of assets and liabilities.

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

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

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

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

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

Notes to Financial Statements  (unaudited) (continued)

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned 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.

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Notes to Financial Statements  (unaudited) (continued)

As of February 28, 2019, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of February 28, 2019 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

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

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

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI Australia
JPMorgan Securities LLC	$	1,505,958	$	1,505,958		$	—	$	—
Macquarie Bank Limited		604,643		604,643			—		—
	$	2,110,601	$	2,110,601		$	—	$	—
MSCI Canada
BNP Paribas Securities Corp.	$	3,847,335	$	3,847,335		$	—	$	—
Credit Suisse Securities (USA) LLC		158,330		158,330			—		—
Goldman Sachs & Co.		2,622,849		2,622,849			—		—
JPMorgan Securities LLC		10,405,027		10,405,027			—		—
Morgan Stanley & Co. LLC		161,401		161,401			—		—
State Street Bank & Trust Company		12,288,379		12,288,379			—		—
UBS AG		2,822,869		2,822,869			—		—
Wells Fargo Securities LLC		6,340,296		6,340,296			—		—
	$	38,646,486	$	38,646,486		$	—	$	—
MSCI Japan
Barclays Capital Inc.	$	1,846,029	$	1,846,029		$	—	$	—
Credit Suisse Securities (USA) LLC		2,326,985		2,326,985			—		—
Goldman Sachs & Co.		9,090,763		9,090,763			—		—
Jefferies LLC		369,206		369,206			—		—
JPMorgan Securities LLC		49,436		49,436			—		—
Macquarie Bank Limited		203,063		203,063			—		—
Morgan Stanley & Co. LLC		4,059,659		4,059,659			—		—
State Street Bank & Trust Company		3,027,488		3,027,488			—		—
UBS AG		738,412		738,412			—		—
Wells Fargo Securities LLC		5,534,489		5,534,489			—		—
	$	27,245,530	$	27,245,530		$	—	$	—
MSCI Mexico
Deutsche Bank Securities Inc.	$	174,736	$	174,736		$	—	$	—
MSCI South Korea
Citigroup Global Markets Inc.	$	41,908,318	$	41,908,318		$	—	$	—
Credit Suisse Securities (USA) LLC		7,268,838		7,268,838			—		—
Goldman Sachs & Co.		88,033,495		88,033,495			—		—
Jefferies LLC		262,292		262,292			—		—
Macquarie Bank Limited		811,139		811,139			—		—
Morgan Stanley & Co. LLC		38,678,571		38,678,571			—		—
	$	176,962,653	$	176,962,653		$	—	$	—

^(a)  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.

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Notes to Financial Statements  (unaudited) (continued)

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each 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

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.

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Notes to Financial Statements  (unaudited) (continued)

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

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund retained 80% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees.

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, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund was subject to the same terms under the previous securities lending fee arrangement.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months ended February 28, 2019, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid   to BTC
MSCI Australia	$	3,726
MSCI Canada		72,919
MSCI Japan		328,570
MSCI Mexico		16,947
MSCI South Korea		837,865

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

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

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

iShares ETF	Purchases		Sales
MSCI Australia	$	2,867,047	$	3,152,007
MSCI Japan		6,316,752		41,958,385

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

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

7. PURCHASES AND SALES

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

iShares ETF	Purchases		Sales
MSCI Australia	$	48,826,568	$	63,769,538
MSCI Canada		96,658,868		100,541,964
MSCI Japan		515,856,970		449,547,961
MSCI Mexico		19,877,043		12,846,751
MSCI South Korea		1,365,563,338		74,136,410

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Notes to Financial Statements  (unaudited) (continued)

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

iShares ETF	In-kind Purchases		In-kind   Sales
MSCI Australia	$	129,689,221	$	187,109,223
MSCI Canada		126,252,996		347,630,077
MSCI Japan		3,423,861,634		3,721,453,626
MSCI Mexico		926,883,381		936,293,824

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

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

iShares ETF	Non-Expiring(a)		Expiring 2019		Total
MSCI Australia	$	169,154,600	$	12,127,364	$	181,281,964
MSCI Canada		408,551,036		14,903,919		423,454,955
MSCI Japan		768,834,306		139,228,194		908,062,500
MSCI Mexico		248,780,167		22,863,665		271,643,832
MSCI South Korea		328,092,540		78,503,704		406,596,244

^(a)  Must be utilized prior to losses subject to expiration.

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

As of February 28, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Australia	$	1,508,876,269	$	66,594,293	$	(357,592,907	)	$	(290,998,614	)
MSCI Canada		3,208,747,923		172,274,535		(698,419,765	)		(526,145,230	)
MSCI Japan		17,134,800,478		804,850,236		(2,418,295,849	)		(1,613,445,613	)
MSCI Mexico		1,516,182,228		5,776,414		(477,566,116	)		(471,789,702	)
MSCI South Korea		3,866,321,054		1,960,485,628		(644,968,457	)		1,315,517,171

9. PRINCIPAL RISKS

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

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

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

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Notes to Financial Statements  (unaudited) (continued)

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

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

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

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

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

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 02/28/19						Year Ended 08/31/18
iShares ETF	Shares			Amount			Shares			Amount
MSCI Australia
Shares sold		6,400,000		$	130,440,646			8,600,000		$	194,963,106
Shares redeemed		(9,200,000	)		(189,962,460	)		(26,400,000	)		(598,911,057	)
Net decrease		(2,800,000	)	$	(59,521,814	)		(17,800,000	)	$	(403,947,951	)
MSCI Canada
Shares sold		4,600,000		$	127,122,023			35,900,000		$	1,032,578,219
Shares redeemed		(13,400,000	)		(350,841,484	)		(44,300,000	)		(1,268,791,424	)
Net decrease		(8,800,000	)	$	(223,719,461	)		(8,400,000	)	$	(236,213,205	)
MSCI Japan
Shares sold		68,250,000		$	3,734,304,291			99,600,000		$	6,015,335,010
Shares redeemed		(72,450,000	)		(3,946,263,596	)		(102,750,000	)		(6,065,721,485	)
Net decrease		(4,200,000	)	$	(211,959,305	)		(3,150,000	)	$	(50,386,475	)
MSCI Mexico
Shares sold		22,000,000		$	938,736,358			33,200,000		$	1,674,175,777
Shares redeemed		(21,200,000	)		(940,574,400	)		(33,300,000	)		(1,659,671,499	)
Net increase(decrease)		800,000		$	(1,838,042	)		(100,000	)	$	14,504,278
MSCI South Korea
Shares sold		22,350,000		$	1,344,687,385			6,850,000		$	492,531,534
Shares redeemed		—			—			(4,600,000	)		(319,494,479	)
Net increase		22,350,000		$	1,344,687,385			2,250,000		$	173,037,055

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

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Notes to Financial Statements  (unaudited) (continued)

and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

11. LEGAL PROCEEDINGS

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

12. REGULATION S-X AMENDMENTS

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

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

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

iShares ETF	Net   Investment Income
MSCI Australia	$	70,243,817
MSCI Canada		62,114,985
MSCI Japan		279,038,333
MSCI Mexico		22,542,336
MSCI South Korea		118,169,941

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

iShares ETF	Undistributed (distributions in excess of) net investment income
MSCI Australia	$	5,589,658
MSCI Canada		4,969,296
MSCI Japan		(13,175,500	)
MSCI Mexico		5,242,328
MSCI South Korea		(104,898,504	)

13. SUBSEQUENT EVENTS

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

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Glossary of Terms Used in this Report

Portfolio Abbreviations — Equity
CPO	Certificates of Participation (Ordinary)
NVS	Non-Voting Shares

G L O S S A R Y   O F   T E R M S   U S  E D   I N   T H I S   R E P O R T

      For more information visit www.iShares.com or call 1-800-iShares (1-800-474-2737)

               This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.   Investing involves risk, including possible loss of principal.   The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).   The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.   ^©2019 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

FEBRUARY 28, 2019

2019 SEMI-ANNUAL REPORT (UNAUDITED)

iShares Trust

▶ iShares Adaptive Currency Hedged MSCI Eurozone ETF  |  DEZU  |  Cboe BZX

▶ 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

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

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

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

Table of Contents

	Page
Fund Summary	5
About Fund Performance	11
Shareholder Expenses	11
Schedules of Investments	12
Financial Statements
Statements of Assets and Liabilities	30
Statements of Operations	32
Statements of Changes in Net Assets	34
Financial Highlights	37
Notes to Financial Statements	43
Supplemental Information	51
General Information	52
Glossary of Terms Used in this Report	53
Additional Financial Information	54

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

Investment Objective

The iShares Adaptive 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 dynamically hedging currency risk for a U.S. dollar based investor, as represented by the MSCI EMU Adaptive Hedge to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Eurozone ETF.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(2.76	)%		(2.51	)%		6.92	%		(2.51	)%		23.47	%
Fund Market		(2.82	)		(2.60	)		6.93			(2.60	)		23.50
Index		(2.73	)		(3.06	)		7.18			(3.06	)		24.46

The inception date of the Fund was 1/5/16. The first day of secondary market trading was 1/7/16.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning   Account Value   (09/01/18)	Ending Account Value (02/28/19)	Expenses Paid During the Period	(a)(b)		Beginning Account Value (09/01/18)	Ending Account Value (02/28/19)	Expenses Paid During the Period	(a)(b)	Annualized       Expense       Ratio (a)
	$        1,000.00	$        972.40	$        0.15			$        1,000.00	$        1,024.60	$        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 (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 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	18.1	%
Industrials	14.7
Consumer Discretionary	13.2
Consumer Staples	10.5
Information Technology	9.0
Health Care	7.5
Materials	7.3
Energy	6.0
Utilities	6.0
Communication Services	5.6
Real Estate	2.1

^(a)  Excludes money market funds.

TEN LARGEST COUNTRIES

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

F U N D  S U M M A R Y 5

Fund Summary  as of February 28, 2019 iShares^® 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
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(2.46	)%		0.37	%		5.77	%		0.37	%		29.75	%
Fund Market		(2.53	)		0.40			5.75			0.40			29.65
Index		(2.28	)		0.00	(a)		6.17			0.00	(a)		32.07

^(a)  Rounds to less than 0.01%.

The inception date of the Fund was 7/9/14. The first day of secondary market trading was 7/10/14.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning   Account Value (09/01/18)	Ending Account Value (02/28/19)	Expenses Paid During the Period	(a)(b)		Beginning Account Value (09/01/18)	Ending Account Value (02/28/19)	Expenses Paid During the Period	(a)(b)	Annualized       Expense       Ratio (a)
	$        1,000.00	$        975.40	$        0.15			$      1,000.00	$      1,024.60	$        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 (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 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	18.1	%
Industrials	14.7
Consumer Discretionary	13.2
Consumer Staples	10.5
Information Technology	9.0
Health Care	7.5
Materials	7.3
Energy	6.0
Utilities	6.0
Communication Services	5.6
Real Estate	2.1

^(a) Excludes money market funds.

TEN LARGEST COUNTRIES

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

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Fund Summary  as of February 28, 2019 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
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(6.26	)%		(4.79	)%		4.11	%		4.88	%		(4.79	)%		22.29	%		27.35	%
Fund Market		(6.33	)		(4.83	)		4.07			4.87			(4.83	)		22.09			27.29
Index		(6.35	)		(5.18	)		4.33			5.12			(5.18	)		23.59			28.88

The inception date of the Fund was 1/31/14. The first day of secondary market trading was 2/4/14.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

	Actual				Hypothetical 5% Return
Beginning   Account Value (09/01/18)		Ending Account Value (02/28/19)	Expenses Paid During the Period	(a)(b)		Beginning Account Value (09/01/18)	Ending Account Value (02/28/19)	Expenses Paid During the Period	(a)(b)	Annualized       Expense       Ratio (a)
$        1,000.00		$         937.40	$        0.19			$        1,000.00	$        1,024.60	$        0.20		0.04%

^(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 (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 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	18.0	%
Financials	15.9
Industrials	13.3
Health Care	12.5
Information Technology	12.3
Materials	10.3
Communication Services	6.2
Utilities	4.1
Real Estate	4.0
Consumer Staples	3.4

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

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

F U N D  S U M M A R Y 7

Fund Summary  as of February 28, 2019 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
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		5.53	%		(0.83	)%		2.15	%		(0.83	)%		8.11	%
Fund Market		5.39			(0.84	)		2.10			(0.84	)		7.94
Index		5.51			(1.55	)		1.83			(1.55	)		6.90

The inception date of the Fund was 6/29/15. The first day of secondary market trading was 7/1/15.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning   Account Value (09/01/18)	Ending Account Value (02/28/19)	Expenses Paid During the Period	(a)(b)		Beginning Account Value (09/01/18)	Ending Account Value (02/28/19)	Expenses Paid During the Period	(a)(b)	Annualized       Expense       Ratio (a)
	$        1,000.00	$        1,055.30	$        0.00			$1,000.00	$        1,024.80	$        0.00		0.00%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 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	29.8	%
Energy	19.4
Utilities	17.8
Consumer Discretionary	12.9
Industrials	11.8
Communication Services	4.2
Consumer Staples	2.3
Health Care	1.8

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

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

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Fund Summary  as of February 28, 2019 iShares^® Currency Hedged MSCI 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
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		3.50	%		1.59	%		1.25	%		1.59	%		4.66	%
Fund Market		3.36			1.44			1.22			1.44			4.56
Index		3.60			1.32			1.40			1.32			5.23

The inception date of the Fund was 6/29/15. The first day of secondary market trading was 7/1/15.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning   Account Value (09/01/18)	Ending Account Value (02/28/19)	Expenses Paid During the Period	(a)(b)		Beginning Account Value (09/01/18)	Ending Account Value (02/28/19)	Expenses Paid During the Period	(a)(b)	Annualized       Expense       Ratio (a)
	$        1,000.00	$        1,035.00	$        0.15			$        1,000.00	$        1,024.60	$        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 (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 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	38.5	%
Utilities	20.8
Industrials	13.5
Communication Services	8.5
Energy	7.0
Consumer Discretionary	4.7
Information Technology	4.3
Health Care	2.7

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

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

F U N D  S U M M A R Y 9

Fund Summary  as of February 28, 2019 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
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		4.06	%		10.60	%		7.63	%		10.60	%		30.99	%
Fund Market		3.94			10.51			7.63			10.51			30.98
Index		4.35			10.78			7.78			10.78			31.63

The inception date of the Fund was 6/29/15. The first day of secondary market trading was 7/1/15.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning   Account Value (09/01/18)	Ending Account Value (02/28/19)	Expenses Paid During the Period	(a)(b)		Beginning Account Value (09/01/18)	Ending Account Value (02/28/19)	Expenses Paid During the Period	(a)(b)	Annualized       Expense       Ratio (a)
	$        1,000.00	$        1,040.60	$        0.15			$        1,000.00	$        1,024.60	$        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 (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 11 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)
Health Care	30.5	%
Consumer Staples	22.0
Financials	20.4
Industrials	10.1
Materials	7.8
Consumer Discretionary	6.0
Communication Services	1.3
Information Technology	1.1
Real Estate	0.8

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

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

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About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

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

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

Shareholder Expenses

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

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

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

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

A B O U T  F U N D  P E R F O R M A N C E  / S H A R E H O L D E R  E X P E N S E S 11

Schedule of Investments  (unaudited) February 28, 2019 iShares^® Adaptive Currency Hedged MSCI Eurozone ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.9%
iShares MSCI Eurozone ETF(a)		69,094	$	2,661,501
Total Investment Companies — 99.9% (Cost: $2,374,313)				2,661,501
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(a)(b)		1,331		1,331
Total Short-Term Investments — 0.1% (Cost: $1,331)				1,331
Total Investments in Securities — 100.0% (Cost: $2,375,644)				2,662,832
Other Assets, Less Liabilities — 0.0%				1,245
Net Assets — 100.0%			$	2,664,077

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

	Shares Held at		Shares		Shares			Shares Held at		Value at					Net Realized			Change in Unrealized Appreciation
Affiliated Issuer		08/31/18		Purchased		Sold			02/28/19		02/28/19		Income			Gain (Loss)	(a)		(Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		1,025,692		—		(1,025,692	)(b)		—	$	—	$	325	(c)	$	113		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,518		—		(187	)(b)		1,331		1,331		28			—			—
iShares MSCI Eurozone ETF		67,550		3,457		(1,913	)		69,094		2,661,501		13,259			(10,503	)		(170,363	)
										$	2,662,832	$	13,612		$	(10,390	)	$	(170,363	)

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

^(b)  Net of purchases and sales.

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

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	3,581,622	EUR	3,134,000	MS	03/04/19	$	16,855
USD	1,322,810	EUR	1,159,000	MS	04/02/19		1,277
							18,132
EUR	3,134,000	USD	3,572,320	MS	03/04/19		(7,553	)
	Net unrealized appreciation					$	10,579

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Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® Adaptive Currency Hedged MSCI Eurozone ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	18,132
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	7,553

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

	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	100,644
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	(14,018	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	5,152,418
Average amounts sold — in USD	$	6,965,653

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	$	18,132	$	7,553
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	18,132	$	7,553
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA	$	18,132	$	7,553

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

	Derivative Assets Subject to an MNA by		Derivatives Available			Net Amount of Derivative
Counterparty		Counterparty		for Offset	(a)		Assets	(b)
Morgan Stanley & Co. International PLC	$	18,132	$	(7,553	)	$	10,579
		Derivative Liabilities Subject to an MNA by		Derivatives Available			Net Amount of Derivative
Counterparty		Counterparty		for Offset	(a)		Liabilities
Morgan Stanley & Co. International PLC	$	7,553	$	(7,553	)	$	—

S C H E D U L E  O F  I N V E S T M E N T S 13

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® Adaptive Currency Hedged MSCI Eurozone 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

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	2,661,501	$	—		$	—	$	2,661,501
Money Market Funds		1,331		—			—		1,331
	$	2,662,832	$	—		$	—	$	2,662,832
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	18,132		$	—	$	18,132
Liabilities
Forward Foreign Currency Exchange Contracts		—		(7,553	)		—		(7,553	)
	$	—	$	10,579		$	—	$	10,579

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

See notes to financial statements.

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Schedule of Investments  (unaudited) February 28, 2019 iShares^® Currency Hedged MSCI Eurozone ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.7%
iShares MSCI Eurozone ETF(a)		26,231,183	$	1,010,425,169
Total Investment Companies — 99.7% (Cost: $1,127,535,566)				1,010,425,169
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(a)(b)		1,481,368		1,481,368
Total Short-Term Investments — 0.2% (Cost: $1,481,368)				1,481,368
Total Investments in Securities — 99.9% (Cost: $1,129,016,934)				1,011,906,537
Other Assets, Less Liabilities — 0.1%				1,312,352
Net Assets — 100.0%			$	1,013,218,889

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

	Shares Held at		Shares			Shares			Shares Held at		Value at				Net Realized			Change in Unrealized Appreciation
Affiliated Issuer		08/31/18		Purchased			Sold			02/28/19		02/28/19		Income		Gain (Loss)	(a)		(Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares		1,253,799		227,569	(b)		—			1,481,368	$	1,481,368	$	18,688	$	—		$	—
iShares MSCI Eurozone ETF		40,003,101		6,715,791			(20,487,709	)		26,231,183		1,010,425,169		7,031,139		(60,354,493	)		(81,912,864	)
											$	1,011,906,537	$	7,049,827	$	(60,354,493	)	$	(81,912,864	)

^(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	183,000	USD	207,476	BOA		03/04/19	$	677
EUR	14,847,000	USD	16,835,039	DB		03/04/19		52,672
EUR	12,019,000	USD	13,575,244	UBS		03/04/19		95,760
USD	810,737,438	EUR	707,471,810	BBP		03/04/19		6,024,063
USD	72,933,519	EUR	63,414,000	BOA		03/04/19		803,304
USD	8,856,978	EUR	7,720,000	DB		03/04/19		75,869
USD	39,685,475	EUR	34,632,500	JPM		03/04/19		292,760
USD	188,466,049	EUR	164,912,070	MS		03/04/19		886,916
USD	871,243,741	EUR	762,168,310	DB		04/02/19		2,192,233
USD	35,352,804	EUR	30,972,000	JPM		04/02/19		37,424
USD	94,111,608	EUR	82,456,035	MS		04/02/19		92,294
								10,553,972
EUR	762,168,310	USD	869,137,870	DB		03/04/19		(2,209,996	)
EUR	7,156,000	USD	8,219,488	JPM		03/04/19		(79,900	)
EUR	164,912,070	USD	187,780,427	MS		03/04/19		(201,294	)

S C H E D U L E  O F  I N V E S T M E N T S 15

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® Currency Hedged MSCI Eurozone ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	5,965,000	USD	6,865,724	NAB		03/04/19	$	(80,838	)
EUR	161,000	USD	183,138	SSB		03/04/19		(9	)
EUR	10,739,000	USD	12,306,099	UBS		03/04/19		(91,030	)
EUR	5,033,000	USD	5,740,573	JPM		04/02/19		(1,767	)
								(2,664,834	)
	Net unrealized appreciation						$	7,889,138

Derivative Financial Instruments Categorized by Risk Exposure

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

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	10,553,972
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	2,664,834

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

	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	52,660,842
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	(1,779,268	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	1,600,946,351
Average amounts sold — in USD	$	2,964,334,643

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	$	10,553,972	$	2,664,834
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	10,553,972	$	2,664,834
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA	$	10,553,972	$	2,664,834

16 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® Currency Hedged MSCI Eurozone ETF

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

	Derivative Assets Subject to an MNA by		Derivatives Available			Cash Collateral			Net Amount of Derivative
Counterparty		Counterparty		for Offset	(a)		Received	(b)		Assets	(c)(d)
Bank of America N.A.	$	803,981	$	—		$	—		$	803,981
Barclays Bank PLC Wholesale		6,024,063		—			—			6,024,063
Deutsche Bank AG London		2,320,774		(2,209,996	)		—			110,778
JPMorgan Chase Bank N.A.		330,184		(81,667	)		—			248,517
Morgan Stanley & Co. International PLC		979,210		(201,294	)		(777,916	)		—
UBS AG		95,760		(91,030	)		—			4,730
	$	10,553,972	$	(2,583,987	)	$	(777,916	)	$	7,192,069
	Derivative Liabilities Subject to an MNA by		Derivatives Available			Cash Collateral			Net Amount of Derivative
Counterparty		Counterparty		for Offset	(a)		Pledged			Liabilities	(d)(e)
Deutsche Bank AG London	$	2,209,996	$	(2,209,996	)	$	—		$	—
JPMorgan Chase Bank N.A.		81,667		(81,667	)		—			—
Morgan Stanley & Co. International PLC		201,294		(201,294	)		—			—
National Australia Bank Limited		80,838		—			—			80,838
State Street Bank and Trust Co.		9		—			—			9
UBS AG		91,030		(91,030	)		—			—
	$	2,664,834	$	(2,583,987	)	$	—		$	80,847

^(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

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	1,010,425,169	$	—		$	—	$	1,010,425,169
Money Market Funds		1,481,368		—			—		1,481,368
	$	1,011,906,537	$	—		$	—	$	1,011,906,537
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	10,553,972		$	—	$	10,553,972
Liabilities
Forward Foreign Currency Exchange Contracts		—		(2,664,834	)		—		(2,664,834	)
	$	—	$	7,889,138		$	—	$	7,889,138

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

See notes to financial statements.

S C H E D U L E  O F  I N V E S T M E N T S 17

Schedule of Investments  (unaudited) February 28, 2019 iShares^® Currency Hedged MSCI Germany ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.7%
iShares MSCI Germany ETF(a)		7,804,178	$	213,054,059
Total Investment Companies — 99.7% (Cost: $243,162,353)				213,054,059
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(a)(b)		89,255		89,255
Total Short-Term Investments — 0.0% (Cost: $89,255)				89,255
Total Investments in Securities — 99.7% (Cost: $243,251,608)				213,143,314
Other Assets, Less Liabilities — 0.3%				639,907
Net Assets — 100.0%			$	213,783,221

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

	Shares Held at		Shares		Shares			Shares Held at		Value at				Net Realized			Change in Unrealized Appreciation
Affiliated Issuer		08/31/18		Purchased		Sold			02/28/19		02/28/19		Income		Gain (Loss)	(a)		(Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares		217,433		—		(128,178	)(b)		89,255	$	89,255	$	446	$	—		$	—
iShares MSCI Germany ETF		10,830,959		2,573,324		(5,600,105	)		7,804,178		213,054,059		—		(14,155,046	)		(20,535,705	)
										$	213,143,314	$	446	$	(14,155,046	)	$	(20,535,705	)

^(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	63,000	USD	71,509	CITI		03/04/19	$	150
EUR	5,658,000	USD	6,418,230	HSBC		03/04/19		17,458
EUR	4,519,000	USD	5,130,290	RBS		03/04/19		9,844
USD	15,207,997	EUR	13,223,000	BOA		03/04/19		167,504
USD	38,641,741	EUR	33,812,400	MS		03/04/19		181,847
USD	983,172	EUR	857,000	NAB		03/04/19		8,378
USD	168,633,458	EUR	147,155,200	SSB		03/04/19		1,251,866
USD	5,729,727	EUR	5,000,600	TDB		03/04/19		41,798
USD	168,199,091	EUR	147,140,800	BNP		04/02/19		423,900
USD	4,525,825	EUR	3,965,000	JPM		04/02/19		4,791
USD	19,295,976	EUR	16,906,200	MS		04/02/19		18,923
USD	9,015,070	EUR	7,906,000	RBS		04/02/19		366
								2,126,825
EUR	147,140,800	USD	167,791,879	BNP		03/04/19		(426,666	)
EUR	4,382,000	USD	5,033,230	JPM		03/04/19		(48,927	)

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Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® Currency Hedged MSCI Germany ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	33,812,400	USD	38,501,165	MS		03/04/19	$	(41,272	)
EUR	3,308,000	USD	3,783,006	RBS		03/04/19		(20,323	)
EUR	45,000	USD	51,188	SSB		03/04/19		(3	)
EUR	1,120,000	USD	1,275,482	UBS		03/04/19		(1,538	)
EUR	1,323,000	USD	1,509,005	RBS		04/02/19		(473	)
USD	12,949,149	EUR	11,358,000	CITI		04/02/19		(1,648	)
								(540,850	)
	Net unrealized appreciation						$	1,585,975

Derivative Financial Instruments Categorized by Risk Exposure

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

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	2,126,825
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	540,850

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

	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	11,688,880
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	(1,616,972	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	336,502,209
Average amounts sold — in USD	$	610,042,599

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	$	2,126,825	$	540,850
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	2,126,825	$	540,850
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA	$	2,126,825	$	540,850

S C H E D U L E  O F  I N V E S T M E N T S 19

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® Currency Hedged MSCI Germany ETF

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

	Derivative Assets Subject to an MNA by		Derivatives Available			Net Amount of Derivative
Counterparty		Counterparty		for Offset	(a)		Assets	(b)
Bank of America N.A.	$	167,504	$	—		$	167,504
BNP Paribas SA		423,900		(423,900	)		—
Citibank N.A.		150		(150	)		—
HSBC Bank PLC		17,458		—			17,458
JPMorgan Chase Bank N.A.		4,791		(4,791	)		—
Morgan Stanley & Co. International PLC		200,770		(41,272	)		159,498
National Australia Bank Limited		8,378		—			8,378
Royal Bank of Scotland PLC		10,210		(10,210	)		—
State Street Bank and Trust Co.		1,251,866		(3	)		1,251,863
Toronto Dominion Bank		41,798		—			41,798
	$	2,126,825	$	(480,326	)	$	1,646,499
	Derivative Liabilities Subject to an MNA by		Derivatives Available			Net Amount of Derivative
Counterparty		Counterparty		for Offset	(a)		Liabilities	(c)
BNP Paribas SA	$	426,666	$	(423,900	)	$	2,766
Citibank N.A.		1,648		(150	)		1,498
JPMorgan Chase Bank N.A.		48,927		(4,791	)		44,136
Morgan Stanley & Co. International PLC		41,272		(41,272	)		—
Royal Bank of Scotland PLC		20,796		(10,210	)		10,586
State Street Bank and Trust Co.		3		(3	)		—
UBS AG		1,538		—			1,538
	$	540,850	$	(480,326	)	$	60,524

^(a)  The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA.

^(b)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(c)  Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	213,054,059	$	—		$	—	$	213,054,059
Money Market Funds		89,255		—			—		89,255
	$	213,143,314	$	—		$	—	$	213,143,314
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	2,126,825		$	—	$	2,126,825
Liabilities
Forward Foreign Currency Exchange Contracts		—		(540,850	)		—		(540,850	)
	$	—	$	1,585,975		$	—	$	1,585,975

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

See notes to financial statements.

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Schedule of Investments  (unaudited) February 28, 2019 iShares^® Currency Hedged MSCI Italy ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.9%
iShares MSCI Italy ETF(a)(b)		60,074	$	1,631,009
Total Investment Companies — 99.9% (Cost: $1,797,943)				1,631,009
Short-Term Investments
Money Market Funds — 10.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(a)(c)(d)		167,683		167,750
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(a)(c)		726		726
				168,476
Total Short-Term Investments — 10.3% (Cost: $168,476)				168,476
Total Investments in Securities — 110.2% (Cost: $1,966,419)				1,799,485
Other Assets, Less Liabilities — (10.2)%				(166,172	)
Net Assets — 100.0%			$	1,633,313

^(a)  Affiliate of the Fund.

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

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

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

Affiliates

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

	Shares Held at		Shares		Shares			Shares Held at		Value at					Net Realized			Change in Unrealized Appreciation
Affiliated Issuer		08/31/18		Purchased		Sold			02/28/19		02/28/19		Income			Gain (Loss)	(a)		(Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		564,877		—		(397,194	)(b)		167,683	$	167,750	$	4,652	(c)	$	(3	)	$	(40	)
BlackRock Cash Funds: Treasury, SL Agency Shares		1,482		—		(756	)(b)		726		726		15			—			—
iShares MSCI Italy ETF		87,201		5,573		(32,700	)		60,074		1,631,009		28,603			(148,516	)		75,700
										$	1,799,485	$	33,270		$	(148,519	)	$	75,660

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

^(b)  Net of purchases and sales.

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

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	3,127,111	EUR	2,736,000	MS		03/04/19	$	15,050
USD	1,619,588	EUR	1,419,000	MS		04/02/19		1,593
								16,643
EUR	2,736,000	USD	3,115,401	MS		03/04/19		(3,340	)
EUR	3,000	USD	3,422	MS		04/02/19		(1	)
								(3,341	)
	Net unrealized appreciation						$	13,302

S C H E D U L E  O F  I N V E S T M E N T S 21

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® Currency Hedged MSCI Italy ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	16,643
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	3,341

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

	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	83,849
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	(8,879	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	4,441,689
Average amounts sold — in USD	$	6,557,403

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	$	16,643	$	3,341
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	16,643	$	3,341
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA	$	16,643	$	3,341

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

	Derivative Assets Subject to an MNA by		Derivatives Available			Net Amount of Derivative
Counterparty		Counterparty		for Offset	(a)		Assets	(b)
Morgan Stanley & Co. International PLC	$	16,643	$	(3,341	)	$	13,302
	Derivative Liabilities Subject to an MNA by		Derivatives Available			Net Amount of Derivative
Counterparty		Counterparty		for Offset	(a)		Liabilities
Morgan Stanley & Co. International PLC	$	3,341	$	(3,341	)	$	—

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Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® Currency Hedged MSCI Italy 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

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	1,631,009	$	—		$	—	$	1,631,009
Money Market Funds		168,476		—			—		168,476
	$	1,799,485	$	—		$	—	$	1,799,485
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	16,643		$	—	$	16,643
Liabilities
Forward Foreign Currency Exchange Contracts		—		(3,341	)		—		(3,341	)
	$	—	$	13,302		$	—	$	13,302

^(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) February 28, 2019 iShares^® Currency Hedged MSCI Spain ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.8%
iShares MSCI Spain ETF(a)(b)		441,979	$	12,852,749
Total Investment Companies — 99.8% (Cost: $14,675,710)				12,852,749
Short-Term Investments
Money Market Funds — 45.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(a)(c)(d)		5,857,108		5,859,451
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(a)(c)		7,002		7,002
				5,866,453
Total Short-Term Investments — 45.6% (Cost: $5,865,799)				5,866,453
Total Investments in Securities — 145.4% (Cost: $20,541,509)				18,719,202
Other Assets, Less Liabilities — (45.4)%				(5,846,521	)
Net Assets — 100.0%			$	12,872,681

^(a)  Affiliate of the Fund.

