iShares, Inc. (Form: N-CSR, Received: 11/06/2020 08:13:46)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number		811-09102

iShares, Inc.

(Exact name of registrant as specified in charter)

c/o: State Street Bank and Trust Company


100 Summer Street, 4^th Floor, Boston, MA		02110
(Address of principal executive offices)		(Zip code)

The Corporation Trust Incorporated

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

(Name and address of agent for service)


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


Date of fiscal year end:		August 31, 2020

Date of reporting period:		August 31, 2020

Item 1.

Reports to Stockholders.

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


		AUGUST 31, 2020

2020 Annual Report

iShares, Inc.

iShares MSCI Austria ETF | EWO | NYSE Arca

iShares MSCI Belgium ETF | EWK | NYSE Arca

iShares MSCI France ETF | EWQ | NYSE Arca

iShares MSCI Netherlands ETF | EWN | NYSE Arca

iShares MSCI Sweden ETF | EWD | NYSE Arca

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

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

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

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of August 31, 2020 has been a time of sudden change in global financial markets, as the emergence and spread of the coronavirus led to a vast disruption in the global economy and financial markets. For most of the first half of the reporting period, U.S. equities and bonds both delivered impressive returns, despite fears and doubts about the economy that were ultimately laid to rest with unprecedented monetary stimulus and a sluggish yet resolute performance from the U.S. economy. But as the threat from the coronavirus became more apparent throughout February and March 2020, countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point during the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. By the end of the reporting period, all major investment categories posted positive returns, and many equity indices were near all-time highs. In the United States, large-capitalization stocks advanced significantly, outperforming small-capitalization stocks, which also gained for the reporting period. International equities from developed economies also turned in a positive performance while lagging emerging market stocks, which rebounded sharply.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment, and posted solid returns, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) touched an all-time low. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

The Fed reduced interest rates twice in late 2019 to support slowing economic growth. After the coronavirus outbreak, the Fed instituted two emergency rate cuts, pushing short-term interest rates close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion is likely to continue as economic activity resumes. Several risks remain, however, including a potential resurgence of the coronavirus amid loosened restrictions, policy fatigue among governments already deep into deficit spending, and structural damage to the financial system from lengthy economic interruptions.

Overall, we favor a moderately positive stance toward risk, and in particular toward credit given the extraordinary central bank measures taken in recent months. This support extends beyond investment-grade corporates and into high-yield, leading to attractive opportunities in that end of the market. We believe that international diversification and sustainable investments can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments. We remain neutral on equities overall while favoring European stocks, which are poised for cyclical upside as re-openings continue.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit ishares.com for further insight about investing in today’s markets.

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of August 31, 2020

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	19.63%	21.94%

U.S. small cap equities (Russell 2000^® Index)	6.57	6.02

International equities (MSCI Europe, Australasia, Far East Index)	7.10	6.13

Emerging market equities (MSCI Emerging Markets Index)	11.23	14.49

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.34	1.26

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	4.67	8.93

U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	2.98	6.47

Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.29	3.15

U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	3.04	4.65
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


	Page

The Markets in Review		2
Market Overview		4
Fund Summary		5
About Fund Performance		15
Shareholder Expenses		15
Schedules of Investments		16
Financial Statements
Statements of Assets and Liabilities		32
Statements of Operations		34
Statements of Changes in Net Assets		36
Financial Highlights		39
Notes to Financial Statements		44
Report of Independent Registered Public Accounting Firm		53
Important Tax Information (Unaudited)		54
Board Review and Approval of Investment Advisory Contract		55
Supplemental Information		59
Director and Officer Information		60
General Information		62
Glossary of Terms Used in this Report		63

Market Overview

iShares, Inc.

Global Market Overview

Global equity markets advanced strongly during the 12 months ended August 31, 2020 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 16.52% in U.S. dollar terms for the reporting period.

Global stocks gained steadily for much of the first half of the reporting period, supported by slowing but resilient growth and accommodative monetary policy from major central banks. Equity markets ended 2019 on a positive note, as a trade agreement between the U.S. and China helped alleviate one of the world economy’s most significant risks.

However, the spread of the coronavirus upended global equity markets in early 2020. As the extent of the outbreak became apparent in February 2020, restrictions on travel and work disrupted the global economy and precipitated a sharp decline in equity prices. Beginning in late March 2020, equity prices posted a strong recovery, buoyed by massive stimulus from the world’s largest central banks and governments, the phased reopening of countries’ economies, and optimism surrounding prospective vaccines. By the end of the reporting period, equities posted positive returns in all of the world’s major regions despite the onset of a significant global recession.

In the U.S., following the issuance of stay-at-home orders, nonessential business closures, and other coronavirus-related restrictions on public gatherings, whole portions of the economy shut down. Businesses associated with travel and leisure were particularly affected, as air traffic declined, and conferences and events were postponed. The disruption created by these sudden changes led to an annualized economic contraction of 31.7% in the second quarter of 2020.

In response to the pandemic, the federal government enacted over U.S. $2 trillion in stimulus spending. The U.S. Federal Reserve Bank (“Fed”) also acted to stabilize markets by implementing two emergency interest rate reductions and launching a bond-buying program that included U.S. Treasuries, corporate and municipal bonds, and securities backed by mortgages and auto loans. The unprecedented level of Fed intervention and support from government stimulus led to a significant recovery in U.S. stock prices, many of which reached record highs by the end of the reporting period.

Europe was similarly affected by the coronavirus, as many of the area’s largest economies instituted social distancing policies that significantly limited economic activity, leading to a rapid decline in stock prices. To mitigate the economic impact of this disruption, many countries individually implemented fiscal stimulus plans. In July 2020, Eurozone countries reached a historic deal for a collective €750 billion in stimulus spending, in addition to a large European Central Bank (“ECB”) bond-buying plan. European stocks recovered late in the reporting period to post positive returns overall but trailed most other regions of the globe.

Asia-Pacific stocks posted strong returns despite a sharp decline during the first quarter of 2020 as the coronavirus outbreaks worsened. Although widespread business and factory closures led to economic weakness initially, the Chinese economy showed signs of recovery late in the reporting period, leading to a significant rise in Asia-Pacific equity markets, which are highly sensitive to economic conditions in China.

Emerging market stocks outside of Asia declined, driven by sharply weaker currencies and lower commodities prices, which weighed on economies reliant on these exports. Latin America drove emerging markets declines, hindered by mass business closures and bankruptcies, political and social unrest, and among the world’s highest level of coronavirus cases.


M A R K E T O V E R V I E W		4


Fund Summary as of August 31, 2020		iShares^® MSCI Austria ETF

Investment Objective

The iShares MSCI Austria ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Austrian equities, as represented by the MSCI Austria IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(16.58	)%		2.43	%		1.44	%		(16.58	)%		12.77	%		15.34	%
Fund Market		(16.80	)		2.35			1.47			(16.80	)		12.34			15.74
Index		(16.96	)		2.45			1.52			(16.96	)		12.88			16.26

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)	Ending Account Value (08/31/20	)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 873.50	$ 2.45			$ 1,000.00	$ 1,022.50		$ 2.64		0.52	%

^(a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (366 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 15 for more information.


5		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Austria ETF

Portfolio Management Commentary

Stocks in Austria declined strongly for the reporting period amid a deep global recession driven by the coronavirus pandemic. Growth in Austria’s economy, which is highly dependent on exports, was already stagnant at the end of 2019 due to slowing global trade. Pandemic-related closures led to the steepest economic contraction on record for the second quarter of 2020. With nonessential businesses closed, spending declined while unemployment rose to the highest level since World War II. Following sharp first-quarter declines, Austrian equities rebounded, helped by government stimulus and signs of economic revival. Expansive U.S. monetary policy, ultralow interest rates, and the rapid spread of the coronavirus drove U.S. dollar depreciation relative to the euro, which benefited U.S.-based investors. Nevertheless, Austrian equities remained well below pre-pandemic levels.

The energy sector detracted the most from the Index’s return. Already-low oil prices declined sharply in early 2020 due to increased competition from suppliers in Saudi Arabia and Russia. Meanwhile, the pandemic precipitated a steep drop in demand for energy, leading the integrated oil and gas industry to post starkly lower profits, consider dividend reductions, and decrease capital spending. Reduced demand for drilling equipment and services drove large layoffs and profit losses in the oil and gas equipment and services industry.

The financials sector also weighed on the Index’s performance, driven by the banking industry. Substantially higher loan default provisions weakened the credit outlook for Austrian banks and sharply constrained profits. Lower retail lending, along with persistently low interest rates that curtailed income generated from loans, further pressured banks’ revenues. The real estate sector was also a meaningful detractor. The value of real estate assets declined as temporarily closed businesses, particularly retailers, missed rent payments.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Financials	31.3	%
Materials	13.9
Industrials	13.8
Energy	12.8
Utilities	10.7
Real Estate	10.5
Communication Services	3.5
Information Technology	2.3
Consumer Staples	1.2

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Erste Group Bank AG	17.1	%
OMV AG	11.6
Verbund AG	8.8
Wienerberger AG	7.5
BAWAG Group AG	4.7
CA Immobilien Anlagen AG	4.6
Raiffeisen Bank International AG	4.4
voestalpine AG	4.4
ANDRITZ AG	4.3
IMMOFINANZ AG	3.5


F U N D S U M M A R Y		6


Fund Summary as of August 31, 2020		iShares^® MSCI Belgium ETF

Investment Objective

The iShares MSCI Belgium ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Belgian equities, as represented by the MSCI Belgium IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance



	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(2.02	)%		3.22	%		7.23	%		(2.02	)%		17.16	%		101.01	%
Fund Market		(2.80	)		3.13			7.22			(2.80	)		16.63			100.84
Index		(1.91	)		3.23			7.92			(1.91	)		17.20			114.31

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

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

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,061.00	$ 2.69			$ 1,000.00	$ 1,022.50	$ 2.64		0.52	%

^(a)


7		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Belgium ETF

Portfolio Management Commentary

Stocks in Belgium declined modestly for the reporting period amid a deep global recession driven by the coronavirus pandemic. Economic growth remained slow but steady in 2019, outpacing that of the Eurozone. However, Belgium’s economic activity declined following pandemic-related closures, leading to the steepest contraction on record for the second quarter of 2020. Following sharp first-quarter declines, Belgian equities rebounded amid government stimulus. Expansive U.S. monetary policy, ultralow interest rates, and the rapid spread of the coronavirus drove U.S. dollar depreciation relative to the euro, which benefited U.S.-based investors. Nevertheless, Belgian equities ended the reporting period below pre-pandemic levels.

The consumer staples sector detracted the most from the Index’s return, driven primarily by the beverages industry. Despite relatively resilient sales at retail locations, starkly lower sales volumes due to closed restaurants and bars weighed heavily on the alcoholic beverages industry. Declining global revenues led a multinational beer producer to reduce its dividend payment and increase loss provisions, citing banned alcohol sales in South Africa.

The communication services sector also weighed on performance. The telecommunication services industry weakened amid protests about the environmental and health impacts of next-generation mobile networks, leading to a pause in the rollout of the country’s 5G network.

On the upside, the healthcare sector contributed to the Index’s return. Despite pandemic-related delays in clinical trials, the pharmaceuticals industry advanced amid merger and acquisition activity and solid revenue gains driven by sales of drugs to treat Crohn’s disease and epilepsy. The biotechnology industry benefited from positive late-stage trial results for a neuromuscular disease treatment. Within the materials sector, the chemicals industry was a modest contributor, as recycling activity somewhat offset lower demand for rechargeable batteries and catalytic converters used in automobiles.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Consumer Staples	25.4	%
Financials	24.6
Health Care	18.5
Materials	9.7
Real Estate	9.6
Communication Services	3.9
Information Technology	2.4
Utilities	2.0
Consumer Discretionary	1.5
Energy	1.2
Industrials	1.2

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Anheuser-Busch InBev SA/NV	22.6	%
UCB SA	8.4
KBC Group NV	8.0
Groupe Bruxelles Lambert SA	5.8
Umicore SA	4.4
Argenx SE	4.3
Ageas SA/NV	4.3
Solvay SA	3.8
Galapagos NV	3.4
Warehouses De Pauw CVA	2.8


F U N D S U M M A R Y		8


Fund Summary as of August 31, 2020		iShares^® MSCI France ETF

Investment Objective

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

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		0.50	%		5.54	%		6.02	%		0.50	%		30.97	%		79.37	%
Fund Market		0.05			5.50			6.08			0.05			30.70			80.52
Index		0.70			5.51			6.00			0.70			30.78			79.12

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,029.10	$ 2.65			$ 1,000.00	$ 1,022.50	$ 2.64		0.52	%

^(a)


9		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI France ETF

Portfolio Management Commentary

French stocks advanced modestly for the reporting period amid a global recession driven by the coronavirus pandemic. Economic activity, already diminished due to labor strikes that tempered manufacturing and slowing global trade, declined sharply following pandemic-related closures, leading to the steepest economic contraction on record for the second quarter of 2020. French equity performance for U.S.-based investors was also helped by U.S. dollar depreciation relative to the euro, driven by the U.S.’s expansive monetary policy, ultralow interest rates, and the rapid spread of the coronavirus.

The healthcare sector contributed the most to the Index’s return. The pharmaceuticals industry gained amid U.S. government-funded programs to develop a coronavirus vaccine. Positive developments in using existing drugs to treat complications from COVID-19 helped power the sector’s growth. The information technology sector also advanced, driven by higher revenues of software and services providers involved in developing France’s coronavirus contact tracing application. The semiconductors industry gained amid expectations of rising sales to automakers as signs of China’s economic recovery emerged. The consumer discretionary and materials sectors also bolstered the Index’s performance, benefiting respectively from improving luxury goods sales in Asia following easing of pandemic restrictions and sharply stronger demand for medical oxygen used to treat ventilated coronavirus patients.

On the downside, the energy sector detracted from the Index’s return. The integrated oil and gas industry, constrained by ultralow oil prices and the steep drop in demand for energy, posted losses amid asset write-downs. The financials sector also constrained the Index’s performance. Banks declined amid pandemic-related revenue losses, particularly from trading. A weakened credit outlook due to expected loan defaults also worked against French banks. Industrials stocks also weighed notably on the Index’s return, as travel restrictions led to sharply reduced demand for new aircraft.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Industrials	20.8	%
Consumer Discretionary	20.0
Consumer Staples	11.4
Health Care	9.9
Financials	8.7
Information Technology	7.2
Energy	6.4
Materials	6.2
Communication Services	4.7
Utilities	3.3
Real Estate	1.4

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

LVMH Moet Hennessy Louis Vuitton SE	8.5	%
Sanofi	7.5
TOTAL SE	6.4
L’Oreal SA	5.4
Air Liquide SA	5.1
Schneider Electric SE	4.5
BNP Paribas SA	3.2
Airbus SE	3.2
Vinci SA	3.2
Kering SA	3.0


F U N D S U M M A R Y		10


Fund Summary as of August 31, 2020		iShares^® MSCI Netherlands ETF

Investment Objective

The iShares MSCI Netherlands ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Dutch equities, as represented by the MSCI Netherlands IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		16.88	%		9.96	%		9.36	%		16.88	%		60.78	%		144.76	%
Fund Market		16.74			9.94			9.43			16.74			60.58			146.23
Index		17.48			10.51			9.77			17.48			64.79			153.90

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

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

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,180.20	$ 2.85			$ 1,000.00	$ 1,022.50	$ 2.64		0.52	%

^(a)


11		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Netherlands ETF

Portfolio Management Commentary

Stocks in the Netherlands advanced strongly for the reporting period despite a deep global recession driven by the coronavirus pandemic. Sharply lower household spending during the pandemic led to the largest economic contraction on record for the second quarter of 2020. Meanwhile, exports diminished as global trade slowed due to supply chain disruptions. The first quarter’s steep equity market declines were reversed during the second quarter amid government stimulus and gradual easing of restrictions. U.S.-based investors also benefited from U.S. dollar depreciation relative to the euro, driven by the U.S.’s expansive monetary policy, ultralow interest rates, and the rapid spread of the coronavirus.

The information technology sector contributed the most to the Index’s return, as remote working arrangements drove sharply higher use of technology products and services. The semiconductor equipment industry continued to supply the expansion of 5G networks, data center usage, and cloud computing. Following the pandemic’s restrictions on social interaction, businesses increased investment in remote working and communications infrastructure, while consumers staying at home drove demand for computer equipment and gaming consoles, further supporting the semiconductor equipment industry’s gains. The software and services industry also contributed to the sector’s gains, advancing amid higher e-commerce payment processing revenues due to increased online purchases.

The consumer discretionary sector was also a key source of strength. Internet and direct marketing retailers posted rising revenues as consumers increased purchases of video games and spent more time on social media, which drove higher advertising spending. Increased consumer demand for meal delivery when eat-in dining at restaurants was prohibited drove strong revenue growth for food delivery services, another area of the industry’s strength.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Information Technology	28.8	%
Consumer Staples	23.4
Consumer Discretionary	10.6
Industrials	10.5
Financials	9.3
Materials	8.8
Health Care	4.3
Communication Services	2.1
Energy	1.4
Real Estate	0.8

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

ASML Holding NV	22.5	%
Unilever NV	12.9
Prosus NV	7.5
ING Groep NV	4.5
Adyen NV	4.4
Koninklijke Ahold Delhaize NV	4.4
Koninklijke DSM NV	4.3
Koninklijke Philips NV	4.1
Wolters Kluwer NV	3.5
Akzo Nobel NV	3.4


F U N D S U M M A R Y		12


Fund Summary as of August 31, 2020		iShares^® MSCI Sweden ETF

Investment Objective

The iShares MSCI Sweden ETF (the “Fund”) seeks to track the investment results of an index composed of Swedish equities, as represented by the MSCI Sweden 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		28.51	%		6.87	%		7.52	%		28.51	%		39.38	%		106.47	%
Fund Market		28.00			6.80			7.58			28.00			38.96			107.67
Index		28.37			6.40			7.10			28.37			36.36			98.65

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

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

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,194.30	$ 3.20			$ 1,000.00	$ 1,022.20	$ 2.95		0.58	%

^(a)


13		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Sweden ETF

Portfolio Management Commentary

Stocks in Sweden advanced strongly for the reporting period despite a global recession driven by the coronavirus pandemic. Economic activity in the export-dependent country was already slowing at the end of 2019 due to global trade tensions. Despite relatively few pandemic-related closures in contrast to most of Europe, Sweden experienced the steepest economic contraction on record for the second quarter of 2020. Nevertheless, the first-quarter’s sharp equity market declines were reversed during the second quarter amid massive government stimulus and relatively resilient corporate profits. U.S.-based investors also benefited from U.S. dollar depreciation relative to the euro, driven by the U.S.’s expansive monetary policy, ultralow interest rates, and the rapid spread of the coronavirus.

The industrials sector contributed the most to the Index’s return, driven by the capital goods industry. Despite lower global manufacturing activity, strong sales of industrial machinery, such as gas compressors and equipment used to manufacture semiconductors, drove the industry’s performance. Improving orders for metal cutting equipment used in the automotive, energy, and mining industries, particularly after China lifted harsh lockdowns, bolstered gains. Higher-than-expected profits of machinery and building products makers also served as industry tailwinds.

The financials and information technology sectors also contributed to the Index’s return. Among financials, bank stocks advanced amid unexpectedly strong profits and lower-than-expected loan defaults. Sweden’s lenient pandemic response, which kept businesses open, benefited domestically focused banks. Gains in the portfolio companies of a large investment conglomerate in the diversified financials industry also supported the sector’s performance. Within the information technology sector, the technology hardware and equipment industry drove gains amid higher sales of communications equipment used for expanding 5G networks and anticipated contract gains due to the U.K.’s ban on a Chinese supplier’s equipment.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Industrials	37.7	%
Financials	27.1
Information Technology	11.9
Consumer Staples	8.4
Consumer Discretionary	6.8
Communication Services	3.8
Materials	3.2
Energy	1.1

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Telefonaktiebolaget LM Ericsson, Class B	7.3	%
Atlas Copco AB, Class A	6.7
Investor AB, Class B	6.3
Volvo AB, Class B	6.2
Nordea Bank Abp	5.7
Assa Abloy AB, Class B	5.0
Hexagon AB, Class B	4.6
Sandvik AB	4.5
Essity AB, Class B	4.4
Skandinaviska Enskilda Banken AB, Class A	3.6


F U N D S U M M A R Y		14

About Fund Performance

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

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

Shareholder Expenses

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

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees 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.


15		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

August 31, 2020

iShares^® MSCI Austria ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Aerospace & Defense — 0.7%
FACC AG^(a)(b)		43,579	$	298,117


Air Freight & Logistics — 3.1%
Oesterreichische Post AG^(b)		39,986		1,338,996


Banks — 25.3%
BAWAG Group AG^(a)(c)		51,483		1,943,184
Erste Group Bank AG^(a)		291,782		7,111,740
Raiffeisen Bank International AG^(a)		102,226		1,833,859


				10,888,783

Chemicals — 2.0%
Lenzing AG^(a)(b)		16,513		858,082


Commercial Services & Supplies — 1.1%
DO & CO AG^(a)(b)		10,313		452,035


Construction & Engineering — 0.8%
Porr AG^(a)(b)		23,873		343,182


Construction Materials — 7.2%
Wienerberger AG^(a)		114,830		3,106,427


Diversified Telecommunication Services — 3.3%
Telekom Austria AG^(a)		193,650		1,431,262


Electric Utilities — 10.4%
EVN AG		47,649		804,640
Verbund AG		68,024		3,660,900


				4,465,540

Electrical Equipment — 0.9%
Zumtobel Group AG		51,826		396,061


Electronic Equipment, Instruments & Components — 2.2%
AT&S Austria Technologie & Systemtechnik AG		36,719		712,287
Kapsch TrafficCom AG		14,506		235,939


				948,226

Energy Equipment & Services — 1.2%
Schoeller-Bleckmann Oilfield Equipment AG		16,841		503,525


Food Products — 1.1%
Agrana Beteiligungs AG		23,059		490,327


Insurance — 4.9%
UNIQA Insurance Group AG		147,707		983,942
Vienna Insurance Group AG Wiener Versicherung Gruppe^(a)		46,865		1,148,989


				2,132,931


Security	Shares		Value


Machinery — 6.8%
ANDRITZ AG		53,894	$	1,807,306
Palfinger AG		21,030		563,379
Semperit AG Holding^(a)		26,406		553,286


				2,923,971

Metals & Mining — 4.2%
voestalpine AG		73,409		1,826,983


Oil, Gas & Consumable Fuels — 11.2%
OMV AG^(a)		148,025		4,825,854


Real Estate Management & Development — 10.1%
CA Immobilien Anlagen AG		60,780		1,900,840
IMMOFINANZ AG^(a)		88,598		1,472,828
S IMMO AG^(a)		54,826		995,340


				4,369,008


Total Common Stocks — 96.5% (Cost: $63,056,495)				41,599,310


Short-Term Investments

Money Market Funds — 6.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(d)(e)(f)		2,922,382		2,925,304
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(d)(e)		10,000		10,000


				2,935,304


Total Short-Term Investments — 6.8% (Cost: $2,935,367)				2,935,304


Total Investments in Securities — 103.3% (Cost: $65,991,862)				44,534,614

Other Assets, Less Liabilities — (3.3)%				(1,430,283	)


Net Assets — 100.0%			$	43,104,331

^(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.


S C H E D U L E O F I N V E S T M E N T S		16

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Austria ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2020, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:




Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,211,805	$	1,714,091	^(a)	$	—		$	(289	)	$	(303	)	$	2,925,304		2,922,382	$	96,969	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		24,000		—			(14,000	)^(a)		—			—			10,000		10,000		319			—

									$	(289	)	$	(303	)	$	2,935,304			$	97,288		$	—

^(a)

Represents net amount purchased (sold).

^(b)

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

Euro STOXX 50 Index

09/18/20

1,484

18,061

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	18,061

^(a)

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

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	140,859

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(20,097	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	1,290,555

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.


17		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Austria ETF

Fair Value Measurements (continued)

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




	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	41,599,310	$	—	$	—	$	41,599,310
Money Market Funds		2,935,304		—		—		2,935,304

	$	44,534,614	$	—	$	—	$	44,534,614

Derivative financial instruments^(a)
Assets
Futures Contracts	$	18,061	$	—	$	—	$	18,061

^(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		18

Schedule of Investments

August 31, 2020

iShares^® MSCI Belgium ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Air Freight & Logistics — 0.7%
bpost SA^(a)		23,235	$	233,002


Banks — 8.0%
KBC Group NV		45,163		2,598,011


Beverages — 22.5%
Anheuser-Busch InBev SA/NV		125,991		7,353,889


Biotechnology — 7.7%
Argenx SE^(a)		6,110		1,415,416
Galapagos NV^(a)(b)		8,184		1,114,814

				2,530,230

Capital Markets — 0.8%
Gimv NV		4,395		250,984


Chemicals — 9.0%
Recticel SA		11,596		118,990
Solvay SA		14,254		1,238,300
Tessenderlo Group SA^(a)		4,706		176,442
Umicore SA		30,908		1,422,761

				2,956,493

Construction & Engineering — 0.5%
Cie. d’Entreprises CFE^(a)		2,137		153,345


Distributors — 1.0%
D’ieteren SA/NV		4,949		323,756


Diversified Financial Services — 11.5%
Ackermans & van Haaren NV^(a)		4,690		668,033
Groupe Bruxelles Lambert SA		20,235		1,877,441
KBC Ancora^(a)		8,548		313,232
Sofina SA		3,016		907,157

				3,765,863

Diversified Telecommunication Services — 1.8%
Proximus SADP		30,452		604,193


Electric Utilities — 2.0%
Elia Group SA/NV		6,152		662,910


Electronic Equipment, Instruments & Components — 1.0%
Barco NV		15,118		322,771


Entertainment — 0.5%
Kinepolis Group NV^(a)(b)		3,839		150,823


Equity Real Estate Investment Trusts (REITs) — 9.6%
Aedifica SA		5,419		639,661
Befimmo SA		5,284		254,040
Cofinimmo SA		4,880		716,690
Intervest Offices & Warehouses NV		5,601		149,042
Montea CVA		2,309		274,488
Retail Estates NV		2,586		179,997
Warehouses De Pauw CVA		25,637		907,553

				3,121,471

Food & Staples Retailing — 2.1%
Colruyt SA		11,003		697,429


Health Care Equipment & Supplies — 0.6%
Biocartis Group NV^(a)(b)(c)		17,381		98,426
Ion Beam Applications^(b)		9,046		98,124

				196,550


Security	Shares		Value


Health Care Providers & Services — 0.9%
Fagron		13,493	$	306,602


Health Care Technology — 0.5%
AGFA-Gevaert NV^(a)		38,078		161,209


Insurance — 4.3%
Ageas SA/NV		33,030		1,390,479


IT Services — 0.4%
Econocom Group SA/NV		39,585		119,538


Media — 1.1%
Telenet Group Holding NV		9,597		373,938


Metals & Mining — 0.6%
Bekaert SA		9,055		183,340


Oil, Gas & Consumable Fuels — 1.2%
Euronav NV		37,584		343,632
Exmar NV^(a)(b)		24,205		60,067

				403,699

Personal Products — 0.6%
Ontex Group NV^(a)		15,688		210,135


Pharmaceuticals — 8.7%
Mithra Pharmaceuticals SA^(a)		5,212		106,714
UCB SA		22,880		2,723,200

				2,829,914

Semiconductors & Semiconductor Equipment — 1.1%
Melexis NV		4,326		347,413


Textiles, Apparel & Luxury Goods — 0.5%
Sioen Industries NV^(a)		3,458		80,437
Van de Velde NV^(a)		2,714		68,000

				148,437

Wireless Telecommunication Services — 0.4%
Orange Belgium SA		8,402		141,883


Total Common Stocks — 99.6% (Cost: $39,708,815)				32,538,307


Short-Term Investments

Money Market Funds — 4.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(d)(e)(f)		1,339,983		1,341,323
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(d)(e)		10,000		10,000


				1,351,323


Total Short-Term Investments — 4.1% (Cost: $1,351,373)				1,351,323


Total Investments in Securities — 103.7% (Cost: $41,060,188)				33,889,630

Other Assets, Less Liabilities — (3.7)%				(1,204,894	)


Net Assets — 100.0%			$	32,684,736

^(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.


19		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Belgium ETF

^(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




Affiliated Issuer	Value at 08/31/19		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,700,630	$	—	$	(355,713	)^(a)	$	(3,128	)	$	(466	)	$	1,341,323		1,339,983	$	29,066	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		19,000		—		(9,000	)^(a)		—			—			10,000		10,000		210			—

								$	(3,128	)	$	(466	)	$	1,351,323			$	29,276		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts




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

Long Contracts
Euro STOXX 50 Index		3		09/18/20	$	117	$	(743	)

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	743

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	26,336


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(743	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	95,859


S C H E D U L E O F I N V E S T M E N T S		20

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Belgium ETF

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

Fair Value Measurements




	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	32,538,307		$	—	$	—	$	32,538,307
Money Market Funds		1,351,323			—		—		1,351,323

	$	33,889,630		$	—	$	—	$	33,889,630


Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(743	)	$	—	$	—	$	(743	)

^(a)

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

See notes to financial statements.


21		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

August 31, 2020

iShares^® MSCI France ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 6.3%
Airbus SE^(a)		339,023	$	27,911,503
Dassault Aviation SA^(a)		1,433		1,306,770
Safran SA^(a)		184,638		21,423,754
Thales SA		61,366		4,807,091

				55,449,118

Auto Components — 1.9%
Cie. Generale des Etablissements Michelin SCA		97,773		11,064,074
Faurecia SE^(a)		44,021		1,922,140
Valeo SA^(b)		132,055		4,043,040

				17,029,254

Automobiles — 1.0%
Peugeot SA^(a)		338,921		5,824,632
Renault SA^(a)		109,970		3,135,405

				8,960,037

Banks — 4.8%
BNP Paribas SA^(a)		648,145		28,343,336
Credit Agricole SA^(a)		663,796		6,817,731
Societe Generale SA^(a)		467,435		7,592,734

				42,753,801

Beverages — 2.6%
Pernod Ricard SA		122,350		20,997,572
Remy Cointreau SA		13,081		2,157,339

				23,154,911

Building Products — 1.4%
Cie. de Saint-Gobain^(a)		297,955		12,108,414


Capital Markets — 0.5%
Amundi SA^(a)(c)		34,960		2,721,859
Natixis SA^(a)		551,278		1,519,689

				4,241,548

Chemicals — 5.6%
Air Liquide SA		272,923		45,386,254
Arkema SA		39,895		4,432,486

				49,818,740

Construction & Engineering — 4.3%
Bouygues SA^(a)		131,658		5,235,427
Eiffage SA^(a)		48,809		4,507,574
Vinci SA		296,915		27,903,416

				37,646,417

Diversified Financial Services — 0.3%
Eurazeo SE^(a)		22,696		1,200,277
Wendel SE		15,630		1,606,638

				2,806,915

Diversified Telecommunication Services — 1.7%
Iliad SA		8,586		1,838,049
Orange SA		1,151,589		12,849,682

				14,687,731

Electric Utilities — 0.4%
Electricite de France SA		357,575		3,764,105


Electrical Equipment — 5.9%
Legrand SA		154,179		12,888,893
Schneider Electric SE		318,933		39,573,164

				52,462,057

Electronic Equipment, Instruments & Components — 0.7%
Ingenico Group SA^(a)		34,881		5,932,008


Security	Shares		Value

Entertainment — 2.2%
Bollore SA		511,772	$	1,926,746
Ubisoft Entertainment SA^(a)		52,130		4,299,304
Vivendi SA		478,762		13,627,301

				19,853,351

Equity Real Estate Investment Trusts (REITs) — 1.4%
Covivio		29,961		2,225,159
Gecina SA		26,523		3,654,167
ICADE		17,385		1,127,944
Klepierre SA^(b)		113,459		1,871,184
Unibail-Rodamco-Westfield^(b)		79,904		3,742,178

				12,620,632

Food & Staples Retailing — 0.7%
Carrefour SA		350,055		5,635,008
Casino Guichard Perrachon SA^(a)(b)		4,428		115,181

				5,750,189

Food Products — 2.7%
Danone SA		355,820		23,447,425


Health Care Equipment & Supplies — 0.4%
BioMerieux		23,766		3,609,716


Health Care Providers & Services — 0.4%
Orpea^(a)		29,801		3,587,218


Hotels, Restaurants & Leisure — 1.0%
Accor SA^(a)		109,262		3,363,496
La Francaise des Jeux SAEM^(c)		49,565		1,842,931
Sodexo SA		50,915		3,651,073

				8,857,500

Household Durables — 0.3%
SEB SA		13,114		2,307,072


Insurance — 3.0%
AXA SA		1,114,503		22,760,437
CNP Assurances^(a)		99,973		1,341,494
SCOR SE^(a)		91,434		2,451,639

				26,553,570

IT Services — 3.7%
Atos SE^(a)		56,633		4,910,444
Capgemini SE		92,627		12,850,168
Edenred		140,553		7,273,446
Worldline SA^(a)(c)		79,041		7,280,633

				32,314,691

Life Sciences Tools & Services — 1.3%
Eurofins Scientific SE^(a)		7,597		6,101,913
Sartorius Stedim Biotech		15,929		5,711,279

				11,813,192

Machinery — 0.7%
Alstom SA^(a)		111,221		6,203,811


Media — 0.8%
JCDecaux SA^(a)		49,342		943,579
Publicis Groupe SA^(a)		125,252		4,399,485
SES SA		221,153		1,573,704

				6,916,768

Metals & Mining — 0.6%
ArcelorMittal SA^(a)		412,724		5,233,121


Multi-Utilities — 2.9%
Engie SA^(a)		1,054,264		14,695,178


S C H E D U L E O F I N V E S T M E N T S		22

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI France ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Multi-Utilities (continued)
Suez SA		198,209	$	3,438,384
Veolia Environnement SA		310,910		7,511,026

			25,644,588

Oil, Gas & Consumable Fuels — 6.4%
TOTAL SE		1,425,417		56,426,503


Personal Products — 5.4%
L’Oreal SA		145,096		48,049,802


Pharmaceuticals — 7.7%
Ipsen SA		21,854		2,268,631
Sanofi		651,753		66,153,138

			68,421,769

Professional Services — 1.6%
Bureau Veritas SA^(a)		168,416		3,825,920
Teleperformance		33,835		10,456,152

			14,282,072

Semiconductors & Semiconductor Equipment — 1.3%
STMicroelectronics NV		367,511		11,080,424


Software — 1.6%
Dassault Systemes SE		76,174		14,380,188


Textiles, Apparel & Luxury Goods — 15.8%
EssilorLuxottica SA^(a)		163,872		21,969,672
Hermes International		18,250		15,701,694
Kering SA		43,657		26,868,095
LVMH Moet Hennessy Louis Vuitton SE		160,139		75,228,396

			139,767,857

Transportation Infrastructure — 0.6%
Aeroports de Paris		16,869		1,771,320


Security	Shares		Value

Transportation Infrastructure (continued)
Getlink SE^(a)		254,567	$	3,909,132


			5,680,452


Total Common Stocks — 99.9% (Cost: $1,002,574,589)				883,616,967


Short-Term Investments

Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(d)(e)(f)		8,560,352		8,568,912
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(d)(e)		529,000		529,000


			9,097,912


Total Short-Term Investments — 1.0% (Cost: $9,098,682)				9,097,912


Total Investments in Securities — 100.9% (Cost: $1,011,673,271)				892,714,879

Other Assets, Less Liabilities — (0.9)%			(7,780,359)


Net Assets — 100.0%			$ 884,934,520

^(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




Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	9,136,341	$	—		$	(559,558	)^(a)	$	(6,730	)	$	(1,141	)	$	8,568,912		8,560,352	$	296,487	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		436,000		93,000	^(a)		—			—			—			529,000		529,000		4,527			—

									$	(6,730	)	$	(1,141	)	$	9,097,912			$	301,014		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts




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

Long Contracts
CAC 40 Index		22		09/18/20	$	1,300	$	(8,542	)


23		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI France ETF

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	8,542

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts		$(70,310	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts		$(62,549	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:

Average notional value of contracts — long	$	1,414,476

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

Fair Value Measurements




	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	883,616,967		$	—	$	—	$	883,616,967
Money Market Funds		9,097,912			—		—		9,097,912

	$	892,714,879		$	—	$	—	$	892,714,879


Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(8,542	)	$	—	$	—	$	(8,542	)

^(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		24

Schedule of Investments

August 31, 2020

iShares^® MSCI Netherlands ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 0.4%
PostNL NV^(a)		258,623	$	772,323


Banks — 5.4%
ABN AMRO Bank NV, CVA^(b)		145,885		1,392,978
ING Groep NV^(a)		1,039,142		8,455,756
NIBC Holding NV^(a)(b)		34,244		302,651

			10,151,385

Beverages — 5.9%
Coca-Cola European Partners PLC		66,816		2,750,147
Heineken Holding NV^(a)		25,867		2,123,732
Heineken NV^(a)		67,303		6,242,886

			11,116,765

Biotechnology — 0.2%
Pharming Group NV^(a)(c)		326,400		413,780


Capital Markets — 0.3%
Flow Traders^(b)		15,265		602,454


Chemicals — 8.6%
Akzo Nobel NV		63,595		6,308,124
Corbion NV		22,162		1,028,381
Koninklijke DSM NV		50,405		8,104,899
OCI NV^(a)(c)		46,642		634,236

			16,075,640

Construction & Engineering — 0.9%
Arcadis NV^(a)(c)		32,428		746,559
Boskalis Westminster^(a)(c)		33,306		699,456
Koninklijke BAM Groep NV^(a)(c)		207,885		320,968

			1,766,983

Distributors — 0.1%
B&S Group Sarl^(a)(b)		33,497		255,988


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


Diversified Telecommunication Services — 2.1%
Altice Europe NV^(a)		219,435		973,103
Koninklijke KPN NV		1,087,650		2,857,804

			3,830,907

Electrical Equipment — 1.7%
Alfen Beheer BV^(a)(b)		10,044		730,337
SIF Holding NV^(a)		14,505		237,658
Signify NV^(a)(b)		45,433		1,520,854
TKH Group NV		16,913		664,663

			3,153,512

Energy Equipment & Services — 0.7%
Fugro NV, CVA^(a)(c)		73,035		312,874
SBM Offshore NV		58,528		1,013,901

			1,326,775

Equity Real Estate Investment Trusts (REITs) — 0.8%
Eurocommercial Properties NV		29,720		356,858
NSI NV		10,950		392,870
Vastned Retail NV^(a)		13,306		390,672
Wereldhave NV^(a)(c)		34,140		286,625

			1,427,025

Food & Staples Retailing — 4.3%
Koninklijke Ahold Delhaize NV		269,966		8,142,680


Security	Shares		Value

Food Products — 0.1%
ForFarmers NV		40,323	$	260,894


Health Care Equipment & Supplies — 4.1%
Koninklijke Philips NV^(a)		162,072		7,682,456


Hotels, Restaurants & Leisure — 0.3%
Basic-Fit NV^(a)(b)		20,285		572,533


Household Durables — 0.2%
TomTom NV^(a)		42,566		342,348


Insurance — 3.5%
Aegon NV		577,267		1,610,663
ASR Nederland NV		46,593		1,618,751
NN Group NV		88,776		3,349,717

			6,579,131

Internet & Direct Marketing Retail — 9.7%
Just Eat Takeaway.com NV^(a)(b)		37,380		4,168,260
Prosus NV^(a)		139,826		14,020,142

			18,188,402

IT Services — 4.4%
Adyen NV^(a)(b)		4,858		8,209,428


Leisure Products — 0.2%
Accell Group NV^(a)		12,978		388,026


Machinery — 0.7%
Aalberts NV		35,440		1,341,045


Metals & Mining — 0.2%
AMG Advanced Metallurgical Group NV		20,255		417,137


Oil, Gas & Consumable Fuels — 0.7%
Koninklijke Vopak NV		23,329		1,283,973


Personal Products — 12.9%
Unilever NV		415,987		24,133,718


Professional Services — 5.0%
Brunel International NV^(a)		25,876		199,604
Intertrust NV^(a)(b)		37,288		670,703
Randstad NV^(a)		38,111		1,990,429
Wolters Kluwer NV		79,493		6,540,795

			9,401,531

Semiconductors & Semiconductor Equipment — 24.3%
ASM International NV		15,046		2,269,078
ASML Holding NV		111,656		41,970,066
BE Semiconductor Industries NV		26,595		1,273,842

			45,512,986

Trading Companies & Distributors — 1.7%
AerCap Holdings NV^(a)(c)		43,784		1,294,693
IMCD NV		16,865		1,804,785


			3,099,478


Total Common Stocks — 99.4% (Cost: $186,162,961)				186,449,304


Short-Term Investments

Money Market Funds — 2.1%

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(e)(f)(g)	3,758,042		3,761,800


25		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Netherlands ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(e)(f)		90,000	$	90,000

				3,851,800


Total Short-Term Investments — 2.1% (Cost: $3,851,227)				3,851,800


Total Investments in Securities — 101.5% (Cost: $190,014,188)				190,301,104

Other Assets, Less Liabilities — (1.5)%				(2,782,382	)


Net Assets — 100.0%			$	187,518,722

^(a)	Non-income producing security.

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

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

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

^(e)	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




Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,183,511	$	1,581,494	^(a)	$	—		$	(3,557	)	$	352	$	3,761,800		3,758,042	$	49,581	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		102,000		—			(12,000	)^(a)		—			—		90,000		90,000		877			—

									$	(3,557	)	$	352	$	3,851,800			$	50,458		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional

Amount

(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

Euro STOXX 50 Index

09/18/20

1,015

5,482

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	5,482

^(a)


S C H E D U L E O F I N V E S T M E N T S		26

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Netherlands ETF

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	19,138


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(10,586	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	471,074

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

Fair Value Measurements




	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	186,449,303	$	—	$	1	$	186,449,304
Money Market Funds		3,851,800		—		—		3,851,800

	$	190,301,103	$	—	$	1	$	190,301,104

Derivative financial instruments^(a)
Assets
Futures Contracts	$	5,482	$	—	$	—	$	5,482

^(a)

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

See notes to financial statements.


27		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

August 31, 2020

iShares^® MSCI Sweden ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 15.8%
Nordea Bank Abp^(a)		1,678,701	$	13,552,305
Skandinaviska Enskilda Banken AB, Class A^(a)		878,440		8,732,508
Svenska Handelsbanken AB, Class A^(a)		833,746		8,411,942
Swedbank AB, Class A^(a)		489,893		8,327,945


			39,024,700

Building Products — 6.3%
Assa Abloy AB, Class B		518,793		12,030,052
Nibe Industrier AB, Class B^(a)		121,423		3,420,981


			15,451,033

Capital Markets — 0.6%
EQT AB		83,274		1,539,974


Commercial Services & Supplies — 1.1%
Securitas AB, Class B^(a)		184,476		2,632,942


Communications Equipment — 7.1%
Telefonaktiebolaget LM Ericsson, Class B		1,513,221		17,588,555


Construction & Engineering — 1.6%
Skanska AB, Class B^(a)		190,975		3,901,448


Diversified Financial Services — 9.9%
Industrivarden AB, Class C^(a)		94,715		2,502,687
Investor AB, Class B		236,079		15,092,721
Kinnevik AB, Class B^(a)		125,632		4,865,810
L E Lundbergforetagen AB, Class B^(a)		42,377		1,940,755


			24,401,973

Diversified Telecommunication Services — 2.2%
Telia Co. AB		1,379,485		5,327,642


Electronic Equipment, Instruments & Components — 4.5%
Hexagon AB, Class B^(a)		151,452		10,999,430


Food & Staples Retailing — 1.1%
ICA Gruppen AB		55,438		2,726,601


Hotels, Restaurants & Leisure — 1.5%
Evolution Gaming Group AB^(b)		49,323		3,704,536


Household Durables — 2.3%
Electrolux AB, Series B		134,893		2,930,909
Husqvarna AB, Class B		256,931		2,799,596


			5,730,505

Household Products — 4.3%
Essity AB, Class B^(a)		306,802		10,586,064


Industrial Conglomerates — 0.7%
Investment AB Latour, Class B^(c)		76,581		1,712,761


Machinery — 27.1%
Alfa Laval AB^(a)		176,998		4,338,272
Atlas Copco AB, Class A		348,126		16,141,031


Security	Shares		Value

Machinery (continued)
Atlas Copco AB, Class B		201,682	$	8,121,109
Epiroc AB, Class A		363,669		5,428,714
Epiroc AB, Class B		210,000		3,027,670
Sandvik AB^(a)		546,787		10,764,634
SKF AB, Class B		213,615		4,274,801
Volvo AB, Class B^(a)		770,308		14,763,206


			66,859,437

Metals & Mining — 1.9%
Boliden AB		154,146		4,609,216


Oil, Gas & Consumable Fuels — 1.1%
Lundin Energy AB		107,429		2,633,116


Paper & Forest Products — 1.2%
Svenska Cellulosa AB SCA, Class B^(a)		227,656		2,941,728


Specialty Retail — 2.8%
Hennes & Mauritz AB, Class B^(c)		436,307		6,975,894


Tobacco — 2.8%
Swedish Match AB		89,372		6,803,710


Wireless Telecommunication Services — 1.5%
Tele2 AB, Class B		265,138		3,767,287


Total Common Stocks — 97.4% (Cost: $252,499,619)				239,918,552


Short-Term Investments

Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(d)(e)(f)		3,682,704		3,686,386
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(d)(e)		80,000		80,000


			3,766,386


Total Short-Term Investments — 1.5% (Cost: $3,767,187)				3,766,386


Total Investments in Securities — 98.9% (Cost: $256,266,806)				243,684,938

Other Assets, Less Liabilities — 1.1%				2,818,019


Net Assets — 100.0%			$	246,502,957

^(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.


S C H E D U L E O F I N V E S T M E N T S		28

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Sweden ETF

Affiliates



Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	3,688,589	^(a)	$	—	$	(1,402	)	$	(801	)	$	3,686,386		3,682,704	$	5,334	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		78,000		2,000	^(a)		—		—			—			80,000		80,000		1,476			—

								$	(1,402	)	$	(801	)	$	3,766,386			$	6,810		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

OMXS 30 Index

318

09/18/20

6,508

22,835

Forward Foreign Currency Exchange Contracts



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

SEK	4,539,483	USD	484,643	SCB	09/18/20	$	41,775

USD	1,028,517	EUR	904,037	SCB	09/18/20		(53,042	)
USD	8,350,700	SEK	77,139,463	SCB	09/18/20		(594,735	)


							(647,777	)


	Net unrealized depreciation					$	(606,002	)

Derivative Financial Instruments Categorized by Risk Exposure

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



	Equity Contracts		Foreign Currency Exchange Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	22,835	$	—	$	22,835
Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	41,775	$	41,775

	$	22,835	$	41,775	$	64,610


Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	647,777	$	647,777

^(a)


29		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Sweden ETF

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts			Foreign Currency Exchange Contracts			Total

Net Realized Gain (Loss) from:
Futures contracts	$	1,064,000		$	—		$	1,064,000
Forward foreign currency exchange contracts		—			107,393			107,393

	$	1,064,000		$	107,393		$	1,171,393


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(144,826	)	$	—		$	(144,826	)
Forward foreign currency exchange contracts		—			(1,118,246	)		(1,118,246	)

	$	(144,826	)	$	(1,118,246	)	$	(1,263,072	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	5,325,986
Forward foreign currency exchange contracts:
Average amounts purchased — in USD		135,087
Average amounts sold — in USD	$	9,061,755

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 Year End

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



	Assets			Liabilities

Derivative Financial Instruments:
Futures contracts	$	22,835		$	—
Forward foreign currency exchange contracts		41,775			647,777


Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	64,610		$	647,777
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(22,835	)		—


Total derivative assets and liabilities subject to an MNA	$	41,775		$	647,777

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



Counterparty	Derivative Assets Subject to an MNA by			Derivatives Available				Net Amount of Derivative
Counterparty	Counterparty					for Offset	^(a)			Assets

Standard Chartered Bank		$	41,775		$	(41,775	)		$	—



Counterparty	Derivative Liabilities Subject to an MNA by			Derivatives Available				Net Amount of Derivative
Counterparty	Counterparty					for Offset	^(a)			Liabilities	^(b)

Standard Chartered Bank		$	647,777		$	(41,775	)		$	606,002

^(a)

The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA.

^(b)

Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Measurements


S C H E D U L E O F I N V E S T M E N T S		30

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Sweden ETF

Fair Value Measurements (continued)




	Level 1		Level 2			Level 3		Total

Investments
Assets
Common Stocks	$	239,918,552	$	—		$	—	$	239,918,552
Money Market Funds		3,766,386		—			—		3,766,386

	$	243,684,938	$	—		$	—	$	243,684,938

Derivative financial instruments^(a)
Assets
Futures Contracts	$	22,835	$	—		$	—	$	22,835
Forward Foreign Currency Exchange Contracts		—		41,775			—		41,775
Liabilities
Forward Foreign Currency Exchange Contracts		—		(647,777	)		—		(647,777	)

	$	22,835	$	(606,002	)	$	—	$	(583,167	)

^(a)

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

See notes to financial statements.


31		2 0 2 0 I S H A R E S A N 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

August 31, 2020


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


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	41,599,310		$	32,538,307		$	883,616,967		$	186,449,304
Affiliated^(c)		2,935,304			1,351,323			9,097,912			3,851,800
Cash		8,194			4,440			5,251			8,282
Foreign currency, at value^(d)		90,598			56,525			1,591,811			443,082
Foreign currency collateral pledged:
Futures contracts^(e)		216,467			17,939			212,879			148,297
Receivables:
Investments sold		1,254,656			997,685			534,857			1,660,126
Securities lending income — Affiliated		12,492			1,471			12,259			4,260
Dividends		—			17,093			17,307			551,582
Tax reclaims		1,205,593			53,722			—			—

Total assets		47,322,614			35,038,505			895,089,243			193,116,733


LIABILITIES
Collateral on securities loaned, at value		2,926,197			1,342,697			8,574,710			3,762,198
Payables:
Investments purchased		1,250,832			995,318			1,197,356			1,736,715
Variation margin on futures contracts		21,703			1,723			21,094			14,876
Investment advisory fees		19,551			14,031			361,563			84,222

Total liabilities		4,218,283			2,353,769			10,154,723			5,598,011


NET ASSETS	$	43,104,331		$	32,684,736		$	884,934,520		$	187,518,722


NET ASSETS CONSIST OF:
Paid-in capital	$	106,767,687		$	58,900,447		$	1,057,536,930		$	210,368,411
Accumulated loss		(63,663,356	)		(26,215,711	)		(172,602,410	)		(22,849,689	)

NET ASSETS	$	43,104,331		$	32,684,736		$	884,934,520		$	187,518,722


Shares outstanding		2,750,000			1,840,000			30,200,000			5,300,000

Net asset value	$	15.67		$	17.76		$	29.30		$	35.38

Shares authorized		100 million			136.2 million			340.2 million			255 million

Par value	$	0.001		$	0.001		$	0.001		$	0.001


^(a)Securities loaned, at value	$	2,777,853		$	1,311,865		$	8,025,156		$	3,534,096
^(b)Investments, at cost — Unaffiliated	$	63,056,495		$	39,708,815		$	1,002,574,589		$	186,162,961
^(c)Investments, at cost — Affiliated	$	2,935,367		$	1,351,373		$	9,098,682		$	3,851,227
^(d)Foreign currency, at cost	$	76,361		$	55,664		$	1,557,587		$	435,879
^(e)Foreign currency collateral pledged, at cost	$	215,996		$	17,900		$	212,416		$	147,975

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		32

Statements of Assets and Liabilities (continued)

August 31, 2020


	iShares MSCI Sweden ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	239,918,552
Affiliated^(c)		3,766,386
Cash		3,745
Foreign currency, at value^(d)		568,334
Foreign currency collateral pledged:
Futures contracts^(e)		993,142
Receivables:
Investments sold		361,258
Securities lending income — Affiliated		1,172
Dividends		8
Tax reclaims		445,929
Foreign withholding tax claims		15,859,894
Unrealized appreciation on:
Forward foreign currency exchange contracts		41,775

Total assets		261,960,195


LIABILITIES
Collateral on securities loaned, at value		3,688,589
Payables:
Investments purchased		424,680
Variation margin on futures contracts		107,911
Investment advisory fees		92,274
Professional fees		1,625,989
IRS compliance fee for foreign withholding tax claims		8,870,018
Unrealized depreciation on:
Forward foreign currency exchange contracts		647,777

Total liabilities		15,457,238


NET ASSETS	$	246,502,957


NET ASSETS CONSIST OF:
Paid-in capital	$	296,893,115
Accumulated loss		(50,390,158	)

NET ASSETS	$	246,502,957


Shares outstanding		6,900,000

Net asset value	$	35.73

Shares authorized		63.6 million

Par value	$	0.001


^(a) Securities loaned, at value	$	3,489,442
^(b) Investments, at cost — Unaffiliated	$	252,499,619
^(c) Investments, at cost — Affiliated	$	3,767,187
^(d) Foreign currency, at cost	$	472,889
^(e) Foreign currency collateral pledged, at cost	$	990,289

See notes to financial statements.


33		2 0 2 0 I S H A R E S A N 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

Year Ended August 31, 2020


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


INVESTMENT INCOME
Dividends — Unaffiliated	$	424,401		$	839,961		$	15,205,732		$	3,218,045
Dividends — Affiliated		319			210			4,527			877
Securities lending income — Affiliated — net		96,969			29,066			296,487			49,581
Foreign taxes withheld		(50,537	)		(126,089	)		(2,024,572	)		(475,918	)

Total investment income		471,152			743,148			13,482,174			2,792,585


EXPENSES
Investment advisory fees		287,457			203,365			4,284,049			923,604
Miscellaneous		264			264			264			264

Total expenses		287,721			203,629			4,284,313			923,868

Net investment income		183,431			539,519			9,197,861			1,868,717


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(5,032,776	)		(2,949,110	)		(10,699,149	)		(5,155,977	)
Investments — Affiliated		(289	)		(3,128	)		(6,730	)		(3,557	)
In-kind redemptions — Unaffiliated		(3,195,101	)		1,576,251			39,510,106			14,185,893
Futures contracts		140,859			26,336			(70,310	)		19,138
Foreign currency transactions		12,521			7,663			139,532			17,879

Net realized gain (loss)		(8,074,786	)		(1,341,988	)		28,873,449			9,063,376

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(5,847,490	)		462,191			(43,241,158	)		7,082,322
Investments — Affiliated		(303	)		(466	)		(1,141	)		352
Futures contracts		(20,097	)		(743	)		(62,549	)		(10,586	)
Foreign currency translations		110,603			7,014			54,208			19,549

Net change in unrealized appreciation (depreciation)		(5,757,287	)		467,996			(43,250,640	)		7,091,637

Net realized and unrealized gain (loss)		(13,832,073	)		(873,992	)		(14,377,191	)		16,155,013

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(13,648,642	)	$	(334,473	)	$	(5,179,330	)	$	18,023,730

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		34

Statements of Operations (continued)

Year Ended August 31, 2020


	iShares MSCI Sweden ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	2,357,580
Dividends — Affiliated		1,476
Non-cash dividends — Unaffiliated		797,785
Securities lending income — Affiliated — net		5,334
Foreign taxes withheld		(198,284	)
Foreign withholding tax claims		407,350
IRS Compliance fee for foreign withholding tax claims		(96,089	)

Total investment income		3,275,152


EXPENSES
Investment advisory fees		1,016,772
Professional fees		75,068
Miscellaneous		264

Total expenses		1,092,104

Net investment income		2,183,048


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(9,044,532	)
Investments — Affiliated		(1,402	)
In-kind redemptions — Unaffiliated		(12,382,047	)
Futures contracts		1,064,000
Forward foreign currency exchange contracts		107,393
Foreign currency transactions		117,384

Net realized loss		(20,139,204	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		57,181,196
Investments — Affiliated		(801	)
Futures contracts		(144,826	)
Forward foreign currency exchange contracts		(1,118,246	)
Foreign currency translations		1,795,122

Net change in unrealized appreciation (depreciation)		57,712,445

Net realized and unrealized gain		37,573,241

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	39,756,289

See notes to financial statements.


35		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets


	iShares MSCI Austria ETF						iShares MSCI Belgium ETF
	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/20			Year Ended 08/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	183,431		$	1,991,632		$	539,519		$	1,205,284
Net realized loss		(8,074,786	)		(14,361,944	)		(1,341,988	)		(1,884,910	)
Net change in unrealized appreciation (depreciation)		(5,757,287	)		(6,282,218	)		467,996			(1,629,193	)

Net decrease in net assets resulting from operations		(13,648,642	)		(18,652,530	)		(334,473	)		(2,308,819	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(418,122	)		(2,792,866	)		(830,721	)		(1,172,255	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		2,404,148			(70,251,096	)		(13,455,384	)		(9,116,599	)


NET ASSETS
Total decrease in net assets		(11,662,616	)		(91,696,492	)		(14,620,578	)		(12,597,673	)
Beginning of year		54,766,947			146,463,439			47,305,314			59,902,987

End of year	$	43,104,331		$	54,766,947		$	32,684,736		$	47,305,314

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		36

Statements of Changes in Net Assets (continued)


	iShares MSCI France ETF						iShares MSCI Netherlands ETF
	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/20			Year Ended 08/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	9,197,861		$	23,186,901		$	1,868,717		$	4,692,606
Net realized gain		28,873,449			19,210,568			9,063,376			12,102,764
Net change in unrealized appreciation (depreciation)		(43,250,640	)		(81,679,760	)		7,091,637			(9,530,024	)

Net increase (decrease) in net assets resulting from operations		(5,179,330	)		(39,282,291	)		18,023,730			7,265,346


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(6,248,852	)		(22,272,214	)		(1,766,500	)		(4,709,077	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(232,837,366	)		251,536,596			38,219,101			1,318,549


NET ASSETS
Total increase (decrease) in net assets		(244,265,548	)		189,982,091			54,476,331			3,874,818
Beginning of year		1,129,200,068			939,217,977			133,042,391			129,167,573

End of year	$	884,934,520		$	1,129,200,068		$	187,518,722		$	133,042,391

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

See notes to financial statements.


37		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares MSCI Sweden ETF
	Year Ended 08/31/20			Year Ended 08/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	2,183,048		$	7,235,753
Net realized loss		(20,139,204	)		(6,956,310	)
Net change in unrealized appreciation (depreciation)		57,712,445			(21,010,780	)

Net increase (decrease) in net assets resulting from operations		39,756,289			(20,731,337	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(3,366,893	)		(7,255,549	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		4,597,755			(14,965,695	)


NET ASSETS
Total increase (decrease) in net assets		40,987,151			(42,952,581	)
Beginning of year		205,515,806			248,468,387

End of year	$	246,502,957		$	205,515,806

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		38

Financial Highlights

(For a share outstanding throughout each period)


	iShares MSCI Austria ETF

	Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16


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

Net investment income^(a)			0.06				0.48				0.58				0.53				0.38
Net realized and unrealized gain (loss)^(b)			(3.16	)			(3.69	)			0.11				7.13				(0.06	)

Net increase (decrease) from investment operations			(3.10	)			(3.21	)			0.69				7.66				0.32


Distributions^(c)
From net investment income			(0.12	)			(0.78	)			(0.68	)			(0.37	)			(0.33	)

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


Net asset value, end of year		$	15.67			$	18.89			$	22.88			$	22.87			$	15.58


Total Return
Based on net asset value			(16.58	)%			(14.07	)%			3.03	%			49.52	%			2.11	%


Ratios to Average Net Assets
Total expenses			0.51	%			0.49	%			0.47	%			0.49	%			0.48	%

Net investment income			0.32	%			2.34	%			2.37	%			2.75	%			2.47	%


Supplemental Data
Net assets, end of year (000)		$	43,104			$	54,767			$	146,463			$	233,322			$	60,780

Portfolio turnover rate^(d)			16	%			17	%			19	%			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)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

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

See notes to financial statements.


39		2 0 2 0 I S H A R E S A N 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 Belguim ETF

	Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16


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

Net investment income^(a)			0.24				0.44				0.50				0.43				0.34
Net realized and unrealized gain (loss)^(b)			(0.60	)			(1.22	)			(0.77	)			2.51				1.05

Net increase (decrease) from investment operations			(0.36	)			(0.78	)			(0.27	)			2.94				1.39


Distributions^(c)
From net investment income			(0.36	)			(0.44	)			(0.62	)			(0.51	)			(0.23	)

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


Net asset value, end of year		$	17.76			$	18.48			$	19.70			$	20.59			$	18.16


Total Return
Based on net asset value			(2.02	)%			(3.80	)%			(1.34	)%			16.44	%			8.20	%


Ratios to Average Net Assets
Total expenses			0.51	%			0.49	%			0.47	%			0.49	%			0.48	%

Net investment income			1.34	%			2.43	%			2.40	%			2.31	%			1.92	%


Supplemental Data
Net assets, end of year (000)		$	32,685			$	47,305			$	59,903			$	74,128			$	132,203

Portfolio turnover rate^(d)			18	%			11	%			13	%			8	%			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)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	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		40

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI France ETF

	Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16


Net asset value, beginning of year		$	29.41			$	31.10			$	29.64			$	23.84			$	25.01

Net investment income^(a)			0.32				0.83				0.80				0.69				0.67
Net realized and unrealized gain (loss)^(b)			(0.18	)			(1.67	)			1.40				5.69				(1.14	)

Net increase (decrease) from investment operations			0.14				(0.84	)			2.20				6.38				(0.47	)


Distributions^(c)
From net investment income			(0.25	)			(0.85	)			(0.74	)			(0.58	)			(0.70	)

Total distributions			(0.25	)			(0.85	)			(0.74	)			(0.58	)			(0.70	)


Net asset value, end of year		$	29.30			$	29.41			$	31.10			$	29.64			$	23.84


Total Return
Based on net asset value			0.50	%			(2.64	)%			7.46	%			26.93	%			(1.87	)%


Ratios to Average Net Assets
Total expenses			0.51	%			0.50	%			0.47	%			0.49	%			0.48	%

Net investment income			1.09	%			2.84	%			2.53	%			2.57	%			2.77	%


Supplemental Data
Net assets, end of year (000)		$	884,935			$	1,129,200			$	939,218			$	640,201			$	329,054

Portfolio turnover rate^(d)			2	%			2	%			4	%			6	%			6	%

^(a)	Based on average shares outstanding.

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

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

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

See notes to financial statements.


41		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Netherlands ETF

	Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16


Net asset value, beginning of year		$	30.58			$	31.12			$	30.56			$	24.78			$	24.48

Net investment income^(a)			0.33				0.88				0.62				0.46				0.71
Net realized and unrealized gain (loss)^(b)			4.80				(0.56	)			0.62				5.98				0.08

Net increase from investment operations			5.13				0.32				1.24				6.44				0.79


Distributions^(c)
From net investment income			(0.33	)			(0.86	)			(0.68	)			(0.66	)			(0.49	)

Total distributions			(0.33	)			(0.86	)			(0.68	)			(0.66	)			(0.49	)


Net asset value, end of year		$	35.38			$	30.58			$	31.12			$	30.56			$	24.78


Total Return
Based on net asset value			16.88	%			1.16	%			4.08	%			26.44	%			3.32	%


Ratios to Average Net Assets
Total expenses			0.51	%			0.50	%			0.47	%			0.49	%			0.48	%

Net investment income			1.03	%			2.97	%			1.95	%			1.74	%			2.97	%


Supplemental Data
Net assets, end of year (000)		$	187,519			$	133,042			$	129,168			$	192,540			$	184,587

Portfolio turnover rate^(d)			19	%			13	%			7	%			14	%			24	%

^(a)	Based on average shares outstanding.

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

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

^(d)	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		42

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Sweden ETF

	Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16


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

Net investment income^(a)			0.34				0.95				1.14				0.86				1.05
Net realized and unrealized gain (loss)^(b)			7.65				(3.58	)			(2.19	)			6.04				(1.63	)

Net increase (decrease) from investment operations			7.99				(2.63	)			(1.05	)			6.90				(0.58	)


Distributions^(c)
From net investment income			(0.51	)			(0.97	)			(1.78	)			(0.76	)			(1.14	)

Total distributions			(0.51	)			(0.97	)			(1.78	)			(0.76	)			(1.14	)


Net asset value, end of year		$	35.73			$	28.25			$	31.85			$	34.68			$	28.54


Total Return
Based on net asset value			28.51	%			(8.41	)%			(2.88	)%			24.30	%			(1.91	)%


Ratios to Average Net Assets
Total expenses			0.55	%			0.55	%			0.53	%			0.53	%			0.48	%

Total expenses excluding professional fees for foreign withholding tax claims			0.51	%			0.49	%			0.47	%			0.49	%			0.48	%

Net investment income			1.09	%			3.16	%			3.34	%			2.74	%			3.65	%


Supplemental Data
Net assets, end of year (000)		$	246,503			$	205,516			$	248,468			$	460,315			$	284,709

Portfolio turnover rate^(d)			8	%			4	%			5	%			9	%			7	%

^(a)	Based on average shares outstanding.

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

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

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

See notes to financial statements.


43		2 0 2 0 I S H A R E S A N 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

1.	ORGANIZATION

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

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


iShares ETF		Diversification Classification

MSCI Austria		Non-diversified
MSCI Belgium		Non-diversified
MSCI France		Non-diversified
MSCI Netherlands		Non-diversified
MSCI Sweden		Non-diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

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

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

Foreign 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 August 31, 2020, if any, are disclosed in the statement of assets and liabilities.

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

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

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		44

Notes to Financial Statements (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”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. 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 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 NAV.

•

Futures contracts are valued 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.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such 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 a policy 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 such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof 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/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

Level 2 – Other observable inputs (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 active, inputs other than quoted prices that are observable for the assets or liabilities (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. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. 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


45		2 0 2 0 I S H A R E S A N 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 (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 August 31, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of August 31, 2020 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

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

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



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

MSCI Austria
Credit Suisse Securities (USA) LLC	$	173,151	$	173,151		$	—	$	—
Deutsche Bank Securities Inc.		370,815		370,815			—		—
Goldman Sachs & Co.		166,596		166,596			—		—
Morgan Stanley & Co. LLC		2,067,291		2,067,291			—		—

	$	2,777,853	$	2,777,853		$	—	$	—

MSCI Belgium
Credit Suisse AG	$	1,158,341	$	1,158,341		$	—	$	—
Deutsche Bank Securities Inc.		24,816		24,816			—		—
Goldman Sachs & Co.		77,710		77,710			—		—
HSBC Bank PLC		868		868			—		—
Morgan Stanley & Co. LLC		50,130		50,130			—		—

	$	1,311,865	$	1,311,865		$	—	$	—

MSCI France
Barclays Capital Inc.	$	1,965,084	$	1,965,084		$	—	$	—
BNP Paribas Securities Corp.		596,870		596,870			—		—
Goldman Sachs & Co.		5,138,344		5,138,344			—		—
Morgan Stanley & Co. LLC		324,858		324,858			—		—

	$	8,025,156	$	8,025,156		$	—	$	—

MSCI Netherlands
BofA Securities, Inc.	$	598,919	$	598,919		$	—	$	—
Citigroup Global Markets Inc.		14,813		14,813			—		—
Credit Suisse AG		365,214		365,214			—		—
Morgan Stanley & Co. LLC		1,790,782		1,790,782			—		—
National Financial Services LLC		1,462		1,462			—		—
UBS AG		762,906		762,906			—		—

	$	3,534,096	$	3,534,096		$	—	$	—

MSCI Sweden
BofA Securities, Inc.	$	2,167,449	$	2,167,449		$	—	$	—
Morgan Stanley & Co. LLC		1,321,993		1,321,993			—		—

	$	3,489,442	$	3,489,442		$	—	$	—

^(a)

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		46

Notes to Financial Statements (continued)

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

5.	DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

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

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

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

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

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

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:


47		2 0 2 0 I S H A R E S A N 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 (continued)


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 (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, 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 SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

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

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



iShares ETF	Fees Paid to BTC
MSCI Austria	$	21,843
MSCI Belgium		6,876
MSCI France		67,252
MSCI Netherlands		11,832
MSCI Sweden		1,561

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

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

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



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI Austria	$	671,705	$	786,796	$	(665,243	)
MSCI Belgium		4,615,066		513,463		(93,337	)
MSCI France		2,591,467		3,116,549		(2,865,025	)
MSCI Netherlands		5,798,744		5,406,322		(597,579	)
MSCI Sweden		4,107,737		6,154,535		(3,066,697	)

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		48

Notes to Financial Statements (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 year ended August 31, 2020, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

MSCI Austria	$	8,966,065	$	9,244,234
MSCI Belgium		7,263,056		7,661,470
MSCI France		21,364,714		18,236,034
MSCI Netherlands		34,102,858		34,093,126
MSCI Sweden		18,413,861		16,527,199

For the year ended August 31, 2020, purchases and sales related to in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales

MSCI Austria	$	35,266,978	$	32,852,075
MSCI Belgium		4,098,060		17,430,820
MSCI France		403,206,511		635,798,126
MSCI Netherlands		149,965,595		112,070,997
MSCI Sweden		100,228,620		98,330,334

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 August 31, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2020, the following permanent differences attributable to realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:



iShares ETF	Paid-in Capital			Accumulated Loss

MSCI Austria	$	(4,332,145	)	$	4,332,145
MSCI Belgium		1,173,235			(1,173,235	)
MSCI France		38,637,427			(38,637,427	)
MSCI Netherlands		13,360,900			(13,360,900	)
MSCI Sweden		(14,080,287	)		14,080,287

The tax character of distributions paid was as follows:




iShares ETF	Year Ended 08/31/20		Year Ended 08/31/19


MSCI Austria
Ordinary income	$	418,122	$	2,792,866

MSCI Belgium
Ordinary income	$	830,721	$	1,172,255

MSCI France
Ordinary income	$	6,248,852	$	22,272,214

MSCI Netherlands
Ordinary income	$	1,766,500	$	4,709,077

MSCI Sweden
Ordinary income	$	3,366,893	$	7,255,549


49		2 0 2 0 I S H A R E S A N 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 (continued)

As of August 31, 2020, the tax components of accumulated net earnings (losses) were as follows:




iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Total


MSCI Austria	$	140,614	$	(41,739,653	)	$	(22,064,317	)	$	(63,663,356	)
MSCI Belgium		294,046		(18,501,985	)		(8,007,772	)		(26,215,711	)
MSCI France		3,624,604		(50,747,309	)		(125,479,705	)		(172,602,410	)
MSCI Netherlands		777,386		(23,177,633	)		(449,442	)		(22,849,689	)
MSCI Sweden		1,385,802		(36,604,434	)		(15,171,526	)		(50,390,158	)

^(a)

Amounts available to offset future realized capital gains.