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

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

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

Affiliates

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

Affiliated Issuer	Shares Held at 08/31/18	Shares Purchased		Shares Sold		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	2,037,735	3,819,373	(b)	—		5,857,108	$	5,859,451	$	26,680	(c)	$	(63	)	$	450
BlackRock Cash Funds: Treasury, SL Agency Shares	10,424	—		(3,422	)(b)	7,002		7,002		415			—			—
iShares MSCI Spain ETF	530,838	36,956		(125,815	)	441,979		12,852,749		285,516			(548,789	)		30,419
							$	18,719,202	$	312,611		$	(548,852	)	$	30,869

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

^(b)  Net of purchases and sales.

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

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold			Counterparty		Settlement Date		Unrealized Appreciation (Depreciation)
USD	25,215,921		EUR	22,062,000		MS		03/04/19	$	121,513
USD	12,804,880		EUR	11,219,000		MS		04/02/19		12,576
										134,089
EUR	22,062,000		USD	25,121,338		MS		03/04/19		(26,929	)
EUR	62,000		USD	70,716		MS		04/02/19		(22	)
										(26,951	)
	Net unrealized appreciation								$	107,138

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Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® Currency Hedged MSCI Spain ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	134,089
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	26,951

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

	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	575,061
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	(38,169	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	30,238,211
Average amounts sold — in USD	$	45,134,638

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	$	134,089	$	26,951
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	134,089	$	26,951
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA	$	134,089	$	26,951

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

Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives    Available    for Offset(a)			Net Amount    of Derivative    Assets(b)
Morgan Stanley & Co. International PLC	$	134,089	$	(26,951	)	$	107,138
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives    Available    for Offset(a)			Net Amount of Derivative Liabilities
Morgan Stanley & Co. International PLC	$	26,951	$	(26,951	)	$	—

S C H E D U L E  O F  I N V E S T M E N T S 25

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® Currency Hedged MSCI Spain 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

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	12,852,749	$	—		$	—	$	12,852,749
Money Market Funds		5,866,453		—			—		5,866,453
	$	18,719,202	$	—		$	—	$	18,719,202
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	134,089		$	—	$	134,089
Liabilities
Forward Foreign Currency Exchange Contracts		—		(26,951	)		—		(26,951	)
	$	—	$	107,138		$	—	$	107,138

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

See notes to financial statements.

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Schedule of Investments  (unaudited)  February 28, 2019 iShares^® Currency Hedged MSCI Switzerland ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.9%
iShares MSCI Switzerland ETF(a)(b)		194,013	$	6,707,029
Total Investment Companies — 99.9% (Cost: $6,423,798)				6,707,029
Short-Term Investments
Money Market Funds — 21.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(a)(c)(d)		1,448,683		1,449,263
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(a)(c)		2,695		2,695
				1,451,958
Total Short-Term Investments — 21.6% (Cost: $1,451,540)				1,451,958
Total Investments in Securities — 121.5% (Cost: $7,875,338)				8,158,987
Other Assets, Less Liabilities — (21.5)%				(1,443,801	)
Net Assets — 100.0%			$	6,715,186

^(a)  Affiliate of the Fund.

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

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

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

Affiliates

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

Affiliated Issuer	Shares Held at 08/31/18	Shares Purchased		Shares Sold		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	—	1,448,683	(b)	—		1,448,683	$	1,449,263	$	1,361	(c)	$	209		$	418
BlackRock Cash Funds: Treasury, SL Agency Shares	2,839	—		(144	)(b)	2,695		2,695		76			—			—
iShares MSCI Switzerland ETF	154,079	48,403		(8,469	)	194,013		6,707,029		—			(19,116	)		84,147
							$	8,158,987	$	1,437		$	(18,907	)	$	84,565

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

^(b)  Net of purchases and sales.

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

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold			Counterparty		Settlement Date		Unrealized Appreciation (Depreciation)
USD	12,878,695		CHF	12,814,000		MS		03/04/19	$	39,659
USD	6,773,469		CHF	6,738,000		MS		04/02/19		3,719
										43,378
CHF	12,814,000		USD	12,854,381		MS		03/04/19		(15,345	)
CHF	53,000		USD	53,269		MS		04/02/19		(19	)
										(15,364	)
	Net unrealized appreciation								$	28,014

S C H E D U L E  O F  I N V E S T M E N T S 27

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® Currency Hedged MSCI Switzerland ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	43,378
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	15,364

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

	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	126,631
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	143,029

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	11,644,903
Average amounts sold — in USD	$	17,412,114

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	$	43,378	$	15,364
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	43,378	$	15,364
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA	$	43,378	$	15,364

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

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Net Amount of Derivative Assets	(b)
Morgan Stanley & Co. International PLC	$	43,378	$	(15,364	)	$	28,014
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Net Amount of Derivative Liabilities
Morgan Stanley & Co. International PLC	$	15,364	$	(15,364	)	$	—

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Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® Currency Hedged MSCI Switzerland 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

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	6,707,029	$	—		$	—	$	6,707,029
Money Market Funds		1,451,958		—			—		1,451,958
	$	8,158,987	$	—		$	—	$	8,158,987
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	43,378		$	—	$	43,378
Liabilities
Forward Foreign Currency Exchange Contracts		—		(15,364	)		—		(15,364	)
	$	—	$	28,014		$	—	$	28,014

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

See notes to financial statements.

S C H E D U L E  O F  I N V E S T M E N T S 29

Statements of Assets and Liabilities  (unaudited) 

February 28, 2019

	iShares Adaptive Currency Hedged MSCI Eurozone ETF		iShares Currency Hedged MSCI Eurozone ETF			iShares Currency Hedged MSCI Germany ETF			iShares Currency Hedged MSCI Italy ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Affiliated(b)	$	2,662,832	$	1,011,906,537		$	213,143,314		$	1,799,485
Receivables:
Securities lending income — Affiliated		85		—			—			357
Capital shares sold		—		—			192,739			—
Dividends		2		2,602			169			2
Unrealized appreciation on:
Forward foreign currency exchange contracts		18,132		10,553,972			2,126,825			16,643
Total assets		2,681,051		1,022,463,111			215,463,047			1,816,487
LIABILITIES
Cash received:
Collateral — forward foreign currency exchange contracts		—		1,030,000			—			—
Collateral on securities loaned, at value		—		—			—			167,750
Payables:
Investments purchased		9,361		5,526,168			1,132,890			12,083
Capital shares redeemed		—		4			—			—
Investment advisory fees		60		23,216			6,086			—
Unrealized depreciation on:
Forward foreign currency exchange contracts		7,553		2,664,834			540,850			3,341
Total liabilities		16,974		9,244,222			1,679,826			183,174
NET ASSETS	$	2,664,077	$	1,013,218,889		$	213,783,221		$	1,633,313
NET ASSETS CONSIST OF:
Paid-in capital	$	2,385,926	$	1,221,707,312		$	306,957,628		$	2,388,312
Accumulated earnings (loss)		278,151		(208,488,423	)		(93,174,407	)		(754,999	)
NET ASSETS	$	2,664,077	$	1,013,218,889		$	213,783,221		$	1,633,313
Shares outstanding		100,000		35,100,000			8,250,000			100,000
Net asset value	$	26.64	$	28.87		$	25.91		$	16.33
Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited
Par value		None		None			None			None
(a) Securities loaned, at value	$	—	$	—		$	—		$	165,615
(b) Investments, at cost — Affiliated	$	2,375,644	$	1,129,016,934		$	243,251,608		$	1,966,419

See notes to financial statements.

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Statements of Assets and Liabilities  (unaudited) (continued)

February 28, 2019

	iShares Currency Hedged MSCI Spain ETF			iShares Currency Hedged MSCI Switzerland ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Affiliated(b)	$	18,719,202		$	8,158,987
Receivables:
Securities lending income — Affiliated		3,333			621
Dividends		10			5
Unrealized appreciation on:
Forward foreign currency exchange contracts		134,089			43,378
Total assets		18,856,634			8,202,991
LIABILITIES
Collateral on securities loaned, at value		5,858,850			1,448,400
Payables:
Investments purchased		97,863			23,890
Investment advisory fees		289			151
Unrealized depreciation on:
Forward foreign currency exchange contracts		26,951			15,364
Total liabilities		5,983,953			1,487,805
NET ASSETS	$	12,872,681		$	6,715,186
NET ASSETS CONSIST OF:
Paid-in capital	$	19,693,331		$	6,429,855
Accumulated earnings (loss)		(6,820,650	)		285,331
NET ASSETS	$	12,872,681		$	6,715,186
Shares outstanding		600,000			250,000
Net asset value	$	21.45		$	26.86
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Securities loaned, at value	$	5,786,920		$	1,410,456
(b) Investments, at cost — Affiliated	$	20,541,509		$	7,875,338

See notes to financial statements.

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

Statements of Operations  (unaudited)

Six Months Ended February 28, 2019

	iShares Adaptive Currency Hedged MSCI Eurozone ETF			iShares Currency Hedged MSCI Eurozone ETF			iShares Currency Hedged MSCI Germany ETF			iShares Currency Hedged MSCI Italy ETF
INVESTMENT INCOME
Dividends — Affiliated	$	13,287		$	7,049,827		$	446		$	28,618
Securities lending income — Affiliated — net		325			—			—			4,652
Total investment income		13,612			7,049,827			446			33,270
EXPENSES
Investment advisory fees		8,019			4,173,347			692,151			6,253
Total expenses		8,019			4,173,347			692,151			6,253
Less:
Investment advisory fees waived		(7,631	)		(3,971,411	)		(636,797	)		(6,253	)
Total expenses after fees waived		388			201,936			55,354			—
Net investment income (loss)		13,224			6,847,891			(54,908	)		33,270
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		(10,390	)		(4,737,478	)		(722,285	)		(12,227	)
In-kind redemptions — Affiliated		—			(55,617,015	)		(13,432,761	)		(136,292	)
Forward foreign currency exchange contracts		100,644			52,660,842			11,688,880			83,849
Net realized gain (loss)		90,254			(7,693,651	)		(2,466,166	)		(64,670	)
Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		(170,363	)		(81,912,864	)		(20,535,705	)		75,660
Forward foreign currency exchange contracts		(14,018	)		(1,779,268	)		(1,616,972	)		(8,879	)
Net change in unrealized appreciation (depreciation)		(184,381	)		(83,692,132	)		(22,152,677	)		66,781
Net realized and unrealized gain (loss)		(94,127	)		(91,385,783	)		(24,618,843	)		2,111
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(80,903	)	$	(84,537,892	)	$	(24,673,751	)	$	35,381

See notes to financial statements.

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Statements of Operations  (unaudited) (continued)

Six Months Ended February 28, 2019

	iShares Currency Hedged MSCI Spain ETF			iShares Currency Hedged MSCI Switzerland ETF
INVESTMENT INCOME
Dividends — Affiliated	$	285,931		$	76
Securities lending income — Affiliated — net		26,680			1,361
Total investment income		312,611			1,437
EXPENSES
Investment advisory fees		44,918			17,033
Total expenses		44,918			17,033
Less:
Investment advisory fees waived		(42,744	)		(16,209	)
Total expenses after fees waived		2,174			824
Net investment income		310,437			613
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		(114,589	)		(18,907	)
In-kind redemptions — Affiliated		(434,263	)		—
Forward foreign currency exchange contracts		575,061			126,631
Net realized gain		26,209			107,724
Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		30,869			84,565
Forward foreign currency exchange contracts		(38,169	)		143,029
Net change in unrealized appreciation (depreciation)		(7,300	)		227,594
Net realized and unrealized gain		18,909			335,318
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	329,346		$	335,931

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 33

Statements of Changes in Net Assets

	iShares Adaptive Currency Hedged MSCI Eurozone ETF						iShares Currency Hedged MSCI Eurozone ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	13,224		$	81,406		$	6,847,891		$	47,460,966
Net realized gain (loss)		90,254			52,955			(7,693,651	)		179,563,604
Net change in unrealized appreciation (depreciation)		(184,381	)		(17,211	)		(83,692,132	)		(116,998,794	)
Net increase (decrease) in net assets resulting from operations		(80,903	)		117,150			(84,537,892	)		110,025,776
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(58,644	)		(81,282	)		(6,896,783	)		(47,537,786	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		—			—			(555,794,510	)		(193,713,051	)
NET ASSETS(a)
Total increase (decrease) in net assets		(139,547	)		35,868			(647,229,185	)		(131,225,061	)
Beginning of period		2,803,624			2,767,756			1,660,448,074			1,791,673,135
End of period	$	2,664,077		$	2,803,624		$	1,013,218,889		$	1,660,448,074

^(a)  Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

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Statements of Changes in Net Assets  (continued)

	iShares Currency Hedged MSCI Germany ETF						iShares Currency Hedged MSCI Italy ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(54,908	)	$	10,793,928		$	33,270		$	123,180
Net realized gain (loss)		(2,466,166	)		58,942,887			(64,670	)		810,046
Net change in unrealized appreciation (depreciation)		(22,152,677	)		(23,207,180	)		66,781			(850,366	)
Net increase (decrease) in net assets resulting from operations		(24,673,751	)		46,529,635			35,381			82,860
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		—			(10,823,452	)		(38,486	)		(120,078	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(91,889,025	)		(496,411,576	)		(746,187	)		(3,465,283	)
NET ASSETS(a)
Total decrease in net assets		(116,562,776	)		(460,705,393	)		(749,292	)		(3,502,501	)
Beginning of period		330,345,997			791,051,390			2,382,605			5,885,106
End of period	$	213,783,221		$	330,345,997		$	1,633,313		$	2,382,605

^(a) Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 35

Statements of Changes in Net Assets  (continued)

	iShares Currency Hedged MSCI Spain ETF						iShares Currency Hedged MSCI Switzerland ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	310,437		$	891,817		$	613		$	125,437
Net realized gain		26,209			9,280,725			107,724			438,831
Net change in unrealized appreciation (depreciation)		(7,300	)		(10,855,047	)		227,594			(105,353	)
Net increase (decrease) in net assets resulting from operations		329,346			(682,505	)		335,931			458,915
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(320,333	)		(885,044	)		(190,952	)		(290,057	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(3,040,049	)		(36,120,268	)		1,214,499			(1,371,401	)
NET ASSETS(a)
Total increase (decrease) in net assets		(3,031,036	)		(37,687,817	)		1,359,478			(1,202,543	)
Beginning of period		15,903,717			53,591,534			5,355,708			6,558,251
End of period	$	12,872,681		$	15,903,717		$	6,715,186		$	5,355,708

^(a)  Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

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Financial Highlights  

(For a share outstanding throughout each period)

	iShares Adaptive Currency Hedged MSCI Eurozone ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Period From 01/05/16 to 08/31/16	(a)
Net asset value, beginning of period	$	28.04		$	27.68		$	23.06		$	23.86
Net investment income(b)		0.13			0.81			0.57			0.56
Net realized and unrealized gain (loss)(c)		(0.94	)		0.36			4.63			(0.80	)
Net increase (decrease) from investment operations		(0.81	)		1.17			5.20			(0.24	)
Distributions
From net investment income		(0.13	)		(0.81	)		(0.58	)		(0.56	)
From net realized gain		(0.46	)		—			—			—
Return of capital		—			—			(0.00	)(d)		(0.00	)(d)
Total distributions		(0.59	)		(0.81	)		(0.58	)		(0.56	)
Net asset value, end of period	$	26.64		$	28.04		$	27.68		$	23.06
Total Return
Based on net asset value		(2.76	)%(e)		4.23	%		22.75	%		(0.75	)%(e)
Ratios to Average Net Assets
Total expenses(f)		0.62	%(g)		0.62	%		0.62	%		0.62	%(g)
Total expenses after fees waived(f)		0.03	%(g)		0.03	%		0.03	%		0.03	%(g)
Net investment income		1.02	%(g)		2.82	%		2.28	%		3.79	%(g)
Supplemental Data
Net assets, end of period (000)	$	2,664		$	2,804		$	2,768		$	2,306
Portfolio turnover rate(h)(i)		3	%(e)		7	%		6	%		4	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

^(d)  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.

F I N A N C I A L  H I G H L I G H T S 37

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Eurozone ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Period From 07/09/14 to 08/31/14	(a)
Net asset value, beginning of period	$	29.76		$	28.83		$	24.73		$	25.90		$	24.87		$	25.14
Net investment income (loss)(b)		0.14			0.79			0.64			0.60			1.17			(0.00	)(c)
Net realized and unrealized gain (loss)(d)		(0.89	)		1.03			4.07			(0.93	)		0.65			(0.27	)
Net increase (decrease) from investment operations		(0.75	)		1.82			4.71			(0.33	)		1.82			(0.27	)
Distributions
From net investment income		(0.14	)		(0.89	)		(0.61	)		(0.71	)		(0.63	)		—
From net realized gain		—			—			—			(0.13	)		(0.16	)		—
Return of capital		—			—			(0.00	)(c)		(0.00	)(c)		(0.00	)(c)		—
Total distributions		(0.14	)		(0.89	)		(0.61	)		(0.84	)		(0.79	)		—
Net asset value, end of period	$	28.87		$	29.76		$	28.83		$	24.73		$	25.90		$	24.87
Total Return
Based on net asset value		(2.46	)%(e)		6.36	%		19.13	%		(1.02	)%		7.27	%		(1.11	)%(e)
Ratios to Average Net Assets
Total expenses(f)		0.62	%(g)		0.62	%		0.62	%		0.62	%		0.62	%		0.62	%(g)
Total expenses after fees waived(f)		0.03	%(g)		0.03	%		0.03	%		0.03	%		0.03	%		0.04	%(g)
Net investment income (loss)		1.02	%(g)		2.61	%		2.32	%		2.42	%		4.15	%		(0.04	)%(g)
Supplemental Data
Net assets, end of period (000)	$	1,013,219		$	1,660,448		$	1,791,673		$	1,345,405		$	1,562,767		$	3,730
Portfolio turnover rate(h)(i)		1	%(e)		11	%		9	%		12	%		21	%		0	%(e)

^(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)  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.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Germany ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Period From 01/31/14 to 08/31/14	(a)
Net asset value, beginning of period	$	27.64		$	26.82		$	24.03		$	24.01		$	23.63		$	23.68
Net investment income (loss)(b)		(0.01	)		0.53			0.74			0.31			0.99			1.04
Net realized and unrealized gain (loss)(c)		(1.72	)		1.02			2.62			0.46			0.68			(0.59	)
Net increase (decrease) from investment operations		(1.73	)		1.55			3.36			0.77			1.67			0.45
Distributions
From net investment income		—			(0.73	)		(0.57	)		(0.54	)		(0.46	)		(0.50	)
From net realized gain		—			—			—			(0.21	)		(0.83	)		(0.00	)(d)
Return of capital		—			—			—			—			(0.00	)(d)		—
Total distributions		—			(0.73	)		(0.57	)		(0.75	)		(1.29	)		(0.50	)
Net asset value, end of period	$	25.91		$	27.64		$	26.82		$	24.03		$	24.01		$	23.63
Total Return
Based on net asset value		(6.26	)%(e)		5.83	%		13.88	%		3.50	%		7.00	%		1.79	%(e)
Ratios to Average Net Assets
Total expenses(f)		0.53	%(g)		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%(g)
Total expenses after fees waived(f)		0.04	%(g)		0.06	%		0.05	%		0.05	%		0.05	%		0.06	%(g)
Net investment income (loss)		(0.04	)%(g)		1.87	%		2.75	%		1.33	%		3.69	%		7.36	%(g)
Supplemental Data
Net assets, end of period (000)	$	213,783		$	330,346		$	791,051		$	492,701		$	1,746,987		$	51,995
Portfolio turnover rate(h)(i)		1	%(e)		11	%		9	%		11	%		21	%		4	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

^(d)  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.

F I N A N C I A L  H I G H L I G H T S 39

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Italy ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Period From 06/29/15 to 08/31/15	(a)
Net asset value, beginning of period	$	15.88		$	16.81		$	17.55		$	23.52		$	23.65
Net investment income (loss)(b)		0.25			0.51			0.51			0.41			(0.00	)(c)
Net realized and unrealized gain (loss)(d)		0.58			(0.87	)		3.71			(4.93	)		(0.13	)
Net increase (decrease) from investment operations		0.83			(0.36	)		4.22			(4.52	)		(0.13	)
Distributions
From net investment income		(0.38	)		(0.57	)		(0.48	)		(0.70	)		—
From net realized gain		—			—			(4.48	)		(0.75	)		—
Total distributions		(0.38	)		(0.57	)		(4.96	)		(1.45	)		—
Net asset value, end of period	$	16.33		$	15.88		$	16.81		$	17.55		$	23.52
Total Return
Based on net asset value		5.53	%(e)		(2.25	)%		31.21	%		(19.68	)%		(0.55	)%(e)
Ratios to Average Net Assets
Total expenses(f)		0.62	%(g)		0.62	%		0.62	%		0.62	%		0.62	%(g)
Total expenses after fees waived(f)		0.00	%(g)		0.00	%		0.00	%		0.00	%		0.00	%(g)(h)
Net investment income (loss)		3.30	%(g)		2.92	%		3.15	%		1.90	%		(0.00	)%(g)(h)
Supplemental Data
Net assets, end of period (000)	$	1,633		$	2,383		$	5,885		$	7,021		$	85,845
Portfolio turnover rate(i)(j)		3	%(e)		11	%		12	%		12	%		0	%(e)(k)

^(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)  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)  Rounds to less than 0.01%.

⁽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.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Spain ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Period From 06/29/15 to 08/31/15	(a)
Net asset value, beginning of period	$	21.20		$	22.80		$	18.80		$	22.73		$	23.77
Net investment income(b)		0.44			0.67			0.94			0.80			(0.00	)(c)
Net realized and unrealized gain (loss)(d)		0.27			(1.55	)		3.81			(3.61	)		(1.04	)
Net increase (decrease) from investment operations		0.71			(0.88	)		4.75			(2.81	)		(1.04	)
Distributions
From net investment income		(0.46	)		(0.72	)		(0.75	)		(0.81	)		—
From net realized gain		—			—			—			(0.31	)		—
Total distributions		(0.46	)		(0.72	)		(0.75	)		(1.12	)		—
Net asset value, end of period	$	21.45		$	21.20		$	22.80		$	18.80		$	22.73
Total Return
Based on net asset value		3.50	%(e)		(3.88	)%		25.70	%		(12.51	)%		(4.33	)%(e)
Ratios to Average Net Assets
Total expenses(f)		0.62	%(g)		0.62	%		0.62	%		0.62	%		0.62	%(g)
Total expenses after fees waived(f)		0.03	%(g)		0.03	%		0.03	%		0.03	%		0.03	%(g)
Net investment income (loss)		4.28	%(g)		2.98	%		4.29	%		4.02	%		(0.03	)%(g)
Supplemental Data
Net assets, end of period (000)	$	12,873		$	15,904		$	53,592		$	15,978		$	56,825
Portfolio turnover rate(h)(i)		3	%(e)		12	%		9	%		15	%		0	%(e)(j)

^(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)  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.

^(j)  Rounds to less than 1%.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 41

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Switzerland ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Period From 06/29/15 to 08/31/15	(a)
Net asset value, beginning of period	$	26.78		$	26.23		$	23.38		$	24.67		$	24.64
Net investment income (loss)(b)		0.00	(c)		0.61			0.66			0.41			(0.00	)(c)
Net realized and unrealized gain (loss)(d)		1.03			1.39			3.00			(0.27	)		0.03
Net increase from investment operations		1.03			2.00			3.66			0.14			0.03
Distributions
From net investment income		(0.00	)(c)		(0.63	)		(0.58	)		(0.61	)		—
From net realized gain		(0.95	)		(0.82	)		(0.23	)		(0.82	)		—
Return of capital		—			—			(0.00	)(c)		—			—
Total distributions		(0.95	)		(1.45	)		(0.81	)		(1.43	)		—
Net asset value, end of period	$	26.86		$	26.78		$	26.23		$	23.38		$	24.67
Total Return
Based on net asset value		4.06	%(e)		7.81	%		15.88	%		0.63	%		0.12	%(e)
Ratios to Average Net Assets
Total expenses(f)		0.62	%(g)		0.62	%		0.62	%		0.62	%		0.62	%(g)
Total expenses after fees waived(f)		0.03	%(g)		0.03	%		0.03	%		0.03	%		0.04	%(g)
Net investment income (loss)		0.02	%(g)		2.28	%		2.65	%		1.72	%		(0.04	)%(g)
Supplemental Data
Net assets, end of period (000)	$	6,715		$	5,356		$	6,558		$	4,677		$	3,701
Portfolio turnover rate(h)(i)		5	%(e)		14	%		11	%		19	%		1	%(e)

^(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)  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.

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Notes to Financial Statements  (unaudited) 

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
Adaptive Currency Hedged MSCI Eurozone		Diversified	(a)
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

^(a)  The Fund’s classification changed from non-diversified to diversified during the reporting period.

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

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

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions from the underlying funds, if any, are recognized on the ex-dividend date. Interest income is accrued daily.

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. However, each Fund has elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2019, if any, are disclosed in the statement of assets and liabilities.

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

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

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

N O T E S  T O  F I N A N C I A L  S T A T  E M E N T S 43

Notes to Financial Statements  (unaudited) (continued)

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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Notes to Financial Statements  (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

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

As of February 28, 2019, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of February 28, 2019 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

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

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

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Currency Hedged MSCI Italy
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)	$	165,615	$	165,615		$	—	$	—
Currency Hedged MSCI Spain
Barclays Bank PLC	$	2,224,620	$	2,224,620		$	—	$	—
Goldman Sachs &Co.		3,387,820		3,387,820			—		—
Jefferies LLC		174,480		174,480			—		—
	$	5,786,920	$	5,786,920		$	—	$	—
Currency Hedged MSCI Switzerland
Merrill Lynch, Pierce, Fenner & Smith	$	1,410,456	$	1,410,456		$	—	$	—

^(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 if the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

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.

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Notes to Financial Statements  (unaudited) (continued)

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

iShares ETF	Investment Advisory Fee
Adaptive Currency Hedged MSCI Eurozone		0.62	%
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

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

For each of the iShares Adaptive Currency Hedged MSCI Eurozone ETF and the iShares Currency Hedged MSCI Eurozone ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through December 31, 2020 so that each Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to each Fund’s 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%.

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.

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Notes to Financial Statements  (unaudited) (continued)

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

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund retained 80% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees.

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, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund was subject to the same terms under the previous securities lending fee arrangement.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in its statement of operations. For the six months ended February 28, 2019, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
Adaptive Currency Hedged MSCI Eurozone	$	101
Currency Hedged MSCI Italy		897
Currency Hedged MSCI Spain		5,726
Currency Hedged MSCI Switzerland		397

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

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

7. PURCHASES AND SALES

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

iShares ETF	Purchases		Sales
Adaptive Currency Hedged MSCI Eurozone	$	129,363	$	69,380
Currency Hedged MSCI Eurozone		74,736,627		15,278,910
Currency Hedged MSCI Germany		14,295,726		2,571,367
Currency Hedged MSCI Italy		140,480		50,248
Currency Hedged MSCI Spain		1,031,392		438,748
Currency Hedged MSCI Switzerland		348,294		277,553

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

iShares ETF	In-kind Purchases		In-kind Sales
Currency Hedged MSCI Eurozone	$	178,658,709	$	733,151,629
Currency Hedged MSCI Germany		56,007,255		147,406,694
Currency Hedged MSCI Italy		—		749,553
Currency Hedged MSCI Spain		—		2,998,030
Currency Hedged MSCI Switzerland		1,213,929		—

8. INCOME TAX INFORMATION

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

N O T E S  T O  F I N A N C I A L  S T A T  E M E N T S 47

Notes to Financial Statements  (unaudited) (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of August 31, 2018, the Funds had capital loss carryforwards, with no expiration dates, available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Adaptive Currency Hedged MSCI Eurozone	$	34,548
Currency Hedged MSCI Eurozone		71,669,199
Currency Hedged MSCI Germany		56,902,919
Currency Hedged MSCI Italy		491,913
Currency Hedged MSCI Spain		4,926,787

As of February 28, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Adaptive Currency Hedged MSCI Eurozone	$	2,381,073	$	305,320	$	(12,982	)	$	292,338
Currency Hedged MSCI Eurozone		1,139,203,950		10,553,972		(129,962,247	)		(119,408,275	)
Currency Hedged MSCI Germany		245,276,756		2,126,825		(32,674,292	)		(30,547,467	)
Currency Hedged MSCI Italy		1,986,914		18,572		(192,699	)		(174,127	)
Currency Hedged MSCI Spain		20,598,997		134,742		(1,907,399	)		(1,772,657	)
Currency Hedged MSCI Switzerland		7,895,117		327,027		(35,143	)		291,884

9. PRINCIPAL RISKS

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

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

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

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

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

10. CAPITAL SHARE TRANSACTIONS

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

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Notes to Financial Statements  (unaudited) (continued)

Transactions in capital shares were as follows:

	Six Months Ended 02/28/19						Year Ended 08/31/18
iShares ETF	Shares			Amount			Shares			Amount
Currency Hedged MSCI Eurozone
Shares sold		6,450,000		$	179,877,023			36,600,000		$	1,105,391,906
Shares redeemed		(27,150,000	)		(735,671,533	)		(42,950,000	)		(1,299,104,957	)
Net decrease		(20,700,000	)	$	(555,794,510	)		(6,350,000	)	$	(193,713,051	)
Currency Hedged MSCI Germany
Shares sold		2,200,000		$	56,533,984			6,300,000		$	177,359,936
Shares redeemed		(5,900,000	)		(148,423,009	)		(23,850,000	)		(673,771,512	)
Net decrease		(3,700,000	)	$	(91,889,025	)		(17,550,000	)	$	(496,411,576	)
Currency Hedged MSCI Italy
Shares redeemed		(50,000	)		(746,187	)		(200,000	)		(3,465,283	)
Currency Hedged MSCI Spain
Shares sold		—		$	—			1,050,000		$	23,945,428
Shares redeemed		(150,000	)		(3,040,049	)		(2,650,000	)		(60,065,696	)
Net decrease		(150,000	)	$	(3,040,049	)		(1,600,000	)	$	(36,120,268	)
Currency Hedged MSCI Switzerland
Shares sold		50,000		$	1,214,499			—		$	—
Shares redeemed		—			—			(50,000	)		(1,371,401	)
Net increase (decrease)		50,000		$	1,214,499			(50,000	)	$	(1,371,401	)

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

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

12. REGULATION S-X AMENDMENTS

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

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

N O T E S  T O  F I N A N C I A L  S T A T  E M E N T S 49

Notes to Financial Statements  (unaudited) (continued)

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

iShares ETF	Net Investment Income		Net Realized Gains
Adaptive Currency Hedged MSCI Eurozone	$	81,282	$	—
Currency Hedged MSCI Eurozone		47,537,786		—
Currency Hedged MSCI Germany		10,823,452		—
Currency Hedged MSCI Italy		120,078		—
Currency Hedged MSCI Spain		885,044		—
Currency Hedged MSCI Switzerland		125,036		165,021

Undistributed net investment income as of August 31, 2018 are as follows:

iShares ETF	Undistributed net investment income
Adaptive Currency Hedged MSCI Eurozone	$	124
Currency Hedged MSCI Eurozone		—
Currency Hedged MSCI Germany		—
Currency Hedged MSCI Italy		3,108
Currency Hedged MSCI Spain		7,788
Currency Hedged MSCI Switzerland		401

13. SUBSEQUENT EVENTS

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

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Supplemental Information  (unaudited)

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Adaptive Currency Hedged MSCI Eurozone(a)	$	0.119446	$	0.460480	$	0.006514	$	0.586440		20	%		79	%		1	%		100	%
Currency Hedged MSCI Eurozone(a)		0.133411		—		0.007053		0.140464		95			—			5			100
Currency Hedged MSCI Spain(a)		0.357457		—		0.100162		0.457619		78			—			22			100
Currency Hedged MSCI Switzerland		0.002005		0.952755		—		0.954760		0	(b)		100			—			100

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

^(b)  Rounds to less than 1%.

S U P P L E M E N T A L  I N F O R M A T I O  N 51

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to www.icsdelivery.com.

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

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at www.iShares.com; and (3) on the SEC website at www.sec.gov.

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.

Certain Financial Information

Certain financial information required by regulations or listing exchange rules in jurisdictions outside the U.S. in which iShares Funds are cross-listed may be publicly filed in those jurisdictions. This information is available upon request by calling 1-800-474-2737.

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Glossary of Terms Used in this Report

Counterparty Abbreviations
BBP	Barclays Bank PLC Wholesale
BNP	BNP Paribas SA
BOA	Bank of America N.A.
CITI	Citibank N.A.
DB	Deutsche Bank AG London
HSBC	HSBC Bank PLC
JPM	JPMorgan Chase Bank N.A.
MS	Morgan Stanley & Co. International PLC
NAB	National Australia Bank Limited
RBS	Royal Bank of Scotland PLC
SSB	State Street Bank and Trust Co.
TDB	Toronto Dominion Bank
UBS	UBS AG

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 53

Additional Financial Information

February 28, 2019

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) February 28, 2019 iShares^® MSCI Eurozone ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Austria — 0.8%
ANDRITZ AG		107,163	$	5,356,966
Erste Group Bank AG		443,221		16,781,142
OMV AG		215,871		11,373,741
Raiffeisen Bank International AG		217,413		5,550,482
Verbund AG		98,921		4,766,984
voestalpine AG		166,712		5,167,310
				48,996,625
Belgium — 3.1%
Ageas		268,601		13,252,745
Anheuser-Busch InBev SA/NV		1,120,797		87,487,086
Colruyt SA		87,894		6,275,326
Groupe Bruxelles Lambert SA		118,526		11,415,392
KBC Group NV		367,412		27,244,401
Proximus SADP		222,757		5,892,371
Solvay SA		109,585		12,281,291
Telenet Group Holding NV		77,107		3,483,975
UCB SA		187,362		15,719,570
Umicore SA		306,914		13,280,360
				196,332,517
Finland — 3.3%
Elisa OYJ		207,875		8,732,135
Fortum OYJ		653,833		14,533,031
Kone OYJ, Class B		500,725		24,500,456
Metso OYJ		152,929		5,191,124
Neste OYJ		188,503		18,137,796
Nokia OYJ		8,291,576		50,191,664
Nokian Renkaat OYJ		170,650		6,043,329
Orion OYJ, Class B		151,377		5,414,238
Sampo OYJ, Class A		652,320		31,435,175
Stora Enso OYJ, Class R		810,656		10,878,668
UPM-Kymmene OYJ		787,019		23,766,666
Wartsila OYJ Abp		653,693		10,629,469
				209,453,751
France — 34.8%
Accor SA		276,027		11,667,265
Aeroports de Paris		43,421		8,435,064
Air Liquide SA		629,762		78,631,149
Airbus SE		855,760		110,698,019
Alstom SA		229,072		9,969,474
Amundi SA(a)		89,844		6,011,466
Arkema SA		101,159		10,210,425
Atos SE		140,942		13,548,628
AXA SA		2,851,708		72,397,249
BioMerieux		61,151		5,048,369
BNP Paribas SA		1,654,526		84,884,056
Bollore SA		1,278,062		5,687,429
Bouygues SA		321,111		12,157,838
Bureau Veritas SA		391,455		9,369,666
Capgemini SE		235,271		28,183,419
Carrefour SA		867,161		17,773,861
Casino Guichard Perrachon SA(b)		79,221		4,193,816
Cie. de Saint-Gobain		731,091		26,356,752
Cie. Generale des Etablissements Michelin SCA		250,986		30,151,678
CNP Assurances		250,307		5,791,702
Covivio		66,827		6,772,539
Credit Agricole SA		1,686,091		21,564,909
Danone SA		906,498		68,467,801
Dassault Aviation SA		3,755		6,328,215

Security	Shares		Value
France (continued)
Dassault Systemes SE		191,573	$	28,064,262
Edenred		350,507		15,573,761
Eiffage SA		116,069		11,337,357
Electricite de France SA		880,484		12,803,299
Engie SA		2,679,512		40,427,894
EssilorLuxottica SA		423,241		51,303,020
Eurazeo SE		67,987		5,117,253
Eurofins Scientific SE(b)		16,774		7,071,029
Eutelsat Communications SA		256,993		5,080,197
Faurecia SA		112,032		5,350,324
Gecina SA		66,836		9,924,247
Getlink SE		688,077		10,170,007
Hermes International		46,445		29,447,452
ICADE		48,876		4,165,786
Iliad SA		38,703		4,032,508
Imerys SA		53,063		3,019,935
Ingenico Group SA		87,901		5,907,484
Ipsen SA		55,055		7,623,245
JCDecaux SA		110,594		3,412,797
Kering SA		111,395		60,898,548
Klepierre SA		301,472		10,535,458
Legrand SA		391,999		25,889,430
L’Oreal SA		370,627		93,649,161
LVMH Moet Hennessy Louis Vuitton SE		408,355		140,428,208
Natixis SA		1,392,727		7,663,064
Orange SA		2,933,264		44,891,070
Pernod Ricard SA		312,237		53,829,429
Peugeot SA		862,122		21,950,785
Publicis Groupe SA		309,983		17,200,609
Remy Cointreau SA		33,161		4,323,571
Renault SA		282,046		19,343,824
Rexel SA		446,021		5,566,413
Safran SA		491,533		67,109,097
Sanofi		1,656,108		138,607,116
Sartorius Stedim Biotech		40,659		4,791,887
Schneider Electric SE		808,114		62,960,075
SCOR SE		240,328		10,834,264
SEB SA		33,499		5,775,203
SES SA		535,863		10,778,962
Societe BIC SA		37,393		3,540,480
Societe Generale SA		1,126,355		34,629,689
Sodexo SA		131,408		14,451,687
STMicroelectronics NV		1,005,978		16,460,946
Suez		549,739		7,032,976
Teleperformance		84,681		15,138,929
Thales SA		155,863		19,212,349
TOTAL SA		3,548,071		201,969,120
Ubisoft Entertainment SA(c)		115,839		8,376,027
Unibail-Rodamco-Westfield		203,600		32,921,200
Valeo SA		353,158		11,159,419
Veolia Environnement SA		789,694		17,355,043
Vinci SA		746,655		71,350,166
Vivendi SA		1,535,151		44,925,587
Wendel SA		40,748		5,145,735
				2,224,828,173
Germany — 25.6%
1&1 Drillisch AG(b)		77,938		3,086,657
adidas AG		265,553		64,589,511
Allianz SE, Registered		625,457		139,307,931
Aroundtown SA		1,154,756		9,730,418

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI Eurozone ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Axel Springer SE		71,957	$	4,109,164
BASF SE		1,350,872		103,046,611
Bayer AG, Registered		1,371,238		109,737,264
Bayerische Motoren Werke AG		486,731		41,185,638
Beiersdorf AG		148,588		13,799,727
Brenntag AG		227,461		11,292,835
Commerzbank AG(c)		1,468,179		12,129,027
Continental AG		161,925		26,551,309
Covestro AG(a)		282,431		16,125,241
Daimler AG, Registered		1,337,748		80,216,683
Delivery Hero SE(a)(c)		138,493		5,374,486
Deutsche Bank AG, Registered(b)		2,888,935		26,846,686
Deutsche Boerse AG		280,080		35,432,818
Deutsche Lufthansa AG, Registered		350,055		8,948,746
Deutsche Post AG, Registered		1,455,866		45,290,971
Deutsche Telekom AG, Registered		4,902,464		80,861,622
Deutsche Wohnen SE		523,410		24,436,298
E.ON SE		3,238,010		35,709,794
Evonik Industries AG		240,707		6,783,807
Fraport AG Frankfurt Airport Services Worldwide		61,359		4,934,186
Fresenius Medical Care AG & Co. KGaA		318,178		24,955,876
Fresenius SE & Co. KGaA		613,583		34,536,113
GEA Group AG		238,318		5,717,826
Hannover Rueck SE		88,135		13,147,078
HeidelbergCement AG		217,211		15,987,947
Henkel AG & Co. KGaA		150,886		14,191,834
HOCHTIEF AG		30,925		4,908,875
HUGO BOSS AG		92,597		6,855,725
Infineon Technologies AG		1,677,673		36,879,638
Innogy SE(c)		205,603		8,735,026
KION Group AG		102,798		5,866,854
LANXESS AG		128,048		6,947,767
Merck KGaA		190,764		19,719,511
METRO AG(b)		263,971		4,438,122
MTU Aero Engines AG		76,142		16,343,504
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		219,786		51,831,008
OSRAM Licht AG		142,988		6,203,462
ProSiebenSat.1 Media SE		341,564		6,238,583
Puma SE		12,185		6,875,095
QIAGEN NV(c)		338,516		12,959,446
RTL Group SA		56,069		3,165,475
RWE AG		762,189		18,625,242
SAP SE		1,444,917		154,989,878
Siemens AG, Registered		1,124,768		123,120,800
Siemens Healthineers AG(a)		219,579		8,906,237
Symrise AG		180,725		15,944,738
Telefonica Deutschland Holding AG		1,097,600		3,607,032
thyssenkrupp AG(b)		637,980		9,553,057
Uniper SE		295,142		8,606,967
United Internet AG, Registered(d)		179,332		6,532,532
Volkswagen AG		48,729		8,622,795
Vonovia SE		723,782		35,142,650
Wirecard AG(b)		172,038		23,605,922
Zalando SE(a)(c)		165,422		6,103,062
				1,639,393,107
Ireland — 1.7%
AIB Group PLC		1,182,501		5,569,184
Bank of Ireland Group PLC		1,397,695		9,095,743
CRH PLC		1,204,007		38,168,736

Security	Shares		Value
Ireland (continued)
Irish Bank Resolution Corp. Ltd.(c)(e)		446,666	$	5
Kerry Group PLC, Class A		230,466		23,750,075
Kingspan Group PLC		220,392		10,404,822
Paddy Power Betfair PLC		120,518		9,757,331
Ryanair Holdings PLC(c)		35,326		488,743
Ryanair Holdings PLC, ADR(c)		28,272		2,107,395
Smurfit Kappa Group PLC		329,950		9,370,313
				108,712,347
Italy — 7.0%
Assicurazioni Generali SpA		1,723,101		30,795,098
Atlantia SpA		726,204		17,679,740
CNH Industrial NV		1,490,170		16,160,870
Davide Campari-Milano SpA		848,347		8,100,021
Enel SpA		11,954,219		72,417,308
Eni SpA		3,739,406		64,577,794
Ferrari NV		180,480		23,253,759
Fiat Chrysler Automobiles NV(c)		1,596,973		23,607,430
Intesa Sanpaolo SpA		21,897,815		54,084,133
Leonardo SpA		605,803		6,116,017
Mediobanca Banca di Credito Finanziario SpA		911,317		9,154,741
Moncler SpA		262,025		10,060,969
Pirelli & C SpA(a)(c)		591,561		3,974,304
Poste Italiane SpA(a)		763,162		6,891,273
Prysmian SpA		354,439		7,244,618
Recordati SpA		155,529		5,856,729
Snam SpA		3,311,592		16,384,611
Telecom Italia SpA/Milano(c)		16,632,013		10,147,453
Tenaris SA		694,241		9,272,948
Terna Rete Elettrica Nazionale SpA		2,065,076		12,858,019
UniCredit SpA		2,953,079		40,237,742
				448,875,577
Netherlands — 11.3%
ABN AMRO Group NV, CVA(a)		622,896		15,122,106
Adyen NV(a)(c)		10,824		8,134,695
Aegon NV		2,610,766		14,055,780
AerCap Holdings NV(c)		184,068		8,308,830
Akzo Nobel NV		330,024		29,962,416
ArcelorMittal		978,354		22,514,996
ASML Holding NV		602,278		110,498,399
EXOR NV		160,674		9,898,113
Heineken Holding NV		169,270		16,393,204
Heineken NV		381,392		38,478,208
ING Groep NV		5,725,590		75,837,529
Koninklijke Ahold Delhaize NV		1,744,223		45,035,899
Koninklijke DSM NV		266,682		28,666,537
Koninklijke KPN NV		4,946,801		15,276,493
Koninklijke Philips NV		1,365,127		54,406,481
Koninklijke Vopak NV(b)		102,807		5,032,684
NN Group NV		450,791		19,660,001
NXP Semiconductors NV(b)		506,232		46,229,106
Randstad NV		175,759		9,396,426
Unilever NV, CVA		2,268,884		122,887,958
Wolters Kluwer NV		413,680		27,311,922
				723,107,783
Portugal — 0.5%
EDP — Energias de Portugal SA		3,768,742		13,839,986
Galp Energia SGPS SA		738,640		12,136,926
Jeronimo Martins SGPS SA		370,428		5,588,937
				31,565,849

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 28, 2019 iShares^® MSCI Eurozone ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Spain — 9.5%
ACS Actividades de Construccion y Servicios SA		373,438	$	16,575,624
Aena SME SA(a)		99,432		17,764,732
Amadeus IT Group SA		646,881		48,763,169
Banco Bilbao Vizcaya Argentaria SA		9,806,738		61,127,819
Banco de Sabadell SA		8,264,615		9,425,038
Banco Santander SA		23,879,715		116,816,165
Bankia SA		1,786,526		5,462,144
Bankinter SA		985,961		8,108,243
CaixaBank SA		5,282,311		18,862,947
Enagas SA		341,569		9,743,068
Endesa SA		465,867		11,750,199
Ferrovial SA		720,851		16,630,085
Grifols SA		438,273		11,408,551
Iberdrola SA		9,126,339		76,403,214
Industria de Diseno Textil SA		1,606,074		48,537,344
International Consolidated Airlines Group SA		12,147		96,214
Mapfre SA		1,541,386		4,359,860
Naturgy Energy Group SA		515,365		14,008,024
Red Electrica Corp. SA		646,498		13,987,185
Repsol SA		2,051,535		35,333,271
Siemens Gamesa Renewable Energy SA(c)		356,907		5,468,249
Telefonica SA		6,871,171		59,377,901
				610,009,046
United Kingdom — 0.2%
Coca-Cola European Partners PLC		320,141		15,091,447
Total Common Stocks — 97.8% (Cost: $7,301,240,833)				6,256,366,222
Preferred Stocks
Germany — 1.7%
Bayerische Motoren Werke AG, Preference Shares, NVS		82,164		6,072,057
Fuchs Petrolub SE, Preference Shares, NVS		102,476		4,585,896
Henkel AG & Co. KGaA, Preference Shares, NVS		263,311		26,337,277
Porsche Automobil Holding SE, Preference Shares, NVS		224,538		14,988,052

Security	Shares		Value
Germany (continued)
Sartorius AG, Preference Shares, NVS		52,170	$	8,281,198
Volkswagen AG, Preference Shares, NVS		272,725		46,862,313
				107,126,793
Italy — 0.1%
Telecom Italia SpA/Milano, Preference Shares, NVS		8,892,677		4,851,412
Total Preferred Stocks — 1.8% (Cost: $158,210,569)				111,978,205
Short-Term Investments
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(f)(g)(h)		46,087,418		46,105,854
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(f)(g)		2,569,177		2,569,177
				48,675,031
Total Short-Term Investments — 0.7% (Cost: $48,667,236)				48,675,031
Total Investments in Securities — 100.3% (Cost: $7,508,118,638)				6,417,019,458
Other Assets, Less Liabilities — (0.3)%				(22,022,303	)
Net Assets — 100.0%			$	6,394,997,155

^(a)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)  All or a portion of this security is on loan.

^(c)  Non-income producing security.

^(d)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(e)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(f)  Affiliate of the Fund.

^(g)  Annualized 7-day yield as of period-end.

^(h)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

	Shares Held at				Shares Held at		Value at					Net Realized			Change in Unrealized Appreciation
Affiliated Issuer		08/31/18	Net Activity			02/28/19		02/28/19		Income			Gain (Loss)	(a)		(Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		80,281,282	(34,193,864	)		46,087,418	$	46,105,854	$	392,841	(b)	$	(1,465	)	$	(3,932	)
BlackRock Cash Funds: Treasury, SL Agency Shares		1,873,964	695,213			2,569,177		2,569,177		36,010			—			—
							$	48,675,031	$	428,851		$	(1,465	)	$	(3,932	)

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  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.

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI Eurozone ETF

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		679		03/15/19	$	25,499	$	1,618,025

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation(a)	$	1,618,025

^(a)  Represents cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities.

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(4,464,593	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	2,472,953

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	30,937,373

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	6,256,366,217	$	—	$	5	$	6,256,366,222
Preferred Stocks		111,978,205		—		—		111,978,205
Money Market Funds		48,675,031		—		—		48,675,031
	$	6,417,019,453	$	—	$	5	$	6,417,019,458
Derivative financial instruments(a)
Assets
Futures Contracts	$	1,618,025	$	—	$	—	$	1,618,025

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

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 28, 2019 iShares^® MSCI Germany ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.9%
MTU Aero Engines AG		102,236	$	21,944,452
Air Freight & Logistics — 2.6%
Deutsche Post AG, Registered		1,944,846		60,502,796
Airlines — 0.5%
Deutsche Lufthansa AG, Registered		467,296		11,945,874
Auto Components — 1.5%
Continental AG		216,458		35,493,242
Automobiles — 7.4%
Bayerische Motoren Werke AG		650,960		55,082,177
Daimler AG, Registered		1,787,868		107,207,666
Volkswagen AG		63,818		11,292,855
				173,582,698
Banks — 0.7%
Commerzbank AG(a)		1,974,964		16,315,716
Capital Markets — 3.5%
Deutsche Bank AG, Registered(b)		3,863,582		35,904,017
Deutsche Boerse AG		373,553		47,258,053
				83,162,070
Chemicals — 8.5%
BASF SE		1,805,792		137,748,614
Covestro AG(c)		378,223		21,594,433
Evonik Industries AG		321,400		9,057,964
LANXESS AG		170,639		9,258,715
Symrise AG		242,508		21,395,637
				199,055,363
Construction & Engineering — 0.3%
HOCHTIEF AG		41,324		6,559,559
Construction Materials — 0.9%
HeidelbergCement AG		292,729		21,546,495
Diversified Telecommunication Services — 5.2%
Deutsche Telekom AG, Registered		6,552,949		108,084,849
Telefonica Deutschland Holding AG		1,448,836		4,761,295
United Internet AG, Registered(d)		242,312		8,826,707
				121,672,851
Electrical Equipment — 0.4%
OSRAM Licht AG(b)		193,775		8,406,830
Food & Staples Retailing — 0.2%
METRO AG		350,829		5,898,458
Health Care Equipment & Supplies — 0.5%
Siemens Healthineers AG(c)		294,910		11,961,701
Health Care Providers & Services — 3.4%
Fresenius Medical Care AG & Co. KGaA		425,189		33,349,144
Fresenius SE & Co. KGaA		820,138		46,162,262
				79,511,406
Household Products — 0.8%
Henkel AG & Co. KGaA		204,481		19,232,801
Independent Power and Renewable Electricity Producers — 0.5%
Uniper SE		394,730		11,511,164

Security	Shares		Value
Industrial Conglomerates — 7.0%
Siemens AG, Registered		1,504,043	$	164,637,487
Insurance — 11.6%
Allianz SE, Registered		834,517		185,871,829
Hannover Rueck SE		118,847		17,728,380
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		294,003		69,333,224
				272,933,433
Internet & Direct Marketing Retail — 0.6%
Delivery Hero SE(a)(c)		181,959		7,061,267
Zalando SE(a)(c)		220,213		8,124,516
				15,185,783
IT Services — 1.3%
Wirecard AG(b)		231,094		31,709,198
Life Sciences Tools & Services — 0.7%
QIAGEN NV(a)		453,826		17,373,872
Machinery — 0.7%
GEA Group AG		317,768		7,624,024
KION Group AG		139,720		7,974,054
				15,598,078
Media — 0.8%
Axel Springer SE		94,625		5,403,639
ProSiebenSat.1 Media SE		457,789		8,361,405
RTL Group SA		75,428		4,258,422
				18,023,466
Metals & Mining — 0.5%
thyssenkrupp AG		853,237		12,776,296
Multi-Utilities — 3.6%
E.ON SE		4,327,512		47,725,165
Innogy SE, New(c)		26,034		1,204,770
Innogy SE(a)		246,086		10,454,944
RWE AG		1,019,708		24,918,109
				84,302,988
Personal Products — 0.8%
Beiersdorf AG		198,242		18,411,214
Pharmaceuticals — 7.4%
Bayer AG, Registered .		1,833,461		146,727,989
Merck KGaA		253,758		26,231,278
				172,959,267
Real Estate Management & Development — 3.9%
Aroundtown SA		1,541,762		12,991,479
Deutsche Wohnen SE		702,678		32,805,733
Vonovia SE		967,648		46,983,367
				92,780,579
Semiconductors & Semiconductor Equipment — 2.1%
Infineon Technologies AG		2,235,469		49,141,453
Software — 8.8%
SAP SE		1,932,259		207,264,907
Textiles, Apparel & Luxury Goods — 4.5%
adidas AG		354,629		86,255,149
HUGO BOSS AG		124,808		9,240,573
Puma SE		16,361		9,231,304
				104,727,026

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI Germany ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors — 0.6%
Brenntag AG		302,810	$	15,033,712
Transportation Infrastructure — 0.3%
Fraport AG Frankfurt Airport Services Worldwide		82,345		6,621,776
Wireless Telecommunication Services — 0.2%
1&1 Drillisch AG(b)		103,320		4,091,886
Total Common Stocks — 93.2% (Cost: $2,755,920,016)				2,191,875,897
Preferred Stocks
Automobiles — 3.9%
Bayerische Motoren Werke AG, Preference Shares, NVS		108,836		8,043,162
Porsche Automobil Holding SE, Preference Shares, NVS		301,250		20,108,626
Volkswagen AG, Preference Shares, NVS		364,873		62,696,096
				90,847,884
Chemicals — 0.2%
Fuchs Petrolub SE, Preference Shares, NVS		135,446		6,061,335
Health Care Equipment & Supplies — 0.5%
Sartorius AG, Preference Shares, NVS		69,942		11,102,233
Household Products — 1.5%
Henkel AG & Co. KGaA, Preference Shares, NVS		350,510		35,059,222
Total Preferred Stocks — 6.1% (Cost: $191,961,699)				143,070,674

Security	Shares		Value
Short-Term Investments
Money Market Funds — 1.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(e)(f)(g)		43,469,307	$	43,486,695
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(e)(f)		1,270,459		1,270,459
				44,757,154
Total Short-Term Investments — 1.9% (Cost: $44,751,600)				44,757,154
Total Investments in Securities — 101.2% (Cost: $2,992,633,315)				2,379,703,725
Other Assets, Less Liabilities — (1.2)%				(29,334,274	)
Net Assets — 100.0%			$	2,350,369,451

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(e)  Affiliate of the Fund.

^(f)  Annualized 7-day yield as of period-end.

^(g)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

	Shares Held at				Shares Held at		Value at					Net Realized			Change in Unrealized Appreciation
Affiliated Issuer		08/31/18	Net Activity			02/28/19		02/28/19		Income			Gain (Loss)	(a)		(Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		62,176,709	(18,707,402	)		43,469,307	$	43,486,695	$	202,234	(b)	$	4,731		$	3,762
BlackRock Cash Funds: Treasury, SL Agency Shares		247,268	1,023,191			1,270,459		1,270,459		10,771			—			—
							$	44,757,154	$	213,005		$	4,731		$	3,762

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  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
DAX Index		45		03/15/19	$	14,758	$	675,529

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 28, 2019 iShares^® MSCI Germany ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation(a)	$	675,529

^(a)  Represents cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities.

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(1,923,197	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	1,242,439

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	15,907,819

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,191,875,897	$	—	$	—	$	2,191,875,897
Preferred Stocks		143,070,674		—		—		143,070,674
Money Market Funds		44,757,154		—		—		44,757,154
	$	2,379,703,725	$	—	$	—	$	2,379,703,725
Derivative financial instruments(a)
Assets
Futures Contracts	$	675,529	$	—	$	—	$	675,529

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) February 28, 2019 iShares^® MSCI Italy ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.5%
Leonardo SpA		302,993	$	3,058,932
Auto Components — 1.3%
Pirelli & C SpA(a)(b)		407,986		2,740,986
Automobiles — 8.9%
Ferrari NV		72,066		9,285,269
Fiat Chrysler Automobiles NV(b)		616,780		9,117,619
				18,402,888
Banks — 20.5%
Intesa Sanpaolo SpA		8,739,848		21,586,039
Mediobanca Banca di Credito Finanziario SpA		511,296		5,136,284
UniCredit SpA		1,136,436		15,484,726
				42,207,049
Beverages — 2.3%
Davide Campari-Milano SpA		486,997		4,649,849
Diversified Financial Services — 2.6%
EXOR NV		86,508		5,329,213
Diversified Telecommunication Services — 2.7%
Telecom Italia SpA/Milano(b)(c)		9,073,453		5,535,857
Electric Utilities — 17.8%
Enel SpA		4,922,746		29,821,439
Terna Rete Elettrica Nazionale SpA		1,098,264		6,838,247
				36,659,686
Electrical Equipment — 2.0%
Prysmian SpA		203,893		4,167,507
Energy Equipment & Services — 2.5%
Tenaris SA		380,304		5,079,704
Insurance — 6.6%
Assicurazioni Generali SpA		525,495		9,391,597
Poste Italiane SpA(a)		465,859		4,206,658
				13,598,255
Machinery — 4.0%
CNH Industrial NV		756,837		8,207,885
Oil, Gas & Consumable Fuels — 16.9%
Eni SpA		1,527,710		26,382,838
Snam SpA		1,698,933		8,405,732
				34,788,570

Security	Shares		Value
Pharmaceuticals — 1.7%
Recordati SpA		95,401	$	3,592,499
Textiles, Apparel & Luxury Goods — 2.6%
Moncler SpA		141,849		5,446,574
Transportation Infrastructure — 4.3%
Atlantia SpA		364,592		8,876,145
Total Common Stocks — 98.2% (Cost: $245,010,651)				202,341,599
Preferred Stocks
Diversified Telecommunication Services — 1.6%
Telecom Italia SpA/Milano, Preference Shares, NVS		5,792,201		3,159,943
Total Preferred Stocks — 1.6% (Cost: $4,793,405)				3,159,943
Short-Term Investments
Money Market Funds — 2.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(d)(e)(f)		5,243,343		5,245,440
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(d)(e)		111,259		111,259
				5,356,699
Total Short-Term Investments — 2.6% (Cost: $5,356,175)				5,356,699
Total Investments in Securities — 102.4% (Cost: $255,160,231)				210,858,241
Other Assets, Less Liabilities — (2.4)%				(4,868,308	)
Net Assets — 100.0%			$	205,989,933

^(a)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)  Non-income producing security.

^(c)  All or a portion of this security is on loan.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period-end.

^(f)  All or a portion of this security was purchased with cash collateral received from loaned securities.

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 28, 2019 iShares^® MSCI Italy ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 08/31/18	Net Activity	Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	9,072,916	(3,829,573)	5,243,343	$	5,245,440	$	8,977	(b)	$	(427)		$	(180)
BlackRock Cash Funds: Treasury, SL Agency Shares	142,515	(31,256)	111,259		111,259		2,335			—			—
				$	5,356,699	$	11,312		$	(427)		$	(180)

^(a) Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  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
FTSE/MIB Index		3		03/15/19	$	353	$	14,086

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation(a)	$	14,086

^(a)  Represents cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities.

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(88,688	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	44,835

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	346,999

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

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.

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI Italy ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	202,341,599	$	—	$	—	$	202,341,599
Preferred Stocks		3,159,943		—		—		3,159,943
Money Market Funds		5,356,699		—		—		5,356,699
	$	210,858,241	$	—	$	—	$	210,858,241
Derivative financial instruments(a)
Assets
Futures Contracts	$	14,086	$	—	$	—	$	14,086

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

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 28, 2019 iShares^® MSCI Spain ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 0.0%
International Consolidated Airlines Group SA		45,400	$	359,604
Banks — 36.9%
Banco Bilbao Vizcaya Argentaria SA		11,406,156		71,097,386
Banco de Sabadell SA		17,090,028		19,489,615
Banco Santander SA		29,870,654		146,122,986
Bankia SA		4,641,603		14,191,288
Bankinter SA		2,154,350		17,716,718
CaixaBank SA		8,949,944		31,959,937
				300,577,930
Biotechnology — 2.7%
Grifols SA		856,701		22,300,522
Construction & Engineering — 7.7%
ACS Actividades de Construccion y Servicios SA		707,187		31,389,590
Ferrovial SA		1,361,916		31,419,502
				62,809,092
Diversified Telecommunication Services — 8.5%
Telefonica SA		8,024,987		69,348,716
Electric Utilities — 17.5%
Endesa SA		981,750		24,761,912
Iberdrola SA		10,977,854		91,903,592
Red Electrica Corp. SA		1,196,960		25,896,601
				142,562,105
Electrical Equipment — 1.9%
Siemens Gamesa Renewable Energy SA(a)		985,406		15,097,618
Gas Utilities — 3.3%
Naturgy Energy Group SA		991,358		26,945,886
Insurance — 1.6%
Mapfre SA		4,620,235		13,068,483

Security	Shares		Value
IT Services — 4.3%
Amadeus IT Group SA		468,457	$	35,313,215
Oil, Gas & Consumable Fuels — 7.0%
Enagas SA		714,531		20,381,603
Repsol SA		2,133,076		36,737,640
				57,119,243
Specialty Retail — 4.7%
Industria de Diseno Textil SA		1,260,193		38,084,435
Transportation Infrastructure — 3.8%
Aena SME SA(b)		175,659		31,383,609
Total Common Stocks — 99.9% (Cost: $1,059,331,415)				814,970,458
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(c)(d)		1,029,847		1,029,847
Total Short-Term Investments — 0.1% (Cost: $1,029,847)				1,029,847
Total Investments in Securities — 100.0% (Cost: $1,060,361,262)				816,000,305
Other Assets, Less Liabilities — (0.0)%				(385,522	)
Net Assets — 100.0%			$	815,614,783

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.    

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	19,678,549	(19,678,549	)	—	$	—	$	23,077	(b)	$	820		$	(7	)
BlackRock Cash Funds: Treasury, SL Agency Shares	345,951	683,896		1,029,847		1,029,847		11,452			—			—
					$	1,029,847	$	34,529		$	820		$	(7	)

^(a) Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  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
IBEX 35 Index		11		03/15/19	$	1,164	$	11,935

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI Spain ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation(a)	$	11,935

^(a)  Represents cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities.

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(246,051	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	36,903

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,616,446

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	814,970,458	$	—	$	—	$	814,970,458
Money Market Funds		1,029,847		—		—		1,029,847
	$	816,000,305	$	—	$	—	$	816,000,305
Derivative financial instruments(a)
Assets
Futures Contracts	$	11,935	$	—	$	—	$	11,935

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

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 28, 2019 iShares^® MSCI Switzerland ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Building Products — 1.5%
Geberit AG, Registered		34,708	$	13,880,413
Capital Markets — 9.8%
Credit Suisse Group AG, Registered		2,140,733		26,528,156
Julius Baer Group Ltd.		235,721		10,314,272
Partners Group Holding AG		16,874		12,229,500
UBS Group AG, Registered		3,049,343		38,874,379
				87,946,307
Chemicals — 5.4%
Clariant AG, Registered		281,430		6,059,700
EMS-Chemie Holding AG, Registered		11,097		6,421,823
Givaudan SA, Registered		8,028		20,122,381
Sika AG, Registered		118,141		16,009,873
				48,613,777
Construction Materials — 2.3%
LafargeHolcim Ltd., Registered		420,437		20,848,813
Diversified Financial Services — 0.6%
Pargesa Holding SA, Bearer		66,498		5,473,636
Diversified Telecommunication Services — 1.3%
Swisscom AG, Registered		25,499		11,828,035
Electrical Equipment — 3.3%
ABB Ltd., Registered		1,516,376		30,085,497
Food Products — 21.7%
Barry Callebaut AG, Registered		3,260		5,625,316
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		1,236		8,052,239
Chocoladefabriken Lindt & Spruengli AG, Registered		114		8,445,292
Nestle SA, Registered		1,916,765		173,859,552
				195,982,399
Health Care Equipment & Supplies — 2.3%
Sonova Holding AG, Registered		58,177		10,900,157
Straumann Holding AG, Registered		12,044		9,418,065
				20,318,222
Insurance — 9.9%
Baloise Holding AG, Registered		54,619		8,936,857
Swiss Life Holding AG, Registered		32,552		14,214,134
Swiss Re AG		257,883		25,581,207
Zurich Insurance Group AG		121,639		40,293,987
				89,026,185
Life Sciences Tools & Services — 2.0%
Lonza Group AG, Registered		65,178		18,155,887
Machinery —1.8%
Schindler Holding AG, Participation Certificates, NVS		43,436		9,836,540

Security	Shares		Value
Machinery (continued)
Schindler Holding AG, Registered		28,331	$	6,296,410
				16,132,950
Marine — 0.9%
Kuehne + Nagel International AG, Registered		60,395		7,896,455
Pharmaceuticals — 25.9%
Novartis AG, Registered		1,249,035		114,145,901
Roche Holding AG, NVS		402,760		112,111,371
Vifor Pharma AG		55,462		6,956,411
				233,213,683
Professional Services — 2.4%
Adecco Group AG, Registered		172,314		8,970,291
SGS SA, Registered		5,118		13,074,995
				22,045,286
Real Estate Management & Development — 0.8%
Swiss Prime Site AG, Registered		89,387		7,559,581
Software — 1.1%
Temenos AG, Registered		66,225		9,619,311
Specialty Retail — 0.6%
Dufry AG, Registered		51,883		5,270,588
Textiles, Apparel & Luxury Goods — 5.3%
Cie. Financiere Richemont SA, Registered		430,044		32,997,956
Swatch Group AG (The), Bearer		32,997		9,787,807
Swatch Group AG (The), Registered		90,487		5,186,516
				47,972,279
Total Common Stocks — 98.9% (Cost: $918,892,135)				891,869,304
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(a)(b)		435,512		435,512
Total Short-Term Investments — 0.0% (Cost: $435,512)				435,512
Total Investments in Securities — 98.9% (Cost: $919,327,647)				892,304,816
Other Assets, Less Liabilities — 1.1%				9,640,558
Net Assets — 100.0%			$	901,945,374

^(a)  Affiliate of the Fund.