^(b)

The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts and foreign currency contracts, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and foreign withholding tax reclaims.

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



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

MSCI Austria	$	66,656,665	$	401,815	$	(22,523,866	)	$	(22,122,051	)
MSCI Belgium		41,903,855		3,518,107		(11,532,332	)		(8,014,225	)
MSCI France		1,018,221,201		57,376,638		(182,891,502	)		(125,514,864	)
MSCI Netherlands		190,764,191		21,088,084		(21,551,171	)		(463,087	)
MSCI Sweden		259,698,734		19,564,079		(35,555,040	)		(15,990,961	)

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. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. 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: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.


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		50

Notes to Financial Statements (continued)

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honor its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the statement of assets and liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

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.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, 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. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, 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. Investment percentages in specific sectors are presented in the schedule of investments.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

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:



	Year Ended 08/31/20						Year Ended 08/31/19

iShares ETF	Shares			Amount			Shares			Amount

MSCI Austria
Shares sold		2,000,000		$	36,144,704			1,000,000		$	21,691,523
Shares redeemed		(2,150,000	)		(33,740,556	)		(4,500,000	)		(91,942,619	)

Net increase (decrease)		(150,000	)	$	2,404,148			(3,500,000	)	$	(70,251,096	)

MSCI Belgium
Shares sold		240,000		$	4,113,227			560,000		$	9,945,400
Shares redeemed		(960,000	)		(17,568,611	)		(1,040,000	)		(19,061,999	)

Net decrease		(720,000	)	$	(13,455,384	)		(480,000	)	$	(9,116,599	)

MSCI France
Shares sold		13,600,000		$	404,731,082			19,200,000		$	569,122,479
Shares redeemed		(21,800,000	)		(637,568,448	)		(11,000,000	)		(317,585,883	)

Net increase (decrease)		(8,200,000	)	$	(232,837,366	)		8,200,000		$	251,536,596


51		2 0 2 0 I S H A R E S A N 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 (continued)



	Year Ended 08/31/20						Year Ended 08/31/19

iShares ETF	Shares			Amount			Shares			Amount

MSCI Netherlands
Shares sold		4,600,000		$	150,728,480			4,050,000		$	117,319,587
Shares redeemed		(3,650,000	)		(112,509,379	)		(3,850,000	)		(116,001,038	)

Net increase		950,000		$	38,219,101			200,000		$	1,318,549

MSCI Sweden
Shares sold		3,225,000		$	105,874,093			2,400,000		$	71,346,070
Shares redeemed		(3,600,000	)		(101,276,338	)		(2,925,000	)		(86,311,765	)

Net increase (decrease)		(375,000	)	$	4,597,755			(525,000	)	$	(14,965,695	)

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

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

11.

FOREIGN WITHHOLDING TAX CLAIMS

The iShares MSCI Sweden ETF has filed claims to recover taxes withheld by Sweden on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded receivables for all recoverable taxes withheld by Sweden based upon previous determinations made by the Swedish tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Swedish tax claim receivables and related liabilities are disclosed in the statement of assets and liabilities. Collection of these receivables, and any payment of associated liabilities, depends upon future determinations made by the Swedish tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Fund, as of August 31, 2020, is $8,160,576 or $1.18 per share.

The Fund, under the approval of the Board, is seeking a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the statement of assets and liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

12.

LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court. On May 27, 2020, the California Supreme Court denied Plaintiff’s petition for review. The case is now closed.

13.

SUBSEQUENT EVENTS

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		52

Report of Independent Registered Public Accounting Firm

To the Board of Directors of iShares, Inc. and

Shareholders of iShares MSCI Austria ETF, iShares MSCI Belgium ETF,

iShares MSCI France ETF, iShares MSCI Netherlands ETF and iShares MSCI Sweden ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares MSCI Austria ETF, iShares MSCI Belgium ETF, iShares MSCI France ETF, iShares MSCI Netherlands ETF and iShares MSCI Sweden ETF (five of the funds constituting iShares, Inc., hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2020 and each of the financial highlights for each of the five years in the period ended August 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2020

We have served as the auditor of one or more BlackRock investment companies since 2000.


53		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Important Tax Information (unaudited)

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2020:


iShares ETF	Qualified Dividend Income
MSCI Austria	$	328,903
MSCI Belgium		762,251
MSCI France		15,093,771
MSCI Netherlands		3,070,356
MSCI Sweden		2,843,326

For the fiscal year ended August 31, 2020, the Funds earned foreign source income and paid foreign taxes which they intend to pass through to their shareholders:


iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
MSCI Austria	$	426,835	$	36,336
MSCI Belgium		840,461		126,088
MSCI France		15,216,502		2,021,665
MSCI Netherlands		3,219,721		441,793
MSCI Sweden		3,160,838		6,177


I M P O R T A N T T A X I N F O R M A T I O N		54

Board Review and Approval of Investment Advisory Contract

iShares MSCI Austria ETF, iShares MSCI Belgium ETF, iShares MSCI Netherlands ETF, iShares MSCI Sweden ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on April 17, 2020 and May 19, 2020, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 8-10, 2020, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Contract are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were higher than the median of overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2019, to that of relevant comparison fund(s) for the same periods.

The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the June 8-10, 2020 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.


55		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

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

iShares MSCI France ETF (the “Fund”)


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		56

Board Review and Approval of Investment Advisory Contract (continued)

service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on April 17, 2020 and May 19, 2020, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 8-10, 2020, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,


57		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		58

Supplemental Information (unaudited)

Section 19(a) Notices

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

August 31, 2020


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share

MSCI Austria^(a)	$	0.085837	$	—	$	0.030308	$	0.116145		74	%		—	%		26	%		100	%
MSCI Belgium^(a)		0.283588		—		0.071921		0.355509		80			—			20			100
MSCI Sweden^(a)		0.373126		—		0.138030		0.511156		73			—			27			100

^(a)

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

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.


59		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Director and Officer Information

The Board of Directors has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Director serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Directors who are not “interested persons” (as defined in the 1940 Act) of the Company are referred to as independent directors (“Independent Directors”).

The registered investment companies advised by BFAor its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 368 funds as of August 31, 2020. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., ParkAvenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Directors and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).


Interested Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director

Robert S. Kapito^(a)(63)	Director (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Trustee of iShares Trust (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji^(b) (50)	Director (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Trustee of iShares Trust (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(a)	Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.

^(b)	Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.


Independent Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director

Cecilia H. Herbert (71)	Director (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Jane D. Carlin (64)	Director (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares Trust (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (65)	Director (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


D I R E C T O R A N D O F F I C E R I N F O R M A T I O N		60

Director and Officer Information (continued)


Independent Directors (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director

John E. Kerrigan (65)	Director (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

Drew E. Lawton (61)	Director (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

John E. Martinez (59)	Director (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).	Trustee of iShares Trust (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).

Madhav V. Rajan (56)	Director (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Trustee of iShares Trust (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years

Armando Senra (49)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Walker (46)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles Park (53)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Deepa Damre (45)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).

Scott Radell (51)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).

Alan Mason (59)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).

Marybeth Leithead (57)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


61		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

General Information

Electronic Delivery

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

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.


G E N E R A L I N F O R M A T I O N		62

Glossary of Terms Used in this Report


Counterparty Abbreviations

SCB		Standard Chartered Bank

Currency Abbreviations

EUR		Euro

SEK		Swedish Krona

USD		United States Dollar


63		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

iS-AR-802-0820


		AUGUST 31, 2020



		2020 Annual Report

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

The Markets in Review

Dear Shareholder,

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of August 31, 2020
	6-Month	12-Month
U.S. large cap equities (S&P 500^® Index)	19.63%	21.94%
U.S. small cap equities (Russell 2000^® Index)	6.57	6.02
International equities (MSCI Europe, Australasia, Far East Index)	7.10	6.13
Emerging market equities (MSCI Emerging Markets Index)	11.23	14.49
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.34	1.26
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	4.67	8.93
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	2.98	6.47
Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.29	3.15
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	3.04	4.65
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


	Page

The Markets in Review		2
Market Overview		4
Fund Summary		5
About Fund Performance		15
Shareholder Expenses		15
Schedules of Investments		16
Financial Statements
Statements of Assets and Liabilities		32
Statements of Operations		34
Statements of Changes in Net Assets		36
Financial Highlights		39
Notes to Financial Statements		44
Report of Independent Registered Public Accounting Firm		53
Important Tax Information (Unaudited)		54
Board Review and Approval of Investment Advisory Contract		55
Supplemental Information		61
Director and Officer Information		63
General Information		65
Glossary of Terms Used in this Report		66


Market Overview

iShares, Inc.

Global Market Overview


M A R K E T O V E R V I E W		4


Fund Summary as of August 31, 2020		iShares^® MSCI Eurozone ETF

Investment Objective

The iShares MSCI Eurozone ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization equities from developed market countries that use the euro as their official currency, as represented by the MSCI EMU Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		5.61	%		4.39	%		5.33	%		5.61	%		23.96	%		68.02	%
Fund Market		5.22			4.33			5.37			5.22			23.58			68.71
Index		5.83			4.50			5.44			5.83			24.62			69.78

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,075.90	$ 2.71			$ 1,000.00	$ 1,022.50	$ 2.64		0.52	%

^(a)


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Fund Summary as of August 31, 2020 (continued)		iShares^® MSCI Eurozone ETF

Portfolio Management Commentary

Stocks in the Eurozone advanced for the reporting period despite the deep global recession driven by the coronavirus pandemic. Economic activity was already stagnant at the end of 2019 due to declining exports amid slowing global trade, lower manufacturing activity, and labor strikes. Following pandemic-related closures, leading Eurozone economies posted the steepest economic contraction on record in the second quarter of 2020. The first quarter’s steep equity market declines were reversed during the second quarter amid government stimulus and signs of economic revival. As restrictions eased, consumer and business confidence rebounded, while massive job protection programs supported consumer spending and limited the rise in unemployment seen in other countries around the world. Eurozone equity performance for U.S.-based investors was also helped by U.S. dollar depreciation relative to the euro, driven by the U.S.’s expansive monetary policy, ultralow interest rates, and the rapid spread of the coronavirus.

German stocks contributed the most to the Index’s performance, led by the industrials sector, where strong gains in domestic capital goods orders bolstered industrial production as factories reopened and manufacturing activity resumed. The industrial conglomerates industry advanced amid strong sales of industrial software and high-speed trains. German information technology stocks were also meaningful contributors, as social distancing mandates drove sharply higher use of technology products and services. The software industry gained notably due to increased demand for cloud-based services as remote work arrangements were scaled up during the pandemic.

Information technology stocks in the Netherlands also contributed notably to the Index’s performance. The semiconductor equipment industry continued to supply the expansion of 5G networks, data centers, and cloud computing. Following restrictions on social interaction, businesses increased investment in remote working and communications infrastructure, while consumers staying at home drove demand for computer equipment and gaming consoles, further supporting the semiconductor equipment industry’s gains.

On the downside, Spanish stocks weighed on the Index’s return. The financials sector detracted the most, driven by banks. Lower demand for consumer mortgages and other financial products prompted Spanish banks to increase loan-loss provisions.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Consumer Discretionary	15.2	%
Industrials	14.4
Financials	13.6
Information Technology	12.7
Consumer Staples	9.9
Health Care	8.9
Utilities	7.4
Materials	7.2
Communication Services	4.9
Energy	3.8
Real Estate	2.0

^(a)

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
France	33.3	%
Germany	29.3
Netherlands	14.0
Spain	7.1
Italy	6.6
Finland	3.3
Belgium	2.8
Ireland	2.1
Portugal	0.5
Austria	0.5


F U N D S U M M A R Y		6


Fund Summary as of August 31, 2020		iShares^® MSCI Germany ETF

Investment Objective

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

Performance


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		15.98	%		4.98	%		6.78	%		15.98	%		27.53	%		92.64	%
Fund Market		15.91			4.94			6.84			15.91			27.24			93.70
Index		16.20			5.16			6.94			16.20			28.62			95.56

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,173.20	$ 2.84			$ 1,000.00	$ 1,022.50	$ 2.64		0.52	%

^(a)


7		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Germany ETF

Portfolio Management Commentary

Stocks in Germany advanced strongly for the reporting period despite a deep recession driven by the coronavirus pandemic. Economic activity, already stagnant at the end of 2019 amid lower manufacturing activity and slowing global trade, diminished sharply following coronavirus closures, leading Europe’s largest economy to post its steepest economic contraction on record in the second quarter of 2020. After a sharp downturn beginning in February 2020, equity markets recovered throughout most of the second half of the reporting period, buoyed by government stimulus and signs of economic revival. U.S. dollar depreciation against the euro, driven by the U.S.’s expansive monetary policy, ultra-low interest rates, and the rapid spread of the coronavirus, also helped German equity performance for U.S.-based investors.

The industrials sector contributed the most to the Index’s return amid gains in domestic capital goods orders, which bolstered industrial production after coronavirus-related restrictions eased. Strength in the industrial conglomerates industry, largely driven by strong sales of industrial software and high-speed trains, benefited the sector’s return.

The information technology sector was also a leading contributor, driven by the software industry, which advanced amid increased demand for cloud-based services along with cost savings from decreased spending on travel and staff. Consolidation activity and recovering demand for chips used by automakers helped semiconductor industry revenues.

The financials and consumer discretionary sectors also bolstered the Index’s return. In the financials sector, capital markets companies benefited from coronavirus-induced market volatility, which led to higher trading volumes for financial exchange operators. In the consumer discretionary sector, internet and direct marketing retailers advanced amid changing consumer habits during the pandemic’s closures, which led to higher online orders for food delivery and apparel.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Consumer Discretionary	16.3	%
Information Technology	16.2
Financials	14.9
Industrials	14.4
Health Care	11.7
Materials	8.1
Communication Services	5.7
Real Estate	5.3
Utilities	4.4
Consumer Staples	3.0

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
SAP SE	12.8	%
Siemens AG	7.8
Allianz SE	6.7
Bayer AG	4.8
Deutsche Telekom AG	4.4
adidas AG	4.3
BASF SE	4.2
Deutsche Post AG	3.3
Daimler AG	3.2
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen	3.0

^(a)

Excludes money market funds.


F U N D S U M M A R Y		8


Fund Summary as of August 31, 2020		iShares^® MSCI Italy ETF

Investment Objective

The iShares MSCI Italy ETF (the “Fund”) seeks to track the investment results of an index composed of Italian equities, as represented by the MSCI Italy 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(2.29	)%		0.41	%		1.40	%		(2.29	)%		2.08	%		14.91	%
Fund Market		(2.60	)		0.32			1.48			(2.60	)		1.62			15.83
Index		(2.08	)		0.56			1.45			(2.08	)		2.83			15.45

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

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

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 967.80	$ 2.57			$ 1,000.00	$ 1,022.50	$ 2.64		0.52	%

^(a)


9		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Italy ETF

Portfolio Management Commentary

Stocks in Italy declined for the reporting period amid a deep recession driven by the coronavirus pandemic. Economic activity, already stagnant at the end of 2019 due to weak domestic demand, high government debt, and political uncertainty, came to a standstill during the country’s strict coronavirus lockdown. With non-essential businesses shuttered and tourism stopped, Italy’s economy entered a deep recession, contracting at the steepest rate on record in the second quarter of 2020. After a sharp downturn beginning in February 2020, equity markets recovered throughout most of the second half of the reporting period, buoyed by government stimulus and signs of economic revival. U.S. dollar depreciation against the euro, driven by the U.S.’s expansive monetary policy, ultra-low interest rates, and the rapid spread of the coronavirus, also helped Italian equity performance for U.S.-based investors.

The energy sector detracted the most from the Index’s return. Already low oil prices declined sharply in early 2020 as the coronavirus outbreak precipitated a steep drop in demand for energy, leading integrated oil and gas companies to post large losses and suspend dividends. As oil drillers lowered production, demand for oil well services also declined, weighing on oil and gas equipment and services stocks.

Transportation and capital goods stocks weighed on the industrials sector, which detracted due to a sharp decline in travel activity and temporary closures of vehicle manufacturing facilities. The financials sector detracted more modestly, weighed down by lower profits in the insurance industry due in part to impairments to account for the impact of market losses.

On the upside, the utilities sector advanced. Earnings in the electric utilities industry strengthened amid increased investments in green energy projects and lower reliance on carbon-based fuels.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Utilities	28.8	%
Financials	28.7
Consumer Discretionary	14.1
Industrials	9.1
Energy	7.5
Communication Services	3.7
Health Care	3.6
Information Technology	2.3
Consumer Staples	2.2

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Enel SpA	21.8	%
Intesa Sanpaolo SpA	10.0
Ferrari NV	6.6
Eni SpA	6.4
Assicurazioni Generali SpA	4.6
UniCredit SpA	4.6
Fiat Chrysler Automobiles NV	4.1
Snam SpA	3.5
Terna Rete Elettrica Nazionale SpA	3.4
FinecoBank Banca Fineco SpA	3.3

^(a)

Excludes money market funds.


F U N D S U M M A R Y		10


Fund Summary as of August 31, 2020		iShares^® MSCI Spain ETF

Investment Objective

The iShares MSCI Spain ETF (the “Fund”) seeks to track the investment results of an index composed of Spanish equities, as represented by the MSCI Spain 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(10.44	)%		(2.96	)%		(0.34	)%		(10.44	)%		(13.94	)%		(3.38	)%
Fund Market		(10.42	)		(3.00	)		(0.28	)		(10.42	)		(14.14	)		(2.80	)
Index		(10.03	)		(2.59	)		(0.44	)		(10.03	)		(12.29	)		(4.36	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

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

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 898.60	$ 2.53			$ 1,000.00	$ 1,022.50	$ 2.69		0.53	%

^(a)


11		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Spain ETF

Portfolio Management Commentary

Spanish stocks declined for the reporting period amid a deep recession driven by the coronavirus pandemic. The economy expanded modestly during 2019, supported by growth in services and exports. However, economic activity came to a standstill following the country’s strict coronavirus lockdowns. With non-essential businesses shuttered and tourism stopped, Spain’s economy entered a deep recession, contracting at the steepest rate on record in the second quarter of 2020. Following sharp first-quarter declines, Spanish equities rebounded, helped by government stimulus for hard-hit sectors like tourism and autos. U.S. dollar depreciation against the euro, driven by the U.S.’s expansive monetary policy, ultra-low interest rates, and the rapid spread of the coronavirus, also benefited U.S.-based investors, but Spanish equities remained below pre-pandemic levels.

The financials sector detracted the most from the Index’s return, led by the banking industry. The pandemic’s uncertainty led to lower demand for consumer mortgages and other financial products and higher provisions for loan defaults. Some banks lowered executive compensation and suspended dividend payments to preserve cash. Higher-than-expected losses from previous U.K.-based acquisitions also weighed on the industry.

The energy sector’s decline was driven by integrated oil and gas stocks, as the coronavirus pandemic precipitated a steep drop in oil demand, leading producers to post large losses. The information technology sector was a modest detractor as lower demand for travel booking services weighed on the data processing and outsourced services industry.

On the upside, the utilities sector advanced. Companies in the electric utilities industry gained amid increasing investments in green energy projects. An E.U. stimulus program passed in July 2020 provided significant support for projects that help reduce carbon emissions, benefiting the industry.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Utilities	34.2	%
Financials	22.3
Industrials	13.4
Consumer Discretionary	9.5
Communication Services	8.8
Information Technology	4.9
Energy	3.7
Health Care	3.2

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Iberdrola SA	22.4	%
Banco Santander SA	11.5
Industria de Diseno Textil SA	9.5
Amadeus IT Group SA	4.9
Cellnex Telecom SA	4.6
Banco Bilbao Vizcaya Argentaria SA	4.4
Telefonica SA	4.2
Ferrovial SA	4.1
Aena SME SA	3.9
Repsol SA	3.7

^(a)

Excludes money market funds.


F U N D S U M M A R Y		12


Fund Summary as of August 31, 2020		iShares^® MSCI Switzerland ETF

Investment Objective

The iShares MSCI Switzerland ETF (the “Fund”) seeks to track the investment results of an index composed of Swiss equities, as represented by the MSCI Switzerland 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		14.07	%		7.92	%		9.25	%		14.07	%		46.42	%		142.31	%
Fund Market		13.24			7.91			9.24			13.24			46.34			142.07
Index		14.05			8.08			9.28			14.05			47.50			142.86

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

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

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,133.40	$ 2.79			$ 1,000.00	$ 1,022.50	$ 2.64		0.52	%

^(a)


13		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Switzerland ETF

Portfolio Management Commentary

Stocks in Switzerland advanced strongly despite a deep recession driven by the coronavirus pandemic. Economic activity, already slowing during 2019 due to lower exports and investments, diminished sharply following pandemic-related closures, leading to the steepest economic contraction on record in the second quarter of 2020. After a sharp downturn beginning in February 2020, equity markets recovered through most of the second half of the reporting period amid government stimulus and signs of economic revival. Expansive U.S. monetary policy, ultralow interest rates, and the rapid spread of the coronavirus drove U.S. dollar depreciation relative to the Swiss franc, magnifying gains for U.S.-based investors.

The healthcare sector contributed the most to the Index’s return. Sharply higher demand for diagnostic products to detect the coronavirus along with optimism regarding progress in developing a vaccine against COVID-19 bolstered returns in the pharmaceuticals, biotechnology, and life sciences industry. Strong sales of drugs to treat multiple sclerosis as well as several cancer treatments further supported the industry.

The materials sector was a key contributor to the Index’s performance. Increased demand for consumer goods drove higher sales of specialty chemicals, such as flavors and fragrances used in household and personal care products. A resumption of global construction activity also benefited the chemicals industry.

Higher construction demand also supported the industrials sector, which gained amid improving sales of building materials in the capital goods industry. Investor optimism that the pandemic would accelerate the shift toward workplace automation, along with a pickup in orders from China, bolstered makers of industrial robots and electric car charging stations. The consumer staples sector also enhanced performance, advancing as consumers stockpiled food and essential household products during stay-at-home orders.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Health Care	32.1	%
Consumer Staples	24.0
Financials	16.7
Industrials	10.2
Materials	9.0
Consumer Discretionary	3.8
Information Technology	2.2
Communication Services	1.3
Real Estate	0.7

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Nestle SA	21.4	%
Roche Holding AG	13.6
Novartis AG	9.9
Zurich Insurance Group AG	4.1
ABB Ltd.	3.5
Lonza Group AG	3.5
UBS Group AG	3.4
Givaudan SA	3.0
Cie. Financiere Richemont SA	2.7
Sika AG	2.7

^(a)

Excludes money market funds.


F U N D S U M M A R Y		14

About Fund Performance

Shareholder Expenses


15		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

August 31, 2020

iShares^® MSCI Eurozone ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Austria — 0.5%
ANDRITZ AG		71,919	$	2,411,764
Erste Group Bank AG^(a)		271,537		6,618,299
OMV AG^(a)		141,339		4,607,879
Raiffeisen Bank International AG^(a)		144,793		2,597,479
Verbund AG		67,141		3,613,379
voestalpine AG		114,673		2,853,951

				22,702,751

Belgium — 2.8%
Ageas SA/NV		170,559		7,180,100
Anheuser-Busch InBev SA/NV		742,059		43,312,770
Colruyt SA		54,426		3,449,813
Elia Group SA/NV		29,943		3,226,512
Galapagos NV^(a)(b)		41,347		5,632,237
Groupe Bruxelles Lambert SA		109,955		10,201,827
KBC Group NV		242,460		13,947,565
Proximus SADP		147,336		2,923,267
Sofina SA		14,942		4,494,278
Solvay SA		72,671		6,313,209
Telenet Group Holding NV		43,831		1,707,834
UCB SA		122,845		14,621,134
Umicore SA		192,702		8,870,485

				125,881,031

Finland — 3.3%
Elisa OYJ		139,085		8,198,838
Fortum OYJ		435,538		9,227,423
Kone OYJ, Class B		330,803		28,421,630
Neste OYJ		412,098		22,084,555
Nokia OYJ		5,503,569		26,805,179
Orion OYJ, Class B		102,536		4,821,732
Sampo OYJ, Class A		458,013		18,475,975
Stora Enso OYJ, Class R		569,423		8,396,751
UPM-Kymmene OYJ		519,211		15,778,356
Wartsila OYJ Abp		432,714		3,707,403

				145,917,842

France — 33.2%
Accor SA^(a)		184,135		5,668,369
Aeroports de Paris		29,221		3,068,335
Air Liquide SA		461,124		76,683,500
Airbus SE^(a)		573,955		47,253,275
Alstom SA^(a)		187,715		10,470,580
Amundi SA^(a)(c)		59,534		4,635,102
Arkema SA		67,480		7,497,285
Atos SE^(a)		96,143		8,336,215
AXA SA		1,883,267		38,460,175
BioMerieux		40,495		6,150,612
BNP Paribas SA^(a)		1,095,659		47,913,092
Bollore SA		861,631		3,243,913
Bouygues SA^(a)		221,974		8,826,875
Bureau Veritas SA^(a)		288,171		6,546,404
Capgemini SE		156,795		21,752,211
Carrefour SA		591,934		9,528,654
Casino Guichard Perrachon SA^(a)(b)		7,460		194,049
Cie. de Saint-Gobain^(a)		503,142		20,446,885
Cie. Generale des Etablissements Michelin SCA		164,999		18,671,425
CNP Assurances^(a)		169,094		2,268,999
Covivio		50,621		3,759,547
Credit Agricole SA^(a)		1,119,403		11,497,190
Danone SA		601,300		39,623,790


Security	Shares		Value

France (continued)
Dassault Aviation SA^(a)		2,464	$	2,246,952
Dassault Systemes SE		128,332		24,226,616
Edenred		237,829		12,307,360
Eiffage SA^(a)		80,989		7,479,439
Electricite de France SA		607,987		6,400,131
Engie SA^(a)		1,777,221		24,772,334
EssilorLuxottica SA^(a)		276,867		37,118,466
Eurazeo SE^(a)		38,776		2,050,666
Eurofins Scientific SE^(a)		12,816		10,293,816
Faurecia SE^(a)		74,292		3,243,897
Gecina SA		44,719		6,161,093
Getlink SE^(a)		430,507		6,610,867
Hermes International		30,865		26,555,221
ICADE		29,521		1,915,332
Iliad SA		14,595		3,124,427
Ingenico Group SA^(a)		58,960		10,026,983
Ipsen SA		36,877		3,828,146
JCDecaux SA^(a)		84,098		1,608,227
Kering SA		73,803		45,421,033
Klepierre SA^(b)		191,780		3,162,866
La Francaise des Jeux SAEM^(c)		83,523		3,105,561
Legrand SA		259,611		21,702,685
L’Oreal SA		245,162		81,187,528
LVMH Moet Hennessy Louis Vuitton SE		270,564		127,102,677
Natixis SA^(a)		932,165		2,569,668
Orange SA		1,940,197		21,649,142
Orpea^(a)		50,175		6,039,686
Pernod Ricard SA		207,028		35,529,917
Peugeot SA^(a)(b)		574,789		9,878,214
Publicis Groupe SA^(a)		212,385		7,460,037
Remy Cointreau SA		22,200		3,661,259
Renault SA^(a)		185,704		5,294,692
Safran SA^(a)		312,136		36,217,489
Sanofi		1,101,583		111,811,027
Sartorius Stedim Biotech		26,981		9,673,929
Schneider Electric SE		538,551		66,823,336
SCOR SE^(a)		155,082		4,158,246
SEB SA		22,324		3,927,335
SES SA		375,593		2,672,684
Societe Generale SA^(a)(b)		790,921		12,847,246
Sodexo SA		86,506		6,203,275
STMicroelectronics NV		620,189		18,698,644
Suez SA		333,018		5,776,951
Teleperformance		57,064		17,634,694
Thales SA		103,787		8,130,130
TOTAL SE		2,407,725		95,312,110
Ubisoft Entertainment SA^(a)		88,773		7,321,353
Unibail-Rodamco-Westfield^(b)		135,598		6,350,518
Valeo SA		222,664		6,817,155
Veolia Environnement SA		524,049		12,660,081
Vinci SA		501,923		47,169,615
Vivendi SA		806,347		22,951,556
Wendel SE		25,640		2,635,586
Worldline SA^(a)(c)		133,096		12,259,753

				1,484,284,133

Germany — 27.4%
adidas AG^(a)		185,460		56,470,530
Allianz SE, Registered		406,358		88,215,826
Aroundtown SA^(a)		1,120,552		6,140,452
BASF SE		894,668		54,633,110


S C H E D U L E O F I N V E S T M E N T S		16

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Eurozone ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Germany (continued)
Bayer AG, Registered		956,956	$	63,563,976
Bayerische Motoren Werke AG		322,017		23,164,751
Beiersdorf AG		98,061		11,352,327
Brenntag AG		151,062		9,477,564
Carl Zeiss Meditec AG, Bearer		38,903		4,392,060
Commerzbank AG^(a)		978,277		5,689,568
Continental AG		106,948		11,664,892
Covestro AG^(c)		170,434		8,124,689
Daimler AG, Registered^(b)		833,499		42,509,541
Delivery Hero SE^(a)(c)		124,375		13,390,146
Deutsche Bank AG, Registered^(a)		1,916,560		18,394,190
Deutsche Boerse AG		185,276		35,098,419
Deutsche Lufthansa AG, Registered^(a)(b)		291,741		3,045,965
Deutsche Post AG, Registered		962,672		43,887,864
Deutsche Telekom AG, Registered		3,246,615		57,271,165
Deutsche Wohnen SE		332,251		17,737,961
E.ON SE		2,192,303		25,982,889
Evonik Industries AG		205,679		5,977,360
Fraport AG Frankfurt Airport Services Worldwide^(a)(b)		40,744		1,859,453
Fresenius Medical Care AG & Co. KGaA		207,233		17,611,540
Fresenius SE & Co. KGaA		408,492		18,955,205
GEA Group AG		149,498		5,463,890
Hannover Rueck SE		58,616		9,996,522
HeidelbergCement AG		145,333		9,250,225
Henkel AG & Co. KGaA		100,947		9,084,753
HOCHTIEF AG		24,389		2,167,185
Infineon Technologies AG		1,221,112		33,822,621
KION Group AG		63,600		5,389,785
Knorr-Bremse AG		46,935		5,976,929
LANXESS AG		81,426		4,772,666
LEG Immobilien AG		67,085		9,889,192
Merck KGaA		125,655		17,078,999
METRO AG		177,318		1,758,431
MTU Aero Engines AG		51,742		9,607,005
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		136,706		39,516,406
Nemetschek SE		56,031		4,462,886
Puma SE^(a)		80,935		6,696,227
RWE AG		626,770		24,961,211
SAP SE		1,017,158		167,921,606
Scout24 AG^(c)		104,622		9,753,317
Siemens AG, Registered		745,168		103,074,347
Siemens Healthineers AG^(c)		146,520		6,676,288
Symrise AG		124,891		17,258,947
TeamViewer AG^(a)(c)		126,354		6,856,003
Telefonica Deutschland Holding AG		1,012,631		2,804,807
thyssenkrupp AG^(a)		394,765		2,844,047
Uniper SE		196,664		6,453,899
United Internet AG, Registered^(d)		100,771		4,958,075
Volkswagen AG^(a)		31,877		5,726,122
Vonovia SE		502,567		36,062,716
Zalando SE^(a)(c)		147,691		12,918,801

				1,227,815,351

Ireland — 2.1%
CRH PLC		764,025		28,325,819
Flutter Entertainment PLC^(a)		150,336		25,404,951
Kerry Group PLC, Class A		155,259		20,425,029
Kingspan Group PLC^(a)		150,569		12,956,257


Security	Shares		Value

Ireland (continued)
Smurfit Kappa Group PLC		221,128	$	7,849,118

				94,961,174

Italy — 6.5%
Assicurazioni Generali SpA		1,075,164		16,722,388
Atlantia SpA^(a)		485,117		7,733,745
CNH Industrial NV^(a)		996,772		7,908,325
DiaSorin SpA		24,885		4,508,826
Enel SpA		7,922,494		71,905,098
Eni SpA		2,484,173		23,173,394
Ferrari NV		123,145		24,035,333
FinecoBank Banca Fineco SpA^(a)		580,644		8,819,153
Infrastrutture Wireless Italiane SpA^(c)		233,300		2,278,160
Intesa Sanpaolo SpA^(a)		16,094,502		34,746,901
Leonardo SpA		341,838		2,317,199
Mediobanca Banca di Credito Finanziario SpA		603,625		5,256,917
Moncler SpA^(a)		188,349		7,309,560
Nexi SpA^(a)(c)		368,687		6,576,492
Pirelli & C SpA^(a)(c)		393,573		1,704,382
Poste Italiane SpA^(c)		509,084		4,681,974
Prysmian SpA		236,044		6,617,040
Recordati Industria Chimica e Farmaceutica SpA		102,436		5,594,958
Snam SpA		1,996,430		10,242,939
Telecom Italia SpA/Milano		8,132,121		3,878,575
Tenaris SA		460,749		2,711,082
Terna Rete Elettrica Nazionale SpA		1,382,771		10,018,270
UniCredit SpA^(a)		2,074,153		20,464,821

				289,205,532

Netherlands — 13.9%
ABN AMRO Bank NV, CVA^(c)		416,230		3,974,359
Adyen NV^(a)(c)		17,575		29,699,607
Aegon NV		1,745,465		4,870,114
AerCap Holdings NV^(a)(b)		127,891		3,781,737
Akzo Nobel NV		187,960		18,644,154
Altice Europe NV^(a)		605,715		2,686,094
ArcelorMittal SA^(a)		695,295		8,815,970
Argenx SE^(a)		43,500		10,077,019
ASML Holding NV		414,625		155,852,249
Davide Campari-Milano NV		565,981		5,815,798
EXOR NV		106,271		6,278,486
Heineken Holding NV^(a)		111,921		9,188,938
Heineken NV^(a)		252,037		23,378,428
ING Groep NV^(a)		3,804,024		30,954,284
Just Eat Takeaway.com NV^(a)(c)		123,122		13,729,387
Koninklijke Ahold Delhaize NV		1,071,287		32,312,021
Koninklijke DSM NV		167,673		26,961,072
Koninklijke KPN NV		3,503,285		9,204,893
Koninklijke Philips NV^(a)		891,970		42,280,715
Koninklijke Vopak NV		69,452		3,822,474
NN Group NV		280,768		10,594,005
Prosus NV^(a)		474,760		47,603,469
QIAGEN NV^(a)		222,248		11,315,004
Randstad NV^(a)		116,429		6,080,756
Unilever NV		1,422,847		82,547,265
Wolters Kluwer NV		265,589		21,853,034

				622,321,332

Portugal — 0.5%
EDP - Energias de Portugal SA^(b)		2,724,331		13,821,136
Galp Energia SGPS SA		483,257		5,185,380


17		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Eurozone ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Portugal (continued)
Jeronimo Martins SGPS SA		243,424	$	4,004,398

				23,010,914

Spain — 7.1%
ACS Actividades de Construccion y Servicios SA		266,281		6,534,777
Aena SME SA^(a)(c)		66,313		9,921,314
Amadeus IT Group SA		438,820		24,618,696
Banco Bilbao Vizcaya Argentaria SA		6,513,149		19,107,408
Banco Santander SA^(a)		16,243,072		36,186,586
Bankinter SA		664,673		3,582,686
CaixaBank SA		3,521,915		7,758,570
Cellnex Telecom SA^(c)		307,999		19,773,112
Enagas SA		213,004		5,219,669
Endesa SA		311,140		8,644,070
Ferrovial SA		473,990		12,686,519
Grifols SA		292,806		7,952,621
Iberdrola SA		5,798,192		73,157,400
Industria de Diseno Textil SA		1,062,549		29,926,304
Mapfre SA		1,065,925		2,024,372
Naturgy Energy Group SA		288,674		5,579,075
Red Electrica Corp. SA		392,304		7,518,548
Repsol SA		1,458,662		11,551,997
Siemens Gamesa Renewable Energy SA		234,863		6,303,049
Telefonica SA		4,755,017		18,828,879

				316,875,652

United Kingdom — 0.4%
Coca-Cola European Partners PLC		200,217		8,240,932
Fiat Chrysler Automobiles NV^(a)		1,073,827		11,854,856

				20,095,788


Total Common Stocks — 97.7% (Cost: $4,996,230,503)				4,373,071,500


Preferred Stocks

Germany — 1.7%
Bayerische Motoren Werke AG, Preference Shares, NVS		55,053		3,101,095
Fuchs Petrolub SE, Preference Shares, NVS		68,560		3,248,617
Henkel AG & Co. KGaA, Preference Shares, NVS		173,347		17,737,823


Security	Shares		Value

Germany (continued)
Porsche Automobil Holding SE, Preference Shares, NVS		149,517	$	9,173,206
Sartorius AG, Preference Shares, NVS		34,708		14,735,713
Volkswagen AG, Preference Shares, NVS		180,526		30,083,529

				78,079,983

Italy — 0.1%
Telecom Italia SpA/Milano, Preference Shares, NVS		5,871,526		2,779,329


Total Preferred Stocks — 1.8% (Cost: $102,819,477)				80,859,312


Short-Term Investments

Money Market Funds — 2.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(e)(f)(g)		89,385,696		89,475,081
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(e)(f)		1,650,000		1,650,000

				91,125,081


Total Short-Term Investments — 2.0% (Cost: $91,095,071)				91,125,081


Total Investments in Securities — 101.5% (Cost: $5,190,145,051)				4,545,055,893

Other Assets, Less Liabilities — (1.5)%				(67,816,233	)


Net Assets — 100.0%			$	4,477,239,660

^(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


Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	40,320,523	$	49,080,557	^(a)	$	—		$	55,028	$	18,973	$	89,475,081		89,385,696	$	1,189,990	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,795,000		—			(1,145,000	)^(a)		—		—		1,650,000		1,650,000		22,984			—

									$	55,028	$	18,973	$	91,125,081			$	1,212,974		$	—

^(a)

Represents net amount purchased (sold).

^(b)


S C H E D U L E O F I N V E S T M E N T S		18

Schedule of Investments (continued)

August 31, 2020

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

560

09/18/20

21,867

78,333

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	78,333

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,807,220

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(205,049	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	21,997,944

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	4,373,071,500	$	—	$	—	$	4,373,071,500
Preferred Stocks		80,859,312		—		—		80,859,312
Money Market Funds		91,125,081		—		—		91,125,081

	$	4,545,055,893	$	—	$	—	$	4,545,055,893

Derivative financial instruments^(a)
Assets
Futures Contracts	$	78,333	$	—	$	—	$	78,333

^(a)

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

See notes to financial statements.


19		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

August 31, 2020

iShares^® MSCI Germany ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.7%
MTU Aero Engines AG		113,604	$	21,093,004


Air Freight & Logistics — 3.3%
Deutsche Post AG, Registered		2,116,543		96,492,420


Airlines — 0.2%
Deutsche Lufthansa AG, Registered^(a)(b)		637,497		6,655,882


Auto Components — 0.9%
Continental AG		235,343		25,669,023


Automobiles — 5.4%
Bayerische Motoren Werke AG		708,477		50,965,301
Daimler AG, Registered^(b)		1,831,253		93,396,301
Volkswagen AG^(a)		69,076		12,408,244

				156,769,846

Banks — 0.4%
Commerzbank AG^(a)		2,152,210		12,517,054


Capital Markets — 4.0%
Deutsche Bank AG, Registered^(a)		4,194,099		40,252,877
Deutsche Boerse AG		406,519		77,010,374

				117,263,251

Chemicals — 6.8%
BASF SE		1,965,212		120,006,129
Covestro AG^(c)		372,624		17,763,205
Evonik Industries AG		450,180		13,082,950
LANXESS AG		176,869		10,366,917
Symrise AG		275,017		38,005,172

				199,224,373

Construction & Engineering — 0.2%
HOCHTIEF AG		53,157		4,723,484


Construction Materials — 0.7%
HeidelbergCement AG		319,103		20,310,423


Diversified Telecommunication Services — 4.9%
Deutsche Telekom AG, Registered		7,131,463		125,800,933
Telefonica Deutschland Holding AG		2,217,332		6,141,614
United Internet AG, Registered		227,990		11,217,428

				143,159,975

Food & Staples Retailing — 0.1%
METRO AG		385,803		3,825,940


Health Care Equipment & Supplies — 0.8%
Carl Zeiss Meditec AG, Bearer		85,693		9,674,545
Siemens Healthineers AG^(c)		320,833		14,618,985

				24,293,530

Health Care Providers & Services — 2.8%
Fresenius Medical Care AG & Co. KGaA		456,411		38,787,743
Fresenius SE & Co. KGaA		894,477		41,506,309

				80,294,052

Household Products — 0.7%
Henkel AG & Co. KGaA		222,504		20,024,309


Independent Power and Renewable Electricity Producers — 0.5%
Uniper SE		431,764		14,169,148


Industrial Conglomerates — 7.8%
Siemens AG, Registered		1,636,819		226,410,756


Security	Shares		Value

Insurance — 10.4%
Allianz SE, Registered		892,599	$	193,773,368
Hannover Rueck SE		129,023		22,003,911
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		300,339		86,816,363

				302,593,642

Interactive Media & Services — 0.7%
Scout24 AG^(c)		230,632		21,500,517


Internet & Direct Marketing Retail — 2.0%
Delivery Hero SE^(a)(c)		276,293		29,745,557
Zalando SE^(a)(c)		324,601		28,393,440

				58,138,997

Life Sciences Tools & Services — 0.9%
QIAGEN NV^(a)		488,293		24,859,784


Machinery — 1.3%
GEA Group AG		326,661		11,938,887
KION Group AG		138,256		11,716,512
Knorr-Bremse AG		103,817		13,220,556

				36,875,955

Metals & Mining — 0.2%
thyssenkrupp AG^(a)		861,682		6,207,907


Multi-Utilities — 3.8%
E.ON SE		4,803,744		56,933,347
RWE AG		1,372,148		54,646,003

				111,579,350

Personal Products — 0.9%
Beiersdorf AG		215,646		24,964,908


Pharmaceuticals — 6.1%
Bayer AG, Registered		2,102,035		139,623,663
Merck KGaA		276,512		37,583,449

				177,207,112

Real Estate Management & Development — 5.3%
Aroundtown SA^(a)		2,471,511		13,543,498
Deutsche Wohnen SE		730,368		38,992,325
LEG Immobilien AG		147,642		21,764,329
Vonovia SE		1,102,254		79,094,474

				153,394,626

Semiconductors & Semiconductor Equipment — 2.5%
Infineon Technologies AG		2,676,519		74,134,796


Software — 13.5%
Nemetschek SE		122,901		9,789,102
SAP SE		2,234,257		368,851,273
TeamViewer AG^(a)(c)		278,922		15,134,384

				393,774,759

Textiles, Apparel & Luxury Goods — 4.8%
adidas AG^(a)		407,374		124,040,902
Puma SE^(a)		177,919		14,720,281

				138,761,183

Trading Companies & Distributors — 0.7%
Brenntag AG		331,227		20,781,037


Transportation Infrastructure — 0.1%
Fraport AG Frankfurt Airport Services Worldwide^(a)(b)		88,592		4,043,115


Total Common Stocks — 93.4% (Cost: $2,990,182,190)				2,721,714,158


S C H E D U L E O F I N V E S T M E N T S		20

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Germany ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Preferred Stocks

Automobiles — 3.2%
Bayerische Motoren Werke AG, Preference Shares, NVS		122,401	$	6,894,759
Porsche Automobil Holding SE, Preference Shares, NVS		327,740		20,107,590
Volkswagen AG, Preference Shares, NVS		397,081		66,171,064

				93,173,413

Chemicals — 0.3%
Fuchs Petrolub SE, Preference Shares, NVS		147,961		7,010,919


Health Care Equipment & Supplies — 1.1%
Sartorius AG, Preference Shares, NVS		76,078		32,299,861


Household Products — 1.3%
Henkel AG & Co. KGaA, Preference Shares, NVS		380,704		38,955,737


Total Preferred Stocks — 5.9% (Cost: $196,945,507)				171,439,930


Short-Term Investments

Money Market Funds — 3.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(d)(e)(f)		95,925,910		96,021,836


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(d)(e)		2,194,000	$	2,194,000

				98,215,836


Total Short-Term Investments — 3.4% (Cost: $98,212,383)				98,215,836


Total Investments in Securities — 102.7% (Cost: $3,285,340,080)				2,991,369,924

Other Assets, Less Liabilities — (2.7)%				(77,518,317	)


Net Assets — 100.0%			$	2,913,851,607

^(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.

Affiliates


Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	39,090,443	$	56,879,373	^(a)	$	—	$	52,827	$	(807	)	$	96,021,836		95,925,910	$	984,056	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		839,000		1,355,000	^(a)		—		—		—			2,194,000		2,194,000		10,508			—

								$	52,827	$	(807	)	$	98,215,836			$	994,564		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

DAX Index

09/18/20

20,097

705,064


21		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Germany ETF

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	705,064

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,606,226


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	872,974

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	13,969,196

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,721,714,158	$	—	$	—	$	2,721,714,158
Preferred Stocks		171,439,930		—		—		171,439,930
Money Market Funds		98,215,836		—		—		98,215,836

	$	2,991,369,924	$	—	$	—	$	2,991,369,924

Derivative financial instruments^(a)
Assets
Futures Contracts	$	705,064	$	—	$	—	$	705,064

^(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		22

Schedule of Investments

August 31, 2020

iShares^® MSCI Italy ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.0%
Leonardo SpA		302,345	$	2,049,490


Auto Components — 0.8%
Pirelli & C SpA^(a)(b)		409,004		1,771,207


Automobiles — 10.7%
Ferrari NV		70,264		13,714,066
Fiat Chrysler Automobiles NV^(b)		774,419		8,549,446

				22,263,512

Banks — 19.9%
FinecoBank Banca Fineco SpA^(b)		447,114		6,791,023
Intesa Sanpaolo SpA^(b)		9,687,277		20,914,151
Mediobanca Banca di Credito Finanziario SpA		502,425		4,375,575
UniCredit SpA^(b)		967,722		9,548,118

				41,628,867

Beverages — 2.2%
Davide Campari-Milano NV		446,395		4,586,980


Diversified Financial Services — 2.3%
EXOR NV		81,745		4,829,491


Diversified Telecommunication Services — 2.5%
Infrastrutture Wireless Italiane SpA^(a)		193,623		1,890,716
Telecom Italia SpA/Milano		6,882,036		3,282,353

				5,173,069

Electric Utilities — 25.2%
Enel SpA		5,001,571		45,394,601
Terna Rete Elettrica Nazionale SpA		992,210		7,188,629

				52,583,230

Electrical Equipment — 2.5%
Prysmian SpA		183,460		5,142,949


Energy Equipment & Services — 1.1%
Tenaris SA		396,304		2,331,883


Gas Utilities — 3.5%
Snam SpA		1,434,175		7,358,218


Health Care Equipment & Supplies — 1.6%
DiaSorin SpA		18,329		3,320,967


Insurance — 6.4%
Assicurazioni Generali SpA		615,841		9,578,382
Poste Italiane SpA^(a)		408,576		3,757,616

				13,335,998


Security	Shares		Value

IT Services — 2.3%
Nexi SpA^(a)(b)		266,102	$	4,746,622


Machinery — 2.9%
CNH Industrial NV^(b)		758,773		6,020,056


Oil, Gas & Consumable Fuels — 6.4%
Eni SpA		1,424,630		13,289,538


Pharmaceuticals — 2.1%
Recordati Industria Chimica e Farmaceutica SpA		78,927		4,310,919


Textiles, Apparel & Luxury Goods — 2.6%
Moncler SpA^(b)		140,345		5,446,592


Transportation Infrastructure — 2.7%
Atlantia SpA^(b)		357,550		5,700,069


Total Common Stocks — 98.7% (Cost: $247,675,593)				205,889,657


Preferred Stocks

Diversified Telecommunication Services — 1.2%
Telecom Italia SpA/Milano, Preference Shares, NVS		5,276,619		2,497,726


Total Preferred Stocks — 1.2% (Cost: $3,840,099)				2,497,726


Short-Term Investments

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(c)(d)		100,000		100,000


Total Short-Term Investments — 0.0% (Cost: $100,000)				100,000


Total Investments in Securities — 99.9% (Cost: $251,615,692)				208,487,383

Other Assets, Less Liabilities — 0.1%				157,615


Net Assets — 100.0%			$	208,644,998

^(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.


23		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Italy ETF

Affiliates


Affiliated Issuer	Value at 08/31/19		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	—	$	(7,657	)^(b)	$	7,657	$	—	$	—		—	$	6,219	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		103,000		—		(3,000	)^(b)		—		—		100,000		100,000		1,886			—

								$	7,657	$	—	$	100,000			$	8,105		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
FTSE/MIB Index		1		09/18/20	$	117	$	(6,031	)

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	6,031

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	108,979

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	192

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	266,623

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

Fair Value Measurements


S C H E D U L E O F I N V E S T M E N T S		24

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Italy ETF

Fair Value Measurements (continued)


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	205,889,657		$	—	$	—	$	205,889,657
Preferred Stocks		2,497,726			—		—		2,497,726
Money Market Funds		100,000			—		—		100,000

	$	208,487,383		$	—	$	—	$	208,487,383

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(6,031	)	$	—	$	—	$	(6,031	)

^(a)

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

See notes to financial statements.


25		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

August 31, 2020

iShares^® MSCI Spain ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 20.8%
Banco Bilbao Vizcaya Argentaria SA		7,036,532	$	20,642,839
Banco Santander SA^(a)		24,023,253		53,519,402
Bankinter SA		1,606,222		8,657,776
CaixaBank SA		6,637,867		14,622,828

				97,442,845

Biotechnology — 3.2%
Grifols SA		552,591		15,008,391


Construction & Engineering — 6.8%
ACS Actividades de Construccion y Servicios SA		520,601		12,776,020
Ferrovial SA		713,628		19,100,519

				31,876,539

Diversified Telecommunication Services — 8.8%
Cellnex Telecom SA^(b)		333,413		21,404,656
Telefonica SA		4,976,251		19,704,919

				41,109,575

Electric Utilities — 29.0%
Endesa SA		580,411		16,124,938
Iberdrola SA		8,297,582		104,692,898
Red Electrica Corp. SA		798,923		15,311,445

				136,129,281

Electrical Equipment — 2.7%
Siemens Gamesa Renewable Energy SA		469,731		12,606,232


Gas Utilities — 5.1%
Enagas SA		494,080		12,107,443
Naturgy Energy Group SA		605,724		11,706,562

				23,814,005

Insurance — 1.4%
Mapfre SA		3,411,073		6,478,205


IT Services — 4.8%
Amadeus IT Group SA		406,782		22,821,299


Oil, Gas & Consumable Fuels — 3.7%
Repsol SA		2,178,501		17,252,822


Specialty Retail — 9.5%
Industria de Diseno Textil SA		1,579,532		44,486,942


Transportation Infrastructure — 3.9%
Aena SME SA^(a)(b)		121,897		18,237,426


Total Common Stocks — 99.7% (Cost: $694,784,642)				467,263,562


Short-Term Investments

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(c)(d)		240,000		240,000


Total Short-Term Investments — 0.0% (Cost: $240,000)				240,000


Total Investments in Securities — 99.7% (Cost: $695,024,642)				467,503,562

Other Assets, Less Liabilities — 0.3%				1,320,438


Net Assets — 100.0%			$	468,824,000

^(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.


S C H E D U L E O F I N V E S T M E N T S		26

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Spain ETF

Affiliates


Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	764	^(b)	$	—		$	(764	)	$	—	$	—		—	$	2,468	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		419,000		—			(179,000	)^(b)		—			—		240,000		240,000		6,927			—

									$	(764	)	$	—	$	240,000			$	9,395		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
IBEX 35 Index		17		09/18/20	$	1,414	$	(20,253	)

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	20,253

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(217,861	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(44,139	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	1,104,289

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

Fair Value Measurements


27		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Spain ETF

Fair Value Measurements (continued)


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	467,263,562		$	—	$	—	$	467,263,562
Money Market Funds		240,000			—		—		240,000

	$	467,503,562		$	—	$	—	$	467,503,562

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(20,253	)	$	—	$	—	$	(20,253	)

^(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		28

Schedule of Investments

August 31, 2020

iShares^® MSCI Switzerland ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 0.5%
Banque Cantonale Vaudoise, Registered		79,631	$	8,533,946


Building Products — 1.8%
Geberit AG, Registered		52,190		30,173,929


Capital Markets — 8.1%
Credit Suisse Group AG, Registered		3,297,521		36,379,115
Julius Baer Group Ltd.		367,773		17,685,125
Partners Group Holding AG		26,923		27,441,756
UBS Group AG, Registered		4,727,206		57,669,341

				139,175,337

Chemicals — 6.9%
Clariant AG, Registered		469,409		9,800,532
EMS-Chemie Holding AG, Registered		15,156		13,709,325
Givaudan SA, Registered		12,070		50,802,710
Sika AG, Registered		188,355		45,308,116

				119,620,683

Construction Materials — 2.0%
LafargeHolcim Ltd., Registered^(a)		719,589		34,283,267


Diversified Telecommunication Services — 1.3%
Swisscom AG, Registered		39,063		21,690,821


Electrical Equipment — 3.5%
ABB Ltd., Registered		2,360,407		60,212,726


Food Products — 23.8%
Barry Callebaut AG, Registered		5,806		12,895,774
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		1,852		15,826,687
Chocoladefabriken Lindt & Spruengli AG, Registered		175		15,508,912
Nestle SA, Registered		3,034,780		365,878,968

				410,110,341

Health Care Equipment & Supplies — 4.3%
Alcon Inc.^(a)		660,891		37,695,998
Sonova Holding AG, Registered^(a)		85,164		19,965,707
Straumann Holding AG, Registered		17,108		16,886,657

				74,548,362

Insurance — 8.0%
Baloise Holding AG, Registered		85,444		13,332,092
Swiss Life Holding AG, Registered^(a)		50,033		20,269,907
Swiss Re AG		408,323		32,939,733
Zurich Insurance Group AG		190,719		70,742,569

				137,284,301

Life Sciences Tools & Services — 3.5%
Lonza Group AG, Registered		95,806		59,625,390


Machinery — 1.7%
Schindler Holding AG, Participation Certificates, NVS		66,740		17,869,970
Schindler Holding AG, Registered		42,530		11,231,755

				29,101,725


Security	Shares		Value

Marine — 1.0%
Kuehne & Nagel International AG, Registered^(a)		90,076	$	17,511,027


Pharmaceuticals — 24.1%
Novartis AG, Registered		1,943,843		168,468,552
Roche Holding AG, NVS		664,832		233,091,746
Vifor Pharma AG		86,071		12,756,038

				414,316,336

Professional Services — 2.2%
Adecco Group AG, Registered		275,695		14,469,816
SGS SA, Registered		9,029		23,443,614

				37,913,430

Real Estate Management & Development — 0.7%
Swiss Prime Site AG, Registered		142,447		12,869,191


Software — 1.0%
Temenos AG, Registered		110,486		17,889,787


Technology Hardware, Storage & Peripherals — 1.1%
Logitech International SA, Registered		259,162		19,231,723


Textiles, Apparel & Luxury Goods — 3.8%
Cie. Financiere Richemont SA, Registered		690,257		45,810,160
Swatch Group AG (The), Bearer		56,378		11,958,685
Swatch Group AG (The), Registered^(b)		187,300		7,413,373

				65,182,218


Total Common Stocks — 99.3% (Cost: $1,510,906,695)				1,709,274,540


Short-Term Investments

Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(c)(d)(e)		4,433,743		4,438,176
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(c)(d)		1,330,000		1,330,000

				5,768,176


Total Short-Term Investments — 0.3% (Cost: $5,768,991)				5,768,176


Total Investments in Securities — 99.6% (Cost: $1,516,675,686)				1,715,042,716

Other Assets, Less Liabilities — 0.4%				6,658,777


Net Assets — 100.0%			$	1,721,701,493

^(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.


29		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Switzerland ETF

Affiliates


Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	4,441,532	^(a)	$	—	$	(2,541	)	$	(815	)	$	4,438,176		4,433,743	$	9,239	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		516,000		814,000	^(a)		—		—			—			1,330,000		1,330,000		5,435			—

								$	(2,541	)	$	(815	)	$	5,768,176			$	14,674		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

Euro STOXX 50 Index

259

09/18/20

10,113

146,987

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	146,987

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	2,420,467

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(25,906	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	9,538,558

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

Fair Value Measurements


S C H E D U L E O F I N V E S T M E N T S		30

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Switzerland ETF

Fair Value Measurements (continued)


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,709,274,540	$	—	$	—	$	1,709,274,540
Money Market Funds		5,768,176		—		—		5,768,176

	$	1,715,042,716	$	—	$	—	$	1,715,042,716

Derivative financial instruments^(a)
Assets
Futures Contracts	$	146,987	$	—	$	—	$	146,987

^(a)

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

See notes to financial statements.


31		2 0 2 0 I S H A R E S A N 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

August 31, 2020


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

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	4,453,930,812		$	2,893,154,088		$	208,387,383		$	467,263,562
Affiliated^(c)		91,125,081			98,215,836			100,000			240,000
Cash		46			7,926			6,497			4,188
Foreign currency, at value^(d)		7,691,062			679,755			96,531			1,900,845
Foreign currency collateral pledged:
Futures contracts^(e)		3,174,052			2,449,546			21,527			271,839
Receivables:
Investments sold		11,064,752			2,718,442			4,048,192			20,882,853
Securities lending income — Affiliated		83,605			106,248			—			531
Capital shares sold		3,289,397			—			—			1,409,340
Dividends		3,696,529			4,621,304			11			31
Tax reclaims		9,986,679			9,884,737			—			90,050
Foreign withholding tax claims		1,208			—			—			—

Total assets		4,584,043,223			3,011,837,882			212,660,141			492,063,239


LIABILITIES
Collateral on securities loaned, at value		89,406,480			95,979,515			—			—
Payables:
Investments purchased		15,181,107			715,341			3,921,645			22,988,483
Variation margin on futures contracts		320,601			135,067			1,200			51,297
Investment advisory fees		1,895,363			1,156,352			92,298			199,459
Professional fees		12			—			—			—

Total liabilities		106,803,563			97,986,275			4,015,143			23,239,239


NET ASSETS	$	4,477,239,660		$	2,913,851,607		$	208,644,998		$	468,824,000


NET ASSETS CONSIST OF:
Paid-in capital	$	5,795,404,353		$	3,486,230,914		$	462,954,816		$	995,978,148
Accumulated loss		(1,318,164,693	)		(572,379,307	)		(254,309,818	)		(527,154,148	)

NET ASSETS	$	4,477,239,660		$	2,913,851,607		$	208,644,998		$	468,824,000


Shares outstanding		113,300,000			96,600,000			8,100,000			20,250,000

Net asset value	$	39.52		$	30.16		$	25.76		$	23.15

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	$	84,460,411		$	91,262,747		$	—		$	—
^(b)Investments, at cost — Unaffiliated	$	5,099,049,980		$	3,187,127,697		$	251,515,692		$	694,784,642
^(c)Investments, at cost — Affiliated	$	91,095,071		$	98,212,383		$	100,000		$	240,000
^(d)Foreign currency, at cost	$	7,412,593		$	592,255		$	92,698		$	1,866,228
^(e)Foreign currency collateral pledged, at cost	$	3,167,151		$	2,444,220		$	21,480		$	271,248

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		32

Statements of Assets and Liabilities (continued)

August 31, 2020


	iShares MSCI Switzerland ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	1,709,274,540
Affiliated^(c)		5,768,176
Cash		5,790
Foreign currency, at value^(d)		1,688,054
Foreign currency collateral pledged:
Futures contracts^(e)		1,524,836
Receivables:
Investments sold		55,151,071
Securities lending income — Affiliated		1,131
Dividends		168
Tax reclaims		9,286,864

Total assets		1,782,700,630


LIABILITIES
Collateral on securities loaned, at value		4,441,852
Payables:
Investments purchased		55,669,188
Variation margin on futures contracts		153,524
Investment advisory fees		734,573

Total liabilities		60,999,137


NET ASSETS	$	1,721,701,493


NET ASSETS CONSIST OF:
Paid-in capital	$	1,608,499,662
Accumulated earnings		113,201,831

NET ASSETS	$	1,721,701,493


Shares outstanding		41,125,000

Net asset value	$	41.87

Shares authorized		318.625 million

Par value	$	0.001


^(a) Securities loaned, at value	$	4,158,218
^(b) Investments, at cost — Unaffiliated	$	1,510,906,695
^(c) Investments, at cost — Affiliated	$	5,768,991
^(d) Foreign currency, at cost	$	1,585,213
^(e) Foreign currency collateral pledged, at cost	$	1,521,521

See notes to financial statements.


33		2 0 2 0 I S H A R E S A N 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

Year Ended August 31, 2020


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


INVESTMENT INCOME
Dividends — Unaffiliated	$	98,566,002		$	55,235,533		$	6,137,023		$	17,319,178
Dividends — Affiliated		22,984			10,508			1,886			6,927
Non-cash dividends — Unaffiliated		8,775,337			—			—			9,642,753
Securities lending income — Affiliated — net		1,189,990			984,056			6,219			2,468
Foreign taxes withheld		(12,708,725	)		(7,128,367	)		(912,342	)		(2,578,919	)

Total investment income		95,845,588			49,101,730			5,232,786			24,392,407


EXPENSES
Investment advisory fees		24,691,965			10,601,801			1,237,009			3,529,732
Professional fees		1,258			—			—			17,075
Miscellaneous		264			264			264			264

Total expenses		24,693,487			10,602,065			1,237,273			3,547,071

Net investment income		71,152,101			38,499,665			3,995,513			20,845,336


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(138,698,900	)		(86,242,056	)		(23,307,057	)		(144,715,830	)
Investments — Affiliated		55,028			52,827			7,657			(764	)
In-kind redemptions — Unaffiliated		(387,995,367	)		27,084,635			(18,816,213	)		(128,820,480	)
Futures contracts		1,807,220			1,606,226			108,979			(217,861	)
Foreign currency transactions		955,954			501,002			17,998			71,383

Net realized loss		(523,876,065	)		(56,997,366	)		(41,988,636	)		(273,683,552	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		421,455,186			349,253,177			5,123,656			108,498,243
Investments — Affiliated		18,973			(807	)		—			—
Futures contracts		(205,049	)		872,974			192			(44,139	)
Foreign currency translations		1,219,303			931,424			7,259			49,366

Net change in unrealized appreciation (depreciation)		422,488,413			351,056,768			5,131,107			108,503,470

Net realized and unrealized gain (loss)		(101,387,652	)		294,059,402			(36,857,529	)		(165,180,082	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(30,235,551	)	$	332,559,067		$	(32,862,016	)	$	(144,334,746	)

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		34

Statements of Operations (continued)

Year Ended August 31, 2020


	iShares MSCI Switzerland ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	37,194,211
Dividends — Affiliated		5,435
Securities lending income — Affiliated — net		9,239
Foreign taxes withheld		(6,501,380	)

Total investment income		30,707,505


EXPENSES
Investment advisory fees		6,527,695
Miscellaneous		264

Total expenses		6,527,959

Net investment income		24,179,546


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(30,860,222	)
Investments — Affiliated		(2,541	)
In-kind redemptions — Unaffiliated		77,685,534
Futures contracts		2,420,467
Foreign currency transactions		361,568

Net realized gain		49,604,806

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		155,556,351
Investments — Affiliated		(815	)
Futures contracts		(25,906	)
Foreign currency translations		977,052

Net change in unrealized appreciation (depreciation)		156,506,682

Net realized and unrealized gain		206,111,488

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	230,291,034

See notes to financial statements.


35		2 0 2 0 I S H A R E S A N 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 Eurozone ETF						iShares MSCI Germany ETF
	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/20			Year Ended 08/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	71,152,101		$	188,336,497		$	38,499,665		$	58,499,817
Net realized loss		(523,876,065	)		(256,286,586	)		(56,997,366	)		(85,758,069	)
Net change in unrealized appreciation (depreciation)		422,488,413			(541,585,755	)		351,056,768			(329,119,184	)

Net increase (decrease) in net assets resulting from operations		(30,235,551	)		(609,535,844	)		332,559,067			(356,377,436	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(60,025,448	)		(193,219,136	)		(21,992,516	)		(58,677,042	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(664,010,513	)		(3,523,968,012	)		600,600,371			(933,488,410	)


NET ASSETS
Total increase (decrease) in net assets		(754,271,512	)		(4,326,722,992	)		911,166,922			(1,348,542,888	)
Beginning of year		5,231,511,172			9,558,234,164			2,002,684,685			3,351,227,573

End of year	$	4,477,239,660		$	5,231,511,172		$	2,913,851,607		$	2,002,684,685

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		36

Statements of Changes in Net Assets (continued)


	iShares MSCI Italy ETF						iShares MSCI Spain ETF
	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/20			Year Ended 08/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	3,995,513		$	10,103,171		$	20,845,336		$	34,269,377
Net realized loss		(41,988,636	)		(42,250,592	)		(273,683,552	)		(28,332,161	)
Net change in unrealized appreciation (depreciation)		5,131,107			35,984,260			108,503,470			(96,440,348	)

Net increase (decrease) in net assets resulting from operations		(32,862,016	)		3,836,839			(144,334,746	)		(90,503,132	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(4,168,452	)		(10,603,637	)		(26,056,692	)		(32,499,998	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		10,218,705			(163,401,382	)		(185,995,710	)		72,772,356


NET ASSETS
Total decrease in net assets		(26,811,763	)		(170,168,180	)		(356,387,148	)		(50,230,774	)
Beginning of year		235,456,761			405,624,941			825,211,148			875,441,922

End of year	$	208,644,998		$	235,456,761		$	468,824,000		$	825,211,148

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

See notes to financial statements.