^(b)  Annualized 7-day yield as of period-end.

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Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI Switzerland ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	5,419,657	(5,419,657	)	—	$	—	$	13,124	(b)	$	400		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares	404,567	30,945		435,512		435,512		3,979			—			—
					$	435,512	$	17,103		$	400		$	—

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.    

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		264		03/15/19	$	9,914	$	705,560

Derivative Financial Instruments Categorized by Risk Exposure    

As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:    

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation(a)	$	705,560

^(a)  Represents cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities.    

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:    

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(1,055,323	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	892,562

Average Quarterly Balances of Outstanding Derivative Financial Instruments    

Futures contracts:
Average notional value of contracts — long	$	9,787,466

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.    

Fair Value Measurements

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

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI Switzerland ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	891,869,304	$	—	$	—	$	891,869,304
Money Market Funds		435,512		—		—		435,512
	$	892,304,816	$	—	$	—	$	892,304,816
Derivative financial instruments(a)
Assets
Futures Contracts	$	705,560	$	—	$	—	$	705,560

^(a) Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.    

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Statements of Assets and Liabilities  (unaudited)

February 28, 2019

	iShares MSCI Eurozone ETF			iShares MSCI Germany ETF			iShares MSCI Italy ETF			iShares MSCI Spain ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	6,368,344,427		$	2,334,946,571		$	205,501,542		$	814,970,458
Affiliated(c)		48,675,031			44,757,154			5,356,699			1,029,847
Foreign currency, at value(d)		17,224,120			5,699,942			273,337			946,409
Foreign currency pledged:
Futures contracts(e)		2,300,175			1,165,118			23,912			147,234
Receivables:
Investments sold		19,733,913			5,881,254			4,545,500			17,703,136
Securities lending income — Affiliated		77,814			62,159			430			709
Variation margin on futures contracts		193,607			49,855			2,144			15,979
Capital shares sold		—			—			—			4,654,034
Dividends		1,826,337			2,049			173			840
Tax reclaims		8,765,179			9,411,556			—			151,961
Foreign withholding tax claims		3,872,489			—			—			—
Total assets		6,471,013,092			2,401,975,658			215,703,737			839,620,607
LIABILITIES
Collateral on securities loaned, at value		46,121,636			43,499,779			5,244,916			—
Payables:
Investments purchased		27,491,283			7,233,686			4,390,751			23,686,706
Investment advisory fees		2,364,293			872,742			78,137			319,118
Professional fees		38,725			—			—			—
Total liabilities		76,015,937			51,606,207			9,713,804			24,005,824
NET ASSETS	$	6,394,997,155		$	2,350,369,451		$	205,989,933		$	815,614,783
NET ASSETS CONSIST OF:
Paid-in capital	$	8,166,113,959		$	3,196,766,335		$	493,846,786		$	1,248,796,780
Accumulated loss		(1,771,116,804	)		(846,396,884	)		(287,856,853	)		(433,181,997	)
NET ASSETS	$	6,394,997,155		$	2,350,369,451		$	205,989,933		$	815,614,783
Shares outstanding		165,800,000			86,100,000			7,575,000			27,975,000
Net asset value	$	38.57		$	27.30		$	27.19		$	29.16
Shares authorized		1 billion			482.2 million			295.4 million			127.8 million
Par value	$	0.001		$	0.001		$	0.001		$	0.001
(a) Securities loaned, at value	$	44,919,261		$	42,449,091		$	5,000,011		$	—
(b) Investments, at cost — Unaffiliated	$	7,459,451,402		$	2,947,881,715		$	249,804,056		$	1,059,331,415
(c)  Investments, at cost — Affiliated	$	48,667,236		$	44,751,600		$	5,356,175		$	1,029,847
(d) Foreign currency, at cost	$	17,261,614		$	5,703,785		$	273,005		$	943,169
(e) Foreign currency collateral pledged, at cost	$	2,308,840		$	1,171,405		$	23,884		$	146,770

See notes to financial statements.

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 28, 2019

	iShares MSCI Switzerland ETF
ASSETS
Investments in securities, at value:
Unaffiliated(a)	$	891,869,304
Affiliated(b)		435,512
Foreign currency, at value(c)		1,332,534
Foreign currency pledged:
Futures contracts(d)		738,334
Receivables:
Investments sold		6,848,482
Securities lending income — Affiliated		459
Variation margin on futures contracts		64,405
Dividends		587
Tax reclaims		8,380,314
Total assets		909,669,931
LIABILITIES
Payables:
Investments purchased		7,394,739
Investment advisory fees		329,818
Total liabilities		7,724,557
NET ASSETS	$	901,945,374
NET ASSETS CONSIST OF:
Paid-in capital	$	987,594,429
Accumulated loss		(85,649,055	)
NET ASSETS	$	901,945,374
Shares outstanding		26,000,000
Net asset value	$	34.69
Shares authorized		318.625 million
Par value	$	0.001
(a) Investments, at cost — Unaffiliated	$	918,892,135
(b) Investments, at cost — Affiliated	$	435,512
(c)  Foreign currency, at cost	$	1,328,205
(d) Foreign currency collateral pledged, at cost	$	747,713

See notes to financial statements.

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Statements of Operations  (unaudited)

Six Months Ended February 28, 2019

	iShares MSCI Eurozone ETF			iShares MSCI Germany ETF			iShares MSCI Italy ETF			iShares MSCI Spain ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	48,737,059		$	8,522,889		$	3,064,722		$	12,843,081
Dividends — Affiliated		36,010			10,771			2,335			11,452
Non-cash dividends — Unaffiliated		7,685,188			—			—			6,119,459
Securities lending income — Affiliated — net		392,841			202,234			8,977			23,077
Foreign taxes withheld		(5,914,720	)		(1,265,528	)		(452,207	)		(1,927,548	)
Total investment income		50,936,378			7,470,366			2,623,827			17,069,521
EXPENSES
Investment advisory fees		18,351,230			6,353,514			634,466			2,265,084
Professional fees		13,905			—			—			—
Total expenses		18,365,135			6,353,514			634,466			2,265,084
Net investment income		32,571,243			1,116,852			1,989,361			14,804,437
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(12,820,504	)		(8,627,073	)		(2,732,793	)		(15,295,132	)
Investments — Affiliated		(1,465	)		4,731			(427	)		820
In-kind redemptions — Unaffiliated		(124,915,426	)		(19,207,640	)		(42,305,168	)		(4,786,282	)
Futures contracts		(4,464,593	)		(1,923,197	)		(88,688	)		(246,051	)
Foreign currency transactions		(830,022	)		(315,295	)		(22,055	)		(66,489	)
Net realized loss		(143,032,010	)		(30,068,474	)		(45,149,131	)		(20,393,134	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(566,523,016	)		(298,832,200	)		39,913,170			(4,825,720	)
Investments — Affiliated		(3,932	)		3,762			(180	)		(7	)
Futures contracts		2,472,953			1,242,439			44,835			36,903
Foreign currency translations		(296,021	)		(64,222	)		459			7,981
Net change in unrealized appreciation (depreciation)		(564,350,016	)		(297,650,221	)		39,958,284			(4,780,843	)
Net realized and unrealized loss		(707,382,026	)		(327,718,695	)		(5,190,847	)		(25,173,977	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(674,810,783	)	$	(326,601,843	)	$	(3,201,486	)	$	(10,369,540	)

See notes to financial statements.

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 28, 2019

	iShares MSCI Switzerland ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	993,809
Dividends — Affiliated		3,979
Securities lending income — Affiliated — net		13,124
Foreign taxes withheld		(200,428	)
Total investment income		810,484
EXPENSES
Investment advisory fees		2,301,438
Total expenses		2,301,438
Net investment loss		(1,490,954	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(12,630,872	)
Investments —Affiliated		400
In-kind redemptions — Unaffiliated		13,396,636
Futures contracts		(1,055,323	)
Foreign currency transactions		(4,422	)
Net realized loss		(293,581	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(16,164,644	)
Futures contracts		892,562
Foreign currency translations		(271,919	)
Net change in unrealized appreciation (depreciation)		(15,544,001	)
Net realized and unrealized loss		(15,837,582	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(17,328,536	)

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares MSCI Eurozone ETF						iShares MSCI Germany ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	32,571,243		$	324,772,803		$	1,116,852		$	84,698,325
Net realized gain (loss)		(143,032,010	)		847,344,521			(30,068,474	)		223,956,630
Net change in unrealized appreciation (depreciation).		(564,350,016	)		(880,284,404	)		(297,650,221	)		(168,754,739	)
Net increase (decrease) in net assets resulting from operations		(674,810,783	)		291,832,920			(326,601,843	)		139,900,216
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(36,393,997	)		(344,359,197	)		—			(97,497,098	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions .		(2,452,032,229	)		(3,675,455,483	)		(674,256,279	)		(1,501,075,041	)
NET ASSETS(a)
Total decrease in net assets		(3,163,237,009	)		(3,727,981,760	)		(1,000,858,122	)		(1,458,671,923	)
Beginning of period		9,558,234,164			13,286,215,924			3,351,227,573			4,809,899,496
End of period	$	6,394,997,155		$	9,558,234,164		$	2,350,369,451		$	3,351,227,573

^(a) Prior year distribution character information and undistributed (distributions in excess of) net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 13 for this prior year information.

See notes to financial statements.

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 Italy ETF						iShares MSCI Spain ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,989,361		$	18,032,993		$	14,804,437		$	32,625,317
Net realized gain (loss)		(45,149,131	)		49,680,629			(20,393,134	)		88,638,494
Net change in unrealized appreciation (depreciation)		39,958,284			(89,135,199	)		(4,780,843	)		(227,334,339	)
Net decrease in net assets resulting from operations		(3,201,486	)		(21,421,577	)		(10,369,540	)		(106,070,528	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(2,341,637	)		(17,400,893	)		(18,939,493	)		(31,909,333	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(194,091,885	)		(396,183,016	)		(30,518,106	)		(515,111,708	)
NET ASSETS(a)
Total decrease in net assets		(199,635,008	)		(435,005,486	)		(59,827,139	)		(653,091,569	)
Beginning of period		405,624,941			840,630,427			875,441,922			1,528,533,491
End of period	$	205,989,933		$	405,624,941		$	815,614,783		$	875,441,922

^(a)  Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 13 for this prior year information.

See notes to financial statements.

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Statements of Changes in Net Assets  (continued)

	iShares MSCI Switzerland ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(1,490,954	)	$	21,969,712
Net realized gain (loss)		(293,581	)		36,757,009
Net change in unrealized appreciation (depreciation)		(15,544,001	)		(14,784,451	)
Net increase (decrease) in net assets resulting from operations		(17,328,536	)		43,942,270
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		—			(22,803,569	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(114,812,358	)		(246,310,096	)
NET ASSETS(a)
Total decrease in net assets		(132,140,894	)		(225,171,395	)
Beginning of period		1,034,086,268			1,259,257,663
End of period	$	901,945,374		$	1,034,086,268

^(a)  Prior year distribution character information and distributions in excess of net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 13 for this prior year information.

See notes to financial statements.

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 Eurozone ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14
Net asset value, beginning of period	$	41.29		$	41.71		$	34.20		$	36.04		$	39.98		$	34.64
Net investment income(a)		0.16			1.03			0.99			0.92	(b)		0.96			1.18
Net realized and unrealized gain (loss)(c)		(2.69	)		(0.23	)		7.38			(1.84	)		(3.95	)		5.10
Net increase (decrease) from investment operations		(2.53	)		0.80			8.37			(0.92	)		(2.99	)		6.28
Distributions
From net investment income		(0.19	)		(1.22	)		(0.86	)		(0.92	)		(0.95	)		(0.94	)
Total distributions		(0.19	)		(1.22	)		(0.86	)		(0.92	)		(0.95	)		(0.94	)
Net asset value, end of period	$	38.57		$	41.29		$	41.71		$	34.20		$	36.04		$	39.98
Total Return
Based on net asset value		(6.08	)%(d)		1.87	%		24.72	%		(2.53	)%(b)		(7.62	)%		18.02	%
Ratios to Average Net Assets
Total expenses		0.49	%(e)		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%
Total expenses excluding professional fees for foreign withholding tax claims		0.49	%(e)		N/A			0.49	%		0.48	%		N/A			N/A
Net investment income		0.87	%(e)		2.36	%		2.63	%		2.69	%(b)		2.50	%		2.89	%
Supplemental Data
Net assets, end of period (000)	$	6,394,997		$	9,558,234		$	13,286,216		$	8,293,591		$	10,134,616		$	8,702,637
Portfolio turnover rate(f)		3	%(d)		5	%		4	%		4	%		5	%		7	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2016:

• Net investment income per share by $0.02.

• Total return by 0.08%.

• Ratio of net investment income to average net assets by 0.06%.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Germany ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14
Net asset value, beginning of period	$	30.36		$	30.71		$	26.18		$	26.34		$	28.97		$	25.61
Net investment income(a)		0.01			0.64			0.59			0.49			0.58			0.59
Net realized and unrealized gain (loss)(b)		(3.07	)		(0.16	)		4.54			(0.04	)		(2.70	)		3.40
Net increase (decrease) from investment operations		(3.06	)		0.48			5.13			0.45			(2.12	)		3.99
Distributions
From net investment income		—			(0.83	)		(0.60	)		(0.61	)		(0.51	)		(0.63	)
Total distributions		—			(0.83	)		(0.60	)		(0.61	)		(0.51	)		(0.63	)
Net asset value, end of period	$	27.30		$	30.36		$	30.71		$	26.18		$	26.34		$	28.97
Total Return
Based on net asset value		(10.08	)%(c)		1.52	%		19.63	%		1.81	%		(7.50	)%		15.41	%
Ratios to Average Net Assets
Total expenses		0.49	%(d)		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%
Net investment income		0.09	%(d)		1.99	%		2.08	%		1.90	%		2.03	%		1.95	%
Supplemental Data
Net assets, end of period (000)	$	2,350,369		$	3,351,228		$	4,809,899		$	3,596,902		$	6,607,056		$	4,797,434
Portfolio turnover rate(e)		5	%(c)		6	%		3	%		3	%		3	%		6	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Not annualized.

^(d)  Annualized.

^(e)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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 Italy ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17	(a)		Year Ended 08/31/16	(a)		Year Ended 08/31/15	(a)		Year Ended 08/31/14	(a)
Net asset value, beginning of period	$	27.18		$	30.21		$	22.60		$	29.50		$	32.03		$	26.12
Net investment income(b)		0.20			0.82			0.57			0.66			0.70			0.82
Net realized and unrealized gain (loss)(c)		0.13			(2.86	)		7.76			(6.82	)		(2.49	)		5.77
Net increase (decrease) from investment operations		0.33			(2.04	)		8.33			(6.16	)		(1.79	)		6.59
Distributions
From net investment income		(0.32	)		(0.99	)		(0.72	)		(0.72	)		(0.74	)		(0.68	)
Return of capital		—			—			—			(0.02	)		—			—
Total distributions		(0.32	)		(0.99	)		(0.72	)		(0.74	)		(0.74	)		(0.68	)
Net asset value, end of period	$	27.19		$	27.18		$	30.21		$	22.60		$	29.50		$	32.03
Total Return
Based on net asset value		1.32	%(d)		(6.98	)%		37.37	%		(20.97	)%		(5.66	)%		25.20	%
Ratios to Average Net Assets
Total expenses		0.49	%(e)		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%
Net investment income		1.54	%(e)		2.64	%		2.59	%		2.54	%		2.34	%		2.49	%
Supplemental Data
Net assets, end of period (000)	$	205,990		$	405,625		$	840,630		$	461,031		$	1,077,437		$	1,556,860
Portfolio turnover rate(f)		5	%(d)		10	%		18	%		16	%		22	%		24	%

^(a)  Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Spain ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14
Net asset value, beginning of period	$	29.85		$	33.63		$	26.49		$	31.96		$	40.61		$	30.44
Net investment income(a)		0.45			0.99			0.94			1.00			1.32			1.80
Net realized and unrealized gain (loss)(b)		(0.62	)		(3.72	)		7.19			(5.40	)		(8.35	)		9.53
Net increase (decrease) from investment operations		(0.17	)		(2.73	)		8.13			(4.40	)		(7.03	)		11.33
Distributions
From net investment income		(0.52	)		(1.05	)		(0.99	)		(1.07	)		(1.62	)		(1.16	)
Total distributions		(0.52	)		(1.05	)		(0.99	)		(1.07	)		(1.62	)		(1.16	)
Net asset value, end of period	$	29.16		$	29.85		$	33.63		$	26.49		$	31.96		$	40.61
Total Return
Based on net asset value		(0.44	)%(c)		(8.28	)%		31.48	%		(13.82	)%		(17.63	)%		37.39	%
Ratios to Average Net Assets
Total expenses		0.49	%(d)		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%
Net investment income		3.22	%(d)		3.02	%		3.10	%		3.53	%		3.70	%		4.48	%
Supplemental Data
Net assets, end of period (000)	$	815,615		$	875,442		$	1,528,533		$	599,944		$	1,666,091		$	2,473,038
Portfolio turnover rate(e)		6	%(c)		21	%		16	%		9	%		15	%		15	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Not annualized.

^(d)  Annualized.

^(e)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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 Switzerland ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14
Net asset value, beginning of period	$	34.91		$	34.27		$	30.22		$	31.90		$	33.64		$	29.36
Net investment income (loss)(a)		(0.05	)		0.66			0.69			0.81			0.83			0.80
Net realized and unrealized gain (loss)(b)		(0.17	)		0.79			4.11			(1.70	)		(1.77	)		4.27
Net increase (decrease) from investment operations		(0.22	)		1.45			4.80			(0.89	)		(0.94	)		5.07
Distributions
From net investment income		—			(0.81	)		(0.75	)		(0.79	)		(0.80	)		(0.79	)
Total distributions		—			(0.81	)		(0.75	)		(0.79	)		(0.80	)		(0.79	)
Net asset value, end of period	$	34.69		$	34.91		$	34.27		$	30.22		$	31.90		$	33.64
Total Return
Based on net asset value		(0.63	)%(c)		4.43	%		15.90	%		(2.76	)%		(2.92	)%		17.21	%
Ratios to Average Net Assets
Total expenses		0.49	%(d)		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%
Net investment income (loss)		(0.32	)%(d)		1.91	%		2.18	%		2.68	%		2.49	%		2.41	%
Supplemental Data
Net assets, end of period (000)	$	901,945		$	1,034,086		$	1,259,258		$	1,091,735		$	1,200,164		$	1,072,157
Portfolio turnover rate(e)		5	%(c)		9	%		13	%		6	%		7	%		5	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Not annualized.

^(d)  Annualized.

^(e)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Notes to Financial Statements  (unaudited)

1. ORGANIZATION

iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

iShares ETF	Diversification   Classification
MSCI Eurozone	Diversified
MSCI Germany	Non-diversified
MSCI Italy	Non-diversified
MSCI Spain	Non-diversified
MSCI Switzerland	Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is accrued daily.

Foreign Currency Translation: The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in non-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2019, if any, are disclosed in the statement of assets and liabilities.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

Recent Accounting Standards: In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance to the Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

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Notes to Financial Statements  (unaudited) (continued)

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

• Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.

The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Company’s pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values, and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned

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Notes to Financial Statements  (unaudited) (continued)

securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of February 28, 2019, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of February 28, 2019 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of February 28, 2019:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI Eurozone
Goldman Sachs & Co.	$	4,193,816	$	4,193,816		$	—	$	—
Jefferies LLC		2,831,581		2,831,581			—		—
JPMorgan Securities LLC		11,643,966		11,643,966			—		—
Morgan Stanley & Co. LLC		25,582,330		25,582,330			—		—
State Street Bank & Trust Company		667,568		667,568			—		—
	$	44,919,261	$	44,919,261		$	—	$	—
MSCI Germany
Goldman Sachs & Co.	$	35,074,541	$	35,074,541		$	—	$	—
Merrill Lynch, Pierce, Fenner & Smith		585,585		585,585			—		—
Morgan Stanley & Co. LLC		6,788,965		6,788,965			—		—
	$	42,449,091	$	42,449,091		$	—	$	—
MSCI Italy
Goldman Sachs & Co.	$	5,000,011	$	5,000,011		$	—	$	—

^(a)  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 if the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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Notes to Financial Statements  (unaudited) (continued)

amount of the contract at the time it was opened and the notional amount at the time it was closed. Losses may arise if the notional value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $7 billion		0.59%
Over $7 billion, up to and including $11 billion		0.54
Over $11 billion, up to and including $24 billion		0.49
Over $24 billion, up to and including $48 billion		0.44
Over $48 billion, up to and including $72 billion		0.40
Over $72 billion, up to and including $96 billion		0.36
Over $96 billion		0.32

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund retained 80% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees.

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, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund was subject to the same terms under the previous securities lending fee arrangement.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in its statement of operations. For the six months ended February 28, 2019, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid   to BTC
MSCI Eurozone	$	85,859
MSCI Germany		46,699
MSCI Italy		2,487
MSCI Spain		5,388
MSCI Switzerland		3,377

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

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.

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Notes to Financial Statements  (unaudited) (continued)

For the six months ended February 28, 2019, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales
MSCI Eurozone	$	19,169,172	$	10,253,551
MSCI Germany		5,780,153		2,576,917
MSCI Italy		4,249,948		2,502,739
MSCI Spain		9,975,321		7,641,630
MSCI Switzerland		18,703,042		22,253,944

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends — affiliated in the statement of operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended February 28, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
MSCI Eurozone	$	195,315,813	$	229,161,356
MSCI Germany		138,423,504		141,868,761
MSCI Italy		14,062,273		16,403,777
MSCI Spain		50,846,472		57,944,630
MSCI Switzerland		45,560,930		53,614,890

For the six months ended February 28, 2019, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind     Sales
MSCI Eurozone	$	—	$	2,420,916,264
MSCI Germany		53,714,876		720,807,182
MSCI Italy		124,112,073		316,154,511
MSCI Spain		283,911,296		328,756,593
MSCI Switzerland		120,995,009		229,774,879

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of August 31, 2018, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non-Expiring(a)		Expiring 2019		Total
MSCI Eurozone	$	390,879,862	$	30,230,739	$	421,110,601
MSCI Germany		113,101,718		32,215,954		145,317,672
MSCI Italy		183,331,855		9,459,662		192,791,517
MSCI Spain		145,451,894		8,619,903		154,071,797
MSCI Switzerland		37,199,053		6,955,758		44,154,811

^(a)  Must be utilized prior to losses subject to expiration.

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.

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Notes to Financial Statements  (unaudited) (continued)

As of February 28, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Eurozone	$	7,644,073,511	$	365,776,330	$	(1,591,212,358	)	$	(1,225,436,028)
MSCI Germany		3,051,903,410		170,128,723		(841,652,879	)		(671,524,156)
MSCI Italy		261,840,891		6,662,909		(57,631,473	)		(50,968,564)
MSCI Spain		1,080,574,486		17,191,607		(281,753,853	)		(264,562,246)
MSCI Switzerland		932,405,398		55,242,761		(94,637,783	)		(39,395,022)

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

Market Risk: Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

Credit Risk: Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.

When a fund concentrates its investments in issuers located in a single country or a limited number of countries, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.

When a fund concentrates its investments in securities within a single or limited number of market sectors, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

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Notes to Financial Statements  (unaudited) (continued)

Transactions in capital shares were as follows:

	Six Months Ended 02/28/19						Year Ended 08/31/18
iShares ETF	Shares			Amount			Shares			Amount
MSCI Eurozone
Shares sold		—		$	—			68,400,000		$	2,997,558,675
Shares redeemed		(65,700,000	)		(2,452,032,229	)		(155,400,000	)		(6,673,014,158	)
Net decrease		(65,700,000	)	$	(2,452,032,229	)		(87,000,000	)	$	(3,675,455,483	)
MSCI Germany
Shares sold		2,100,000		$	54,329,586			13,200,000		$	424,091,640
Shares redeemed		(26,400,000	)		(728,585,865	)		(59,400,000	)		(1,925,166,681	)
Net decrease		(24,300,000	)	$	(674,256,279	)		(46,200,000	)	$	(1,501,075,041	)
MSCI Italy
Shares sold		5,025,000		$	128,408,189			3,675,000		$	113,455,292
Shares redeemed		(12,375,000	)		(322,500,074	)		(16,575,000	)		(509,638,308	)
Net decrease		(7,350,000	)	$	(194,091,885	)		(12,900,000	)	$	(396,183,016	)
MSCI Spain
Shares sold		11,175,000		$	320,272,725			19,125,000		$	614,707,341
Shares redeemed		(12,525,000	)		(350,790,831	)		(35,250,000	)		(1,129,819,049	)
Net decrease		(1,350,000	)	$	(30,518,106	)		(16,125,000	)	$	(515,111,708	)
MSCI Switzerland
Shares sold		3,750,000		$	125,327,851			8,625,000		$	295,601,568
Shares redeemed		(7,375,000	)		(240,140,209	)		(15,750,000	)		(541,911,664	)
Net decrease		(3,625,000	)	$	(114,812,358	)		(7,125,000	)	$	(246,310,096	)

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.

11. FOREIGN WITHHOLDING TAX CLAIMS

The iShares MSCI Eurozone ETF has filed claims to recover taxes withheld by Finland on dividend income on the basis that Finland had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded a receivable for all recoverable taxes withheld by Finland based upon recent favorable determinations issued by the Finnish authorities. Professional fees associated with the filing of these claims that result in the recovery of foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Withholding tax claims may be for the current year and potentially for a limited number of prior calendar years, depending upon statutes of limitation on taxes. The Fund continues to evaluate developments in Finland for potential impact to the receivables and payables recorded. Foreign withholding tax claims and associated payable amounts are disclosed in the statement of assets and liabilities.

The Internal Revenue Service has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the Fund is able to pass through to its shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

12. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the

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)

event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.

13. REGULATION S-X AMENDMENTS

On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification. The Funds have adopted the amendments pertinent to Regulation S-X in this shareholder report. The amendments impacted certain disclosure presentation on the statement of assets and liabilities, statement of changes in net assets and notes to the financial statements.

Prior year distribution information and undistributed (distributions in excess of) net investment income in the statement of changes in net assets has been modified to conform to the current year presentation in accordance with the Regulation S-X changes.

Distributions for the year ended August 31, 2018 were classified as follows:

iShares ETF	Net Investment Income
MSCI Eurozone	$	344,359,197
MSCI Germany		97,497,098
MSCI Italy		17,400,893
MSCI Spain		31,909,333
MSCI Switzerland		22,803,569

Undistributed (distributions in excess of) net investment income as of August 31, 2018 are as follows:

iShares ETF	Undistributed (distributions in excess of) net investment income
MSCI Eurozone	$	23,152,634
MSCI Germany		(489,869	)
MSCI Italy		2,341,634
MSCI Spain		9,976,406
MSCI Switzerland		(455,027	)

14. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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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

	For more information visit www.iShares.com or call 1-800-iShares (1-800-474-2737) This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus. Investing involves risk, including possible loss of principal. The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”). The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above. ©2019 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

FEBRUARY 28, 2019    

2019 SEMI-ANNUAL REPORT (UNAUDITED)

iShares Trust

▶ iShares ESG MSCI EAFE ETF  |  ESGD  |  NASDAQ

▶ iShares ESG MSCI USA ETF  |  ESGU  |  NASDAQ

▶ iShares ESG MSCI USA Small-Cap ETF  |  ESML  |  Cboe BZX

▶ iShares MSCI Global Impact ETF  |  SDG  |  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		5
About Fund Performance		9
Shareholder Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		34
Statements of Operations		35
Statements of Changes in Net Assets		36
Financial Highlights		38
Notes to Financial Statements		42
Supplemental Information		50
General Information		51
Glossary of Terms Used in this Report		52

Fund Summary  as of February 28, 2019 iShares^® ESG MSCI EAFE ETF

Investment Objective

The iShares ESG MSCI EAFE ETF (the “Fund”) (formerly the iShares MSCI EAFE ESG Optimized ETF) 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		(3.65	)%		(5.59	)%		10.21	%		(5.59	)%		29.69	%
Fund Market		(3.57	)		(5.30	)		10.22			(5.30	)		29.73
Index(a)		(3.64	)		(5.57	)		10.38			(5.57	)		30.21
MSCI EAFE ESG Focus Index		(3.65	)		(5.66	)		10.34			(5.66	)		30.09
MSCI EAFE Extended ESG Focus Index(b)		(3.64	)		N/A			N/A			N/A			N/A

The inception date of the Fund was 6/28/16. The first day of secondary market trading was 6/30/16.

^(a)  Index performance through May 31, 2018 reflects the performance of the MSCI EAFE ESG Focus Index. Index performance beginning on June 1, 2018 reflects the performance of the MSCI EAFE Extended ESG Focus Index, which, effective as of June 1, 2018, replaced the MSCI EAFE ESG Focus Index as the underlying index of the Fund.

^(b)  The inception date of the MSCI EAFE Extended ESG Focus Index was March 27, 2018. The cumulative total return of this index for the period March 27, 2018 through February 28, 2019 was -3.98%.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	963.50	$	0.97		$	1,000.00	$	1,023.80	$	1.00		0.20	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	19.9	%
Industrials	14.6
Consumer Staples	11.5
Consumer Discretionary	10.5
Health Care	10.4
Materials	8.0
Information Technology	6.2
Energy	6.2
Communication Services	5.3
Utilities	3.7
Real Estate	3.7

ALLOCATION BY COUNTRY

Country	Percent of Total Investments	(a)
Japan	23.8	%
United Kingdom	16.8
France	11.3
Switzerland	8.6
Germany	8.5
Australia	7.1
Hong Kong	4.0
Netherlands	3.3
Spain	3.2
Sweden	2.7
Italy	2.1
Denmark	1.8
Singapore	1.4
Finland	1.1
Belgium	1.0
Norway	1.0
Other (each representing less than 1%)	2.3

^(a)  Excludes money market funds.

F U N D  S U M M A R Y 5

Fund Summary  as of February 28, 2019 iShares^® ESG MSCI USA ETF

Investment Objective

The iShares ESG MSCI USA ETF (the “Fund”) (formerly the iShares MSCI USA ESG Optimized ETF) 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
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(3.26	)%		5.00	%		13.43	%		5.00	%		32.74	%
Fund Market		(3.21	)		5.05			13.47			5.05			32.84
Index(a)		(3.21	)		5.15			13.66			5.15			33.35
MSCI USA ESG Focus Index		(3.21	)		5.08			13.63			5.08			33.27
MSCI USA Extended ESG Focus Index(b)		(3.21	)		N/A			N/A			N/A			N/A

The inception date of the Fund was 12/1/16. The first day of secondary market trading was 12/2/16.

^(a)  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, which, effective as of June 1, 2018, replaced the MSCI USA ESG Focus Index as the underlying index of the Fund.

^(b)  The inception date of the MSCI USA Extended ESG Focus Index was March 27, 2018. The cumulative total return of this index for the period March 27, 2018 through February 28, 2019 was 8.84%.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	967.40	$	0.73		$	1,000.00	$	1,024.10	$	0.75		0.15	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	21.9	%
Health Care	14.3
Financials	12.7
Consumer Discretionary	10.0
Industrials	10.0
Communication Services	9.8
Consumer Staples	6.8
Energy	4.9
Utilities	3.4
Real Estate	3.4
Materials	2.8

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Microsoft Corp.	3.7	%
Apple Inc.	3.4
Amazon. com Inc.	2.8
Alphabet Inc., Class C	1.6
Facebook Inc., Class A	1.5
Johnson & Johnson	1.5
JPMorgan Chase & Co.	1.5
Exxon Mobil Corp.	1.4
Alphabet Inc., Class A	1.4
Bank of America Corp.	1.2

^(a)  Excludes money market funds.

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Fund Summary  as of February 28, 2019 iShares^® ESG MSCI USA Small-Cap ETF

Investment Objective

The iShares ESG MSCI USA Small-Cap ETF (the “Fund”) (formerly the iShares MSCI USA Small-Cap ESG Optimized ETF) 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.

Performance

				Cumulative Total Returns
	6 Months			Since Inception
Fund NAV		(6.62	)%		5.67	%
Fund Market		(6.58	)		5.86
Index		(6.58	)		5.86

The inception date of the Fund was 4/10/18. The first day of secondary market trading was 4/12/18.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	933.80	$	0.82		$	1,000.00	$	1,024.00	$	0.85		0.17	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	16.7	%
Industrials	16.5
Financials	14.5
Health Care	14.2
Consumer Discretionary	11.4
Real Estate	9.9
Materials	4.4
Energy	3.9
Utilities	3.1
Communication Services	2.7
Consumer Staples	2.7

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Bright Horizons Family Solutions Inc.	0.6	%
Kilroy Realty Corp.	0.6
FactSet Research Systems Inc.	0.5
Douglas Emmett Inc.	0.5
Bank of Hawaii Corp.	0.5
Brandywine Realty Trust	0.4
Cullen/Frost Bankers Inc.	0.4
Janus Henderson Group PLC	0.4
National Instruments Corp.	0.4
Teradata Corp.	0.4

^(a)  Excludes money market funds.

F U N D  S U M M A R Y 7

Fund Summary  as of February 28, 2019 iShares^® MSCI 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
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(0.05	)%		0.11	%		8.52	%		0.11	%		26.39	%
Fund Market		0.34			0.58			8.73			0.58			27.07
Index		0.07			0.28			8.85			0.28			27.47

The inception date of the Fund was 4/20/16. The first day of secondary market trading was 4/22/16.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	999.50	$	2.43		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Industrials	20.0	%
Consumer Staples	19.7
Health Care	19.6
Consumer Discretionary	12.1
Materials	8.3
Information Technology	6.7
Real Estate	6.0
Utilities	4.8
Communication Services	2.8

ALLOCATION BY COUNTRY

Country	Percent of Total Investments	(a)
United States	33.1	%
Japan	13.1
United Kingdom	11.4
China	8.7
France	6.0
Denmark	5.4
Belgium	4.2
Taiwan	4.2
Germany	3.1
Hong Kong	2.3
Sweden	1.5
South Korea	1.5
Ireland	1.1
Spain	1.1
Other (each representing less than 1%)	3.3

^(a)  Excludes money market funds.

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About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

A B O U T  F U N D  P E R F O R M A N C E  / S H A R E H O L D E R  E X P E N S E S 9

Schedule of Investments  (unaudited)  February 28, 2019 iShares^® ESG MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.0%
Alumina Ltd.		345,356	$	626,544
Amcor Ltd./Australia		66,792		715,164
AMP Ltd.		416,669		699,596
APA Group		120,676		859,408
Aristocrat Leisure Ltd.		36,406		637,684
ASX Ltd.		15,624		775,542
Aurizon Holdings Ltd.		192,132		617,849
Australia & New Zealand Banking Group Ltd.		140,512		2,799,084
BlueScope Steel Ltd.		73,225		701,211
Brambles Ltd.		145,534		1,217,632
Caltex Australia Ltd.		32,062		652,381
Coca-Cola Amatil Ltd.		105,590		598,722
Cochlear Ltd.		4,992		605,541
Coles Group Ltd.(a)		70,720		570,055
Commonwealth Bank of Australia		80,080		4,213,148
CSL Ltd.		23,455		3,233,285
Dexus		93,235		797,311
Fortescue Metals Group Ltd.		140,296		604,870
Goodman Group		65,208		593,821
GPT Group (The)		149,115		620,614
Insurance Australia Group Ltd.		132,822		694,547
Lendlease Group		65,900		603,873
Macquarie Group Ltd.		20,384		1,865,563
Mirvac Group		424,699		776,531
National Australia Bank Ltd.		126,913		2,269,045
Newcrest Mining Ltd.		44,349		767,347
Origin Energy Ltd.(a)		139,090		728,313
Ramsay Health Care Ltd.		15,110		696,386
Rio Tinto Ltd.		24,586		1,682,003
Santos Ltd.		134,074		660,078
Stockland		350,719		873,317
Sydney Airport		175,288		897,902
Tabcorp Holdings Ltd.		198,774		667,492
Telstra Corp. Ltd.		286,781		638,615
Transurban Group		204,366		1,813,091
Treasury Wine Estates Ltd.		58,058		618,754
Wesfarmers Ltd.		33,536		791,648
Westpac Banking Corp.		184,106		3,531,281
Woodside Petroleum Ltd.		69,320		1,787,767
Woolworths Group Ltd.		30,485		621,811
WorleyParsons Ltd.		56,698		601,436
				45,726,262
Austria — 0.3%
OMV AG		26,170		1,378,836
voestalpine AG		21,866		677,746
				2,056,582
Belgium — 1.0%
Anheuser-Busch InBev SA/NV		40,160		3,134,806
KBC Group NV		18,036		1,337,409
Solvay SA		6,671		747,625
UCB SA		9,295		779,845
Umicore SA		15,745		681,296
				6,680,981
Denmark — 1.8%
AP Moller - Maersk A/S, Class A		489		629,506
Carlsberg A/S, Class B		7,091		859,928
Chr Hansen Holding A/S		6,685		681,733
Coloplast A/S, Class B		8,749		872,991

Security	Shares		Value
Denmark (continued)
Genmab A/S(a)		4,273	$	739,198
Novo Nordisk A/S, Class B		99,128		4,869,183
Novozymes A/S, Class B		13,988		635,750
Orsted A/S(b)		13,857		1,006,659
Pandora A/S		12,833		674,133
Vestas Wind Systems A/S		10,868		905,625
				11,874,706
Finland — 1.0%
Fortum OYJ		28,288		628,770
Kone OYJ, Class B		13,108		641,374
Neste OYJ		10,994		1,057,845
Nokia OYJ		316,377		1,915,135
Nordea Bank Abp		81,248		737,250
UPM-Kymmene OYJ		37,481		1,131,864
Wartsila OYJ Abp		42,557		692,004
				6,804,242
France — 11.3%
Air Liquide SA		15,026		1,876,124
Airbus SE		23,132		2,992,272
Atos SE		8,040		772,878
AXA SA		128,476		3,261,662
BNP Paribas SA		50,158		2,573,314
Bouygues SA		18,221		689,880
Capgemini SE		9,226		1,105,194
Carrefour SA		30,693		629,102
Cie. de Saint-Gobain		27,485		990,869
Cie. Generale des Etablissements Michelin SCA		11,073		1,330,232
CNP Assurances		30,005		694,268
Credit Agricole SA		52,849		675,933
Danone SA		45,057		3,403,156
Dassault Systemes SE		6,466		947,229
Edenred		15,293		679,500
Electricite de France SA		41,124		597,993
Engie SA		65,428		987,163
EssilorLuxottica SA		13,997		1,696,642
Gecina SA		5,536		822,022
Getlink SE		45,181		667,790
Imerys SA		11,444		651,304
JCDecaux SA		19,827		611,837
Kering SA		4,208		2,300,472
L’Oreal SA		16,705		4,220,980
LVMH Moet Hennessy Louis Vuitton SE		13,077		4,497,018
Natixis SA		151,679		834,568
Orange SA		135,872		2,079,403
Pernod Ricard SA		12,866		2,218,089
Peugeot SA		43,861		1,116,760
Renault SA		10,974		752,640
Rexel SA		52,580		656,207
Safran SA		11,549		1,576,787
Sanofi		59,245		4,958,480
Schneider Electric SE		37,250		2,902,143
SES SA		31,667		636,986
Societe Generale SA		27,561		847,361
STMicroelectronics NV		44,777		732,692
Teleperformance		5,354		957,167
Thales SA		5,555		684,733
TOTAL SA		132,968		7,569,023
Unibail-Rodamco-Westfield		10,515		1,700,228
Valeo SA		21,592		682,284

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Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® ESG MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Vinci SA		10,423	$	996,019
Vivendi SA		44,976		1,316,205
Wendel SA		5,130		647,826
				73,540,435
Germany — 8.5%
adidas AG		10,101		2,456,830
Allianz SE, Registered		25,622		5,706,784
BASF SE		49,847		3,802,406
Bayerische Motoren Werke AG		18,678		1,580,473
Beiersdorf AG		6,722		624,288
Brenntag AG		13,269		658,771
Continental AG		5,543		908,902
Covestro AG(b)		10,920		623,471
Daimler AG, New, Registered		1,668		100,020
Daimler AG, Registered		41,767		2,504,515
Deutsche Bank AG, Registered		90,588		841,828
Deutsche Boerse AG		12,815		1,621,221
Deutsche Post AG, Registered		64,961		2,020,891
Deutsche Telekom AG, Registered		77,534		1,278,852
Deutsche Wohnen SE		22,084		1,031,030
E.ON SE		117,590		1,296,820
Fraport AG Frankfurt Airport Services Worldwide		8,143		654,820
Fresenius Medical Care AG & Co. KGaA		9,674		758,768
Fresenius SE & Co. KGaA		17,102		962,603
HeidelbergCement AG		12,402		912,857
Henkel AG & Co. KGaA		15,393		1,447,814
HOCHTIEF AG		4,403		698,910
Infineon Technologies AG		54,212		1,191,721
Merck KGaA		18,047		1,865,541
MTU Aero Engines AG		3,785		812,431
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		8,166		1,925,746
OSRAM Licht AG		14,008		607,730
ProSiebenSat.1 Media SE		35,409		646,737
Puma SE		1,248		704,154
QIAGEN NV(a)		19,411		743,113
RWE AG		25,541		624,133
SAP SE		60,284		6,466,399
Siemens AG, Registered		47,689		5,220,195
thyssenkrupp AG		43,695		654,285
Vonovia SE		12,376		600,907
Wirecard AG		5,367		736,424
				55,292,390
Hong Kong — 4.0%
AIA Group Ltd.		561,600		5,616,143
BOC Hong Kong Holdings Ltd.		312,000		1,303,677
CK Asset Holdings Ltd.		104,000		863,156
CK Hutchison Holdings Ltd.		52,000		553,466
CLP Holdings Ltd.		135,500		1,605,327
Galaxy Entertainment Group Ltd.		104,000		738,618
Hang Seng Bank Ltd.		72,800		1,803,817
Hong Kong Exchanges & Clearing Ltd.		68,100		2,347,558
Hysan Development Co. Ltd.		104,000		549,160
Link REIT		104,000		1,175,826
Melco Resorts & Entertainment Ltd., ADR		29,962		690,324
MTR Corp. Ltd.		314,000		1,804,046
Sands China Ltd.		208,000		1,038,702
Sun Hung Kai Properties Ltd.		104,000		1,722,337
Swire Pacific Ltd., Class A		104,000		1,236,770

Security	Shares		Value
Hong Kong (continued)
Swire Properties Ltd.		291,200	$	1,168,539
Techtronic Industries Co. Ltd.		104,000		694,897
WH Group Ltd.(b)		624,000		554,063
Wharf Real Estate Investment Co. Ltd.		104,000		730,668
				26,197,094
Ireland — 0.6%
CRH PLC		59,765		1,894,635
Kerry Group PLC, Class A		10,001		1,030,627
Paddy Power Betfair PLC		7,845		635,144
				3,560,406
Israel — 0.5%
Bank Hapoalim BM		193,408		1,331,860
Bank Leumi Le-Israel BM		95,732		633,343
Teva Pharmaceutical Industries Ltd., ADR(a)		46,334		779,801
Wix.com Ltd.(a)		5,616		613,548
				3,358,552
Italy — 2.1%
Assicurazioni Generali SpA		67,327		1,203,262
CNH Industrial NV		75,970		823,893
Enel SpA		437,903		2,652,767
Eni SpA		117,261		2,025,043
Ferrari NV		5,096		656,589
Fiat Chrysler Automobiles NV(a)		43,319		640,368
Intesa Sanpaolo SpA		1,212,266		2,994,105
Snam SpA		138,879		687,125
Terna Rete Elettrica Nazionale SpA		107,545		669,620
UniCredit SpA		73,238		997,918
				13,350,690
Japan — 23.7%
Aeon Co. Ltd.		52,000		1,095,868
Ajinomoto Co. Inc.		41,600		629,307
Alfresa Holdings Corp.		20,900		605,484
Asahi Group Holdings Ltd.		20,800		898,182
Asahi Kasei Corp.		104,100		1,135,262
Astellas Pharma Inc.		145,600		2,247,697
Benesse Holdings Inc.		20,800		565,217
Bridgestone Corp.		31,200		1,231,240
Canon Inc.		31,200		897,154
Central Japan Railway Co.		10,400		2,333,273
Chugai Pharmaceutical Co. Ltd.		20,800		1,414,445
Daifuku Co. Ltd.		10,500		515,002
Dai-ichi Life Holdings Inc.		41,600		629,867
Daiichi Sankyo Co. Ltd.		31,200		1,167,898
Daikin Industries Ltd.		20,800		2,259,001
Daiwa House Industry Co. Ltd.		41,800		1,293,577
Denso Corp.		41,600		1,787,021
East Japan Railway Co.		10,400		995,904
Eisai Co. Ltd.		20,800		1,718,074
FANUC Corp.		4,875		807,537
Fast Retailing Co. Ltd.		2,400		1,124,542
FUJIFILM Holdings Corp.		20,800		932,562
Fujitsu Ltd.		10,400		701,524
Hankyu Hanshin Holdings Inc.		20,800		754,869
Hitachi Chemical Co. Ltd.		31,200		566,712
Hitachi Ltd.		41,600		1,246,281
Hitachi Metals Ltd.		83,300		848,565
Honda Motor Co. Ltd.		114,400		3,240,237
Hoya Corp.		20,800		1,271,506
Idemitsu Kosan Co. Ltd.		20,800		738,052

S C H E D U L E  O F  I N V E S T M E N T S 11

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® ESG MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Inpex Corp.		135,200	$	1,315,322
ITOCHU Corp.		72,800		1,306,633
Japan Post Holdings Co. Ltd.		52,000		632,950
JFE Holdings Inc.		31,200		544,150
JXTG Holdings Inc.		312,200		1,460,317
Kajima Corp.		41,600		615,853
Kansai Electric Power Co. Inc. (The)		52,000		777,991
Kao Corp.		20,800		1,574,014
Kawasaki Heavy Industries Ltd.		20,800		534,387
KDDI Corp.		124,800		3,014,057
Keio Corp.		10,400		610,995
Keyence Corp.		3,900		2,274,766
Kikkoman Corp.		10,400		517,571
Kirin Holdings Co. Ltd.		52,000		1,162,666
Komatsu Ltd.		62,400		1,530,852
Konica Minolta Inc.		62,400		605,390
Kubota Corp.		72,800		982,591
Kyocera Corp.		20,800		1,147,438
Kyowa Hakko Kirin Co. Ltd.		31,500		601,590
Kyushu Railway Co.		20,800		711,894
Lawson Inc.		10,400		630,614
Mitsubishi Chemical Holdings Corp.		104,000		767,855
Mitsubishi Corp.		62,400		1,759,554
Mitsubishi Electric Corp.		114,400		1,432,569
Mitsubishi Estate Co. Ltd.		52,000		893,604
Mitsubishi Heavy Industries Ltd.		20,800		846,612
Mitsubishi UFJ Financial Group Inc.		655,200		3,394,303
Mitsui Fudosan Co. Ltd.		41,600		985,627
Mizuho Financial Group Inc.		1,595,700		2,511,378
MS&AD Insurance Group Holdings Inc.		31,200		936,953
Murata Manufacturing Co. Ltd.		10,400		1,618,577
Nagoya Railroad Co. Ltd.		20,800		572,691
NEC Corp.		16,800		560,654
NGK Insulators Ltd.		41,700		636,438
Nidec Corp.		10,400		1,258,893
Nintendo Co. Ltd.		5,708		1,560,829
Nippon Express Co. Ltd.		10,400		613,798
Nippon Steel & Sumitomo Metal Corp.		52,000		935,879
Nippon Telegraph & Telephone Corp.		31,200		1,345,591
Nissin Foods Holdings Co. Ltd.		10,400		722,170
Nitori Holdings Co. Ltd.		2,500		311,826
Nitto Denko Corp.		10,400		555,128
Nomura Holdings Inc.		266,300		1,030,082
NTT Data Corp.		62,400		682,185
NTT DOCOMO Inc.		135,200		3,147,420
Obayashi Corp.		72,800		709,558
Omron Corp.		20,800		897,808
Ono Pharmaceutical Co. Ltd.		31,200		641,405
Oriental Land Co. Ltd./Japan		10,400		1,142,580
ORIX Corp.		83,200		1,204,801
Osaka Gas Co. Ltd.		42,900		878,656
Otsuka Holdings Co. Ltd.		31,200		1,301,028
Panasonic Corp.		176,800		1,627,920
Rakuten Inc.		93,600		736,558
Recruit Holdings Co. Ltd.		62,600		1,751,136
Resona Holdings Inc.		156,100		705,759
Rohm Co. Ltd.		10,400		656,773
Santen Pharmaceutical Co. Ltd.		41,600		648,365
Secom Co. Ltd.		10,400		898,742
Sekisui Chemical Co. Ltd.		62,400		979,274

Security	Shares		Value
Japan (continued)
Sekisui House Ltd.		72,800	$	1,094,420
Seven & i Holdings Co. Ltd.		31,200		1,371,657
Shimadzu Corp.		20,800		512,900
Shimizu Corp.		83,200		730,952
Shin-Etsu Chemical Co. Ltd.		11,600		966,076
Shionogi & Co. Ltd.		20,800		1,329,616
Shiseido Co. Ltd.		14,400		950,514
SMC Corp./Japan		900		313,286
SoftBank Group Corp.		41,600		3,841,610
Sohgo Security Services Co. Ltd.		10,400		449,371
Sompo Holdings Inc.		31,300		1,168,830
Sony Corp.		72,800		3,492,857
Stanley Electric Co. Ltd.		20,800		597,916
Subaru Corp.		31,200		792,192
Sumitomo Chemical Co. Ltd.		285,800		1,417,190
Sumitomo Corp.		41,600		598,103
Sumitomo Dainippon Pharma Co. Ltd.		31,600		779,781
Sumitomo Metal Mining Co. Ltd.		20,800		609,874
Sumitomo Mitsui Financial Group Inc.		72,800		2,577,952
Sumitomo Mitsui Trust Holdings Inc.		41,700		1,580,420
Suntory Beverage & Food Ltd.		10,400		458,714
Suzuki Motor Corp.		10,400		532,612
Sysmex Corp.		10,400		625,850
T&D Holdings Inc.		52,000		624,308
Taisei Corp.		10,400		491,412
Takeda Pharmaceutical Co. Ltd.		78,894		3,167,241
TDK Corp.		10,400		812,792
Teijin Ltd.		52,000		872,116
Terumo Corp.		10,400		637,154
Tokio Marine Holdings Inc.		41,600		2,027,682
Tokyo Electron Ltd.		10,400		1,415,379
Tokyo Gas Co. Ltd.		31,200		859,037
Tokyu Corp.		72,800		1,234,042
Toray Industries Inc.		145,600		1,014,308
Toyota Motor Corp.		116,000		6,978,548
Unicharm Corp.		31,200		993,568
West Japan Railway Co.		10,400		783,924
Yakult Honsha Co. Ltd.		10,400		697,880
Yamaguchi Financial Group Inc.		62,400		581,847
Yamaha Corp.		11,200		551,347
Yamaha Motor Co. Ltd.		31,200		632,576
Yaskawa Electric Corp.		22,400		636,867
Yokogawa Electric Corp.		31,300		602,832
				154,472,433
Netherlands — 3.3%
ABN AMRO Group NV, CVA(b)		27,572		669,368
Aegon NV		121,576		654,538
Akzo Nobel NV		13,538		1,229,096
ASML Holding NV		21,969		4,030,596
Heineken Holding NV		6,881		666,401
Heineken NV		11,171		1,127,030
ING Groep NV		163,560		2,166,412
Koninklijke Ahold Delhaize NV		54,458		1,406,107
Koninklijke DSM NV		11,549		1,241,441
Koninklijke Philips NV		39,957		1,592,467
Koninklijke Vopak NV		13,351		653,568
NXP Semiconductors NV		13,282		1,212,912
Randstad NV		12,541		670,467
Unilever NV, CVA		64,430		3,489,676

12 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® ESG MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Netherlands (continued)
Wolters Kluwer NV		10,880	$	718,318
				21,528,397
New Zealand — 0.2%
Auckland International Airport Ltd.		166,246		880,315
Ryman Healthcare Ltd.		84,728		635,164
				1,515,479
Norway — 1.0%
Equinor ASA		139,852		3,147,586
Mowi ASA(a)		27,136		626,772
Norsk Hydro ASA		161,118		668,120
Orkla ASA		94,652		746,682
Telenor ASA		49,826		972,745
				6,161,905
Portugal — 0.4%
EDP - Energias de Portugal SA		173,398		636,771
Galp Energia SGPS SA		99,112		1,628,554
				2,265,325
Singapore — 1.4%
CapitaLand Ltd.		442,900		1,121,017
City Developments Ltd.		124,800		823,872
DBS Group Holdings Ltd.		125,600		2,308,987
Keppel Corp. Ltd.		197,700		901,297
Oversea-Chinese Banking Corp. Ltd.		136,700		1,118,933
Singapore Airlines Ltd.		83,700		620,069
Singapore Telecommunications Ltd.		523,300		1,169,602
United Overseas Bank Ltd.		40,200		744,378
				8,808,155
Spain — 3.2%
Amadeus IT Group SA		24,055		1,813,314
Banco Bilbao Vizcaya Argentaria SA		436,975		2,723,773
Banco Santander SA		655,069		3,204,504
CaixaBank SA		185,473		662,318
Ferrovial SA		36,026		831,123
Iberdrola SA		376,119		3,148,765
Industria de Diseno Textil SA		61,483		1,858,085
Naturgy Energy Group SA		36,040		979,595
Red Electrica Corp. SA		37,925		820,519
Repsol SA		185,726		3,198,730
Telefonica SA		157,937		1,364,828
				20,605,554
Sweden — 2.7%
Assa Abloy AB, Class B		51,010		1,055,766
Atlas Copco AB, Class A		56,179		1,523,048
Boliden AB		43,642		1,194,982
Epiroc AB, Class A(a)		64,688		649,844
Essity AB, Class B		43,093		1,203,058
Hennes & Mauritz AB, Class B		53,293		807,013
ICA Gruppen AB		17,232		662,719
Investor AB, Class B		14,592		652,085
Kinnevik AB, Class B		26,447		670,437
Lundin Petroleum AB		20,203		660,980
Sandvik AB		57,223		940,729
Skandinaviska Enskilda Banken AB, Class A		96,850		986,473
Skanska AB, Class B		36,831		664,743
SKF AB, Class B		38,661		651,072
Svenska Handelsbanken AB, Class A		61,056		696,832
Swedbank AB, Class A		47,144		866,710
Tele2 AB, Class B		50,507		665,624

Security	Shares		Value
Sweden (continued)
Telefonaktiebolaget LM Ericsson, Class B		134,029	$	1,227,514
Telia Co. AB		211,294		917,674
Volvo AB, Class B		71,515		1,053,662
				17,750,965
Switzerland — 8.6%
ABB Ltd., Registered		105,876		2,100,622
Adecco Group AG, Registered		15,111		786,646
Barry Callebaut AG, Registered		420		724,734
Chocoladefabriken Lindt & Spruengli AG, Registered		5		370,408
Clariant AG, Registered		29,503		635,253
Coca-Cola HBC AG(a)		24,297		819,570
Credit Suisse Group AG, Registered		111,971		1,387,555
Geberit AG, Registered		2,762		1,104,578
Givaudan SA, Registered		1,040		2,606,786
Julius Baer Group Ltd.		15,344		671,396
Kuehne + Nagel International AG, Registered		9,362		1,224,052
LafargeHolcim Ltd., Registered		21,950		1,088,466
Lonza Group AG, Registered		6,300		1,754,919
Nestle SA, Registered		157,827		14,315,647
Roche Holding AG, NVS		34,908		9,716,913
SGS SA, Registered		520		1,328,448
Sika AG, Registered		7,222		978,689
Sonova Holding AG, Registered		4,264		798,911
Swatch Group AG (The), Bearer		2,240		664,445
Swiss Re AG		30,838		3,059,035
Swisscom AG, Registered		3,277		1,520,078
Temenos AG, Registered		4,784		694,885
UBS Group AG, Registered		260,185		3,316,954
Vifor Pharma AG		4,857		609,197
Zurich Insurance Group AG		10,576		3,503,393
				55,781,580
United Kingdom — 16.8%
3i Group PLC		76,550		963,006
Anglo American PLC		73,553		1,960,082
Antofagasta PLC		70,538		878,930
Ashtead Group PLC		25,917		690,478
Associated British Foods PLC		23,634		705,100
AstraZeneca PLC		69,601		5,683,260
Aviva PLC		293,726		1,653,379
BAE Systems PLC		154,455		957,353
Barclays PLC		726,448		1,586,194
Barratt Developments PLC		109,057		868,890
Berkeley Group Holdings PLC		15,606		819,923
BP PLC		1,355,448		9,634,600
British Land Co. PLC (The)		152,672		1,226,943
BT Group PLC		465,425		1,329,126
Bunzl PLC		17,784		561,321
Burberry Group PLC		27,356		687,518
Centrica PLC		343,867		569,435
Coca-Cola European Partners PLC		26,282		1,238,933
Compass Group PLC		72,219		1,599,374
Croda International PLC		20,732		1,326,664
DCC PLC		9,605		833,609
Diageo PLC		147,716		5,724,360
easyJet PLC		39,318		641,944
Experian PLC		32,182		840,482
Ferguson PLC		21,550		1,496,530
GlaxoSmithKline PLC		255,680		5,092,359
Glencore PLC		518,366		2,095,671

S C H E D U L E  O F  I N V E S T M E N T S 13

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® ESG MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Hammerson PLC		125,605	$	637,696
HSBC Holdings PLC		851,983		6,945,523
Informa PLC		101,649		953,454
InterContinental Hotels Group PLC		15,400		923,705
Intertek Group PLC		11,392		770,656
Investec PLC		103,626		679,241
ITV PLC		365,872		637,994
J Sainsbury PLC		195,438		595,290
John Wood Group PLC		93,211		645,192
Johnson Matthey PLC		16,798		691,070
Kingfisher PLC		254,653		820,027
Legal & General Group PLC		376,314		1,404,502
Lloyds Banking Group PLC		2,697,799		2,280,033
London Stock Exchange Group PLC		14,500		869,241
Marks & Spencer Group PLC		219,487		796,995
Meggitt PLC		94,189		675,514
Micro Focus International PLC		28,496		709,346
Mondi PLC		32,722		752,304
National Grid PLC		228,233		2,573,994
Next PLC		9,633		651,918
Pearson PLC		53,911		606,642
Prudential PLC		107,272		2,268,652
Reckitt Benckiser Group PLC		32,782		2,514,605
RELX PLC		135,766		3,122,270
Rio Tinto PLC		66,803		3,852,739
Rolls-Royce Holdings PLC		65,321		829,737
Royal Bank of Scotland Group PLC		185,536		655,698
Royal Mail PLC		175,816		661,336
Schroders PLC		26,453		962,314
Segro PLC		137,727		1,210,891
Smith & Nephew PLC		31,928		610,045
Smiths Group PLC		35,212		669,982
SSE PLC		80,531		1,273,054
Standard Chartered PLC		193,593		1,549,109
Standard Life Aberdeen PLC		202,026		663,054
Taylor Wimpey PLC		306,554		739,654
Tesco PLC		460,787		1,385,138
Unilever PLC		59,122		3,151,819
United Utilities Group PLC		61,918		691,965
Vodafone Group PLC		1,433,897		2,561,024

Security	Shares		Value
United Kingdom (continued)
Whitbread PLC		12,240	$	790,089
Wm Morrison Supermarkets PLC		201,157		615,653
WPP PLC		91,265		1,002,452
				109,067,081
Total Common Stocks — 99.4% (Cost: $633,252,367)				646,399,214
Preferred Stocks
Germany — 0.1%
Bayerische Motoren Werke AG, Preference Shares, NVS		5,139		379,781
Sartorius AG, Preference Shares, NVS		3,917		621,764
				1,001,545
Italy — 0.1%
Telecom Italia SpA/Milano, Preference Shares, NVS		1,203,072		656,338
Total Preferred Stocks — 0.2% (Cost: $1,597,431)				1,657,883
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(c)(d)		134,502		134,502
Total Short-Term Investments — 0.0% (Cost: $134,502)				134,502
Total Investments in Securities — 99.6% (Cost: $634,984,300)				648,191,599
Other Assets, Less Liabilities — 0.4%				2,327,704
Net Assets — 100.0%			$	650,519,303

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	318,295	(318,295	)	—	$	—	$	36,533	(b)	$	101		$	(63	)
BlackRock Cash Funds: Treasury, SL Agency Shares	196,954	(62,452	)	134,502		134,502		4,180			—			—
					$	134,502	$	40,713		$	101		$	(63	)

^(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.

14 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® ESG MSCI EAFE ETF

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	646,399,214	$	—	$	—	$	646,399,214
Preferred Stocks		1,657,883		—		—		1,657,883
Money Market Funds		134,502		—		—		134,502
	$	648,191,599	$	—	$	—	$	648,191,599

See notes to financial statements.