37		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares MSCI Switzerland ETF
	Year Ended 08/31/20			Year Ended 08/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	24,179,546		$	20,527,971
Net realized gain		49,604,806			4,112,266
Net change in unrealized appreciation (depreciation)		156,506,682			53,854,421

Net increase in net assets resulting from operations		230,291,034			78,494,658


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(23,858,476	)		(21,371,038	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		377,233,178			46,825,869


NET ASSETS
Total increase in net assets		583,665,736			103,949,489
Beginning of year		1,138,035,757			1,034,086,268

End of year	$	1,721,701,493		$	1,138,035,757

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		38

Financial Highlights

(For a share outstanding throughout each period)


	iShares MSCI Eurozone ETF
	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16


Net asset value, beginning of year	$	37.91		$	41.29		$	41.71		$	34.20		$	36.04

Net investment income^(a)		0.55			1.05			1.03			0.99			0.92	^(b)
Net realized and unrealized gain (loss)^(c)		1.55			(3.22	)		(0.23	)		7.38			(1.84	)

Net increase (decrease) from investment operations		2.10			(2.17	)		0.80			8.37			(0.92	)


Distributions^(d)
From net investment income		(0.49	)		(1.21	)		(1.22	)		(0.86	)		(0.92	)

Total distributions		(0.49	)		(1.21	)		(1.22	)		(0.86	)		(0.92	)


Net asset value, end of year	$	39.52		$	37.91		$	41.29		$	41.71		$	34.20


Total Return
Based on net asset value		5.61	%		(5.22	)%		1.87	%		24.72	%		(2.53	)%^(b)


Ratios to Average Net Assets
Total expenses		0.51	%		0.49	%		0.47	%		0.49	%		0.48	%

Total expenses excluding professional fees for foreign withholding tax claims		0.51	%		0.49	%		N/A			0.49	%		0.48	%

Net investment income		1.46	%		2.74	%		2.36	%		2.63	%		2.69	%^(b)


Supplemental Data
Net assets, end of year (000)	$	4,477,240		$	5,231,511		$	9,558,234		$	13,286,216		$	8,293,591

Portfolio turnover rate^(e)		5	%		6	%		5	%		4	%		4	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2016:

•

Net investment income per share by $0.02.

•

Total return by 0.08%.

•

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

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

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

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

See notes to financial statements.


39		2 0 2 0 I S H A R E S A N 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 Germany ETF
	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16


Net asset value, beginning of year	$	26.28		$	30.36		$	30.71		$	26.18		$	26.34

Net investment income^(a)		0.50			0.65			0.64			0.59			0.49
Net realized and unrealized gain (loss)^(b)		3.66			(3.99	)		(0.16	)		4.54			(0.04	)

Net increase (decrease) from investment operations		4.16			(3.34	)		0.48			5.13			0.45


Distributions^(c)
From net investment income		(0.28	)		(0.74	)		(0.83	)		(0.60	)		(0.61	)

Total distributions		(0.28	)		(0.74	)		(0.83	)		(0.60	)		(0.61	)


Net asset value, end of year	$	30.16		$	26.28		$	30.36		$	30.71		$	26.18


Total Return
Based on net asset value		15.98	%		(11.07	)%		1.52	%		19.63	%		1.81	%


Ratios to Average Net Assets
Total expenses		0.51	%		0.49	%		0.47	%		0.49	%		0.48	%

Net investment income		1.85	%		2.38	%		1.99	%		2.08	%		1.90	%


Supplemental Data
Net assets, end of year (000)	$	2,913,852		$	2,002,685		$	3,351,228		$	4,809,899		$	3,596,902

Portfolio turnover rate^(d)		4	%		9	%		6	%		3	%		3	%

^(a)	Based on average shares outstanding.

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

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

^(d)	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		40

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Italy ETF
		Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17	^(a)		Year Ended 08/31/16	^(a)


Net asset value, beginning of year	$	26.83		$	27.18		$	30.21		$	22.60		$	29.50

Net investment income^(b)		0.43			1.00			0.82			0.57			0.66
Net realized and unrealized gain (loss)^(c)		(1.05	)		(0.12	)		(2.86	)		7.76			(6.82	)

Net increase (decrease) from investment operations		(0.62	)		0.88			(2.04	)		8.33			(6.16	)


Distributions^(d)
From net investment income		(0.45	)		(1.23	)		(0.99	)		(0.72	)		(0.72	)
Return of capital		—			—			—			—			(0.02	)

Total distributions		(0.45	)		(1.23	)		(0.99	)		(0.72	)		(0.74	)


Net asset value, end of year	$	25.76		$	26.83		$	27.18		$	30.21		$	22.60


Total Return
Based on net asset value		(2.29	)%		3.46	%		(6.98	)%		37.37	%		(20.97	)%


Ratios to Average Net Assets
Total expenses		0.51	%		0.49	%		0.47	%		0.49	%		0.48	%

Net investment income		1.64	%		3.72	%		2.64	%		2.59	%		2.54	%


Supplemental Data
Net assets, end of year (000)	$	208,645		$	235,457		$	405,625		$	840,630		$	461,031

Portfolio turnover rate^(e)		16	%		13	%		10	%		18	%		16	%

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

^(b)	Based on average shares outstanding.

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

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

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

See notes to financial statements.


41		2 0 2 0 I S H A R E S A N 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 Spain ETF
	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16


Net asset value, beginning of year	$	26.71		$	29.85		$	33.63		$	26.49		$	31.96

Net investment income^(a)		0.77			1.04			0.99			0.94			1.00
Net realized and unrealized gain (loss)^(b)		(3.44	)		(3.26	)		(3.72	)		7.19			(5.40	)

Net increase (decrease) from investment operations		(2.67	)		(2.22	)		(2.73	)		8.13			(4.40	)


Distributions^(c)
From net investment income		(0.89	)		(0.92	)		(1.05	)		(0.99	)		(1.07	)

Total distributions		(0.89	)		(0.92	)		(1.05	)		(0.99	)		(1.07	)


Net asset value, end of year	$	23.15		$	26.71		$	29.85		$	33.63		$	26.49


Total Return
Based on net asset value		(10.44	)%		(7.53	)%		(8.28	)%		31.48	%		(13.82	)%


Ratios to Average Net Assets
Total expenses		0.51	%		0.50	%		0.47	%		0.49	%		0.48	%

Total expenses excluding professional fees for foreign withholding tax claims		0.51	%		N/A			N/A			N/A			N/A

Net investment income		2.99	%		3.65	%		3.02	%		3.10	%		3.53	%


Supplemental Data
Net assets, end of year (000)	$	468,824		$	825,211		$	875,442		$	1,528,533		$	599,944

Portfolio turnover rate^(d)		19	%		12	%		21	%		16	%		9	%

^(a)	Based on average shares outstanding.

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

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

^(d)	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		42

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Switzerland ETF
	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16


Net asset value, beginning of year	$	37.31		$	34.91		$	34.27		$	30.22		$	31.90

Net investment income^(a)		0.73			0.72			0.66			0.69			0.81
Net realized and unrealized gain (loss)^(b)		4.45			2.43			0.79			4.11			(1.70	)

Net increase (decrease) from investment operations		5.18			3.15			1.45			4.80			(0.89	)


Distributions^(c)
From net investment income		(0.62	)		(0.75	)		(0.81	)		(0.75	)		(0.79	)

Total distributions		(0.62	)		(0.75	)		(0.81	)		(0.75	)		(0.79	)


Net asset value, end of year	$	41.87		$	37.31		$	34.91		$	34.27		$	30.22


Total Return
Based on net asset value		14.07	%		9.07	%		4.43	%		15.90	%		(2.76	)%


Ratios to Average Net Assets
Total expenses		0.51	%		0.50	%		0.47	%		0.49	%		0.48	%

Net investment income		1.89	%		2.06	%		1.91	%		2.18	%		2.68	%


Supplemental Data
Net assets, end of year (000)	$	1,721,701		$	1,138,036		$	1,034,086		$	1,259,258		$	1,091,735

Portfolio turnover rate^(d)		16	%		11	%		9	%		13	%		6	%

^(a)	Based on average shares outstanding.

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

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

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

See notes to financial statements.


43		2 0 2 0 I S H A R E S A N 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

1.	ORGANIZATION

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


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

2.	SIGNIFICANT ACCOUNTING POLICIES

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.


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		44

Notes to Financial Statements (continued)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

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

•

Futures contracts are valued based on that day’s last reported settlement price on the exchange where the contract is traded.

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

4.	SECURITIES AND OTHER INVESTMENTS


45		2 0 2 0 I S H A R E S A N 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 (continued)

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

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


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
MSCI Eurozone
Barclays Capital Inc.	$	4,491,606	$	4,491,606		$	—	$	—
BofA Securities, Inc.		50,440,618		50,440,618			—		—
Citigroup Global Markets Inc.		814,416		814,416			—		—
Credit Suisse AG		145,949		145,949			—		—
Goldman Sachs & Co.		20,079,067		20,079,067			—		—
HSBC Bank PLC		39,706		39,706			—		—
JPMorgan Securities LLC		1,049,160		1,049,160			—		—
Morgan Stanley & Co. LLC		4,895,359		4,895,359			—		—
UBS AG		1,250,969		1,250,969			—		—
UBS Securities LLC		1,253,561		1,253,561			—		—

	$	84,460,411	$	84,460,411		$	—	$	—

MSCI Germany
BofA Securities, Inc.	$	83,635,671	$	83,635,671		$	—	$	—
Citigroup Global Markets Inc.		5,675,891		5,675,891			—		—
Credit Suisse Securities (USA) LLC		40,906		40,906			—		—
HSBC Bank PLC		63,604		63,604			—		—
Morgan Stanley & Co. LLC		1,846,675		1,846,675			—		—

	$	91,262,747	$	91,262,747		$	—	$	—

MSCI Switzerland
Goldman Sachs & Co.	$	4,158,218	$	4,158,218		$	—	$	—

^(a)

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

5.	DERIVATIVE FINANCIAL INSTRUMENTS


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		46

Notes to Financial Statements (continued)

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


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


iShares ETF	Fees Paid to BTC
MSCI Eurozone	$	279,954
MSCI Germany		235,054
MSCI Italy		1,631
MSCI Spain		861
MSCI Switzerland		2,935

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


47		2 0 2 0 I S H A R E S A N 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 (continued)

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


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI Eurozone	$	82,287,809	$	26,941,548	$	(28,024,160	)
MSCI Germany		27,932,114		16,941,920		(11,457,311	)
MSCI Italy		2,438,087		10,235,787		(7,978,840	)
MSCI Spain		30,241,031		22,549,057		(28,397,254	)
MSCI Switzerland		71,602,487		60,239,448		(4,991,104	)

7.	PURCHASES AND SALES

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


iShares ETF	Purchases		Sales
MSCI Eurozone	$	257,669,896	$	218,868,485
MSCI Germany		122,183,600		73,533,481
MSCI Italy		41,397,526		37,842,776
MSCI Spain		128,694,354		143,098,927
MSCI Switzerland		222,302,606		207,047,675

For the year ended August 31, 2020, purchases and sales related to in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
MSCI Eurozone	$	1,140,951,558	$	1,826,388,007
MSCI Germany		1,424,074,615		844,711,680
MSCI Italy		189,469,038		182,507,209
MSCI Spain		326,398,994		513,707,895
MSCI Switzerland		742,547,594		374,766,439

8.	INCOME TAX INFORMATION


iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)
MSCI Eurozone	$	(400,422,077	)	$	400,422,077
MSCI Germany		25,958,015			(25,958,015	)
MSCI Italy		(21,532,380	)		21,532,380
MSCI Spain		(141,111,882	)		141,111,882
MSCI Switzerland		74,460,482			(74,460,482	)


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		48

Notes to Financial Statements (continued)

The tax character of distributions paid was as follows:


iShares ETF	Year Ended 08/31/20		Year Ended 08/31/19
MSCI Eurozone
Ordinary income	$	60,025,448	$	193,219,136

MSCI Germany
Ordinary income	$	21,992,516	$	58,677,042

MSCI Italy
Ordinary income	$	4,168,452	$	10,603,637

MSCI Spain
Ordinary income	$	26,056,692	$	32,499,998

MSCI Switzerland
Ordinary income	$	23,858,476	$	21,371,038

As of August 31, 2020, the tax components of accumulated net earnings (losses) were as follows:


iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Total
MSCI Eurozone	$	27,549,341	$	(676,024,734	)	$	(669,689,300	)	$	(1,318,164,693	)
MSCI Germany		16,738,337		(276,948,379	)		(312,169,265	)		(572,379,307	)
MSCI Italy		1,655,178		(209,359,692	)		(46,605,304	)		(254,309,818	)
MSCI Spain		6,478,398		(295,884,852	)		(237,747,694	)		(527,154,148	)
MSCI Switzerland		890,675		(76,676,094	)		188,987,250			113,201,831

^(a)

Amounts available to offset future realized capital gains.

^(b)

The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and the characterization of corporate actions.


iShares ETF		Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Eurozone	$	5,215,886,330	$	562,400,600	$	(1,233,231,037	)	$	(670,830,437	)
MSCI Germany		3,304,489,730		316,514,053		(629,633,859	)		(313,119,806	)
MSCI Italy		255,090,536		10,167,429		(56,776,613	)		(46,609,184	)
MSCI Spain		705,271,109		27,914,345		(265,702,145	)		(237,787,800	)
MSCI Switzerland		1,526,966,714		231,184,283		(43,108,281	)		188,076,002

9.	PRINCIPAL RISKS

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.


49		2 0 2 0 I S H A R E S A N 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 (continued)

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.


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		50

Notes to Financial Statements (continued)

10.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:



	Year Ended 08/31/20						Year Ended 08/31/19
iShares ETF	Shares			Amount			Shares			Amount

MSCI Eurozone
Shares sold		30,800,000		$	1,189,725,798			9,500,000		$	367,902,543
Shares redeemed		(55,500,000	)		(1,853,736,311	)		(103,000,000	)		(3,891,870,555	)

Net decrease		(24,700,000	)	$	(664,010,513	)		(93,500,000	)	$	(3,523,968,012	)

MSCI Germany
Shares sold		54,600,000		$	1,453,163,218			12,300,000		$	337,288,125
Shares redeemed		(34,200,000	)		(852,562,847	)		(46,500,000	)		(1,270,776,535	)

Net increase (decrease)		20,400,000		$	600,600,371			(34,200,000	)	$	(933,488,410	)

MSCI Italy
Shares sold		7,575,000		$	200,938,363			13,050,000		$	348,776,931
Shares redeemed		(8,250,000	)		(190,719,658	)		(19,200,000	)		(512,178,313	)

Net increase (decrease)		(675,000	)	$	10,218,705			(6,150,000	)	$	(163,401,382	)

MSCI Spain
Shares sold		14,400,000		$	362,119,221			27,900,000		$	803,958,247
Shares redeemed		(25,050,000	)		(548,114,931	)		(26,325,000	)		(731,185,891	)

Net increase (decrease)		(10,650,000	)	$	(185,995,710	)		1,575,000		$	72,772,356

MSCI Switzerland
Shares sold		20,625,000		$	762,493,628			9,500,000		$	333,118,780
Shares redeemed		(10,000,000	)		(385,260,450	)		(8,625,000	)		(286,292,911	)

Net increase		10,625,000		$	377,233,178			875,000		$	46,825,869

11.

FOREIGN WITHHOLDING TAX CLAIMS

The iShares MSCI Eurozone ETF has filed claims to recover taxes withheld by Finland on dividend income on the basis that Finland had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded receivables for all recoverable taxes withheld by Finland based upon recent favorable determinations made by the Finnish tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Withholding tax claims may be for the current year and potentially for a limited number of prior calendar years, depending upon statutes of limitation on taxes. The Fund continues to evaluate developments in Finland for potential impact to the receivables and payables recorded. Finnish tax claim receivables and related liabilities are disclosed in the statement of assets and liabilities.

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


51		2 0 2 0 I S H A R E S A N 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 (continued)

12.

LEGAL PROCEEDINGS

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:

The iShares MSCI Eurozone ETF has filed claims to recover taxes withheld by France on dividend income on the basis that France had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. On October 15, 2020 the iShares MSCI Eurozone ETF received a payment from the French tax authority. The receipt of this payment is not a guarantee of future payments and Management continues to evaluate developments in France for potential impacts to filed claims and associated professional and IRS compliance fees, if any.


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		52

Report of Independent Registered Public Accounting Firm

To the Board of Directors of iShares, Inc. and

Shareholders of iShares MSCI Eurozone ETF, iShares MSCI Germany ETF,

iShares MSCI Italy ETF, iShares MSCI Spain ETF and iShares MSCI Switzerland ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares MSCI Eurozone ETF, iShares MSCI Germany ETF, iShares MSCI Italy ETF, iShares MSCI Spain ETF and iShares MSCI Switzerland ETF (five of the funds constituting iShares, Inc., hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2020 and each of the financial highlights for each of the five years in the period ended August 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2020

We have served as the auditor of one or more BlackRock investment companies since 2000.


53		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Important Tax Information (unaudited)

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2020:


iShares ETF	Qualified Dividend Income
MSCI Eurozone	$	106,697,538
MSCI Germany		54,187,605
MSCI Italy		6,042,290
MSCI Spain		26,564,795
MSCI Switzerland		36,183,118

For the fiscal year ended August 31, 2020, the Funds earned foreign source income and paid foreign taxes which they intend to pass through to their shareholders:


iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
MSCI Eurozone	$	107,454,536	$	12,526,106
MSCI Germany		55,281,503		6,483,440
MSCI Italy		6,140,406		911,653
MSCI Spain		26,975,939		2,578,677
MSCI Switzerland		37,223,807		6,500,527


I M P O R T A N T T A X I N F O R M A T I O N		54

Board Review and Approval of Investment Advisory Contract

iShares MSCI Eurozone ETF (the “Fund”)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were within range of the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.


55		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

iShares MSCI Germany ETF, iShares MSCI Italy ETF, iShares MSCI Spain ETF (each the “Fund”)


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		56

Board Review and Approval of Investment Advisory Contract (continued)

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the June 8-10, 2020 meeting and throughout the year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,


57		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

iShares MSCI Switzerland ETF (the “Fund”)


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		58

Board Review and Approval of Investment Advisory Contract (continued)

with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 8-10, 2020, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.


59		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		60

Supplemental Information (unaudited)

Section 19(a) Notices

August 31, 2020


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Eurozone	$	0.487632	$	—	$	—	$	0.487632		100	%		—	%		—	%		100	%
MSCI Germany^(a)		0.267678		—		0.012125		0.279803		96			—			4			100
MSCI Spain		0.891829		—		—		0.891829		100			—			—			100

^(a)

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive (the “Directive”) imposes detailed and prescriptive obligations on fund managers established in the European Union (the “EU”). These do not currently apply to managers established outside of the EU, such as BFA (the “Company”). Rather, non-EU managers are only required to comply with certain disclosure, reporting and transparency obligations of the Directive if such managers market a fund to EU investors.

The Company has registered the iShares MSCI Germany ETF (the “Fund”) to be marketed to EU investors in the United Kingdom, the Netherlands, Finland, Sweden, and Luxembourg.

Report on Remuneration

The Company is required under the Directive to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.


61		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Supplemental Information (unaudited) (continued)

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year ending December 31, 2019 was USD 173.77 thousand. This figure is comprised of fixed remuneration of USD 80.34 thousand and variable remuneration of USD 93.43 thousand. There were a total of 448 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the Fund in respect of the Company’s financial year ending December 31, 2019, to its senior management was USD 22.16 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 2.6 thousand.


S U P P L E M E N T A L I N F O R M A T I O N		62

Director and Officer Information

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 368 funds as of August 31, 2020. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., ParkAvenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Directors and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).


Interested Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director

Robert S. Kapito^(a) (63)	Director (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Trustee of iShares Trust (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji^(b) (50)	Director (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Trustee of iShares Trust (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(a)Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates. ^(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.



Independent Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director

Cecilia H. Herbert (71)	Director (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Jane D. Carlin (64)	Director (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares Trust (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (65)	Director (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


63		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Director and Officer Information (continued)


Independent Directors (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director

John E. Kerrigan (65)	Director (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

Drew E. Lawton (61)	Director (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

John E. Martinez (59)	Director (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).	Trustee of iShares Trust (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).

Madhav V. Rajan (56)	Director (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Trustee of iShares Trust (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).


Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years

Armando Senra (49)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Walker (46)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles Park (53)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Deepa Damre (45)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).

Scott Radell (51)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).

Alan Mason (59)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).

Marybeth Leithead (57)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


D I R E C T O R A N D O F F I C E R I N F O R M A T I O N		64

General Information

Electronic Delivery

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


65		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Glossary of Terms Used in this Report


Portfolio Abbreviations - Equity

NVS		Non-Voting Shares


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		66

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

iS-AR-807-0820


		AUGUST 31, 2020



		2020 Annual Report

iShares, Inc.

iShares MSCI Hong Kong ETF | EWH | NYSE Arca

iShares MSCI Japan Small-Cap ETF | SCJ | NYSE Arca

iShares MSCI Malaysia ETF | EWM | NYSE Arca

iShares MSCI Pacific ex Japan ETF | EPP | NYSE Arca

iShares MSCI Singapore ETF | EWS | NYSE Arca

iShares MSCI Taiwan ETF | EWT | NYSE Arca

iShares MSCI Thailand ETF | THD | NYSE Arca

The Markets in Review

Dear Shareholder,

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of August 31, 2020
	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	19.63%	21.94%

U.S. small cap equities (Russell 2000^® Index)	6.57	6.02

International equities (MSCI Europe, Australasia, Far East Index)	7.10	6.13

Emerging market equities (MSCI Emerging Markets Index)	11.23	14.49

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.34	1.26

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	4.67	8.93

U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	2.98	6.47

Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.29	3.15

U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	3.04	4.65

Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


	Page
The Markets in Review		2
Market Overview		4
Fund Summary		5
About Fund Performance		19
Shareholder Expenses		19
Schedules of Investments		20
Financial Statements
Statements of Assets and Liabilities		49
Statements of Operations		51
Statements of Changes in Net Assets		53
Financial Highlights		57
Notes to Financial Statements		64
Report of Independent Registered Public Accounting Firm		74
Important Tax Information (Unaudited)		75
Board Review and Approval of Investment Advisory Contract		76
Supplemental Information		86
Director and Officer Information		88
General Information		90
Glossary of Terms Used in this Report		91

Market Overview

iShares, Inc.

Global Market Overview


M A R K E T O V E R V I E W		4


Fund Summary as of August 31, 2020		iShares^® MSCI Hong Kong ETF

Investment Objective

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

Effective September 1, 2020, the Fund will change its Index from the MSCI Hong Kong Index to the MSCI Hong Kong 25/50 Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		2.46	%		6.73	%		6.84	%		2.46	%		38.46	%		93.80	%
Fund Market		2.20			6.67			6.75			2.20			38.10			92.17
Index		3.00			7.26			7.42			3.00			41.95			104.50

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example

Actual

Hypothetical 5% Return

Beginning
Account Value
(03/01/20)

Ending
Account Value
(08/31/20)

Expenses
Paid During
the Period

^(a)

Beginning
Account Value
(03/01/20)

Ending
Account Value
(08/31/20)

Expenses
Paid During
the Period

^(a)

Annualized
Expense
Ratio

$ 1,000.00

$ 1,022.90

$ 2.64

$ 1,000.00

$ 1,022.50

$ 2.64

0.52%

^(a)


5		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Hong Kong ETF

Portfolio Management Commentary

Stocks in Hong Kong posted a modest return for the reporting period, as equity markets benefited from increased investor optimism about the Chinese economy and supportive monetary policy. The Hong Kong Monetary Authority maintains a fixed exchange rate between the U.S. dollar and the Hong Kong dollar, so it followed the Fed in reducing interest rates. Hong Kong also responded to the coronavirus pandemic with subsidies for retailers and restaurants, funds for hospitals and masks, cash payments to residents, and wage subsidies.

The financials sector contributed the most to the Index’s return amid a substantial rise in trading volume. Stock, bond, derivatives, and commodities trading increased sharply in highly volatile markets, which drove revenues in the financial exchanges and data industry. Exchange participants also increased their demand for network access to financial markets, leading to higher revenue from usage fees. In addition, the life and health insurance industry benefited from expanded sales in mainland China when lockdowns eased.

The healthcare sector also advanced, as the U.S. Food and Drug Administration approved a new blood cancer drug, and the biotechnology industry raised substantial private equity funding. The consumer discretionary sector was another contributor to performance, as the lifting of certain travel restrictions benefited the casinos and gaming industry.

On the downside, the real estate sector detracted from the Index’s return. Weakness in retail and hotels drove a notable decrease in profits amid delayed rental payments and substantially reduced property valuations. The utilities sector declined as well, as gas sales volumes in Hong Kong and China decreased during lockdowns. The industrials sector was another detractor from performance, as trade tensions and the pandemic significantly reduced revenue from ports.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	41.6	%
Real Estate	20.0
Industrials	12.1
Utilities	9.7
Consumer Discretionary	8.1
Consumer Staples	3.3
Health Care	2.7
Communication Services	1.8
Information Technology	0.7

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
AIA Group Ltd.	23.4	%
Hong Kong Exchanges & Clearing Ltd.	12.7
Sun Hung Kai Properties Ltd.	4.3
CK Hutchison Holdings Ltd.	3.7
Techtronic Industries Co. Ltd.	3.7
Galaxy Entertainment Group Ltd.	3.6
Link REIT	3.5
CLP Holdings Ltd.	3.4
Hong Kong & China Gas Co. Ltd.	3.3
CK Asset Holdings Ltd.	3.0

^(a)

Excludes money market funds.


F U N D S U M M A R Y		6


Fund Summary as of August 31, 2020		iShares^® MSCI Japan Small-Cap ETF

Investment Objective

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

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		5.72	%		6.79	%		8.07	%		5.72	%		38.91	%		117.24	%
Fund Market		5.47			6.82			8.04			5.47			39.05			116.73
Index		5.92			7.04			8.43			5.92			40.51			124.74

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,108.60	$	2.76		$	1,000.00	$	1,022.50	$	2.64		0.52%

^(a)


7		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Japan Small-Cap ETF

Portfolio Management Commentary

Japanese small-capitalization stocks advanced for the reporting period despite a deep recession driven by the coronavirus pandemic. Economic growth was already stagnant at the end of 2019 due to decreased exports amid slowing global trade and lower private consumption following a sales tax increase. Business closures in early 2020 sharply reduced economic activity, and Japan experienced the largest contraction on record in the second quarter of 2020. Following steep declines in the first quarter of 2020, Japanese equities rebounded in the second quarter, bolstered by massive government stimulus and a resumption of global business activity.

The information technology sector contributed the most to the Index’s return. Software and services stocks drove the sector’s gains with higher text-input software sales and increased demand for corporate security and cloud infrastructure services as remote work arrangements scaled up during the pandemic. Similarly, strong demand for semiconductor manufacturing and testing equipment rose further as increases in remote working drove investment in 5G communications infrastructure, data centers, and cloud computing. Meanwhile, purchases of computer equipment and gaming consoles rose as more consumers stayed at home. Expansion of 5G networks also supported companies in the electronic components industry.

The industrials and consumer staples sectors also aided performance. In the industrials sector, the capital goods industry benefited from rising revenues of construction and engineering companies amid a pickup in industrial production near the end of the reporting period. In the consumer staples sector, food and staples retailers advanced as consumers stocked up on essential goods in anticipation of lockdowns. On the downside, canceled office leases and missed rent payments by retailers and hotel operators weighed on the real estate sector.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Industrials	23.5	%
Consumer Discretionary	15.1
Information Technology	13.4
Real Estate	11.1
Consumer Staples	9.9
Materials	8.9
Financials	6.5
Health Care	6.2
Communication Services	3.8
Utilities	1.0
Energy	0.6

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Capcom Co. Ltd.	0.6	%
Advance Residence Investment Corp.	0.6
Azbil Corp.	0.5
Haseko Corp.	0.5
NET One Systems Co. Ltd.	0.5
Alps Alpine Co. Ltd.	0.5
Taiyo Yuden Co. Ltd.	0.5
Skylark Holdings Co. Ltd.	0.5
Ibiden Co. Ltd.	0.5
COMSYS Holdings Corp.	0.4

^(a)

Excludes money market funds.


F U N D S U M M A R Y		8


Fund Summary as of August 31, 2020		iShares^® MSCI Malaysia ETF

Investment Objective

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

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(2.27	)%		1.69	%		0.01	%		(2.27	)%		8.77	%		0.10	%
Fund Market		(1.94	)		1.66			0.05			(1.94	)		8.56			0.49
Index		(1.87	)		2.04			0.39			(1.87	)		10.62			3.96

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,062.30	$	2.70		$	1,000.00	$	1,022.50	$	2.64		0.52%

^(a)


9		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Malaysia ETF

Portfolio Management Commentary

Malaysian stocks posted a modest decline for the reporting period amid difficulty implementing plans to alleviate the impact of sharp economic contraction due to coronavirus-related disruption. The government announced a significant fiscal stimulus package, but political disagreements delayed most of that spending. On the other hand, the Malaysian central bank pursued a monetary policy that reduced interest rates to record lows. Disruption to international trade and factory closures led Malaysia’s exports and manufacturing production to decline substantially in the second quarter of 2020, although both showed signs of recovery late in the reporting period.

The financials sector detracted the most from the Index’s return, as a moratorium on some loan repayments weighed on banks. The government’s loan program allowed unemployed Malaysians to defer making payments toward their loans. The credit rating outlook for the banking system also weakened during the pandemic.

The industrials sector also detracted from the Index’s performance, as unsold housing stock negatively affected the construction and engineering industry. The communication services sector was another detractor, weighed down by a mandate to provide data services during movement restrictions. The consumer discretionary sector declined as well, driven by a drop in customer visits in the casinos and gaming industry.

On the upside, the healthcare sector significantly contributed to the Index’s return, as the pandemic led to strong demand for rubber gloves. The medical supplies industry encountered difficulty expanding production due to restrictions that prevented the hiring of additional foreign workers. Fulfilment lead times on orders for some gloves stretched to over a year, even with factories operating at full capacity. These shortages also led to increased investment in glove production automation. In this environment, medical supplies companies reported sharply higher revenues and profits.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	26.1	%
Health Care	23.0
Consumer Staples	15.1
Utilities	8.5
Communication Services	7.9
Industrials	7.6
Materials	4.4
Energy	4.3
Consumer Discretionary	3.1

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Public Bank Bhd	10.2	%
Top Glove Corp. Bhd	8.8
Malayan Banking Bhd	6.1
Hartalega Holdings Bhd	6.0
Tenaga Nasional Bhd	5.3
CIMB Group Holdings Bhd	4.5
Supermax Corp. Bhd	3.5
Dialog Group Bhd	3.0
Petronas Chemicals Group Bhd	2.8
Petronas Gas Bhd	2.8

^(a)

Excludes money market funds.


F U N D S U M M A R Y		10


Fund Summary as of August 31, 2020		iShares^® MSCI Pacific ex Japan ETF

Investment Objective

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

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		0.72	%		6.81	%		5.24	%		0.72	%		39.03	%		66.65	%
Fund Market		(0.27	)		6.64			5.08			(0.27	)		37.92			64.21
Index		1.18			7.26			5.68			1.18			41.96			73.78

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,037.30	$	2.51		$	1,000.00	$	1,022.70	$	2.49		0.49%

^(a)


11		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Pacific ex Japan ETF

Portfolio Management Commentary

Developed market Pacific equities excluding Japan rose slightly for the reporting period, despite a global recession driven by the coronavirus pandemic. Australian stocks contributed the most to the Index’s return, helped by a government fiscal program in response to the recession. However, monetary stimulus was relatively modest by international standards, and the Australian dollar appreciated substantially against the U.S. dollar. Materials stocks posted significant gains, as Australian exports of iron ore reached record levels, primarily due to strong demand from China amid its economic recovery from the pandemic. The healthcare sector advanced as well, as sales of immunoglobulins and hemophilia treatments grew in the biotechnology industry.

Stocks in Hong Kong also contributed to the Index’s return, as equity markets benefited from increased investor optimism about the Chinese economy and supportive monetary policy. The financials sector led the way amid a substantial rise in trading volume, which drove revenues in the financial exchanges and data industry. Derivatives and commodities trading also increased due to elevated market volatility.

New Zealand stocks advanced, benefiting from largely successful containment of the coronavirus and a New Zealand dollar that rose in value relative to the U.S. dollar. The healthcare sector was a strong contributor, due in part to sharply increased demand for healthcare equipment driven by the pandemic. Higher production also led to the hiring of new workers to manage the increase in global demand.

On the downside, Singaporean equities detracted from the Index’s performance, as the nation entered a deep recession driven by a sharp decline in international trade. The largest detractor was the financials sector, where banks reported a steep drop in profits and increased their reserves in preparation for expected loan defaults. The industrials sector also detracted from the Index’s return, as a significant decrease in international travel negatively affected the transportation industry. The communication services sector declined as well amid a drop in prepaid mobile phone revenue. The real estate sector was another detractor, as customer visits and sales decreased at retail properties.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	35.7	%
Materials	11.7
Real Estate	11.6
Health Care	9.5
Industrials	8.1
Consumer Discretionary	6.2
Consumer Staples	5.7
Utilities	4.3
Communication Services	3.0
Energy	2.4
Information Technology	1.8

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
Australia	59.0	%
Hong Kong	29.3
Singapore	8.9
New Zealand	2.8
Malta	0.0	^(b)

^(a)

Excludes money market funds.

^(b)

Rounds to less than 0.1%.


F U N D S U M M A R Y		12


Fund Summary as of August 31, 2020		iShares^® MSCI Singapore ETF

Investment Objective

The iShares MSCI Singapore ETF (the “Fund”) seeks to track the investment results of an index composed of Singaporean equities, as represented by the MSCI Singapore 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(12.84	)%		1.83	%		1.46	%		(12.84	)%		9.48	%		15.65	%
Fund Market		(13.11	)		1.87			1.43			(13.11	)		9.70			15.27
Index		(12.42	)		2.30			1.86			(12.42	)		12.02			20.25

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

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

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	895.10	$	2.48		$	1,000.00	$	1,022.50	$	2.64		0.52%

^(a)


13		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Singapore ETF

Portfolio Management Commentary

Singaporean equities declined substantially as the nation entered a deep recession driven by a sharp decline in international trade during the coronavirus pandemic. Singapore’s central bank, which operates using exchange rates instead of interest rates, acted promptly to substantially ease monetary policy in line with similar actions by other central banks. In this environment, the Singapore dollar appreciated only marginally relative to the U.S. dollar. Furthermore, the government passed significant fiscal stimulus measures, including wage support for businesses negatively affected by the pandemic and related containment measures.

The financials sector detracted the most from the Index’s return, as banks reported a steep drop in profits and increased their reserves in preparation for expected loan defaults. Banks also strengthened lending standards for commodities trading after significant defaults stemming from a sharp decline in oil prices. Furthermore, regulators called on banks to limit their dividends to a fraction of previous payouts to ensure sufficient capital. Lower interest rates also decreased banks’ revenues from loans. In addition, less favorable operating environments in Malaysia, Indonesia, and Thailand weighed on Singaporean banks due to substantial lending in those markets.

The industrials sector also detracted from the Index’s return, as a significant decrease in international travel negatively affected the transportation industry. In the road and rail industry, revenue declined amid a substantial drop in bus and rail ridership. Revenue also decreased in the airline industry due to sharply lower passenger traffic. In addition, lower demand for oil significantly impaired business at dockyards in the capital goods industry.

The communication services sector declined as well amid a drop in prepaid mobile phone revenue in the integrated telecommunication services industry. In the publishing industry, lower advertising revenue led to restructuring and cost cutting.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	41.7	%
Real Estate	24.3
Industrials	13.6
Communication Services	7.2
Consumer Discretionary	5.0
Consumer Staples	4.1
Information Technology	4.1

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
DBS Group Holdings Ltd.	16.5	%
Oversea-Chinese Banking Corp. Ltd.	12.1
United Overseas Bank Ltd.	9.3
Singapore Telecommunications Ltd.	7.2
Ascendas REIT	4.5
Wilmar International Ltd.	4.1
Venture Corp. Ltd.	4.1
Keppel Corp. Ltd.	4.0
Mapletree Logistics Trust	4.0
Singapore Exchange Ltd.	3.9

^(a)

Excludes money market funds.


F U N D S U M M A R Y		14


Fund Summary as of August 31, 2020		iShares^® MSCI Taiwan ETF

Investment Objective

The iShares MSCI Taiwan ETF(the “Fund”) seeks to track the investment results of an index composed of Taiwanese equities, as represented by the MSCI Taiwan 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		29.34	%		13.26	%		8.88	%		29.34	%		86.38	%		134.08	%
Fund Market		29.09			13.56			8.86			29.09			88.84			133.73
Index		29.84			13.94			9.43			29.84			92.07			146.26

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

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

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,152.70	$	3.19		$	1,000.00	$	1,022.20	$	3.00		0.59%

^(a)


15		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Taiwan ETF

Portfolio Management Commentary

Taiwanese stocks advanced significantly for the reporting period. While Taiwan’s economy contracted in the second quarter of 2020, the decline was modest compared to that of many other countries. Taiwan was also slow to reduce interest rates and kept them above international levels, leading the Taiwan new dollar to appreciate relative to the U.S. dollar, which helped returns for U.S.-based investors. Taiwan’s economy also benefited from an influx of businesses relocating from the mainland to avoid tariffs arising from trade tensions between the U.S. and China. However, Taiwan’s total exports declined during the first months of the coronavirus pandemic before recovering late in the reporting period. To stimulate the economy, Taiwan introduced a program using cash equivalent coupons that citizens must spend before the end of 2020.

The information technology sector contributed a large majority of the Index’s return, as the pandemic led to a significant increase in global demand for semiconductors. High-performance computing, including data center hardware and 5G equipment, drove substantial growth in revenue for the semiconductors industry. The higher demand for data center hardware coincided with an increase in online data usage, as office workers began working remotely, students turned to remote learning, and consumers spent more time using high-bandwidth streaming services. Companies upgrading their mobile networks to support next-generation 5G phones drove the increase in 5G equipment revenue.

An increase in remote working also drove considerable demand for high-speed Wi-Fi chips in the semiconductors industry. Other sources of demand for semiconductors included power management integrated circuits, display drivers, and flash memory controllers.

The technology hardware and equipment industry benefited from increased sales of laptop and desktop personal computers during the pandemic. Work-at-home demand also contributed to power electronics and automation sales.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Information Technology	58.7	%
Financials	18.3
Materials	7.5
Consumer Discretionary	4.5
Communication Services	3.7
Industrials	3.0
Consumer Staples	2.9
Other (each representing less than 1%)	1.4

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Taiwan Semiconductor Manufacturing Co. Ltd.	22.9	%
Hon Hai Precision Industry Co. Ltd.	4.6
MediaTek Inc.	4.0
Chunghwa Telecom Co. Ltd.	2.0
Delta Electronics Inc.	1.9
Largan Precision Co. Ltd.	1.7
CTBC Financial Holding Co. Ltd.	1.7
Cathay Financial Holding Co. Ltd.	1.6
Uni-President Enterprises Corp.	1.6
Mega Financial Holding Co. Ltd.	1.6

^(a)

Excludes money market funds.


F U N D S U M M A R Y		16


Fund Summary as of August 31, 2020		iShares^® MSCI Thailand ETF

Investment Objective

The iShares MSCI Thailand ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Thai equities, as represented by the MSCI Thailand IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(22.57	)%		3.61	%		4.83	%		(22.57	)%		19.38	%		60.31	%
Fund Market		(22.16	)		3.75			4.79			(22.16	)		20.23			59.59
Index		(22.30	)		3.94			5.13			(22.30	)		21.34			64.91

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

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

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	992.70	$	2.96		$	1,000.00	$	1,022.20	$	3.00		0.59%

^(a)


17		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Thailand ETF

Portfolio Management Commentary

Thai stocks declined substantially during the reporting period as the nation entered a significant recession driven by the coronavirus pandemic. Business closings and curfews in Thailand considerably reduced consumption and investment. With borders closed to most international visitors, trade and tourism decreased substantially. Rising concerns over unemployment, bad debts, and the continued viability of small and medium-sized enterprises weighed on the Thai economy. However, the government announced a new economic stimulus plan with more support for businesses and their employees.

The financials sector detracted the most from the Index’s return, as banks increased their provisions for loan defaults. Persistently low interest rates, trade tensions between the U.S. and China, slower growth in fee revenue, and a drought also negatively affected banks. The energy sector was another notable detractor, as oil prices and sales volumes declined during the pandemic. Furthermore, an increase in working from home also led to lower demand and to volatility in the price of liquefied natural gas.

The real estate sector also declined significantly, as shopping centers temporarily closed and retail sales decreased substantially. The strong decrease in tourism led some hotel and resort operators to sell their properties to developers for conversion into other businesses. The communication services sector detracted from the Index’s return, as the drop in tourism also led to reduced revenue from prepaid mobile customers. The consumer staples sector was another detractor, partly due to a significant acquisition of retail stores at a time when consumers were shifting to online buying. The industrials sector also declined, as revenue for airport services companies decreased due to the substantial decline in travel.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Energy	14.7	%
Consumer Staples	13.8
Financials	11.2
Industrials	10.3
Materials	10.1
Communication Services	9.6
Utilities	8.8
Real Estate	7.0
Consumer Discretionary	6.9
Health Care	6.6
Information Technology	1.0

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
PTT PCL	8.9	%
CP ALL PCL	8.0
Siam Cement PCL (The)	6.0
Airports of Thailand PCL	5.2
Advanced Info Service PCL	4.7
Bangkok Dusit Medical Services PCL	4.3
Charoen Pokphand Foods PCL	2.7
PTT Exploration & Production PCL	2.7
Intouch Holdings PCL	2.6
Central Pattana PCL	2.3

^(a)

Excludes money market funds.


F U N D S U M M A R Y		18

About Fund Performance

Shareholder Expenses


19		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

August 31, 2020

iShares^® MSCI Hong Kong ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 5.4%
Bank of East Asia Ltd. (The)^(a)		3,856,410	$	8,697,902
BOC Hong Kong Holdings Ltd.		10,365,000		29,422,656
Hang Seng Bank Ltd.		2,139,300		33,648,468

				71,769,026

Beverages — 1.2%
Budweiser Brewing Co. APAC Ltd.^(a)(b)		4,894,800		16,515,683


Biotechnology — 2.1%
BeiGene Ltd., ADR^(c)		114,174		27,581,013


Capital Markets — 12.7%
Hong Kong Exchanges & Clearing Ltd.		3,329,800		168,076,458


Diversified Telecommunication Services — 1.8%
HKT Trust & HKT Ltd.		10,723,500		15,330,849
PCCW Ltd.		12,614,169		7,910,152

				23,241,001

Electric Utilities — 6.4%
CK Infrastructure Holdings Ltd.		1,898,000		10,040,838
CLP Holdings Ltd.		4,584,200		45,042,590
HK Electric Investments & HK Electric Investments Ltd.		7,855,500		7,997,251
Power Assets Holdings Ltd.		3,901,000		22,348,522

				85,429,201

Equity Real Estate Investment Trusts (REITs) — 3.5%
Link REIT		5,787,100		46,071,892


Food & Staples Retailing — 0.3%
Dairy Farm International Holdings Ltd.		1,052,900		4,401,122


Food Products — 1.8%
WH Group Ltd.^(b)		26,929,000		23,245,358


Gas Utilities — 3.3%
Hong Kong & China Gas Co. Ltd.		29,750,805		43,300,979


Health Care Equipment & Supplies — 0.6%
Microport Scientific Corp		1,817,000		8,264,259


Hotels, Restaurants & Leisure — 8.0%
Galaxy Entertainment Group Ltd.		6,057,000		47,712,606
Melco Resorts & Entertainment Ltd., ADR		630,669		12,310,659
Sands China Ltd.		6,812,000		30,060,115
SJM Holdings Ltd.		5,997,000		8,248,617
Wynn Macau Ltd.^(a)		4,555,600		8,570,240

				106,902,237

Industrial Conglomerates — 6.6%
CK Hutchison Holdings Ltd.		7,528,767		49,300,326
Jardine Matheson Holdings Ltd.		617,100		25,918,200
Jardine Strategic Holdings Ltd.		630,700		12,651,842

				87,870,368

Insurance — 23.3%
AIA Group Ltd.		30,094,200		309,867,185


Security	Shares		Value

Machinery — 3.7%
Techtronic Industries Co. Ltd.		3,843,147	$	48,794,625


Real Estate Management & Development — 16.5%
CK Asset Holdings Ltd.		7,220,767		39,224,311
Hang Lung Properties Ltd.		5,808,000		16,374,496
Henderson Land Development Co. Ltd.		4,115,762		16,223,754
Hongkong Land Holdings Ltd.		3,324,400		12,732,452
Kerry Properties Ltd.		2,007,500		5,219,399
New World Development Co. Ltd.		4,326,266		22,468,237
Sino Land Co. Ltd.		8,944,000		10,421,001
Sun Hung Kai Properties Ltd.		4,199,000		56,455,139
Swire Pacific Ltd., Class A		1,435,500		7,816,378
Swire Properties Ltd.		3,396,800		9,204,054
Wharf Real Estate Investment Co. Ltd.		5,409,150		22,508,608

				218,647,829

Road & Rail — 1.7%
MTR Corp. Ltd.		4,331,083		22,549,138


Semiconductors & Semiconductor Equipment — 0.7%
ASM Pacific Technology Ltd.		885,700		9,525,376


Total Common Stocks — 99.6% (Cost: $1,471,684,635)				1,322,052,750


Short-Term Investments

Money Market Funds — 1.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(d)(e)(f)		21,102,946		21,124,049
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(d)(e)		495,000		495,000

				21,619,049


Total Short-Term Investments — 1.6% (Cost: $21,621,159)				21,619,049


Total Investments in Securities — 101.2% (Cost: $1,493,305,794)				1,343,671,799

Other Assets, Less Liabilities — (1.2)%				(15,390,554	)


Net Assets — 100.0%			$	1,328,281,245

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

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

^(c)	Non-income producing security.

^(d)	Affiliate of the Fund.

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

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


S C H E D U L E O F I N V E S T M E N T S		20

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Hong Kong ETF

Affiliates



Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	16,781,709	$	4,440,680	^(a)	$	—		$	(97,907	)	$	(433	)	$	21,124,049		21,102,946	$	162,901	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		613,000		—			(118,000	)^(a)		—			—			495,000		495,000		23,109			—

									$	(97,907	)	$	(433	)	$	21,619,049			$	186,010		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts



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

Long Contracts
Hang Seng Index		32		09/29/20	$	5,177	$	(72,670	)

Derivative Financial Instruments Categorized by Risk Exposure

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



	Equity Contracts

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	72,670

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	601,798

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(73,121	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	5,773,016

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

Fair Value Measurements


21		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Hong Kong ETF

Fair Value Measurements (continued)



	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	1,322,052,750		$	—	$	—	$	1,322,052,750
Money Market Funds		21,619,049			—		—		21,619,049

	$	1,343,671,799		$	—	$	—	$	1,343,671,799

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(72,670	)	$	—	$	—	$	(72,670	)

^(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		22

Schedule of Investments

August 31, 2020

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 0.4%
Kintetsu World Express Inc.		3,600	$	74,074
Konoike Transport Co. Ltd.		2,700		28,745
Maruwa Unyu Kikan Co. Ltd.		1,800		69,763
Mitsui-Soko Holdings Co. Ltd.		1,800		30,112
SBS Holdings Inc.		1,800		34,729

				237,423

Auto Components — 2.7%
Aisan Industry Co. Ltd.		2,700		12,119
Daido Metal Co. Ltd.		3,600		17,992
Daikyonishikawa Corp.		3,600		19,520
Eagle Industry Co. Ltd.		2,700		18,968
Exedy Corp.		2,700		36,205
FCC Co. Ltd.		2,700		49,114
Futaba Industrial Co. Ltd.		4,500		23,509
G-Tekt Corp.		1,800		17,551
Ichikoh Industries Ltd.		2,700		12,578
Keihin Corp.		3,600		87,348
KYB Corp.^(a)		1,800		36,070
Musashi Seimitsu Industry Co. Ltd.		3,600		36,120
NHK Spring Co. Ltd.		18,000		113,216
Nifco Inc./Japan		8,100		207,684
Nippon Seiki Co. Ltd.		4,500		46,211
Nissin Kogyo Co. Ltd.		3,600		75,738
NOK Corp.		7,200		78,420
Pacific Industrial Co. Ltd.		3,600		33,778
Piolax Inc.		2,700		41,603
Press Kogyo Co. Ltd.		8,100		23,297
Riken Corp.		900		21,973
Shoei Co. Ltd.		1,800		54,996
Showa Corp.		4,500		96,497
Sumitomo Riko Co. Ltd.		2,700		13,953
Tachi-S Co. Ltd.		2,700		22,355
Tokai Rika Co. Ltd.		4,500		67,556
Topre Corp.		2,700		30,044
Toyo Tire Corp.		9,900		164,961
Toyota Boshoku Corp.		5,400		76,586
TPR Co. Ltd.		1,800		24,052
TS Tech Co. Ltd.		3,600		105,578
Unipres Corp.		3,600		31,232
Yorozu Corp.		1,800		15,888

				1,712,712

Automobiles — 0.1%
Nissan Shatai Co. Ltd.		5,400		48,630


Banks — 3.9%
77 Bank Ltd. (The)		4,500		66,156
Aichi Bank Ltd. (The)		900		26,182
Akita Bank Ltd. (The)		1,800		25,410
Aomori Bank Ltd. (The)		1,800		37,614
Awa Bank Ltd. (The)		2,700		60,852
Bank of Iwate Ltd. (The)		900		21,183
Bank of Nagoya Ltd. (The)		900		19,800
Bank of Okinawa Ltd. (The)		1,800		50,684
Bank of the Ryukyus Ltd.		3,600		30,010
Chugoku Bank Ltd. (The)		12,600		116,441
Chukyo Bank Ltd. (The)		900		17,212
Daishi Hokuetsu Financial Group Inc.		3,600		69,220
Ehime Bank Ltd. (The)		2,700		29,407


Security	Shares		Value

Banks (continued)
Gunma Bank Ltd. (The)		31,500	$	103,668
Hachijuni Bank Ltd. (The)		31,500		121,788
Hiroshima Bank Ltd. (The)		22,500		113,938
Hokkoku Bank Ltd. (The)		1,800		50,328
Hokuhoku Financial Group Inc.		10,800		100,214
Hyakugo Bank Ltd. (The)		18,000		55,335
Hyakujushi Bank Ltd. (The)		1,800		30,570
Iyo Bank Ltd. (The)		19,800		125,845
Juroku Bank Ltd. (The)		2,700		48,681
Kansai Mirai Financial Group Inc.		8,174		34,455
Keiyo Bank Ltd. (The)		8,100		37,809
Kiyo Bank Ltd. (The)		5,400		79,845
Kyushu Financial Group Inc.		31,500		144,660
Miyazaki Bank Ltd. (The)		900		20,852
Musashino Bank Ltd. (The)		2,700		39,286
Nanto Bank Ltd. (The)		2,700		49,929
Nishi-Nippon Financial Holdings Inc.		10,800		71,392
North Pacific Bank Ltd.		24,300		51,100
Ogaki Kyoritsu Bank Ltd. (The)		2,700		56,498
Oita Bank Ltd. (The)		900		20,734
San ju San Financial Group Inc.		1,800		22,779
San-in Godo Bank Ltd. (The)		12,600		62,973
Senshu Ikeda Holdings Inc.		18,900		29,586
Shiga Bank Ltd. (The)		3,600		84,157
Shikoku Bank Ltd. (The)		2,700		19,605
Suruga Bank Ltd.		11,700		42,036
Toho Bank Ltd. (The)		16,200		34,525
Tokyo Kiraboshi Financial Group Inc.		1,830		19,379
TOMONY Holdings Inc.		12,600		40,279
Towa Bank Ltd. (The)		2,700		17,263
Yamagata Bank Ltd. (The)		1,800		22,236
Yamaguchi Financial Group Inc.		17,100		113,360
Yamanashi Chuo Bank Ltd. (The)		2,700		20,649

				2,455,925

Beverages — 0.3%
Sapporo Holdings Ltd.		5,400		96,344
Takara Holdings Inc.		12,600		117,986

				214,330

Biotechnology — 0.7%
AnGes Inc.^(a)		10,800		153,784
GNI Group Ltd.^(a)		3,697		87,156
HEALIOS KK^(a)		1,800		31,147
Japan Tissue Engineering Co. Ltd.^(a)		1,800		11,407
SanBio Co. Ltd.^(a)		2,700		36,256
Takara Bio Inc.		4,500		121,406

				441,156

Building Products — 1.6%
Aica Kogyo Co. Ltd.		4,500		154,463
Bunka Shutter Co. Ltd.		4,500		31,996
Central Glass Co. Ltd.		3,600		71,732
Maeda Kosen Co. Ltd.		1,800		43,283
Nichias Corp.		5,400		128,068
Nichiha Corp.		1,800		42,537
Nippon Sheet Glass Co. Ltd.^(a)		8,100		32,539
Nitto Boseki Co. Ltd.		1,800		72,394
Noritz Corp.		2,700		34,372
Okabe Co. Ltd.		2,700		20,089
Sankyo Tateyama Inc.		1,800		15,582
Sanwa Holdings Corp.		17,100		172,217


23		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Building Products (continued)
Sekisui Jushi Corp.		2,700	$	56,574
Shin Nippon Air Technologies Co. Ltd.		900		17,407
Sinko Industries Ltd.		1,800		23,152
Takara Standard Co. Ltd.		2,700		34,016
Takasago Thermal Engineering Co. Ltd.		3,600		49,292

				999,713

Capital Markets — 0.8%
GMO Financial Holdings Inc.		3,600		22,915
Jafco Co. Ltd.		2,700		108,845
M&A Capital Partners Co. Ltd.^(a)		900		33,142
Marusan Securities Co. Ltd.		4,500		17,865
Matsui Securities Co. Ltd.		10,800		96,242
Monex Group Inc.		14,400		37,478
Okasan Securities Group Inc.		13,500		40,992
SPARX Group Co. Ltd.		8,100		15,658
Strike Co. Ltd.		900		40,610
Tokai Tokyo Financial Holdings Inc.		17,100		41,281
Uzabase Inc.^(a)		1,800		49,734

				504,762

Chemicals — 5.7%
Achilles Corp.		900		15,056
ADEKA Corp.		7,200		105,238
C.I. Takiron Corp.		3,600		22,949
Chugoku Marine Paints Ltd.		4,500		41,841
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		900		18,298
Denka Co. Ltd.		7,200		202,465
DIC Corp.		7,200		171,301
DKS Co. Ltd.		900		37,300
Fujimi Inc.		1,800		60,257
Fujimori Kogyo Co. Ltd.		900		33,524
Fuso Chemical Co. Ltd.		1,800		60,852
Hodogaya Chemical Co. Ltd.		900		45,151
Ishihara Sangyo Kaisha Ltd.		2,700		18,332
JCU Corp.		1,800		61,785
JSP Corp.		900		13,197
Kaneka Corp.		3,600		91,252
Kanto Denka Kogyo Co. Ltd.		3,600		25,936
KH Neochem Co. Ltd.		2,700		58,611
Koatsu Gas Kogyo Co. Ltd.		2,700		19,961
Konishi Co. Ltd.		2,700		37,860
Kumiai Chemical Industry Co. Ltd.		7,249		70,545
Kureha Corp.		1,800		77,146
Lintec Corp.		3,600		85,277
Nihon Nohyaku Co. Ltd.		2,700		12,705
Nihon Parkerizing Co. Ltd.		7,200		69,254
Nippon Fine Chemical Co. Ltd.		900		13,053
Nippon Kayaku Co. Ltd.		11,700		115,185
Nippon Shokubai Co. Ltd.		2,700		142,072
Nippon Soda Co. Ltd.		1,800		51,092
NOF Corp.		6,300		255,458
Okamoto Industries Inc.		900		35,942
Osaka Soda Co. Ltd.		900		21,455
Sakai Chemical Industry Co. Ltd.		900		16,889
Sakata INX Corp.		3,600		33,167
Sanyo Chemical Industries Ltd.		900		41,841
Sekisui Kasei Co. Ltd.		1,800		9,454
Shikoku Chemicals Corp.		2,700		27,472
Shin-Etsu Polymer Co. Ltd.		3,600		29,704
Stella Chemifa Corp.		900		22,244


Security	Shares		Value

Chemicals (continued)
Sumitomo Bakelite Co. Ltd.		2,700	$	71,494
Sumitomo Seika Chemicals Co. Ltd.		900		29,280
T. Hasegawa Co. Ltd.		2,700		53,901
Taiyo Holdings Co. Ltd.		1,800		91,150
Takasago International Corp.		900		16,728
Taki Chemical Co. Ltd.		500		27,913
Tayca Corp.		900		11,177
Tenma Corp.		900		16,813
Toagosei Co. Ltd.		9,000		88,180
Tokai Carbon Co. Ltd.		17,100		160,446
Tokuyama Corp.		5,400		126,388
Tokyo Ohka Kogyo Co. Ltd.		2,700		131,887
Toyo Gosei Co. Ltd.		500		36,588
Toyo Ink SC Holdings Co. Ltd.		2,700		47,306
Toyobo Co. Ltd.		7,200		103,745
Ube Industries Ltd.		9,000		160,828
Valqua Ltd.		1,800		29,993
Zeon Corp.		11,700		123,129

				3,598,067

Commercial Services & Supplies — 1.6%
Aeon Delight Co. Ltd.		1,800		53,213
Bell System24 Holdings Inc.		2,700		43,996
Central Security Patrols Co. Ltd.		900		30,214
Daiseki Co. Ltd.		3,660		88,286
Duskin Co. Ltd.		3,600		90,505
Japan Elevator Service Holdings Co. Ltd.		1,800		62,294
Kokuyo Co. Ltd.		7,200		80,253
Matsuda Sangyo Co. Ltd.		960		14,113
Mitsubishi Pencil Co. Ltd.		2,700		33,965
Nichiban Co. Ltd.		900		13,384
Nippon Kanzai Co. Ltd.		1,800		33,829
Nippon Parking Development Co. Ltd.		17,100		21,447
Okamura Corp.		5,400		37,937
Oyo Corp.		1,800		20,657
Pilot Corp.		2,700		79,438
Prestige International Inc.		9,000		75,958
Raksul Inc.^(a)		1,800		52,959
Relia Inc.		3,600		42,774
Sato Holdings Corp.		2,700		51,584
Toppan Forms Co. Ltd.		4,500		40,780
Uchida Yoko Co. Ltd.		900		53,722

				1,021,308

Communications Equipment — 0.1%
DKK Co. Ltd.		900		20,072
Icom Inc.		900		22,643

				42,715

Construction & Engineering — 5.0%
Chiyoda Corp.^(a)		14,400		37,614
Chudenko Corp.		2,700		57,618
COMSYS Holdings Corp.		9,900		276,522
Dai-Dan Co. Ltd.		900		22,830
Daiho Corp.		900		22,957
Fukuda Corp.		900		41,374
Hazama Ando Corp.		17,100		116,263
Hibiya Engineering Ltd.		1,800		30,044
JDC Corp.		3,600		19,724
JTOWER Inc.^(a)		900		47,018
Kandenko Co. Ltd.		8,100		63,550
Kinden Corp.		11,700		193,078


S C H E D U L E O F I N V E S T M E N T S		24

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Construction & Engineering (continued)
Kumagai Gumi Co. Ltd.		3,600	$	92,372
Kyowa Exeo Corp.		9,000		226,517
Kyudenko Corp.		3,600		102,862
Maeda Corp.		12,600		93,509
Maeda Road Construction Co. Ltd.		3,600		66,402
Meisei Industrial Co. Ltd.		2,700		20,063
Mirait Holdings Corp.		7,200		101,029
Nichireki Co. Ltd.		1,800		28,211
Nippo Corp.		4,500		116,568
Nippon Densetsu Kogyo Co. Ltd.		2,700		53,723
Nippon Koei Co. Ltd.		900		23,628
Nippon Road Co. Ltd. (The)		900		64,246
Nishimatsu Construction Co. Ltd.		4,500		85,634
Okumura Corp.		2,700		65,307
OSJB Holdings Corp.		9,900		21,472
Penta-Ocean Construction Co. Ltd.		24,300		156,050
Raito Kogyo Co. Ltd.		3,600		54,588
Raiznext Corp.		2,700		33,812
Sanki Engineering Co. Ltd.		3,600		38,599
Shinnihon Corp.		2,700		21,336
SHO-BOND Holdings Co. Ltd.		3,600		170,079
Sumitomo Densetsu Co. Ltd.		1,800		37,988
Sumitomo Mitsui Construction Co. Ltd.		13,500		54,741
Taihei Dengyo Kaisha Ltd.		900		18,799
Taikisha Ltd.		1,800		49,089
Takamatsu Construction Group Co. Ltd.		1,800		37,631
Tekken Corp.		900		17,610
Toa Corp./Tokyo		1,800		27,328
Toda Corp.		19,800		129,392
Toenec Corp.		900		31,529
Tokyu Construction Co. Ltd.		7,240		33,249
Totetsu Kogyo Co. Ltd.		1,800		44,624
Toyo Construction Co. Ltd.		6,300		24,001
Yahagi Construction Co. Ltd.		2,700		23,220
Yokogawa Bridge Holdings Corp.		2,700		48,860
Yurtec Corp.		3,600		21,557

				3,164,217

Construction Materials — 0.2%
Krosaki Harima Corp.		400		11,599
Sumitomo Osaka Cement Co. Ltd.		2,700		87,585


			99,184

Consumer Finance — 0.8%
AEON Financial Service Co. Ltd.		9,000		80,032
Aiful Corp.^(a)		27,000		64,416
Credit Saison Co. Ltd.		13,500		153,911
Hitachi Capital Corp.		4,500		109,864
J Trust Co. Ltd.		5,400		13,800
Jaccs Co. Ltd.		1,800		29,619
Orient Corp.		45,000		49,649

				501,291

Containers & Packaging — 0.8%
FP Corp.		2,000		152,388
Fuji Seal International Inc.		3,600		65,316
Pack Corp. (The)		900		22,847
Rengo Co. Ltd.		16,200		119,615
Toyo Seikan Group Holdings Ltd.		12,600		140,917

				501,083

Distributors — 0.4%
Arata Corp.		900		43,029


Security	Shares		Value

Distributors (continued)
Doshisha Co. Ltd.		1,800	$	34,491
PALTAC Corp.		2,700		149,201


			226,721

Diversified Consumer Services — 0.2%
Japan Best Rescue System Co. Ltd.		1,800		16,006
Litalico Inc.^(a)		900		22,397
Meiko Network Japan Co. Ltd.		1,800		12,747
Riso Kyoiku Co. Ltd.		10,800		30,146
Studio Alice Co. Ltd.		900		12,994

				94,290

Diversified Financial Services — 0.8%
eGuarantee Inc.		2,700		57,338
Financial Products Group Co. Ltd.		5,400		27,549
Fuyo General Lease Co. Ltd.		1,800		108,463
Japan Investment Adviser Co. Ltd.		900		8,750
Japan Securities Finance Co. Ltd.		7,200		36,799
Mizuho Leasing Co. Ltd.		2,700		68,057
NEC Capital Solutions Ltd.		900		15,319
Ricoh Leasing Co. Ltd.		900		23,000
Zenkoku Hosho Co. Ltd.		4,500		159,343

				504,618

Diversified Telecommunication Services — 0.2%
ARTERIA Networks Corp.		2,700		44,633
Internet Initiative Japan Inc.		1,800		72,648
Vision Inc./Tokyo Japan^(a)		1,800		13,732

				131,013

Electric Utilities — 0.6%
Hokkaido Electric Power Co. Inc.		16,200		69,203
Hokuriku Electric Power Co.		15,300		112,970
Okinawa Electric Power Co. Inc. (The)		3,692		57,828
Shikoku Electric Power Co. Inc.		14,400		109,448

				349,449

Electrical Equipment — 1.6%
Chiyoda Integre Co. Ltd.		900		13,622
Cosel Co. Ltd.		1,800		14,699
Daihen Corp.		1,800		70,951
Denyo Co. Ltd.		900		18,527
Fujikura Ltd.		20,700		60,902
Furukawa Electric Co. Ltd.		6,300		150,185
Futaba Corp.		2,700		22,762
GS Yuasa Corp.		6,300		104,381
Idec Corp./Japan		2,700		45,422
Mabuchi Motor Co. Ltd.		4,500		158,494
Nippon Carbon Co. Ltd.		900		29,450
Nissin Electric Co. Ltd.		4,500		47,782
Nitto Kogyo Corp.		1,800		32,233
Sanyo Denki Co. Ltd.		900		40,228
Sinfonia Technology Co. Ltd.		1,800		18,077
Tatsuta Electric Wire and Cable Co. Ltd.		3,600		21,082
Toyo Tanso Co. Ltd.		900		14,267
Ushio Inc.		9,000		111,519

				974,583

Electronic Equipment, Instruments & Components — 5.5%
Ai Holdings Corp.		2,700		45,168
Alps Alpine Co. Ltd.		18,900		300,489
Amano Corp.		4,500		93,781
Anritsu Corp.		12,600		274,944
Azbil Corp.		10,800		339,139


25		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Canon Electronics Inc.		1,800	$	25,121
Canon Marketing Japan Inc.		4,500		80,456
Citizen Watch Co. Ltd.		24,300		77,223
CMK Corp.		3,600		15,752
CONEXIO Corp.		900		11,033
Daiwabo Holdings Co. Ltd.		1,800		108,294
Dexerials Corp.		4,500		45,023
Elematec Corp.		1,800		15,684
Enplas Corp.		900		18,052
ESPEC Corp.		1,800		31,096
Hioki E.E. Corp.		900		29,110
Hochiki Corp.		900		10,066
Horiba Ltd.		3,200		175,322
Hosiden Corp.		4,500		39,464
Ibiden Co. Ltd.		9,000		282,192
I-PEX Inc.		900		17,466
Iriso Electronics Co. Ltd.		1,800		66,453
Japan Aviation Electronics Industry Ltd.		4,500		58,602
Japan Display Inc.^(a)		53,100		26,539
Kaga Electronics Co. Ltd.		1,800		35,645
Koa Corp.		1,800		18,196
Macnica Fuji Electronics Holdings Inc.		4,500		76,128
Maruwa Co. Ltd./Aichi		900		75,958
Meiko Electronics Co. Ltd.		1,800		28,160
Nichicon Corp.		3,600		26,479
Nippon Ceramic Co. Ltd.		1,800		42,588
Nippon Electric Glass Co. Ltd.		7,200		134,162
Nippon Signal Co. Ltd.		3,600		34,797
Nissha Co. Ltd.		3,600		39,312
Nohmi Bosai Ltd.		1,800		37,869
Oki Electric Industry Co. Ltd.		7,200		69,050
Optex Group Co. Ltd.		2,700		34,550
Osaki Electric Co. Ltd.		2,700		13,800
Restar Holdings Corp.		1,800		33,082
Riken Keiki Co. Ltd.		900		21,701
Ryosan Co. Ltd.		1,800		33,184
Ryoyo Electro Corp.		900		25,401
Sanshin Electronics Co. Ltd.		900		15,132
Shinko Shoji Co. Ltd.		1,800		15,226
Siix Corp.		2,700		23,144
Tachibana Eletech Co. Ltd.		900		15,896
Taiyo Yuden Co. Ltd.		10,800		290,865
Tamura Corp.		6,300		30,833
Topcon Corp.		9,000		72,479
V Technology Co. Ltd.		900		33,099
Yokowo Co. Ltd.		900		22,660

				3,485,865

Energy Equipment & Services — 0.0%
Modec Inc.		1,800		30,197


Entertainment — 2.1%
Akatsuki Inc.		900		34,415
Amuse Inc.		900		19,944
Avex Inc.		2,700		23,297
Capcom Co. Ltd.		8,100		392,607
COLOPL Inc.		5,400		49,190
Daiichikosho Co. Ltd.		3,600		112,367
DeNA Co. Ltd.		8,100		129,010
GungHo Online Entertainment Inc.		3,600		74,346
HEROZ Inc.^(a)		900		32,717