S C H E D U L E  O F  I N V E S T M E N T S 15

Schedule of Investments  (unaudited) February 28, 2019 iShares^® ESG MSCI USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.0%
Harris Corp.		1,683	$	277,577
Huntington Ingalls Industries Inc.		1,478		309,508
L3 Technologies Inc.		2,021		427,947
Raytheon Co.		5,268		982,482
Spirit AeroSystems Holdings Inc., Class A		1,849		182,681
TransDigm Group Inc.(a)		366		158,877
United Technologies Corp.		7,563		950,442
				3,289,514
Air Freight & Logistics — 0.8%
CH Robinson Worldwide Inc.		1,750		158,165
Expeditors International of Washington Inc.		5,862		439,357
FedEx Corp.		899		162,719
United Parcel Service Inc., Class B		5,261		579,762
				1,340,003
Airlines — 0.1%
Delta Air Lines Inc.		3,155		156,425
Auto Components — 0.1%
Aptiv PLC		1,991		165,472
Automobiles — 0.4%
Ford Motor Co.		18,872		165,507
General Motors Co.		4,123		162,776
Tesla Inc.(a)(b)		1,077		344,511
				672,794
Banks — 5.2%
Bank of America Corp.		64,198		1,866,878
BB&T Corp.		8,025		409,034
Citigroup Inc.		17,144		1,096,873
Citizens Financial Group Inc.		5,103		188,505
Comerica Inc.		3,393		295,564
JPMorgan Chase & Co.		22,605		2,359,058
KeyCorp.		19,713		348,132
M&T Bank Corp.		936		161,984
People’s United Financial Inc.		14,144		251,197
PNC Financial Services Group Inc. (The)		5,043		635,519
SVB Financial Group(a)(b)		653		161,396
U.S. Bancorp.		8,283		428,148
Zions Bancorp. N.A.		5,717		292,139
				8,494,427
Beverages — 2.1%
Coca-Cola Co. (The)		30,930		1,402,366
Constellation Brands Inc., Class A		921		155,796
Molson Coors Brewing Co., Class B		4,446		274,141
PepsiCo Inc.		13,348		1,543,563
				3,375,866
Biotechnology — 2.6%
AbbVie Inc.		10,395		823,700
Amgen Inc.		4,980		946,598
Biogen Inc.(a)		1,588		520,880
BioMarin Pharmaceutical Inc.(a)		1,715		159,941
Celgene Corp.(a)		4,715		391,911
Gilead Sciences Inc.		11,872		771,917
Regeneron Pharmaceuticals Inc.(a)		380		163,681
Vertex Pharmaceuticals Inc.(a)		2,324		438,655
				4,217,283

Security	Shares		Value
Building Products — 0.8%
Allegion PLC		2,217	$	199,441
Fortune Brands Home & Security Inc.		3,400		160,208
Johnson Controls International PLC		15,277		538,820
Lennox International Inc.		700		171,675
Owens Corning		2,947		147,144
				1,217,288
Capital Markets — 3.3%
Ameriprise Financial Inc.		1,660		218,506
Bank of New York Mellon Corp. (The)		11,284		592,184
BlackRock Inc.(c)		1,553		688,321
Charles Schwab Corp. (The)		5,901		271,505
CME Group Inc.		2,664		484,608
Franklin Resources Inc.		4,966		161,941
Goldman Sachs Group Inc. (The)		2,465		484,866
Intercontinental Exchange Inc.		4,261		328,736
Moody’s Corp.		1,754		303,652
Morgan Stanley		12,465		523,281
Northern Trust Corp.		5,235		487,902
S&P Global Inc.		1,514		303,360
State Street Corp.		3,724		267,644
T Rowe Price Group Inc.		1,913		192,123
				5,308,629
Chemicals — 2.3%
Axalta Coating Systems Ltd.(a)		7,419		198,310
DowDuPont Inc.		16,775		892,933
Ecolab Inc.		6,145		1,037,952
International Flavors & Fragrances Inc.		2,416		308,040
Linde PLC		3,581		620,373
Mosaic Co. (The)		7,148		223,518
PPG Industries Inc.		1,692		189,453
Sherwin-Williams Co. (The)		567		245,624
				3,716,203
Commercial Services & Supplies — 0.1%
Copart Inc.(a)(b)		3,665		215,026
Communications Equipment — 1.2%
Cisco Systems Inc.		32,073		1,660,419
Motorola Solutions Inc.		2,364		338,336
				1,998,755
Construction & Engineering — 0.1%
Fluor Corp.		4,438		166,869
Consumer Finance — 0.8%
Ally Financial Inc.		5,967		161,646
American Express Co.		8,690		936,261
Capital One Financial Corp.		2,482		207,445
				1,305,352
Containers & Packaging — 0.3%
Ball Corp.		4,430		242,675
International Paper Co.		3,418		156,613
				399,288
Distributors — 0.1%
LKQ Corp.(a)		5,936		164,427
Diversified Financial Services — 0.9%
Berkshire Hathaway Inc., Class B(a)		7,509		1,511,562
Diversified Telecommunication Services — 2.0%
AT&T Inc.		50,229		1,563,126
CenturyLink Inc.		11,729		154,706

16 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® ESG MSCI USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Telecommunication Services (continued)
Verizon Communications Inc.		27,574	$	1,569,512
				3,287,344
Electric Utilities — 2.2%
American Electric Power Co. Inc.		3,558		288,732
Entergy Corp.		1,935		180,593
Eversource Energy		5,110		356,729
Exelon Corp.		11,707		568,843
NextEra Energy Inc.		6,244		1,172,124
Southern Co. (The)		10,037		498,738
Xcel Energy Inc.		8,346		457,862
				3,523,621
Electrical Equipment — 0.2%
Eaton Corp. PLC		2,209		176,212
Rockwell Automation Inc.		1,064		189,988
				366,200
Electronic Equipment, Instruments & Components — 0.8%
Corning Inc.		6,927		241,129
Keysight Technologies Inc.(a)		3,394		286,487
TE Connectivity Ltd.		6,586		540,645
Trimble Inc.(a)(b)		6,566		262,706
				1,330,967
Energy Equipment & Services — 0.7%
Baker Hughes a GE Co.		10,653		281,026
Halliburton Co.		5,060		155,291
National Oilwell Varco Inc.		6,664		187,525
Schlumberger Ltd.		6,144		270,705
TechnipFMC PLC		9,772		217,818
				1,112,365
Entertainment — 1.8%
Activision Blizzard Inc.		3,614		152,294
Electronic Arts Inc.(a)		1,508		144,436
Netflix Inc.(a)		2,937		1,051,740
Twenty-First Century Fox Inc., Class A, NVS		4,401		221,942
Twenty-First Century Fox Inc., Class B		3,297		165,378
Walt Disney Co. (The)		10,217		1,152,886
				2,888,676
Equity Real Estate Investment Trusts (REITs) — 3.1%
American Tower Corp.		4,818		848,691
Boston Properties Inc.		2,829		375,380
Crown Castle International Corp.		1,980		235,125
Digital Realty Trust Inc.		1,775		200,788
Equinix Inc.		894		378,609
HCP Inc.		7,186		221,113
Host Hotels & Resorts Inc.		9,824		192,649
Iron Mountain Inc.		8,425		298,413
Kimco Realty Corp.		9,074		159,612
Liberty Property Trust		7,696		364,252
Prologis Inc.		8,550		599,013
SBA Communications Corp.(a)		1,099		198,435
Simon Property Group Inc.		1,797		325,544
UDR Inc.		5,321		236,359
Weyerhaeuser Co.		13,344		332,132
				4,966,115
Food & Staples Retailing — 0.9%
Costco Wholesale Corp.		2,747		600,879
Kroger Co. (The)		8,379		245,756
Sysco Corp.		3,591		242,572

Security	Shares		Value
Food & Staples Retailing (continued)
Walgreens Boots Alliance Inc.		5,172	$	368,195
				1,457,402
Food Products — 1.7%
Archer-Daniels-Midland Co.		5,400		229,500
Bunge Ltd.		4,969		263,754
Campbell Soup Co.		4,737		170,627
Conagra Brands Inc.		6,578		153,728
General Mills Inc.		7,911		372,845
Hormel Foods Corp.		4,099		177,733
Kellogg Co.		6,468		363,890
Kraft Heinz Co. (The)		5,352		177,633
Lamb Weston Holdings Inc.		2,319		160,730
McCormick & Co. Inc./MD, NVS		2,015		274,000
Mondelez International Inc., Class A		9,827		463,441
				2,807,881
Health Care Equipment & Supplies — 2.6%
Abbott Laboratories		9,280		720,314
ABIOMED Inc.(a)		445		148,853
Align Technology Inc.(a)		677		175,323
Becton Dickinson and Co.		2,175		541,118
Cooper Companies Inc. (The)		685		195,903
DENTSPLY SIRONA Inc.		4,159		173,680
DexCom Inc.(a)		1,085		151,173
Edwards Lifesciences Corp.(a)		2,480		419,839
Hologic Inc.(a)		3,482		164,176
IDEXX Laboratories Inc.(a)		1,627		343,346
Intuitive Surgical Inc.(a)		397		217,401
Medtronic PLC		6,112		553,136
ResMed Inc.		2,287		234,257
Varian Medical Systems Inc.(a)		1,214		163,113
				4,201,632
Health Care Providers & Services — 3.1%
AmerisourceBergen Corp.		1,860		154,938
Anthem Inc.		1,076		323,585
Cardinal Health Inc.		5,511		299,468
Centene Corp.(a)		2,482		151,129
Cigna Corp.		3,021		526,983
CVS Health Corp.		9,163		529,896
DaVita Inc.(a)		2,727		155,166
HCA Healthcare Inc.		2,343		325,771
Henry Schein Inc.(a)		4,916		291,519
Humana Inc.		1,060		302,142
Laboratory Corp. of America Holdings(a)		1,108		164,250
Quest Diagnostics Inc.		3,607		312,186
UnitedHealth Group Inc.		5,808		1,406,814
				4,943,847
Hotels, Restaurants & Leisure — 1.7%
Chipotle Mexican Grill Inc.(a)		266		161,603
Hilton Worldwide Holdings Inc.		5,241		435,527
Marriott International Inc./MD, Class A		1,906		238,764
McDonald’s Corp.		4,431		814,595
MGM Resorts International		5,713		152,823
Royal Caribbean Cruises Ltd.		1,366		161,844
Starbucks Corp.		8,723		612,878
Vail Resorts Inc.		890		185,467
				2,763,501
Household Durables — 0.2%
Mohawk Industries Inc.(a)(b)		1,444		196,557

S C H E D U L E  O F  I N V E S T M E N T S 17

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® ESG MSCI USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Durables (continued)
Newell Brands Inc.		9,391	$	152,416
				348,973
Household Products — 2.0%
Clorox Co. (The)		2,106		332,811
Colgate-Palmolive Co.		7,782		512,601
Kimberly-Clark Corp.		3,958		462,413
Procter & Gamble Co. (The)		18,864		1,859,047
				3,166,872
Industrial Conglomerates — 2.2%
3M Co.		6,309		1,308,423
General Electric Co.		63,215		656,804
Honeywell International Inc.		9,531		1,468,441
Roper Technologies Inc.		626		202,605
				3,636,273
Insurance — 2.4%
Allstate Corp. (The)		4,555		429,901
American International Group Inc.		6,750		291,600
Aon PLC		937		160,724
Chubb Ltd.		3,288		440,263
Marsh & McLennan Companies Inc.		6,716		624,722
Principal Financial Group Inc.		3,175		167,132
Progressive Corp. (The)		5,422		395,264
Prudential Financial Inc.		5,763		552,384
Travelers Companies Inc. (The)		4,777		634,911
Willis Towers Watson PLC		1,002		172,364
				3,869,265
Interactive Media & Services — 4.6%
Alphabet Inc., Class A(a)		1,980		2,230,569
Alphabet Inc., Class C, NVS(a)		2,259		2,529,899
Facebook Inc., Class A(a)		15,358		2,479,549
Twitter Inc.(a)		5,160		158,825
				7,398,842
Internet & Direct Marketing Retail — 3.5%
Amazon.com Inc.(a)		2,716		4,453,778
Booking Holdings Inc.(a)(b)		318		539,659
eBay Inc.		4,924		182,927
MercadoLibre Inc.(a)		444		203,703
Wayfair Inc., Class A(a)		1,320		218,697
				5,598,764
IT Services — 4.9%
Accenture PLC, Class A		7,248		1,169,682
Akamai Technologies Inc.(a)		2,299		160,148
Automatic Data Processing Inc.		3,767		576,464
Cognizant Technology Solutions Corp., Class A		4,035		286,404
DXC Technology Co.		2,462		162,147
International Business Machines Corp.		7,715		1,065,673
Jack Henry & Associates Inc.		1,241		164,594
Mastercard Inc., Class A		6,468		1,453,813
PayPal Holdings Inc.(a)		7,785		763,475
Square Inc., Class A(a)		2,131		173,123
Visa Inc., Class A		12,594		1,865,423
Western Union Co. (The)		9,056		161,831
				8,002,777
Leisure Products — 0.2%
Hasbro Inc.		2,367		200,958
Mattel Inc.(a)		11,661		168,152
				369,110

Security	Shares		Value
Life Sciences Tools & Services — 1.3%
Agilent Technologies Inc.		5,830	$	463,135
Illumina Inc.(a)		808		252,718
IQVIA Holdings Inc.(a)		1,905		266,891
Mettler-Toledo International Inc.(a)		357		243,085
Thermo Fisher Scientific Inc.		1,880		487,992
Waters Corp.(a)		1,342		325,059
				2,038,880
Machinery — 1.8%
Caterpillar Inc.		4,925		676,399
Cummins Inc.		2,488		383,376
Deere & Co.		2,376		389,759
Flowserve Corp.		3,373		149,795
Illinois Tool Works Inc.		1,166		167,997
Ingersoll-Rand PLC		4,320		456,019
PACCAR Inc.		2,367		160,483
Parker-Hannifin Corp.		1,658		292,073
Wabtec Corp.		368		26,960
Xylem Inc./NY		3,450		260,648
				2,963,509
Media — 1.4%
Charter Communications Inc., Class A(a)		994		342,841
Comcast Corp., Class A		28,145		1,088,367
Discovery Inc., Class C, NVS(a)(b)		5,829		158,840
Liberty Broadband Corp., Class C, NVS(a)		1,810		161,995
Liberty Global PLC, Class C, NVS(a)		10,281		261,035
Omnicom Group Inc.		3,132		237,092
				2,250,170
Metals & Mining — 0.3%
Newmont Mining Corp.		6,220		212,226
Nucor Corp.		3,094		187,404
				399,630
Multi-Utilities — 1.2%
CMS Energy Corp.		8,558		465,555
Consolidated Edison Inc.		5,668		467,327
Dominion Energy Inc.		4,751		352,001
Public Service Enterprise Group Inc.		4,165		244,944
Sempra Energy		3,771		454,179
				1,984,006
Multiline Retail — 0.3%
Nordstrom Inc.		3,626		171,437
Target Corp.		4,869		353,684
				525,121
Oil, Gas & Consumable Fuels — 4.2%
Cheniere Energy Inc.(a)		2,788		179,687
ConocoPhillips		12,735		864,070
Devon Energy Corp.		5,671		167,351
EOG Resources Inc.		1,608		151,152
Exxon Mobil Corp.		29,026		2,293,925
Hess Corp.		5,460		315,861
HollyFrontier Corp.		2,784		142,541
Kinder Morgan Inc./DE		8,580		164,393
Marathon Oil Corp.		9,436		156,638
Marathon Petroleum Corp.		5,282		327,537
Noble Energy Inc.		7,118		157,664
Occidental Petroleum Corp.		6,304		417,009
ONEOK Inc.		4,675		300,415
Phillips 66		5,592		538,845
Pioneer Natural Resources Co.		1,109		156,313

18 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® ESG MSCI USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Valero Energy Corp.		4,169	$	340,024
Williams Companies Inc. (The)		5,911		157,764
				6,831,189
Personal Products — 0.1%
Estee Lauder Companies Inc. (The), Class A		1,404		220,344
Pharmaceuticals — 4.8%
Allergan PLC		1,714		236,035
Bristol-Myers Squibb Co.		12,420		641,617
Eli Lilly & Co.		7,807		985,946
Jazz Pharmaceuticals PLC(a)		1,280		179,238
Johnson & Johnson		17,709		2,419,758
Merck & Co. Inc.		19,074		1,550,526
Pfizer Inc.		29,555		1,281,209
Zoetis Inc.		4,683		441,279
				7,735,608
Professional Services — 0.4%
IHS Markit Ltd.(a)		5,323		283,024
ManpowerGroup Inc.		2,393		201,610
TransUnion		2,553		164,822
				649,456
Real Estate Management & Development — 0.3%
CBRE Group Inc., Class A(a)		7,595		377,927
Jones Lang LaSalle Inc.		977		161,322
				539,249
Road & Rail — 1.1%
CSX Corp.		5,861		425,919
Kansas City Southern		1,499		162,851
Norfolk Southern Corp.		2,477		444,126
Union Pacific Corp.		4,647		779,302
				1,812,198
Semiconductors & Semiconductor Equipment — 3.8%
Advanced Micro Devices Inc.(a)		6,810		160,239
Analog Devices Inc.		2,075		221,942
Applied Materials Inc.		10,245		392,794
Broadcom Inc.		2,239		616,531
Intel Corp.		32,845		1,739,471
Lam Research Corp.		1,158		203,912
Marvell Technology Group Ltd.		8,559		170,752
Microchip Technology Inc.		1,769		153,673
Micron Technology Inc.(a)		5,243		214,334
NVIDIA Corp.		4,524		697,872
QUALCOMM Inc.		6,269		334,702
Skyworks Solutions Inc.		1,933		157,849
Texas Instruments Inc.		8,140		861,049
Xilinx Inc.		1,687		211,381
				6,136,501
Software — 7.1%
Adobe Inc.(a)		3,824		1,003,800
Autodesk Inc.(a)		2,414		393,506
Cadence Design Systems Inc.(a)		4,064		232,664
Intuit Inc.		2,604		643,527
Microsoft Corp.		54,049		6,055,109
Oracle Corp.		18,767		978,324
Red Hat Inc.(a)		1,190		217,294
salesforce.com Inc.(a)		7,661		1,253,723
ServiceNow Inc.(a)		1,037		248,299

Security	Shares		Value
Software (continued)
Symantec Corp.		6,961	$	156,553
VMware Inc., Class A		1,066		183,149
Workday Inc., Class A(a)		886		175,366
				11,541,314
Specialty Retail — 2.5%
Best Buy Co. Inc.		5,923		407,739
Gap Inc. (The)		7,865		199,771
Home Depot Inc. (The)		8,809		1,630,898
Lowe’s Companies Inc.		5,482		576,103
O’Reilly Automotive Inc.(a)		415		154,364
Ross Stores Inc.		1,825		173,065
Tiffany & Co.		3,405		323,611
TJX Companies Inc. (The)		7,809		400,524
Tractor Supply Co.		1,652		157,518
				4,023,593
Technology Hardware, Storage & Peripherals — 3.9%
Apple Inc.		31,613		5,473,791
Dell Technologies Inc., Class C(a)		2,930		163,552
Hewlett Packard Enterprise Co.		24,629		403,423
HP Inc.		17,990		354,943
				6,395,709
Textiles, Apparel & Luxury Goods — 1.0%
Hanesbrands Inc.		8,586		159,614
NIKE Inc., Class B		9,523		816,407
PVH Corp.		2,066		237,259
VF Corp.		3,808		332,667
				1,545,947
Trading Companies & Distributors — 0.2%
Fastenal Co.		2,569		161,693
WW Grainger Inc.		558		170,062
				331,755
Total Common Stocks — 99.7% (Cost: $154,002,279)				161,679,789
Short-Term Investments
Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(c)(d)(e)		1,968,664		1,969,452
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(c)(d)		430,127		430,127
				2,399,579
Total Short-Term Investments — 1.5% (Cost: $2,399,524)				2,399,579
Total Investments in Securities — 101.2% (Cost: $156,401,803)				164,079,368
Other Assets, Less Liabilities — (1.2)%				(1,996,031	)
Net Assets — 100.0%			$	162,083,337

^(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 19

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® ESG MSCI USA ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 08/31/18	Shares Purchased		Shares Sold		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	517,430	1,451,234	(b)	—		1,968,664	$	1,969,452	$	1,139	(c)	$	(68	)	$	(1	)
BlackRock Cash Funds: Treasury, SL Agency Shares	81,721	348,406	(b)	—		430,127		430,127		2,742			—			—
BlackRock Inc.	1,066	746		(259	)	1,553		688,321		6,930			(24,985	)		10,031
PNC Financial Services Group Inc. (The) (d)	3,164	2,430		(551	)	5,043		N/A		8,184			(12,021	)		5,274
							$	3,087,900	$	18,995		$	(37,074	)	$	15,304

^(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.

^(d)  As of period end, the entity is no longer an affiliate of the Fund.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	161,679,789	$	—	$	—	$	161,679,789
Money Market Funds		2,399,579		—		—		2,399,579
	$	164,079,368	$	—	$	—	$	164,079,368

See notes to financial statements.

20 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) February 28, 2019 iShares^® ESG MSCI USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.2%
Aerovironment Inc.(a)		121	$	9,640
Astronics Corp.(a)		316		11,367
Axon Enterprise Inc.(a)		401		21,586
BWX Technologies Inc.		1,321		69,154
Cubic Corp.		351		21,657
Curtiss-Wright Corp.		273		33,658
Esterline Technologies Corp.(a)		220		26,785
HEICO Corp.		137		12,841
HEICO Corp., Class A		359		28,716
Hexcel Corp.		950		68,533
KeyW Holding Corp. (The)(a)		1,602		11,855
Kratos Defense & Security Solutions Inc.(a)		707		12,153
Mercury Systems Inc.(a)		359		22,804
Moog Inc., Class A		349		32,792
Teledyne Technologies Inc.(a)		185		43,667
Wesco Aircraft Holdings Inc.(a)		1,391		11,810
				439,018
Air Freight & Logistics — 0.2%
Echo Global Logistics Inc.(a)		658		15,805
Hub Group Inc., Class A(a)		362		15,559
				31,364
Auto Components — 1.0%
American Axle & Manufacturing Holdings Inc.(a)		927		14,925
Cooper Tire & Rubber Co.		288		9,204
Cooper-Standard Holdings Inc.(a)		177		10,639
Dana Inc.		576		11,376
Dorman Products Inc.(a)		164		13,268
Fox Factory Holding Corp.(a)		250		15,845
Gentex Corp.		944		19,201
Gentherm Inc.(a)		465		19,065
LCI Industries		133		10,837
Modine Manufacturing Co.(a)		973		14,624
Tenneco Inc., Class A		845		29,237
Veoneer Inc.(a)		478		14,608
Visteon Corp.(a)		224		19,188
				202,017
Automobiles — 0.1%
Thor Industries Inc.		266		17,176
Banks — 8.1%
Ameris Bancorp.		311		12,679
BancFirst Corp.		317		17,872
BancorpSouth Bank		1,220		39,760
Bank of Hawaii Corp.		1,112		91,440
Bank OZK		978		32,078
BankUnited Inc.		675		24,631
Banner Corp.		336		20,876
BOK Financial Corp.		232		20,982
Bryn Mawr Bank Corp.		253		10,312
Cadence BanCorp.		1,075		21,489
CBTX Inc.		341		11,359
Chemical Financial Corp.		555		25,436
Columbia Banking System Inc.		672		25,455
Community Trust Bancorp. Inc.		240		10,267
Cullen/Frost Bankers Inc.		871		90,305
CVB Financial Corp.		1,390		31,678
Equity Bancshares Inc., Class A(a)		333		11,319
First Financial Bancorp.		1,525		42,288

Security	Shares		Value
Banks (continued)
First Financial Bankshares Inc.		511	$	33,138
First Hawaiian Inc.		407		10,973
First Interstate BancSystem Inc., Class A		605		25,192
Fulton Financial Corp.		3,115		53,516
Glacier Bancorp. Inc.		809		35,450
Great Western Bancorp. Inc.		947		35,560
Hancock Whitney Corp.		388		16,948
Heartland Financial USA Inc.		399		19,387
Heritage Financial Corp./WA		458		15,077
HomeTrust Bancshares Inc.		662		18,026
Independent Bank Corp./Rockland MA		121		10,301
International Bancshares Corp.		1,547		63,149
Investors Bancorp. Inc.		2,904		36,503
LegacyTexas Financial Group Inc.		430		17,944
Live Oak Bancshares Inc.		610		9,888
MB Financial Inc.		782		35,401
National Bank Holdings Corp., Class A		673		24,315
NBT Bancorp. Inc.		251		9,696
Old Line Bancshares Inc.		840		24,058
Opus Bank		1,071		24,387
PacWest Bancorp.		290		11,896
Pinnacle Financial Partners Inc.		592		34,744
Popular Inc.		612		34,505
QCR Holdings Inc.		483		17,267
ServisFirst Bancshares Inc.		345		12,065
Simmons First National Corp., Class A		1,036		27,796
South State Corp.		315		22,378
Sterling Bancorp./DE		694		14,109
Stock Yards Bancorp. Inc.		473		16,848
Texas Capital Bancshares Inc.(a)		517		31,552
TriState Capital Holdings Inc.(a)		449		10,152
Triumph Bancorp. Inc.(a)		301		10,195
Trustmark Corp.		544		19,301
UMB Financial Corp.		622		42,800
Umpqua Holdings Corp.		1,998		36,324
Union Bankshares Corp.		512		18,212
United Bankshares Inc./WV		616		23,648
Webster Financial Corp.		1,033		59,315
WesBanco Inc.		278		11,796
Westamerica Bancorp.		308		19,798
Western Alliance Bancorp.(a)		1,026		47,473
Wintrust Financial Corp.		459		33,815
				1,615,124
Beverages — 0.1%
Boston Beer Co. Inc. (The), Class A, NVS(a)		37		11,565
Biotechnology — 5.1%
ACADIA Pharmaceuticals Inc.(a)		857		22,710
Acceleron Pharma Inc.(a)		270		11,891
Agios Pharmaceuticals Inc.(a)		348		22,575
Aimmune Therapeutics Inc.(a)		412		9,925
Alder Biopharmaceuticals Inc.(a)(b)		731		9,371
Amicus Therapeutics Inc.(a)		1,320		15,972
AnaptysBio Inc.(a)(b)		146		10,055
Arena Pharmaceuticals Inc.(a)		238		11,881
Array BioPharma Inc.(a)		1,194		27,390
Arrowhead Pharmaceuticals Inc.(a)		555		10,834
Atara Biotherapeutics Inc.(a)		271		9,704
Audentes Therapeutics Inc.(a)		405		12,401
BioCryst Pharmaceuticals Inc.(a)		1,124		9,284

S C H E D U L E  O F  I N V E S T M E N T S 21

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® ESG MSCI USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Biohaven Pharmaceutical Holding Co. Ltd.(a)		219	$	9,632
Bluebird Bio Inc.(a)(b)		346		53,706
Blueprint Medicines Corp.(a)		240		19,726
Clovis Oncology Inc.(a)		390		11,809
Coherus Biosciences Inc.(a)		714		10,239
Denali Therapeutics Inc.(a)		498		10,836
Dicerna Pharmaceuticals Inc.(a)(b)		870		10,623
Eagle Pharmaceuticals Inc./DE(a)		237		11,867
Emergent BioSolutions Inc.(a)		150		8,752
Enanta Pharmaceuticals Inc.(a)		97		9,946
Esperion Therapeutics Inc.(a)(b)		213		9,819
Exact Sciences Corp.(a)		643		58,513
Exelixis Inc.(a)		1,489		33,339
FibroGen Inc.(a)		515		29,767
Flexion Therapeutics Inc.(a)(b)		679		9,384
Global Blood Therapeutics Inc.(a)		361		18,952
Halozyme Therapeutics Inc.(a)		879		15,163
Heron Therapeutics Inc.(a)		360		9,529
Immunomedics Inc.(a)		902		14,216
Insmed Inc.(a)		603		17,879
Intercept Pharmaceuticals Inc.(a)		126		12,567
Ionis Pharmaceuticals Inc.(a)		746		52,959
Iovance Biotherapeutics Inc.(a)(b)		1,051		10,794
Ironwood Pharmaceuticals Inc.(a)		808		11,506
Karyopharm Therapeutics Inc.(a)		1,080		4,460
Ligand Pharmaceuticals Inc.(a)		136		16,875
Mirati Therapeutics Inc.(a)		151		10,993
Momenta Pharmaceuticals Inc.(a)		764		10,765
Myriad Genetics Inc.(a)		316		9,805
Neurocrine Biosciences Inc.(a)		499		38,548
OPKO Health Inc.(a)		3,478		8,869
Portola Pharmaceuticals Inc.(a)		321		9,858
Progenics Pharmaceuticals Inc.(a)		2,030		8,973
PTC Therapeutics Inc.(a)		335		11,571
REGENXBIO Inc.(a)		207		10,708
Repligen Corp.(a)		373		22,201
Sage Therapeutics Inc.(a)(b)		287		45,705
Sangamo Therapeutics Inc.(a)		1,132		10,199
Sarepta Therapeutics Inc.(a)		373		53,802
Spark Therapeutics Inc.(a)		368		41,694
Ultragenyx Pharmaceutical Inc.(a)(b)		415		26,618
uniQure NV(a)		266		14,361
Vanda Pharmaceuticals Inc.(a)		471		9,533
Xencor Inc.(a)		276		8,374
				1,019,428
Building Products — 0.7%
AAON Inc.		394		15,705
Advanced Drainage Systems Inc.		629		15,989
Armstrong Flooring Inc.(a)		683		9,794
Armstrong World Industries Inc.		495		36,224
Builders FirstSource Inc.(a)		1,223		17,036
Resideo Technologies Inc.(a)		844		21,691
Trex Co. Inc.(a)		168		12,592
USG Corp.		401		17,287
				146,318
Capital Markets — 2.2%
Ares Management Corp., Class A		428		10,109
Donnelley Financial Solutions Inc.(a)		643		9,137
Evercore Inc., Class A		216		19,894

Security	Shares		Value
Capital Markets (continued)
FactSet Research Systems Inc.		426	$	100,182
Federated Investors Inc., Class B		359		10,680
Interactive Brokers Group Inc., Class A		215		11,875
INTL. FCStone Inc.(a)		266		11,571
Janus Henderson Group PLC		3,142		76,979
Legg Mason Inc.		1,750		51,188
LPL Financial Holdings Inc.		571		43,059
MarketAxess Holdings Inc.		191		46,581
Moelis & Co., Class A		238		10,617
Morningstar Inc.		158		19,997
Stifel Financial Corp.		194		10,559
Virtu Financial Inc., Class A		457		11,489
				443,917
Chemicals — 1.3%
HB Fuller Co.		602		30,389
Huntsman Corp.		580		14,378
Ingevity Corp.(a)		143		16,477
Innospec Inc.		285		23,330
Kraton Corp.(a)(b)		341		12,133
Minerals Technologies Inc.		824		48,781
PolyOne Corp.		303		9,884
RPM International Inc.		535		30,960
Scotts Miracle-Gro Co. (The)		144		11,794
Stepan Co.		159		14,962
Trinseo SA		476		23,890
Tronox Ltd., Class A		917		10,848
Valvoline Inc.		1,161		21,815
				269,641
Commercial Services & Supplies — 2.8%
ABM Industries Inc.		537		19,149
ACCO Brands Corp.		1,169		10,872
Brady Corp., Class A, NVS		778		36,807
Brink’s Co. (The)		203		16,021
Cimpress NV(a)		175		14,438
Clean Harbors Inc.(a)		195		13,260
Covanta Holding Corp.		1,661		28,204
Deluxe Corp.		209		9,725
Healthcare Services Group Inc.		551		21,037
Herman Miller Inc.		780		28,610
HNI Corp.		255		9,851
Interface Inc.		782		13,881
KAR Auction Services Inc.		1,522		71,762
Knoll Inc.		692		14,643
Matthews International Corp., Class A		781		31,060
McGrath RentCorp		336		20,106
Mobile Mini Inc.		423		15,232
MSA Safety Inc.		215		22,229
Pitney Bowes Inc.		3,238		23,281
Quad/Graphics Inc.		684		9,980
SP Plus Corp.(a)		441		15,170
Steelcase Inc., Class A		1,059		18,543
Team Inc.(a)(b)		667		10,419
Tetra Tech Inc.		559		33,551
UniFirst Corp./MA		216		31,065
Viad Corp.		417		24,144
				563,040
Communications Equipment — 1.2%
ADTRAN Inc.		677		10,169
ARRIS International PLC(a)		889		28,164

22 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® ESG MSCI USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Communications Equipment (continued)
Ciena Corp.(a)		1,155	$	49,272
EchoStar Corp., Class A(a)		240		9,254
Finisar Corp.(a)		651		15,943
Infinera Corp.(a)		2,117		10,818
InterDigital Inc.		268		18,688
Lumentum Holdings Inc.(a)		565		28,109
NETGEAR Inc.(a)		279		10,002
NetScout Systems Inc.(a)		498		13,630
Plantronics Inc.		424		21,302
Ribbon Communications Inc.(a)		1,709		8,801
Ubiquiti Networks Inc.		73		10,540
Viavi Solutions Inc.(a)		1,022		13,419
				248,111
Construction & Engineering — 1.9%
AECOM(a)		2,367		73,282
Aegion Corp.(a)		671		11,649
Arcosa Inc.		316		10,583
Argan Inc.		210		9,765
Comfort Systems USA Inc.		590		31,636
Dycom Industries Inc.(a)		158		7,123
EMCOR Group Inc.		726		52,366
Granite Construction Inc.		417		19,415
Great Lakes Dredge & Dock Corp.(a)		1,318		11,730
KBR Inc.		584		11,540
MasTec Inc.(a)(b)		273		11,788
MYR Group Inc.(a)		418		14,020
Quanta Services Inc.		1,808		64,437
Valmont Industries Inc.		255		34,830
Willscot Corp.(a)		967		9,854
				374,018
Construction Materials — 0.1%
Summit Materials Inc., Class A(a)		882		14,994
U.S. Concrete Inc.(a)(b)		281		11,271
				26,265
Consumer Finance — 0.4%
Credit Acceptance Corp.(a)		39		17,154
Encore Capital Group Inc.(a)		311		10,636
Green Dot Corp., Class A(a)		252		16,267
OneMain Holdings Inc.		293		9,669
PRA Group Inc.(a)		635		20,441
SLM Corp.(a)		1,155		12,763
				86,930
Containers & Packaging — 1.1%
AptarGroup Inc.		694		70,601
Bemis Co. Inc.		318		16,822
Berry Global Group Inc.(a)		641		33,633
Graphic Packaging Holding Co.		791		9,634
Greif Inc., Class A, NVS		303		12,181
Owens-Illinois Inc.		902		17,968
Sonoco Products Co.		887		51,348
				212,187
Distributors — 0.3%
Pool Corp.		402		64,135
Diversified Consumer Services — 1.9%
Adtalem Global Education Inc.(a)(b)		205		9,881
American Public Education Inc.(a)		318		10,274
Bright Horizons Family Solutions Inc.(a)		926		114,824
Carriage Services Inc.		1,149		24,140

Security	Shares		Value
Diversified Consumer Services (continued)
Chegg Inc.(a)		263	$	10,423
frontdoor Inc.(a)		503		16,096
Graham Holdings Co., Class B		31		21,195
Grand Canyon Education Inc.(a)		188		21,748
Houghton Mifflin Harcourt Co.(a)		1,129		8,930
Laureate Education Inc., Class A(a)		665		10,168
Service Corp. International/U.S.		1,417		58,579
ServiceMaster Global Holdings Inc.(a)		1,273		57,489
Sotheby’s(a)		332		14,565
Weight Watchers International Inc.(a)		329		6,656
				384,968
Diversified Financial Services — 0.1%
On Deck Capital Inc.(a)		1,730		10,622
Diversified Telecommunication Services — 0.2%
Consolidated Communications Holdings Inc.		955		9,483
Iridium Communications Inc.(a)		566		12,050
ORBCOMM Inc.(a)		1,085		7,649
Vonage Holdings Corp.(a)		973		10,003
				39,185
Electric Utilities — 0.8%
Hawaiian Electric Industries Inc.		1,391		53,247
IDACORP Inc.		750		73,808
Portland General Electric Co.		834		41,817
				168,872
Electrical Equipment — 0.8%
Atkore International Group Inc.(a)		555		12,820
EnerSys		452		33,367
Generac Holdings Inc.(a)		346		17,840
Hubbell Inc.		363		42,852
nVent Electric PLC		583		16,021
Regal Beloit Corp.		390		32,666
Sunrun Inc.(a)		652		10,113
				165,679
Electronic Equipment, Instruments & Components — 3.5%
Anixter International Inc.(a)		249		14,611
Avnet Inc.		958		41,663
Badger Meter Inc.		495		29,126
Belden Inc.		279		17,239
Benchmark Electronics Inc.		434		11,892
Coherent Inc.(a)		185		24,620
CTS Corp.		632		20,300
Dolby Laboratories Inc., Class A		499		32,335
ePlus Inc.(a)		110		9,838
Fabrinet(a)		285		16,672
Insight Enterprises Inc.(a)		389		21,714
Itron Inc.(a)		358		18,978
Jabil Inc.		440		12,496
KEMET Corp.		510		9,664
Littelfuse Inc.		154		29,736
Methode Electronics Inc.		935		26,236
MTS Systems Corp.		389		20,734
National Instruments Corp.		1,613		75,392
Novanta Inc.(a)		303		24,764
OSI Systems Inc.(a)		301		26,142
Plexus Corp.(a)		510		31,498
Rogers Corp.(a)		148		22,977
Sanmina Corp.(a)		308		9,838
SYNNEX Corp.		311		30,515

S C H E D U L E  O F  I N V E S T M E N T S 23

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® ESG MSCI USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Tech Data Corp.(a)		320	$	32,710
Vishay Intertechnology Inc.		1,005		22,030
Zebra Technologies Corp., Class A(a)		353		70,780
				704,500
Energy Equipment & Services — 1.4%
Apergy Corp.(a)		598		25,104
Archrock Inc.		1,242		12,122
C&J Energy Services Inc.(a)		675		11,657
Cactus Inc., Class A(a)		342		12,401
Core Laboratories NV		647		41,932
Dril-Quip Inc.(a)(b)		254		10,823
Ensco PLC, Class A		2,056		8,430
Exterran Corp.(a)		566		9,662
Forum Energy Technologies Inc.(a)		1,510		8,803
Helix Energy Solutions Group Inc.(a)		1,352		10,005
Keane Group Inc.(a)		894		9,852
McDermott International Inc.(a)		1,854		15,722
Newpark Resources Inc.(a)		1,420		12,553
Oceaneering International Inc.(a)		1,288		19,900
Oil States International Inc.(a)		581		9,958
Patterson-UTI Energy Inc.		840		11,138
Superior Energy Services Inc.(a)		2,246		10,511
Tidewater Inc.(a)		432		9,910
U.S. Silica Holdings Inc.		977		14,557
Weatherford International PLC(a)(b)		11,585		7,479
				272,519
Entertainment — 0.7%
Cinemark Holdings Inc.		1,485		55,881
IMAX Corp.(a)		1,007		23,070
Lions Gate Entertainment Corp., Class A		776		11,989
Madison Square Garden Co. (The), Class A(a)		34		9,797
World Wrestling Entertainment Inc., Class A		200		16,740
Zynga Inc., Class A(a)		3,779		19,726
				137,203
Equity Real Estate Investment Trusts (REITs) — 9.1%
Agree Realty Corp.		299		19,653
American Campus Communities Inc.		1,541		69,437
Americold Realty Trust		710		20,413
Apartment Investment & Management Co., Class A		420		20,551
Armada Hoffler Properties Inc.		1,135		17,366
Brandywine Realty Trust		5,749		90,374
Brixmor Property Group Inc.		3,410		59,539
CBL & Associates Properties Inc.		4,402		9,420
Chatham Lodging Trust		658		13,147
Colony Capital Inc.		2,745		15,262
CorePoint Lodging Inc.		769		10,743
CoreSite Realty Corp.		475		48,569
Corporate Office Properties Trust		2,293		59,595
Cousins Properties Inc.		4,527		43,097
CubeSmart		965		29,568
CyrusOne Inc.		970		48,345
DiamondRock Hospitality Co.		2,390		25,549
Douglas Emmett Inc.		2,472		95,419
Easterly Government Properties Inc.		3,582		64,404
Empire State Realty Trust Inc., Class A		1,064		16,194
EPR Properties		148		10,875
Equity LifeStyle Properties Inc.		105		11,407
Essential Properties Realty Trust Inc.		898		15,239
First Industrial Realty Trust Inc.		782		26,213

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Four Corners Property Trust Inc.		873	$	23,911
Franklin Street Properties Corp.		2,792		20,214
Gaming and Leisure Properties Inc.		468		17,026
Hannon Armstrong Sustainable Infrastructure Capital Inc.		471		11,596
Healthcare Trust of America Inc., Class A		656		18,689
Highwoods Properties Inc.		226		10,466
Hospitality Properties Trust		1,001		27,097
Hudson Pacific Properties Inc.		945		31,393
InfraREIT Inc.(a)		538		11,486
JBG SMITH Properties		1,350		54,391
Kilroy Realty Corp.		1,556		114,693
Kite Realty Group Trust		586		9,224
Lamar Advertising Co., Class A		134		10,394
Life Storage Inc.		396		38,650
Medical Properties Trust Inc.		783		14,274
National Health Investors Inc.		163		12,719
National Storage Affiliates Trust		340		9,629
NexPoint Residential Trust Inc.		256		9,201
NorthStar Realty Europe Corp.		631		11,320
Office Properties Income Trust		421		12,845
Omega Healthcare Investors Inc.		273		9,801
Outfront Media Inc.		1,026		23,023
Paramount Group Inc.		1,995		28,648
Park Hotels & Resorts Inc.		888		27,741
Pebblebrook Hotel Trust		301		9,635
Piedmont Office Realty Trust Inc., Class A		602		12,323
PotlatchDeltic Corp.		377		13,568
QTS Realty Trust Inc., Class A		535		22,326
Rayonier Inc.		444		13,085
Rexford Industrial Realty Inc.		1,023		35,068
RLJ Lodging Trust		1,105		20,520
Sabra Health Care REIT Inc.		1,831		33,178
Senior Housing Properties Trust		757		9,803
SITE Centers Corp.		742		9,906
STAG Industrial Inc.		366		10,131
STORE Capital Corp.		766		24,872
Sun Communities Inc.		121		13,742
Sunstone Hotel Investors Inc.		803		12,085
Tanger Factory Outlet Centers Inc.		457		9,867
Taubman Centers Inc.		195		10,409
Tier REIT Inc.		1,095		26,554
Uniti Group Inc.		1,514		14,595
VICI Properties Inc.		3,495		74,478
Washington Prime Group Inc.		1,921		11,103
Washington REIT		533		14,119
Weingarten Realty Investors		330		9,507
				1,809,684
Food & Staples Retailing — 1.0%
BJ’s Wholesale Club Holdings Inc.(a)		707		17,901
Casey’s General Stores Inc.		163		21,963
Performance Food Group Co.(a)		895		34,484
PriceSmart Inc.		430		27,804
SpartanNash Co.		457		8,674
Sprouts Farmers Market Inc.(a)		650		15,158
U.S. Foods Holding Corp.(a)		1,592		56,102
United Natural Foods Inc.(a)(b)		855		12,833
				194,919
Food Products — 0.9%
B&G Foods Inc.		380		9,356

24 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® ESG MSCI USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Darling Ingredients Inc.(a)		1,524	$	33,498
Dean Foods Co.		2,077		8,329
Flowers Foods Inc.		1,066		21,821
Fresh Del Monte Produce Inc.		356		9,854
Freshpet Inc.(a)		393		16,199
Hain Celestial Group Inc. (The)(a)		1,054		20,732
Post Holdings Inc.(a)		311		31,685
Simply Good Foods Co. (The)(a)		683		13,974
TreeHouse Foods Inc.(a)		357		21,627
				187,075
Gas Utilities — 1.0%
Chesapeake Utilities Corp.		148		13,321
National Fuel Gas Co.		639		38,461
New Jersey Resources Corp.		488		23,619
Northwest Natural Holding Co.		307		19,716
ONE Gas Inc.		257		22,218
South Jersey Industries Inc.		845		24,463
Southwest Gas Holdings Inc.		575		47,115
Spire Inc.		134		10,629
				199,542
Health Care Equipment & Supplies — 3.4%
AngioDynamics Inc.(a)		456		10,219
AtriCure Inc.(a)(b)		404		12,904
Atrion Corp.		13		10,223
Avanos Medical Inc.(a)(b)		210		9,887
Cantel Medical Corp.		176		12,940
Cardiovascular Systems Inc.(a)		346		12,238
CryoLife Inc.(a)		368		10,885
GenMark Diagnostics Inc.(a)		1,577		12,127
Glaukos Corp.(a)		243		18,023
Globus Medical Inc., Class A(a)		510		24,832
Haemonetics Corp.(a)		356		30,926
Heska Corp.(a)		108		8,833
Hill-Rom Holdings Inc.		237		25,134
Inogen Inc.(a)		103		11,068
Insulet Corp.(a)		261		24,511
Integer Holdings Corp.(a)		153		13,917
Integra LifeSciences Holdings Corp.(a)		215		11,844
iRhythm Technologies Inc.(a)		111		10,633
LeMaitre Vascular Inc.		396		11,848
LivaNova PLC(a)		268		24,978
Merit Medical Systems Inc.(a)		505		28,144
Neogen Corp.(a)		177		10,967
Nevro Corp.(a)		205		9,444
Novocure Ltd.(a)		331		17,778
NuVasive Inc.(a)		264		15,550
OraSure Technologies Inc.(a)		1,012		10,879
Orthofix Medical Inc.(a)		231		14,114
Penumbra Inc.(a)(b)		234		31,279
Quidel Corp.(a)		236		15,472
STAAR Surgical Co.(a)		329		12,107
STERIS PLC		592		71,608
Tactile Systems Technology Inc.(a)		152		11,554
Tandem Diabetes Care Inc.(a)		352		23,081
Varex Imaging Corp.(a)		317		9,966
West Pharmaceutical Services Inc.		682		71,439
Wright Medical Group NV(a)		404		12,649
				674,001

Security	Shares		Value
Health Care Providers & Services — 2.5%
Acadia Healthcare Co. Inc.(a)		390	$	10,253
Addus HomeCare Corp.(a)(b)		161		10,821
Amedisys Inc.(a)		198		24,611
AMN Healthcare Services Inc.(a)		464		23,205
BioTelemetry Inc.(a)		255		19,054
Brookdale Senior Living Inc.(a)		1,434		9,694
Chemed Corp.		78		25,701
Civitas Solutions Inc.(a)		561		9,963
CorVel Corp.(a)		148		9,960
Cross Country Healthcare Inc.(a)		994		8,688
Diplomat Pharmacy Inc.(a)		728		4,696
Encompass Health Corp.		720		45,461
Ensign Group Inc. (The)		285		14,093
HealthEquity Inc.(a)(b)		238		19,154
LHC Group Inc.(a)		173		18,976
MEDNAX Inc.(a)		690		22,708
Molina Healthcare Inc.(a)		266		35,812
National Research Corp.		473		18,414
Owens & Minor Inc.(b)		1,292		8,062
Patterson Companies Inc.		1,645		37,095
Premier Inc., Class A(a)		750		27,435
Providence Service Corp. (The)(a)(b)		261		18,614
R1 RCM Inc.(a)(b)		1,408		13,925
Select Medical Holdings Corp.(a)		1,049		15,546
Tenet Healthcare Corp.(a)		434		12,404
Tivity Health Inc.(a)		858		18,361
U.S. Physical Therapy Inc.		186		20,505
				503,211
Health Care Technology — 0.6%
Allscripts Healthcare Solutions Inc.(a)		1,996		21,397
HMS Holdings Corp.(a)		508		17,506
Medidata Solutions Inc.(a)		398		29,858
Omnicell Inc.(a)		132		11,214
Teladoc Health Inc.(a)		384		24,714
Vocera Communications Inc.(a)		323		10,704
				115,393
Hotels, Restaurants & Leisure — 2.5%
BBX Capital Corp.		607		3,715
Boyd Gaming Corp.		736		21,903
Brinker International Inc.		387		17,713
Caesars Entertainment Corp.(a)(b)		4,351		37,506
Churchill Downs Inc.		371		34,800
Cracker Barrel Old Country Store Inc.		73		11,825
Dave & Buster’s Entertainment Inc.		225		11,549
Dine Brands Global Inc.		157		15,574
Dunkin’ Brands Group Inc.		890		63,591
El Pollo Loco Holdings Inc.(a)		1,146		17,339
Eldorado Resorts Inc.(a)(b)		326		15,716
Hilton Grand Vacations Inc.(a)		359		11,413
International Speedway Corp., Class A		314		13,581
Jack in the Box Inc.		147		11,839
Marriott Vacations Worldwide Corp.		211		20,539
Penn National Gaming Inc.(a)		812		20,178
Planet Fitness Inc., Class A(a)		381		22,395
PlayAGS Inc.(a)		417		9,920
Scientific Games Corp./DE, Class A(a)		385		11,188
Shake Shack Inc., Class A(a)		332		18,306
Six Flags Entertainment Corp.		465		25,905
Texas Roadhouse Inc.		177		11,206

S C H E D U L E  O F  I N V E S T M E N T S 25

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® ESG MSCI USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Wendy’s Co. (The)		1,454	$	25,198
Wingstop Inc.		147		9,792
Wyndham Destinations Inc.		285		12,834
Wyndham Hotels & Resorts Inc.		493		25,917
				501,442
Household Durables — 1.1%
Century Communities Inc.(a)		420		9,589
Ethan Allen Interiors Inc.		505		10,140
Green Brick Partners Inc.(a)		1,096		9,765
Helen of Troy Ltd.(a)		272		30,494
iRobot Corp.(a)		240		30,014
KB Home		791		18,043
La-Z-Boy Inc.		387		13,317
LGI Homes Inc.(a)(b)		212		12,529
MDC Holdings Inc.		370		10,671
Meritage Homes Corp.(a)		255		11,182
Tempur Sealy International Inc.(a)		198		11,526
Toll Brothers Inc.		539		19,188
TopBuild Corp.(a)		193		11,483
TRI Pointe Group Inc.(a)		760		9,576
Tupperware Brands Corp.		417		12,556
				220,073
Household Products — 0.2%
Energizer Holdings Inc.		495		22,711
Spectrum Brands Holdings Inc.		191		10,346
				33,057
Independent Power and Renewable Electricity Producers — 0.7%
Clearway Energy Inc., Class C		1,497		22,440
NextEra Energy Partners LP		408		17,622
Ormat Technologies Inc.		665		37,127
Pattern Energy Group Inc., Class A		1,642		34,252
TerraForm Power Inc., Class A		1,734		21,692
				133,133
Industrial Conglomerates — 0.4%
Carlisle Companies Inc.		538		66,217
Raven Industries Inc.		448		17,884
				84,101
Insurance — 1.5%
American Equity Investment Life Holding Co.		326		10,318
Assured Guaranty Ltd.		390		16,286
Axis Capital Holdings Ltd.		444		25,339
Brown & Brown Inc.		1,006		29,798
Crawford & Co., Class A, NVS		1,035		10,391
eHealth Inc.(a)		163		8,706
Erie Indemnity Co., Class A, NVS		159		28,337
First American Financial Corp.		1,224		62,167
Genworth Financial Inc., Class A(a)		3,750		14,513
Hanover Insurance Group Inc. (The)		289		34,307
Horace Mann Educators Corp.		134		5,252
Kemper Corp.		159		13,213
Old Republic International Corp.		564		11,765
Primerica Inc.		54		6,752
ProAssurance Corp.		355		14,413
Selective Insurance Group Inc.		118		7,783
Universal Insurance Holdings Inc.		254		9,916
				309,256
Interactive Media & Services — 0.1%
ANGI Homeservices Inc., Class A(a)(b)		573		9,409

Security	Shares		Value
Interactive Media & Services (continued)
Yelp Inc.(a)		312	$	11,625
				21,034
Internet & Direct Marketing Retail — 0.5%
Etsy Inc.(a)		680		48,464
Groupon Inc.(a)		2,850		9,320
Nutrisystem Inc.		297		12,854
Quotient Technology Inc.(a)		962		9,649
Shutterfly Inc.(a)		408		18,282
Stamps.com Inc.(a)		68		6,391
				104,960
IT Services — 2.9%
Black Knight Inc.(a)		887		46,346
Booz Allen Hamilton Holding Corp.		1,121		59,256
CACI International Inc., Class A(a)		141		25,699
Carbonite Inc.(a)		417		9,703
Cardtronics PLC, Class A(a)		355		10,476
Conduent Inc.(a)		2,191		32,032
CoreLogic Inc.(a)		251		9,204
CSG Systems International Inc.		241		10,013
EPAM Systems Inc.(a)		214		34,621
Euronet Worldwide Inc.(a)		212		28,476
Everi Holdings Inc.(a)		1,297		9,974
ExlService Holdings Inc.(a)		266		16,332
Limelight Networks Inc.(a)		3,316		9,683
LiveRamp Holdings Inc.(a)		342		18,382
MAXIMUS Inc.		148		10,461
Perspecta Inc.		809		17,070
Science Applications International Corp.		351		26,220
Sykes Enterprises Inc.(a)		771		22,814
Travelport Worldwide Ltd.		2,065		32,462
TTEC Holdings Inc.		284		9,730
Twilio Inc., Class A(a)		604		73,501
Virtusa Corp.(a)		354		17,866
WEX Inc.(a)		333		59,294
				589,615
Leisure Products — 0.1%
Callaway Golf Co.		989		17,021
Life Sciences Tools & Services — 1.2%
Bio-Rad Laboratories Inc., Class A(a)		62		16,796
Bio-Techne Corp.		169		32,769
Bruker Corp.		907		34,657
Charles River Laboratories International Inc.(a)		107		15,212
Luminex Corp.		748		19,059
Medpace Holdings Inc.(a)		141		7,748
NeoGenomics Inc.(a)		672		13,171
PerkinElmer Inc.		743		69,961
PRA Health Sciences Inc.(a)		259		27,708
Syneos Health Inc.(a)		281		11,737
				248,818
Machinery — 4.2%
Actuant Corp., Class A		661		16,161
AGCO Corp.		485		32,776
Alamo Group Inc.		150		14,406
Allison Transmission Holdings Inc.		759		37,722
Barnes Group Inc.		551		31,997
Briggs & Stratton Corp.		896		11,747
Chart Industries Inc.(a)		238		21,011
Crane Co.		118		9,979

26 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® ESG MSCI USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Donaldson Co. Inc.		1,206	$	62,217
Douglas Dynamics Inc.		275		11,599
ESCO Technologies Inc.		342		23,663
Evoqua Water Technologies Corp.(a)		894		12,140
Federal Signal Corp.		581		14,281
Franklin Electric Co. Inc.		551		29,319
Gardner Denver Holdings Inc.(a)		582		15,627
Gates Industrial Corp. PLC(a)		673		10,835
Graco Inc.		380		17,845
Harsco Corp.(a)		458		10,250
Hillenbrand Inc.		331		14,660
Hyster-Yale Materials Handling Inc.		183		12,382
ITT Inc.		493		28,476
John Bean Technologies Corp.		166		15,554
Kennametal Inc.		417		15,717
Lincoln Electric Holdings Inc.		116		10,025
Lindsay Corp.		134		12,391
Lydall Inc.(a)		361		10,162
Meritor Inc.(a)		756		16,844
Navistar International Corp.(a)		530		20,336
Nordson Corp.		182		24,708
Oshkosh Corp.		602		46,842
Proto Labs Inc.(a)(b)		170		19,208
Tennant Co.		163		10,302
Terex Corp.		466		15,653
Timken Co. (The)		241		10,457
Toro Co. (The)		742		50,886
TriMas Corp.(a)		491		15,874
Wabash National Corp.		673		9,987
Watts Water Technologies Inc., Class A		233		18,766
Welbilt Inc.(a)		1,347		21,512
Woodward Inc.		470		45,280
				829,597
Media — 1.5%
Cable One Inc.		26		24,674
comScore Inc.(a)		599		13,064
Entercom Communications Corp., Class A		1,500		9,240
Gannett Co. Inc.		1,426		16,741
GCI Liberty Inc., Class A(a)		501		26,824
Gray Television Inc.(a)		565		12,379
Hemisphere Media Group Inc.(a)		1,528		21,239
John Wiley & Sons Inc., Class A		472		24,492
Liberty Latin America Ltd., Class C, NVS(a)(b)		781		15,144
Loral Space & Communications Inc.(a)		285		11,659
Meredith Corp.		206		11,798
National CineMedia Inc.		1,368		10,588
New York Times Co. (The), Class A		1,140		37,449
Nexstar Media Group Inc., Class A		132		12,900
Scholastic Corp., NVS		235		9,943
Sinclair Broadcast Group Inc., Class A		307		11,083
TEGNA Inc.		792		10,431
Tribune Media Co., Class A		474		21,913
				301,561
Metals & Mining — 1.3%
Alcoa Corp.(a)		1,280		37,760
Century Aluminum Co.(a)		1,161		10,020
Cleveland-Cliffs Inc.		1,738		19,275
Commercial Metals Co.		1,037		17,162
Compass Minerals International Inc.		344		18,019

Security	Shares		Value
Metals & Mining (continued)
Reliance Steel & Aluminum Co.		821	$	73,274
Royal Gold Inc.		686		60,649
Schnitzer Steel Industries Inc., Class A		797		19,367
U.S. Steel Corp.		505		11,317
				266,843
Mortgage Real Estate Investment — 0.7%
Apollo Commercial Real Estate Finance Inc.		1,497		27,185
Capstead Mortgage Corp.		1,256		10,425
Chimera Investment Corp.		846		15,643
Granite Point Mortgage Trust Inc.		612		11,640
New Residential Investment Corp.		841		13,910
Ready Capital Corp.		643		10,372
Redwood Trust Inc.		853		13,051
Starwood Property Trust Inc.		1,461		32,770
				134,996
Multi-Utilities — 0.4%
Avista Corp.		1,323		53,462
Black Hills Corp.		143		10,150
MDU Resources Group Inc.		911		24,069
				87,681
Multiline Retail — 0.1%
Big Lots Inc.		377		11,887
Ollie’s Bargain Outlet Holdings Inc.(a)		114		10,057
				21,944
Oil, Gas & Consumable Fuels — 2.6%
Antero Resources Corp.(a)		1,322		11,449
California Resources Corp.(a)(b)		463		10,950
Callon Petroleum Co.(a)		1,813		13,869
Carrizo Oil & Gas Inc.(a)		785		8,619
Centennial Resource Development Inc./DE, Class A(a)		766		6,948
Chesapeake Energy Corp.(a)		7,861		23,269
Clean Energy Fuels Corp.(a)		5,264		12,055
CNX Resources Corp.(a)		973		10,314
CONSOL Energy Inc.(a)		279		10,588
Delek U.S. Holdings Inc.		574		20,308
Denbury Resources Inc.(a)		5,411		10,389
EnLink Midstream LLC		1,743		19,434
EQT Corp.		1,862		33,739
Equitrans Midstream Corp.(a)		1,051		18,540
Green Plains Inc.		648		10,109
Gulfport Energy Corp.(a)		1,237		9,475
Kosmos Energy Ltd.(a)		3,827		24,493
Matador Resources Co.(a)		515		9,579
Murphy Oil Corp.		548		15,837
Oasis Petroleum Inc.(a)		1,894		10,587
PBF Energy Inc., Class A		707		21,966
PDC Energy Inc.(a)		375		13,901
Peabody Energy Corp.		621		19,158
QEP Resources Inc.(a)		1,400		10,864
Range Resources Corp.		1,397		14,948
Renewable Energy Group Inc.(a)		377		10,017
SM Energy Co.		838		13,693
Southwestern Energy Co.(a)(b)		3,893		16,467
Tallgrass Energy LP		741		16,769
Tellurian Inc.(a)		965		9,901
Texas Pacific Land Trust		29		21,565
Whiting Petroleum Corp.(a)		410		9,992
World Fuel Services Corp.		617		17,085

S C H E D U L E  O F  I N V E S T M E N T S 27

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® ESG MSCI USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
WPX Energy Inc.(a)		2,216	$	27,345
				514,222
Paper & Forest Products — 0.5%
Boise Cascade Co.		1,371		38,237
Domtar Corp.		678		34,517
Louisiana-Pacific Corp.		1,000		25,270
				98,024
Personal Products — 0.5%
Avon Products Inc.(a)		3,812		11,779
Edgewell Personal Care Co.(a)		255		11,312
Herbalife Nutrition Ltd.(a)		754		42,299
Medifast Inc.		141		17,968
Nu Skin Enterprises Inc., Class A		224		13,465
USANA Health Sciences Inc.(a)		95		9,357
				106,180
Pharmaceuticals — 1.4%
Aclaris Therapeutics Inc.(a)		1,341		8,690
Aerie Pharmaceuticals Inc.(a)		302		14,094
Amneal Pharmaceuticals Inc.(a)		724		9,796
Catalent Inc.(a)		976		42,183
Corcept Therapeutics Inc.(a)		843		10,512
Cymabay Therapeutics Inc.(a)		1,078		12,731
Endo International PLC(a)		1,152		12,660
Horizon Pharma PLC(a)		1,008		29,242
Intersect ENT Inc.(a)		432		14,684
Intra-Cellular Therapies Inc.(a)		712		9,697
Mallinckrodt PLC(a)		456		11,382
Medicines Co. (The)(a)		513		12,656
MyoKardia Inc.(a)		226		10,136
Pacira Pharmaceuticals Inc./DE(a)		245		10,089
Reata Pharmaceuticals Inc., Class A(a)		147		13,868
Revance Therapeutics Inc.(a)(b)		562		9,520
Supernus Pharmaceuticals Inc.(a)		314		12,824
TherapeuticsMD Inc.(a)		1,761		10,073
Theravance Biopharma Inc.(a)		450		10,921
Zogenix Inc.(a)		297		15,661
				281,419
Professional Services — 1.4%
ASGN Inc.(a)		337		21,706
Exponent Inc.		212		12,006
FTI Consulting Inc.(a)		407		30,183
GP Strategies Corp.(a)		659		11,032
Huron Consulting Group Inc.(a)		178		8,156
ICF International Inc.		273		20,617
InnerWorkings Inc.(a)		1,835		8,900
Insperity Inc.		263		33,209
Kelly Services Inc., Class A, NVS		1,024		24,709
Korn Ferry		447		21,809
Navigant Consulting Inc.		765		15,751
Resources Connection Inc.		569		9,884
TriNet Group Inc.(a)		525		32,177
TrueBlue Inc.(a)		751		17,288
WageWorks Inc.(a)		267		8,784
				276,211
Real Estate Management & Development — 0.8%
Cushman & Wakefield PLC(a)		1,169		21,428
HFF Inc., Class A		255		11,526
Howard Hughes Corp. (The)(a)(b)		381		42,436
Kennedy-Wilson Holdings Inc.		690		14,338

Security	Shares		Value
Real Estate Management & Development (continued)
Marcus & Millichap Inc.(a)		684	$	26,416
Realogy Holdings Corp.		836		11,370
RMR Group Inc. (The), Class A		148		10,589
St. Joe Co. (The)(a)		842		13,085
Tejon Ranch Co.(a)		513		9,485
				160,673
Road & Rail — 0.7%
ArcBest Corp.		312		10,867
Avis Budget Group Inc.(a)		518		18,555
Genesee & Wyoming Inc., Class A(a)		405		33,210
Hertz Global Holdings Inc.(a)		578		11,040
Landstar System Inc.		129		14,020
Ryder System Inc.		715		44,444
				132,136
Semiconductors & Semiconductor Equipment — 2.8%
Brooks Automation Inc.		524		16,826
Cabot Microelectronics Corp.		365		41,281
Cirrus Logic Inc.(a)		765		30,699
Cree Inc.(a)		833		45,324
Cypress Semiconductor Corp.		1,971		30,413
Entegris Inc.		986		34,835
First Solar Inc.(a)		610		32,056
Ichor Holdings Ltd.(a)		456		9,562
Inphi Corp.(a)		258		11,151
Integrated Device Technology Inc.(a)		737		35,619
Kulicke & Soffa Industries Inc.		1,037		24,183
Lattice Semiconductor Corp.(a)		898		10,596
Mellanox Technologies Ltd.(a)(b)		320		34,381
MKS Instruments Inc.		207		17,154
Nanometrics Inc.(a)		461		13,120
Power Integrations Inc.		219		16,000
Rambus Inc.(a)		981		10,075
Semtech Corp.(a)		377		20,750
Silicon Laboratories Inc.(a)		306		24,792
SolarEdge Technologies Inc.(a)(b)		252		10,650
Teradyne Inc.		910		37,155
Universal Display Corp.		230		34,325
Versum Materials Inc.		263		12,887
				553,834
Software — 5.9%
2U Inc.(a)(b)		332		24,468
8x8 Inc.(a)		536		10,543
ACI Worldwide Inc.(a)		980		31,233
Aspen Technology Inc.(a)		216		21,753
Avaya Holdings Corp.(a)(b)		1,031		15,970
Benefitfocus Inc.(a)		169		8,301
Blackbaud Inc.		403		31,128
Blackline Inc.(a)		390		20,413
Box Inc., Class A(a)		592		11,982
Ceridian HCM Holding Inc.(a)		217		10,637
Cloudera Inc.(a)		1,154		16,814
Cornerstone OnDemand Inc.(a)		195		11,017
Coupa Software Inc.(a)		303		28,540
Ellie Mae Inc.(a)		179		17,809
Envestnet Inc.(a)		354		21,597
Everbridge Inc.(a)		161		11,384
Fair Isaac Corp.(a)		282		69,885
FireEye Inc.(a)		855		14,330
Five9 Inc.(a)		410		21,746