Security	Shares		Value

Entertainment (continued)
KLab Inc.^(a)		2,700	$	22,355
Koei Tecmo Holdings Co. Ltd.		3,668		145,447
Marvelous Inc.		2,700		20,165
Shochiku Co. Ltd.		900		120,515
Toei Animation Co. Ltd.		900		52,365
Toei Co. Ltd.		600		88,321
UUUM Inc.^(a)		900		19,435

				1,336,496

Equity Real Estate Investment Trusts (REITs) — 9.0%
Activia Properties Inc.		63		237,338
Advance Residence Investment Corp.		117		346,438
AEON REIT Investment Corp.		135		147,291
Comforia Residential REIT Inc.		54		166,514
CRE Logistics REIT Inc.		36		53,128
Daiwa Office Investment Corp.		27		156,330
Daiwa Securities Living Investments Corp.		162		161,626
Frontier Real Estate Investment Corp.		45		150,219
Fukuoka REIT Corp.		63		81,093
Global One Real Estate Investment Corp.		90		90,132
Hankyu Hanshin REIT Inc.		54		60,699
Heiwa Real Estate REIT Inc.		81		90,743
Hoshino Resorts REIT Inc.		18		81,560
Hulic Reit Inc.		108		141,053
Ichigo Office REIT Investment Corp.		108		77,197
Industrial & Infrastructure Fund Investment Corp.		153		267,204
Invesco Office J-Reit Inc.		783		109,721
Invincible Investment Corp.		540		161,422
Itochu Advance Logistics Investment Corp.		36		50,548
Japan Excellent Inc.		108		128,017
Japan Hotel REIT Investment Corp.		396		183,726
Japan Logistics Fund Inc.		81		217,691
Kenedix Office Investment Corp.		36		213,532
Kenedix Residential Next Investment Corp.		81		144,363
Kenedix Retail REIT Corp.		45		92,423
LaSalle Logiport REIT		117		196,388
MCUBS MidCity Investment Corp.		153		118,453
Mirai Corp.		144		50,990
Mitsubishi Estate Logistics REIT Investment Corp.		27		110,500
Mitsui Fudosan Logistics Park Inc.		36		179,924
Mori Hills REIT Investment Corp.		144		179,380
Mori Trust Hotel Reit Inc.		36		36,019
Mori Trust Sogo REIT Inc.		90		117,969
Nippon Accommodations Fund Inc.		36		221,679
Nippon REIT Investment Corp.		36		126,286
One REIT Inc.		18		43,742
Premier Investment Corp.		117		138,134
Samty Residential Investment Corp.		27		25,435
Sekisui House Reit Inc.		360		254,269
SOSiLA Logistics REIT Inc.		45		58,984
Star Asia Investment Corp.		118		48,627
Starts Proceed Investment Corp.		18		33,778
Takara Leben Real Estate Investment Corp.		36		28,822
Tokyu REIT Inc.		72		97,498

				5,676,885

Food & Staples Retailing — 3.4%
Aeon Hokkaido Corp.		1,800		13,409
Ain Holdings Inc.		2,200		142,317
Arcs Co. Ltd.		3,600		88,943
Axial Retailing Inc.		1,800		81,560


S C H E D U L E O F I N V E S T M E N T S		26

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food & Staples Retailing (continued)
Belc Co. Ltd.		900	$	63,567
Cawachi Ltd.		900		25,588
cocokara fine Inc.		1,800		100,655
Create SD Holdings Co. Ltd.		2,700		97,388
G-7 Holdings Inc.		900		27,201
Genky DrugStores Co. Ltd.		900		29,238
Halows Co. Ltd.		900		33,863
Heiwado Co. Ltd.		2,700		55,708
JM Holdings Co. Ltd.		900		29,365
Kansai Super Market Ltd.		900		10,829
Kato Sangyo Co. Ltd.		1,800		61,955
Kusuri no Aoki Holdings Co. Ltd.		1,400		119,478
Life Corp.		1,800		82,239
Matsumotokiyoshi Holdings Co. Ltd.		7,200		251,893
Maxvalu Tokai Co. Ltd.		900		20,759
Ministop Co. Ltd.		900		12,849
Mitsubishi Shokuhin Co. Ltd.		1,800		46,424
Nihon Chouzai Co. Ltd.		900		13,902
Okuwa Co. Ltd.		1,800		24,850
Qol Holdings Co. Ltd.		1,800		19,299
Retail Partners Co. Ltd.		1,800		31,487
San-A Co. Ltd.		1,800		72,988
Shoei Foods Corp.		900		34,966
Sugi Holdings Co. Ltd.		3,000		216,418
United Super Markets Holdings Inc.		4,500		52,831
Valor Holdings Co. Ltd.		3,600		92,033
YAKUODO Holdings Co. Ltd.		900		21,353
Yaoko Co. Ltd.		1,800		140,714
Yokohama Reito Co. Ltd.		3,600		30,621

				2,146,690

Food Products — 4.6%
Ariake Japan Co. Ltd.		1,800		123,740
Chubu Shiryo Co. Ltd.		1,800		27,634
DyDo Group Holdings Inc.		900		42,138
Ezaki Glico Co. Ltd.		3,600		152,765
Feed One Co. Ltd.		9,900		17,178
Fuji Oil Holdings Inc.		4,500		131,972
Fujicco Co. Ltd.		1,800		35,272
Fujiya Co. Ltd.		900		18,485
Hokuto Corp.		1,800		36,528
House Foods Group Inc.		5,400		182,300
Itoham Yonekyu Holdings Inc.		12,600		84,004
J-Oil Mills Inc.		900		31,317
Kagome Co. Ltd.		7,200		223,716
Kameda Seika Co. Ltd.		900		44,641
Kenko Mayonnaise Co. Ltd.		900		15,141
Kewpie Corp.		9,000		170,418
KEY Coffee Inc.		1,800		37,020
Kotobuki Spirits Co. Ltd.		1,800		83,172
Marudai Food Co. Ltd.		1,800		31,419
Maruha Nichiro Corp.		3,600		81,407
Megmilk Snow Brand Co. Ltd.		3,600		81,475
Mitsui Sugar Co. Ltd.		900		16,414
Morinaga & Co. Ltd./Japan		3,600		131,887
Morinaga Milk Industry Co. Ltd.		3,600		174,831
Nagatanien Holdings Co. Ltd.		900		19,087
Nichirei Corp.		9,900		258,318
Nippon Beet Sugar Manufacturing Co. Ltd.		900		15,582
Nippon Flour Mills Co. Ltd.		3,600		57,202
Nippon Suisan Kaisha Ltd.		25,200		113,114


Security	Shares		Value

Food Products (continued)
Nisshin Oillio Group Ltd. (The)		1,800	$	53,298
Prima Meat Packers Ltd.		2,700		78,929
Riken Vitamin Co. Ltd.		1,800		37,377
Rock Field Co. Ltd.		1,800		22,253
Rokko Butter Co. Ltd.		900		14,818
S Foods Inc.		1,800		48,885
Sakata Seed Corp.		2,700		88,731
Showa Sangyo Co. Ltd.		1,800		59,833
Starzen Co. Ltd.		900		33,481
Warabeya Nichiyo Holdings Co. Ltd.		900		12,697

				2,888,479

Gas Utilities — 0.3%
K&O Energy Group Inc.		900		12,917
Nippon Gas Co. Ltd.		3,600		139,526
Shizuoka Gas Co. Ltd.		4,500		37,045

				189,488

Health Care Equipment & Supplies — 2.0%
CYBERDYNE Inc.^(a)		9,900		44,344
Eiken Chemical Co. Ltd.		2,700		48,554
Hogy Medical Co. Ltd.		1,800		57,032
Japan Lifeline Co. Ltd.		5,400		71,851
Jeol Ltd.		3,600		105,578
Mani Inc.		6,300		159,691
Menicon Co. Ltd.		2,700		164,986
Nagaileben Co. Ltd.		1,800		46,237
Nakanishi Inc.		6,300		100,876
Nihon Kohden Corp.		7,200		246,122
Nipro Corp.		12,600		141,987
Paramount Bed Holdings Co. Ltd.		1,800		71,715

				1,258,973

Health Care Providers & Services — 1.2%
As One Corp.		1,100		140,450
BML Inc.		1,800		45,931
Elan Corp.		900		20,776
H.U. Group Holdings Inc.		4,500		111,052
Japan Medical Dynamic Marketing Inc.		1,800		32,217
Ship Healthcare Holdings Inc.		3,600		166,345
Solasto Corp.		4,500		53,256
Toho Holdings Co. Ltd.		4,500		86,991
Tokai Corp./Gifu		1,800		35,662
Tsukui Corp.		4,500		26,352
Vital KSK Holdings Inc.		3,600		36,358

				755,390

Health Care Technology — 0.3%
EM Systems Co. Ltd.		2,700		22,126
JMDC Inc.^(a)		900		68,235
Medical Data Vision Co. Ltd.^(a)		1,800		30,553
Medley Inc.^(a)		1,800		77,146

				198,060

Hotels, Restaurants & Leisure — 3.9%
Aeon Fantasy Co. Ltd.		900		14,504
Arcland Service Holdings Co. Ltd.		1,800		33,710
Atom Corp.		8,100		68,744
BRONCO BILLY Co. Ltd.		900		18,544
Colowide Co. Ltd.		5,400		84,479
Create Restaurants Holdings Inc.		7,200		44,743
Curves Holdings Co. Ltd.		3,600		23,051
Daisyo Corp.		900		10,880
Doutor Nichires Holdings Co. Ltd.		2,700		41,832


27		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Fuji Kyuko Co. Ltd.		1,800	$	57,202
Fujio Food Group Inc.		900		11,127
Hiday Hidaka Corp.		1,884		30,913
HIS Co. Ltd.		2,700		48,274
Ichibanya Co. Ltd.		900		44,132
Kappa Create Co. Ltd.^(a)		2,700		37,453
Kisoji Co. Ltd.		1,800		40,228
KNT-CT Holdings Co. Ltd.^(a)		900		8,699
KOMEDA Holdings Co. Ltd.		4,500		77,571
Koshidaka Holdings Co. Ltd.		3,600		15,548
Kourakuen Holdings Corp.		900		14,173
Kura Sushi Inc.		900		40,653
Kyoritsu Maintenance Co. Ltd.		2,780		102,109
Matsuyafoods Holdings Co. Ltd.		900		30,171
Monogatari Corp. (The)		600		51,657
MOS Food Services Inc.		1,800		49,343
Ohsho Food Service Corp.		900		50,073
Plenus Co. Ltd.		1,800		29,789
Resorttrust Inc.		7,200		102,523
Ringer Hut Co. Ltd.		1,800		41,790
Round One Corp.		6,300		50,676
Royal Holdings Co. Ltd.		2,700		46,950
Saizeriya Co. Ltd.^(a)		2,700		50,616
SFP Holdings Co. Ltd.		900		12,179
Skylark Holdings Co. Ltd.		18,000		286,180
St. Marc Holdings Co. Ltd.		1,800		27,651
Sushiro Global Holdings Ltd.		9,000		209,289
TKP Corp.^(a)		900		23,891
Tokyo Dome Corp.		7,200		54,452
Tokyotokeiba Co. Ltd.		1,800		83,172
Toridoll Holdings Corp.		3,600		46,814
Tosho Co. Ltd.		1,800		22,575
WATAMI Co. Ltd.^(b)		1,800		17,670
Yomiuri Land Co. Ltd.		900		33,821
Yoshinoya Holdings Co. Ltd.		5,400		106,834
Zensho Holdings Co. Ltd.		8,100		182,402

				2,479,087

Household Durables — 1.7%
Chofu Seisakusho Co. Ltd.		1,800		35,917
Corona Corp.		900		8,572
ES-Con Japan Ltd.		2,700		19,401
Foster Electric Co. Ltd.		1,800		19,741
France Bed Holdings Co. Ltd.		1,800		14,513
Fujitsu General Ltd.		5,400		141,257
Haseko Corp.		24,300		331,577
JVCKenwood Corp.		13,500		19,987
LEC Inc.		1,800		28,465
Pressance Corp.		3,600		47,425
Sangetsu Corp.		4,500		68,829
Sumitomo Forestry Co. Ltd.		11,700		187,231
Tama Home Co. Ltd.		900		10,948
Tamron Co. Ltd.		1,800		29,076
Token Corp.		920		59,862
Zojirushi Corp.		2,700		40,839

				1,063,640

Household Products — 0.1%
Earth Corp.		900		66,368
S.T. Corp.		900		17,263

				83,631


Security	Shares		Value

Independent Power and Renewable Electricity Producers — 0.2%
eRex Co. Ltd.		1,800	$	21,455
RENOVA Inc.^(a)		2,700		29,000
West Holdings Corp.		1,800		49,241

				99,696

Industrial Conglomerates — 0.4%
Katakura Industries Co. Ltd.		1,800		20,420
Mie Kotsu Group Holdings Inc.		4,500		19,562
Nisshinbo Holdings Inc.		12,600		87,331
Noritsu Koki Co. Ltd.		1,800		27,023
TOKAI Holdings Corp.		8,100		77,070

				231,406

Insurance — 0.1%
Anicom Holdings Inc.		1,800		77,062


Interactive Media & Services — 0.6%
Bengo4.com Inc.^(a)		900		92,084
COOKPAD Inc.^(a)		4,500		15,701
Dip Corp.		2,700		59,782
giftee Inc.^(a)		900		21,319
Gree Inc.		10,800		45,830
Gurunavi Inc.		2,700		16,473
Itokuro Inc.^(a)		900		8,665
Kamakura Shinsho Ltd.		1,800		15,972
Lifull Co. Ltd.		5,400		23,628
Mixi Inc.		3,600		79,710
MTI Ltd.		1,800		12,425
ZIGExN Co. Ltd.		4,500		14,088

				405,677

Internet & Direct Marketing Retail — 0.5%
ASKUL Corp.		1,800		55,590
Belluna Co. Ltd.		4,500		43,071
Demae-Can Co. Ltd.^(a)		1,800		39,193
Enigmo Inc.		1,800		26,360
Media Do Co. Ltd.		900		57,372
Oisix ra daichi Inc.^(a)		1,800		56,947
Open Door Inc.^(a)		900		11,636

				290,169

IT Services — 3.3%
Argo Graphics Inc.		1,800		59,494
Change Inc.^(a)		1,300		90,961
Comture Corp.		1,800		37,954
Digital Garage Inc.		2,700		82,111
DTS Corp.		3,600		75,500
Future Corp.		1,800		32,607
GMO Cloud KK		400		33,005
GMO internet Inc.		6,300		169,612
Ines Corp.		1,800		22,660
Infocom Corp.		1,800		59,833
Infomart Corp.		17,100		117,875
Information Services International-Dentsu Ltd.		900		48,036
Kanematsu Electronics Ltd.		900		34,330
LAC Co. Ltd.		1,800		18,977
Mitsubishi Research Institute Inc.		900		33,269
NEC Networks & System Integration Corp.		5,400		100,214
NET One Systems Co. Ltd.		8,100		311,259
Nihon Unisys Ltd.		6,300		180,603
NS Solutions Corp.		2,700		78,547
NSD Co. Ltd.		6,300		109,906
Oro Co. Ltd.		900		26,692


S C H E D U L E O F I N V E S T M E N T S		28

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

IT Services (continued)
SB Technology Corp.		900	$	26,267
SHIFT Inc.^(a)		900		104,135
TechMatrix Corp.		3,600		74,074
TKC Corp.		900		50,497
Transcosmos Inc.		1,800		49,106
Zuken Inc.		900		21,761

				2,049,285

Leisure Products — 0.6%
Heiwa Corp.		5,416		91,369
Mars Group Holdings Corp.		900		14,190
Mizuno Corp.		1,800		32,267
Sankyo Co. Ltd.		4,500		124,334
Tomy Co. Ltd.		8,100		65,078
Universal Entertainment Corp.^(a)		2,700		53,035
Yonex Co. Ltd.		4,500		27,583

				407,856

Life Sciences Tools & Services — 0.1%
CMIC Holdings Co. Ltd.		900		11,118
EPS Holdings Inc.		2,700		25,614

				36,732

Machinery — 5.4%
Aichi Corp.		2,700		20,903
Aida Engineering Ltd.		4,500		29,195
Anest Iwata Corp.		2,700		20,802
Asahi Diamond Industrial Co. Ltd.		4,500		21,048
Bando Chemical Industries Ltd.		2,700		14,818
CKD Corp.		3,600		49,666
Daiwa Industries Ltd.		2,700		23,424
DMG Mori Co. Ltd.		9,900		125,845
Ebara Corp.		8,100		208,677
Fuji Corp./Aichi		5,400		97,057
Fujitec Co. Ltd.		5,400		107,801
Fukushima Galilei Co. Ltd.		900		28,389
Furukawa Co. Ltd.		2,700		27,167
Giken Ltd.		1,800		64,501
Glory Ltd.		4,500		94,035
Harmonic Drive Systems Inc.		3,600		189,768
Hirata Corp.		900		51,601
Hisaka Works Ltd.		1,800		13,868
Hitachi Zosen Corp.		14,400		56,897
Hosokawa Micron Corp.		500		26,640
IHI Corp.		11,700		173,771
Iseki & Co. Ltd.		1,800		19,673
Japan Steel Works Ltd. (The)		5,400		77,910
Kitz Corp.		6,300		36,833
Komori Corp.		4,500		30,468
Kyokuto Kaihatsu Kogyo Co. Ltd.		2,700		33,303
Makino Milling Machine Co. Ltd.		1,800		62,209
Max Co. Ltd.		1,800		26,988
Meidensha Corp.		2,700		41,629
METAWATER Co. Ltd.		900		37,809
Mitsubishi Logisnext Co. Ltd.		1,800		16,957
Mitsuboshi Belting Ltd.		1,800		27,837
Mitsui E&S Holdings Co. Ltd.^(a)		6,300		25,546
Morita Holdings Corp.		2,700		49,420
Nachi-Fujikoshi Corp.		900		27,964
Nikkiso Co. Ltd.		4,500		44,387
Nippon Sharyo Ltd.^(a)		900		21,014
Nippon Thompson Co. Ltd.		4,500		15,404


Security	Shares		Value

Machinery (continued)
Nissei ASB Machine Co. Ltd.		900	$	34,839
Nitta Corp.		1,800		40,075
Nitto Kohki Co. Ltd.		900		16,957
Nittoku Co. Ltd.		900		27,710
Noritake Co. Ltd./Nagoya Japan		900		28,856
NTN Corp.		36,000		69,254
Obara Group Inc.		900		30,638
Oiles Corp.		1,896		24,602
OKUMA Corp.		1,800		82,239
Organo Corp.		900		47,697
OSG Corp.		7,200		106,460
Rheon Automatic Machinery Co. Ltd.		900		9,336
Ryobi Ltd.		1,800		20,114
Shibaura Machine Co. Ltd.		1,800		35,696
Shibuya Corp.		900		25,215
Shima Seiki Manufacturing Ltd.		1,800		25,800
Shinmaywa Industries Ltd.		4,500		39,889
Sintokogio Ltd.		3,600		24,001
Sodick Co. Ltd.		3,600		24,782
Star Micronics Co. Ltd.		2,700		33,812
Tadano Ltd.		9,000		73,582
Takeuchi Manufacturing Co. Ltd.		2,700		56,650
Takuma Co. Ltd.		6,300		100,876
Teikoku Sen-I Co. Ltd.		1,800		45,626
Tocalo Co. Ltd.		5,400		54,333
Tsubaki Nakashima Co. Ltd.		3,600		29,059
Tsubakimoto Chain Co.		1,800		42,214
Tsugami Corp.		3,600		38,565
Tsukishima Kikai Co. Ltd.		2,700		31,953
Tsurumi Manufacturing Co. Ltd.		1,800		31,232
Union Tool Co.		900		24,807
YAMABIKO Corp.		2,700		27,498
Yamashin-Filter Corp.		3,600		40,432
Yushin Precision Equipment Co. Ltd.		1,800		11,916

				3,397,939

Marine — 0.4%
Iino Kaiun Kaisha Ltd.		7,200		23,967
Kawasaki Kisen Kaisha Ltd.^(a)		4,500		50,200
Mitsui OSK Lines Ltd.		9,900		183,259
NS United Kaiun Kaisha Ltd.		900		11,653

				269,079

Media — 0.8%
Digital Holdings Inc.		1,800		21,930
FAN Communications Inc.		3,600		15,446
Gakken Holdings Co. Ltd.		1,800		27,294
Kadokawa Corp.		4,508		115,245
Macromill Inc.		3,600		29,365
Proto Corp.		1,800		20,691
RPA Holdings Inc.^(a)		1,800		13,579
SKY Perfect JSAT Holdings Inc.		11,700		44,684
Tokyo Broadcasting System Holdings Inc.		2,700		46,645
TV Asahi Holdings Corp.		1,800		28,533
ValueCommerce Co. Ltd.		1,800		60,003
Vector Inc.^(a)		2,700		24,061
Wowow Inc.		900		22,983
Zenrin Co. Ltd.		2,700		28,287

				498,746

Metals & Mining — 1.7%
Aichi Steel Corp.		900		22,516


29		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Metals & Mining (continued)
Asahi Holdings Inc.		2,700	$	90,641
Daido Steel Co. Ltd.		2,700		89,877
Dowa Holdings Co. Ltd.		4,500		139,823
Godo Steel Ltd.		900		16,168
Kobe Steel Ltd.^(a)		27,000		103,626
Kyoei Steel Ltd.		1,800		22,626
Mitsui Mining & Smelting Co. Ltd.		5,400		129,749
Neturen Co. Ltd.		2,700		12,679
Nippon Light Metal Holdings Co. Ltd.		49,500		86,821
Nittetsu Mining Co. Ltd.		900		35,730
Osaka Steel Co. Ltd.		900		9,191
OSAKA Titanium Technologies Co. Ltd.		1,800		15,837
Pacific Metals Co. Ltd.		1,800		30,943
Sanyo Special Steel Co. Ltd.		1,800		15,633
Toho Titanium Co. Ltd.		2,700		17,670
Tokyo Steel Manufacturing Co. Ltd.		9,000		60,342
Topy Industries Ltd.		900		9,650
UACJ Corp.		2,714		49,676
Yamato Kogyo Co. Ltd.		3,600		86,465
Yodogawa Steel Works Ltd.		1,800		31,334

				1,076,997

Multiline Retail — 1.1%
Fuji Co. Ltd./Ehime		1,800		31,622
H2O Retailing Corp.		8,135		56,844
Izumi Co. Ltd.		3,600		140,374
J Front Retailing Co. Ltd.		20,700		144,058
Kintetsu Department Store Co. Ltd.		900		24,196
Matsuya Co. Ltd.		2,700		15,862
Seria Co. Ltd.		3,600		158,876
Takashimaya Co. Ltd.		12,600		99,332

				671,164

Oil, Gas & Consumable Fuels — 0.6%
Cosmo Energy Holdings Co. Ltd.		4,500		71,375
Itochu Enex Co. Ltd.		4,500		39,846
Iwatani Corp.		2,700		97,006
Japan Petroleum Exploration Co. Ltd.		2,700		46,950
Mitsuuroko Group Holdings Co. Ltd.		2,700		28,847
San-Ai Oil Co. Ltd.		4,500		39,677
Sinanen Holdings Co. Ltd.		900		25,122

				348,823

Paper & Forest Products — 0.5%
Daiken Corp.		900		14,139
Daio Paper Corp.		6,300		85,846
Hokuetsu Corp.		9,000		30,723
Nippon Paper Industries Co. Ltd.		9,000		114,574
Tokushu Tokai Paper Co. Ltd.		900		37,597

				282,879

Personal Products — 1.3%
Euglena Co. Ltd.^(a)		7,200		53,638
Fancl Corp.		7,200		235,259
Kitanotatsujin Corp.		5,400		28,058
Mandom Corp.		3,600		57,202
Milbon Co. Ltd.		1,800		98,958
Noevir Holdings Co. Ltd.		1,800		82,323
Rohto Pharmaceutical Co. Ltd.		8,100		257,410
YA-MAN Ltd.		2,700		35,441

				848,289

Pharmaceuticals — 1.8%
ASKA Pharmaceutical Co. Ltd.		1,800		20,267


Security	Shares		Value

Pharmaceuticals (continued)
Daito Pharmaceutical Co. Ltd.		900	$	29,280
Fuji Pharma Co. Ltd.		900		9,285
JCR Pharmaceuticals Co. Ltd.		1,200		128,889
Kaken Pharmaceutical Co. Ltd.		2,700		124,758
Kissei Pharmaceutical Co. Ltd.		2,700		58,866
KYORIN Holdings Inc.		3,600		68,133
Mochida Pharmaceutical Co. Ltd.		1,800		66,453
Nichi-Iko Pharmaceutical Co. Ltd.		4,550		51,058
Sawai Pharmaceutical Co. Ltd.		3,600		183,997
Seikagaku Corp.		3,600		36,833
Sosei Group Corp.^(a)		6,300		76,400
Taiko Pharmaceutical Co. Ltd.		1,800		43,114
Torii Pharmaceutical Co. Ltd.		900		23,415
Towa Pharmaceutical Co. Ltd.		2,700		53,519
Tsumura & Co.		5,400		153,275
ZERIA Pharmaceutical Co. Ltd.		1,800		33,269

				1,160,811

Professional Services — 2.3%
Altech Corp.		980		16,902
BayCurrent Consulting Inc.		1,100		117,940
Benefit One Inc.		6,300		152,027
BeNEXT Group Inc.		1,800		19,113
en-japan Inc.		2,700		78,165
FULLCAST Holdings Co. Ltd.		1,800		27,447
Funai Soken Holdings Inc.		3,600		72,105
Grace Technology Inc.		900		34,245
Insource Co. Ltd.		900		22,355
IR Japan Holdings Ltd.		900		110,246
JAC Recruitment Co. Ltd.		900		10,821
Link And Motivation Inc.		2,700		9,039
Meitec Corp.		1,800		86,737
Nomura Co. Ltd.		7,200		50,922
Outsourcing Inc.		9,000		74,600
Pasona Group Inc.		1,800		23,458
SMS Co. Ltd.		6,300		174,305
S-Pool Inc.		4,500		30,426
Tanseisha Co. Ltd.		3,600		24,205
TechnoPro Holdings Inc.		3,300		176,133
UT Group Co. Ltd.^(a)		2,700		80,456
WDB Holdings Co. Ltd.		900		24,001
World Holdings Co. Ltd.		900		15,132
YAMADA Consulting Group Co. Ltd.		900		9,064
Yumeshin Holdings Co. Ltd.		3,600		23,186

				1,463,030

Real Estate Management & Development — 2.0%
Daibiru Corp.		4,500		50,625
Goldcrest Co. Ltd.		900		12,501
Heiwa Real Estate Co. Ltd.		2,700		71,749
Ichigo Inc.		22,500		60,470
Katitas Co. Ltd.		4,500		112,367
Keihanshin Building Co. Ltd.		2,700		38,420
Kenedix Inc.		19,800		96,531
Leopalace21 Corp.^(a)(b)		14,400		24,850
Open House Co. Ltd.		5,400		191,721
Raysum Co. Ltd.		900		7,825
Relo Group Inc.		9,900		224,989
SAMTY Co. Ltd.		2,700		35,569
Starts Corp. Inc.		2,700		56,523
Sun Frontier Fudousan Co. Ltd.		2,700		20,776


S C H E D U L E O F I N V E S T M E N T S		30

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Real Estate Management & Development (continued)
Takara Leben Co. Ltd.		7,200	$	23,492
TOC Co. Ltd.		3,600		23,152
Tokyo Tatemono Co. Ltd.		17,100		208,177
Tosei Corp.		2,700		23,679

				1,283,416

Road & Rail — 2.5%
Fukuyama Transporting Co. Ltd.		2,700		133,160
Hamakyorex Co. Ltd.		900		28,092
Hitachi Transport System Ltd.		3,600		125,437
Maruzen Showa Unyu Co. Ltd.		900		29,068
Nankai Electric Railway Co. Ltd.		9,000		198,001
Nikkon Holdings Co. Ltd.		5,400		119,157
Nishi-Nippon Railroad Co. Ltd.		5,400		157,094
Sakai Moving Service Co. Ltd.		900		38,828
Sankyu Inc.		4,500		187,986
Seino Holdings Co. Ltd.		12,600		192,603
Senko Group Holdings Co. Ltd.		9,900		87,662
Sotetsu Holdings Inc.		6,300		171,513
Tonami Holdings Co. Ltd.		900		48,885
Trancom Co. Ltd.		900		63,398

				1,580,884

Semiconductors & Semiconductor Equipment — 1.4%
Ferrotec Holdings Corp.		2,700		19,630
Japan Material Co. Ltd.		5,400		71,851
Megachips Corp.		1,800		35,849
Micronics Japan Co. Ltd.		2,700		27,701
Mimasu Semiconductor Industry Co. Ltd.		900		18,196
Mitsui High-Tec Inc.		1,800		27,158
Optorun Co. Ltd.		1,800		35,798
Rorze Corp.		900		42,138
RS Technologies Co. Ltd.		900		26,692
Sanken Electric Co. Ltd.		1,800		37,156
SCREEN Holdings Co. Ltd.		3,600		175,510
Shindengen Electric Manufacturing Co. Ltd.		900		16,125
Shinko Electric Industries Co. Ltd.		5,400		80,304
Tokyo Seimitsu Co. Ltd.		3,600		109,991
Tri Chemical Laboratories Inc.		500		45,924
Ulvac Inc.		3,600		127,983

				898,006

Software — 2.2%
Alpha Systems Inc.		900		31,444
Broadleaf Co. Ltd.		8,100		38,650
Chatwork Co. Ltd.^(a)		900		12,909
Computer Engineering & Consulting Ltd.		1,800		27,617
Cybozu Inc.		1,800		53,043
Digital Arts Inc.		900		69,593
Ebase Co. Ltd.		1,800		20,403
Fixstars Corp.		1,800		19,707
Freee KK^(a)		1,800		99,297
Fuji Soft Inc.		2,700		122,212
Fukui Computer Holdings Inc.		900		23,263
Justsystems Corp.		2,700		206,742
Miroku Jyoho Service Co. Ltd.		1,800		36,833
Money Forward Inc.^(a)		1,300		92,678
OBIC Business Consultants Co. Ltd.		1,800		106,936
Optim Corp.^(a)		1,800		51,091
PKSHA Technology Inc.^(a)		900		23,127
Rakus Co. Ltd.		3,600		95,835
Sansan Inc.^(a)		1,800		94,036


Security	Shares		Value

Software (continued)
Sourcenext Corp.		7,200	$	20,097
Systena Corp.		6,300		101,886
UNITED Inc./Japan		900		11,177

				1,358,576

Specialty Retail — 2.8%
Adastria Co. Ltd.		2,700		42,214
Alpen Co. Ltd.		900		15,260
AOKI Holdings Inc.		3,600		19,452
Aoyama Trading Co. Ltd.		3,600		21,659
Arcland Sakamoto Co. Ltd.		2,700		53,723
Asahi Co. Ltd.		1,800		31,011
Autobacs Seven Co. Ltd.		6,300		81,509
Bic Camera Inc.		9,000		99,637
Chiyoda Co. Ltd.		1,800		17,127
DCM Holdings Co. Ltd.		9,000		110,161
EDION Corp.		7,200		81,543
Geo Holdings Corp.		2,700		43,767
IDOM Inc.		4,500		22,957
JINS Holdings Inc.		900		62,125
Joshin Denki Co. Ltd.		1,800		40,160
Joyful Honda Co. Ltd.		4,500		64,161
Keiyo Co. Ltd.		3,600		29,093
Kohnan Shoji Co. Ltd.		1,800		65,010
Komeri Co. Ltd.		2,700		83,639
K’s Holdings Corp.		17,100		242,362
Nextage Co. Ltd.		3,600		34,559
Nishimatsuya Chain Co. Ltd.		3,600		45,524
Nojima Corp.		2,700		79,947
PAL GROUP Holdings Co. Ltd.		1,800		19,486
Sanrio Co. Ltd.		4,500		75,279
Shimachu Co. Ltd.		3,600		100,588
T-Gaia Corp.		1,800		35,476
United Arrows Ltd.		1,800		27,583
VT Holdings Co. Ltd.		6,300		23,169
World Co. Ltd.		1,800		26,377
Xebio Holdings Co. Ltd.		1,800		12,781
Yellow Hat Ltd.		2,700		44,480

				1,751,819

Technology Hardware, Storage & Peripherals — 0.9%
Eizo Corp.		900		33,905
Elecom Co. Ltd.		1,800		81,305
Konica Minolta Inc.		40,500		130,996
Maxell Holdings Ltd.		4,500		43,156
MCJ Co. Ltd.		5,400		48,019
Melco Holdings Inc.		900		21,795
Riso Kagaku Corp.		1,800		22,508
Toshiba TEC Corp.		2,700		112,919
Wacom Co. Ltd.		12,600		82,341

				576,944

Textiles, Apparel & Luxury Goods — 1.1%
Asics Corp.		13,500		186,374
Descente Ltd.^(a)		2,700		46,237
Fujibo Holdings Inc.		900		30,383
Goldwin Inc.		1,800		129,850
Gunze Ltd.		900		32,420
Japan Wool Textile Co. Ltd. (The)		4,500		41,289
Kurabo Industries Ltd.		1,800		34,050
Onward Holdings Co. Ltd.		8,100		20,852
Seiko Holdings Corp.		1,800		25,393


31		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Textiles, Apparel & Luxury Goods (continued)
Seiren Co. Ltd.		3,600	$	47,697
TSI Holdings Co. Ltd.		5,400		16,397
Wacoal Holdings Corp.		3,600		63,992
Yondoshi Holdings Inc.		1,800		29,331

				704,265

Thrifts & Mortgage Finance — 0.1%
Aruhi Corp.		2,700		43,284


Trading Companies & Distributors — 1.9%
Advan Co. Ltd.		1,800		22,932
Chori Co. Ltd.		900		13,409
Daiichi Jitsugyo Co. Ltd.		900		30,680
Gecoss Corp.		900		8,080
Hanwa Co. Ltd.		2,700		54,435
Inaba Denki Sangyo Co. Ltd.		4,500		111,604
Inabata & Co. Ltd.		3,600		44,472
Japan Pulp & Paper Co. Ltd.		900		32,250
Kamei Corp.		1,800		16,804
Kanamoto Co. Ltd.		2,700		58,611
Kanematsu Corp.		7,200		91,048
Nagase & Co. Ltd.		9,000		117,205
Nichiden Corp.		1,800		33,642
Nippon Steel Trading Corp.		944		28,397
Nishio Rent All Co. Ltd.		1,800		39,685
Sojitz Corp.		113,400		259,854
Trusco Nakayama Corp.		3,600		82,086
Wakita & Co. Ltd.		3,600		31,979
Yamazen Corp.		5,400		50,871
Yuasa Trading Co. Ltd.		1,800		52,365

				1,180,409


Security	Shares		Value

Transportation Infrastructure — 0.3%
Mitsubishi Logistics Corp.		4,500	$	136,428
Nissin Corp.		900		13,656
Sumitomo Warehouse Co. Ltd. (The)		5,400		66,860

				216,944


Total Common Stocks — 99.5% (Cost: $81,353,805)				62,626,258


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(c)(d)(e)		44,368		44,412
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(c)(d)		30,000		30,000


			74,412


Total Short-Term Investments — 0.1% (Cost: $74,412)				74,412


Total Investments in Securities — 99.6% (Cost: $81,428,217)				62,700,670

Other Assets, Less Liabilities — 0.4%				220,819


Net Assets — 100.0%			$	62,921,489

^(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



Affiliated Issuer	Value at 08/31/19		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,096,256	$	—	$	(3,051,810	)^(a)	$	1,413	$	(1,447	)	$	44,412		44,368	$	35,761	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		48,000		—		(18,000	)^(a)		—		—			30,000		30,000		663			—

								$	1,413	$	(1,447	)	$	74,412			$	36,424		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

TOPIX Index

09/10/20

290

5,199


S C H E D U L E O F I N V E S T M E N T S		32

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Japan Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

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



	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	5,199

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	109,293

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	18,093

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	523,903

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

Fair Value Measurements



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	62,626,258	$	—	$	—	$	62,626,258
Money Market Funds		74,412		—		—		74,412

	$	62,700,670	$	—	$	—	$	62,700,670

Derivative financial instruments^(a)
Assets
Futures Contracts	$	5,199	$	—	$	—	$	5,199

^(a)

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

See notes to financial statements.


33		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

August 31, 2020

iShares^® MSCI Malaysia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 26.2%
AMMB Holdings Bhd		5,103,837	$	3,577,771
CIMB Group Holdings Bhd^(a)		19,753,912		15,649,480
Hong Leong Bank Bhd		2,011,940		6,762,012
Hong Leong Financial Group Bhd		701,100		2,076,960
Malayan Banking Bhd		12,019,481		21,150,593
Public Bank Bhd		8,894,680		35,061,972
RHB Bank Bhd		4,937,602		5,428,932

				89,707,720

Beverages — 1.7%
Carlsberg Brewery Malaysia Bhd		467,000		2,446,271
Fraser & Neave Holdings Bhd		451,200		3,316,707

				5,762,978

Chemicals — 2.8%
Petronas Chemicals Group Bhd		7,350,500		9,634,793


Construction & Engineering — 1.3%
Gamuda Bhd		5,416,100		4,420,775
IJM Corp. Bhd		166,300		47,908

				4,468,683

Diversified Telecommunication Services — 1.0%
Telekom Malaysia Bhd^(a)		3,451,200		3,438,358


Electric Utilities — 5.3%
Tenaga Nasional Bhd		6,949,212		18,117,499


Energy Equipment & Services — 3.0%
Dialog Group Bhd		12,094,454		10,423,500


Food Products — 13.4%
Genting Plantations Bhd		822,400		1,962,467
IOI Corp. Bhd		7,680,130		8,223,114
Kuala Lumpur Kepong Bhd		1,321,000		7,186,138
Nestle Malaysia Bhd		214,900		7,181,390
PPB Group Bhd		1,980,119		8,556,510
QL Resources Bhd		2,230,400		5,140,281
Sime Darby Plantation Bhd		6,309,555		7,725,058

				45,974,958

Gas Utilities — 2.8%
Petronas Gas Bhd		2,423,900		9,601,332


Health Care Equipment & Supplies — 20.6%
Hartalega Holdings Bhd		5,170,700		20,506,533
Kossan Rubber Industries		1,953,500		7,494,161
Supermax Corp. Bhd^(b)		2,285,600		12,148,166
Top Glove Corp. Bhd		4,779,900		30,156,229

				70,305,089

Health Care Providers & Services — 2.5%
IHH Healthcare Bhd		6,702,300		8,624,254


Hotels, Restaurants & Leisure — 3.1%
Genting Bhd		6,530,600		5,502,918
Genting Malaysia Bhd		9,070,100		4,964,549

				10,467,467


Security	Shares		Value

Industrial Conglomerates — 2.2%
HAP Seng Consolidated Bhd		1,925,600	$	3,328,369
Sime Darby Bhd		8,311,155		4,369,566

				7,697,935

Marine — 2.2%
MISC Bhd		4,090,920		7,473,749


Metals & Mining — 1.6%
Press Metal Aluminium Holdings Bhd		4,317,600		5,400,239


Multi-Utilities — 0.5%
YTL Corp. Bhd^(b)		10,102,062		1,624,867


Oil, Gas & Consumable Fuels — 1.3%
Petronas Dagangan Bhd		910,500		4,502,773


Transportation Infrastructure — 1.9%
Malaysia Airports Holdings Bhd		3,320,200		4,065,063
Westports Holdings Bhd		2,604,300		2,282,006

				6,347,069

Wireless Telecommunication Services — 7.0%
Axiata Group Bhd		8,508,700		6,148,406
DiGi.Com Bhd		9,572,200		9,076,987
Maxis Bhd^(a)		7,167,300		8,603,169

				23,828,562


Total Common Stocks — 100.4% (Cost: $228,967,902)				343,401,825


Short-Term Investments

Money Market Funds — 3.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(c)(d)(e)		10,664,802		10,675,467
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(c)(d)		140,000		140,000

				10,815,467


Total Short-Term Investments — 3.2% (Cost: $10,813,496)				10,815,467


Total Investments in Securities — 103.6% (Cost: $239,781,398)				354,217,292

Other Assets, Less Liabilities — (3.6)%				(12,295,313	)


Net Assets — 100.0%			$	341,921,979

^(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		34

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Malaysia ETF

Affiliates



Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,583,110	$	7,093,754	^(a)	$	—		$	(2,290	)	$	893	$	10,675,467		10,664,802	$	106,448	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		198,000		—			(58,000	)^(a)		—			—		140,000		140,000		3,467			—

									$	(2,290	)	$	893	$	10,815,467			$	109,915		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Fair Value Measurements



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	343,401,825	$	—	$	—	$	343,401,825
Money Market Funds		10,815,467		—		—		10,815,467

	$	354,217,292	$	—	$	—	$	354,217,292

See notes to financial statements.


35		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

August 31, 2020

iShares^® MSCI Pacific ex Japan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 58.6%
Afterpay Ltd.^(a)		243,890	$	16,492,923
AGL Energy Ltd.		713,253		7,806,794
AMP Ltd.^(a)		3,921,930		4,437,708
Ampol Ltd.		284,161		5,468,134
APA Group		1,343,382		10,362,183
Aristocrat Leisure Ltd.		653,550		13,712,151
ASX Ltd.		219,974		14,208,622
Aurizon Holdings Ltd.		2,181,983		7,019,530
AusNet Services		2,121,478		2,863,313
Australia & New Zealand Banking Group Ltd.		3,228,199		43,641,926
BHP Group Ltd.		3,353,768		94,027,355
BlueScope Steel Ltd.		573,203		5,379,445
Brambles Ltd.		1,727,887		14,171,450
CIMIC Group Ltd.		111,808		1,750,496
Coca-Cola Amatil Ltd.		576,719		3,881,263
Cochlear Ltd.		74,795		10,628,706
Coles Group Ltd.		1,520,464		19,936,655
Commonwealth Bank of Australia		2,015,367		101,768,899
Computershare Ltd.		556,080		5,465,497
Crown Resorts Ltd.		423,824		2,824,085
CSL Ltd.		517,280		109,414,360
Dexus		1,242,303		8,112,518
Evolution Mining Ltd.		1,850,169		7,594,021
Fortescue Metals Group Ltd.		1,924,755		24,796,537
Goodman Group		1,868,106		25,296,316
GPT Group (The)		2,216,648		6,278,602
Insurance Australia Group Ltd.		2,624,277		9,257,537
James Hardie Industries PLC		504,012		11,491,635
Lendlease Corp. Ltd.		754,737		6,485,884
Macquarie Group Ltd.		383,493		36,217,274
Magellan Financial Group Ltd.		145,110		6,358,477
Medibank Pvt Ltd.		3,133,905		6,327,263
Mirvac Group		4,467,135		6,970,741
National Australia Bank Ltd.		3,637,134		48,228,862
Newcrest Mining Ltd.		917,785		21,692,777
Northern Star Resources Ltd.		846,194		8,542,205
Oil Search Ltd.		2,255,205		5,453,825
Orica Ltd.		460,704		5,921,601
Origin Energy Ltd.		2,004,169		8,300,224
Qantas Airways Ltd.		1,040,386		3,031,504
QBE Insurance Group Ltd.		1,662,392		13,044,164
Ramsay Health Care Ltd.		208,522		10,033,059
REA Group Ltd.		60,440		5,103,215
Rio Tinto Ltd.		423,044		30,660,486
Santos Ltd.		2,010,617		8,431,014
Scentre Group		5,909,098		9,876,363
Seek Ltd.		380,544		5,817,184
Sonic Healthcare Ltd.		513,377		12,168,355
South32 Ltd.		5,499,865		8,541,590
Stockland		2,713,266		7,946,117
Suncorp Group Ltd.		1,434,776		9,868,121
Sydney Airport		1,501,696		6,352,512
Tabcorp Holdings Ltd.		2,506,759		6,711,021
Telstra Corp. Ltd.		4,767,954		10,190,543
TPG Telecom Ltd.^(a)		426,486		2,595,805
Transurban Group		3,115,844		31,016,171
Treasury Wine Estates Ltd.		819,038		5,602,904
Vicinity Centres		4,435,354		4,739,839


Security	Shares		Value

Australia (continued)
Washington H Soul Pattinson & Co. Ltd.		122,964	$	1,903,332
Wesfarmers Ltd.		1,290,845		45,364,690
Westpac Banking Corp.		4,117,368		53,409,276
WiseTech Global Ltd.		165,345		3,445,875
Woodside Petroleum Ltd.		1,087,038		15,740,729
Woolworths Group Ltd.		1,436,145		42,345,956

				1,102,527,619

Hong Kong — 29.1%
AIA Group Ltd.		13,762,414		141,705,727
ASM Pacific Technology Ltd.		347,400		3,736,159
Bank of East Asia Ltd. (The)^(b)		1,479,520		3,336,969
BeiGene Ltd., ADR^(a)(b)		45,912		11,090,962
BOC Hong Kong Holdings Ltd.		4,202,500		11,929,446
Budweiser Brewing Co. APAC Ltd.^(b)(c)		1,967,400		6,638,260
CK Asset Holdings Ltd.		2,950,732		16,028,827
CK Hutchison Holdings Ltd.		3,066,732		20,081,760
CK Infrastructure Holdings Ltd.		757,708		4,008,442
CLP Holdings Ltd.		1,865,500		18,329,687
Dairy Farm International Holdings Ltd.		396,500		1,657,370
Galaxy Entertainment Group Ltd.		2,463,000		19,401,708
Hang Lung Properties Ltd.		2,317,736		6,534,394
Hang Seng Bank Ltd.^(b)		868,100		13,654,109
Henderson Land Development Co. Ltd.		1,660,442		6,545,229
HK Electric Investments & HK Electric Investments Ltd.		3,056,500		3,111,654
HKT Trust & HKT Ltd.		4,321,338		6,178,000
Hong Kong & China Gas Co. Ltd.^(b)		12,109,384		17,624,672
Hong Kong Exchanges & Clearing Ltd.		1,370,200		69,162,821
Hongkong Land Holdings Ltd.		1,328,900		5,089,687
Jardine Matheson Holdings Ltd.		251,100		10,546,200
Jardine Strategic Holdings Ltd.		252,900		5,073,174
Kerry Properties Ltd.		730,500		1,899,263
Link REIT		2,343,986		18,660,792
Melco Resorts & Entertainment Ltd., ADR		243,867		4,760,284
Microport Scientific Corp.		821,000		3,734,153
MTR Corp. Ltd.		1,752,786		9,125,619
New World Development Co. Ltd.		1,746,480		9,070,253
PCCW Ltd.		4,768,867		2,990,483
Power Assets Holdings Ltd.		1,584,000		9,074,611
Sands China Ltd.		2,764,800		12,200,559
Sino Land Co. Ltd.		3,578,800		4,169,798
SJM Holdings Ltd.		2,286,000		3,144,295
Sun Hung Kai Properties Ltd.		1,489,000		20,019,458
Swire Pacific Ltd., Class A		559,500		3,046,509
Swire Properties Ltd.		1,334,800		3,616,807
Techtronic Industries Co. Ltd.		1,566,207		19,885,392
WH Group Ltd.^(c)		10,871,500		9,384,378
Wharf Real Estate Investment Co. Ltd.^(b)		1,899,600		7,904,634
Wynn Macau Ltd.^(b)		1,798,800		3,384,000

				547,536,545

Malta — 0.0%
BGP Holdings PLC^(a)(d)		27,004,595		323


New Zealand — 2.7%
a2 Milk Co. Ltd. (The)^(a)		837,904		10,528,246
Auckland International Airport Ltd.		1,425,561		6,388,247
Fisher & Paykel Healthcare Corp. Ltd.		656,691		16,356,145
Mercury NZ Ltd.		787,546		2,762,649
Meridian Energy Ltd.		1,458,278		5,007,102
Ryman Healthcare Ltd.		453,330		4,118,093


S C H E D U L E O F I N V E S T M E N T S		36

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Pacific ex Japan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

New Zealand (continued)
Spark New Zealand Ltd.		2,089,500	$	6,821,374

				51,981,856

Singapore — 8.9%
Ascendas REIT		3,514,905		8,583,028
CapitaLand Commercial Trust		3,066,393		3,789,012
CapitaLand Ltd.		2,916,600		5,942,176
CapitaLand Mall Trust		2,939,300		4,237,296
City Developments Ltd.		518,600		3,062,929
DBS Group Holdings Ltd.		2,046,600		31,415,521
Genting Singapore Ltd.		6,882,100		3,543,299
Jardine Cycle & Carriage Ltd.		113,000		1,574,985
Keppel Corp. Ltd.		1,656,600		5,580,485
Mapletree Commercial Trust		2,451,000		3,461,253
Mapletree Logistics Trust		3,039,700		4,627,963
Oversea-Chinese Banking Corp. Ltd.		3,768,324		24,030,133
Singapore Airlines Ltd.		1,537,750		4,128,264
Singapore Exchange Ltd.		920,200		5,827,392
Singapore Technologies Engineering Ltd.		1,777,600		4,445,307
Singapore Telecommunications Ltd.		9,271,228		15,683,896
Suntec REIT		2,229,900		2,296,161
United Overseas Bank Ltd.		1,338,300		19,253,566
UOL Group Ltd.^(b)		516,600		2,496,368
Venture Corp. Ltd.		310,100		4,527,424
Wilmar International Ltd.		2,187,400		7,014,610
Yangzijiang Shipbuilding Holdings Ltd.		2,948,300		1,984,182

				167,505,250


Total Common Stocks — 99.3% (Cost: $1,997,228,060)				1,869,551,593


Security	Shares		Value

Short-Term Investments

Money Market Funds — 2.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(e)(f)(g)		45,185,130	$	45,230,315
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(e)(f)		660,000		660,000

				45,890,315


Total Short-Term Investments — 2.5% (Cost: $45,877,643)				45,890,315


Total Investments in Securities — 101.8% (Cost: $2,043,105,703)				1,915,441,908

Other Assets, Less Liabilities — (1.8)%				(33,061,858	)


Net Assets — 100.0%			$	1,882,380,050

^(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



Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	10,676,602	$	34,597,899	^(a)	$	—		$	(51,606	)	$	7,420	$	45,230,315		45,185,130	$	229,842	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		831,000		—			(171,000	)^(a)		—			—		660,000		660,000		10,970			—

									$	(51,606	)	$	7,420	$	45,890,315			$	240,812		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts



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

Long Contracts
ASX SPI 200 Index		63		09/17/20	$	7,024	$	33,315
Hang Seng Index		23		09/29/20		3,721		(40,507	)


37		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Pacific ex Japan ETF

Futures Contracts (continued)



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

MSCI Singapore Index		85		09/29/20	$	1,820	$	(13,903	)

							$	(21,095	)

Derivative Financial Instruments Categorized by Risk Exposure

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



	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	33,315

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	54,410

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(1,869,358	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(132,571	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	12,929,528

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


S C H E D U L E O F I N V E S T M E N T S		38

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Pacific ex Japan ETF

Fair Value Measurements



	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	1,869,551,270		$	—	$	323	$	1,869,551,593
Money Market Funds		45,890,315			—		—		45,890,315

	$	1,915,441,585		$	—	$	323	$	1,915,441,908

Derivative financial instruments^(a)
Assets
Futures Contracts	$	33,315		$	—	$	—	$	33,315
Liabilities
Futures Contracts		(54,410	)		—		—		(54,410	)

	$	(21,095	)	$	—	$	—	$	(21,095	)

^(a)

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

See notes to financial statements.


39		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

August 31, 2020

iShares^® MSCI Singapore ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 3.7%
Singapore Technologies Engineering Ltd.^(a)		7,812,000	$	19,535,746


Airlines — 3.5%
Singapore Airlines Ltd.^(a)		6,838,367		18,358,370


Banks — 37.4%
DBS Group Holdings Ltd.		5,574,300		85,566,079
Oversea-Chinese Banking Corp. Ltd.^(a)		9,882,050		63,016,603
United Overseas Bank Ltd.^(a)		3,357,300		48,300,079

				196,882,761

Capital Markets — 3.8%
Singapore Exchange Ltd.		3,197,200		20,247,053


Distributors — 1.9%
Jardine Cycle & Carriage Ltd.		728,644		10,155,784


Diversified Telecommunication Services — 7.1%
Singapore Telecommunications Ltd.^(a)		22,034,568		37,275,306


Electronic Equipment, Instruments & Components — 4.1%
Venture Corp. Ltd.		1,459,300		21,305,608


Equity Real Estate Investment Trusts (REITs) — 16.1%
Ascendas REIT		9,518,849		23,244,027
CapitaLand Commercial Trust		4,424,283		5,466,899
CapitaLand Mall Trust		4,599,600		6,630,785
Mapletree Commercial Trust^(a)		11,549,200		16,309,550
Mapletree Logistics Trust^(a)		13,526,700		20,594,490
Suntec REIT^(a)		12,260,200		12,624,507

				84,870,258

Food Products — 4.1%
Wilmar International Ltd.		6,646,600		21,314,487


Hotels, Restaurants & Leisure — 3.1%
Genting Singapore Ltd.		31,336,342		16,133,745


Security	Shares		Value

Industrial Conglomerates — 4.0%
Keppel Corp. Ltd.		6,254,600	$	21,069,482


Machinery — 2.2%
Yangzijiang Shipbuilding Holdings Ltd.^(a)		17,289,200		11,635,494


Real Estate Management & Development — 7.9%
CapitaLand Ltd.^(a)		6,107,900		12,444,015
City Developments Ltd.		2,596,400		15,334,725
UOL Group Ltd.^(a)		2,803,700		13,548,330

				41,327,070


Total Common Stocks — 98.9% (Cost: $610,009,785)				520,111,164


Short-Term Investments

Money Market Funds — 6.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(b)(c)(d)		35,834,834		35,870,668
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(b)(c)		200,000		200,000

				36,070,668


Total Short-Term Investments — 6.9% (Cost: $36,069,473)				36,070,668


Total Investments in Securities — 105.8% (Cost: $646,079,258)				556,181,832

Other Assets, Less Liabilities — (5.8)%				(30,449,189	)


Net Assets — 100.0%			$	525,732,643

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

^(b)	Affiliate of the Fund.

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

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

Affiliates



Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	15,450,975	$	20,415,554	^(a)	$	—		$	7,620	$	(3,481	)	$	35,870,668		35,834,834	$	302,130	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		236,000		—			(36,000	)^(a)		—		—			200,000		200,000		3,391			—

									$	7,620	$	(3,481	)	$	36,070,668			$	305,521		$	—

^(a)

Represents net amount purchased (sold).

^(b)


S C H E D U L E O F I N V E S T M E N T S		40

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Singapore ETF

Futures Contracts



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

Long Contracts
MSCI Singapore Index		264		09/29/20	$	5,653	$	(44,957	)

Derivative Financial Instruments Categorized by Risk Exposure

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



	Equity Contracts

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	44,957

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	13,496

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(108,054	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	3,623,851

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

Fair Value Measurements



	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	520,111,164		$	—	$	—	$	520,111,164
Money Market Funds		36,070,668			—		—		36,070,668

	$	556,181,832		$	—	$	—	$	556,181,832

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(44,957	)	$	—	$	—	$	(44,957	)

^(a)

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

See notes to financial statements.


41		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

August 31, 2020

iShares^® MSCI Taiwan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Airlines — 0.4%
Eva Airways Corp.		38,400,101	$	15,050,395


Auto Components — 0.5%
Cheng Shin Rubber Industry Co. Ltd.		17,280,670		21,202,192


Banks — 11.3%
Chang Hwa Commercial Bank Ltd.^(a)		44,160,199		27,467,022
CTBC Financial Holding Co. Ltd.		109,440,325		70,681,259
E.Sun Financial Holding Co. Ltd.		71,040,980		65,856,028
First Financial Holding Co. Ltd.^(a)		68,160,013		49,363,539
Hua Nan Financial Holdings Co. Ltd.^(a)		59,520,915		36,615,460
Mega Financial Holding Co. Ltd.^(a)		67,200,271		66,990,710
Shanghai Commercial & Savings Bank Ltd. (The)		24,960,306		35,558,536
SinoPac Financial Holdings Co. Ltd.^(a)		80,640,724		29,682,185
Taishin Financial Holding Co. Ltd.		73,920,706		33,381,025
Taiwan Business Bank^(a)		57,600,547		19,631,085
Taiwan Cooperative Financial Holding Co. Ltd.		64,320,412		43,952,227

				479,179,076

Chemicals — 4.4%
Formosa Chemicals & Fibre Corp.^(a)		23,040,610		53,240,406
Formosa Plastics Corp.		24,966,518		66,539,942
Nan Ya Plastics Corp.		31,680,938		66,403,479

				186,183,827

Communications Equipment — 0.7%
Accton Technology Corp.^(a)		3,840,000		30,624,201


Construction Materials — 1.8%
Asia Cement Corp.^(a)		18,240,136		26,420,114
Taiwan Cement Corp.^(a)		33,600,647		49,127,269

				75,547,383

Diversified Financial Services — 1.9%
Chailease Holding Co. Ltd.		8,640,017		38,133,095
Yuanta Financial Holding Co. Ltd.		68,160,657		42,743,421

				80,876,516

Diversified Telecommunication Services — 2.0%
Chunghwa Telecom Co. Ltd.		23,040,648		85,200,494


Electrical Equipment — 0.0%
Ya Hsin Industrial Co. Ltd.^(b)		6,845,461		2


Electronic Equipment, Instruments & Components — 12.6%
AU Optronics Corp.^(a)(c)		76,800,830		27,352,681
Delta Electronics Inc.^(a)		12,567,180		80,950,088
Foxconn Technology Co. Ltd.		10,560,499		18,787,657
Hon Hai Precision Industry Co. Ltd.^(a)		72,960,002		191,218,041
Innolux Corp.^(a)(c)		80,640,873		25,065,002
Largan Precision Co. Ltd.^(a)		612,794		70,695,353
Pacific Electric Wire & Cable Co. Ltd.^(b)		197		0	^(d)
Synnex Technology International Corp.		13,440,364		20,017,515
Walsin Technology Corp.^(a)		3,384,000		18,453,044
WPG Holdings Ltd.		15,360,604		21,516,311
Yageo Corp.^(a)		2,880,125		32,686,864
Zhen Ding Technology Holding Ltd.^(a)		5,760,072		24,146,307

				530,888,863

Food & Staples Retailing — 0.9%
President Chain Store Corp.^(a)		4,150,215		38,190,210


Food Products — 1.9%
Standard Foods Corp.		6,720,056		14,589,151


Security	Shares		Value

Food Products (continued)
Uni-President Enterprises Corp.^(a)		29,760,189	$	67,550,350

				82,139,501

Household Durables — 0.4%
Nien Made Enterprise Co. Ltd.		1,514,000		17,440,554


Industrial Conglomerates — 0.6%
Far Eastern New Century Corp.^(a)		26,880,843		24,231,832


Insurance — 4.9%
Cathay Financial Holding Co. Ltd.^(a)		50,880,315		69,102,826
China Development Financial Holding Corp.		101,760,508		29,617,938
China Life Insurance Co. Ltd.		28,800,479		20,171,084
Fubon Financial Holding Co. Ltd.^(a)		42,240,515		61,615,597
Shin Kong Financial Holding Co. Ltd.^(a)		94,080,403		26,613,068

				207,120,513

Leisure Products — 0.7%
Giant Manufacturing Co. Ltd.		2,880,590		29,943,253


Machinery — 1.1%
Airtac International Group		1,023,000		22,697,306
Hiwin Technologies Corp.		2,290,949		25,141,372

				47,838,678

Marine — 0.5%
Evergreen Marine Corp. Taiwan Ltd.^(c)		32,640,533		19,356,382


Metals & Mining — 1.2%
China Steel Corp.^(a)		76,800,977		52,087,979


Oil, Gas & Consumable Fuels — 0.6%
Formosa Petrochemical Corp.^(a)		9,600,950		26,831,549


Real Estate Management & Development — 0.8%
Highwealth Construction Corp.^(a)		10,560,790		16,700,600
Ruentex Development Co. Ltd.^(a)		12,480,614		18,375,425

				35,076,025

Semiconductors & Semiconductor Equipment — 36.1%
ASE Technology Holding Co. Ltd.^(a)		22,080,432		46,054,988
ASMedia Technology Inc.		327,000		19,670,262
Globalwafers Co. Ltd.^(a)		1,920,000		25,781,913
MediaTek Inc.		8,909,175		168,822,361
Nanya Technology Corp.^(a)		12,480,000		22,074,945
Novatek Microelectronics Corp.^(a)		3,953,544		32,338,175
Phison Electronics Corp.^(a)		1,920,698		18,132,452
Powertech Technology Inc.^(a)		7,680,036		22,614,901
Realtek Semiconductor Corp.^(a)		3,334,063		43,179,249
Silergy Corp.^(a)		574,000		36,484,501
Taiwan Semiconductor Manufacturing Co. Ltd.		66,240,882		962,859,301
United Microelectronics Corp.		77,760,501		56,183,993
Vanguard International Semiconductor Corp.^(a)		8,640,000		27,532,335
Win Semiconductors Corp.		2,768,000		26,980,488
Winbond Electronics Corp.^(a)		40,320,000		16,696,079

				1,525,405,943

Specialty Retail — 1.0%
Hotai Motor Co. Ltd.		1,970,000		40,082,818


Technology Hardware, Storage & Peripherals — 8.9%
Acer Inc.^(c)		27,840,737		22,155,691
Advantech Co. Ltd.^(a)		2,880,827		29,798,442
Asustek Computer Inc.		4,800,857		39,759,666
Catcher Technology Co. Ltd.^(a)		5,159,743		35,258,200
Chicony Electronics Co. Ltd.^(a)		6,720,405		20,270,124


S C H E D U L E O F I N V E S T M E N T S		42

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Taiwan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Technology Hardware, Storage & Peripherals (continued)
Compal Electronics Inc.		38,400,554	$	24,211,790
Inventec Corp.^(a)		25,920,868		20,097,805
Lite-On Technology Corp.		17,280,071		27,326,323
Micro-Star International Co. Ltd.		5,760,000		26,599,867
Pegatron Corp.^(a)		15,360,037		32,718,243
Quanta Computer Inc.		19,200,240		50,386,602
Wistron Corp.		24,960,921		27,137,446
Wiwynn Corp.^(a)		717,000		19,109,248

				374,829,447

Textiles, Apparel & Luxury Goods — 1.9%
Eclat Textile Co. Ltd.		1,802,601		23,806,141
Feng TAY Enterprise Co. Ltd.^(a)		3,456,747		20,086,750
Formosa Taffeta Co. Ltd.^(a)		13,899,515		14,993,086
Pou Chen Corp.		24,000,103		22,657,426

				81,543,403

Transportation Infrastructure — 0.5%
Taiwan High Speed Rail Corp.		19,200,000		21,266,806


Wireless Telecommunication Services — 1.6%
Far EasTone Telecommunications Co. Ltd.		13,440,259		28,079,269
Taiwan Mobile Co. Ltd.		11,520,609		39,852,830

				67,932,099


Total Common Stocks — 99.2% (Cost: $2,140,856,501)				4,196,069,941


Security	Shares		Value

Short-Term Investments

Money Market Funds — 5.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(e)(f)(g)		201,747,319	$	201,949,066
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(e)(f)		18,470,000		18,470,000

				220,419,066


Total Short-Term Investments — 5.2% (Cost: $220,296,744)				220,419,066


Total Investments in Securities — 104.4% (Cost: $2,361,153,245)				4,416,489,007

Other Assets, Less Liabilities — (4.4)%				(185,033,520	)


Net Assets — 100.0%			$	4,231,455,487

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

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

^(c)	Non-income producing security.

^(d)	Rounds to less than $1.

^(e)	Affiliate of the Fund.