28 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® ESG MSCI USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Guidewire Software Inc.(a)		265	$	24,311
HubSpot Inc.(a)		165		27,783
LivePerson Inc.(a)		508		14,204
LogMeIn Inc.		368		29,234
Manhattan Associates Inc.(a)		405		22,174
Mimecast Ltd.(a)		536		25,878
New Relic Inc.(a)		283		29,927
Nuance Communications Inc.(a)		1,258		21,097
Nutanix Inc., Class A(a)		918		45,983
Paycom Software Inc.(a)		317		57,608
Paylocity Holding Corp.(a)		322		28,197
Progress Software Corp.		284		10,445
Proofpoint Inc.(a)		225		26,570
Qualys Inc.(a)		178		14,886
Rapid7 Inc.(a)		285		13,119
RingCentral Inc., Class A(a)		478		50,329
SailPoint Technologies Holding Inc.(a)		406		12,521
SPS Commerce Inc.(a)		159		16,978
Teradata Corp.(a)		1,554		75,167
TiVo Corp.		1,020		10,231
Trade Desk Inc. (The), Class A(a)		170		33,582
Tyler Technologies Inc.(a)		124		25,394
Ultimate Software Group Inc. (The)(a)		188		62,322
Varonis Systems Inc.(a)		178		10,139
Verint Systems Inc.(a)		211		11,236
Workiva Inc.(a)		303		14,983
Zendesk Inc.(a)		599		47,333
Zscaler Inc.(a)		251		12,470
				1,173,651
Specialty Retail — 2.6%
Aaron’s Inc.		563		30,565
American Eagle Outfitters Inc.		1,543		31,477
Asbury Automotive Group Inc.(a)		193		13,856
At Home Group Inc.(a)		422		10,331
AutoNation Inc.(a)		344		12,129
Buckle Inc. (The)		563		10,804
Caleres Inc.		452		14,057
DSW Inc., Class A		428		12,673
Five Below Inc.(a)		330		39,716
Floor & Decor Holdings Inc., Class A(a)		331		12,307
Foot Locker Inc.		728		43,331
GameStop Corp., Class A		869		10,167
Genesco Inc.(a)		217		10,475
Group 1 Automotive Inc.		176		10,944
Guess? Inc.		488		10,926
Hibbett Sports Inc.(a)		552		10,234
Lithia Motors Inc., Class A		200		18,054
MarineMax Inc.(a)		507		9,952
Michaels Companies Inc. (The)(a)		720		10,181
Monro Inc.(b)		274		20,909
Murphy USA Inc.(a)		261		20,298
National Vision Holdings Inc.(a)		482		16,195
Office Depot Inc.		3,637		12,620
Rent-A-Center Inc./TX(a)		554		10,310
RH(a)		109		16,741
Sally Beauty Holdings Inc.(a)		806		14,564
Signet Jewelers Ltd.		554		15,573
Sleep Number Corp.(a)		279		12,178
Tailored Brands Inc.		772		10,005
Williams-Sonoma Inc.		623		36,234

Security	Shares		Value
Specialty Retail (continued)
Winmark Corp.		66	$	11,369
				519,175
Technology Hardware, Storage & Peripherals — 0.3%
3D Systems Corp.(a)		762		10,759
Cray Inc.(a)		441		10,818
NCR Corp.(a)		652		18,269
Pure Storage Inc., Class A(a)		777		15,913
				55,759
Textiles, Apparel & Luxury Goods — 1.1%
Carter’s Inc.		176		17,149
Columbia Sportswear Co.		499		51,372
Crocs Inc.(a)		600		15,408
Deckers Outdoor Corp.(a)		264		39,059
Fossil Group Inc.(a)		669		10,463
Movado Group Inc.		462		16,184
Skechers U.S.A. Inc., Class A(a)		432		14,528
Unifi Inc.(a)		431		9,534
Wolverine World Wide Inc.		1,110		39,694
				213,391
Thrifts & Mortgage Finance — 1.5%
Columbia Financial Inc.(a)		674		10,804
Federal Agricultural Mortgage Corp., Class C, NVS		194		15,883
First Defiance Financial Corp.		364		11,262
Flagstar Bancorp. Inc.		313		10,223
HomeStreet Inc.(a)		1,019		28,430
LendingTree Inc.(a)		37		11,801
MGIC Investment Corp.(a)		2,765		35,890
Mr Cooper Group Inc.(a)		673		9,186
New York Community Bancorp. Inc.		4,097		51,254
NMI Holdings Inc., Class A(a)		418		10,095
OceanFirst Financial Corp.		764		19,253
Radian Group Inc.		819		16,675
TFS Financial Corp.		984		16,856
United Community Financial Corp./OH		993		9,950
Walker & Dunlop Inc.		193		10,769
Washington Federal Inc.		599		18,377
WSFS Financial Corp.		297		12,854
				299,562
Trading Companies & Distributors — 1.0%
Air Lease Corp.		324		12,105
Aircastle Ltd.		493		9,791
Beacon Roofing Supply Inc.(a)		578		20,964
Foundation Building Materials Inc.(a)		1,080		12,010
GATX Corp.		329		26,155
Herc Holdings Inc.(a)		242		10,648
MSC Industrial Direct Co. Inc., Class A		117		9,876
NOW Inc.(a)		675		9,740
Rush Enterprises Inc., Class A		257		10,773
SiteOne Landscape Supply Inc.(a)		298		16,006
Triton International Ltd.		403		13,263
Veritiv Corp.(a)		276		7,974
Watsco Inc.		132		18,993
WESCO International Inc.(a)		552		30,056
				208,354
Transportation Infrastructure — 0.2%
Macquarie Infrastructure Corp.		957		39,132
Water Utilities — 0.1%
Aqua America Inc.		765		27,494

S C H E D U L E  O F  I N V E S T M E N T S 29

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® ESG MSCI USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Wireless Telecommunication Services — 0.3%
Boingo Wireless Inc.(a)		558	$	12,482
Gogo Inc.(a)(b)		2,632		12,081
Shenandoah Telecommunications Co.		377		16,754
Telephone & Data Systems Inc.		303		9,711
				51,028
Total Common Stocks — 99.8% (Cost: $18,799,888)				19,953,004
Short-Term Investments
Money Market Funds — 3.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(c)(d)(e)		589,597		589,833
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(c)(d)		39,996		39,996
				629,829
Total Short-Term Investments — 3.1% (Cost: $629,709)				629,829
Total Investments in Securities — 102.9% (Cost: $19,429,597)				20,582,833
Other Assets, Less Liabilities — (2.9)%				(586,136	)
Net Assets — 100.0%			$	19,996,697

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period-end.

^(e)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	729,442	(139,845	)	589,597	$	589,833	$	1,707	(b)	$	(23	)	$	55
BlackRock Cash Funds: Treasury, SL Agency Shares	27,907	12,089		39,996		39,996		190			—			—
					$	629,829	$	1,897		$	(23	)	$	55

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	19,953,004	$	—	$	—	$	19,953,004
Money Market Funds		629,829		—		—		629,829
	$	20,582,833	$	—	$	—	$	20,582,833

See notes to financial statements.

30 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited)  February 28, 2019 iShares^® MSCI Global Impact ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 0.9%
CSL Ltd.		2,584	$	356,206
GPT Group (The)		15,728		65,459
				421,665
Austria — 0.2%
Verbund AG		2,244		108,138
Belgium — 4.3%
Umicore SA		45,492		1,968,467
Canada — 0.2%
First Capital Realty Inc.		5,287		85,989
China — 8.8%
3SBio Inc.(a)		8,500		14,055
Beijing Enterprises Water Group Ltd.(b)		612,000		366,430
BYD Co. Ltd., Class H(b)		119,000		761,013
China Conch Venture Holdings Ltd.		8,500		28,370
China Everbright International Ltd.		289,000		282,749
China Longyuan Power Group Corp. Ltd., Class H		306,000		228,434
China Medical System Holdings Ltd.		34,000		35,777
China Mengniu Dairy Co. Ltd.		96,000		296,568
China Vanke Co. Ltd., Class H		164,900		626,006
CSPC Pharmaceutical Group Ltd.		32,000		54,626
Fullshare Holdings Ltd.(b)		40,000		8,000
Huaneng Renewables Corp. Ltd., Class H		612,000		186,333
New Oriental Education & Technology Group Inc., ADR(c)		10,149		832,827
Sihuan Pharmaceutical Holdings Group Ltd.		34,000		7,103
Sino Biopharmaceutical Ltd.		85,000		73,741
SOHO China Ltd.(c)		42,500		18,137
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		81,600		93,556
Xinyi Solar Holdings Ltd.		272,000		133,751
				4,047,476
Denmark — 5.4%
Genmab A/S(c)		102		17,645
H Lundbeck A/S		1,344		61,536
Novo Nordisk A/S, Class B		16,898		830,032
Vestas Wind Systems A/S		19,210		1,600,760
				2,509,973
France — 6.0%
Covivio		1,037		105,094
Danone SA		13,311		1,005,380
Gecina SA		510		75,728
Ipsen SA		336		46,525
Klepierre SA		5,032		175,852
Suez		105,621		1,351,241
				2,759,820
Germany — 3.1%
KION Group AG		6,188		353,159
OSRAM Licht AG		10,676		463,173
Vonovia SE		12,988		630,622
				1,446,954
Hong Kong — 2.3%
MTR Corp. Ltd.		32,000		183,852
Swire Properties Ltd.		13,600		54,575
WH Group Ltd.(a)		943,500		837,753
				1,076,180
India — 0.2%
Godrej Consumer Products Ltd.		1,548		14,644

Security	Shares		Value
India (continued)
Hindustan Unilever Ltd.		2,752	$	67,039
Marico Ltd.		2,640		12,609
Nestle India Ltd.		112		16,754
				111,046
Indonesia — 0.1%
Indofood CBP Sukses Makmur Tbk PT		43,700		31,763
Unilever Indonesia Tbk PT		6,800		23,529
				55,292
Ireland — 1.2%
Kingspan Group PLC		11,203		528,899
Japan — 13.1%
Central Japan Railway Co		6,400		1,435,861
Chugai Pharmaceutical Co. Ltd.		1,600		108,803
Daiichi Sankyo Co. Ltd.		10,200		381,813
East Japan Railway Co.		19,100		1,829,015
Japan Retail Fund Investment Corp.		48		96,759
NH Foods Ltd.		17,600		642,688
Nippon Prologis REIT Inc.		17		36,162
Nisshin Seifun Group Inc.		8,000		171,613
Nissin Foods Holdings Co. Ltd.		1,800		124,991
Ono Pharmaceutical Co. Ltd.		5,100		104,845
Shionogi & Co. Ltd.		1,800		115,063
Sysmex Corp.		1,600		96,285
Terumo Corp.		2,000		122,530
TOTO Ltd.		10,200		386,211
Toyo Suisan Kaisha Ltd.		5,100		189,211
Unicharm Corp.		6,800		216,547
				6,058,397
Mexico — 0.3%
Gruma SAB de CV, Series B		5,920		64,160
Kimberly-Clark de Mexico SAB de CV, Class A		39,100		63,207
				127,367
Norway — 0.5%
Mowi ASA(c)		10,472		241,876
Singapore — 0.3%
CapitaLand Commercial Trust		28,895		41,486
CapitaLand Mall Trust		45,900		81,528
				123,014
South Korea — 1.5%
Samsung SDI Co. Ltd.		3,196		674,891
Spain — 1.1%
Siemens Gamesa Renewable Energy SA(c)		33,915		519,619
Sweden — 1.5%
Essity AB, Class B		25,398		709,054
Switzerland — 0.5%
Geberit AG, Registered		578		231,154
Taiwan — 4.2%
Innolux Corp.		4,318,000		1,438,094
Standard Foods Corp.		12,000		20,548
Uni-President Enterprises Corp.		192,000		467,890
				1,926,532
Thailand — 0.1%
BTS Group Holdings PCL, NVDR		95,200		31,419

S C H E D U L E  O F  I N V E S T M E N T S 31

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI Global Impact ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom — 11.4%
Barratt Developments PLC		171,496	$	1,366,360
Berkeley Group Holdings PLC		13,634		716,316
Johnson Matthey PLC		45,968		1,891,124
Pearson PLC		114,937		1,293,346
				5,267,146
United States — 33.2%
AbbVie Inc.		22,882		1,813,170
ABIOMED Inc.(c)		119		39,806
Acuity Brands Inc.		2,924		380,471
Amgen Inc.		6,528		1,240,842
Baxter International Inc.		5,593		417,965
BioMarin Pharmaceutical Inc.(c)		1,136		105,943
Celgene Corp.(c)		11,441		950,976
Citrix Systems Inc.		6,086		642,073
Colgate-Palmolive Co.		8,789		578,931
DexCom Inc.(c)		459		63,953
Digital Realty Trust Inc.		4,046		457,684
Edwards Lifesciences Corp.(c)		1,190		201,455
Gilead Sciences Inc.		23,409		1,522,053
HCP Inc.		7,820		240,621
Hormel Foods Corp.		6,608		286,523
Jazz Pharmaceuticals PLC(c)		1,003		140,450
Kimberly-Clark Corp.		10,098		1,179,749
Procter & Gamble Co. (The)		18,785		1,851,262
Rockwell Automation Inc.		3,332		594,962
Tesla Inc.(c)		6,001		1,919,600
Vertex Pharmaceuticals Inc.(c)		969		182,899
VMware Inc., Class A		1,105		189,850
Xylem Inc./NY		4,488		339,068
				15,340,306
Total Common Stocks — 100.4% (Cost: $44,047,405)				46,370,674

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(d)(e)(f)		147,580	$	147,639
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(d)(e)		187,952		187,952
				335,591
Total Short-Term Investments — 0.7% (Cost: $335,541)				335,591
Total Investments in Securities — 101.1% (Cost: $44,382,946)				46,706,265
Other Assets, Less Liabilities — (1.1)%				(488,454	)
Net Assets — 100.0%			$	46,217,811

^(a)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)  All or a portion of this security is on loan.

^(c)  Non-income producing security.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period-end.

^(f)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	482,597	(335,017	)	147,580	$	147,639	$	6,993	(b)	$	(46	)	$	15
BlackRock Cash Funds: Treasury, SL Agency Shares	—	187,952		187,952		187,952		471			—			—
					$	335,591	$	7,464		$	(46	)	$	15

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

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.

32 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2019 iShares^® MSCI Global Impact ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	46,370,674	$	—	$	—	$	46,370,674
Money Market Funds		335,591		—		—		335,591
	$	46,706,265	$	—	$	—	$	46,706,265

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 33

Statements of Assets and Liabilities  (unaudited)

February 28, 2019

	iShares ESG MSCI EAFE ETF		iShares ESG MSCI USA ETF		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)	$	648,057,097	$	160,991,468	$	19,953,004	$	46,370,674
Affiliated(c)		134,502		3,087,900		629,829		335,591
Foreign currency, at value(d)		1,015,136		—		—		526,178
Receivables:
Investments sold		31,237,794		7,857,730		945,988		5,364,162
Securities lending income — Affiliated		58		134		499		153
Dividends		1,395,894		303,755		15,546		20,585
Tax reclaims		204,637		—		18		19,460
Total assets		682,045,118		172,240,987		21,544,884		52,636,803
LIABILITIES
Collateral on securities loaned, at value		—		1,969,440		589,726		147,763
Payables:
Investments purchased		31,429,721		8,170,335		955,997		6,180,963
Capital shares redeemed		—		—		—		73,255
Investment advisory fees		96,094		17,875		2,464		17,011
Total liabilities		31,525,815		10,157,650		1,548,187		6,418,992
NET ASSETS	$	650,519,303	$	162,083,337	$	19,996,697	$	46,217,811
NET ASSETS CONSIST OF:
Paid-in capital	$	646,176,055	$	155,709,983	$	19,055,718	$	45,070,946
Accumulated earnings		4,343,248		6,373,354		940,979		1,146,865
NET ASSETS	$	650,519,303	$	162,083,337	$	19,996,697	$	46,217,811
Shares outstanding		10,400,000		2,650,000		750,000		800,000
Net asset value	$	62.55	$	61.16	$	26.66	$	57.77
Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None
(a) Securities loaned, at value	$	—	$	1,857,283	$	563,468	$	140,162
(b) Investments, at cost — Unaffiliated	$	634,849,798	$	153,292,353	$	18,799,888	$	44,047,405
(c)  Investments, at cost — Affiliated	$	134,502	$	3,109,450	$	629,709	$	335,541
(d) Foreign currency, at cost	$	1,015,945	$	—	$	—	$	526,298

See notes to financial statements.

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Statements of Operations  (unaudited)

Six Months Ended February 28, 2019

	iShares ESG MSCI EAFE ETF			iShares ESG MSCI USA ETF			iShares ESG MSCI USA Small-Cap ETF			iShares MSCI Global Impact ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	5,029,055		$	1,273,225		$	100,921		$	294,336
Dividends — Affiliated		4,180			17,856			190			471
Securities lending income — Affiliated — net		36,533			1,139			1,707			6,993
Foreign taxes withheld		(304,046	)		—			(143	)		(7,744	)
Total investment income		4,765,722			1,292,220			102,675			294,056
EXPENSES
Investment advisory fees		463,542			89,303			10,677			95,750
Commitment fees		—			—			—			2
Total expenses		463,542			89,303			10,677			95,752
Net investment income		4,302,180			1,202,917			91,998			198,304
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		(7,577,958	)		(1,065,150	)		(182,252	)		(848,871	)
Investments — Affiliated		101			(38,156	)		(23	)		(46	)
In-kind redemptions — Unaffiliated		—			407,921			—			833,139
In-kind redemptions — Affiliated		—			1,082			—			—
Foreign currency transactions		(2,815	)		—			—			(3,837	)
Net realized loss		(7,580,672	)		(694,303	)		(182,275	)		(19,615	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		1,325,931			(146,420	)		276,405			166,407
Investments — Affiliated		(63	)		15,304			55			15
Foreign currency translations		(9,310	)		—			—			1,707
Net change in unrealized appreciation (depreciation)		1,316,558			(131,116	)		276,460			168,129
Net realized and unrealized gain (loss)		(6,264,114	)		(825,419	)		94,185			148,514
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,961,934	)	$	377,498		$	186,183		$	346,818
(a) Net of foreign capital gain tax of	$	—		$	—		$	—		$	114

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 35

Statements of Changes in Net Assets

	iShares ESG MSCI EAFE ETF						iShares ESG MSCI USA ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	4,302,180		$	6,576,318		$	1,202,917		$	882,560
Net realized gain (loss)		(7,580,672	)		735,748			(694,303	)		680,790
Net change in unrealized appreciation (depreciation)		1,316,558			(3,528,915	)		(131,116	)		7,115,490
Net increase (decrease) in net assets resulting from operations		(1,961,934	)		3,783,151			377,498			8,678,840
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(4,050,339	)		(5,855,514	)		(1,087,277	)		(655,679	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		296,222,884			240,257,732			63,819,096			80,121,341
NET ASSETS(a)
Total increase in net assets		290,210,611			238,185,369			63,109,317			88,144,502
Beginning of period		360,308,692			122,123,323			98,974,020			10,829,518
End of period	$	650,519,303		$	360,308,692		$	162,083,337		$	98,974,020

^(a)  Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

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Statements of Changes in Net Assets  (continued)

	iShares ESG MSCI USA Small-Cap ETF						iShares MSCI Global Impact ETF
		Six Months Ended 02/28/19 (unaudited)			Period From 04/10/18 to 08/31/18	(a)		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	91,998		$	50,020		$	198,304		$	706,075
Net realized gain (loss)		(182,275	)		431,173			(19,615	)		1,256,468
Net change in unrealized appreciation (depreciation)		276,460			876,776			168,129			(210,169	)
Net increase in net assets resulting from operations		186,183			1,357,969			346,818			1,752,374
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(78,790	)		(23,298	)		(353,762	)		(813,861	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		8,383,563			10,171,070			8,296,294			11,825,891
NET ASSETS(b)
Total increase in net assets		8,490,956			11,505,741			8,289,350			12,764,404
Beginning of period		11,505,741			—			37,928,461			25,164,057
End of period	$	19,996,697		$	11,505,741		$	46,217,811		$	37,928,461

^(a)  Commencement of operations.

^(b)  Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 37

Financial Highlights  

(For a share outstanding throughout each period)

	iShares ESG MSCI EAFE ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Period From 06/28/16 to 08/31/16	(a)
Net asset value, beginning of period	$	65.51		$	64.28		$	55.84		$	50.87
Net investment income(b)		0.56			2.16			1.87			0.16
Net realized and unrealized gain (loss)(c)		(2.99	)		0.83			7.68			4.81
Net increase (decrease) from investment operations		(2.43	)		2.99			9.55			4.97
Distributions
From net investment income		(0.53	)		(1.76	)		(1.11	)		—
Total distributions		(0.53	)		(1.76	)		(1.11	)		—
Net asset value, end of period	$	62.55		$	65.51		$	64.28		$	55.84
Total Return
Based on net asset value		(3.65	)%(d)		4.64	%		17.16	%		9.79	%(d)
Ratios to Average Net Assets
Total expenses		0.20	%(e)		0.20	%		0.38	%		0.40	%(e)
Net investment income		1.86	%(e)		3.22	%		3.10	%		1.67	%(e)
Supplemental Data
Net assets, end of period (000)	$	650,519		$	360,309		$	122,123		$	5,584
Portfolio turnover rate(f)		14	%(d)		24	%		9	%		5	%(d)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares ESG MSCI USA ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Period From 12/01/16 to 08/31/17	(a)
Net asset value, beginning of period	$	63.85		$	54.15		$	47.79
Net investment income(b)		0.59			1.09			0.71
Net realized and unrealized gain (loss)(c)		(2.70	)		9.52			6.22
Net increase (decrease) from investment operations		(2.11	)		10.61			6.93
Distributions
From net investment income		(0.58	)		(0.80	)		(0.57	)
From net realized gain		—			(0.11	)		—
Total distributions		(0.58	)		(0.91	)		(0.57	)
Net asset value, end of period	$	61.16		$	63.85		$	54.15
Total Return
Based on net asset value		(3.26	)%(d)		19.79	%		14.55	%(d)
Ratios to Average Net Assets
Total expenses		0.15	%(e)		0.15	%		0.27	%(e)
Net investment income		2.02	%(e)		1.83	%		1.85	%(e)
Supplemental Data
Net assets, end of period (000)	$	162,083		$	98,974		$	10,830
Portfolio turnover rate(f)		13	%(d)		28	%		22	%(d)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 39

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares ESG MSCI USA Small-Cap ETF
		Six Months Ended 02/28/19 (unaudited)			Period From 04/10/18 to 08/31/18	(a)
Net asset value, beginning of period	$	28.76		$	25.47
Net investment income(b)		0.19			0.12
Net realized and unrealized gain (loss)(c)		(2.10	)		3.23
Net increase (decrease) from investment operations		(1.91	)		3.35
Distributions
From net investment income		(0.19	)		(0.06	)
Total distributions		(0.19	)		(0.06	)
Net asset value, end of period	$	26.66		$	28.76
Total Return
Based on net asset value		(6.62	)%(d)		13.16	%(d)
Ratios to Average Net Assets
Total expenses		0.17	%(e)		0.17	%(e)
Net investment income		1.46	%(e)		1.17	%(e)
Supplemental Data
Net assets, end of period (000)	$	19,997		$	11,506
Portfolio turnover rate(f)		20	%(d)		15	%(d)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Global Impact ETF
		Six Months Ended 02/28/19 (unaudited)			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	$	58.35		$	55.92		$	49.61		$	48.70
Net investment income(b)		0.28			1.32			1.05			0.49
Net realized and unrealized gain (loss)(c)		(0.35	)		2.65			6.44			0.65
Net increase (decrease) from investment operations		(0.07	)		3.97			7.49			1.14
Distributions
From net investment income		(0.51	)		(1.54	)		(1.18	)		(0.23	)
Total distributions		(0.51	)		(1.54	)		(1.18	)		(0.23	)
Net asset value, end of period	$	57.77		$	58.35		$	55.92		$	49.61
Total Return
Based on net asset value		(0.05	)%(d)		7.16	%		15.27	%		2.38	%(d)
Ratios to Average Net Assets
Total expenses		0.49	%(e)		0.49	%		0.49	%		0.49	%(e)
Net investment income		1.01	%(e)		2.26	%		2.05	%		2.76	%(e)
Supplemental Data
Net assets, end of period (000)	$	46,218		$	37,928		$	25,164		$	14,884
Portfolio turnover rate(f)		23	%(d)		36	%		32	%		28	%(d)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 41

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

iShares ETF	Diversification    Classification
ESG MSCI EAFE(a)		Non-diversified
ESG MSCI USA(b)		Non-diversified
ESG MSCI USA Small-Cap(c)		Non-diversified
MSCI Global Impact		Non-diversified

^(a)  Formerly the iShares MSCI EAFE ESG Optimized ETF.

^(b)  Formerly the iShares MSCI USA ESG Optimized ETF.

^(c)  Formerly the iShares MSCI USA Small-Cap ESG Optimized ETF.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is accrued daily.

Foreign Currency Translation: The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in non-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2019, if any, are disclosed in the statement of assets and liabilities.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

Recent Accounting Standards: In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance to the Funds.

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Notes to Financial Statements  (unaudited) (continued)

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.

The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Trust’s pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values, and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities

N O T E S  T O  F I N A N C I A L  S T A T  E M E N T S 43

Notes to Financial Statements  (unaudited) (continued)

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 28, 2019, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of February 28, 2019 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of February 28, 2019:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
ESG MSCI USA
Barclays Bank PLC	$	363,322	$	363,322		$	—	$	—
Credit Suisse Securities (USA) LLC		609,792		609,792			—		—
HSBC Bank PLC		20,152		20,152			—		—
JPMorgan Securities LLC		864,017		864,017			—		—
	$	1,857,283	$	1,857,283		$	—	$	—
ESG MSCI USA Small-Cap
Citigroup Global Markets Inc.	$	120,368	$	120,368		$	—	$	—
Credit Suisse Securities (USA) LLC		70,836		70,836			—		—
Jefferies LLC		14,073		14,073			—		—
Merrill Lynch, Pierce, Fenner & Smith		139,276		139,276			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		218,915		218,915			—		—
	$	563,468	$	563,468		$	—	$	—
MSCI Global Impact
Credit Suisse Securities (USA) LLC	$	6,650	$	6,650		$	—	$	—
Morgan Stanley & Co. LLC		133,512		133,512			—		—
	$	140,162	$	140,162		$	—	$	—

^(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 if the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

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Notes to Financial Statements  (unaudited) (continued)

For its investment advisory services to each 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 USA		0.15
ESG MSCI USA Small-Cap		0.17
MSCI Global Impact		0.49

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each of the iShares ESG MSCI USA ETF and iShares ESG MSCI USA Small-Cap ETF (the “Group 1 Funds”), retains 73.5% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund retained 71.5% 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.

Pursuant to the current securities lending agreement, each of iShares ESG MSCI EAFE 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. Prior to January 1, 2019, the Fund retained 80% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees.

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, each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund will receive for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, each Group 1 Fund would have retained for the remainder of that calendar year 75% of securities lending income (which excludes collateral investment fees) and the amount retained would not have been less than 65% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund was subject to the same terms under the previous securities lending fee arrangement.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in its statement of operations. For the six months ended February 28, 2019, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid   to BTC
ESG MSCI EAFE	$	7,617
ESG MSCI USA		494
ESG MSCI USA Small-Cap		700
MSCI Global Impact		1,373

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2019, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales
ESG MSCI USA Small-Cap	$	147,357	$	51,041

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.

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Notes to Financial Statements  (unaudited) (continued)

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.

6. PURCHASES AND SALES

For the six months ended February 28, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
ESG MSCI EAFE	$	81,487,953	$	66,063,731
ESG MSCI USA		17,148,360		16,216,566
ESG MSCI USA Small-Cap		3,008,775		2,672,651
MSCI Global Impact		12,495,386		8,948,676

For the six months ended February 28, 2019, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
ESG MSCI EAFE	$	281,230,928	$	—
ESG MSCI USA		66,302,836		2,756,408
ESG MSCI USA Small-Cap		8,111,944		—
MSCI Global Impact		7,765,803		2,815,847

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.

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of August 31, 2018, the Funds had capital loss carryforwards, with no expiration dates, available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
ESG MSCI EAFE	$	882,925
ESG MSCI USA		262,024
ESG MSCI USA Small-Cap		23,619
MSCI Global Impact		355,146

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of February 28, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized   Appreciation   (Depreciation)
ESG MSCI EAFE	$	637,198,237	$	33,804,409	$	(22,811,047	)	$	10,993,362
ESG MSCI USA		157,201,768		10,584,811		(3,707,211	)		6,877,600
ESG MSCI USA Small-Cap		19,476,083		1,725,770		(619,020	)		1,106,750
MSCI Global Impact		45,235,982		3,342,491		(1,872,208	)		1,470,283

8. LINE OF CREDIT

The iShares MSCI Global Impact ETF, along with certain other iShares funds, is a party to a $300 million credit agreement with State Street Bank and Trust Company, which expires on October 23, 2019. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on

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Notes to Financial Statements  (unaudited) (continued)

amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

The Fund did not borrow under the credit agreement during the six months ended February 28, 2019.

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

Market Risk: Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

Credit Risk: Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 02/28/19						Year Ended 08/31/18
iShares ETF	Shares			Amount			Shares			Amount
ESG MSCI EAFE
Shares sold		4,900,000		$	296,222,884			3,900,000		$	260,403,061
Shares redeemed		—			—			(300,000	)		(20,145,329	)
Net increase		4,900,000		$	296,222,884			3,600,000		$	240,257,732
ESG MSCI USA
Shares sold		1,150,000		$	66,584,517			1,500,000		$	89,172,682
Shares redeemed		(50,000	)		(2,765,421	)		(150,000	)		(9,051,341	)
Net increase		1,100,000		$	63,819,096			1,350,000		$	80,121,341

N O T E S  T O  F I N A N C I A L  S T A T  E M E N T S 47

Notes to Financial Statements  (unaudited) (continued)

	Six Months Ended 02/28/19						Year Ended 08/31/18
iShares ETF	Shares			Amount			Shares			Amount
ESG MSCI USA Small-Cap
Shares sold		350,000		$	8,383,563			550,000		$	14,302,173
Shares redeemed		—			—			(150,000	)		(4,131,103	)
Net increase		350,000		$	8,383,563			400,000		$	10,171,070
MSCI Global Impact
Shares sold		200,000		$	11,185,396			350,000		$	20,618,217
Shares redeemed		(50,000	)		(2,889,102	)		(150,000	)		(8,792,326	)
Net increase		150,000		$	8,296,294			200,000		$	11,825,891

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.

11. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.

12. REGULATION S-X AMENDMENTS

On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification. The Funds have adopted the amendments pertinent to Regulation S-X in this shareholder report. The amendments impacted certain disclosure presentation on the statement of assets and liabilities, statement of changes in net assets and notes to the financial statements.

Prior year distribution information and undistributed (distributions in excess of) net investment income in the statement of changes in net assets has been modified to conform to the current year presentation in accordance with the Regulation S-X changes.

Distributions for the year ended August 31, 2018 were classified as follows:

iShares ETF	Net Investment Income		Net Realized Gains
ESG MSCI EAFE	$	5,855,514	$	—
ESG MSCI USA		618,499		37,180
ESG MSCI USA Small-Cap		23,298		—
MSCI Global Impact		813,861		—

Undistributed (distributions in excess of) net investment income as of August 31, 2018 are as follows:

iShares ETF	Undistributed net investment income
ESG MSCI EAFE	$	1,327,436
ESG MSCI USA		336,441
ESG MSCI USA Small-Cap		26,722
MSCI Global Impact		14,562

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Notes to Financial Statements  (unaudited) (continued)

13. SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following items were noted:

N O T E S  T O  F I N A N C I A L  S T A T  E M E N T S 49

Supplemental Information  (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV which is sent to shareholders shortly after calendar year-end.

	Total Cumulative Distributions 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)	$	0.470176	$	—	$	0.055842	$	0.526018		89	%		—	%		11	%		100	%
ESG MSCI USA(a)		0.489244		—		0.090814		0.580058		84			—			16			100
ESG MSCI USA Small-Cap(a)		0.156722		—		0.028298		0.185020		85			—			15			100
MSCI Global Impact(a)		0.491795		—		0.013579		0.505374		97			—			3			100

^(a)  The Fund estimates that it has distributed more than the amount of earned income and net realized gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

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General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to www.icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at www.iShares.com; and (3) on the SEC website at www.sec.gov.

G E N E R A L  I N F O R M A T I O N 51

Glossary of Terms Used in this Report

Portfolio Abbreviations — Equity
ADR	American Depositary Receipt
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares

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      For more information visit www.iShares.com or call 1-800-iShares (1-800-474-2737)

             This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.   Investing involves risk, including possible loss of principal.   The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).   The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.   ©2019 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

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/ Martin Small                                                               

  Martin Small, President (Principal Executive Officer)

  Date:         April 29, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

  By: /s/ Martin Small                                                             

  Martin Small, President (Principal Executive Officer)

  Date:         April 29, 2019

  By: /s/ Neal Andrews                                                                                            

  Neal Andrews, Treasurer and Chief Financial Officer (Principal Financial Officer)

  Date:         April 29, 2019