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

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

Affiliates



Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	155,110,554	$	46,788,080	^(a)	$	—	$	(30,963	)	$	81,395	$	201,949,066		201,747,319	$	2,526,444	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		14,551,000		3,919,000	^(a)		—		—			—		18,470,000		18,470,000		68,093			—

								$	(30,963	)	$	81,395	$	220,419,066			$	2,594,537		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts



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

Long Contracts
MSCI Taiwan Index		702		09/29/20	$	34,475	$	(481,061	)


43		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Taiwan ETF

Derivative Financial Instruments Categorized by Risk Exposure

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



	Equity Contracts

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	481,061

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	10,261,205

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(757,809	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	13,000,500

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

Fair Value Measurements



	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	4,196,069,939		$	—	$	2	$	4,196,069,941
Money Market Funds		220,419,066			—		—		220,419,066

	$	4,416,489,005		$	—	$	2	$	4,416,489,007

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(481,061	)	$	—	$	—	$	(481,061	)

^(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		44

Schedule of Investments

August 31, 2020

iShares^® MSCI Thailand ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Airlines — 0.3%
Asia Aviation PCL, NVDR^(a)(b)		7,782,400	$	525,120
Bangkok Airways PCL, NVDR		2,154,600		398,071
Thai Airways International PCL, NVDR^(a)(b)		2,615,466		279,005

				1,202,196

Auto Components — 0.5%
Sri Trang Agro-Industry PCL, NVDR^(a)(b)		2,673,245		2,233,252


Banks — 7.4%
Bangkok Bank PCL, Foreign		1,671,300		5,719,124
Kasikornbank PCL, NVDR^(b)		1,742,100		4,715,943
Kasikornbank PCL, Foreign		3,417,900		9,252,408
Kiatnakin Phatra Bank PCL, NVDR^(a)(b)		619,573		791,325
Krung Thai Bank PCL, NVDR^(b)		10,193,800		3,127,988
Siam Commercial Bank PCL (The), NVDR		2,471,500		5,757,370
Thanachart Capital PCL, NVDR		846,500		877,167
TMB Bank PCL, NVDR		70,022,566		2,114,908

				32,356,233

Beverages — 0.6%
Osotspa PCL, NVDR		2,190,000		2,726,725


Building Products — 0.2%
Dynasty Ceramic PCL, NVDR		10,763,440		892,270


Capital Markets — 0.9%
Bangkok Commercial Asset Management PCL, NVDR^(b)		5,171,700		3,871,817


Chemicals — 3.3%
Eastern Polymer Group PCL, NVDR		2,829,700		429,149
Indorama Ventures PCL, NVDR^(b)		4,909,110		3,738,321
PTT Global Chemical PCL, NVDR		6,570,607		9,764,337
Vinythai PCL, NVDR^(b)		692,000		529,186

				14,460,993

Commercial Services & Supplies — 0.3%
JMT Network Services PCL, NVDR^(b)		1,036,800		1,074,361


Construction & Engineering — 0.8%
CH Karnchang PCL, NVDR		3,456,100		2,143,232
Sino-Thai Engineering & Construction PCL, NVDR^(b)		3,112,628		1,320,160

				3,463,392

Construction Materials — 6.4%
Siam Cement PCL (The), NVDR		2,273,400		25,858,578
Tipco Asphalt PCL, NVDR		2,079,400		1,656,973
TPI Polene PCL, NVDR^(b)		15,337,000		620,921

				28,136,472

Consumer Finance — 2.3%
AEON Thana Sinsap Thailand PCL, NVDR^(b)		220,500		758,085
Krungthai Card PCL, NVDR		2,246,000		2,219,118
Muangthai Capital PCL, NVDR^(a)		2,157,100		3,448,172
Ratchthani Leasing PCL, NVDR^(b)		3,897,085		458,296
Srisawad Corp PCL, NVDR		2,141,960		3,148,676

				10,032,347

Containers & Packaging — 0.2%
Polyplex Thailand PCL, NVDR		788,800		631,091


Diversified Telecommunication Services — 1.1%
Jasmine International PCL, NVDR^(b)		10,832,268		1,009,353
True Corp. PCL, NVDR^(b)		33,958,718		3,622,554

				4,631,907


Security	Shares		Value

Electrical Equipment — 0.2%
Gunkul Engineering PCL, NVDR		11,719,122	$	956,432


Electronic Equipment, Instruments & Components — 1.0%
Hana Microelectronics PCL, NVDR		1,639,400		2,093,860
KCE Electronics PCL, NVDR^(b)		2,392,100		2,248,178

				4,342,038

Entertainment — 0.4%
Major Cineplex Group PCL, NVDR		1,846,600		1,038,332
RS PCL, NVDR		1,273,700		769,397

				1,807,729

Food & Staples Retailing — 8.9%
Berli Jucker PCL, NVDR^(b)		3,497,900		4,158,480
CP ALL PCL, NVDR^(a)		17,020,400		34,727,140

				38,885,620

Food Products — 4.2%
Charoen Pokphand Foods PCL, NVDR		11,293,900		11,703,053
GFPT PCL, NVDR^(b)		1,467,800		608,390
Khon Kaen Sugar Industry PCL, NVDR		4,636,778		303,929
Taokaenoi Food & Marketing PCL, Class R, NVDR		1,408,000		484,074
Thai Union Group PCL, NVDR		9,024,000		4,088,309
Thai Vegetable Oil PCL, NVDR		1,301,653		1,129,236

				18,316,991

Health Care Providers & Services — 6.2%
Bangkok Chain Hospital PCL, NVDR		3,990,025		1,999,980
Bangkok Dusit Medical Services PCL, NVDR		27,790,000		18,572,801
Bumrungrad Hospital PCL, NVDR		1,274,676		4,525,719
Chularat Hospital PCL, NVDR		14,507,300		1,211,952
Thonburi Healthcare Group PCL, NVDR		1,492,100		930,091

				27,240,543

Hotels, Restaurants & Leisure — 2.3%
Asset World Corp. PCL, NVDR^(b)		18,649,600		2,372,959
Central Plaza Hotel PCL, NVDR^(a)(b)		1,390,700		1,217,658
Minor International PCL, NVDR^(a)(b)		9,037,510		6,504,626

				10,095,243

Independent Power and Renewable Electricity Producers — 8.1%
B Grimm Power PCL, NVDR		2,279,300		3,387,184
BCPG PCL, NVDR		1,757,600		722,862
CK Power PCL, NVDR^(a)		7,107,260		1,381,603
Electricity Generating PCL, NVDR		844,100		6,021,052
Energy Absolute PCL, NVDR^(b)		4,348,600		5,868,462
Global Power Synergy PCL, NVDR		2,058,100		4,232,256
Gulf Energy Development PCL, NVDR		6,234,700		6,310,324
Ratch Group PCL, NVDR		2,326,000		4,185,268
SPCG PCL, NVDR		1,426,700		820,562
Super Energy Corp. PCL, NVDR		48,018,650		1,265,171
TPI Polene Power PCL, NVDR^(b)		7,388,800		1,025,612

				35,220,356

Insurance — 0.5%
Bangkok Life Assurance PCL, NVDR^(a)(b)		1,501,400		776,690
TQM Corp. PCL, NVDR		350,000		1,416,981

				2,193,671

Media — 0.2%
Plan B Media PCL, NVDR^(b)		5,690,600		1,005,649


Metals & Mining — 0.1%
STP & I PCL, NVDR^(b)		2,860,300		362,104


Multiline Retail — 1.2%
Central Retail Corp. PCL, NVDR^(a)		5,271,434		5,038,964


45		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Thailand ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Oil, Gas & Consumable Fuels — 14.6%
Bangchak Corp. PCL, NVDR		3,011,000	$	1,712,417
Banpu PCL, NVDR		12,005,500		2,218,062
Esso Thailand PCL, NVDR^(a)(b)		3,051,700		647,159
IRPC PCL, NVDR^(b)		32,754,900		2,462,735
Prima Marine PCL, NVDR		2,550,200		729,272
PTT Exploration & Production PCL, NVDR^(b)		4,049,684		11,580,750
PTT PCL, NVDR		33,298,400		38,516,906
Siamgas & Petrochemicals PCL, NVDR		2,150,400		618,398
Star Petroleum Refining PCL, NVS		5,084,800		1,119,154
Thai Oil PCL, NVDR^(b)		3,266,800		4,356,083

				63,960,936

Pharmaceuticals — 0.3%
Mega Lifesciences PCL, NVDR		1,027,000		1,245,698


Real Estate Management & Development — 6.9%
Amata Corp. PCL, NVDR		2,358,000		1,000,100
AP Thailand PCL, NVDR		6,917,186		1,400,218
Bangkok Land PCL, NVDR^(b)		33,113,600		1,053,336
Central Pattana PCL, NVDR		6,540,300		9,876,909
Land & Houses PCL, NVDR		24,379,000		5,796,597
MBK PCL, NVDR		2,732,000		1,097,277
Origin Property PCL, NVDR^(a)(b)		2,509,700		596,732
Pruksa Holding PCL, NVDR^(b)		1,916,400		714,282
Quality Houses PCL, NVDR		23,366,732		1,666,773
Sansiri PCL, NVDR^(b)		34,817,337		816,665
SC Asset Corp. PCL, NVDR		4,385,604		321,285
Siam Future Development PCL, NVDR^(b)		3,103,453		444,739
Singha Estate PCL, NVDR		9,025,900		417,617
Supalai PCL, NVDR		4,368,800		2,358,289
WHA Corp. PCL, NVDR^(b)		26,112,540		2,684,878

				30,245,697

Road & Rail — 1.8%
BTS Group Holdings PCL, NVDR^(b)		23,003,200		7,686,827


Specialty Retail — 2.9%
Com7 PCL, NVDR^(b)		1,570,300		2,068,674
Dohome PLC, NVDR^(b)		1,898,349		853,944
Home Product Center PCL, NVDR		17,247,973		8,257,524
PTG Energy PCL, NVDR		2,447,700		1,517,893

				12,698,035

Transportation Infrastructure — 6.7%
Airports of Thailand PCL, NVDR		12,490,800		22,475,212
Bangkok Aviation Fuel Services PCL, NVDR^(b)		563,500		398,329
Bangkok Expressway & Metro PCL, NVDR		22,273,853		6,476,934

				29,350,475

Water Utilities — 0.6%
Eastern Water Resources Development and Management PCL, NVDR		1,702,500		544,297
TTW PCL, NVDR		4,067,266		1,751,188
WHA Utilities and Power PCL, NVDR^(b)		3,371,300		439,794

				2,735,279


Security	Shares		Value

Wireless Telecommunication Services — 7.8%
Advanced Info Service PCL, NVDR		3,466,319	$	20,381,922
Intouch Holdings PCL, NVDR		6,541,600		11,455,288
Total Access Communication PCL, NVDR^(b)		2,068,000		2,375,484

				34,212,694


Total Common Stocks — 99.2% (Cost: $566,294,336)				433,314,037


Rights

Consumer Finance — 0.0%
Ratchthani Leasing PCL, (Expires 10/07/20)^(a)		2,009,342		171,736


Independent Power and Renewable Electricity Producers — 0.0%
Gulf Energy Development PCL, (Expires 09/15/20)^(a)		591,140		28,491


Total Rights — 0.0% (Cost: $187,303)				200,227


Warrants

Consumer Finance — 0.0%
Srisawad Corp. PCL, (Expires 08/17/21)^(a)(c)		87,502		0	^(d)


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


Short-Term Investments

Money Market Funds — 5.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(e)(f)(g)		20,255,535		20,275,791
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(e)(f)		1,411,000		1,411,000

				21,686,791


Total Short-Term Investments — 5.0% (Cost: $21,679,440)				21,686,791


Total Investments in Securities — 104.2% (Cost: $588,161,079)				455,201,055

Other Assets, Less Liabilities — (4.2)%				(18,412,266	)


Net Assets — 100.0%			$	436,788,789

^(a)	Non-income producing security.

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

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

^(d)	Rounds to less than $1.

^(e)	Affiliate of the Fund.

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

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


S C H E D U L E O F I N V E S T M E N T S		46

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Thailand ETF

Affiliates



Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	14,307,860	$	5,972,210	^(a)	$	—	$	(9,046	)	$	4,767	$	20,275,791		20,255,535	$	947,024	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		860,000		551,000	^(a)		—		—			—		1,411,000		1,411,000		9,265			—

								$	(9,046	)	$	4,767	$	21,686,791			$	956,289		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

MSCI Emerging Markets E-Mini Index

09/18/20

2,531

55,419

Derivative Financial Instruments Categorized by Risk Exposure

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



	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	55,419

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(17,069	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	55,419

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	1,070,108

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

Fair Value Measurements


47		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Thailand ETF

Fair Value Measurements (continued)



	Level 1		Level 2		Level 3			Total

Investments
Assets
Common Stocks	$	433,314,037	$	—	$	—		$	433,314,037
Rights		—		200,227		—			200,227
Warrants		—		—		0	^(a)		0	^(a)
Money Market Funds		21,686,791		—		—			21,686,791

	$	455,000,828	$	200,227	$	0	^(a)	$	455,201,055

Derivative financial instruments^(b)
Assets
Futures Contracts	$	55,419	$	—	$	—		$	55,419

^(a)

Rounds to less than $1.

^(b)

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

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		48

Statements of Assets and Liabilities

August 31, 2020


	iShares MSCI Hong Kong ETF			iShares MSCI Japan Small-Cap ETF			iShares MSCI Malaysia ETF			iShares MSCI Pacific ex Japan ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	1,322,052,750		$	62,626,258		$	343,401,825		$	1,869,551,593
Affiliated^(c)		21,619,049			74,412			10,815,467			45,890,315
Cash		494			2,967			4,603			6,997
Foreign currency, at value^(d)		3,408,467			147,308			528,252			2,718,069
Foreign currency collateral pledged:
Futures contracts^(e)		483,423			10,930			—			914,304
Receivables:
Investments sold		37,056,642			213,114			17,407,989			4,370,819
Securities lending income — Affiliated		5,718			11			7,089			50,722
Variation margin on futures contracts		—			468			—			—
Dividends		2,434,027			140,778			233,111			9,610,849

Total assets		1,387,060,570			63,216,246			372,398,336			1,933,113,668


LIABILITIES
Collateral on securities loaned, at value		21,132,906			44,412			10,676,279			45,248,146
Payables:
Investments purchased		37,069,363			223,746			19,651,302			4,692,522
Variation margin on futures contracts		11,562			—			—			39,617
Investment advisory fees		565,494			26,599			148,776			753,333

Total liabilities		58,779,325			294,757			30,476,357			50,733,618


NET ASSETS	$	1,328,281,245		$	62,921,489		$	341,921,979		$	1,882,380,050


NET ASSETS CONSIST OF:
Paid-in capital	$	1,966,296,777		$	90,289,966		$	358,649,881		$	2,531,522,289
Accumulated loss		(638,015,532	)		(27,368,477	)		(16,727,902	)		(649,142,239	)

NET ASSETS	$	1,328,281,245		$	62,921,489		$	341,921,979		$	1,882,380,050


Shares outstanding		57,975,000			900,000			12,900,000			43,800,000


Net asset value	$	22.91		$	69.91		$	26.51		$	42.98


Shares authorized		375 million			500 million			300 million			1 billion


Par value	$	0.001		$	0.001		$	0.001		$	0.001


^(a)Securities loaned, at value	$	19,273,777		$	42,094		$	10,086,579		$	43,015,397
^(b)Investments, at cost — Unaffiliated	$	1,471,684,635		$	81,353,805		$	228,967,902		$	1,997,228,060
^(c)Investments, at cost — Affiliated	$	21,621,159		$	74,412		$	10,813,496		$	45,877,643
^(d)Foreign currency, at cost	$	3,408,408		$	147,546		$	526,933		$	2,686,062
^(e)Foreign currency collateral pledged, at cost	$	483,420		$	10,943		$	—		$	912,849

See notes to financial statements.


49		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020


	iShares MSCI Singapore ETF			iShares MSCI Taiwan ETF		iShares MSCI Thailand ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	520,111,164		$	4,196,069,941	$	433,514,264
Affiliated^(c)		36,070,668			220,419,066		21,686,791
Cash		8,098			8,141		125,378
Foreign currency, at value^(d)		2,861,470			867,601		666,389
Cash pledged:
Futures contracts		—			1,839,000		199,000
Foreign currency collateral pledged:
Futures contracts^(e)		520,270			—		—
Receivables:
Investments sold		7,692,716			255,722,538		1,195,813
Securities lending income — Affiliated		107,361			282,432		109,837
Variation margin on futures contracts		89,066			—		—
Dividends		3,396,748			16,654,162		1,380,188

Total assets		570,857,561			4,691,862,881		458,877,660


LIABILITIES
Collateral on securities loaned, at value		35,864,037			201,865,780		20,261,616
Payables:
Investments purchased		9,034,593			255,743,418		1,465,020
Variation margin on futures contracts		—			525,379		47,709
Capital shares redeemed		—			—		98,472
Investment advisory fees		226,288			2,145,387		216,054
Foreign taxes		—			127,430		—

Total liabilities		45,124,918			460,407,394		22,088,871


NET ASSETS	$	525,732,643		$	4,231,455,487	$	436,788,789


NET ASSETS CONSIST OF:
Paid-in capital	$	828,194,492		$	2,310,436,406	$	655,600,352
Accumulated earnings (loss)		(302,461,849	)		1,921,019,081		(218,811,563	)

NET ASSETS	$	525,732,643		$	4,231,455,487	$	436,788,789


Shares outstanding		27,500,000			96,000,000		6,400,000


Net asset value	$	19.12		$	44.08	$	68.25


Shares authorized		300 million			900 million		200 million


Par value	$	0.001		$	0.001	$	0.001


^(a)Securities loaned, at value	$	32,677,926		$	192,754,933	$	18,826,604
^(b)Investments, at cost — Unaffiliated	$	610,009,785		$	2,140,856,501	$	566,481,639
^(c)Investments, at cost — Affiliated	$	36,069,473		$	220,296,744	$	21,679,440
^(d)Foreign currency, at cost	$	2,840,168		$	867,601	$	665,454
^(e)Foreign currency collateral pledged, at cost	$	519,907		$	—	$	—

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		50

Statements of Operations

Year Ended August 31, 2020


	iShares MSCI Hong Kong ETF			iShares MSCI Japan Small-Cap ETF			iShares MSCI Malaysia ETF			iShares MSCI Pacific ex Japan ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	44,170,665		$	2,045,667		$	12,778,106		$	70,946,905
Dividends — Affiliated		23,109			663			3,467			10,970
Interest — Unaffiliated		1,438			—			—			—
Securities lending income — Affiliated — net		162,901			35,761			106,448			229,842
Foreign taxes withheld		—			(199,839	)		—			(890,565	)


Total investment income		44,358,113			1,882,252			12,888,021			70,297,152


EXPENSES
Investment advisory fees		7,816,588			422,506			1,937,654			9,650,584
Miscellaneous		264			264			264			264


Total expenses		7,816,852			422,770			1,937,918			9,650,848


Net investment income		36,541,261			1,459,482			10,950,103			60,646,304


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(48,890,338	)		(666,263	)		(31,747,745	)		(78,829,516	)
Investments — Affiliated		(97,907	)		1,413			(2,290	)		(51,606	)
In-kind redemptions — Unaffiliated		(52,097,166	)		(13,968,544	)		—			24,904,780
Futures contracts		601,798			109,293			—			(1,869,358	)
Foreign currency transactions		56,120			(3,139	)		(507,546	)		(854,029	)


Net realized loss		(100,427,493	)		(14,527,240	)		(32,257,581	)		(56,699,729	)


Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(23,185,231	)		15,462,736			(1,044,890	)		(16,688,370	)
Investments — Affiliated		(433	)		(1,447	)		893			7,420
Futures contracts		(73,121	)		18,093			—			(132,571	)
Foreign currency translations		(5,454	)		(6,157	)		(2,438	)		257,058


Net change in unrealized appreciation (depreciation)		(23,264,239	)		15,473,225			(1,046,435	)		(16,556,463	)


Net realized and unrealized gain (loss)		(123,691,732	)		945,985			(33,304,016	)		(73,256,192	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(87,150,471	)	$	2,405,467		$	(22,353,913	)	$	(12,609,888	)

See notes to financial statements.


51		2 0 2 0 I S H A R E S A N 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 (continued)

Year Ended August 31, 2020


	iShares MSCI Singapore ETF			iShares MSCI Taiwan ETF			iShares MSCI Thailand ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	20,230,794		$	138,537,319		$	13,418,056
Dividends — Affiliated		3,391			68,093			9,265
Interest — Unaffiliated		—			5,220			164
Securities lending income — Affiliated — net^(a)		302,130			2,526,444			947,024
Foreign taxes withheld		(223,820	)		(28,003,300	)		(1,253,197	)
Other foreign taxes		—			(35,536	)		—


Total investment income		20,312,495			113,098,240			13,121,312


EXPENSES
Investment advisory fees		2,516,744			20,347,753			2,438,585
Miscellaneous		264			264			264


Total expenses		2,517,008			20,348,017			2,438,849


Net investment income		17,795,487			92,750,223			10,682,463


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(62,832,640	)		93,322,422			(26,665,505	)
Investments — Affiliated		7,620			(30,963	)		(9,046	)
In-kind redemptions — Unaffiliated		3,196,078			—			1,897,537
Futures contracts		13,496			10,261,205			(17,069	)
Foreign currency transactions		150,848			187,556			(165,019	)

Net realized gain (loss)		(59,464,598	)		103,740,220			(24,959,102	)


Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(24,733,621	)		673,434,919			(100,136,151	)
Investments — Affiliated		(3,481	)		81,395			4,767
Futures contracts		(108,054	)		(757,809	)		55,419
Foreign currency translations		48,766			62,745			677


Net change in unrealized appreciation (depreciation)		(24,796,390	)		672,821,250			(100,075,288	)


Net realized and unrealized gain (loss)		(84,260,988	)		776,561,470			(125,034,390	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(66,465,501	)	$	869,311,693		$	(114,351,927	)


^(a)Net of securities lending income tax paid of	$	—		$	645,846		$	—

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		52

Statements of Changes in Net Assets


	iShares MSCI Hong Kong ETF						iShares MSCI Japan Small-Cap ETF
	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/20			Year Ended 08/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	36,541,261		$	62,074,964		$	1,459,482		$	4,101,539
Net realized gain (loss)		(100,427,493	)		171,568,216			(14,527,240	)		(35,779,750	)
Net change in unrealized appreciation (depreciation)		(23,264,239	)		(205,108,906	)		15,473,225			(2,339,583	)

Net increase (decrease) in net assets resulting from operations		(87,150,471	)		28,534,274			2,405,467			(34,017,794	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(37,850,833	)		(67,889,451	)		(3,817,217	)		(4,647,949	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		28,619,983			(1,265,603,711	)		(45,662,016	)		(136,251,360	)


NET ASSETS
Total decrease in net assets		(96,381,321	)		(1,304,958,888	)		(47,073,766	)		(174,917,103	)
Beginning of year		1,424,662,566			2,729,621,454			109,995,255			284,912,358

End of year	$	1,328,281,245		$	1,424,662,566		$	62,921,489		$	109,995,255

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

See notes to financial statements.


53		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares MSCI Malaysia ETF						iShares MSCI Pacific ex Japan ETF
	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/20			Year Ended 08/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	10,950,103		$	17,432,270		$	60,646,304		$	89,927,097
Net realized loss		(32,257,581	)		(37,554,258	)		(56,699,729	)		(10,840,856	)
Net change in unrealized appreciation (depreciation)		(1,046,435	)		(52,528,128	)		(16,556,463	)		(79,567,765	)

Net decrease in net assets resulting from operations		(22,353,913	)		(72,650,116	)		(12,609,888	)		(481,524	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(12,064,796	)		(16,938,304	)		(71,017,208	)		(103,540,539	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(14,548,335	)		(76,742,616	)		(300,108,597	)		(4,695,754	)


NET ASSETS
Total decrease in net assets		(48,967,044	)		(166,331,036	)		(383,735,693	)		(108,717,817	)
Beginning of year		390,889,023			557,220,059			2,266,115,743			2,374,833,560

End of year	$	341,921,979		$	390,889,023		$	1,882,380,050		$	2,266,115,743

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		54

Statements of Changes in Net Assets (continued)


	iShares MSCI Singapore ETF						iShares MSCI Taiwan ETF
	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/20			Year Ended 08/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	17,795,487		$	21,402,424		$	92,750,223		$	89,438,292
Net realized gain (loss)		(59,464,598	)		(4,573,908	)		103,740,220			171,832,639
Net change in unrealized appreciation (depreciation)		(24,796,390	)		(21,563,424	)		672,821,250			(507,317,120	)

Net increase (decrease) in net assets resulting from operations		(66,465,501	)		(4,734,908	)		869,311,693			(246,046,189	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(20,388,430	)		(21,305,119	)		(89,350,677	)		(104,188,903	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		98,935,771			(39,601,577	)		788,999,560			(1,070,161,394	)


NET ASSETS
Total increase (decrease) in net assets		12,081,840			(65,641,604	)		1,568,960,576			(1,420,396,486	)
Beginning of year		513,650,803			579,292,407			2,662,494,911			4,082,891,397

End of year	$	525,732,643		$	513,650,803		$	4,231,455,487		$	2,662,494,911

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

See notes to financial statements.


55		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares MSCI Thailand ETF
	Year Ended 08/31/20			Year Ended 08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	10,682,463		$	11,152,769
Net realized gain (loss)		(24,959,102	)		13,591,553
Net change in unrealized appreciation (depreciation)		(100,075,288	)		(19,971,905	)

Net increase (decrease) in net assets resulting from operations		(114,351,927	)		4,772,417


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(10,962,844	)		(10,822,599	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		95,866,665			36,445,341


NET ASSETS
Total increase (decrease) in net assets		(29,448,106	)		30,395,159
Beginning of year		466,236,895			435,841,736

End of year	$	436,788,789		$	466,236,895

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		56

Financial Highlights

(For a share outstanding throughout each period)


	iShares MSCI Hong Kong ETF
	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16


Net asset value, beginning of year	$	23.00		$	24.18		$	24.69		$	21.08		$	19.42

Net investment income^(a)		0.54			0.62			0.71			0.68			0.54
Net realized and unrealized gain (loss)^(b)		(0.01	)		(1.08	)		(0.12	)		3.54			1.72

Net increase (decrease) from investment operations		0.53			(0.46	)		0.59			4.22			2.26


Distributions^(c)
From net investment income		(0.62	)		(0.72	)		(1.10	)		(0.61	)		(0.60	)

Total distributions		(0.62	)		(0.72	)		(1.10	)		(0.61	)		(0.60	)


Net asset value, end of year	$	22.91		$	23.00		$	24.18		$	24.69		$	21.08


Total Return
Based on net asset value		2.46	%		(2.00	)%		2.33	%		20.38	%		11.94	%


Ratios to Average Net Assets
Total expenses		0.51	%		0.49	%		0.48	%		0.49	%		0.48	%


Net investment income		2.37	%		2.52	%		2.83	%		3.08	%		2.73	%


Supplemental Data
Net assets, end of year (000)	$	1,328,281		$	1,424,663		$	2,729,621		$	1,855,447		$	1,596,576


Portfolio turnover rate^(d)		16	%		12	%		7	%		8	%		9	%

^(a)	Based on average shares outstanding.

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

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

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

See notes to financial statements.


57		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Japan Small-Cap ETF
	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16


Net asset value, beginning of year	$	68.75		$	77.00		$	72.78		$	60.95		$	56.79

Net investment income^(a)		1.21			1.37			0.94			1.02			0.84
Net realized and unrealized gain (loss)^(b)		2.78			(7.90	)		4.24			12.62			4.29

Net increase (decrease) from investment operations		3.99			(6.53	)		5.18			13.64			5.13


Distributions^(c)
From net investment income		(2.83	)		(1.72	)		(0.96	)		(1.81	)		(0.97	)

Total distributions		(2.83	)		(1.72	)		(0.96	)		(1.81	)		(0.97	)


Net asset value, end of year	$	69.91		$	68.75		$	77.00		$	72.78		$	60.95


Total Return
Based on net asset value		5.72	%		(8.42	)%		7.09	%		22.81	%		9.10	%


Ratios to Average Net Assets
Total expenses		0.51	%		0.49	%		0.47	%		0.49	%		0.48	%


Net investment income		1.75	%		1.94	%		1.18	%		1.53	%		1.44	%


Supplemental Data
Net assets, end of year (000)	$	62,921		$	109,995		$	284,912		$	189,216		$	164,553


Portfolio turnover rate^(d)		10	%		10	%		9	%		8	%		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)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	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		58

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Malaysia ETF
		Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17	^(a)		Year Ended 08/31/16	^(a)


Net asset value, beginning of year	$	28.02		$	32.87		$	32.03		$	33.13		$	40.75

Net investment income^(b)		0.76			1.03			0.91			0.56			1.00
Net realized and unrealized gain (loss)^(c)		(1.41	)		(4.85	)		2.06			(0.05	)		2.79

Net increase (decrease) from investment operations		(0.65	)		(3.82	)		2.97			0.51			3.79


Distributions^(d)
From net investment income		(0.86	)		(1.03	)		(2.13	)		(1.61	)		(1.81	)
From net realized gain		—			—			—			—			(9.60	)

Total distributions		(0.86	)		(1.03	)		(2.13	)		(1.61	)		(11.41	)


Net asset value, end of year	$	26.51		$	28.02		$	32.87		$	32.03		$	33.13


Total Return
Based on net asset value		(2.27	)%		(11.69	)%		9.59	%		2.14	%		12.58	%


Ratios to Average Net Assets
Total expenses		0.51	%		0.49	%		0.47	%		0.49	%		0.48	%


Net investment income		2.86	%		3.41	%		2.69	%		2.73	%		2.86	%


Supplemental Data
Net assets, end of year (000)	$	341,922		$	390,889		$	557,220		$	437,224		$	335,455

Portfolio turnover rate^(e)		58	%^(f)		48	%^(f)		63	%^(f)		24	%^(f)		72	%^(f)


^(a) Per share amounts reflect a one-for-four reverse stock split effective after the close of trading on November 4, 2016.
^(b) Based on average shares outstanding.
^(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.
^(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
^(e) 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:		16	%		9	%		17	%		10	%		17	%

See notes to financial statements.


59		2 0 2 0 I S H A R E S A N 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 Pacific ex Japan ETF
	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16


Net asset value, beginning of year	$	44.17		$	46.02		$	46.43		$	40.94		$	38.01

Net investment income^(a)		1.29			1.74			1.66			1.60			1.54
Net realized and unrealized gain (loss)^(b)		(0.98	)		(1.58	)		0.03			5.55			2.98

Net increase from investment operations		0.31			0.16			1.69			7.15			4.52


Distributions^(c)
From net investment income		(1.50	)		(2.01	)		(2.10	)		(1.66	)		(1.59	)

Total distributions		(1.50	)		(2.01	)		(2.10	)		(1.66	)		(1.59	)


Net asset value, end of year	$	42.98		$	44.17		$	46.02		$	46.43		$	40.94


Total Return
Based on net asset value		0.72	%		0.56	%		3.63	%		18.06	%		12.20	%


Ratios to Average Net Assets
Total expenses		0.48	%		0.48	%		0.48	%		0.49	%		0.49	%


Net investment income		3.04	%		3.89	%		3.52	%		3.69	%		4.00	%


Supplemental Data
Net assets, end of year (000)	$	1,882,380		$	2,266,116		$	2,374,834		$	3,120,426		$	2,357,962


Portfolio turnover rate^(d)		8	%		7	%		6	%		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)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	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		60

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Singapore ETF
		Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17	^(a)		Year Ended 08/31/16	^(a)


Net asset value, beginning of year	$	22.83		$	23.84		$	24.70		$	21.22		$	21.25

Net investment income^(b)		0.76			0.91			1.04			0.56			0.84
Net realized and unrealized gain (loss)^(c)		(3.57	)		(1.02	)		(0.77	)		3.84			(0.24	)

Net increase (decrease) from investment operations		(2.81	)		(0.11	)		0.27			4.40			0.60


Distributions^(d)
From net investment income		(0.90	)		(0.90	)		(1.13	)		(0.92	)		(0.63	)

Total distributions		(0.90	)		(0.90	)		(1.13	)		(0.92	)		(0.63	)


Net asset value, end of year	$	19.12		$	22.83		$	23.84		$	24.70		$	21.22


Total Return
Based on net asset value		(12.84	)%		(0.41	)%		0.91	%		21.51	%		2.87	%


Ratios to Average Net Assets
Total expenses		0.51	%		0.50	%		0.47	%		0.49	%		0.48	%


Net investment income		3.59	%		3.86	%		4.03	%		3.00	%		3.96	%


Supplemental Data
Net assets, end of year (000)	$	525,733		$	513,651		$	579,292		$	600,268		$	562,418


Portfolio turnover rate^(e)		22	%		9	%		26	%		12	%		7	%

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

^(b)	Based on average shares outstanding.

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

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

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

See notes to financial statements.


61		2 0 2 0 I S H A R E S A N 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 Taiwan ETF
		Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17	^(a)		Year Ended 08/31/16	^(a)


Net asset value, beginning of year	$	34.94		$	37.91		$	37.35		$	30.30		$	27.17

Net investment income^(b)		1.05			0.92			0.98			0.87			0.68
Net realized and unrealized gain (loss)^(c)		9.11			(2.89	)		0.60			6.88			3.25

Net increase (decrease) from investment operations		10.16			(1.97	)		1.58			7.75			3.93


Distributions^(d)
From net investment income		(1.02	)		(1.00	)		(1.02	)		(0.70	)		(0.80	)

Total distributions		(1.02	)		(1.00	)		(1.02	)		(0.70	)		(0.80	)


Net asset value, end of year	$	44.08		$	34.94		$	37.91		$	37.35		$	30.30


Total Return
Based on net asset value		29.34	%		(4.92	)%		4.43	%		26.17	%		15.02	%


Ratios to Average Net Assets
Total expenses		0.59	%		0.59	%		0.59	%		0.62	%		0.64	%


Net investment income		2.68	%		2.70	%		2.65	%		3.10	%		2.51	%


Supplemental Data
Net assets, end of year (000)	$	4,231,455		$	2,662,495		$	4,082,891		$	3,764,790		$	2,656,889

Portfolio turnover rate^(e)		15	%^(f)		7	%^(f)		12	%^(f)		11	%^(f)		27	%^(f)


^(a) Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016. ^(b) Based on average shares outstanding. ^(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. ^(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. ^(e) 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:		14	%		6	%		11	%		8	%		9	%

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		62

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Thailand ETF
	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16


Net asset value, beginning of year	$	90.53		$	90.80		$	82.70		$	75.94		$	65.01

Net investment income^(a)		1.97			2.10			2.12			1.99			2.05
Net realized and unrealized gain (loss)^(b)		(22.24	)		(0.33	)		8.13			6.90			10.54

Net increase (decrease) from investment operations		(20.27	)		1.77			10.25			8.89			12.59


Distributions^(c)
From net investment income		(2.01	)		(2.04	)		(2.15	)		(2.13	)		(1.66	)

Total distributions		(2.01	)		(2.04	)		(2.15	)		(2.13	)		(1.66	)


Net asset value, end of year	$	68.25		$	90.53		$	90.80		$	82.70		$	75.94


Total Return
Based on net asset value		(22.57	)%		2.03	%		12.55	%		12.01	%		19.87	%


Ratios to Average Net Assets
Total expenses		0.59	%		0.59	%		0.59	%		0.62	%		0.63	%


Net investment income		2.57	%		2.36	%		2.30	%		2.63	%		3.08	%


Supplemental Data
Net assets, end of year (000)	$	436,789		$	466,237		$	435,842		$	355,590		$	448,075


Portfolio turnover rate^(d)		11	%		17	%		10	%		7	%		16	%

^(a)	Based on average shares outstanding.

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

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

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

See notes to financial statements.


63		2 0 2 0 I S H A R E S A N 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

1.	ORGANIZATION

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


iShares ETF	Diversification Classification
MSCI Hong Kong		Non-diversified
MSCI Japan Small-Cap		Diversified
MSCI Malaysia		Non-diversified
MSCI Pacific ex Japan		Diversified
MSCI Singapore		Non-diversified
MSCI Taiwan		Non-diversified
MSCI Thailand		Non-diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

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.


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		64

Notes to Financial Statements (continued)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

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

•

Futures contracts are valued based on that day’s last reported settlement price on the exchange where the contract is traded.

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

4.	SECURITIES AND OTHER INVESTMENTS


65		2 0 2 0 I S H A R E S A N 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 (continued)

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



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

MSCI Hong Kong
BofA Securities, Inc.	$	19,184,378	$	19,184,378		$	—	$	—
Morgan Stanley & Co. LLC		89,399		89,399			—		—

	$	19,273,777	$	19,273,777		$	—	$	—

MSCI Japan Small-Cap
Macquarie Bank Limited	$	42,094	$	42,094		$	—	$	—

MSCI Malaysia
JPMorgan Securities PLC	$	7,658,692	$	7,658,692		$	—	$	—
Morgan Stanley & Co. International PLC		2,427,887		2,427,887			—		—

	$	10,086,579	$	10,086,579		$	—	$	—

MSCI Pacific ex Japan
BofA Securities, Inc.	$	31,861,637	$	31,861,637		$	—	$	—
Citigroup Global Markets Inc.		6,822,871		6,822,871			—		—
Morgan Stanley & Co. LLC		4,308,163		4,308,163			—		—
State Street Bank & Trust Company		22,726		22,726			—		—

	$	43,015,397	$	43,015,397		$	—	$	—

MSCI Singapore
BofA Securities, Inc.	$	14,933,288	$	14,933,288		$	—	$	—
Morgan Stanley & Co. LLC		17,744,638		17,744,638			—		—

	$	32,677,926	$	32,677,926		$	—	$	—

MSCI Taiwan
Citigroup Global Markets Ltd.	$	11,561,458	$	11,561,458		$	—	$	—
Credit Suisse Securities (Europe) Ltd.		26,053,141		26,053,141			—		—
JPMorgan Securities PLC		65,263,816		65,263,816			—		—
Macquarie Bank Limited		15,261,084		15,261,084			—		—
Morgan Stanley & Co. International PLC		73,541,188		73,530,985			—		(10,203	)^(b)
UBS Europe SE		1,074,246		1,074,246			—		—

	$	192,754,933	$	192,744,730		$	—	$	(10,203	)

MSCI Thailand
Barclays Capital Inc.	$	1,287,084	$	1,287,084		$	—	$	—
BofA Securities, Inc.		378,867		378,867			—		—
Citigroup Global Markets Inc.		102,820		102,820			—		—
Credit Suisse Securities (USA) LLC		2,202,355		2,202,355			—		—
Deutsche Bank Securities Inc.		10,702		8,683			—		(2,019	)^(b)
Goldman Sachs & Co.		3,515,569		3,515,569			—		—
JPMorgan Securities LLC		3,096,533		3,096,533			—		—
Macquarie Bank Limited		303,639		303,639			—		—
Morgan Stanley & Co. LLC		7,802,508		7,802,508			—		—
Scotia Capital (USA) Inc.		2,528		2,528			—		—
SG Americas Securities LLC		123,999		123,999			—		—

	$	18,826,604	$	18,824,585		$	—	$	(2,019	)


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		66

Notes to Financial Statements (continued)

^(a)

^(b)

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

5.	DERIVATIVE FINANCIAL INSTRUMENTS

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

For its investment advisory services to each of the iShares MSCI Hong Kong, iShares MSCI Japan Small-Cap, iShares MSCI Malaysia and iShares MSCI Singapore ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:


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

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


Aggregate Average Daily Net Assets	Investment Advisory Fee
First $46 billion		0.5000	%
Over $46 billion, up to and including $81 billion		0.4750
Over $81 billion, up to and including $111 billion		0.4513
Over $111 billion, up to and including $141 billion		0.4287
Over $141 billion		0.4073


67		2 0 2 0 I S H A R E S A N 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 (continued)

Each reduced investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place) from the investment advisory fee at the prior aggregate average daily net asset level.

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


Aggregate Average Daily Net Assets	Investment Advisory Fee
First $2 billion		0.74	%
Over $2 billion, up to and including $4 billion		0.69
Over $4 billion, up to and including $8 billion		0.64
Over $8 billion, up to and including $16 billion		0.57
Over $16 billion, up to and including $24 billion		0.51
Over $24 billion, up to and including $32 billion		0.48
Over $32 billion		0.45


iShares ETF	Fees Paid to BTC
MSCI Hong Kong	$	41,005
MSCI Japan Small-Cap		8,184
MSCI Malaysia		25,968
MSCI Pacific ex Japan		59,827
MSCI Singapore		73,898
MSCI Taiwan		753,770
MSCI Thailand		214,189

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

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


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		68

Notes to Financial Statements (continued)


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI Hong Kong	$	30,459,943	$	10,525,089	$	(17,719,107	)
MSCI Japan Small-Cap		1,805,560		5,103,814		1,198,164
MSCI Pacific ex Japan		21,734,005		20,940,139		(22,820,537	)
MSCI Singapore		32,407,358		17,450,226		(11,930,209	)

7.	PURCHASES AND SALES

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


iShares ETF	Purchases		Sales
MSCI Hong Kong	$	852,273,311	$	234,237,800
MSCI Japan Small-Cap		8,636,249		11,426,589
MSCI Malaysia		218,768,516		230,768,460
MSCI Pacific ex Japan		160,139,959		168,515,247
MSCI Singapore		119,894,891		107,277,418
MSCI Taiwan		1,317,595,431		523,765,659
MSCI Thailand		48,170,346		45,341,736

For the year ended August 31, 2020, purchases and sales related to in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
MSCI Hong Kong	$	70,948,643	$	660,069,418
MSCI Japan Small-Cap		14,751,309		59,601,585
MSCI Pacific ex Japan		17,408,261		317,779,543
MSCI Singapore		108,079,508		32,463,893
MSCI Thailand		339,759,411		247,977,899

8.	INCOME TAX INFORMATION


iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)
MSCI Hong Kong	$	(75,642,419	)	$	75,642,419
MSCI Japan Small-Cap		(15,032,864	)		15,032,864
MSCI Pacific ex Japan		838,400			(838,400	)
MSCI Singapore		1,819,139			(1,819,139	)
MSCI Thailand		35,263			(35,263	)

The tax character of distributions paid was as follows:


69		2 0 2 0 I S H A R E S A N 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 (continued)



iShares ETF	Year Ended 08/31/20		Year Ended 08/31/19

MSCI Hong Kong
Ordinary income	$	37,850,833	$	67,889,451

MSCI Japan Small-Cap
Ordinary income	$	3,817,217	$	4,647,949

MSCI Malaysia
Ordinary income	$	12,064,796	$	16,938,304

MSCI Pacific ex Japan
Ordinary income	$	71,017,208	$	103,540,539

MSCI Singapore
Ordinary income	$	20,388,430	$	21,305,119

MSCI Taiwan
Ordinary income	$	89,350,677	$	104,188,903

MSCI Thailand
Ordinary income	$	10,962,844	$	10,822,599

As of August 31, 2020, the tax components of accumulated net earnings (losses) were as follows:


iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Qualified Late-Year Losses	^(c)		Total
MSCI Hong Kong	$	3,626,202	$	(473,593,879	)	$	(168,047,855	)	$	—		$	(638,015,532	)
MSCI Japan Small-Cap		—		(7,615,538	)		(19,190,747	)		(562,192	)		(27,368,477	)
MSCI Malaysia		—		(94,623,717	)		80,669,074			(2,773,259	)		(16,727,902	)
MSCI Pacific ex Japan		9,994,711		(474,051,679	)		(185,085,271	)		—			(649,142,239	)
MSCI Singapore		1,069,448		(194,493,442	)		(109,037,855	)		—			(302,461,849	)
MSCI Taiwan		98,300,238		(34,101,756	)		1,856,820,599			—			1,921,019,081
MSCI Thailand		1,764,571		(83,040,018	)		(137,536,116	)		—			(218,811,563	)

^(a)

Amounts available to offset future realized capital gains.

^(b)

The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and the characterization of corporate actions.

^(c)

The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

For the year ended August 31, 2020, the iShares MSCI Taiwan ETF utilized $112,584,566 of its capital loss carryforwards.


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Hong Kong	$	1,511,647,088	$	130,018,651	$	(298,066,610	)	$	(168,047,959	)
MSCI Japan Small-Cap		81,896,736		3,811,411		(23,002,278	)		(19,190,867	)
MSCI Malaysia		273,549,967		85,824,871		(5,157,546	)		80,667,325
MSCI Pacific ex Japan		2,100,702,837		319,605,697		(504,887,721	)		(185,282,024	)
MSCI Singapore		665,224,569		7,260,480		(116,348,174	)		(109,087,694	)
MSCI Taiwan		2,559,215,505		1,885,230,480		(28,438,039	)		1,856,792,441
MSCI Thailand		592,746,259		3,746,047		(141,291,251	)		(137,545,204	)

9.	LINE OF CREDIT

The iShares MSCI Malaysia ETF and iShares MSCI Taiwan ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on July 15, 2021. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1 and $200 million with respect to Tier 2, including 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		70

Notes to Financial Statements (continued)

Funds. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. 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 rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement.

The Funds did not borrow under the credit agreement during the year ended August 31, 2020.

10.

PRINCIPAL RISKS


71		2 0 2 0 I S H A R E S A N 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 (continued)

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:



	Year Ended 08/31/20						Year Ended 08/31/19
iShares ETF	Shares			Amount			Shares			Amount

MSCI Hong Kong
Shares sold		32,925,000		$	785,031,065			26,400,000		$	641,855,226
Shares redeemed		(36,900,000	)		(756,411,082	)		(77,325,000	)		(1,907,458,937	)

Net increase (decrease)		(3,975,000	)	$	28,619,983			(50,925,000	)	$	(1,265,603,711	)

MSCI Japan Small-Cap
Shares sold		200,000		$	14,987,192			2,600,000		$	188,325,229
Shares redeemed		(900,000	)		(60,649,208	)		(4,700,000	)		(324,576,589	)

Net decrease		(700,000	)	$	(45,662,016	)		(2,100,000	)	$	(136,251,360	)

MSCI Malaysia
Shares sold		5,850,000		$	163,446,410			6,825,000		$	211,840,133
Shares redeemed		(6,900,000	)		(177,994,745	)		(9,825,000	)		(288,582,749	)

Net decrease		(1,050,000	)	$	(14,548,335	)		(3,000,000	)	$	(76,742,616	)

MSCI Pacific ex Japan
Shares sold		900,000		$	36,795,397			6,000,000		$	271,812,469
Shares redeemed		(8,400,000	)		(336,903,994	)		(6,300,000	)		(276,508,223	)

Net decrease		(7,500,000	)	$	(300,108,597	)		(300,000	)	$	(4,695,754	)

MSCI Singapore
Shares sold		6,850,000		$	139,406,945			4,000,000		$	93,905,772
Shares redeemed		(1,850,000	)		(40,471,174	)		(5,800,000	)		(133,507,349	)

Net increase (decrease)		5,000,000		$	98,935,771			(1,800,000	)	$	(39,601,577	)

MSCI Taiwan
Shares sold		20,800,000		$	819,142,524			100,000		$	13,078,670
Shares redeemed		(1,000,000	)		(30,142,964	)		(31,600,000	)		(1,083,240,064	)

Net increase (decrease)		19,800,000		$	788,999,560			(31,500,000	)	$	(1,070,161,394	)


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		72

Notes to Financial Statements (continued)



	Year Ended 08/31/20						Year Ended 08/31/19
iShares ETF	Shares			Amount			Shares			Amount

MSCI Thailand
Shares sold		4,450,000		$	345,464,913			4,300,000		$	384,240,938
Shares redeemed		(3,200,000	)		(249,598,248	)		(3,950,000	)		(347,795,597	)

Net increase		1,250,000		$	95,866,665			350,000		$	36,445,341

12.

LEGAL PROCEEDINGS

13.

SUBSEQUENT EVENTS


73		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Report of Independent Registered Public Accounting Firm

To the Board of Directors of iShares, Inc. and

Shareholders of iShares MSCI Hong Kong ETF, iShares MSCI Japan Small-Cap ETF,

iShares MSCI Malaysia ETF, iShares MSCI Pacific ex Japan ETF, iShares MSCI Singapore ETF,

iShares MSCI Taiwan ETF and iShares MSCI Thailand ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares MSCI Hong Kong ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Malaysia ETF, iShares MSCI Pacific ex Japan ETF, iShares MSCI Singapore ETF, iShares MSCI Taiwan ETF and iShares MSCI Thailand ETF (seven of the funds constituting iShares, Inc., hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2020 and each of the financial highlights for each of the five years in the period ended August 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2020

We have served as the auditor of one or more BlackRock investment companies since 2000.


R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M		74


Important Tax Information (unaudited)

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2020:


iShares ETF	Qualified Dividend Income
MSCI Hong Kong	$	246,173
MSCI Japan Small-Cap		1,618,773
MSCI Pacific ex Japan		44,851,198
MSCI Thailand		13,035,193

For the fiscal year ended August 31, 2020, the Funds earned foreign source income and paid foreign taxes which they intend to pass through to their shareholders:


iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
MSCI Hong Kong	$	44,170,665	$	—
MSCI Japan Small-Cap		2,046,393		218,322
MSCI Malaysia		12,778,105		—
MSCI Pacific ex Japan		70,947,428		1,059,549
MSCI Singapore		20,231,046		207,434
MSCI Taiwan		138,537,321		28,831,323
MSCI Thailand		13,424,881		1,086,233


75		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract

iShares MSCI Hong Kong ETF (the “Fund”)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		76

Board Review and Approval of Investment Advisory Contract (continued)

funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

iShares MSCI Japan Small-Cap ETF (the “Fund”)


77		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		78

Board Review and Approval of Investment Advisory Contract (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

iShares MSCI Malaysia ETF, iShares MSCI Taiwan ETF, iShares MSCI Thailand ETF (each the “Fund”)


79		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		80

Board Review and Approval of Investment Advisory Contract (continued)

iShares MSCI Pacific ex Japan ETF (the “Fund”)


81		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Contract are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were within range of the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		82

Board Review and Approval of Investment Advisory Contract (continued)

relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

iShares MSCI Singapore ETF (the “Fund”)


83		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Contract are discussed below.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		84

Board Review and Approval of Investment Advisory Contract (continued)

provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.


85		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Supplemental Information (unaudited)

Section 19(a) Notices

August 31, 2020


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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 Hong Kong^(a)	$	0.618624	$	—	$	0.000577	$	0.619201		100	%		—	%		0	%^(b)		100	%
MSCI Japan Small-Cap^(a)		2.241636		—		0.583921		2.825557		79			—			21			100
MSCI Pacific ex Japan^(a)		1.479747		—		0.020008		1.499755		99			—			1			100
MSCI Singapore^(a)		0.540497		—		0.360920		0.901417		60			—			40			100
MSCI Taiwan^(a)		0.957024		—		0.066466		1.023490		94			—			6			100

^(a)

^(b)

Rounds to less than 1%.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Company has registered the iShares MSCI Hong Kong ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Malaysia ETF, iShares MSCI Taiwan ETF and iShares MSCI Thailand ETF (each a “Fund”, collectively the “Funds”) to be marketed to EU investors in the United Kingdom, the Netherlands, Finland, Sweden, and Luxembourg.

Report on Remuneration

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Funds.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the each Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.


S U P P L E M E N T A L I N F O R M A T I O N		86

Supplemental Information (unaudited) (continued)

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the each Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the iShares MSCI Hong Kong ETF in respect of the Company’s financial year ending December 31, 2019 was USD 145.24 thousand. This figure is comprised of fixed remuneration of USD 67.15 thousand and variable remuneration of USD 78.09 thousand. There were a total of 448 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the iShares MSCI Hong Kong ETF in respect of the Company’s financial year ending December 31, 2019, to its senior management was USD 18.52 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 2.18 thousand.

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the iShares MSCI Japan Small-Cap ETF in respect of the Company’s financial year ending December 31, 2019 was USD 8.02 thousand. This figure is comprised of fixed remuneration of USD 3.71 thousand and variable remuneration of USD 4.31 thousand. There were a total of 448 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the iShares MSCI Japan Small-Cap ETF in respect of the Company’s financial year ending December 31, 2019, to its senior management was USD 1.02 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 0.12 thousand.

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the iShares MSCI Malaysia ETF in respect of the Company’s financial year ending December 31, 2019 was USD 39.93 thousand. This figure is comprised of fixed remuneration of USD 18.46 thousand and variable remuneration of USD 21.47 thousand. There were a total of 448 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the iShares MSCI Malaysia ETF in respect of the Company’s financial year ending December 31, 2019, to its senior management was USD 5.09 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 0.6 thousand.

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the iShares MSCI Taiwan ETF in respect of the Company’s financial year ending December 31, 2019 was USD 305.74 thousand. This figure is comprised of fixed remuneration of USD 141.35 thousand and variable remuneration of USD 164.39 thousand. There were a total of 448 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the iShares MSCI Taiwan ETF in respect of the Company’s financial year ending December 31, 2019, to its senior management was USD 38.98 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 4.58 thousand.

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the iShares MSCI Thailand ETF in respect of the Company’s financial year ending December 31, 2019 was USD 41.77 thousand. This figure is comprised of fixed remuneration of USD 19.31 thousand and variable remuneration of USD 22.46 thousand. There were a total of 448 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the iShares MSCI Thailand ETF in respect of the Company’s financial year ending December 31, 2019, to its senior management was USD 5.33 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 0.63 thousand.


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Director and Officer Information

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 368 funds as of August 31, 2020. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., ParkAvenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Directors and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).


Interested Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director

Robert S. Kapito^(a) (63)	Director (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Trustee of iShares Trust (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji^(b⁾ (50)	Director (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Trustee of iShares Trust (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.
^(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.


Independent Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director

Cecilia H. Herbert (71)	Director (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Jane D. Carlin (64)	Director (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares Trust (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (65)	Director (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


D I R E C T O R A N D O F F I C E R I N F O R M A T I O N		88

Director and Officer Information (continued)


Independent Directors (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director

John E. Kerrigan (65)	Director (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

Drew E. Lawton (61)	Director (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

John E. Martinez (59)	Director (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).	Trustee of iShares Trust (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).

Madhav V. Rajan (56)	Director (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Trustee of iShares Trust (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).
Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years

Armando Senra (49)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Walker (46)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles Park (53)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Deepa Damre (45)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).

Scott Radell (51)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).

Alan Mason (59)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).

Marybeth Leithead (57)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


89		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

General Information

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Householding

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


G E N E R A L I N F O R M A T I O N		90

Glossary of Terms Used in this Report


Portfolio Abbreviations - Equity

ADR		American Depositary Receipt

NVDR		Non-Voting Depositary Receipt

NVS		Non-Voting Shares


91		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

iS-AR-803-0820

LOGO

AUGUST 31, 2020

2020 Annual Report

iShares, Inc.

iShares MSCI Brazil ETF | EWZ | NYSE Arca

iShares MSCI Chile ETF | ECH | Cboe BZX

iShares MSCI Colombia ETF | ICOL | NYSE Arca

iShares MSCI Israel ETF | EIS | NYSE Arca

iShares MSCI Russia ETF | ERUS | NYSE Arca

iShares MSCI South Africa ETF | EZA | NYSE Arca

iShares MSCI Turkey ETF | TUR | NASDAQ

iShares MSCI USA Equal Weighted ETF | EUSA | NYSE Arca

The Markets in Review

Dear Shareholder,

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of August 31, 2020

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	19.63%	21.94%

U.S. small cap equities (Russell 2000^® Index)	6.57	6.02

International equities (MSCI Europe, Australasia, Far East Index)	7.10	6.13

Emerging market equities (MSCI Emerging Markets Index)	11.23	14.49

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.34	1.26

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	4.67	8.93

U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	2.98	6.47

Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.29	3.15

U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	3.04	4.65

Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


	Page
The Markets in Review		2
Market Overview		4
Fund Summary		5
About Fund Performance		21
Shareholder Expenses		21
Schedules of Investments		22
Financial Statements
Statements of Assets and Liabilities		49
Statements of Operations		51
Statements of Changes in Net Assets		53
Financial Highlights		57
Notes to Financial Statements		65
Report of Independent Registered Public Accounting Firm		75
Important Tax Information (Unaudited)		76
Board Review and Approval of Investment Advisory Contract		77
Supplemental Information		85
Director and Officer Information		87
General Information		89
Glossary of Terms Used in this Report		90

Market Overview

iShares, Inc.

Global Market Overview


M A R K E T O V E R V I E W		4


Fund Summary as of August 31, 2020		iShares^® MSCI Brazil ETF

Investment Objective

The iShares MSCI Brazil ETF (the “Fund”) seeks to track the investment results of an index composed of Brazilian equities, as represented by the MSCI Brazil 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(25.63	)%		6.24	%		(5.27	)%		(25.63	)%		35.32	%		(41.81	)%
Fund Market		(25.25	)		6.23			(5.18	)		(25.25	)		35.29			(41.23	)
Index		(24.99	)		7.01			(4.68	)		(24.99	)		40.34			(38.05	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

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

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 787.20	$ 2.65			$ 1,000.00	$ 1,022.20	$ 3.00		0.59	%

^(a)


5		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Brazil ETF

Portfolio Management Commentary

Brazilian equities declined sharply during the reporting period as the coronavirus pandemic drove Brazil into a deep recession. The country’s deficit continued to rise amid concerns surrounding the government’s limited resources to support the economy, partly due to the strains of previous downturns. The Brazilian real’s significant depreciation relative to the U.S. dollar amid declining interest rates and weakening growth prospects, along with growing capital outflows from foreign investors, pressured stock prices.

The financials sector was the largest detractor from the Index’s return, driven by the banking industry. Bank profits dropped sharply, as declining economic activity led to lower income from interest, fees, and insurance. Deteriorating demand for consumer loans and credit cards also worked against bank stocks. Loan loss provisions rose sharply, weighing on both earnings and expectations for future growth, amid concerns that defaults could rise dramatically when the government’s loan forbearance program ends.

The consumer staples sector also weighed on the Index’s performance. The food, beverage, and tobacco industry declined, as temporary closures of restaurants, bars, and other businesses reduced demand for alcoholic beverages. Despite efforts to build up additional sales channels and recovering sales late in the reporting period, profit margins remained under pressure. Food processors declined amid coronavirus outbreaks in meat plants, higher costs to protect employees, falling prices, and slowing sales, particularly from exports.

The energy sector also weighed on the Index’s return, with the integrated oil and gas industry driving detraction. A steep drop in oil demand precipitated by the pandemic along with increased competition from suppliers in Saudi Arabia and Russia, drove oil prices sharply lower. Despite rebounding demand from China late in the reporting period, producers posted large losses.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Financials	27.2	%

Materials	17.7

Consumer Discretionary	12.1

Energy	12.0

Consumer Staples	10.6

Industrials	8.2

Utilities	6.2

Health Care	2.8

Communication Services	2.3

Other (each representing less than 1%)	0.9

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Vale SA	12.3	%

B3 SA - Brasil, Bolsa, Balcao	6.5

Itau Unibanco Holding SA (Preferred)	6.3

Petroleo Brasileiro SA (Preferred)	5.6

Banco Bradesco SA (Preferred)	5.0

Petroleo Brasileiro SA	4.5

Magazine Luiza SA	4.1

WEG SA	3.3

Ambev SA	3.2

Natura & Co. Holding SA	2.3

^(a)

Excludes money market funds.


F U N D S U M M A R Y		6


Fund Summary as of August 31, 2020		iShares^® MSCI Chile ETF

Investment Objective

The iShares MSCI Chile ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Chilean equities, as represented by the MSCI Chile IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(27.72	)%		(4.18	)%		(7.71	)%		(27.72	)%		(19.23	)%		(55.17	)%
Fund Market		(27.45	)		(4.32	)		(7.75	)		(27.45	)		(19.82	)		(55.38	)
Index		(27.60	)		(4.08	)		(7.32	)		(27.60	)		(18.78	)		(53.26	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

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

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 965.50	$ 2.91			$ 1,000.00	$ 1,022.20	$ 3.00		0.59	%

^(a)


7		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Chile ETF

Portfolio Management Commentary

Stocks in Chile declined sharply for the reporting period amid a global recession driven by the coronavirus pandemic. Economic activity, already slowing at the end of 2019 due to demonstrations that disrupted businesses and tourism, diminished substantially following pandemic-related closures, leading to a steep economic contraction for the second quarter of 2020. Domestic demand and household consumption declined, and the price of copper, Chile’s main export, dropped sharply as global industrial activity halted. In this environment, the Chilean peso weakened significantly relative to the U.S. dollar, further limiting returns for U.S.-based investors.

The financials sector detracted the most from the Index’s return, led by banks. Higher provisions for loan defaults along with sharply lower mortgage and consumer lending constrained banks’ profits. Multiple interest rate reductions by the central bank to mitigate the effects of the pandemic also worked against the banking industry. The Chilean peso’s weakness weighed on banks with exposure abroad, as servicing loans denominated in U.S. dollars became costlier. Dividend reductions and lowered analyst expectations also pressured banks.

The utilities sector was another detractor from performance. Lower demand for electricity during business closures reduced revenues. Canceled rate increases and payment deferrals also weighed on utilities providers.

The consumer discretionary sector also declined, driven by the retail industry. The temporary closures of brick-and-mortar stores led to sharply reduced revenues, especially for home improvement and department stores. The industrials sector further weighed on the Index’s performance. Movement restrictions sharply curtailed the demand for travel, leading to steep losses for the airline industry. Latin America’s largest air carrier announced mass layoffs and sought bankruptcy protection.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Utilities	28.8	%

Financials	21.9

Materials	15.4

Consumer Staples	12.5

Energy	7.2

Consumer Discretionary	6.2

Real Estate	3.1

Communication Services	2.6

Information Technology	1.3

Industrials	1.0

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Enel Americas SA	12.8	%

Banco de Chile	9.7

Sociedad Quimica y Minera de Chile SA (Preferred), Class B	9.0

Empresas COPEC SA	7.2

Enel Chile SA	5.5

Empresas CMPC SA	4.5

Banco de Credito e Inversiones SA	4.4

Banco Santander Chile	4.4

Falabella SA	4.4

Cencosud SA	4.1

^(a)

Excludes money market funds.


F U N D S U M M A R Y		8


Fund Summary as of August 31, 2020		iShares^® MSCI Colombia ETF

Investment Objective

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

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		(26.40	)%		(3.68	)%		(11.62	)%		(26.40	)%		(17.10	)%		(58.92	)%

Fund Market		(26.20	)		(3.86	)		(11.63	)		(26.20	)		(17.85	)		(58.99	)

Index		(26.09	)		(3.52	)		(11.34	)		(26.09	)		(16.39	)		(57.95	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 6/18/13. The first day of secondary market trading was 6/20/13.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 752.80	$ 2.69			$ 1,000.00	$ 1,022.10	$ 3.10		0.61	%

^(a)


9		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Colombia ETF

Portfolio Management Commentary

Stocks in Colombia declined sharply for the reporting period amid a steep economic contraction driven by the coronavirus pandemic. The economy expanded in 2019 due to strong private consumption and investment. Stringent government restrictions to contain the spread of the virus led to closed businesses and sharply higher unemployment. Revenue from oil, Colombia’s largest export, diminished amid stark decreases in prices and demand as global industrial activity halted. Declining oil prices along with massive government stimulus, which drove a widening budget deficit, led the Colombian peso to weaken significantly relative to the U.S. dollar, further limiting returns for U.S.-based investors.

The financials sector detracted the most from the Index’s return, led by banks. Despite injections of liquidity from the government and the central bank, the banking industry posted substantial losses. Unemployment and business closures led to increased anticipation of sizable loan defaults, especially on mortgages and consumer debt. Expectations of lower loan income following the central bank’s interest rate reductions also weighed on the banking industry. A decline in transaction volumes and fees from credit cards amid a drop in consumer spending, along with the weak Colombian peso, further pressured banks’ income.

The energy and materials sectors also worked against the Index’s performance. Despite a moderate rebound near the end the reporting period, oil price weakness challenged the energy sector. Business closures and travel restrictions starkly reduced economic activity. The subsequent decline in demand drove oil prices to a 21-year low, weighing heavily on the oil, gas, and consumable fuels industry. Within materials, lower sales and profits in the construction materials industry pressured performance. Both domestic and foreign construction activity slowed, reducing expectations of demand for inputs, such as cement.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Financials	39.0	%

Energy	29.9

Utilities	14.3

Materials	10.7

Consumer Staples	4.7

Industrials	1.4

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Ecopetrol SA	21.6	%

Bancolombia SA (Preferred)	14.8

Bancolombia SA	8.2

Banco Davivienda SA (Preferred)	4.7

Grupo Nutresa SA	4.7

Grupo Energia Bogota SA ESP	4.5

Interconexion Electrica SA ESP	4.5

Enel Americas SA	4.3

Canacol Energy Ltd.	4.3

Empresas COPEC SA	4.1

^(a)

Excludes money market funds.


F U N D S U M M A R Y		10


Fund Summary as of August 31, 2020		iShares^® MSCI Israel ETF

Investment Objective

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

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		8.53	%		4.03	%		3.49	%		8.53	%		21.82	%		40.91	%

Fund Market		8.34			4.00			3.45			8.34			21.67			40.32

Index		9.03			4.49			3.83			9.03			24.53			45.58

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,025.00	$ 3.05			$ 1,000.00	$ 1,022.10	$ 3.05		0.60	%

^(a)


11		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Israel ETF

Portfolio Management Commentary

Israeli stocks advanced despite the deep recession driven by the coronavirus pandemic. Economic growth was already weakening in 2019 due to declining exports and tepid investment growth. Coronavirus-related closures in early 2020 reduced economic activity, and Israel experienced an abrupt contraction in the second quarter. Amid sharply rising unemployment, consumer spending and imports decreased. Following steep declines in the first quarter of 2020, Israeli equities rebounded in the second quarter, bolstered by the lifting of stay-at-home orders and optimism about potential vaccines.

The information technology sector contributed the most to the Index’s return, driven almost exclusively by the software and services industry. The shift to working remotely led to sharply higher demand for cloud computing along with growth in premium subscriptions and business services used for e-commerce, driving strong revenue gains. The increase in telecommuting also led to a rise in sophisticated cyberattacks, supporting demand for cybersecurity software.

The healthcare sector also contributed meaningfully to the Index’s performance. The pharmaceuticals industry advanced, as sales of respiratory products to treat complications of COVID-19 rose, and consumers stocked up on medications. Rising international sales of generic and over-the-counter drugs also supported gains. Strength in the capital goods industry drove the industrials sector’s contribution. Rebounding businesses activity bolstered investor sentiment about demand growth for services such as printing solutions, which benefited the machinery industry.

On the downside, the financials and real estate sectors detracted from the Index’s return. Banks’ profits declined as rising loan loss provisions amid high unemployment reduced expectations of consumers’ ability to repay debts. The real estate industry also limited gains as tenants in commercial properties such as shopping malls received reprieves on rent payments during temporary store closures.

Portfolio Information

ALLOCATION BY SECTOR



Sector		Percent of Total Investments^(a)

Information Technology		41.5%

Financials		19.2

Real Estate		9.3

Health Care		9.0

Industrials		8.4

Communication Services		3.1

Consumer Staples		2.6

Materials		2.3

Utilities		1.7

Consumer Discretionary		1.5

Energy		1.4

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

Wix.com Ltd.		10.6%

Check Point Software Technologies Ltd.		10.5

Nice Ltd.		10.4

Teva Pharmaceutical Industries Ltd.		7.9

Bank Leumi Le-Israel BM		5.5

Bank Hapoalim BM		4.5

CyberArk Software Ltd.		3.1

Israel Discount Bank Ltd., Class A		3.1

Elbit Systems Ltd.		2.7

Mizrahi Tefahot Bank Ltd.		2.4

^(a)

Excludes money market funds.


F U N D S U M M A R Y		12


Fund Summary as of August 31, 2020		iShares^® MSCI Russia ETF

Investment Objective

The iShares MSCI Russia ETF (the “Fund”) seeks to track the investment results of an index composed of Russian equities, as represented by the MSCI Russia 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		(1.28	)%		11.83	%		(0.01	)%		(1.28	)%		74.87	%		(0.14	)%

Fund Market		(0.16	)		11.10			0.03			(0.16	)		69.30			0.28

Index		(0.80	)		12.55			0.57			(0.80	)		80.59			5.78

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 11/9/10. The first day of secondary market trading was 11/10/10.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 982.40	$ 2.94			$ 1,000.00	$ 1,022.20	$ 3.00		0.59	%

^(a)


13		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Russia ETF

Portfolio Management Commentary

Russian equities declined modestly during the reporting period. Stocks advanced in 2019, as global investors sought the strong yields of state-run companies amid easing interest rates and signs of economic growth and stability. Russian stocks declined in 2020, as pandemic-related restrictions drove an economic contraction and increasing unemployment. A dramatic drop in prices for oil, the country’s key export, also weighed on the economy and helped weaken the Russian ruble relative to the U.S. dollar.

The energy sector detracted the most from the Index’s return. Profits in the oil, gas, and consumable fuels industry declined, as a steep drop in oil demand precipitated by the pandemic along with increased competition with Saudi Arabia drove oil prices sharply lower. Natural gas prices and volumes also declined. Reduced capital spending plans and canceled or delayed new projects weighed on the oil and gas exploration and production industry.

The financials sector also constrained the Index’s performance due primarily to weakness in state-owned bank stocks. Low interest rates and fewer new loans along with rising loan-loss provisioning costs amid economic deterioration reduced bank profits.

On the upside, the materials sector bolstered the Index’s return. Gold mining stocks advanced sharply, as economic uncertainty raised the metal’s price to record levels. High prices and continuing sales growth drove strong earnings for gold producers. The diversified metals and mining industry advanced, as stricter emissions requirements fueled strong demand for palladium, which is used in catalytic converters, while ongoing supply constraints boosted the metal’s price.

The consumer staples and communication services sectors were modest contributors. Food retailers advanced amid increasing sales during the pandemic, while the wireless telecommunication services industry benefited from resilient demand for banking and core services.

Portfolio Information

ALLOCATION BY SECTOR



Sector		Percent of Total Investments^(a)

Energy		44.7%

Materials		22.2

Financials		16.4

Communication Services		8.3

Consumer Staples		6.4

Utilities		2.0

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

Gazprom PJSC		14.5%

LUKOIL PJSC		13.9

Sberbank of Russia PJSC		13.5

Yandex NV, Class A		5.4

Polyus PJSC		4.8

Novatek PJSC		4.6

MMC Norilsk Nickel PJSC		4.5

Tatneft PJSC		4.4

Polymetal International PLC		3.9

Magnit PJSC		3.3

^(a)

Excludes money market funds.


F U N D S U M M A R Y		14


Fund Summary as of August 31, 2020		iShares^® MSCI South Africa ETF

Investment Objective

The iShares MSCI South Africa ETF (the “Fund”) seeks to track the investment results of an index composed of South African equities, as represented by the MSCI South Africa 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(13.09	)%		(3.60	)%		(0.65	)%		(13.09	)%		(16.77	)%		(6.29	)%

Fund Market		(13.10	)		(3.64	)		(0.61	)		(13.10	)		(16.91	)		(5.89	)

Index		(12.66	)		(3.07	)		(0.05	)		(12.66	)		(14.42	)		(0.54	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Index performance through August 31, 2017 reflects the performance of the MSCI South Africa Index. Index performance beginning on September 1, 2017 reflects the performance of the MSCI South Africa 25/50 Index.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 974.90	$ 2.93			$ 1,000.00	$ 1,022.20	$ 3.00		0.59	%

^(a)


15		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI South Africa ETF

Portfolio Management Commentary

South African stocks declined during the reporting period as pandemic-related restrictions compounded existing economic challenges. Already in the midst of its second recession in two years, the economy was further stifled by a strict shutdown, power supply disruptions, and softening global export markets. As the country’s unemployment rate increased to a historic high of 30.1%, officials passed a relief package worth 500 billion South African rand to help offset a projected 7.2% decline in economic activity for 2020. Separately, the South African Reserve Bank reduced its key interest rate to an all-time low of 3.5%. The country’s economic malaise drove the South African rand lower against the U.S. dollar, which also detracted from performance for U.S. investors.

The financials sector detracted significantly from the Index’s return, especially among banks. As the economic contraction hindered borrowers’ ability to repay loans, concerns arose about loan defaults. Low interest rates and decreasing fee revenue further pressured banks’ profit outlook. Diversified financials firms declined amid reduced business financing activity and rising insurance claim volumes.

The communication services sector weighed on performance, as a leading wireless telecommunication services company reported that device sales, prepaid service volumes, and roaming activity decreased amid the weak economy. The real estate sector also detracted, as commercial real estate firms declined due to reduced rent revenues from office, retail, industrial, and warehouse leases.

On the upside, the materials sector contributed to the Index’s return. Metals and mining companies advanced as gold prices reached all-time highs, silver prices rose to seven-year highs, and prices increased significantly for other precious metals such as palladium and rhodium.

Portfolio Information

ALLOCATION BY SECTOR



Sector		Percent of Total Investments^(a)

Consumer Discretionary		26.6%

Materials		26.4

Financials		24.4

Consumer Staples		8.4

Communication Services		6.8

Health Care		2.6

Real Estate		2.3

Industrials		1.3

Energy		1.2

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

Naspers Ltd., Class N		24.0%

AngloGold Ashanti Ltd.		5.6

Gold Fields Ltd.		5.4

FirstRand Ltd.		5.0

Standard Bank Group Ltd.		3.9

Impala Platinum Holdings Ltd.		3.5

Sibanye Stillwater Ltd.		3.3

MTN Group Ltd.		3.0

Sanlam Ltd.		2.8

Bid Corp. Ltd.		2.8

^(a)

Excludes money market funds.


F U N D S U M M A R Y		16


Fund Summary as of August 31, 2020		iShares^® MSCI Turkey ETF

Investment Objective

The iShares MSCITurkey ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Turkish equities, as represented by the MSCI Turkey IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(15.48	)%		(9.87	)%		(8.41	)%		(15.48	)%		(40.51	)%		(58.48	)%

Fund Market		(15.82	)		(9.87	)		(8.38	)		(15.82	)		(40.54	)		(58.32	)

Index		(15.47	)		(9.69	)		(8.11	)		(15.47	)		(39.94	)		(57.07	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

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

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 847.80	$ 2.79			$ 1,000.00	$ 1,022.10	$ 3.05		0.60	%

^(a)


17		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Turkey ETF

Portfolio Management Commentary

Stocks in Turkey declined significantly during the reporting period, as the coronavirus pandemic intensified a significant depreciation of the Turkish lira relative to the U.S. dollar. Strong growth of the money supply, extensive use of foreign exchange reserves, and interest rates well below inflation weighed on the Turkish lira. Furthermore, the credit rating outlook on the nation’s debt turned negative during the reporting period, partly due to a significant trade deficit. A weaker Turkish lira also put pressure on Turkish companies, which have substantial debts denominated in foreign currencies. Turkey’s economy contracted sharply in the second quarter of 2020, as pandemic-related restrictions closed businesses and reduced travel.

The financials sector detracted the most from the Index’s return. Concerns that economic disruption would lower lending volumes, hinder borrowers’ repayment abilities, and drive profits lower led to a negative credit rating outlook for banks. Nonperforming loans to construction and energy companies also continued to weigh on the banking industry. Furthermore, customers significantly increased foreign currency cash withdrawals from banks. Delayed loan repayments by travel and hospitality companies, which were disproportionately impacted by the pandemic, also weighed on banks’ revenues.

The industrials sector also detracted notably from the Index’s return, as airlines reported significantly lower revenue amid a substantial drop in passengers, which also weighed on airport operators. Furthermore, declines in exports pressured the capital goods industry.

The energy sector faltered as weakening energy demand led to production suspensions. The narrowing difference in prices between refined petroleum products and crude oil further reduced profits in the oil, gas, and consumable fuels industry.

On the upside, the materials sector contributed modestly to the Index’s return. The steel industry benefited from the combination of lower coal prices and higher iron ore prices.

Portfolio Information

ALLOCATION BY SECTOR



Sector		Percent of Total Investments^(a)

Financials		23.8%

Consumer Staples		23.5

Industrials		18.9

Materials		14.0

Consumer Discretionary		5.8

Energy		4.7

Communication Services		4.4

Real Estate		1.8

Utilities		1.6

Health Care		1.5

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

BIM Birlesik Magazalar AS		14.4%

Turkiye Garanti Bankasi AS		7.3

Akbank T.A.S		7.1

KOC Holding AS		5.3

Tupras Turkiye Petrol Rafinerileri AS		4.7

Eregli Demir ve Celik Fabrikalari TAS		4.7

Turkcell Iletisim Hizmetleri AS		4.4

Aselsan Elektronik Sanayi Ve Ticaret AS		4.3

Haci Omer Sabanci Holding AS		3.3

Ford Otomotiv Sanayi AS		3.2

^(a)

Excludes money market funds.


F U N D S U M M A R Y		18


Fund Summary as of August 31, 2020		iShares^® MSCI USA Equal Weighted ETF

Investment Objective

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

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		10.18	%		10.09	%		12.92	%		10.18	%		61.72	%		237.05	%

Fund Market		10.33			10.11			12.93			10.33			61.89			237.46

Index		10.28			10.24			13.09			10.28			62.83			242.15

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Index performance through August 31, 2015 reflects the performance of the MSCI USA Index. Index performance beginning on September 1, 2015 reflects the performance of the MSCI USA Equal Weighted Index.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,101.30	$ 0.79			$ 1,000.00	$ 1,024.40	$ 0.76		0.15	%

^(a)


19		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI USA Equal Weighted ETF

Portfolio Management Commentary

U.S. equal weighted stocks posted a strong return for the reporting period, despite the onset of a recession driven by the coronavirus pandemic. The information technology sector contributed the most to the Index’s return, advancing strongly as social distancing requirements drove sharply higher use of technology products and services by people staying at home. Software companies that create products that facilitate remote working, such as digital document signatures and video conferencing, were a source of strength. Semiconductor companies also advanced amid high demand for chips to support expanding use of data centers and video gaming, both areas that grew after government-mandated coronavirus restrictions.

The healthcare sector was also a key contributor, benefiting from solid earnings growth in the biotechnology industry. Strong demand for drugs to treat eczema and cancer, along with optimism about potential coronavirus treatments, drove the industry’s gains. Healthcare equipment manufacturers advanced amid strong demand for new continuous blood glucose monitors, which continue to replace more invasive products requiring blood draws. Sales strengthened further as physicians sought tools for remote consultations with diabetic patients, who are at higher risk for complications from COVID-19.

The industrials sector contribution was driven by industrial machinery stocks, which gained amid a recovery in manufacturing as business confidence improved after reaching an all-time low in April 2020. Rising manufacturing output led industrial production higher late in the reporting period, although it remained below pre-pandemic levels. Consumer spending on goods, boosted by stimulus payments, also improved, which helped drive gains in the consumer discretionary sector. Internet and direct marketing retailers gained notably, as consumers increased online shopping. On the downside, the energy sector detracted from the Index’s performance, negatively affected by volatile prices and reduced demand for oil and natural gas.

Portfolio Information

ALLOCATION BY SECTOR



Sector		Percent of Total Investments^(a)

Information Technology		17.8%

Financials		14.6

Industrials		13.2

Health Care		12.8

Consumer Discretionary		9.9

Real Estate		6.4

Communication Services		5.8

Consumer Staples		5.7

Utilities		5.3

Materials		5.2

Energy		3.3

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

salesforce.com Inc.		0.2%

Tesla Inc.		0.2

Workday Inc., Class A		0.2

Zoom Video Communications Inc., Class A		0.2

Roku Inc.		0.2

Aramark		0.2

Marvell Technology Group Ltd.		0.2

Crowdstrike Holdings Inc., Class A		0.2

Slack Technologies Inc., Class A		0.2

Uber Technologies Inc.		0.2

^(a)

Excludes money market funds.


F U N D S U M M A R Y		20

About Fund Performance

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

Shareholder Expenses


21		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

August 31, 2020

iShares^® MSCI Brazil ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 3.7%
Banco Bradesco SA		17,119,222	$	59,384,749
Banco do Brasil SA		15,877,287		94,495,601
Banco Santander Brasil SA		8,225,075		42,400,540

				196,280,890

Beverages — 3.2%
Ambev SA		74,558,655		167,304,734


Capital Markets — 7.1%
B3 SA - Brasil, Bolsa, Balcao		32,118,877		344,262,558
Banco BTG Pactual SA		2,117,400		31,005,075

				375,267,633

Containers & Packaging — 1.2%
Klabin SA		13,568,500		63,564,857


Diversified Consumer Services — 0.7%
Cogna Educacao		34,737,019		36,092,712


Electric Utilities — 2.6%
Centrais Eletricas Brasileiras SA		6,030,096		39,032,558
CPFL Energia SA		2,568,500		13,456,077
Energisa SA		1,953,100		15,469,147
Equatorial Energia SA		17,197,800		72,729,900

				140,687,682

Electrical Equipment — 3.3%
WEG SA		14,864,181		175,089,480


Food & Staples Retailing — 2.8%
Atacadao SA		9,037,100		32,205,346
Cia Brasileira de Distribuicao		3,303,864		38,248,674
Raia Drogasil SA		4,083,500		80,242,312

				150,696,332

Food Products — 2.3%
BRF SA^(a)		11,272,850		40,255,041
JBS SA		20,404,107		83,462,725

				123,717,766

Health Care Providers & Services — 2.0%
Hapvida Participacoes e Investimentos SA^(b)		1,806,700		21,317,868
Notre Dame Intermedica Participacoes SA		6,381,500		86,197,187

				107,515,055

Independent Power and Renewable Electricity Producers — 0.7%
Engie Brasil Energia SA		4,573,543		35,540,228


Insurance — 2.9%
BB Seguridade Participacoes SA		13,368,695		64,285,929
IRB Brasil Resseguros S/A		13,804,000		17,940,998
IRB Brasil Resseguros S/A^(a)		5,000,528		6,307,744
Porto Seguro SA		2,527,320		24,352,273
Sul America SA		5,245,449		41,287,389

				154,174,333

Internet & Direct Marketing Retail — 1.6%
B2W Cia. Digital^(a)		4,202,188		85,860,707


IT Services — 0.4%
Cielo SA		26,473,696		22,005,515


Metals & Mining — 13.0%
Cia. Siderurgica Nacional SA		13,713,969		38,022,834
Vale SA		59,738,632		649,884,533

				687,907,367


Security	Shares		Value

Multiline Retail — 6.3%
Lojas Renner SA		14,642,209	$	116,024,139
Magazine Luiza SA		12,839,100		218,170,383

				334,194,522

Oil, Gas & Consumable Fuels — 6.4%
Cosan SA		3,266,450		49,569,253
Petroleo Brasileiro SA		58,486,469		237,958,765
Ultrapar Participacoes SA		14,736,510		52,220,739

				339,748,757

Paper & Forest Products — 1.7%
Suzano SA^(a)		10,152,030		92,898,504


Personal Products — 2.2%
Natura & Co. Holding SA		13,185,760		118,592,282


Pharmaceuticals — 0.8%
Hypera SA		7,537,600		43,486,947


Real Estate Management & Development — 0.5%
Multiplan Empreendimentos Imobiliarios SA		6,582,738		24,982,702


Road & Rail — 3.8%
Localiza Rent a Car SA		11,230,237		98,732,082
Rumo SA^(a)		24,500,890		100,935,146

				199,667,228

Specialty Retail — 1.5%
Petrobras Distribuidora SA		7,728,300		30,062,874
Via Varejo SA^(a)		13,945,900		52,113,774

				82,176,648

Transportation Infrastructure — 1.1%
CCR SA		24,115,565		58,597,583


Water Utilities — 1.1%
Cia. de Saneamento Basico do Estado de Sao Paulo		6,710,000		58,404,728


Wireless Telecommunication Services — 0.9%
TIM Participacoes SA		17,718,525		46,251,167


Total Common Stocks — 73.8% (Cost: $3,185,359,512)				3,920,706,359


Preferred Stocks

Banks — 13.4%
Banco Bradesco SA, Preference Shares, NVS		70,098,260		265,013,564
Itau Unibanco Holding SA, Preference Shares, NVS		78,004,847		334,861,034
Itausa SA, Preference Shares, NVS		64,255,527		110,452,181

				710,326,779

Chemicals — 0.3%
Braskem SA, Class A, Preference Shares, NVS		3,980,756		15,448,750


Diversified Telecommunication Services — 1.4%
Telefonica Brasil SA, Preference Shares, NVS		8,555,764		74,610,866


Electric Utilities — 1.7%
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		5,767,846		37,734,555
Cia. Energetica de Minas Gerais, Preference Shares, NVS		20,246,442		38,862,362
Cia. Paranaense de Energia, Preference Shares, NVS		1,270,100		14,303,355

				90,900,272

Metals & Mining — 1.4%
Gerdau SA, Preference Shares, NVS		20,837,926		72,512,442


S C H E D U L E O F I N V E S T M E N T S		22

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Brazil ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Multiline Retail — 1.8%
Lojas Americanas SA, Preference Shares, NVS		16,805,717	$	98,857,159


Oil, Gas & Consumable Fuels — 5.5%
Petroleo Brasileiro SA, Preference Shares, NVS		73,572,083		293,569,496


Total Preferred Stocks — 25.5% (Cost: $1,356,065,915)				1,356,225,764


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(c)(d)		7,890,000		7,890,000


Total Short-Term Investments — 0.2% (Cost: $7,890,000)				7,890,000


Total Investments in Securities — 99.5% (Cost: $4,549,315,427)				5,284,822,123

Other Assets, Less Liabilities — 0.5%				27,545,209


Net Assets — 100.0%			$	5,312,367,332

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

Affiliates



Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	5,634,000	$	2,256,000	^(a)	$	—	$	—	$	—	$	7,890,000		7,890,000	$	193,719	$	—

^(a)

Represents net amount purchased (sold).

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

MSCI Brazil Index

799

09/18/20

$32,237

(1,358,198

)

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	1,358,198

^(a)


23		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Brazil ETF

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(26,690,109	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,870,151	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	51,121,741

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

Fair Value Measurements




	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	3,920,706,359		$	—	$	—	$	3,920,706,359
Preferred Stocks		1,356,225,764			—		—		1,356,225,764
Money Market Funds		7,890,000			—		—		7,890,000

	$	5,284,822,123		$	—	$	—	$	5,284,822,123

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(1,358,198	)	$	—	$	—	$	(1,358,198	)

^(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		24

Schedule of Investments

August 31, 2020

iShares^® MSCI Chile ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 21.0%
Banco de Chile		508,970,540	$	42,649,916
Banco de Credito e Inversiones SA		621,936		19,646,753
Banco Santander Chile		509,572,768		19,645,197
Grupo Security SA		20,370,859		4,018,646
Itau CorpBanca Chile SA		2,224,905,365		6,798,904

				92,759,416

Beverages — 4.7%
Cia. Cervecerias Unidas SA		1,860,757		12,262,613
Vina Concha y Toro SA		4,995,061		8,688,239

				20,950,852

Diversified Financial Services — 1.0%
Inversiones La Construccion SA		642,462		4,183,289


Electric Utilities — 20.4%
Enel Americas SA		390,565,025		56,335,997
Enel Chile SA		316,935,254		24,437,160
Engie Energia Chile SA		6,918,502		9,366,566

				90,139,723

Food & Staples Retailing — 5.5%
Cencosud SA		12,147,369		18,011,881
SMU SA		38,278,007		6,416,108

				24,427,989

Independent Power and Renewable Electricity Producers — 4.9%
AES Gener SA		41,566,040		6,779,128
Colbun SA		96,320,836		14,903,233

				21,682,361

IT Services — 1.3%
SONDA SA		7,336,189		5,675,078


Marine — 0.9%
Cia. Sud Americana de Vapores SA^(a)		148,764,288		4,047,251


Metals & Mining — 1.9%
CAP SA^(a)		931,515		8,287,393


Multiline Retail — 5.6%
Falabella SA		6,202,303		19,592,870
Ripley Corp. SA		13,470,486		4,950,022

				24,542,892

Oil, Gas & Consumable Fuels — 7.2%
Empresas COPEC SA		4,322,299		31,772,021


Paper & Forest Products — 4.5%
Empresas CMPC SA		9,575,059		19,938,523


Real Estate Management & Development — 3.1%
Cencosud Shopping SA		1,375,522		2,059,284
Parque Arauco SA		7,453,696		11,580,777

				13,640,061


Security	Shares		Value

Textiles, Apparel & Luxury Goods — 0.6%
Forus SA		2,173,070	$	2,787,891


Water Utilities — 3.6%
Aguas Andinas SA, Class A		33,580,336		10,088,346
Inversiones Aguas Metropolitanas SA		6,886,365		5,589,217

				15,677,563

Wireless Telecommunication Services — 2.6%
Empresa Nacional de Telecomunicaciones SA		1,905,424		11,562,705


Total Common Stocks — 88.8% (Cost: $423,525,982)				392,075,008


Preferred Stocks

Beverages — 2.2%
Embotelladora Andina SA, Class B, Preference Shares .		4,621,120		9,867,033


Chemicals — 9.0%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		1,265,765		39,663,585


Total Preferred Stocks — 11.2% (Cost: $40,485,713)				49,530,618


Rights

Marine — 0.1%
Cia Sud Americana de Vapores SA, (Expires 09/25/20)^(a)		57,486,147		222,512


Total Rights — 0.1% (Cost: $0)				222,512


Short-Term Investments

Money Market Funds — 0.5%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(b)(c)		2,080,000		2,080,000


Total Short-Term Investments — 0.5% (Cost: $2,080,000)				2,080,000


Total Investments in Securities — 100.6% (Cost: $466,091,695)				443,908,138

Other Assets, Less Liabilities — (0.6)%				(2,484,950	)


Net Assets — 100.0%			$	441,423,188

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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


25		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Chile ETF

Affiliates



Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	2,080,000	^(a)	$	—	$	—	$	—	$	2,080,000		2,080,000	$	8,488	$	—

^(a)

Represents net amount purchased (sold).

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

MSCI Emerging Markets E-Mini Index

09/18/20

385

15,781

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	15,781

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	645,231

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	15,781

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	1,247,019

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

Fair Value Measurements


S C H E D U L E O F I N V E S T M E N T S		26

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Chile ETF

Fair Value Measurements (continued)




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	392,075,008	$	—	$	—	$	392,075,008
Preferred Stocks		49,530,618		—		—		49,530,618
Rights		—		222,512		—		222,512
Money Market Funds		2,080,000		—		—		2,080,000

	$	443,685,626	$	222,512	$	—	$	443,908,138

Derivative financial instruments^(a)
Assets
Futures Contracts	$	15,781	$	—	$	—	$	15,781

^(a)

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

See notes to financial statements.


27		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

August 31, 2020

iShares^® MSCI Colombia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 8.7%
Banco de Bogota SA		3,196	$	58,807
Bancolombia SA		221,073		1,532,781
Grupo Aval Acciones y Valores SA		84,572		20,974

				1,612,562

Capital Markets — 2.4%
Bolsa de Valores de Colombia		159,975		456,464


Construction & Engineering — 1.4%
Construcciones El Condor SA		498,000		137,449
Constructora Conconcreto SA^(a)		1,256,766		121,320

				258,769

Construction Materials — 7.8%
Cementos Argos SA		134,584		179,446
CEMEX Latam Holdings SA^(a)		586,581		340,219
Grupo Argos SA		142,579		453,214
Tecnoglass Inc.		87,345		481,271

				1,454,150

Diversified Financial Services — 5.1%
Corp. Financiera Colombiana SA^(a)		28,878		208,693
Grupo de Inversiones Suramericana SA		133,009		744,854

				953,547

Electric Utilities — 9.6%
Celsia SA ESP		122,791		151,934
Enel Americas SA		5,526,039		797,089
Interconexion Electrica SA ESP		150,107		838,202

				1,787,225

Food Products — 4.7%
Grupo Nutresa SA		148,356		870,360


Gas Utilities — 4.7%
Grupo Energia Bogota SA ESP^(a)		1,282,843		841,549
Promigas SA ESP		13,910		26,003

				867,552

Metals & Mining — 2.2%
Mineros SA		403,464		414,225


Oil, Gas & Consumable Fuels — 30.0%
Canacol Energy Ltd.^(b)		294,804		796,431
Ecopetrol SA		6,890,437		4,024,037
Empresas COPEC SA		102,708		754,978

				5,575,446


Total Common Stocks — 76.6% (Cost: $13,675,045)				14,250,300


Security	Shares		Value

Preferred Stocks

Banks — 22.4%
Banco Davivienda SA, Preference Shares, NVS		112,663	$	870,664
Bancolombia SA, Preference Shares, NVS		387,127		2,758,424
Grupo Aval Acciones y Valores SA, Preference Shares, NVS		2,195,992		547,537

				4,176,625

Construction Materials — 0.7%
Cementos Argos SA, Preference Shares, NVS		23,544		23,419
Grupo Argos SA/Colombia, Preference Shares, NVS		42,195		99,018

				122,437

Diversified Financial Services — 0.4%
Grupo de Inversiones Suramericana SA, Preference Shares, NVS		14,976		71,885


Total Preferred Stocks — 23.5% (Cost: $4,448,888)				4,370,947


Short-Term Investments

Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(c)(d)(e)		56,029		56,085


Total Short-Term Investments — 0.3% (Cost: $56,091)				56,085


Total Investments in Securities — 100.4% (Cost: $18,180,024)				18,677,332

Other Assets, Less Liabilities — (0.4)%				(65,871	)


Net Assets — 100.0%			$	18,611,461

^(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		28

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Colombia ETF

Affiliates



Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—		$55,872	^(a)	$	—	$	219	$	(6	)	$	56,085		56,029	$	492	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares^(c)		—		0	^(a)		—		—		—			—		—		297			—

								$	219	$	(6	)	$	56,085			$	789		$	—

^(a)

Represents net amount purchased (sold).

^(b)

^(c)

As of period end, the entity is no longer held.

Fair Value Measurements




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	14,250,300	$	—	$	—	$	14,250,300
Preferred Stocks		4,370,947		—		—		4,370,947
Money Market Funds		56,085		—		—		56,085

	$	18,677,332	$	—	$	—	$	18,677,332

See notes to financial statements.


29		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

August 31, 2020

iShares^® MSCI Israel ETF

(Percentages shown are based on Net Assets)


Security	Shares			Value

Common Stocks

Aerospace & Defense — 2.7%
Elbit Systems Ltd.		21,198		$	2,864,979


Banks — 16.5%
Bank Hapoalim BM		773,781			4,695,668
Bank Leumi Le-Israel BM		1,114,310			5,718,246
FIBI Holdings Ltd.		3,098			81,523
First International Bank of Israel Ltd.		45,232			1,061,385
Israel Discount Bank Ltd., Class A		997,757			3,203,062
Mizrahi Tefahot Bank Ltd.		124,264			2,536,257

					17,296,141

Biotechnology — 0.2%
UroGen Pharma Ltd.^(a)(b)		9,174			230,176


Building Products — 0.3%
Caesarstone Ltd.		24,124			266,208


Chemicals — 2.3%
ICL Group Ltd.		560,768			2,089,652
Israel Corp. Ltd. (The)^(a)		2,407			286,966

					2,376,618

Communications Equipment — 1.6%
AudioCodes Ltd.		9,381			290,239
Gilat Satellite Networks Ltd.^(a)		15,289			82,700
Ituran Location and Control Ltd.^(b)		18,561			269,135
Radware Ltd.^(a)		41,719			1,081,356

					1,723,430

Construction & Engineering — 3.1%
Ashtrom Group Ltd.^(b)		14,948			201,938
Elco Ltd.		7,475			273,643
Electra Ltd./Israel		2,135			970,759
Shapir Engineering and Industry Ltd.^(a)		113,732			795,708
Shikun & Binui Ltd.^(a)		231,177			1,034,580

					3,276,628

Consumer Finance — 0.2%
Isracard Ltd.		69,040			192,407


Diversified Telecommunication Services — 2.1%
Bezeq The Israeli Telecommunication Corp. Ltd.^(a)		1,963,474			2,245,393


Equity Real Estate Investment Trusts (REITs) — 0.7%
REIT 1 Ltd.		179,313			722,227


Food & Staples Retailing — 1.4%
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		7,736			465,995
Shufersal Ltd.		120,119			946,115

					1,412,110

Food Products — 1.3%
Mehadrin Ltd.^(a)		0	^(c)		24
Strauss Group Ltd.		45,686			1,335,788

					1,335,812

Health Care Equipment & Supplies — 0.1%
Inmode Ltd.^(a)		4,157			131,486


Hotels, Restaurants & Leisure — 0.1%
Fattal Holdings 1998 Ltd.^(a)(b)		2,283			151,621


Household Durables — 0.3%
Maytronics Ltd.		22,852			337,624


Security	Shares		Value

Independent Power and Renewable Electricity Producers — 1.7%
Energix-Renewable Energies Ltd.^(a)		77,490	$	365,747
Enlight Renewable Energy Ltd.^(a)		439,013		834,344
Kenon Holdings Ltd./Singapore		22,237		494,399
OPC Energy Ltd.		9,435		76,454

				1,770,944

Insurance — 2.5%
Clal Insurance Enterprises Holdings Ltd.^(a)		33,844		333,215
Harel Insurance Investments & Financial Services Ltd.		116,348		835,532
IDI Insurance Co. Ltd.		7,883		212,401
Menora Mivtachim Holdings Ltd.		31,894		415,262
Migdal Insurance & Financial Holdings Ltd.		439,852		358,915
Phoenix Holdings Ltd. (The)^(a)		92,669		464,208

				2,619,533

Internet & Direct Marketing Retail — 0.6%
Fiverr International Ltd.^(a)		5,404		651,993


IT Services — 12.0%
Formula Systems 1985 Ltd.		4,739		435,902
Matrix IT Ltd.		40,857		1,052,951
Wix.com Ltd.^(a)		37,704		11,108,729

				12,597,582

Life Sciences Tools & Services — 0.8%
Compugen Ltd.^(a)(b)		45,887		793,386


Machinery — 2.2%
Kornit Digital Ltd.^(a)		37,815		2,341,883


Oil, Gas & Consumable Fuels — 1.4%
Delek Group Ltd.^(a)(b)		6,504		151,357
Equital Ltd.^(a)		10,083		202,057
Naphtha Israel Petroleum Corp. Ltd.^(a)		46,568		172,283
Oil Refineries Ltd.		1,044,319		213,117
Paz Oil Co. Ltd.		7,309		743,166

				1,481,980

Pharmaceuticals — 7.9%
Teva Pharmaceutical Industries Ltd., ADR^(a)		839,042		8,281,345


Real Estate Management & Development — 8.6%
AFI Properties Ltd.^(a)		29,463		803,540
Airport City Ltd.^(a)		72,574		846,397
Alony Hetz Properties & Investments Ltd.		107,030		1,258,143
Amot Investments Ltd.		134,625		691,651
Azrieli Group Ltd.		37,655		2,033,432
Bayside Land Corp.		883		533,449
Big Shopping Centers Ltd.		2,497		205,914
Blue Square Real Estate Ltd.		3,992		174,127
Brack Capital Properties NV^(a)		1,326		103,156
Gazit-Globe Ltd.		72,452		376,986
Mega Or Holdings Ltd.		6,035		153,137
Melisron Ltd.		18,555		745,120
Mivne Real Estate KD Ltd.^(a)		344,856		715,074
Norstar Holdings Inc		16,474		93,583
Property & Building Corp. Ltd.		1,299		85,069
Summit Real Estate Holdings Ltd.		15,653		154,113
YH Dimri Construction & Development Ltd.		2,526		77,323

				9,050,214

Semiconductors & Semiconductor Equipment — 2.4%
Nova Measuring Instruments Ltd.^(a)		16,413		893,674
Tower Semiconductor Ltd.^(a)		84,386		1,661,403

				2,555,077


S C H E D U L E O F I N V E S T M E N T S		30

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Israel ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software — 25.4%
Check Point Software Technologies Ltd.^(a)		87,548	$	11,053,810
CyberArk Software Ltd.^(a)(b)		29,224		3,229,252
Hilan Ltd.		7,435		350,261
Nice Ltd.^(a)		47,763		10,944,129
Sapiens International Corp. NV		31,539		1,052,947

				26,630,399

Specialty Retail — 0.3%
Delek Automotive Systems Ltd.		47,297		263,314


Textiles, Apparel & Luxury Goods — 0.2%
Delta-Galil Industries Ltd.^(b)		11,662		182,250


Wireless Telecommunication Services — 1.0%
Cellcom Israel Ltd.^(a)		98,286		359,216
Partner Communications Co. Ltd.^(a)		147,894		638,922

				998,138


Total Common Stocks — 99.9% (Cost: $121,021,743)				104,780,898


Short-Term Investments

Money Market Funds — 3.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(d)(e)(f)		3,211,565		3,214,776


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(d)(e)		46,000	$	46,000

				3,260,776


Total Short-Term Investments — 3.1% (Cost: $3,259,210)				3,260,776


Total Investments in Securities — 103.0% (Cost: $124,280,953)				108,041,674

Other Assets, Less Liabilities — (3.0)%				(3,138,332	)


Net Assets — 100.0%			$	104,903,342

^(a)	Non-income producing security.

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

^(c)	Rounds to less than 1.

^(d)	Affiliate of the Fund.

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

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

Affiliates




Affiliated Issuer	Value at 08/31/19		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	7,811,637	$	—	$	(4,602,306	)^(a)	$	5,084	$	361	$	3,214,776		3,211,565	$	50,497	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		92,000		—		(46,000	)^(a)		—		—		46,000		46,000		789			—

								$	5,084	$	361	$	3,260,776			$	51,286		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts




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

Long Contracts
Euro STOXX 50 Index		3		09/18/20	$	117	$	(158	)


31		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Israel ETF

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	158

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	30,754

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(158	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	71,368

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

Fair Value Measurements




	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	104,780,898		$	—	$	—	$	104,780,898
Money Market Funds		3,260,776			—		—		3,260,776

	$	108,041,674		$	—	$	—	$	108,041,674

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(158	)	$	—	$	—	$	(158	)

^(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		32

Schedule of Investments

August 31, 2020

iShares^® MSCI Russia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 14.4%
Sberbank of Russia PJSC^(a)		20,724,080	$	62,952,303
VTB Bank PJSC^(a)		9,137,105,016		4,324,266

				67,276,569

Capital Markets — 2.0%
Moscow Exchange MICEX-RTS PJSC		5,048,440		9,313,666


Chemicals — 1.6%
PhosAgro PJSC, GDR, Registered Shares^(b)		603,943		7,199,001


Electric Utilities — 2.0%
Inter RAO UES PJSC		133,706,000		9,386,595


Food & Staples Retailing — 6.4%
Magnit PJSC, GDR^(b)		1,066,791		15,649,824
X5 Retail Group NV, GDR^(b)		399,616		14,385,942

				30,035,766

Interactive Media & Services — 5.4%
Yandex NV, Class A^(a)		363,050		25,315,739


Metals & Mining — 20.7%
Alrosa PJSC		10,060,390		8,916,684
Magnitogorsk Iron & Steel Works PJSC		12,588,525		6,381,733
MMC Norilsk Nickel PJSC		81,431		21,162,860
Novolipetsk Steel PJSC		4,466,570		9,302,107
Polymetal International PLC		687,754		18,365,944
Polyus PJSC		92,733		22,525,145
Severstal PAO		802,871		10,071,840

				96,726,313

Oil, Gas & Consumable Fuels — 42.7%
Gazprom PJSC		27,808,060		67,847,016
LUKOIL PJSC		972,954		65,283,366
Novatek PJSC, GDR^(b)		144,981		21,471,686
Rosneft Oil Co. PJSC, GDR^(b)		717,987		3,647,374
Rosneft Oil Co. PJSC		2,110,230		10,593,792


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Surgutneftegas PJSC		20,109,646	$	9,916,274
Tatneft PJSC		2,805,856		20,626,099

				199,385,607

Wireless Telecommunication Services — 2.9%
Mobile TeleSystems PJSC, ADR		1,434,978		13,373,995

Total Common Stocks — 98.1% (Cost: $449,250,121)				458,013,251


Preferred Stocks

Oil, Gas & Consumable Fuels — 2.1%
Surgutneftegas PJSC, Preference Shares, NVS		19,762,600		9,899,890

Total Preferred Stocks — 2.1% (Cost: $10,822,232)				9,899,890


Short-Term Investments

Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(c)(d)		1,490,000		1,490,000


Total Short-Term Investments — 0.3% (Cost: $1,490,000)				1,490,000


Total Investments in Securities — 100.5% (Cost: $461,562,353)				469,403,141

Other Assets, Less Liabilities — (0.5)%				(2,200,255	)


Net Assets — 100.0%			$	467,202,886

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income		Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares	$	653,000	$	837,000	^(a)	$	—	$	—	$	—	$	1,490,000		1,490,000	$	16,283	$	—

^(a)

Represents net amount purchased (sold).

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

MSCI Emerging Markets E-Mini Index

09/18/20

2,091

37,335


33		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Russia ETF

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	37,335

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	439,151


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	37,335

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	1,164,543

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

Fair Value Measurements




	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	458,013,251	$	—	$	—	$	458,013,251
Preferred Stocks		9,899,890		—		—		9,899,890
Money Market Funds		1,490,000		—		—		1,490,000

	$	469,403,141	$	—	$	—	$	469,403,141

Derivative financial instruments^(a)
Assets
Futures Contracts	$	37,335	$	—	$	—	$	37,335

^(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		34

Schedule of Investments

August 31, 2020

iShares^® MSCI South Africa ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 8.8%
Absa Group Ltd.		1,239,474	$	5,651,848
Capitec Bank Holdings Ltd.^(a)		131,712		6,491,819
Nedbank Group Ltd.		694,379		3,934,387
Standard Bank Group Ltd.		2,006,767		12,507,609

				28,585,663

Capital Markets — 1.6%
Reinet Investments SCA		263,418		5,024,164


Chemicals — 2.4%
Sasol Ltd.^(b)		934,004		7,639,633


Diversified Financial Services — 6.4%
FirstRand Ltd.		7,260,482		16,221,308
Remgro Ltd.		890,011		4,618,890

				20,840,198

Equity Real Estate Investment Trusts (REITs) — 1.2%
Growthpoint Properties Ltd.		5,583,348		4,024,064


Food & Staples Retailing — 7.4%
Bid Corp. Ltd.		540,735		8,934,236
Clicks Group Ltd.		422,836		5,740,561
Pick n Pay Stores Ltd.		42,133		103,783
Shoprite Holdings Ltd.		856,660		5,587,600
SPAR Group Ltd. (The)		370,403		3,534,530

				23,900,710

Food Products — 1.0%
Tiger Brands Ltd.		323,622		3,293,862


Health Care Providers & Services — 0.9%
Life Healthcare Group Holdings Ltd.		2,944,672		2,874,928


Industrial Conglomerates — 1.3%
Bidvest Group Ltd. (The)		524,838		4,216,672


Insurance — 7.6%
Discovery Ltd.		699,671		4,998,520
Momentum Metropolitan Holdings		2,389,362		2,138,138
Old Mutual Ltd.		8,021,986		5,298,666
Rand Merchant Investment Holdings Ltd.		1,597,299		2,835,138
Sanlam Ltd.		2,824,446		9,166,268

				24,436,730

Internet & Direct Marketing Retail — 24.0%
Naspers Ltd., Class N		425,486		77,675,604


Media — 1.4%
MultiChoice Group Ltd.^(b)		789,603		4,515,879


Metals & Mining — 24.1%
Anglo American Platinum Ltd.		89,700		6,693,488
AngloGold Ashanti Ltd.		621,558		18,148,594
Gold Fields Ltd.		1,342,329		17,357,870
Harmony Gold Mining Co. Ltd.^(b)		576,868		3,766,391
Impala Platinum Holdings Ltd.		1,243,093		11,473,914


Security	Shares		Value

Metals & Mining (continued)
Kumba Iron Ore Ltd.		121,954	$	3,822,479
Northam Platinum Ltd.^(b)		615,381		5,813,723
Sibanye Stillwater Ltd.^(b)		3,575,416		10,824,649

				77,901,108

Multiline Retail — 1.1%
Woolworths Holdings Ltd.		1,906,401		3,577,333


Oil, Gas & Consumable Fuels — 1.2%
Exxaro Resources Ltd.		474,161		3,839,469


Pharmaceuticals — 1.7%
Aspen Pharmacare Holdings Ltd.^(b)		678,876		5,444,633


Real Estate Management & Development — 1.1%
NEPI Rockcastle PLC		750,526		3,512,681


Specialty Retail — 1.5%
Mr. Price Group Ltd.		492,345		3,367,693
Pepkor Holdings Ltd.^(c)		2,768,458		1,585,128

				4,952,821

Wireless Telecommunication Services — 5.4%
MTN Group Ltd.		2,673,099		9,636,016
Vodacom Group Ltd.		1,039,922		7,849,175

				17,485,191


Total Common Stocks — 100.1% (Cost: $431,075,236)				323,741,343


Short-Term Investments

Money Market Funds — 1.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(d)(e)(f)		4,402,147		4,406,550
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(d)(e)		130,000		130,000

				4,536,550


Total Short-Term Investments — 1.4% (Cost: $4,536,550)				4,536,550


Total Investments in Securities — 101.5% (Cost: $435,611,786)				328,277,893

Other Assets, Less Liabilities — (1.5)%				(4,859,565	)


Net Assets — 100.0%			$	323,418,328

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

^(b)	Non-income producing security.

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

^(d)	Affiliate of the Fund.

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

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


35		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI South Africa ETF

Affiliates




Affiliated Issuer	Value at 08/31/19		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	14,423,842	$	—	$	(10,020,688	)^(a)	$	4,980	$	(1,584	)	$	4,406,550		4,402,147	$	41,529	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		242,000		—		(112,000	)^(a)		—		—			130,000		130,000		3,724			—

								$	4,980	$	(1,584	)	$	4,536,550			$	45,253		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts




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

Long Contracts
FTSE/JSE Top 40 Index		13		09/17/20	$	392	$	(3,699	)

Derivative Financial Instruments Categorized by Risk Exposure

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



	Equity Contracts

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	3,699

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	182,711


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,442	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	350,178

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

Fair Value Measurements


S C H E D U L E O F I N V E S T M E N T S		36

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI South Africa ETF

Fair Value Measurements (continued)



	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	323,741,343		$	—	$	—	$	323,741,343
Money Market Funds		4,536,550			—		—		4,536,550

	$	328,277,893		$	—	$	—	$	328,277,893

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(3,699	)	$	—	$	—	$	(3,699	)

^(a)

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

See notes to financial statements.


37		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

August 31, 2020

iShares^® MSCI Turkey ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 4.3%
Aselsan Elektronik Sanayi Ve Ticaret AS		3,461,598	$	7,639,129


Airlines — 4.0%
Pegasus Hava Tasimaciligi AS^(a)(b)		289,808		1,803,670
Turk Hava Yollari AO^(a)(b)		3,684,577		5,287,285

				7,090,955

Automobiles — 3.2%
Ford Otomotiv Sanayi AS		491,623		5,645,080


Banks — 20.0%
Akbank T.A.S.^(a)		19,095,810		12,689,022
Turkiye Garanti Bankasi AS^(a)		14,138,392		12,987,570
Turkiye Is Bankasi AS, Class C^(a)		7,804,922		5,207,524
Yapi ve Kredi Bankasi AS^(a)		18,087,788		4,989,565

				35,873,681

Beverages — 4.1%
Anadolu Efes Biracilik Ve Malt Sanayii AS		1,475,345		3,895,360
Coca-Cola Icecek AS		572,054		3,359,719

				7,255,079

Building Products — 0.4%
Trakya Cam Sanayii AS		1,414,877		755,601


Chemicals — 4.4%
Petkim Petrokimya Holding AS^(a)(b)		7,547,430		4,010,117
Sasa Polyester Sanayi AS^(a)		1,401,066		2,871,053
Soda Sanayii AS		982,963		909,631

				7,790,801

Construction & Engineering — 1.6%
Tekfen Holding AS^(b)		1,429,939		2,881,641


Containers & Packaging — 0.3%
Anadolu Cam Sanayii AS		861,282		596,893


Diversified Financial Services — 3.7%
Haci Omer Sabanci Holding AS^(b)		5,618,074		5,901,306
Turkiye Sinai Kalkinma Bankasi AS^(a)(b)		4,410,518		653,277

				6,554,583

Electric Utilities — 1.2%
Enerjisa Enerji AS^(c)		1,924,124		2,133,558


Equity Real Estate Investment Trusts (REITs) — 1.8%
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		13,439,262		3,214,173


Food & Staples Retailing — 17.4%
BIM Birlesik Magazalar AS		2,787,605		25,701,726
Migros Ticaret AS^(a)(b)		561,352		2,991,741
Sok Marketler Ticaret AS^(a)		1,450,439		2,532,700

				31,226,167

Food Products — 1.9%
Ulker Biskuvi Sanayi AS^(a)		1,094,678		3,406,458


Gas Utilities — 0.4%
Aygaz AS^(b)		457,102		708,729


Health Care Providers & Services — 1.5%
MLP Saglik Hizmetleri AS^(a)(c)		753,189		1,565,945
Selcuk Ecza Deposu Ticaret ve Sanayi AS		1,013,638		1,100,553

				2,666,498


Security	Shares		Value

Household Durables — 1.0%
Vestel Elektronik Sanayi ve Ticaret AS^(a)		702,724	$	1,753,228


Industrial Conglomerates — 6.6%
Dogan Sirketler Grubu Holding AS		8,440,266		2,408,555
Enka Insaat ve Sanayi AS		2		2
KOC Holding AS		4,655,841		9,426,829

				11,835,386

Machinery — 0.5%
Otokar Otomotiv Ve Savunma Sanayi AS		51,245		974,902


Metals & Mining — 9.2%
Eregli Demir ve Celik Fabrikalari TAS^(b)		7,005,428		8,301,038
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D		6,287,618		2,605,957
Koza Altin Isletmeleri AS^(a)(b)		284,539		3,004,305
Koza Anadolu Metal Madencilik Isletmeleri AS^(a)(b)		1,505,508		2,628,859

				16,540,159

Oil, Gas & Consumable Fuels — 4.7%
Tupras Turkiye Petrol Rafinerileri AS^(a)(b)		766,243		8,329,860


Textiles, Apparel & Luxury Goods — 1.6%
Aksa Akrilik Kimya Sanayii AS		1,507,403		1,372,415
Mavi Giyim Sanayi Ve Ticaret AS, Class B^(a)(c)		307,832		1,555,265

				2,927,680

Transportation Infrastructure — 1.4%
TAV Havalimanlari Holding AS		1,268,216		2,585,031


Wireless Telecommunication Services — 4.4%
Turkcell Iletisim Hizmetleri AS		4,060,851		7,902,077


Total Common Stocks — 99.6% (Cost: $343,963,248)				178,287,349


Short-Term Investments

Money Market Funds — 8.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(d)(e)(f)		15,042,151		15,057,193
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(d)(e)		401,000		401,000

				15,458,193


Total Short-Term Investments — 8.7% (Cost: $15,448,061)				15,458,193

Total Investments in Securities — 108.3% (Cost: $359,411,309)				193,745,542

Other Assets, Less Liabilities — (8.3)%				(14,798,188	)


Net Assets — 100.0%			$	178,947,354

^(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.


S C H E D U L E O F I N V E S T M E N T S		38

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Turkey ETF

Affiliates




Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	37,010,582	$	—		$	(21,953,929	)^(a)	$	(4,651	)	$	5,191	$	15,057,193		15,042,151	$	1,344,974	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		401,000	^(a)		—			—			—		401,000		401,000		2,874			—

									$	(4,651	)	$	5,191	$	15,458,193			$	1,347,848		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

MSCI Emerging Markets E-Mini Index

09/18/20

605

22,783

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	22,783

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	116,904


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	22,783

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	352,018

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

Fair Value Measurements


39		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Turkey ETF

Fair Value Measurements (continued)



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	178,287,349	$	—	$	—	$	178,287,349
Money Market Funds		15,458,193		—		—		15,458,193

	$	193,745,542	$	—	$	—	$	193,745,542

Derivative financial instruments^(a)
Assets
Futures Contracts	$	22,783	$	—	$	—	$	22,783

^(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		40

Schedule of Investments

August 31, 2020

iShares^® MSCI USA Equal Weighted ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.9%
Boeing Co. (The)		2,145	$	368,554
General Dynamics Corp.		2,381		355,602
HEICO Corp.		1,441		158,395
HEICO Corp., Class A		2,411		215,495
Howmet Aerospace Inc.		21,207		371,547
Huntington Ingalls Industries Inc.		2,230		337,890
L3Harris Technologies Inc.		2,004		362,203
Lockheed Martin Corp.		931		363,332
Northrop Grumman Corp.		1,074		367,963
Raytheon Technologies Corp.		5,890		359,290
Teledyne Technologies Inc.^(a)		1,146		359,397
Textron Inc.		9,628		379,632
TransDigm Group Inc.		752		375,752

				4,375,052

Air Freight & Logistics — 0.8%
CH Robinson Worldwide Inc.		3,804		373,933
Expeditors International of Washington Inc.		4,165		368,144
FedEx Corp.		1,746		383,841
United Parcel Service Inc., Class B		2,264		370,436
XPO Logistics Inc.^(a)		4,341		383,180

				1,879,534

Airlines — 0.4%
Delta Air Lines Inc.		13,121		404,783
Southwest Airlines Co.		10,594		398,122

				802,905

Auto Components — 0.7%
Aptiv PLC		4,250		366,010
Autoliv Inc.		5,108		400,161
BorgWarner Inc.		8,853		359,343
Lear Corp.		3,196		364,120

				1,489,634

Automobiles — 0.5%
Ford Motor Co.		52,846		360,410
General Motors Co.		12,425		368,153
Tesla Inc.^(a)		966		481,377

				1,209,940

Banks — 3.2%
Bank of America Corp.		14,237		366,460
Citigroup Inc.		7,219		369,035
Citizens Financial Group Inc.		14,639		378,711
Comerica Inc.		9,150		361,700
East West Bancorp. Inc.		9,757		358,863
Fifth Third Bancorp.		18,009		372,066
First Republic Bank/CA		3,167		357,586
Huntington Bancshares Inc./OH		38,136		358,860
JPMorgan Chase & Co.		3,684		369,100
KeyCorp.		29,832		367,530
M&T Bank Corp.		3,477		359,035
People’s United Financial Inc.		33,616		355,657
PNC Financial Services Group Inc. (The)		3,412		379,414
Regions Financial Corp.		31,791		367,504
Signature Bank/New York NY		3,558		345,233
SVB Financial Group^(a)		1,494		381,538
Truist Financial Corp.		9,567		371,295
U.S. Bancorp		10,040		365,456
Wells Fargo & Co.		15,083		364,254


Security	Shares		Value

Banks (continued)
Zions Bancorp. N.A.		11,032	$	354,789

				7,304,086

Beverages — 1.1%
Brown-Forman Corp., Class B, NVS		4,992		365,265
Coca-Cola Co. (The)		7,664		379,598
Constellation Brands Inc., Class A		2,017		372,096
Keurig Dr Pepper Inc.		12,374		369,116
Molson Coors Beverage Co., Class B		9,592		361,043
Monster Beverage Corp.^(a)		4,392		368,313
PepsiCo Inc.		2,661		372,700

				2,588,131

Biotechnology — 2.6%
AbbVie Inc.		3,778		361,819
Alexion Pharmaceuticals Inc.^(a)		3,570		407,765
Alnylam Pharmaceuticals Inc.^(a)		2,646		350,965
Amgen Inc.		1,510		382,513
Biogen Inc.^(a)		1,297		373,069
BioMarin Pharmaceutical Inc.^(a)		4,733		369,316
Exact Sciences Corp.^(a)(b)		4,449		334,965
Gilead Sciences Inc.		5,526		368,860
Incyte Corp.^(a)		3,771		363,336
Ionis Pharmaceuticals Inc.^(a)		6,944		378,448
Moderna Inc.^(a)		5,339		346,448
Neurocrine Biosciences Inc.^(a)		3,209		373,592
Regeneron Pharmaceuticals Inc.^(a)		577		357,700
Sarepta Therapeutics Inc.^(a)		2,442		357,558
Seattle Genetics Inc.^(a)		2,302		364,499
Vertex Pharmaceuticals Inc.^(a)		1,344		375,137

				5,865,990

Building Products — 1.5%
Allegion PLC		3,605		372,721
AO Smith Corp.		7,340		359,440
Carrier Global Corp.		12,412		370,498
Fortune Brands Home & Security Inc.		4,339		364,823
Johnson Controls International PLC		9,024		367,548
Lennox International Inc.		1,298		363,868
Masco Corp.		6,206		361,810
Owens Corning		5,413		366,135
Trane Technologies PLC		3,092		366,062

				3,292,905

Capital Markets — 4.7%
Ameriprise Financial Inc.		2,315		362,992
Apollo Global Management Inc.		7,613		356,821
Bank of New York Mellon Corp. (The)		9,815		362,959
BlackRock Inc.^(c)		616		366,021
Blackstone Group Inc. (The), Class A		6,724		356,036
Carlyle Group Inc. (The)		13,357		344,744
Cboe Global Markets Inc.		4,078		374,320
Charles Schwab Corp. (The)		10,167		361,233
CME Group Inc.		2,108		370,734
E*TRADE Financial Corp.		6,813		368,583
FactSet Research Systems Inc.		1,006		352,502
Franklin Resources Inc.		16,754		352,839
Goldman Sachs Group Inc. (The)		1,788		366,308
Intercontinental Exchange Inc.		3,507		372,549
Invesco Ltd.		35,146		358,489
KKR & Co. Inc.		10,150		363,573
MarketAxess Holdings Inc.		738		358,624
Moody’s Corp.		1,289		379,791


41		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI USA Equal Weighted ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Capital Markets (continued)
Morgan Stanley		7,067	$	369,321
MSCI Inc.^(b)		978		365,058
Nasdaq Inc.		2,796		375,838
Northern Trust Corp.		4,374		358,187
Raymond James Financial Inc.		4,850		367,242
S&P Global Inc.		1,014		371,550
SEI Investments Co.		6,946		363,693
State Street Corp.		5,153		350,868
T Rowe Price Group Inc.		2,647		368,489
TD Ameritrade Holding Corp.		9,396		360,618
Tradeweb Markets Inc., Class A		6,576		376,739

				10,556,721

Chemicals — 2.9%
Air Products & Chemicals Inc.		1,265		369,709
Albemarle Corp.		3,936		358,215
Axalta Coating Systems Ltd.^(a)		15,293		364,738
Celanese Corp.		3,621		366,264
CF Industries Holdings Inc.		10,812		352,795
Corteva Inc.		12,712		362,928
Dow Inc.		8,133		366,961
DuPont de Nemours Inc.		6,452		359,763
Eastman Chemical Co.		5,051		369,279
Ecolab Inc.		1,871		368,737
FMC Corp.		3,345		357,447
International Flavors & Fragrances Inc.		2,976		368,399
Linde PLC		1,468		366,618
LyondellBasell Industries NV, Class A		5,368		351,497
Mosaic Co. (The)		20,248		369,121
PPG Industries Inc.		3,060		368,424
RPM International Inc.		4,274		362,307
Sherwin-Williams Co. (The)		546		366,393

				6,549,595

Commercial Services & Supplies — 1.0%
Cintas Corp.		1,140		379,894
Copart Inc.^(a)		3,612		373,192
Republic Services Inc.		4,072		377,556
Rollins Inc.^(b)		6,679		368,280
Waste Connections Inc.		3,646		364,709
Waste Management Inc.		3,284		374,376

				2,238,007

Communications Equipment — 0.8%
Arista Networks Inc.^(a)		1,645		367,575
Cisco Systems Inc.		8,671		366,089
F5 Networks Inc.^(a)		2,696		356,762
Juniper Networks Inc.		15,242		381,050
Motorola Solutions Inc.		2,413		373,412

				1,844,888

Construction & Engineering — 0.2%
Jacobs Engineering Group Inc.		4,044		365,052


Construction Materials — 0.3%
Martin Marietta Materials Inc.		1,711		347,111
Vulcan Materials Co.		2,858		342,960

				690,071

Consumer Finance — 0.8%
Ally Financial Inc.		16,302		372,990
American Express Co.		3,747		380,658
Capital One Financial Corp.		5,526		381,460
Discover Financial Services		7,145		379,256


Security	Shares		Value

Consumer Finance (continued)
Synchrony Financial		15,058	$	373,589

				1,887,953

Containers & Packaging — 1.3%
Amcor PLC^(a)		32,157		355,656
Avery Dennison Corp.		3,178		366,709
Ball Corp.		4,785		384,571
Crown Holdings Inc.^(a)		4,875		374,644
International Paper Co.		10,029		363,752
Packaging Corp. of America		3,700		374,588
Sealed Air Corp.		8,731		343,128
Westrock Co.		12,412		376,456

				2,939,504

Distributors — 0.3%
Genuine Parts Co.		3,902		368,505
LKQ Corp.^(a)(b)		11,584		367,676

				736,181

Diversified Financial Services — 0.5%
Berkshire Hathaway Inc., Class B^(a)		1,752		382,006
Equitable Holdings Inc.		17,305		366,693
Voya Financial Inc.		7,152		371,260

				1,119,959

Diversified Telecommunication Services — 0.6%
AT&T Inc.		12,212		364,039
CenturyLink Inc.		32,157		345,688
Liberty Global PLC, Class A^(a)		4,946		115,588
Liberty Global PLC, Class C, NVS^(a)		11,789		271,265
Verizon Communications Inc.		6,148		364,392

				1,460,972

Electric Utilities — 2.7%
Alliant Energy Corp.		6,775		366,866
American Electric Power Co. Inc.		4,487		353,710
Duke Energy Corp.		4,446		357,192
Edison International		6,948		364,631
Entergy Corp.		3,668		363,645
Evergy Inc.		7,048		375,094
Eversource Energy		4,211		360,925
Exelon Corp.		9,807		361,976
FirstEnergy Corp.		12,677		362,435
NextEra Energy Inc.		1,286		359,013
NRG Energy Inc.		10,253		352,806
OGE Energy Corp.		11,317		360,560
PG&E Corp.^(a)		39,334		364,233
Pinnacle West Capital Corp.		4,776		350,320
PPL Corp.		12,811		353,968
Southern Co. (The)		6,826		356,181
Xcel Energy Inc.		5,216		362,381

				6,125,936

Electrical Equipment — 0.8%
AMETEK Inc.		3,594		361,916
Eaton Corp. PLC		3,613		368,887
Emerson Electric Co.		5,314		369,163
Rockwell Automation Inc.		1,588		366,082
Sensata Technologies Holding PLC^(a)		8,936		372,095

				1,838,143

Electronic Equipment, Instruments & Components — 1.8%
Amphenol Corp., Class A		3,327		365,305
Arrow Electronics Inc.^(a)		4,764		374,260
CDW Corp./DE		3,242		368,453


S C H E D U L E O F I N V E S T M E N T S		42

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI USA Equal Weighted ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Cognex Corp.		5,343	$	369,682
Corning Inc.		11,265		365,662
FLIR Systems Inc.		9,752		359,849
IPG Photonics Corp.^(a)		2,354		380,712
Keysight Technologies Inc.^(a)		3,491		343,933
TE Connectivity Ltd.		3,855		372,393
Trimble Inc.^(a)		7,167		375,623
Zebra Technologies Corp., Class A^(a)		1,282		367,331

				4,043,203

Energy Equipment & Services — 0.6%
Baker Hughes Co.		22,232		317,473
Halliburton Co.		22,017		356,235
National Oilwell Varco Inc.		29,068		348,816
Schlumberger Ltd.		18,411		349,993

				1,372,517

Entertainment — 1.4%
Activision Blizzard Inc.		4,429		369,910
Electronic Arts Inc.^(a)		2,559		356,904
Liberty Media Corp.-Liberty Formula One, Class C, NVS^(a)		9,705		378,301
Live Nation Entertainment Inc.^(a)(b)		7,041		399,929
Netflix Inc.^(a)		749		396,640
Roku Inc.^(a)		2,464		427,455
Take-Two Interactive Software Inc.^(a)		2,103		360,012
Walt Disney Co. (The)		2,841		374,643

				3,063,794

Equity Real Estate Investment Trusts (REITs) — 6.1%
Alexandria Real Estate Equities Inc.		2,118		356,629
American Tower Corp.		1,480		368,742
AvalonBay Communities Inc.		2,386		377,131
Boston Properties Inc.		4,313		374,670
Camden Property Trust		4,180		380,129
Crown Castle International Corp.		2,232		364,374
Digital Realty Trust Inc.		2,377		369,980
Duke Realty Corp.		9,582		369,386
Equinix Inc.		466		368,037
Equity LifeStyle Properties Inc.		5,598		371,091
Equity Residential		6,705		378,497
Essex Property Trust Inc.		1,723		373,047
Extra Space Storage Inc.		3,552		378,466
Federal Realty Investment Trust		4,646		368,149
Healthpeak Properties Inc.		13,451		371,786
Host Hotels & Resorts Inc.		33,647		377,856
Invitation Homes Inc.		12,650		362,169
Iron Mountain Inc.		12,102		364,149
Medical Properties Trust Inc.		19,477		361,883
Mid-America Apartment Communities Inc.		3,205		375,370
National Retail Properties Inc.		10,469		371,021
Omega Healthcare Investors Inc.		12,175		377,060
Prologis Inc.		3,568		363,436
Public Storage		1,839		390,604
Realty Income Corp.		6,046		375,033
Regency Centers Corp.		9,031		358,621
SBA Communications Corp.		1,217		372,487
Simon Property Group Inc.		5,683		385,592
Sun Communities Inc.		2,521		375,831
UDR Inc.		10,622		369,752
Ventas Inc.		8,993		370,602
VEREIT Inc.		55,598		373,619
VICI Properties Inc.		15,710		350,961


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Vornado Realty Trust		10,613	$	380,264
Welltower Inc.		6,729		387,052
Weyerhaeuser Co.		12,532		379,845
WP Carey Inc.		5,233		363,013

				13,756,334

Food & Staples Retailing — 0.8%
Costco Wholesale Corp.		1,065		370,258
Kroger Co. (The)		10,024		357,656
Sysco Corp.		6,251		375,935
Walgreens Boots Alliance Inc.		9,020		342,941
Walmart Inc.		2,742		380,727

				1,827,517

Food Products — 2.4%
Archer-Daniels-Midland Co.		8,240		368,822
Bunge Ltd.		7,776		354,741
Campbell Soup Co.		6,931		364,640
Conagra Brands Inc.		9,569		367,067
General Mills Inc.		5,632		360,166
Hershey Co. (The)		2,457		365,209
Hormel Foods Corp.		6,925		353,037
Ingredion Inc.		4,659		374,770
JM Smucker Co. (The)		3,260		391,787
Kellogg Co.		5,273		373,908
Kraft Heinz Co. (The)		10,247		359,055
Lamb Weston Holdings Inc.		5,667		356,171
McCormick & Co. Inc./MD, NVS		1,793		369,717
Mondelez International Inc., Class A		6,396		373,654
Tyson Foods Inc., Class A		5,719		359,153

				5,491,897

Gas Utilities — 0.3%
Atmos Energy Corp.		3,537		353,063
UGI Corp.		10,545		364,119

				717,182

Health Care Equipment & Supplies — 3.9%
Abbott Laboratories		3,613		395,515
ABIOMED Inc.^(a)(b)		1,155		355,301
Align Technology Inc.^(a)		1,204		357,564
Baxter International Inc.		4,380		381,367
Becton Dickinson and Co.		1,386		336,479
Boston Scientific Corp.^(a)		9,226		378,450
Cooper Companies Inc. (The)		1,188		373,483
Danaher Corp.		1,763		364,007
Dentsply Sirona Inc.		8,538		383,100
DexCom Inc.^(a)		839		356,919
Edwards Lifesciences Corp.^(a)		4,609		395,637
Hologic Inc.^(a)		5,416		323,444
IDEXX Laboratories Inc.^(a)		952		372,289
Insulet Corp.^(a)		1,731		377,791
Intuitive Surgical Inc.^(a)		525		383,691
Masimo Corp.^(a)		1,664		372,736
Medtronic PLC		3,601		386,999
ResMed Inc.		1,979		357,764
Steris PLC		2,313		369,247
Stryker Corp.		1,951		386,610
Teleflex Inc.		976		383,519
Varian Medical Systems Inc.^(a)		2,099		364,533
West Pharmaceutical Services Inc.		1,321		375,111
Zimmer Biomet Holdings Inc.		2,645		372,628

				8,904,184


43		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI USA Equal Weighted ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Providers & Services — 2.5%
AmerisourceBergen Corp.		3,570	$	346,397
Anthem Inc.		1,281		360,627
Cardinal Health Inc.		7,031		356,894
Centene Corp.^(a)		5,720		350,750
Cigna Corp.		2,003		355,272
CVS Health Corp.		5,562		345,511
DaVita Inc.^(a)		4,211		365,346
HCA Healthcare Inc.		2,729		370,380
Henry Schein Inc.^(a)		5,573		370,270
Humana Inc.		869		360,783
Laboratory Corp. of America Holdings^(a)		1,987		349,215
McKesson Corp.		2,368		363,346
Molina Healthcare Inc.^(a)		1,876		347,004
Quest Diagnostics Inc.		3,086		343,287
UnitedHealth Group Inc.		1,151		359,745
Universal Health Services Inc., Class B		3,245		358,086

				5,702,913

Health Care Technology — 0.5%
Cerner Corp.		5,012		367,731
Teladoc Health Inc.^(a)		1,677		361,712
Veeva Systems Inc., Class A^(a)		1,360		383,887

				1,113,330

Hotels, Restaurants & Leisure — 2.6%
Aramark		15,456		425,967
Carnival Corp.		24,867		409,808
Chipotle Mexican Grill Inc.^(a)		298		390,464
Darden Restaurants Inc.		4,546		394,002
Domino’s Pizza Inc.		876		358,249
Hilton Worldwide Holdings Inc.		4,297		388,277
Las Vegas Sands Corp.		7,648		387,830
Marriott International Inc./MD, Class A		3,862		397,438
McDonald’s Corp.		1,733		370,030
MGM Resorts International		17,371		390,848
Royal Caribbean Cruises Ltd.		5,943		409,116
Starbucks Corp.		4,677		395,066
Vail Resorts Inc.^(b)		1,721		374,610
Wynn Resorts Ltd.		4,468		390,727
Yum! Brands Inc.		3,865		370,460

				5,852,892

Household Durables — 1.3%
DR Horton Inc.		4,904		349,998
Garmin Ltd.		3,491		361,703
Lennar Corp., Class A		4,727		353,674
Mohawk Industries Inc.^(a)		4,026		371,721
Newell Brands Inc.		21,675		346,366
NVR Inc.^(a)		87		362,646
PulteGroup Inc.		7,863		350,611
Whirlpool Corp.		1,969		349,931

				2,846,650

Household Products — 0.8%
Church & Dwight Co. Inc.		3,770		361,279
Clorox Co. (The)		1,593		356,036
Colgate-Palmolive Co.		4,658		369,193
Kimberly-Clark Corp.		2,309		364,268
Procter & Gamble Co. (The)		2,674		369,894

				1,820,670

Independent Power and Renewable Electricity Producers — 0.3%
AES Corp. (The)		20,605		365,739


Security	Shares		Value

Independent Power and Renewable Electricity Producers (continued)
Vistra Corp.		18,401	$	353,851

				719,590

Industrial Conglomerates — 0.7%
3M Co.		2,214		360,926
General Electric Co.		56,905		360,778
Honeywell International Inc.		2,315		383,248
Roper Technologies Inc.		836		357,131

				1,462,083

Insurance — 5.0%
Aflac Inc.		9,804		356,081
Alleghany Corp.		683		378,764
Allstate Corp. (The)		3,851		358,143
American Financial Group Inc./OH		5,489		366,940
American International Group Inc.		12,159		354,313
Aon PLC, Class A		1,838		367,582
Arch Capital Group Ltd.^(a)		11,562		364,665
Arthur J Gallagher & Co.		3,405		358,546
Assurant Inc.		2,939		357,265
Athene Holding Ltd., Class A^(a)		9,941		363,443
Brown & Brown Inc.		7,899		366,514
Chubb Ltd.		2,930		366,250
Cincinnati Financial Corp.		4,642		368,621
Erie Indemnity Co., Class A, NVS		1,630		347,907
Everest Re Group Ltd.		1,670		367,534
Fidelity National Financial Inc.		11,258		369,600
Globe Life Inc.		4,415		364,149
Hartford Financial Services Group Inc. (The)		8,901		360,045
Lincoln National Corp.		9,971		359,455
Loews Corp.		10,057		360,644
Markel Corp.^(a)		338		367,349
Marsh & McLennan Companies Inc.		3,127		359,324
MetLife Inc.		9,504		365,524
Principal Financial Group Inc.		8,310		349,934
Progressive Corp. (The)		4,016		381,681
Prudential Financial Inc.		5,256		356,199
Reinsurance Group of America Inc.		3,897		357,277
RenaissanceRe Holdings Ltd.		2,077		381,628
Travelers Companies Inc. (The)		3,207		372,140
Willis Towers Watson PLC		1,786		367,077
WR Berkley Corp.		5,988		371,555

				11,286,149

Interactive Media & Services — 1.3%
Alphabet Inc., Class A^(a)		117		190,655
Alphabet Inc., Class C, NVS^(a)		118		192,833
Facebook Inc., Class A^(a)		1,383		405,496
IAC/InterActiveCorp.^(a)(b)		2,853		379,421
Match Group Inc^(a)(b)		3,181		355,254
Pinterest Inc., Class A^(a)		10,514		386,810
Snap Inc., Class A, NVS^(a)		16,563		374,158
Twitter Inc.^(a)		9,335		378,814
Zillow Group Inc., Class C, NVS^(a)		4,331		371,427

				3,034,868

Internet & Direct Marketing Retail — 1.0%
Amazon.com Inc.^(a)		111		383,057
Booking Holdings Inc.^(a)		205		391,642
eBay Inc.		6,291		344,621
Expedia Group Inc.		4,141		406,439
MercadoLibre Inc.^(a)		299		349,409


S C H E D U L E O F I N V E S T M E N T S		44

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI USA Equal Weighted ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Internet & Direct Marketing Retail (continued)
Wayfair Inc., Class A^(a)(b)		1,090	$	323,250

				2,198,418

IT Services — 4.5%
Accenture PLC, Class A		1,547		371,172
Akamai Technologies Inc.^(a)		3,324		387,013
Automatic Data Processing Inc.		2,614		363,581
Black Knight Inc.^(a)		4,503		378,702
Booz Allen Hamilton Holding Corp.		4,212		370,909
Broadridge Financial Solutions Inc.		2,644		363,286
Cognizant Technology Solutions Corp., Class A		5,428		362,916
EPAM Systems Inc.^(a)		1,195		390,884
Fidelity National Information Services Inc.		2,546		384,064
Fiserv Inc.^(a)		3,615		359,982
FleetCor Technologies Inc.^(a)		1,483		372,900
Gartner Inc.^(a)		2,845		369,338
Global Payments Inc.		2,143		378,497
GoDaddy Inc., Class A^(a)		4,445		371,958
International Business Machines Corp.		2,932		361,545
Jack Henry & Associates Inc.		2,108		348,705
Leidos Holdings Inc.		3,921		354,811
Mastercard Inc., Class A		1,092		391,143
MongoDB Inc.^(a)(b)		1,707		399,097
Okta Inc.^(a)		1,769		380,990
Paychex Inc.		4,897		374,474
PayPal Holdings Inc.^(a)		1,887		385,212
Square Inc., Class A^(a)		2,414		385,178
Twilio Inc., Class A^(a)(b)		1,446		390,073
VeriSign Inc.^(a)		1,761		378,263
Visa Inc., Class A^(b)		1,806		382,854
Western Union Co. (The)		15,319		361,375

				10,118,922

Leisure Products — 0.3%
Hasbro Inc.		4,622		364,861
Peloton Interactive Inc., Class A^(a)		5,371		411,794

				776,655

Life Sciences Tools & Services — 1.5%
Agilent Technologies Inc.		3,706		372,157
Avantor Inc.^(a)		17,413		393,011
Bio-Rad Laboratories Inc., Class A^(a)		697		354,487
Illumina Inc.^(a)		1,027		366,865
IQVIA Holdings Inc.^(a)		2,267		371,221
Mettler-Toledo International Inc.^(a)		374		363,072
PerkinElmer Inc.		3,085		363,166
Thermo Fisher Scientific Inc.		863		370,210
Waters Corp.^(a)		1,673		361,803

				3,315,992

Machinery — 2.7%
Caterpillar Inc.		2,630		374,275
Cummins Inc.		1,719		356,263
Deere & Co.		1,891		397,224
Dover Corp.		3,279		360,165
Fortive Corp.		5,084		366,607
IDEX Corp.		2,073		373,617
Illinois Tool Works Inc.		1,854		366,258
Ingersoll Rand Inc.^(a)		10,545		369,708
Nordson Corp.		1,778		331,579
Otis Worldwide Corp.		5,770		362,933
PACCAR Inc.		4,120		353,661
Parker-Hannifin Corp.		1,761		362,784


Security	Shares		Value

Machinery (continued)
Pentair PLC		7,979	$	360,172
Snap-on Inc.		2,416		358,220
Stanley Black & Decker Inc.		2,284		368,409
Westinghouse Air Brake Technologies Corp.		5,498		365,892
Xylem Inc./NY		4,574		366,743

				6,194,510

Media — 2.3%
Altice USA Inc., Class A^(a)		13,446		370,841
Cable One Inc.		194		357,024
Charter Communications Inc., Class A^(a)		594		365,672
Comcast Corp., Class A		8,381		375,553
Discovery Inc., Class A^(a)(b)		5,727		126,366
Discovery Inc., Class C, NVS^(a)		11,566		230,973
DISH Network Corp., Class A^(a)		10,662		378,714
Fox Corp., Class A, NVS		9,384		261,438
Fox Corp., Class B^(a)		4,648		129,214
Interpublic Group of Companies Inc. (The)		19,796		351,577
Liberty Broadband Corp., Class A^(a)		496		68,542
Liberty Broadband Corp., Class C, NVS^(a)		2,110		295,590
Liberty Media Corp.-Liberty SiriusXM, Class A^(a)		3,467		125,887
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(a)		6,891		248,042
News Corp., Class A, NVS		23,854		360,672
Omnicom Group Inc.		6,757		365,486
Sirius XM Holdings Inc.^(b)		61,849		363,054
ViacomCBS Inc., Class B, NVS		13,289		370,099

				5,144,744

Metals & Mining — 0.7%
Freeport-McMoRan Inc.^(a)		24,301		379,339
Newmont Corp.		5,503		370,242
Nucor Corp.		7,929		360,452
Steel Dynamics Inc.		12,034		355,244

				1,465,277

Mortgage Real Estate Investment — 0.3%
AGNC Investment Corp.		26,044		367,481
Annaly Capital Management Inc.		48,995		360,113

				727,594

Multi-Utilities — 1.6%
Ameren Corp.		4,474		353,938
CenterPoint Energy Inc.		17,929		359,835
CMS Energy Corp.		5,983		361,912
Consolidated Edison Inc.		4,944		352,705
Dominion Energy Inc.		4,658		365,373
DTE Energy Co.		3,103		368,233
NiSource Inc.		15,489		343,236
Public Service Enterprise Group Inc.		6,681		349,015
Sempra Energy		2,832		350,177
WEC Energy Group Inc.		3,958		372,369

				3,576,793

Multiline Retail — 0.5%
Dollar General Corp.		1,814		366,210
Dollar Tree Inc.^(a)		3,640		350,423
Target Corp.		2,354		355,949

				1,072,582

Oil, Gas & Consumable Fuels — 2.6%
Cabot Oil & Gas Corp.		18,062		342,636
Cheniere Energy Inc.^(a)		7,025		365,651
Chevron Corp.		4,203		352,758
Concho Resources Inc.		7,258		377,271


45		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI USA Equal Weighted ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
ConocoPhillips		9,157	$	346,959
Diamondback Energy Inc.		8,385		326,680
EOG Resources Inc.		7,960		360,906
Exxon Mobil Corp.		8,652		345,561
Hess Corp.		7,487		344,701
Kinder Morgan Inc./DE		25,712		355,340
Marathon Petroleum Corp.		9,765		346,267
Occidental Petroleum Corp.		26,270		334,680
ONEOK Inc.		13,031		358,092
Phillips 66		5,911		345,616
Pioneer Natural Resources Co.		3,463		359,909
Valero Energy Corp.		6,691		351,880
Williams Companies Inc. (The)		16,769		348,124

				5,963,031

Personal Products — 0.2%
Estee Lauder Companies Inc. (The), Class A		1,708		378,698


Pharmaceuticals — 1.8%
Bristol-Myers Squibb Co.		5,755		357,961
Catalent Inc.^(a)		4,167		385,447
Elanco Animal Health Inc.^(a)		14,072		408,932
Eli Lilly & Co.		2,384		353,762
Jazz Pharmaceuticals PLC^(a)		2,922		392,688
Johnson & Johnson		2,414		370,332
Merck & Co. Inc.		4,270		364,103
Mylan NV^(a)		21,990		360,196
Perrigo Co. PLC		6,757		353,391
Pfizer Inc.		9,489		358,589
Zoetis Inc.		2,289		366,469

				4,071,870

Professional Services — 1.1%
CoStar Group Inc.^(a)		439		372,536
Equifax Inc.		2,244		377,598
IHS Markit Ltd.		4,375		349,650
Nielsen Holdings PLC		22,762		347,803
Robert Half International Inc.		6,402		340,586
TransUnion		4,290		372,029
Verisk Analytics Inc.		1,939		361,953

				2,522,155

Real Estate Management & Development — 0.3%
CBRE Group Inc., Class A^(a)		8,227		386,916
Jones Lang LaSalle Inc.		3,753		386,709

				773,625

Road & Rail — 1.5%
AMERCO		1,038		368,376
CSX Corp.		4,903		374,884
JB Hunt Transport Services Inc.		2,626		369,058
Kansas City Southern		2,009		365,718
Knight-Swift Transportation Holdings Inc.		8,128		369,499
Norfolk Southern Corp.		1,768		375,753
Old Dominion Freight Line Inc.		1,852		374,437
Uber Technologies Inc.^(a)		12,340		414,994
Union Pacific Corp.		1,901		365,829

				3,378,548

Semiconductors & Semiconductor Equipment — 3.3%
Advanced Micro Devices Inc.^(a)		4,477		406,601
Analog Devices Inc.		3,073		359,172
Applied Materials Inc.		5,512		339,539
Broadcom Inc.		1,103		382,907


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Intel Corp.		7,512	$	382,736
KLA Corp.		1,724		353,661
Lam Research Corp.		975		327,932
Marvell Technology Group Ltd.		10,965		425,223
Maxim Integrated Products Inc.		5,265		360,337
Microchip Technology Inc.		3,358		368,373
Micron Technology Inc.^(a)		8,242		375,093
NVIDIA Corp.		748		400,165
NXP Semiconductors NV		2,934		368,980
ON Semiconductor Corp.^(a)		16,762		358,204
Qorvo Inc.^(a)		2,741		351,588
QUALCOMM Inc.		3,270		389,457
Skyworks Solutions Inc.		2,556		370,237
Teradyne Inc.		4,023		341,834
Texas Instruments Inc.		2,622		372,717
Xilinx Inc.		3,546		369,351

				7,404,107

Software — 6.2%
Adobe Inc.^(a)		786		403,524
ANSYS Inc.^(a)		1,136		385,115
Autodesk Inc.^(a)		1,504		369,533
Avalara Inc.^(a)		2,974		393,787
Cadence Design Systems Inc.^(a)		3,345		370,994
CDK Global Inc.		7,843		365,641
Citrix Systems Inc.		2,584		375,197
Coupa Software Inc.^(a)		1,216		398,532
Crowdstrike Holdings Inc., Class A^(a)		3,357		422,076
Datadog Inc., Class A^(a)		4,402		367,787
DocuSign Inc.^(a)		1,744		388,912
Dropbox Inc., Class A^(a)		18,027		381,632
Dynatrace Inc.^(a)		9,240		408,685
Fair Isaac Corp.^(a)		849		357,251
Fortinet Inc.^(a)		2,803		370,010
Guidewire Software Inc.^(a)		3,298		370,398
Intuit Inc.		1,169		403,761
Microsoft Corp.		1,731		390,392
NortonLifeLock Inc.		16,001		376,343
Oracle Corp.		6,460		369,641
Palo Alto Networks Inc.^(a)		1,347		346,731
Paycom Software Inc.^(a)		1,239		371,031
PTC Inc.^(a)		4,100		374,781
RingCentral Inc., Class A^(a)		1,259		366,079
salesforce.com Inc.^(a)		1,774		483,681
ServiceNow Inc.^(a)		831		400,559
Slack Technologies Inc., Class A^(a)(b)		12,708		417,331
Splunk Inc.^(a)		1,857		407,296
SS&C Technologies Holdings Inc.		5,822		370,978
Synopsys Inc.^(a)		1,832		405,422
Trade Desk Inc. (The), Class A^(a)		782		376,377
Tyler Technologies Inc.^(a)		1,074		370,863
VMware Inc., Class A^(a)		2,607		376,555
Workday Inc., Class A^(a)		1,899		455,209
Zoom Video Communications Inc., Class A^(a)		1,327		431,408
Zscaler Inc.^(a)		2,831		405,795

				14,029,307

Specialty Retail — 2.1%
Advance Auto Parts Inc.		2,258		352,948
AutoZone Inc.^(a)		300		358,893
Best Buy Co. Inc.		3,243		359,681


S C H E D U L E O F I N V E S T M E N T S		46

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI USA Equal Weighted ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Specialty Retail (continued)
Burlington Stores Inc.^(a)		1,857	$	365,699
CarMax Inc.^(a)		3,400		363,562
Home Depot Inc. (The)		1,284		365,991
Lowe’s Companies Inc.		2,294		377,799
O’Reilly Automotive Inc.^(a)		779		362,726
Ross Stores Inc.		4,022		366,324
Tiffany & Co.		2,853		349,493
TJX Companies Inc. (The)		6,679		365,942
Tractor Supply Co.		2,359		351,090
Ulta Beauty Inc.^(a)		1,702		395,170

				4,735,318

Technology Hardware, Storage & Peripherals — 1.2%
Apple Inc.		3,138		404,928
Dell Technologies Inc., Class C^(a)		6,066		400,841
Hewlett Packard Enterprise Co.		38,541		372,691
HP Inc.		20,014		391,274
NetApp Inc.		8,750		414,663
Seagate Technology PLC		7,997		383,776
Western Digital Corp.		10,539		404,908

				2,773,081

Textiles, Apparel & Luxury Goods — 0.7%
Lululemon Athletica Inc.^(a)		1,006		377,924
Nike Inc., Class B		3,350		374,832
Ralph Lauren Corp.		5,375		369,961
VF Corp.		5,913		388,780

				1,511,497

Tobacco — 0.3%
Altria Group Inc.		8,317		363,786
Philip Morris International Inc.		4,613		368,071

				731,857

Trading Companies & Distributors — 0.7%
Fastenal Co.		7,561		369,430
HD Supply Holdings Inc.^(a)		8,947		354,838
United Rentals Inc.^(a)		2,070		366,494


Security	Shares		Value

Trading Companies & Distributors (continued)
WW Grainger Inc.		1,035	$	378,220

				1,468,982

Water Utilities — 0.3%
American Water Works Co. Inc.		2,523		356,601
Essential Utilities Inc.		8,257		350,922

				707,523

Wireless Telecommunication Services — 0.2%
T-Mobile U.S. Inc.^(a)		3,153		367,892


Total Common Stocks — 99.8% (Cost: $207,241,168)				225,585,910


Short-Term Investments

Money Market Funds — 1.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(c)(d)(e)		3,931,101		3,935,032
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(c)(d)		370,000		370,000

				4,305,032


Total Short-Term Investments — 1.9% (Cost: $4,299,231)				4,305,032


Total Investments in Securities — 101.7% (Cost: $211,540,399)				229,890,942

Other Assets, Less Liabilities — (1.7)%				(3,829,310	)


Net Assets — 100.0%			$	226,061,632

^(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



Affiliated Issuer	Value at 08/31/19		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	10,643,927	$	—	$	(6,709,034	)^(a)	$	(3,990	)	$	4,129	$	3,935,032		3,931,101	$	71,506	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		619,000		—		(249,000	)^(a)		—			—		370,000		370,000		5,872			—
BlackRock Inc		490,170		130,720		(378,192	)		36,250			87,073		366,021		616		13,617			—

								$	32,260		$	91,202	$	4,671,053			$	90,995		$	—

^(a)

Represents net amount purchased (sold).

^(b)


47		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI USA Equal Weighted ETF

Futures Contracts




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

Long Contracts
S&P 500 E-Mini Index		1		09/18/20	$	175	$	13,630
S&P MidCap 400 E-Mini Index		1		09/18/20		193		728

							$	14,358

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	14,358

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	12,970


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	11,038

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	599,087

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

Fair Value Measurements




	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	225,585,910	$	—	$	—	$	225,585,910
Money Market Funds		4,305,032		—		—		4,305,032

	$	229,890,942	$	—	$	—	$	229,890,942

Derivative financial instruments^(a)
Assets
Futures Contracts	$	14,358	$	—	$	—	$	14,358

^(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		48

Statements of Assets and Liabilities

August 31, 2020


	iShares MSCI Brazil ETF			iShares MSCI Chile ETF			iShares MSCI Colombia ETF			iShares MSCI Israel ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	5,276,932,123		$	441,828,138		$	18,621,247		$	104,780,898
Affiliated^(c)		7,890,000			2,080,000			56,085			3,260,776
Cash		1,374,167			1,198			—			707
Foreign currency, at value^(d)		5,153,983			102,937			18,089			72,459
Cash pledged:
Futures contracts		5,656,000			38,000			—			—
Foreign currency collateral pledged:
Futures contracts^(e)		—			—			—			11,960
Receivables:
Investments sold		100,432,605			14,005,853			571,885			1,392,475
Securities lending income — Affiliated		—			—			19			5,386
Capital shares sold		—			3,805,699			—			—
Dividends		19,863,538			247,809			2,927			17,521

Total assets		5,417,302,416			462,109,634			19,270,252			109,542,182


LIABILITIES
Bank overdraft		—			—			4,230			—
Collateral on securities loaned, at value		—			—			55,872			3,201,306
Payables:
Investments purchased		101,567,639			20,454,760			589,353			1,379,938
Variation margin on futures contracts		623,232			8,680			—			1,211
Investment advisory fees		2,744,213			223,006			9,336			51,406
Foreign taxes		—			—			—			4,979

Total liabilities		104,935,084			20,686,446			658,791			4,638,840


NET ASSETS	$	5,312,367,332		$	441,423,188		$	18,611,461		$	104,903,342


NET ASSETS CONSIST OF:
Paid-in capital	$	8,887,700,974		$	746,816,241		$	36,409,673		$	157,198,614
Accumulated loss		(3,575,333,642	)		(305,393,053	)		(17,798,212	)		(52,295,272	)

NET ASSETS	$	5,312,367,332		$	441,423,188		$	18,611,461		$	104,903,342


Shares outstanding		179,350,000			17,400,000			2,100,000			1,850,000


Net asset value	$	29.62		$	25.37		$	8.86		$	56.70


Shares authorized		800 million			200 million			50 million			500 million


Par value	$	0.001		$	0.001		$	0.001		$	0.001


^(a)Securities loaned, at value	$	—		$	—		$	51,870		$	3,118,406
^(b)Investments, at cost — Unaffiliated	$	4,541,425,427		$	464,011,695		$	18,123,933		$	121,021,743
^(c)Investments, at cost — Affiliated	$	7,890,000		$	2,080,000		$	56,091		$	3,259,210
^(d)Foreign currency, at cost	$	5,071,275		$	102,937		$	17,826		$	71,214
^(e)Foreign currency collateral pledged, at cost	$	—		$	—		$	—		$	11,934

See notes to financial statements.


49		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020


	iShares MSCI Russia ETF			iShares MSCI South Africa ETF			iShares MSCI Turkey ETF			iShares MSCI USA Equal Weighted ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	467,913,141		$	323,741,343		$	178,287,349		$	225,219,889
Affiliated^(c)		1,490,000			4,536,550			15,458,193			4,671,053
Cash		9,011			2,076			8,563			8,965
Foreign currency, at value^(d)		—			409,749			29,178			—
Cash pledged:
Futures contracts		124,000			—			70,000			44,000
Foreign currency collateral pledged:
Futures contracts^(e)		—			38,545			—			—
Receivables:
Investments sold		32,288,093			13,344,150			4,527,072			12,624,637
Securities lending income — Affiliated		—			37			146,258			1,574
Dividends		340,669			76,397			296,142			334,161

Total assets		502,164,914			342,148,847			198,822,755			242,904,279


LIABILITIES
Collateral on securities loaned, at value		—			4,406,550			15,046,992			3,933,716
Payables:
Investments purchased		34,693,433			14,155,208			4,723,400			12,876,653
Variation margin on futures contracts		31,570			10,470			15,635			4,062
Investment advisory fees		237,025			158,291			89,374			28,216

Total liabilities		34,962,028			18,730,519			19,875,401			16,842,647


NET ASSETS	$	467,202,886		$	323,418,328		$	178,947,354		$	226,061,632


NET ASSETS CONSIST OF:
Paid-in capital	$	590,930,575		$	679,839,944		$	557,532,094		$	226,171,941
Accumulated loss		(123,727,689	)		(356,421,616	)		(378,584,740	)		(110,309	)

NET ASSETS	$	467,202,886		$	323,418,328		$	178,947,354		$	226,061,632


Shares outstanding		13,400,000			8,700,000			8,950,000			3,600,000

Net asset value	$	34.87		$	37.17		$	19.99		$	62.79

Shares authorized		1 billion			400 million			200 million			500 million

Par value	$	0.001		$	0.001		$	0.001		$	0.001


^(a)Securities loaned, at value	$	—		$	3,898,581		$	13,755,087		$	3,846,921
^(b)Investments, at cost — Unaffiliated	$	460,072,353		$	431,075,236		$	343,963,248		$	206,963,710
^(c)Investments, at cost — Affiliated	$	1,490,000		$	4,536,550		$	15,448,061		$	4,576,689
^(d)Foreign currency, at cost	$	—		$	409,531		$	29,220		$	—
^(e)Foreign currency collateral pledged, at cost	$	—		$	38,522		$	—		$	—

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		50

Statements of Operations

Year Ended August 31, 2020


	iShares MSCI Brazil ETF			iShares MSCI Chile ETF			iShares MSCI Colombia ETF			iShares MSCI Israel ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	239,874,559		$	15,870,718		$	943,785		$	1,208,776
Dividends — Affiliated		193,719			8,488			297			789
Non-cash dividends — Unaffiliated		—			—			—			203,421
Interest — Unaffiliated		—			145			—			—
Securities lending income — Affiliated — net		—			—			492			50,497
Foreign taxes withheld		(19,659,379	)		(4,761,135	)		(102,298	)		(330,472	)

Total investment income		220,408,899			11,118,216			842,276			1,133,011


EXPENSES
Investment advisory fees		43,908,323			2,423,582			127,091			651,322
Commitment fees		—			—			55			—
Miscellaneous		264			264			264			264

Total expenses		43,908,587			2,423,846			127,410			651,586

Net investment income		176,500,312			8,694,370			714,866			481,425


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(a)		(1,329,140,271	)		(91,036,888	)		(3,351,089	)		(4,003,554	)
Investments — Affiliated		—			—			219			5,084
In-kind redemptions — Unaffiliated		—			—			23,879			7,532,952
Futures contracts		(26,690,109	)		645,231			—			30,754
Foreign currency transactions		(16,062,574	)		194,408			(49,029	)		4,053

Net realized gain (loss)		(1,371,892,954	)		(90,197,249	)		(3,376,020	)		3,569,289

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(b)		(1,684,282,509	)		(72,915,135	)		(1,583,780	)		5,944,700
Investments — Affiliated		—			—			(6	)		361
Futures contracts		(1,870,151	)		15,781			—			(158	)
Foreign currency translations		83,414			—			221			1,417

Net change in unrealized appreciation (depreciation)		(1,686,069,246	)		(72,899,354	)		(1,583,565	)		5,946,320

Net realized and unrealized gain (loss)		(3,057,962,200	)		(163,096,603	)		(4,959,585	)		9,515,609

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,881,461,888	)	$	(154,402,233	)	$	(4,244,719	)	$	9,997,034


^(a)Net of foreign capital gain tax of	$	—		$	—		$	—		$	15,395
^(b)Net of deferred foreign capital gain tax of	$	—		$	—		$	—		$	(82,689	)

See notes to financial statements.


51		2 0 2 0 I S H A R E S A N 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 (continued)

Year Ended August 31, 2020


	iShares MSCI Russia ETF			iShares MSCI South Africa ETF			iShares MSCI Turkey ETF			iShares MSCI USA Equal Weighted ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	33,508,920		$	10,198,759		$	4,320,468		$	5,530,438
Dividends — Affiliated		16,283			3,724			2,874			19,489
Non-cash dividends — Unaffiliated		—			31,852,736			—			—
Interest — Unaffiliated		350			—			79			208
Securities lending income — Affiliated — net		—			41,529			1,344,974			71,506
Foreign taxes withheld		(3,410,602	)		(1,430,200	)		(632,649	)		(686	)

Total investment income		30,114,951			40,666,548			5,035,746			5,620,955


EXPENSES
Investment advisory fees		3,175,548			1,924,587			1,629,118			422,915
Miscellaneous		264			264			264			264

Total expenses		3,175,812			1,924,851			1,629,382			423,179

Net investment income		26,939,139			38,741,697			3,406,364			5,197,776


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(21,105,914	)		(104,137,267	)		(36,541,420	)		(12,581,458	)
Investments — Affiliated		—			4,980			(4,651	)		(8,030	)
In-kind redemptions — Unaffiliated		35,253,530			(21,629,237	)		(3,282,563	)		14,148,016
In-kind redemptions — Affiliated		—			—			—			40,290
Futures contracts		439,151			182,711			116,904			12,970
Foreign currency transactions		(231,080	)		319,801			(52,643	)		—

Net realized gain (loss)		14,355,687			(125,259,012	)		(39,764,373	)		1,611,788

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(45,269,985	)		34,636,285			296,922			(3,545,954	)
Investments — Affiliated		—			(1,584	)		5,191			91,202
Futures contracts		37,335			(1,442	)		22,783			11,038
Foreign currency translations		3,828			(991	)		(19,995	)		—

Net change in unrealized appreciation (depreciation)		(45,228,822	)		34,632,268			304,901			(3,443,714	)

Net realized and unrealized loss		(30,873,135	)		(90,626,744	)		(39,459,472	)		(1,831,926	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,933,996	)	$	(51,885,047	)	$	(36,053,108	)	$	3,365,850

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		52

Statements of Changes in Net Assets


	iShares MSCI Brazil ETF						iShares MSCI Chile ETF
	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/20			Year Ended 08/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	176,500,312		$	220,475,060		$	8,694,370		$	7,102,577
Net realized gain (loss)		(1,371,892,954	)		5,485,759			(90,197,249	)		(24,033,169	)
Net change in unrealized appreciation (depreciation)		(1,686,069,246	)		1,552,041,207			(72,899,354	)		(51,312,409	)

Net increase (decrease) in net assets resulting from operations		(2,881,461,888	)		1,778,002,026			(154,402,233	)		(68,243,001	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
From net investment income		(213,084,247	)		(220,258,100	)		(8,685,975	)		(7,045,063	)
Return of capital		—			—			—			(197,183	)

Decrease in net assets resulting from distributions to shareholders		(213,084,247	)		(220,258,100	)		(8,685,975	)		(7,242,246	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		201,169,553			1,146,968,776			274,371,517			12,273,938


NET ASSETS
Total increase (decrease) in net assets		(2,893,376,582	)		2,704,712,702			111,283,309			(63,211,309	)
Beginning of year		8,205,743,914			5,501,031,212			330,139,879			393,351,188

End of year	$	5,312,367,332		$	8,205,743,914		$	441,423,188		$	330,139,879

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

See notes to financial statements.


53		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares MSCI Colombia ETF						iShares MSCI Israel ETF
	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/20			Year Ended 08/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	714,866		$	547,978		$	481,425		$	762,089
Net realized gain (loss)		(3,376,020	)		(2,444,444	)		3,569,289			17,699,076
Net change in unrealized appreciation (depreciation)		(1,583,565	)		(153,891	)		5,946,320			(24,641,152	)

Net increase (decrease) in net assets resulting from operations		(4,244,719	)		(2,050,357	)		9,997,034			(6,179,987	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(623,029	)		(580,532	)		(2,326,790	)		(616,740	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(125,777	)		401,594			(17,320,093	)		(385,452	)


NET ASSETS
Total decrease in net assets		(4,993,525	)		(2,229,295	)		(9,649,849	)		(7,182,179	)
Beginning of year		23,604,986			25,834,281			114,553,191			121,735,370

End of year	$	18,611,461		$	23,604,986		$	104,903,342		$	114,553,191

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		54

Statements of Changes in Net Assets (continued)


	iShares MSCI Russia ETF						iShares MSCI South Africa ETF
	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/20			Year Ended 08/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	26,939,139		$	37,401,597		$	38,741,697		$	11,108,795
Net realized gain (loss)		14,355,687			(12,393,198	)		(125,259,012	)		(8,135,491	)
Net change in unrealized appreciation (depreciation)		(45,228,822	)		93,343,563			34,632,268			(46,627,365	)

Net increase (decrease) in net assets resulting from operations		(3,933,996	)		118,351,962			(51,885,047	)		(43,654,061	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(40,113,639	)		(32,427,517	)		(42,715,529	)		(18,209,216	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(116,330,464	)		62,796,717			43,951,479			62,816,771


NET ASSETS
Total increase (decrease) in net assets		(160,378,099	)		148,721,162			(50,649,097	)		953,494
Beginning of year		627,580,985			478,859,823			374,067,425			373,113,931

End of year	$	467,202,886		$	627,580,985		$	323,418,328		$	374,067,425

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

See notes to financial statements.


55		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares MSCI Turkey ETF						iShares MSCI USA Equal Weighted ETF
	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/20			Year Ended 08/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	3,406,364		$	10,801,241		$	5,197,776		$	3,880,060
Net realized gain (loss)		(39,764,373	)		(66,447,393	)		1,611,788			3,288,858
Net change in unrealized appreciation (depreciation)		304,901			155,589,697			(3,443,714	)		(3,125,494	)

Net increase (decrease) in net assets resulting from operations		(36,053,108	)		99,943,545			3,365,850			4,043,424


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(5,455,619	)		(10,891,206	)		(5,421,593	)		(4,050,996	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(93,734,165	)		(161,658,897	)		(79,972,567	)		115,277,153


NET ASSETS
Total increase (decrease) in net assets		(135,242,892	)		(72,606,558	)		(82,028,310	)		115,269,581
Beginning of year		314,190,246			386,796,804			308,089,942			192,820,361

End of year	$	178,947,354		$	314,190,246		$	226,061,632		$	308,089,942

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		56

Financial Highlights

(For a share outstanding throughout each period)


	iShares MSCI Brazil ETF
	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16


Net asset value, beginning of year	$	40.92		$	32.03		$	40.06		$	33.52		$	24.71

Net investment income^(a)		0.86			1.12			1.14			0.76			0.63
Net realized and unrealized gain (loss)^(b)		(11.13	)		8.88			(8.22	)		6.45			8.62

Net increase (decrease) from investment operations		(10.27	)		10.00			(7.08	)		7.21			9.25


Distributions^(c)
From net investment income		(1.03	)		(1.11	)		(0.95	)		(0.67	)		(0.44	)

Total distributions		(1.03	)		(1.11	)		(0.95	)		(0.67	)		(0.44	)


Net asset value, end of year	$	29.62		$	40.92		$	32.03		$	40.06		$	33.52


Total Return
Based on net asset value		(25.63	)%		31.36	%		(17.87	)%		22.03	%		38.22	%


Ratios to Average Net Assets
Total expenses		0.59	%		0.59	%		0.59	%		0.62	%		0.63	%

Net investment income		2.35	%		2.75	%		2.86	%		2.10	%		2.41	%


Supplemental Data
Net assets, end of year (000)	$	5,312,367		$	8,205,744		$	5,501,031		$	6,327,919		$	3,899,630

Portfolio turnover rate^(d)		29	%^(e)		16	%^(e)		30	%^(e)		20	%^(e)		18	%^(e)


^(a) Based on average shares outstanding.
^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. ^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. ^(d) 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”).
^(e) Portfolio turnover rate excluding cash creations was as follows:		11	%		10	%		13	%		13	%		4	%

See notes to financial statements.


57		2 0 2 0 I S H A R E S A N 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 Chile ETF
	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16


Net asset value, beginning of year	$	35.88		$	43.71		$	47.96		$	36.77		$	34.75

Net investment income^(a)		0.61			0.74			0.78			0.69			0.78
Net realized and unrealized gain (loss)^(b)		(10.54	)		(7.76	)		(4.06	)		11.21			2.03

Net increase (decrease) from investment operations		(9.93	)		(7.02	)		(3.28	)		11.90			2.81


Distributions^(c)
From net investment income		(0.58	)		(0.79	)		(0.92	)		(0.67	)		(0.75	)
Return of capital		—			(0.02	)		(0.05	)		(0.04	)		(0.04	)

Total distributions		(0.58	)		(0.81	)		(0.97	)		(0.71	)		(0.79	)


Net asset value, end of year	$	25.37		$	35.88		$	43.71		$	47.96		$	36.77


Total Return
Based on net asset value		(27.72	)%		(16.22	)%		(7.03	)%		32.65	%		8.17	%


Ratios to Average Net Assets
Total expenses		0.59	%		0.59	%		0.59	%		0.62	%		0.64	%

Net investment income		2.10	%		1.74	%		1.55	%		1.68	%		2.20	%


Supplemental Data
Net assets, end of year (000)	$	441,423		$	330,140		$	393,351		$	467,645		$	327,244

Portfolio turnover rate^(d)		51	%^(e)		75	%^(e)		54	%^(e)		54	%^(e)		73	%^(e)


^(a) Based on average shares outstanding.
^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. ^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. ^(d) 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”).
^(e) Portfolio turnover rate excluding cash creations was as follows:		21	%		12	%		11	%		8	%		11	%

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		58

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Colombia ETF
	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16


Net asset value, beginning of year	$	12.42		$	13.96		$	14.58		$	13.18		$	11.88

Net investment income^(a)		0.37			0.35			0.30			0.23			0.25
Net realized and unrealized gain (loss)^(b)		(3.60	)		(1.50	)		(0.70	)		1.34			1.23

Net increase (decrease) from investment operations		(3.23	)		(1.15	)		(0.40	)		1.57			1.48


Distributions^(c)
From net investment income		(0.33	)		(0.39	)		(0.22	)		(0.17	)		(0.18	)

Total distributions		(0.33	)		(0.39	)		(0.22	)		(0.17	)		(0.18	)


Net asset value, end of year	$	8.86		$	12.42		$	13.96		$	14.58		$	13.18


Total Return
Based on net asset value		(26.40	)%		(8.18	)%		(2.69	)%		12.05	%		12.49	%


Ratios to Average Net Assets
Total expenses		0.61	%		0.61	%		0.61	%		0.61	%		0.61	%

Net investment income		3.43	%		2.71	%		2.01	%		1.72	%		2.16	%


Supplemental Data
Net assets, end of year (000)	$	18,611		$	23,605		$	25,834		$	22,594		$	17,136

Portfolio turnover rate^(d)		75	%		88	%		26	%		14	%		68	%

^(a)	Based on average shares outstanding.

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

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

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

See notes to financial statements.


59		2 0 2 0 I S H A R E S A N 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 Israel ETF
	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16


Net asset value, beginning of year	$	53.28		$	56.62		$	48.19		$	49.36		$	50.51

Net investment income^(a)		0.23			0.33			0.59			0.62			0.71
Net realized and unrealized gain (loss)^(b)		4.31			(3.42	)		8.88			(0.98	)		(0.87	)

Net increase (decrease) from investment operations		4.54			(3.09	)		9.47			(0.36	)		(0.16	)


Distributions^(c)
From net investment income		(1.12	)		(0.25	)		(1.04	)		(0.81	)		(0.99	)

Total distributions		(1.12	)		(0.25	)		(1.04	)		(0.81	)		(0.99	)


Net asset value, end of year	$	56.70		$	53.28		$	56.62		$	48.19		$	49.36


Total Return
Based on net asset value		8.53	%		(5.45	)%		19.91	%		(0.77	)%		(0.23	)%


Ratios to Average Net Assets
Total expenses		0.59	%		0.59	%		0.59	%		0.62	%		0.64	%

Net investment income		0.43	%		0.60	%		1.15	%		1.25	%		1.46	%


Supplemental Data
Net assets, end of year (000)	$	104,903		$	114,553		$	121,735		$	89,152		$	93,793

Portfolio turnover rate^(d)		7	%		17	%		6	%		28	%		46	%

^(a)	Based on average shares outstanding.

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

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

^(d)	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		60

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Russia ETF

		Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17	^(a)		Year Ended 08/31/16	^(a)


Net asset value, beginning of year	$	37.81		$	32.47		$	32.13		$	27.92		$	25.03

Net investment income^(b)		1.87			2.33			1.21			1.14			1.06
Net realized and unrealized gain (loss)^(c)		(1.99	)		5.04			0.22			4.07			2.65

Net increase (decrease) from investment operations		(0.12	)		7.37			1.43			5.21			3.71


Distributions^(d)
From net investment income		(2.82	)		(2.03	)		(1.09	)		(1.00	)		(0.82	)

Total distributions		(2.82	)		(2.03	)		(1.09	)		(1.00	)		(0.82	)


Net asset value, end of year	$	34.87		$	37.81		$	32.47		$	32.13		$	27.92


Total Return
Based on net asset value		(1.28	)%		23.64	%		4.37	%		18.73	%		15.62	%


Ratios to Average Net Assets
Total expenses		0.59	%		0.59	%		0.59	%		0.62	%		0.64	%

Net investment income		4.97	%		6.60	%		3.50	%		4.27	%		4.17	%


Supplemental Data
Net assets, end of year (000)	$	467,203		$	627,581		$	478,860		$	530,076		$	319,629

Portfolio turnover rate^(e)		30	%		18	%		32	%		18	%		23	%

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

^(b)	Based on average shares outstanding.

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

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

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

See notes to financial statements.


61		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI South Africa ETF

	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16


Net asset value, beginning of year	$	47.96		$	54.87		$	62.62		$	52.78		$	57.44

Net investment income^(a)		4.94			1.31			1.41			1.07			1.02
Net realized and unrealized gain (loss)^(b)		(10.38	)		(5.84	)		(7.69	)		9.79			(3.24	)

Net increase (decrease) from investment operations		(5.44	)		(4.53	)		(6.28	)		10.86			(2.22	)


Distributions^(c)
From net investment income		(5.35	)		(2.38	)		(1.47	)		(1.02	)		(2.44	)

Total distributions		(5.35	)		(2.38	)		(1.47	)		(1.02	)		(2.44	)


Net asset value, end of year	$	37.17		$	47.96		$	54.87		$	62.62		$	52.78


Total Return
Based on net asset value		(13.09	)%		(8.45	)%		(10.20	)%		20.91	%		(3.64	)%


Ratios to Average Net Assets
Total expenses		0.59	%		0.59	%		0.59	%		0.62	%		0.64	%

Net investment income		11.79	%		2.48	%		2.20	%		1.91	%		1.96	%


Supplemental Data
Net assets, end of year (000)	$	323,418		$	374,067		$	373,114		$	419,587		$	406,443

Portfolio turnover rate^(d)		46	%		12	%		15	%		13	%		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)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	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		62

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Turkey ETF

	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16


Net asset value, beginning of year	$	24.08		$	20.09		$	46.17		$	38.16		$	38.27

Net investment income^(a)		0.30			0.60			1.01			0.97			0.96
Net realized and unrealized gain (loss)^(b)		(3.94	)		4.06			(26.05	)		8.12			(0.17	)

Net increase (decrease) from investment operations		(3.64	)		4.66			(25.04	)		9.09			0.79


Distributions^(c)
From net investment income		(0.45	)		(0.67	)		(1.04	)		(1.08	)		(0.90	)

Total distributions		(0.45	)		(0.67	)		(1.04	)		(1.08	)		(0.90	)


Net asset value, end of year	$	19.99		$	24.08		$	20.09		$	46.17		$	38.16


Total Return
Based on net asset value		(15.48	)%		23.38	%		(54.97	)%		24.23	%		1.98	%


Ratios to Average Net Assets
Total expenses		0.59	%		0.59	%		0.59	%		0.62	%		0.64	%

Net investment income		1.22	%		2.43	%		2.76	%		2.58	%		2.45	%


Supplemental Data
Net assets, end of year (000)	$	178,947		$	314,190		$	386,797		$	424,727		$	368,225

Portfolio turnover rate^(d)		12	%		20	%		7	%		6	%		6	%

^(a)	Based on average shares outstanding.

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

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

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

See notes to financial statements.


63		2 0 2 0 I S H A R E S A N 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 USA Equal Weighted ETF

	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16


Net asset value, beginning of year	$	58.13		$	59.33		$	51.30		$	46.05		$	42.51

Net investment income^(a)		1.09			0.92			0.98			0.85			0.77
Net realized and unrealized gain (loss)^(b)		4.65			(1.11	)		7.94			5.18			3.63

Net increase (decrease) from investment operations		5.74			(0.19	)		8.92			6.03			4.40


Distributions^(c)
From net investment income		(1.08	)		(1.01	)		(0.89	)		(0.78	)		(0.86	)

Total distributions		(1.08	)		(1.01	)		(0.89	)		(0.78	)		(0.86	)


Net asset value, end of year	$	62.79		$	58.13		$	59.33		$	51.30		$	46.05


Total Return
Based on net asset value		10.18	%		(0.23	)%		17.55	%		13.22	%		10.54	%


Ratios to Average Net Assets
Total expenses		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%

Net investment income		1.84	%		1.63	%		1.76	%		1.72	%		1.79	%


Supplemental Data
Net assets, end of year (000)	$	226,062		$	308,090		$	192,820		$	135,945		$	73,673

Portfolio turnover rate^(d)		30	%		24	%		23	%		27	%		28	%

^(a)	Based on average shares outstanding.

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

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

^(d)	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		64

Notes to Financial Statements

1.	ORGANIZATION

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



iShares ETF	Diversification Classification

MSCI Brazil		Non-diversified
MSCI Chile		Non-diversified
MSCI Colombia		Non-diversified
MSCI Israel		Non-diversified
MSCI Russia		Non-diversified
MSCI South Africa		Non-diversified
MSCI Turkey		Non-diversified
MSCI USA Equal Weighted		Diversified

2.	SIGNIFICANT ACCOUNTING POLICIES


65		2 0 2 0 I S H A R E S A N 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 (continued)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

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

•

Futures contracts are valued based on that day’s last reported settlement price on the exchange where the contract is traded.

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

4.	SECURITIES AND OTHER INVESTMENTS


N O T E S T O F I N A N C I A L S T A T E M E N T S		66

Notes to Financial Statements (continued)

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




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


MSCI Colombia
JPMorgan Securities LLC	$	51,870	$	51,870		$	—	$	—


MSCI Israel
BNP Paribas Prime Brokerage International Ltd.	$	994,500	$	994,500		$	—	$	—
Jefferies LLC		784,550		784,550			—		—
JPMorgan Securities LLC		911,661		911,661			—		—
Scotia Capital (USA) Inc.		2,900		2,900			—		—
UBS AG		424,795		424,795			—		—


	$	3,118,406	$	3,118,406		$	—	$	—


MSCI South Africa

HSBC Bank PLC	$	3,898,581	$	3,898,581		$	—	$	—


MSCI Turkey
Barclays Capital Inc.	$	262,498	$	262,498		$	—	$	—
BofA Securities, Inc.		2,010,829		2,010,829			—		—
Credit Suisse Securities (USA) LLC		1,182,054		1,182,054			—		—
Goldman Sachs & Co.		4,684,027		4,684,027			—		—
HSBC Bank PLC		432,265		432,265			—		—
JPMorgan Securities LLC		247,004		247,004			—		—
Morgan Stanley & Co. LLC		4,720,989		4,720,989			—		—
SG Americas Securities LLC		215,421		215,421			—		—


	$	13,755,087	$	13,755,087		$	—	$	—


MSCI USA Equal Weighted
BNP Paribas Prime Brokerage International Ltd.	$	106,392	$	106,392		$	—	$	—
Citigroup Global Markets Inc.		184,572		184,572			—		—
Credit Suisse Securities (USA) LLC		475,604		475,604			—		—
Goldman Sachs & Co.		1,118,726		1,118,726			—		—
Morgan Stanley & Co. LLC		701,591		701,591			—		—
SG Americas Securities LLC		281,133		279,214			—		(1,919	)^(b)
State Street Bank & Trust Company		505,307		505,307			—		—
UBS AG		473,596		473,596			—		—


	$	3,846,921	$	3,845,002		$	—	$	(1,919	)

^(a)

^(b)


67		2 0 2 0 I S H A R E S A N 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 (continued)

5.	DERIVATIVE FINANCIAL INSTRUMENTS

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

For its investment advisory services to each of the iShares MSCI Brazil, iShares MSCI Chile, iShares MSCI Israel, iShares MSCI Russia, iShares MSCI South Africa and iShares MSCI Turkey ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:



Aggregate Average Daily Net Assets	Investment Advisory Fee

First $2 billion		0.74	%
Over $2 billion, up to and including $4 billion		0.69
Over $4 billion, up to and including $8 billion		0.64
Over $8 billion, up to and including $16 billion		0.57
Over $16 billion, up to and including $24 billion		0.51
Over $24 billion, up to and including $32 billion		0.48
Over $32 billion		0.45

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



iShares ETF	Investment Advisory Fee

MSCI Colombia		0.61	%
MSCI USA Equal Weighted		0.15


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		68

Notes to Financial Statements (continued)

Pursuant to the current securities lending agreement, the iShares MSCI USA Equal Weighted ETF (the “Group 1 Fund”), retains 75% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, each of iShares MSCI Brazil ETF, iShares MSCI Chile ETF, iShares MSCI Colombia ETF, iShares MSCI Israel ETF, iShares MSCI Russia ETF, iShares MSCI South Africa ETF and iShares MSCI Turkey ETF (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) the Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 80% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2020, the Group 1 Fund retained 73.5% 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. Each Group 2 Fund retained 82% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold: (1) the Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 80% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) Each Group 2 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.



iShares ETF	Fees Paid to BTC

MSCI Colombia	$	136
MSCI Israel		14,850
MSCI South Africa		11,979
MSCI Turkey		302,414
MSCI USA Equal Weighted		27,731

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

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



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

MSCI Israel	$	309,603	$	737,731	$	(2,161,795	)
MSCI Russia		8,018,863		868,991		(242,115	)
MSCI South Africa		—		28,469,713		(2,519,170	)
MSCI USA Equal Weighted		33,800,424		30,425,838		(2,243,363	)

7.	PURCHASES AND SALES

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


69		2 0 2 0 I S H A R E S A N 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 (continued)



iShares ETF	Purchases		Sales

MSCI Brazil	$	2,246,199,638	$	2,110,462,539
MSCI Chile		480,361,986		204,248,488
MSCI Colombia		15,716,199		15,767,134
MSCI Israel		7,774,054		10,327,675
MSCI Russia		161,590,571		206,784,768
MSCI South Africa		148,694,910		159,256,696
MSCI Turkey		35,638,243		35,159,123
MSCI USA Equal Weighted		83,416,731		83,027,670

For the year ended August 31, 2020, purchases and sales related to in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

MSCI Colombia	$	712,742	$	668,931
MSCI Israel		11,388,188		27,834,009
MSCI Russia		57,331,057		140,311,002
MSCI South Africa		230,360,849		167,610,451
MSCI Turkey		87,008,732		183,589,942
MSCI USA Equal Weighted		75,577,271		155,129,485

8.	INCOME TAX INFORMATION

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2020, the following permanent differences attributable to distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:



iShares ETF	Paid-in Capital			Accumulated Loss

MSCI Colombia	$	19,888		$	(19,888	)
MSCI Israel		5,951,589			(5,951,589	)
MSCI Russia		31,984,868			(31,984,868	)
MSCI South Africa		(29,594,698	)		29,594,698
MSCI Turkey		(11,612,804	)		11,612,804
MSCI USA Equal Weighted		13,047,361			(13,047,361	)

The tax character of distributions paid was as follows:



iShares ETF	Year Ended 08/31/20		Year Ended 08/31/19

MSCI Brazil
Ordinary income	$	213,084,247	$220,258,100


MSCI Chile
Ordinary income	$	8,685,975	$ 7,045,063
Return of capital		—	197,183

	$	8,685,975	$ 7,242,246


MSCI Colombia
Ordinary income	$	623,029	$ 580,532


MSCI Israel
Ordinary income	$	2,326,790	$ 616,740


MSCI Russia
Ordinary income	$	40,113,639	$ 32,427,517


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		70

Notes to Financial Statements (continued)



iShares ETF	Year Ended 08/31/20		Year Ended 08/31/19

MSCI South Africa
Ordinary income	$	42,715,529	$ 18,209,216


MSCI Turkey
Ordinary income	$	5,455,619	$ 10,891,206


MSCI USA Equal Weighted
Ordinary income	$	5,421,593	$ 4,050,996

As of August 31, 2020, the tax components of accumulated net earnings (losses) were as follows:



iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Qualified Late-Year Losses			Total

MSCI Brazil	$	—	$	(3,742,902,913	)	$	173,416,759		$	(5,847,488	)	$	(3,575,333,642	)
MSCI Chile		125,767		(193,015,291	)		(112,503,529	)		—			(305,393,053	)
MSCI Colombia		66,418		(14,462,662	)		(3,401,968	)		—			(17,798,212	)
MSCI Israel		—		(33,786,237	)		(17,687,595	)		(821,440	)		(52,295,272	)
MSCI Russia		6,825,310		(107,794,095	)		(22,758,904	)		—			(123,727,689	)
MSCI South Africa		11,761,891		(239,809,605	)		(128,373,902	)		—			(356,421,616	)
MSCI Turkey		970,408		(206,672,869	)		(172,882,279	)		—			(378,584,740	)
MSCI USA Equal Weighted		463,736		(17,749,445	)		17,175,400			—			(110,309	)

^(a)

Amounts available to offset future realized capital gains.

^(b)



iShares ETF	Tax Cost		Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

MSCI Brazil	$	5,109,991,094	$	722,579,969		$	(547,748,940	)	$	174,831,029
MSCI Chile		556,411,667		17,770,612			(130,274,141	)		(112,503,529	)
MSCI Colombia		22,079,637		(2,660,117	)		(742,188	)		(3,402,305	)
MSCI Israel		125,730,660		20,492,915			(38,181,901	)		(17,688,986	)
MSCI Russia		492,165,549		12,910,476			(35,672,884	)		(22,762,408	)
MSCI South Africa		456,648,328		21,517,023			(149,891,157	)		(128,374,134	)
MSCI Turkey		366,606,859		4,151,491			(177,012,808	)		(172,861,317	)
MSCI USA Equal Weighted		212,715,542		32,059,666			(14,884,266	)		17,175,400

9.	LINE OF CREDIT

The iShares MSCI Brazil ETF, iShares MSCI Colombia ETF and iShares MSCI Russia ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on July 15, 2021. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, iShares MSCI Colombia ETF, and $200 million with respect to Tier 2, iShares MSCI Brazil ETF and iShares MSCI Russia ETF. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. 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 rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement.

The Funds did not borrow under the credit agreement during the year ended August 31, 2020.


71		2 0 2 0 I S H A R E S A N 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 (continued)

10.

PRINCIPAL RISKS

Certain Funds invest a significant portion of their assets in securities of issuers located in Russia or with significant exposure to Russian issuers or countries. The United States and the European Union, along with the regulatory bodies of a number of countries including Japan, Australia, Norway, Switzerland and Canada, have imposed economic sanctions, which can consist of prohibiting certain securities trades, prohibiting certain private transactions in the energy sector, asset freezes and prohibition of all business, on certain Russian individuals and Russian corporate entities. Broader sanctions on Russia could also be instituted. These sanctions, or even


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		72

Notes to Financial Statements (continued)

the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy, and may negatively impact a fund. Current or future sanctions may result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by a fund.

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:




	Year Ended 08/31/20						Year Ended 08/31/19

iShares ETF	Shares			Amount			Shares			Amount


MSCI Brazil
Shares sold		35,400,000		$	1,520,040,076			39,900,000		$	1,597,335,848
Shares redeemed		(56,600,000	)		(1,318,870,523	)		(11,100,000	)		(450,367,072	)

Net increase (decrease)		(21,200,000	)	$	201,169,553			28,800,000		$	1,146,968,776


MSCI Chile
Shares sold		13,200,000		$	401,087,421			6,150,000		$	266,264,905
Shares redeemed		(5,000,000	)		(126,715,904	)		(5,950,000	)		(253,990,967	)

Net increase		8,200,000		$	274,371,517			200,000		$	12,273,938


MSCI Colombia
Shares sold		1,150,000		$	10,176,860			1,050,000		$	13,424,743
Shares redeemed		(950,000	)		(10,302,637	)		(1,000,000	)		(13,023,149	)

Net increase (decrease)		200,000		$	(125,777	)		50,000		$	401,594


MSCI Israel
Shares sold		250,000		$	11,627,251			900,000		$	48,475,728
Shares redeemed		(550,000	)		(28,947,344	)		(900,000	)		(48,861,180	)

Net decrease		(300,000	)	$	(17,320,093	)		—		$	(385,452	)


MSCI Russia
Shares sold		2,250,000		$	86,401,136			3,000,000		$	102,646,729
Shares redeemed		(5,450,000	)		(202,731,600	)		(1,150,000	)		(39,850,012	)

Net increase (decrease)		(3,200,000	)	$	(116,330,464	)		1,850,000		$	62,796,717


MSCI South Africa
Shares sold		5,500,000		$	212,642,906			8,400,000		$	448,398,024
Shares redeemed		(4,600,000	)		(168,691,427	)		(7,400,000	)		(385,581,253	)

Net increase		900,000		$	43,951,479			1,000,000		$	62,816,771


MSCI Turkey
Shares sold		3,850,000		$	91,603,249			6,500,000		$	152,434,904
Shares redeemed		(7,950,000	)		(185,337,414	)		(12,700,000	)		(314,093,801	)

Net decrease		(4,100,000	)	$	(93,734,165	)		(6,200,000	)	$	(161,658,897	)


MSCI USA Equal Weighted
Shares sold		1,350,000		$	75,965,854			2,450,000		$	138,103,245
Shares redeemed		(3,050,000	)		(155,938,421	)		(400,000	)		(22,826,092	)

Net increase (decrease)		(1,700,000	)	$	(79,972,567	)		2,050,000		$	115,277,153


73		2 0 2 0 I S H A R E S A N 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 (continued)

12.

LEGAL PROCEEDINGS

13.

SUBSEQUENT EVENTS


N O T E S T O F I N A N C I A L S T A T E M E N T S		74

Report of Independent Registered Public Accounting Firm

To the Board of Directors of iShares, Inc. and

Shareholders of iShares MSCI Brazil ETF, iShares MSCI Chile ETF, iShares MSCI Colombia ETF,

iShares MSCI Israel ETF, iShares MSCI Russia ETF, iShares MSCI South Africa ETF,

iShares MSCI Turkey ETF and iShares MSCI USA Equal Weighted ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares MSCI Brazil ETF, iShares MSCI Chile ETF, iShares MSCI Colombia ETF, iShares MSCI Israel ETF, iShares MSCI Russia ETF, iShares MSCI South Africa ETF, iShares MSCI Turkey ETF and iShares MSCI USA Equal Weighted ETF (eight of the funds constituting iShares, Inc., hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2020 and each of the financial highlights for each of the five years in the period ended August 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2020

We have served as the auditor of one or more BlackRock investment companies since 2000.


75		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Important Tax Information (unaudited)

For corporate shareholders, the percentage of ordinary income distributions paid during the fiscal year ended August 31, 2020 that qualified for the dividends-received deduction were as follows:



iShares ETF	Dividends-Received Deduction

MSCI USA Equal Weighted		89.17	%

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2020:



iShares ETF	Qualified Dividend Income

MSCI Colombia	$	32,814
MSCI Israel		1,270,442
MSCI Russia		32,154,068
MSCI South Africa		16,266,579
MSCI Turkey		4,366,803
MSCI USA Equal Weighted		4,823,389

The following maximum amounts are hereby designated as qualified business income for individuals for the fiscal year ended August 31, 2020:



iShares ETF	Qualified Business Income

MSCI USA Equal Weighted	$	163,785

For the fiscal year ended August 31, 2020, the Funds earned foreign source income and paid foreign taxes which they intend to pass through to their shareholders:



iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid

MSCI Brazil	$	239,881,804	$	21,073,181
MSCI Chile		15,870,719		4,625,794
MSCI Colombia		943,783		102,097
MSCI Israel		1,413,203		338,741
MSCI Russia		33,508,918		3,372,820
MSCI South Africa		52,709,687		1,479,657
MSCI Turkey		4,320,470		568,403


I M P O R T A N T T A X I N F O R M A T I O N		76

Board Review and Approval of Investment Advisory Contract

iShares MSCI Brazil ETF, iShares MSCI Chile ETF, iShares MSCI Israel ETF, iShares MSCI South Africa ETF, iShares MSCI Turkey ETF (each the “Fund”)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.


77		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

iShares MSCI Colombia ETF (the “Fund”)


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		78

Board Review and Approval of Investment Advisory Contract (continued)


79		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

iShares MSCI Russia ETF (the “Fund”)


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		80

Board Review and Approval of Investment Advisory Contract (continued)


81		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

iShares MSCI USA Equal Weighted ETF (the “Fund”)


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		82

Board Review and Approval of Investment Advisory Contract (continued)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.


83		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		84

Supplemental Information (unaudited)

Section 19(a) Notices

August 31, 2020



	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year

iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Brazil^(a)	$	1.012456	$	—	$	0.019606	$	1.032062		98	%		—	%		2	%		100	%
MSCI Chile		0.579917		—		—		0.579917		100			—			—			100
MSCI Colombia		0.331541		—		—		0.331541		100			—			—			100
MSCI Israel^(a)		1.002971		—		0.115098		1.118069		90			—			10			100
MSCI Russia^(a)		2.284813		—		0.539720		2.824533		81			—			19			100
MSCI Turkey^(a)		0.333411		—		0.119223		0.452634		74			—			26			100
MSCI USA Equal Weighted^(a)		1.078980		—		0.002127		1.081107		100			—			0	^(b)		100

^(a)

^(b)

Rounds to less than 1%.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Company has registered the iShares MSCI Brazil ETF and iShares MSCI USA Equal Weighted ETF (each a “Fund”, collectively the “Funds”) to be marketed to EU investors in the United Kingdom, the Netherlands, Finland, Sweden and Luxembourg.

Report on Remuneration

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Funds.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the each Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.


85		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Supplemental Information (unaudited) (continued)

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the each Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the iShares MSCI Brazil ETF in respect of the Company’s financial year ending December 31, 2019 was USD 906.51 thousand. This figure is comprised of fixed remuneration of USD 419.1 thousand and variable remuneration of USD 487.41 thousand. There were a total of 448 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the iShares MSCI Brazil ETF in respect of the Company’s financial year ending December 31, 2019, to its senior management was USD 115.59 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 13.59 thousand.

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the iShares MSCI USA Equal Weighted ETF in respect of the Company’s financial year ending December 31, 2019 was USD 29.74 thousand. This figure is comprised of fixed remuneration of USD 13.75 thousand and variable remuneration of USD 15.99 thousand. There were a total of 448 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the iShares MSCI USA Equal Weighted ETF in respect of the Company’s financial year ending December 31, 2019, to its senior management was USD 3.79 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 0.45 thousand.


S U P P L E M E N T A L I N F O R M A T I O N		86

Director and Officer Information


Interested Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director

Robert S. Kapito^(a)(63)	Director (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Trustee of iShares Trust (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji^(b) (50)	Director (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Trustee of iShares Trust (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.
^(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director

Cecilia H. Herbert (71)	Director (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Jane D. Carlin (64)	Director (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares Trust (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (65)	Director (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


87		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Director and Officer Information (continued)


Independent Directors (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director

John E. Kerrigan (65)	Director (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

Drew E. Lawton (61)	Director (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

John E. Martinez (59)	Director (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).	Trustee of iShares Trust (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).

Madhav V. Rajan (56)	Director (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Trustee of iShares Trust (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years

Armando Senra (49)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Walker (46)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles Park (53)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Deepa Damre (45)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).

Scott Radell (51)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).

Alan Mason (59)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).

Marybeth Leithead (57)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


D I R E C T O R A N D O F F I C E R I N F O R M A T I O N		88

General Information

Electronic Delivery

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


89		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Glossary of Terms Used in this Report


Portfolio Abbreviations - Equity

ADR		American Depositary Receipt

GDR		Global Depositary Receipt

NVS		Non-Voting Shares

PJSC		Public Joint Stock Company


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		90

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

iS-AR-804-0820

LOGO


		AUGUST 31, 2020

2020 Annual Report

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

The Markets in Review

Dear Shareholder,

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of August 31, 2020
	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	19.63%	21.94%

U.S. small cap equities (Russell 2000^® Index)	6.57	6.02

International equities (MSCI Europe, Australasia, Far East Index)	7.10	6.13

Emerging market equities (MSCI Emerging Markets Index)	11.23	14.49

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.34	1.26

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	4.67	8.93

U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	2.98	6.47

Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.29	3.15

U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	3.04	4.65

Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


	Page
The Markets in Review		2
Market Overview		4
Fund Summary		5
About Fund Performance		15
Shareholder Expenses		15
Schedules of Investments		16
Financial Statements
Statements of Assets and Liabilities		35
Statements of Operations		37
Statements of Changes in Net Assets		39
Financial Highlights		42
Notes to Financial Statements		47
Report of Independent Registered Public Accounting Firm		56
Important Tax Information (Unaudited)		57
Board Review and Approval of Investment Advisory Contract		58
Supplemental Information		64
Director and Officer Information		66
General Information		68
Glossary of Terms Used in this Report		69

Market Overview

iShares, Inc.

Global Market Overview


M A R K E T O V E R V I E W		4


Fund Summary as of August 31, 2020		iShares^® MSCI Australia ETF

Investment Objective

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

Performance


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		0.99	%		7.26	%		4.97	%		0.99	%		41.97	%		62.44	%
Fund Market		(0.64	)		6.93			4.72			(0.64	)		39.83			58.56
Index		1.43			7.66			5.37			1.43			44.60			68.76

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,063.20	$ 2.70			$ 1,000.00	$ 1,022.50	$ 2.64		0.52	%

^(a)


5		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Australia ETF

Portfolio Management Commentary

Australian stocks posted modest gains during the reporting period, helped by fiscal stimulus measures passed by the government in response to the coronavirus recession. The centerpiece of the legislation was a biweekly payment to employers to help cover wages and reduce unemployment. The monetary policy response was more subdued but included interest rate reductions, significant lending to banks, and some quantitative easing. In this environment, the Australian dollar appreciated substantially against the U.S. dollar, which contributed to the Index’s return.

The materials sector contributed significantly to the Index’s performance, as the metals and mining industry benefited from high iron ore prices. Australian exports of iron ore reached record levels, primarily due to strong demand from China amid economic recovery from the pandemic.

The healthcare sector advanced, driven by solid gains in the biotechnology industry. Sales grew for hemophilia and immunodeficiency treatments, particularly immunoglobulin therapy products that can be self-administered in the home. The consumer discretionary sector also posted gains amid significant increases in online shopping. The information technology sector was another contributor to the Index’s return, as electronic payment services expanded globally in the IT services industry. In addition, the consumer staples sector benefited from consumer stockpiling of food and personal products.

On the downside, the financials sector detracted the most from the Index’s performance, as a weak economic outlook led banks to increase provisions for bad and doubtful debts. Banks also closed a significant number of branches and thousands of ATMs amid a pandemic-driven shift away from cash. Moreover, regulators required banks to reduce dividend payouts. The energy sector was another detractor, partly due to lower oil prices stemming from pandemic-related reductions in demand. The real estate sector also declined, as coronavirus-related restrictions negatively impacted rent collections from retailers.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	31.5	%
Materials	19.8
Health Care	12.9
Real Estate	6.9
Consumer Staples	6.5
Consumer Discretionary	6.2
Industrials	5.8
Energy	4.1
Information Technology	2.3
Communication Services	2.1
Utilities	1.9

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
CSL Ltd.	9.9	%
Commonwealth Bank of Australia	9.2
BHP Group Ltd.	8.5
Westpac Banking Corp.	4.8
National Australia Bank Ltd.	4.4
Wesfarmers Ltd.	4.1
Australia & New Zealand Banking Group Ltd.	4.0
Woolworths Group Ltd.	3.8
Macquarie Group Ltd.	3.3
Transurban Group	2.8


F U N D S U M M A R Y		6


Fund Summary as of August 31, 2020		iShares^® MSCI Canada ETF

Investment Objective

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

Performance


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		4.32	%		5.95	%		3.18	%		4.32	%		33.54	%		36.70	%
Fund Market		4.32			5.70			3.16			4.32			31.93			36.52
Index		4.40			6.10			3.36			4.40			34.44			39.14

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Index performance through August 31, 2017 reflects the performance of the MSCI Canada Index. Index performance beginning on September 1, 2017 reflects the performance of the MSCI Canada Custom Capped Index.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,054.10	$ 2.68			$ 1,000.00	$ 1,022.50	$ 2.64		0.52	%

^(a)


7		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Canada ETF

Portfolio Management Commentary

Canadian equities posted a positive return for the reporting period, as the government loosened monetary policy and passed a notable fiscal stimulus package to mitigate the economic impact of the coronavirus pandemic. The Bank of Canada instituted quantitative easing, reduced interest rates, and launched a plan to provide liquidity to banks. Canadian fiscal stimulus programs included substantial unemployment payments, wage subsidies, and rent subsidies for temporarily closed businesses.

The information technology sector contributed the most to the Index’s return, supported by a pandemic-driven shift toward online shopping. The internet services and infrastructure industry led the way with initiatives to help brick-and-mortar merchants set up operations for their online storefronts. Sales volumes at these digital storefronts increased significantly. Not only did the number of merchants with e-commerce stores rise sharply, the online storefronts also helped companies rapidly scale up their e-commerce operations.

The materials sector bolstered performance, as the metals and mining industry benefited from improved profitability due to higher gold prices. Investment demand for gold rose, driven by expansionary monetary policy, concerns over economic growth, and pandemic-related uncertainty. The industrials sector was another contributor, as strong global demand for grain benefited railroad companies, which transported record grain shipments.

On the downside, the energy sector detracted from the Index’s return, as fuel consumption declined. Oil, gas, and consumable fuels companies responded to surplus oil and lower prices by reducing output to levels significantly below capacity. They also took measures to retain cash reserves, which included reducing dividends. The financials sector also weighed on performance, as write-downs of the value of loans to energy companies negatively impacted banks.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	35.0	%
Materials	14.2
Energy	13.3
Information Technology	11.6
Industrials	9.5
Consumer Staples	4.7
Utilities	3.7
Consumer Discretionary	3.7
Communication Services	3.0
Other (each representing less than 1%)	1.3

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Shopify Inc., Class A	7.7	%
Royal Bank of Canada	7.6
Toronto-Dominion Bank (The)	6.3
Canadian National Railway Co.	4.5
Enbridge Inc.	3.9
Barrick Gold Corp.	3.7
Bank of Nova Scotia (The)	3.6
Brookfield Asset Management Inc., Class A	3.2
TC Energy Corp.	3.1
Canadian Pacific Railway Ltd.	2.8


F U N D S U M M A R Y		8


Fund Summary as of August 31, 2020		iShares^® MSCI Japan ETF

Investment Objective

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

Performance


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		9.76	%		5.42	%		6.13	%		9.76	%		30.20	%		81.22	%
Fund Market		9.71			5.42			6.14			9.71			30.20			81.46
Index		10.16			5.80			6.58			10.16			32.59			89.06

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,095.60	$ 2.74			$ 1,000.00	$ 1,022.50	$ 2.64		0.52	%

^(a)


9		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Japan ETF

Portfolio Management Commentary

Stocks in Japan advanced for the reporting period despite a deep recession driven by the coronavirus pandemic. Economic growth was already stagnant at the end of 2019 due to decreased exports amid slowing global trade and lower private consumption following a sales tax increase. Business closures in early 2020 sharply reduced economic activity, and Japan experienced the largest contraction on record in the second quarter of 2020. Following steep declines in the first quarter of 2020, Japanese equities rebounded in the second quarter, bolstered by massive government stimulus and a resumption of global business activity.

The healthcare and information technology sectors contributed the most to the Index’s return. Among healthcare stocks, pharmaceuticals companies posted strong gains amid positive investor sentiment about new cancer drugs and treatments for coronavirus patients. Solid profit growth among medical equipment manufacturers and companies producing technology solutions that reduce patient contact with healthcare providers boosted returns in the healthcare equipment and services industry. The information technology sector’s key drivers included stocks in the electronic equipment, instruments, and components industry, which advanced amid ongoing adoption of robotics and automated systems in manufacturing. Semiconductor equipment makers also buoyed the information technology sector’s gains, benefiting from a ban on sales of semiconductors made on equipment manufactured in the U.S. to China, which drove demand for equipment produced in Japan.

The communication services sector’s contribution was driven by wireless telecommunication services stocks, which advanced amid expectations of 5G service rollouts and gains in the portfolio companies of a large technology investment conglomerate. Entertainment companies advanced as consumers staying at home purchased more video games and gaming consoles. Machinery and building products stocks bolstered the industrials sector’s contribution, gaining amid solid sales of automatic control equipment to China and rising demand for air-purifying air conditioners.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Industrials	20.7	%
Consumer Discretionary	18.0
Information Technology	12.2
Health Care	11.5
Communication Services	10.1
Financials	9.1
Consumer Staples	7.9
Materials	4.8
Real Estate	3.6
Utilities	1.5
Energy	0.6

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Toyota Motor Corp.	4.0	%
Sony Corp.	2.8
SoftBank Group Corp.	2.8
Keyence Corp.	2.1
Nintendo Co. Ltd.	1.7
Takeda Pharmaceutical Co. Ltd.	1.7
Mitsubishi UFJ Financial Group Inc.	1.5
Daiichi Sankyo Co. Ltd.	1.4
Recruit Holdings Co. Ltd.	1.4
Daikin Industries Ltd.	1.3


F U N D S U M M A R Y		10


Fund Summary as of August 31, 2020		iShares^® MSCI Mexico ETF

Investment Objective

The iShares MSCI Mexico ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Mexican equities, as represented by the MSCI Mexico IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(19.36	)%		(6.96	)%		(1.98	)%		(19.36	)%		(30.27	)%		(18.15	)%
Fund Market		(19.64	)		(7.06	)		(1.99	)		(19.64	)		(30.64	)		(18.20	)
Index		(19.03	)		(6.67	)		(1.98	)		(19.03	)		(29.20	)		(18.15	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

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

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 804.20	$ 2.36			$ 1,000.00	$ 1,022.50	$ 2.64		0.52	%

^(a)


11		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Mexico ETF

Portfolio Management Commentary

Mexican equities declined significantly during the reporting period amid limited economic stimulus measures in response to the coronavirus pandemic. The government’s muted response to the pandemic was unable to prevent a protracted recession, which was driven in part by a decline in foreign investment. Policy uncertainty regarding energy market reforms also deterred foreign investment and weighed on Mexico’s economic outlook. Furthermore, the pandemic-driven decrease in demand for oil pressured the Mexican government’s considerable oil revenues. Concerns over increasing debt at state-owned oil and power companies factored into a lower credit rating for Mexico, and the Mexican peso dropped sharply relative to the U.S. dollar.

The consumer staples sector detracted substantially from the Index’s return, as higher taxes and the pandemic negatively affected the beverages industry. Stay-at-home restrictions temporarily halted most beer production in the country and led to the closure of some stores. Production disruptions created a beer shortage in Mexico and reduced export earnings.

The financials sector was another significant detractor from performance, as a lower growth outlook and weakened government finances led to credit-rating downgrades for banks. Banks posted meaningful declines in net income, suspended dividends, and prepared for a prolonged recession by substantially increasing provisions for bad loans. Furthermore, a bank failure raised concerns that banking regulations were insufficient.

The communication services sector also declined substantially, as the number of prepaid wireless customers dropped at some wireless telecommunication services companies. Moreover, the depreciation of the Mexican peso against the U.S. dollar negatively impacted earnings, as financing costs rose. The industrials sector further detracted from the Index’s performance, as reduced air travel during the pandemic drove down demand for airport services.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Consumer Staples	32.8	%
Communication Services	21.9
Materials	13.7
Financials	11.4
Industrials	10.9
Real Estate	6.4
Utilities	1.4
Other (each representing less than 1%)	1.5

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
America Movil SAB de CV, Series L	17.0	%
Wal-Mart de Mexico SAB de CV	10.3
Fomento Economico Mexicano SAB de CV	9.2
Grupo Financiero Banorte SAB de CV, Class O	6.6
Grupo Mexico SAB de CV, Series B	4.5
Cemex SAB de CV	4.3
Grupo Bimbo SAB de CV, Series A	2.7
Grupo Televisa SAB	2.6
Grupo Aeroportuario del Pacifico SAB de CV, Class B	2.6
Gruma SAB de CV, Class B	2.3


F U N D S U M M A R Y		12


Fund Summary as of August 31, 2020		iShares^® MSCI South Korea ETF

Investment Objective

The iShares MSCI South Korea ETF (the “Fund”) seeks to track the investment results of an index composed of South Korean equities, as represented by the MSCI Korea 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		20.77	%		7.65	%		4.34	%		20.77	%		44.60	%		52.99	%
Fund Market		20.94			7.81			4.34			20.94			45.61			52.91
Index		21.16			8.03			4.88			21.16			47.13			61.07

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

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

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,172.00	$ 3.22			$ 1,000.00	$ 1,022.20	$ 3.00		0.59	%

^(a)


13		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI South Korea ETF

Portfolio Management Commentary

South Korean stocks rose significantly during the reporting period, as the country took measures to counter the coronavirus pandemic and the ensuing economic disruption. The monetary policy response included interest rate reductions and a weekly repurchase program to supply needed liquidity to markets. The government also targeted substantial fiscal stimulus toward alleviating pandemic-related disruptions. Specific programs supported hospitals, small businesses, job retraining, companies in financial difficulty, exporters, and unemployment benefits.

Information technology stocks advanced strongly, benefiting the Index’s performance, as technology hardware and equipment companies responded to the pandemic by expanding online sales channels. Profits from sales of computer memory strengthened due to higher prices and substantial demand driven by data centers. The industry mitigated the impact of lower smartphone purchases by reducing marketing and other expenses. However, mobile manufacturing capabilities continued to expand. The electronic components industry also advanced, as higher demand for electric car batteries helped offset decreases in polymer batteries amid slower smartphone sales.

The communication services sector contributed substantially to the Index’s return, as firms in the interactive media and services industry began to recover from the pandemic’s negative impact on advertising revenue. The number of users and user engagement increased significantly, with instant message traffic volume rising considerably. The substantial growth of online storefronts for small businesses was another source of strength for the industry.

The healthcare sector bolstered performance, as the biotechnology industry benefited from regulatory approval of trials for an innovative COVID-19 treatment. Furthermore, an agreement to manufacture coronavirus antibodies helped the life sciences tools and services industry. The materials sector also contributed meaningfully to the Index’s return. The chemicals industry led the way higher, partly due to a substantial increase in electric car battery sales.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Information Technology	32.4	%
Consumer Discretionary	12.3
Communication Services	11.5
Financials	9.7
Materials	9.3
Industrials	8.8
Health Care	7.1
Consumer Staples	6.4
Energy	1.7
Utilities	0.8

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Samsung Electronics Co. Ltd.	21.3	%
SK Hynix Inc.	4.9
NAVER Corp.	4.8
LG Chem Ltd.	4.1
Celltrion Inc.	3.4
Hyundai Motor Co.	3.3
Samsung SDI Co. Ltd.	3.1
Kakao Corp.	2.7
Hyundai Mobis Co. Ltd.	1.9
NCSoft Corp.	1.8


F U N D S U M M A R Y		14

About Fund Performance

Shareholder Expenses


15		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

August 31, 2020

iShares^® MSCI Australia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Airlines — 0.3%
Qantas Airways Ltd.		1,182,092	$	3,444,411


Banks — 22.2%
Australia & New Zealand Banking Group Ltd.		3,665,401		49,552,447
Commonwealth Bank of Australia		2,288,351		115,553,624
National Australia Bank Ltd.		4,131,572		54,785,173
Westpac Banking Corp.		4,670,196		60,580,397


				280,471,641

Beverages — 0.8%
Coca-Cola Amatil Ltd.		654,063		4,401,780
Treasury Wine Estates Ltd.		932,798		6,381,118


				10,782,898

Biotechnology — 9.8%
CSL Ltd.		586,895		124,139,230


Capital Markets — 5.1%
ASX Ltd.		249,852		16,138,510
Macquarie Group Ltd.		435,486		41,127,519
Magellan Financial Group Ltd.		165,312		7,243,695


				64,509,724

Chemicals — 0.5%
Orica Ltd.		524,181		6,737,495


Commercial Services & Supplies — 1.3%
Brambles Ltd.		1,961,932		16,090,996


Construction & Engineering — 0.1%
CIMIC Group Ltd.		121,926		1,908,906


Construction Materials — 1.0%
James Hardie Industries PLC		573,952		13,086,289


Diversified Financial Services — 0.4%
AMP Ltd.^(a)		4,452,484		5,038,036


Diversified Telecommunication Services — 1.1%
Telstra Corp. Ltd.		5,366,963		11,470,804
TPG Telecom Ltd.^(a)		480,674		2,925,620


				14,396,424

Electric Utilities — 0.3%
AusNet Services		2,387,263		3,222,037


Equity Real Estate Investment Trusts (REITs) — 6.2%
BGP Holdings PLC^(a)(b)		18,888,372		226
Dexus		1,410,574		9,211,365
Goodman Group		2,126,423		28,794,227
GPT Group (The)		2,523,752		7,148,466
Mirvac Group		5,096,845		7,953,372
Scentre Group		6,709,493		11,214,130
Stockland		3,089,184		9,047,037
Vicinity Centres		4,966,342		5,307,279


				78,676,102

Food & Staples Retailing — 5.6%
Coles Group Ltd.		1,723,319		22,596,534
Woolworths Group Ltd.		1,631,807		48,115,217


				70,711,751

Gas Utilities — 0.9%
APA Group		1,528,678		11,791,464


Security	Shares		Value

Health Care Equipment & Supplies — 1.0%
Cochlear Ltd.		84,913	$	12,066,519


Health Care Providers & Services — 2.0%
Ramsay Health Care Ltd.		236,696		11,388,654
Sonic Healthcare Ltd.		582,242		13,800,632


				25,189,286

Hotels, Restaurants & Leisure — 2.1%
Aristocrat Leisure Ltd.		744,571		15,621,865
Crown Resorts Ltd.		478,627		3,189,256
Tabcorp Holdings Ltd.		2,843,374		7,612,196


				26,423,317

Insurance — 3.5%
Insurance Australia Group Ltd.		2,994,208		10,562,525
Medibank Pvt Ltd.		3,568,102		7,203,894
QBE Insurance Group Ltd.		1,899,225		14,902,503
Suncorp Group Ltd.		1,624,835		11,175,312


				43,844,234

Interactive Media & Services — 1.0%
REA Group Ltd.		68,265		5,763,914
Seek Ltd.		433,333		6,624,143


				12,388,057

IT Services — 2.0%
Afterpay Ltd.^(a)		276,714		18,712,628
Computershare Ltd.		630,574		6,197,670


				24,910,298

Metals & Mining — 18.1%
BHP Group Ltd.		3,808,040		106,763,476
BlueScope Steel Ltd.		648,098		6,082,326
Evolution Mining Ltd.		2,097,824		8,610,521
Fortescue Metals Group Ltd.		2,187,969		28,187,511
Newcrest Mining Ltd.		1,044,174		24,680,109
Northern Star Resources Ltd.		958,811		9,679,058
Rio Tinto Ltd.		480,102		34,795,815
South32 Ltd.		6,264,669		9,729,373


				228,528,189

Multi-Utilities — 0.7%
AGL Energy Ltd.		809,864		8,864,234


Multiline Retail — 4.1%
Wesfarmers Ltd.		1,465,403		51,499,253


Oil, Gas & Consumable Fuels — 4.1%
Ampol Ltd.		323,522		6,225,561
Oil Search Ltd.		2,556,729		6,183,009
Origin Energy Ltd.		2,281,839		9,450,188
Santos Ltd.		2,294,040		9,619,477
Washington H Soul Pattinson & Co. Ltd.		137,368		2,126,289
Woodside Petroleum Ltd.		1,233,680		17,864,161


				51,468,685

Real Estate Management & Development — 0.6%
Lendlease Corp. Ltd.		856,939		7,364,164


Road & Rail — 0.6%
Aurizon Holdings Ltd.		2,477,536		7,970,336


Software — 0.3%
WiseTech Global Ltd.		188,327		3,924,831


Transportation Infrastructure — 3.4%
Sydney Airport		1,711,354		7,239,412


S C H E D U L E O F I N V E S T M E N T S		16

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Australia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Transportation Infrastructure (continued)
Transurban Group		3,537,644	$	35,214,912

				42,454,324


Total Common Stocks — 99.1% (Cost: $1,492,530,903)				1,251,903,131


Short-Term Investments

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(c)(d)		494,000		494,000


Total Short-Term Investments — 0.0% (Cost: $494,000)				494,000


Total Investments in Securities — 99.1% (Cost: $1,493,024,903)				1,252,397,131

Other Assets, Less Liabilities — 0.9%				10,861,674


Net Assets — 100.0%			$	1,263,258,805

^(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


Affiliated Issuer	Value at 08/31/19		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	—	$	(91	)^(b)	$	91	$	—	$	—		—	$	2,211	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		603,000		—		(109,000	)^(b)		—		—		494,000		494,000		9,715			—

								$	91	$	—	$	494,000			$	11,926		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

ASX SPI 200 Index

101

09/17/20

$11,260

49,740


17		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Australia ETF

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	49,740

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(3,101,199	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(57,156	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	11,464,242

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,251,902,905	$	—	$	226	$	1,251,903,131
Money Market Funds		494,000		—		—		494,000

	$	1,252,396,905	$	—	$	226	$	1,252,397,131

Derivative financial instruments^(a)
Assets
Futures Contracts	$	49,740	$	—	$	—	$	49,740

^(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		18

Schedule of Investments

August 31, 2020

iShares^® MSCI Canada ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.3%
CAE Inc.		442,231	$	7,018,947


Airlines — 0.2%
Air Canada^(a)(b)		264,465		3,572,343


Auto Components — 1.0%
Magna International Inc.		464,479		22,643,775


Banks — 24.0%
Bank of Montreal		1,008,983		64,103,467
Bank of Nova Scotia (The)		1,897,946		82,111,529
Canadian Imperial Bank of Commerce		704,442		55,989,880
National Bank of Canada		533,946		29,382,500
Royal Bank of Canada		2,242,076		170,923,987
Toronto-Dominion Bank (The)		2,845,519		142,106,697


				544,618,060

Capital Markets — 3.6%
Brookfield Asset Management Inc., Class A		2,102,731		71,040,499
CI Financial Corp.		372,749		5,298,217
IGM Financial Inc.		148,146		3,619,085
TMX Group Ltd.		25,155		2,647,265


				82,605,066

Chemicals — 1.5%
Nutrien Ltd.		908,926		33,700,614


Commercial Services & Supplies — 0.1%
Ritchie Bros Auctioneers Inc.		38,818		2,273,756


Construction & Engineering — 0.5%
WSP Global Inc.		183,605		12,469,555


Containers & Packaging — 0.4%
CCL Industries Inc., Class B, NVS		247,732		9,166,246


Diversified Financial Services — 0.3%
Onex Corp.		143,118		6,956,263


Diversified Telecommunication Services — 1.0%
BCE Inc.		250,378		10,772,624
TELUS Corp.		644,552		11,882,374


				22,654,998

Electric Utilities — 2.4%
Emera Inc.		387,786		15,848,348
Fortis Inc.		697,717		27,936,525
Hydro One Ltd.^(c)		533,616		11,057,701


				54,842,574

Equity Real Estate Investment Trusts (REITs) — 0.5%
Canadian Apartment Properties REIT^(b)		141,995		4,904,083
First Capital Real Estate Investment Trust		203,096		2,132,356
RioCan REIT		272,070		3,176,012
SmartCentres Real Estate Investment Trust		136,669		2,154,481


				12,366,932

Food & Staples Retailing — 4.2%
Alimentation Couche-Tard Inc., Class B		1,375,782		44,949,568
Empire Co. Ltd., Class A, NVS		290,131		7,559,728
George Weston Ltd.		125,824		9,099,655
Loblaw Companies Ltd.		291,740		15,093,590
Metro Inc.		408,329		18,464,826


				95,167,367


Security	Shares		Value

Food Products — 0.4%
Saputo Inc.		399,521	$	9,977,676


Gas Utilities — 0.3%
AltaGas Ltd.		477,490		6,182,322


Hotels, Restaurants & Leisure — 1.1%
Restaurant Brands International Inc.		452,791		24,558,686


Insurance — 6.9%
Fairfax Financial Holdings Ltd.		43,110		13,303,734
Great-West Lifeco Inc.		459,492		9,384,153
iA Financial Corp. Inc.		180,149		6,491,420
Intact Financial Corp.		222,402		23,847,257
Manulife Financial Corp.		3,085,671		45,564,534
Power Corp. of Canada		907,271		18,132,190
Sun Life Financial Inc.		931,597		38,924,088


				155,647,376

IT Services — 8.9%
CGI Inc.^(a)		382,110		26,868,965
Shopify Inc., Class A^(a)		163,137		174,440,587


				201,309,552

Media — 1.0%
Quebecor Inc., Class B		296,697		7,364,198
Shaw Communications Inc., Class B, NVS		763,637		14,294,567


				21,658,765

Metals & Mining — 12.2%
Agnico Eagle Mines Ltd.		382,142		31,540,390
B2Gold Corp.		541,168		3,638,384
Barrick Gold Corp.		2,801,880		83,091,940
First Quantum Minerals Ltd.		1,154,499		11,439,105
Franco-Nevada Corp.		298,171		44,892,133
Kinross Gold Corp.^(a)		2,038,123		18,113,868
Kirkland Lake Gold Ltd.^(b)		439,471		23,441,601
Lundin Mining Corp.		1,118,843		7,015,578
Pan American Silver Corp.		106,391		3,845,084
Teck Resources Ltd., Class B		819,405		9,458,422
Wheaton Precious Metals Corp.		712,208		38,076,986
Yamana Gold Inc.		399,453		2,477,133


				277,030,624

Multi-Utilities — 1.0%
Algonquin Power & Utilities Corp.		944,475		13,105,728
Atco Ltd., Class I, NVS		131,685		4,016,395
Canadian Utilities Ltd., Class A, NVS		221,188		5,557,922


				22,680,045

Multiline Retail — 1.3%
Canadian Tire Corp. Ltd., Class A, NVS		96,879		10,145,546
Dollarama Inc.		481,706		18,825,335


				28,970,881

Oil, Gas & Consumable Fuels — 13.3%
Cameco Corp.		669,667		7,765,968
Canadian Natural Resources Ltd.		1,882,423		37,158,693
Cenovus Energy Inc.		1,782,687		8,428,069
Enbridge Inc.		2,767,673		88,641,156
Imperial Oil Ltd.		445,794		7,359,476
Inter Pipeline Ltd.		710,417		7,507,918
Keyera Corp.		371,788		6,796,876
Parkland Corp./Canada		251,244		7,128,816
Pembina Pipeline Corp.		878,966		21,789,479
Suncor Energy Inc.		2,431,111		39,052,269


19		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Canada ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
TC Energy Corp.		1,472,592	$	68,930,800


				300,559,520

Pharmaceuticals — 0.7%
Bausch Health Companies Inc.^(a)		519,352		8,629,625
Canopy Growth Corp.^(a)(b)		358,134		5,912,324
Cronos Group Inc.^(a)(b)		360,040		1,997,843


				16,539,792

Professional Services — 1.0%
Thomson Reuters Corp.		306,114		23,425,785


Road & Rail — 7.3%
Canadian National Railway Co.		963,330		101,334,671
Canadian Pacific Railway Ltd.		216,700		64,179,257


				165,513,928

Software — 2.7%
BlackBerry Ltd.^(a)		921,114		4,807,226
Constellation Software Inc.		31,868		36,931,856
Open Text Corp.		434,460		19,726,508


				61,465,590

Textiles, Apparel & Luxury Goods — 0.3%
Gildan Activewear Inc.^(b)		347,089		6,736,928


Wireless Telecommunication Services — 1.1%
Rogers Communications Inc., Class B, NVS		573,644		23,888,809


Total Common Stocks — 99.5% (Cost: $2,549,116,378)				2,256,202,775


Security	Shares		Value

Short-Term Investments

Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(d)(e)(f)		12,131,561	$	12,143,692
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(d)(e)		945,000		945,000

				13,088,692


Total Short-Term Investments — 0.6% (Cost: $13,073,890)				13,088,692


Total Investments in Securities — 100.1% (Cost: $2,562,190,268)				2,269,291,467

Other Assets, Less Liabilities — (0.1)%				(3,257,054	)


Net Assets — 100.0%			$	2,266,034,413

^(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


Affiliated Issuer	Value at 08/31/19		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	52,333,598	$	—	$	(40,209,917	)^(a)	$	17,029	$	2,982	$	12,143,692		12,131,561	$	2,045,033	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		986,000		—		(41,000	)^(a)		—		—		945,000		945,000		13,958			—

								$	17,029	$	2,982	$	13,088,692			$	2,058,991		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P/TSX 60 Index

09/17/20

$ 9,412

520,021


S C H E D U L E O F I N V E S T M E N T S		20

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Canada ETF

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	520,021

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	546,718


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	451,059

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	9,883,341

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,256,202,775	$	—	$	—	$	2,256,202,775
Money Market Funds		13,088,692		—		—		13,088,692

	$	2,269,291,467	$	—	$	—	$	2,269,291,467

Derivative financial instruments^(a)
Assets
Futures Contracts	$	520,021	$	—	$	—	$	520,021

^(a)

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

See notes to financial statements.


21		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

August 31, 2020

iShares^® MSCI Japan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 0.4%
SG Holdings Co. Ltd.		447,100	$	20,553,657
Yamato Holdings Co. Ltd.		862,800		22,553,459


				43,107,116

Airlines — 0.1%
ANA Holdings Inc.^(a)		322,000		8,038,993
Japan Airlines Co. Ltd.		313,400		6,247,608


				14,286,601

Auto Components — 2.2%
Aisin Seiki Co. Ltd.		452,900		15,567,170
Bridgestone Corp.		1,499,300		47,518,952
Denso Corp.		1,212,600		50,964,762
JTEKT Corp.		578,800		4,470,151
Koito Manufacturing Co. Ltd.		292,500		14,177,472
NGK Spark Plug Co. Ltd.		435,100		7,487,930
Stanley Electric Co. Ltd.		366,800		10,515,083
Sumitomo Electric Industries Ltd.		2,111,800		24,872,820
Sumitomo Rubber Industries Ltd.		481,800		4,638,765
Toyoda Gosei Co. Ltd.		180,200		3,933,830
Toyota Industries Corp.		408,800		23,823,697
Yokohama Rubber Co. Ltd. (The)		334,500		5,239,328


				213,209,960

Automobiles — 6.6%
Honda Motor Co. Ltd.		4,572,500		117,670,352
Isuzu Motors Ltd.		1,545,700		15,290,106
Mazda Motor Corp.		1,579,500		10,128,342
Mitsubishi Motors Corp.		1,878,000		4,515,913
Nissan Motor Co. Ltd.		6,501,800		26,456,002
Subaru Corp.		1,723,400		35,794,130
Suzuki Motor Corp.		1,031,800		42,315,038
Toyota Motor Corp.		5,948,700		393,008,555
Yamaha Motor Co. Ltd.		785,700		12,380,637


				657,559,075

Banks — 4.7%
Aozora Bank Ltd.		330,000		5,928,144
Bank of Kyoto Ltd. (The)		161,400		6,879,419
Chiba Bank Ltd. (The)		1,503,600		7,798,387
Concordia Financial Group Ltd.		2,883,800		9,572,329
Fukuoka Financial Group Inc.		486,000		8,043,095
Japan Post Bank Co. Ltd.		1,123,900		9,040,376
Mebuki Financial Group Inc.		2,606,880		6,317,772
Mitsubishi UFJ Financial Group Inc.		34,284,480		143,060,799
Mizuho Financial Group Inc.		67,658,180		91,746,393
Resona Holdings Inc.		5,836,800		21,465,906
Seven Bank Ltd.		1,656,500		4,155,113
Shinsei Bank Ltd.		430,800		5,033,346
Shizuoka Bank Ltd. (The)		1,168,400		8,120,240
Sumitomo Mitsui Financial Group Inc.		3,658,800		107,578,277
Sumitomo Mitsui Trust Holdings Inc.		948,032		27,454,442


				462,194,038

Beverages — 1.1%
Asahi Group Holdings Ltd.		1,082,000		37,884,540
Coca-Cola Bottlers Japan Holdings Inc.		344,100		5,736,893
Ito En Ltd.		150,900		9,121,307
Kirin Holdings Co. Ltd.		2,304,100		45,301,980
Suntory Beverage & Food Ltd.		391,600		15,103,437


				113,148,157


Security	Shares		Value

Biotechnology — 0.1%
PeptiDream Inc.^(a)		263,300	$	10,688,920


Building Products — 1.8%
AGC Inc.		539,200		15,279,325
Daikin Industries Ltd.		698,000		131,411,854
LIXIL Group Corp.		746,600		13,728,794
TOTO Ltd.		396,700		17,413,725


				177,833,698

Capital Markets — 1.2%
Daiwa Securities Group Inc.		4,049,000		18,250,950
Japan Exchange Group Inc.		1,423,700		36,893,089
Nomura Holdings Inc.		8,799,900		45,184,078
SBI Holdings Inc.		661,710		15,056,874


				115,384,991

Chemicals — 3.9%
Air Water Inc.		513,600		7,216,408
Asahi Kasei Corp.		3,509,900		29,457,410
Daicel Corp.		664,600		4,825,706
JSR Corp.		569,000		12,126,361
Kansai Paint Co. Ltd.		498,500		11,888,410
Kuraray Co. Ltd.		889,300		9,098,878
Mitsubishi Chemical Holdings Corp.		3,575,100		20,895,346
Mitsubishi Gas Chemical Co. Inc.		444,600		7,940,708
Mitsui Chemicals Inc.		516,600		12,144,691
Nippon Paint Holdings Co. Ltd.		409,100		35,105,946
Nissan Chemical Corp.		348,200		18,453,336
Nitto Denko Corp.		443,500		26,933,283
Shin-Etsu Chemical Co. Ltd.		993,300		120,690,938
Showa Denko KK		378,300		7,373,720
Sumitomo Chemical Co. Ltd.		4,173,300		13,577,146
Taiyo Nippon Sanso Corp.		425,800		7,492,506
Teijin Ltd.		500,600		7,855,141
Toray Industries Inc.		3,872,600		18,394,348
Tosoh Corp.		724,800		10,764,864


				382,235,146

Commercial Services & Supplies — 1.0%
Dai Nippon Printing Co. Ltd.		679,300		14,438,608
Park24 Co. Ltd.		306,100		5,530,554
Secom Co. Ltd.		588,400		55,624,593
Sohgo Security Services Co. Ltd.		199,000		9,298,364
Toppan Printing Co. Ltd.		732,200		11,378,807


				96,270,926

Construction & Engineering — 0.7%
JGC Holdings Corp.		611,000		6,746,956
Kajima Corp.		1,261,000		15,708,247
Obayashi Corp.		1,813,500		17,733,976
Shimizu Corp.		1,541,700		11,863,145
Taisei Corp.		534,500		18,472,747


				70,525,071

Construction Materials — 0.1%
Taiheiyo Cement Corp.		337,300		8,575,235


Consumer Finance — 0.0%
Acom Co. Ltd.		1,110,200		4,334,224


Diversified Consumer Services — 0.0%
Benesse Holdings Inc.		199,400		5,078,782


Diversified Financial Services — 0.6%
Mitsubishi UFJ Lease & Finance Co. Ltd.		1,126,500		5,322,047


S C H E D U L E O F I N V E S T M E N T S		22

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Japan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Diversified Financial Services (continued)
ORIX Corp.		3,685,300	$	45,942,445
Tokyo Century Corp.		119,900		6,150,748

				57,415,240

Diversified Telecommunication Services — 0.8%
Nippon Telegraph & Telephone Corp.		3,610,400		82,101,745


Electric Utilities — 0.9%
Chubu Electric Power Co. Inc.		1,801,500		22,245,879
Chugoku Electric Power Co. Inc. (The)		813,300		9,908,846
Kansai Electric Power Co. Inc. (The)		1,965,200		19,347,153
Kyushu Electric Power Co. Inc.		1,061,400		9,398,412
Tohoku Electric Power Co. Inc.		1,199,000		12,154,510
Tokyo Electric Power Co. Holdings Inc.^(a)		4,035,700		11,873,623

				84,928,423

Electrical Equipment — 1.9%
Fuji Electric Co. Ltd.		355,400		11,109,916
Mitsubishi Electric Corp.		5,110,300		70,501,852
Nidec Corp.		1,254,300		105,399,286

				187,011,054

Electronic Equipment, Instruments & Components — 5.9%
Hamamatsu Photonics KK		395,000		17,990,947
Hirose Electric Co. Ltd.		90,458		10,244,713
Hitachi Ltd.		2,714,700		90,366,269
Keyence Corp.		511,604		210,729,999
Kyocera Corp.		898,500		51,574,044
Murata Manufacturing Co. Ltd.		1,608,900		95,279,287
Omron Corp.		518,600		37,998,227
Shimadzu Corp.		622,200		18,570,069
TDK Corp.		363,400		37,729,587
Yokogawa Electric Corp.		636,500		10,401,759

				580,884,901

Entertainment — 2.4%
Konami Holdings Corp.		260,800		10,046,377
Nexon Co. Ltd.		1,357,100		31,775,938
Nintendo Co. Ltd.		313,900		167,954,038
Square Enix Holdings Co. Ltd.		259,000		17,072,092
Toho Co. Ltd.		312,800		11,887,255

				238,735,700

Equity Real Estate Investment Trusts (REITs) — 1.5%
Daiwa House REIT Investment Corp.		5,530		14,444,905
GLP J-REIT		10,184		15,711,277
Japan Prime Realty Investment Corp.		2,284		6,902,937
Japan Real Estate Investment Corp.		3,687		20,652,346
Japan Retail Fund Investment Corp.		7,335		11,060,083
Nippon Building Fund Inc.		3,562		21,463,699
Nippon Prologis REIT Inc.		5,889		19,269,961
Nomura Real Estate Master Fund Inc.^(a)		11,839		15,172,051
Orix JREIT Inc.		7,306		10,864,786
United Urban Investment Corp.		8,257		9,187,854

				144,729,899

Food & Staples Retailing — 1.7%
Aeon Co. Ltd.		1,831,400		45,402,901
Cosmos Pharmaceutical Corp.		56,100		9,866,236
Kobe Bussan Co. Ltd.		171,600		10,113,631
Lawson Inc.		141,100		6,958,867
Seven & i Holdings Co. Ltd.		2,113,280		68,413,317
Sundrug Co. Ltd.		199,800		7,432,797
Tsuruha Holdings Inc.		103,300		13,793,465


Security	Shares		Value

Food & Staples Retailing (continued)
Welcia Holdings Co. Ltd.		264,000	$	11,289,924

				173,271,138

Food Products — 1.6%
Ajinomoto Co. Inc.		1,305,000		24,316,847
Calbee Inc.		245,500		7,651,256
Kikkoman Corp.		405,600		22,030,798
MEIJI Holdings Co. Ltd.		320,456		25,867,352
NH Foods Ltd.		231,500		10,489,486
Nisshin Seifun Group Inc.		553,175		9,133,947
Nissin Foods Holdings Co. Ltd.		177,900		17,782,451
Toyo Suisan Kaisha Ltd.		248,900		14,129,643
Yakult Honsha Co. Ltd.		334,800		19,100,759
Yamazaki Baking Co. Ltd.		336,500		5,476,911

				155,979,450

Gas Utilities — 0.5%
Osaka Gas Co. Ltd.		1,050,700		20,539,404
Toho Gas Co. Ltd.		205,900		9,067,405
Tokyo Gas Co. Ltd.		1,052,100		23,379,449

				52,986,258

Health Care Equipment & Supplies — 3.0%
Asahi Intecc Co. Ltd.		547,300		16,231,397
Hoya Corp.		1,054,200		103,536,169
Olympus Corp.		3,262,100		64,568,324
Sysmex Corp.		469,400		40,975,395
Terumo Corp.		1,807,400		73,458,381

				298,769,666

Health Care Providers & Services — 0.3%
Alfresa Holdings Corp.		523,600		10,516,932
Medipal Holdings Corp.		512,300		9,792,372
Suzuken Co. Ltd.		188,240		6,993,876

				27,303,180

Health Care Technology — 0.7%
M3 Inc.		1,234,800		71,494,856


Hotels, Restaurants & Leisure — 0.9%
McDonald’s Holdings Co. Japan Ltd.		184,300		9,037,295
Oriental Land Co. Ltd.		559,900		75,976,812

				85,014,107

Household Durables — 4.3%
Casio Computer Co. Ltd.		543,100		8,752,491
Iida Group Holdings Co. Ltd.		412,480		8,051,616
Nikon Corp.		844,600		6,626,500
Panasonic Corp.		6,180,915		56,997,659
Rinnai Corp.		101,200		9,361,799
Sekisui Chemical Co. Ltd.		1,002,400		16,041,047
Sekisui House Ltd.		1,728,300		34,160,185
Sharp Corp.		590,800		7,337,297
Sony Corp.		3,536,900		277,128,597

				424,457,191

Household Products — 0.8%
Lion Corp.		628,400		13,309,316
Pigeon Corp.		322,200		14,720,722
Unicharm Corp.		1,129,800		49,157,407

				77,187,445

Independent Power and Renewable Electricity Producers — 0.1%
Electric Power Development Co. Ltd.		386,600		5,829,350


Industrial Conglomerates — 0.4%
Keihan Holdings Co. Ltd.		269,900		11,631,317


23		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Japan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Industrial Conglomerates (continued)
Toshiba Corp.		1,080,400	$	31,124,730

				42,756,047

Insurance — 2.6%
Dai-ichi Life Holdings Inc.		3,019,600		45,716,137
Japan Post Holdings Co. Ltd.		4,401,700		32,529,702
Japan Post Insurance Co. Ltd.		632,500		10,103,777
MS&AD Insurance Group Holdings Inc.		1,245,840		34,551,515
Sompo Holdings Inc.		941,550		35,337,536
T&D Holdings Inc.		1,505,100		15,754,265
Tokio Marine Holdings Inc.		1,772,000		81,711,349

				255,704,281

Interactive Media & Services — 0.7%
Kakaku.com Inc.		380,000		10,130,228
LINE Corp.^(a)		169,200		8,615,965
Z Holdings Corp.		7,430,300		49,397,534

				68,143,727

Internet & Direct Marketing Retail — 0.4%
Mercari Inc.^(a)		238,600		10,822,443
Rakuten Inc.		2,412,800		21,228,181
ZOZO Inc.		305,200		8,588,022

				40,638,646

IT Services — 2.5%
Fujitsu Ltd.		551,600		71,885,633
GMO Payment Gateway Inc.		114,548		12,108,851
Itochu Techno-Solutions Corp.		269,300		9,751,634
NEC Corp.		694,000		36,583,149
Nomura Research Institute Ltd.		895,712		23,810,761
NTT Data Corp.		1,764,000		20,160,950
Obic Co. Ltd.		195,500		34,640,436
Otsuka Corp.		291,500		14,293,932
SCSK Corp.		147,200		7,967,636
TIS Inc.		625,000		12,494,695

				243,697,677

Leisure Products — 1.0%
Bandai Namco Holdings Inc.		559,198		34,734,662
Sega Sammy Holdings Inc.		489,500		5,673,021
Shimano Inc.		208,000		44,034,136
Yamaha Corp.		376,900		18,374,964

				102,816,783

Machinery — 5.3%
Amada Co. Ltd.		906,500		8,069,555
Daifuku Co. Ltd.		282,700		24,872,375
FANUC Corp.		538,000		94,389,080
Hino Motors Ltd.		806,300		5,428,810
Hitachi Construction Machinery Co. Ltd.		302,100		10,597,501
Hoshizaki Corp.		142,300		10,882,673
Kawasaki Heavy Industries Ltd.		396,700		5,618,779
Komatsu Ltd.		2,449,800		53,225,887
Kubota Corp.		2,903,900		52,480,780
Kurita Water Industries Ltd.		277,300		8,681,560
Makita Corp.		626,000		28,925,456
MINEBEA MITSUMI Inc.		1,014,100		17,586,213
MISUMI Group Inc.		796,900		20,905,991
Mitsubishi Heavy Industries Ltd.		895,400		22,236,182
Miura Co. Ltd.		246,000		10,067,801
Nabtesco Corp.		313,800		9,927,851
NGK Insulators Ltd.		723,000		10,274,516
NSK Ltd.		994,100		7,621,324


Security	Shares		Value

Machinery (continued)
SMC Corp.		160,600	$	88,216,795
Sumitomo Heavy Industries Ltd.		309,100		7,033,413
THK Co. Ltd.		336,500		7,888,528
Yaskawa Electric Corp.		673,200		24,218,568

				529,149,638

Marine — 0.1%
Nippon Yusen KK		430,200		6,726,122


Media — 0.4%
CyberAgent Inc.		284,100		15,136,640
Dentsu Group Inc.		608,500		15,974,954
Hakuhodo DY Holdings Inc.		650,500		8,097,129

				39,208,723

Metals & Mining — 0.7%
Hitachi Metals Ltd.		594,900		8,925,323
JFE Holdings Inc.		1,368,050		10,359,226
Maruichi Steel Tube Ltd.		159,800		4,284,138
Mitsubishi Materials Corp.		313,300		6,582,417
Nippon Steel Corp.		2,264,570		22,305,091
Sumitomo Metal Mining Co. Ltd.		650,100		19,844,158

				72,300,353

Multiline Retail — 0.5%
Isetan Mitsukoshi Holdings Ltd.		948,060		5,221,058
Marui Group Co. Ltd.		530,000		9,680,890
Pan Pacific International Holdings Corp.		1,155,900		27,152,123
Ryohin Keikaku Co. Ltd.		665,100		10,411,297

				52,465,368

Oil, Gas & Consumable Fuels — 0.6%
ENEOS Holdings Inc.		8,576,195		33,610,888
Idemitsu Kosan Co. Ltd.		547,829		12,067,788
Inpex Corp.		2,860,300		18,174,078

				63,852,754

Paper & Forest Products — 0.1%
Oji Holdings Corp.		2,419,800		10,930,116


Personal Products — 2.0%
Kao Corp.		1,351,900		102,866,529
Kobayashi Pharmaceutical Co. Ltd.		138,800		12,355,811
Kose Corp.		93,300		10,936,103
Pola Orbis Holdings Inc.		254,600		4,612,067
Shiseido Co. Ltd.		1,119,600		65,152,073

				195,922,583

Pharmaceuticals — 7.3%
Astellas Pharma Inc.		5,212,750		81,820,193
Chugai Pharmaceutical Co. Ltd.		1,883,700		83,860,132
Daiichi Sankyo Co. Ltd.		1,590,869		141,722,282
Eisai Co. Ltd.		706,400		61,717,158
Hisamitsu Pharmaceutical Co. Inc.		143,000		6,594,087
Kyowa Kirin Co. Ltd.		756,200		19,553,024
Nippon Shinyaku Co. Ltd.		128,800		10,627,564
Ono Pharmaceutical Co. Ltd.		1,035,900		31,249,414
Otsuka Holdings Co. Ltd.		1,092,400		47,973,094
Santen Pharmaceutical Co. Ltd.		1,006,000		19,172,295
Shionogi & Co. Ltd.		742,800		41,207,906
Sumitomo Dainippon Pharma Co. Ltd.		504,800		6,388,246
Taisho Pharmaceutical Holdings Co. Ltd.		94,400		5,804,027
Takeda Pharmaceutical Co. Ltd.		4,421,300		165,061,311

				722,750,733


S C H E D U L E O F I N V E S T M E N T S		24

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Japan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Professional Services — 1.7%
Nihon M&A Center Inc.		418,400	$	20,832,213
Persol Holdings Co. Ltd.		494,900		7,723,697
Recruit Holdings Co. Ltd.		3,567,900		135,455,377

				164,011,287

Real Estate Management & Development — 2.1%
Aeon Mall Co. Ltd.		289,200		3,826,183
Daito Trust Construction Co. Ltd.		183,600		16,276,332
Daiwa House Industry Co. Ltd.		1,585,500		42,468,884
Hulic Co. Ltd.		843,200		7,680,996
Mitsubishi Estate Co. Ltd.		3,311,400		51,882,607
Mitsui Fudosan Co. Ltd.		2,604,700		47,159,451
Nomura Real Estate Holdings Inc.		326,000		6,237,484
Sumitomo Realty & Development Co. Ltd.		865,100		25,542,252
Tokyu Fudosan Holdings Corp.		1,698,100		7,301,934

				208,376,123

Road & Rail — 3.2%
Central Japan Railway Co.		404,400		60,596,124
East Japan Railway Co.		847,700		55,133,075
Hankyu Hanshin Holdings Inc.		641,300		20,833,406
Keikyu Corp.		618,700		9,229,887
Keio Corp.		286,200		17,299,656
Keisei Electric Railway Co. Ltd.		361,900		10,647,631
Kintetsu Group Holdings Co. Ltd.		481,900		21,176,425
Kyushu Railway Co.		417,800		9,211,338
Nagoya Railroad Co. Ltd.		522,900		14,590,609
Nippon Express Co. Ltd.		201,900		11,937,508
Odakyu Electric Railway Co. Ltd.		826,400		20,440,824
Seibu Holdings Inc.		589,700		6,483,947
Tobu Railway Co. Ltd.		529,600		16,530,492
Tokyu Corp.		1,398,000		18,693,611
West Japan Railway Co.		454,500		23,876,840

				316,681,373

Semiconductors & Semiconductor Equipment — 2.1%
Advantest Corp.		558,600		26,706,606
Disco Corp.		80,700		18,819,473
Lasertec Corp.		211,200		15,932,859
Renesas Electronics Corp.^(a)		2,151,600		13,533,096
Rohm Co. Ltd.		247,600		15,923,731
SUMCO Corp.		738,000		10,007,487
Tokyo Electron Ltd.		418,852		107,235,907

				208,159,159

Software — 0.4%
Oracle Corp. Japan		107,100		12,563,761
Trend Micro Inc.		374,600		23,172,955

				35,736,716

Specialty Retail — 1.9%
ABC-Mart Inc.		91,500		4,814,654
Fast Retailing Co. Ltd.		163,600		97,624,669
Hikari Tsushin Inc.		58,800		14,205,818
Nitori Holdings Co. Ltd.		224,300		46,913,801
Shimamura Co. Ltd.		61,100		5,041,492
USS Co. Ltd.		608,900		10,283,746


Security	Shares		Value

Specialty Retail (continued)
Yamada Denki Co. Ltd.		2,029,800	$	10,891,190

				189,775,370

Technology Hardware, Storage & Peripherals — 1.3%
Brother Industries Ltd.		619,900		10,259,084
Canon Inc.		2,800,050		48,372,781
FUJIFILM Holdings Corp.		1,008,400		47,983,275
Ricoh Co. Ltd.		1,880,600		14,063,047
Seiko Epson Corp.		778,500		9,293,988

				129,972,175

Tobacco — 0.6%
Japan Tobacco Inc.		3,358,900		62,794,278


Trading Companies & Distributors — 3.7%
ITOCHU Corp.		3,772,600		96,889,774
Marubeni Corp.		4,619,600		27,862,664
Mitsubishi Corp.		3,750,300		88,855,003
Mitsui & Co. Ltd.		4,574,200		82,559,468
MonotaRO Co. Ltd.		350,200		13,836,937
Sumitomo Corp.		3,326,100		43,111,174
Toyota Tsusho Corp.		593,700		17,299,571

				370,414,591

Transportation Infrastructure — 0.1%
Japan Airport Terminal Co. Ltd.		142,500		6,409,779
Kamigumi Co. Ltd.		278,300		5,747,343

				12,157,122

Wireless Telecommunication Services — 5.7%
KDDI Corp.		4,523,800		131,305,167
NTT DOCOMO Inc.		3,169,400		88,436,556
Softbank Corp.		5,362,100		70,410,903
SoftBank Group Corp.		4,396,000		273,514,150

				563,666,776


Total Common Stocks — 99.2% (Cost: $10,859,180,714)				9,831,340,064


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(b)(c)		4,320,000		4,320,000


Total Short-Term Investments — 0.1% (Cost: $4,320,000)				4,320,000


Total Investments in Securities — 99.3% (Cost: $10,863,500,714)				9,835,660,064

Other Assets, Less Liabilities — 0.7%				73,366,284


Net Assets — 100.0%			$	9,909,026,348

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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


25		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Japan ETF

Affiliates



Affiliated Issuer	Value at 08/31/19		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	53,779,438	$	—	$	(53,778,604	)^(b)	$	11,409	$	(12,243	)	$	—		—	$	223,509	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		5,212,000		—		(892,000	)^(b)		—		—			4,320,000		4,320,000		64,061			—

								$	11,409	$	(12,243	)	$	4,320,000			$	287,570		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
TOPIX Index		431		09/10/20	$	65,679	$	(61,167	)

Derivative Financial Instruments Categorized by Risk Exposure

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



	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	61,167

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	15,247,664


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	713,047

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	79,199,717

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

Fair Value Measurements


S C H E D U L E O F I N V E S T M E N T S		26

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Japan ETF

Fair Value Measurements (continued)



	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	9,831,340,064		$	—	$	—	$	9,831,340,064
Money Market Funds		4,320,000			—		—		4,320,000


	$	9,835,660,064		$	—	$	—	$	9,835,660,064

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(61,167	)	$	—	$	—	$	(61,167	)

^(a)

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

See notes to financial statements.


27		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

August 31, 2020

iShares^® MSCI Mexico ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Airlines — 0.5%
Controladora Vuela Cia. de Aviacion SAB de CV, Class A^(a)		5,695,200	$	4,598,108


Banks — 9.3%
Banco del Bajio SA^(a)(b)(c)		5,938,830		4,748,676
Grupo Financiero Banorte SAB de CV, Class O^(a)		15,926,461		55,065,124
Grupo Financiero Inbursa SAB de CV, Class O^(a)		17,587,292		12,865,418
Regional SAB de CV^(a)		1,907,200		4,755,365

				77,434,583

Beverages — 13.4%
Arca Continental SAB de CV^(c)		3,353,529		15,296,665
Becle SAB de CV		4,172,688		7,971,310
Coca-Cola Femsa SAB de CV^(c)		2,920,346		12,249,281
Fomento Economico Mexicano SAB de CV		13,175,010		76,668,613

				112,185,869

Building Products — 0.3%
Grupo Rotoplas SAB de CV^(c)		3,048,445		2,232,778


Capital Markets — 0.9%
Bolsa Mexicana de Valores SAB de CV		3,719,187		7,833,981


Chemicals — 1.9%
Alpek SAB de CV^(c)		3,726,200		2,790,479
Orbia Advance Corp. SAB de CV		8,034,042		12,906,740

				15,697,219

Construction Materials — 5.1%
Cemex SAB de CV, CPO, NVS		111,028,929		35,612,861
Grupo Cementos de Chihuahua SAB de CV^(c)		1,456,000		6,620,722

				42,233,583

Consumer Finance — 0.3%
Gentera SAB de CV^(a)(c)		9,097,406		2,984,528


Diversified Telecommunication Services — 1.5%
Axtel SAB de CV, CPO^(a)		12,123,291		3,871,964
Telesites SAB de CV^(a)		11,247,646		8,489,953

				12,361,917

Equity Real Estate Investment Trusts (REITs) — 5.5%
Concentradora Fibra Danhos SA de CV		2,950,556		2,775,836
Fibra Uno Administracion SA de CV		23,130,300		18,051,061
Macquarie Mexico Real Estate Management SA de CV^(a)(b)		6,742,700		7,834,545
PLA Administradora Industrial S. de RL de CV		6,586,000		8,510,102
Prologis Property Mexico SA de CV		4,264,766		8,464,838

				45,636,382

Food & Staples Retailing — 11.6%
Grupo Comercial Chedraui SA de CV		3,399,000		3,930,764
La Comer SAB de CV^(c)		4,524,155		6,846,386
Wal-Mart de Mexico SAB de CV		35,741,533		85,785,558

				96,562,708

Food Products — 5.5%
Gruma SAB de CV, Class B		1,632,235		19,301,779
Grupo Bimbo SAB de CV, Series A^(c)		12,262,204		22,646,362
Grupo Herdez SAB de CV		2,242,744		3,827,401

				45,775,542

Gas Utilities — 1.4%
Infraestructura Energetica Nova SAB de CV		4,102,900		12,014,752


Security	Shares		Value

Hotels, Restaurants & Leisure — 0.6%
Alsea SAB de CV^(a)(c)		4,529,066	$	4,683,029


Household Products — 2.2%
Kimberly-Clark de Mexico SAB de CV, Class A		11,553,554		18,560,859


Industrial Conglomerates — 2.4%
Alfa SAB de CV, Class A		19,666,951		12,643,425
Grupo Carso SAB de CV, Series A1		3,635,133		7,176,921

				19,820,346

Insurance — 0.8%
Qualitas Controladora SAB de CV		1,800,500		7,078,270


Media — 3.5%
Grupo Televisa SAB, CPO^(a)		17,671,047		21,816,307
Megacable Holdings SAB de CV, CPO		2,476,900		7,128,755

				28,945,062

Metals & Mining — 6.8%
Grupo Mexico SAB de CV, Series B		14,199,386		37,889,251
Industrias Penoles SAB de CV^(c)		1,113,273		18,568,962

				56,458,213

Pharmaceuticals — 0.9%
Genomma Lab Internacional SAB de CV, Class B^(a)		7,328,393		7,688,015


Real Estate Management & Development — 0.9%
Corp Inmobiliaria Vesta SAB de CV		5,009,449		7,484,647


Transportation Infrastructure — 7.6%
Grupo Aeroportuario del Centro Norte SAB de CV^(a)		2,555,792		11,673,077
Grupo Aeroportuario del Pacifico SAB de CV, Class B		2,778,149		21,602,184
Grupo Aeroportuario del Sureste SAB de CV, Class B^(a)(c)		1,541,075		17,461,198
Promotora y Operadora de Infraestructura SAB de CV^(a)(c)		1,754,020		13,037,740

				63,774,199

Wireless Telecommunication Services — 16.9%
America Movil SAB de CV, Series L, NVS		232,664,418		141,282,560


Total Common Stocks — 99.8% (Cost: $1,292,011,887)				833,327,150


Short-Term Investments

Money Market Funds — 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(d)(e)(f)		13,946,711		13,960,657
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(d)(e)		574,000		574,000

				14,534,657


Total Short-Term Investments — 1.7% (Cost: $14,534,142)				14,534,657


Total Investments in Securities — 101.5% (Cost: $1,306,546,029)				847,861,807

Other Assets, Less Liabilities — (1.5)%				(12,934,479	)


Net Assets — 100.0%			$	834,927,328

^(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.


S C H E D U L E O F I N V E S T M E N T S		28

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Mexico ETF

^(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



Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,760,635	$	10,199,252	^(a)	$	—	$	241	$	529	$	13,960,657		13,946,711	$	52,917	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		371,000		203,000	^(a)		—		—		—		574,000		574,000		7,778			—

								$	241	$	529	$	14,534,657			$	60,695		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MEX BOLSA Index		96		09/18/20	$	1,615	$	(86,699	)

Derivative Financial Instruments Categorized by Risk Exposure

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



	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	86,699

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(229,562	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(170,355	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	2,071,794


29		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Mexico ETF

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

Fair Value Measurements



	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	833,327,150		$	—	$	—	$	833,327,150
Money Market Funds		14,534,657			—		—		14,534,657

	$	847,861,807		$	—	$	—	$	847,861,807

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(86,699	)	$	—	$	—	$	(86,699	)

^(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		30

Schedule of Investments

August 31, 2020

iShares^® MSCI South Korea ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.3%
Korea Aerospace Industries Ltd.		699,653	$	13,222,670


Air Freight & Logistics — 0.4%
Hyundai Glovis Co. Ltd.		170,088		20,833,239


Airlines — 0.3%
Korean Air Lines Co. Ltd.^(a)		978,254		14,535,048


Auto Components — 2.6%
Hankook Tire & Technology Co. Ltd.		724,630		17,995,273
Hanon Systems		1,829,875		19,871,527
Hyundai Mobis Co. Ltd.^(a)		478,798		90,286,011

				128,152,811

Automobiles — 4.7%
Hyundai Motor Co.^(a)		1,066,448		158,454,476
Kia Motors Corp.		1,910,283		68,264,596

				226,719,072

Banks — 5.7%
BNK Financial Group Inc.		2,820,824		12,063,125
Hana Financial Group Inc.		2,135,163		50,687,429
Industrial Bank of Korea		2,350,491		16,007,637
KB Financial Group Inc.		2,757,851		85,551,654
Shinhan Financial Group Co. Ltd.		3,268,676		81,586,197
Woori Financial Group Inc.		4,164,597		29,659,475

				275,555,517

Biotechnology — 3.6%
Alteogen Inc.^(a)		21,178		3,726,073
Celltrion Inc.^(a)(b)		652,163		163,054,475
Seegene Inc.		28,588		6,329,358

				173,109,906

Capital Markets — 1.7%
Korea Investment Holdings Co. Ltd.		368,607		18,897,354
Meritz Securities Co. Ltd.		4,306,944		11,620,301
Mirae Asset Daewoo Co. Ltd.		3,542,318		27,732,601
NH Investment & Securities Co. Ltd.		1,536,444		11,588,971
Samsung Securities Co. Ltd.		598,208		15,183,072

				85,022,299

Chemicals — 5.7%
Hanwha Solutions Corp.		1,048,760		35,270,614
Kumho Petrochemical Co. Ltd.		221,691		18,755,742
LG Chem Ltd.		320,209		199,473,575
Lotte Chemical Corp.		143,394		22,874,958

				276,374,889

Commercial Services & Supplies — 0.3%
S-1 Corp.		189,917		13,941,209


Communications Equipment — 0.4%
KMW Co. Ltd.^(a)(b)		290,589		18,689,283


Construction & Engineering — 1.3%
Daelim Industrial Co. Ltd.		265,765		19,441,854
Daewoo Engineering & Construction Co. Ltd.^(a)		32,148		79,700
GS Engineering & Construction Corp.		627,275		13,042,927
Hyundai Engineering & Construction Co. Ltd.		680,168		18,465,711
Samsung Engineering Co. Ltd.^(a)		1,446,104		13,756,187

				64,786,379

Construction Materials — 0.4%
POSCO Chemical Co. Ltd.		286,533		21,467,663


Security	Shares		Value

Consumer Finance — 0.2%
Samsung Card Co. Ltd.		379,869	$	9,193,732


Diversified Telecommunication Services — 0.4%
LG Uplus Corp.		1,854,976		18,660,631


Electric Utilities — 0.7%
Korea Electric Power Corp.^(a)		1,916,340		33,070,940


Electronic Equipment, Instruments & Components — 4.8%
LG Display Co. Ltd.^(a)		1,938,484		23,825,125
LG Innotek Co. Ltd.		141,583		17,282,208
Samsung Electro-Mechanics Co. Ltd.		420,098		44,029,128
Samsung SDI Co. Ltd.		389,399		148,331,550

				233,468,011

Entertainment — 2.7%
NCSoft Corp.		126,429		87,805,308
Netmarble Corp.^(a)(b)(c)		239,084		33,510,805
Pearl Abyss Corp.^(a)(b)		80,808		12,380,719

				133,696,832

Food & Staples Retailing — 0.8%
BGF retail Co. Ltd.		91,565		9,827,879
E-MART Inc.		198,036		20,005,320
GS Retail Co. Ltd.		353,889		9,816,182

				39,649,381

Food Products — 1.3%
CJ CheilJedang Corp.		79,179		27,128,422
Orion Corp./Republic of Korea		217,080		25,675,343
Ottogi Corp.		21,355		10,822,216

				63,625,981

Gas Utilities — 0.2%
Korea Gas Corp.		389,090		7,730,048


Health Care Providers & Services — 0.8%
Celltrion Healthcare Co. Ltd.^(a)		463,157		39,028,551


Hotels, Restaurants & Leisure — 0.4%
Kangwon Land Inc.		1,021,909		17,764,476


Household Durables — 1.7%
Coway Co. Ltd.^(a)		424,392		28,509,539
LG Electronics Inc.		783,294		55,520,966

				84,030,505

Industrial Conglomerates — 3.8%
CJ Corp.		167,838		11,444,463
Hanwha Corp.		574,468		13,298,990
LG Corp.		702,807		48,928,478
Lotte Corp.		378,556		9,560,300
Samsung C&T Corp.		617,166		56,110,723
SK Holdings Co. Ltd.		256,744		46,252,391

				185,595,345

Insurance — 2.0%
DB Insurance Co. Ltd.		481,124		17,679,150
Hyundai Marine & Fire Insurance Co. Ltd.		717,660		13,351,533
Samsung Fire & Marine Insurance Co. Ltd.		231,274		36,407,305
Samsung Life Insurance Co. Ltd.		552,407		28,459,726

				95,897,714

Interactive Media & Services — 7.4%
Kakao Corp.		377,364		129,292,994
NAVER Corp.		846,596		229,840,231

				359,133,225


31		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI South Korea ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Internet & Direct Marketing Retail — 0.2%
CJ ENM Co. Ltd.		115,404	$	11,531,657


IT Services — 0.7%
Samsung SDS Co. Ltd.		258,449		34,266,956


Leisure Products — 0.7%
HLB Inc.^(a)(b)		436,237		31,875,892


Life Sciences Tools & Services — 1.7%
Samsung Biologics Co. Ltd.^(a)(b)(c)		123,288		80,745,908


Machinery — 1.6%
Daewoo Shipbuilding & Marine Engineering Co. Ltd.^(a)		519,655		9,689,669
Doosan Bobcat Inc.		554,221		12,270,404
Hyundai Heavy Industries Holdings Co. Ltd.		86,448		16,446,879
Korea Shipbuilding & Offshore Engineering Co. Ltd.^(a)		309,896		22,487,613
Samsung Heavy Industries Co. Ltd.^(a)		3,879,752		16,852,867

				77,747,432

Marine — 0.2%
Pan Ocean Co. Ltd.^(a)		3,483,664		9,956,258


Media — 0.2%
Cheil Worldwide Inc.		763,286		11,726,551


Metals & Mining — 2.5%
Hyundai Steel Co.		755,584		15,965,282
Korea Zinc Co. Ltd.		70,459		23,636,595
POSCO		541,733		84,139,859

				123,741,736

Multiline Retail — 0.4%
Hyundai Department Store Co. Ltd.		2,215		100,131
Lotte Shopping Co. Ltd.^(b)		134,302		8,592,434
Shinsegae Inc.		71,581		12,232,463

				20,925,028

Oil, Gas & Consumable Fuels — 1.7%
GS Holdings Corp.		480,487		13,145,743
SK Innovation Co. Ltd.		423,266		51,665,603
S-Oil Corp.		378,670		18,010,653

				82,821,999

Personal Products — 2.6%
Amorepacific Corp.		244,005		34,508,662
AMOREPACIFIC Group		283,315		12,163,537
LG Household & Health Care Ltd.^(b)		66,254		82,155,183

				128,827,382

Pharmaceuticals — 1.1%
Celltrion Pharm Inc.^(a)		41,831		3,912,302
Hanmi Pharm Co. Ltd.		66,316		17,110,745
Shin Poong Pharmaceutical Co. Ltd.^(a)		38,743		4,451,906
Yuhan Corp.		460,330		25,963,558

				51,438,511

Road & Rail — 0.3%
CJ Logistics Corp.^(a)		108,559		13,845,179


Semiconductors & Semiconductor Equipment — 4.9%
SK Hynix Inc.		3,739,271		236,399,741


Software — 0.1%
Douzone Bizon Co. Ltd.		54,239		4,611,616


Specialty Retail — 0.3%
Hotel Shilla Co. Ltd.		277,446		16,419,273


Security	Shares		Value

Technology Hardware, Storage & Peripherals — 21.2%
Samsung Electronics Co. Ltd.		22,653,854	$	1,029,807,320


Textiles, Apparel & Luxury Goods — 0.3%
Fila Holdings Corp.		477,023		13,934,420


Tobacco — 1.2%
KT&G Corp.		827,194		57,866,673


Trading Companies & Distributors — 0.2%
Posco International Corp.		708,615		8,112,774


Wireless Telecommunication Services — 0.7%
SK Telecom Co. Ltd.		160,428		33,492,839


Total Common Stocks — 97.4% (Cost: $2,614,932,000)				4,733,050,502


Preferred Stocks

Automobiles — 0.9%
Hyundai Motor Co.
Preference Shares, NVS		241,774		17,707,162
Series 2, Preference Shares, NVS		316,986		23,589,160

				41,296,322

Chemicals — 0.5%
LG Chem Ltd., Preference Shares, NVS		83,632		26,401,212


Personal Products — 0.4%
Amorepacific Corp., Preference Shares, NVS		136,246		6,847,282
LG Household & Health Care Ltd., Preference Shares, NVS		21,754		12,837,405

				19,684,687

Technology Hardware, Storage & Peripherals — 0.1%
Samsung Electronics Co. Ltd., Preference Shares, NVS		73,419		2,935,771


Total Preferred Stocks — 1.9% (Cost: $59,989,160)				90,317,992


Short-Term Investments

Money Market Funds — 4.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(d)(e)(f)		204,320,097		204,524,418
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(d)(e)		13,820,000		13,820,000

				218,344,418


Total Short-Term Investments — 4.5% (Cost: $218,246,453)				218,344,418


Total Investments in Securities — 103.8% (Cost: $2,893,167,613)				5,041,712,912

Other Assets, Less Liabilities — (3.8)%				(184,231,377	)


Net Assets — 100.0%			$	4,857,481,535

^(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.


S C H E D U L E O F I N V E S T M E N T S		32

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI South Korea ETF

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

Affiliates



Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	202,704,508	$	1,864,211	^(a)	$	—	$	(90,419	)	$	46,118	$	204,524,418		204,320,097	$	9,257,486	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		6,894,000		6,926,000	^(a)		—		—			—		13,820,000		13,820,000		81,274			—

								$	(90,419	)	$	46,118	$	218,344,418			$	9,338,760		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

KOSPI 200 Index

515

09/10/20

33,242

1,948,831

Derivative Financial Instruments Categorized by Risk Exposure

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



	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	1,948,831

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(2,861,150	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	2,737,033

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	29,736,326

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


33		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI South Korea ETF

Fair Value Measurements



	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	4,733,050,502	$	—	$	—	$	4,733,050,502
Preferred Stocks		90,317,992		—		—		90,317,992
Money Market Funds		218,344,418		—		—		218,344,418

	$	5,041,712,912	$	—	$	—	$	5,041,712,912

Derivative financial instruments^(a)
Assets
Futures Contracts	$	1,948,831	$	—	$	—	$	1,948,831

^(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		34

Statements of Assets and Liabilities

August 31, 2020


	iShares MSCI Australia ETF			iShares MSCI Canada ETF			iShares MSCI Japan ETF			iShares MSCI Mexico ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	1,251,903,131		$	2,256,202,775		$	9,831,340,064		$	833,327,150
Affiliated^(c)		494,000			13,088,692			4,320,000			14,534,657
Cash		6,596			3,382			2,291			3,226
Foreign currency, at value^(d)		1,618,831			6,062,896			39,331,964			1,625,751
Foreign currency collateral pledged:
Futures contracts^(e)		749,904			869,565			2,070,102			175,455
Receivables:
Investments sold		1,802,842			2,575,637			29,888,205			16,130,699
Securities lending income — Affiliated		—			43,223			9			4,700
Variation margin on futures contracts		—			—			9,753			—
Capital shares sold		—			—			—			62,546
Dividends		8,343,578			3,831,026			13,502,463			13,107


Total assets		1,264,918,882			2,282,677,196			9,920,464,851			865,877,291


LIABILITIES
Collateral on securities loaned, at value		—			12,117,775			—			13,959,958
Payables:
Investments purchased		1,048,365			3,444,817			7,194,263			16,219,369
Variation margin on futures contracts		85,603			117,839			—			46,707
Capital shares redeemed		—			—			—			366,419
Investment advisory fees		526,109			962,352			4,244,240			357,510


Total liabilities		1,660,077			16,642,783			11,438,503			30,949,963


NET ASSETS	$	1,263,258,805		$	2,266,034,413		$	9,909,026,348		$	834,927,328


NET ASSETS CONSIST OF:
Paid-in capital	$	1,788,489,276		$	3,324,972,280		$	12,193,347,490		$	1,666,887,790
Accumulated loss		(525,230,471	)		(1,058,937,867	)		(2,284,321,142	)		(831,960,462	)


NET ASSETS	$	1,263,258,805		$	2,266,034,413		$	9,909,026,348		$	834,927,328


Shares outstanding		59,800,000			78,800,000			170,400,000			25,300,000


Net asset value	$	21.12		$	28.76		$	58.15		$	33.00


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	$	—		$	11,207,723		$	—		$	12,959,120

^(b)Investments, at cost — Unaffiliated	$	1,492,530,903		$	2,549,116,378		$	10,859,180,714		$	1,292,011,887
^(c)Investments, at cost — Affiliated	$	494,000		$	13,073,890		$	4,320,000		$	14,534,142
^(d)Foreign currency, at cost	$	1,566,077		$	5,960,576		$	39,224,170		$	1,616,191
^(e)Foreign currency collateral pledged, at cost	$	747,876		$	868,632		$	2,072,643		$	175,487

See notes to financial statements.


35		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020


	iShares MSCI South Korea ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	4,823,368,494
Affiliated^(c)		218,344,418
Cash		2,368
Foreign currency, at value^(d)		1,611
Foreign currency collateral pledged:
Futures contracts^(e)		23,675,488
Receivables:
Investments sold		51,105,279
Securities lending income — Affiliated		345,628
Variation margin on futures contracts		1,950,654
Dividends		869


Total assets		5,118,794,809


LIABILITIES
Collateral on securities loaned, at value		204,509,836
Payables:
Investments purchased		54,333,156
Investment advisory fees		2,441,905
Foreign taxes		28,377


Total liabilities		261,313,274


NET ASSETS	$	4,857,481,535


NET ASSETS CONSIST OF:
Paid-in capital	$	3,964,364,022
Accumulated earnings		893,117,513


NET ASSETS	$	4,857,481,535


Shares outstanding		77,050,000


Net asset value	$	63.04


Shares authorized		300 million


Par value	$	0.001


^(a)Securities loaned, at value	$	143,891,424
^(b)Investments, at cost — Unaffiliated	$	2,674,921,160
^(c)Investments, at cost — Affiliated	$	218,246,453
^(d)Foreign currency, at cost	$	1,612
^(e)Foreign currency collateral pledged, at cost	$	23,075,142

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		36

Statements of Operations

Year Ended August 31, 2020


		iShares MSCI Australia ETF			iShares MSCI Canada ETF			iShares MSCI Japan ETF			iShares MSCI Mexico ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	50,511,770		$	78,484,203		$	263,919,583		$	16,401,972
Dividends — Affiliated		9,715			13,958			64,061			7,778
Interest — Unaffiliated		—			1,436			—			7,925
Securities lending income — Affiliated — net		2,211			2,045,033			223,509			52,917
Foreign taxes withheld		(768,564	)		(11,749,743	)		(26,382,004	)		(952,725	)


Total investment income		49,755,132			68,794,887			237,825,149			15,517,867


EXPENSES
Investment advisory fees		6,745,172			12,124,907			57,245,057			3,744,704
Miscellaneous		264			264			264			264

Total expenses		6,745,436			12,125,171			57,245,321			3,744,968


Net investment income		43,009,696			56,669,716			180,579,828			11,772,899


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(67,417,793	)		(199,251,783	)		(170,016,219	)		(91,892,114	)
Investments — Affiliated		91			17,029			11,409			241
In-kind redemptions — Unaffiliated		58,790,198			129,334,035			293,626,665			23,622,062
Futures contracts		(3,101,199	)		546,718			15,247,664			(229,562	)
Foreign currency transactions		(1,024,060	)		177,257			401,463			(49,616	)


Net realized gain (loss)		(12,752,763	)		(69,176,744	)		139,270,982			(68,548,989	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(19,799,361	)		104,145,910			599,981,259			(55,711,501	)
Investments — Affiliated		—			2,982			(12,243	)		529
Futures contracts		(57,156	)		451,059			713,047			(170,355	)
Foreign currency translations		285,104			143,251			75,595			10,808


Net change in unrealized appreciation (depreciation)		(19,571,413	)		104,743,202			600,757,658			(55,870,519	)


Net realized and unrealized gain (loss)		(32,324,176	)		35,566,458			740,028,640			(124,419,508	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	10,685,520		$	92,236,174		$	920,608,468		$	(112,646,609	)

See notes to financial statements.


37		2 0 2 0 I S H A R E S A N 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 (continued)

Year Ended August 31, 2020


	iShares MSCI South Korea ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	94,715,158
Dividends — Affiliated		81,274
Securities lending income — Affiliated — net		9,257,486
Foreign taxes withheld		(16,648,434	)
Other foreign taxes		(7,994	)


Total investment income		87,397,490


EXPENSES
Investment advisory fees		25,182,549
Miscellaneous		264


Total expenses		25,182,813


Net investment income		62,214,677


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(a)		(210,270,596	)
Investments — Affiliated		(90,419	)
Futures contracts		(2,861,150	)
Foreign currency transactions		(2,992,385	)


Net realized loss		(216,214,550	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		921,492,102
Investments — Affiliated		46,118
Futures contracts		2,737,033
Foreign currency translations		1,306,841


Net change in unrealized appreciation (depreciation)		925,582,094


Net realized and unrealized gain		709,367,544


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	771,582,221


^(a)Net of foreign capital gain tax of	$	47,428

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		38

Statements of Changes in Net Assets


	iShares MSCI Australia ETF						iShares MSCI Canada ETF

	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/20			Year Ended 08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	43,009,696		$	59,623,655		$	56,669,716		$	60,051,016
Net realized loss		(12,752,763	)		(34,512,791	)		(69,176,744	)		(103,704,795	)
Net change in unrealized appreciation (depreciation)		(19,571,413	)		(9,995,015	)		104,743,202			18,680,770


Net increase (decrease) in net assets resulting from operations		10,685,520			15,115,849			92,236,174			(24,973,009	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(51,870,949	)		(71,965,308	)		(58,024,818	)		(63,960,878	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(95,145,968	)		93,669,497			(386,763,275	)		(287,106,743	)


NET ASSETS^(a)
Total increase (decrease) in net assets		(136,331,397	)		36,820,038			(352,551,919	)		(376,040,630	)
Beginning of year		1,399,590,202			1,362,770,164			2,618,586,332			2,994,626,962


End of year	$	1,263,258,805		$	1,399,590,202		$	2,266,034,413		$	2,618,586,332

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

See notes to financial statements.


39		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares MSCI Japan ETF						iShares MSCI Mexico ETF

	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/20			Year Ended 08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	180,579,828		$	247,265,802		$	11,772,899		$	23,960,370
Net realized gain (loss)		139,270,982			409,682,495			(68,548,989	)		(100,111,090	)
Net change in unrealized appreciation (depreciation)		600,757,658			(1,725,742,453	)		(55,870,519	)		(62,853,146	)


Net increase (decrease) in net assets resulting from operations		920,608,468			(1,068,794,156	)		(112,646,609	)		(139,003,866	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(245,795,518	)		(229,873,912	)		(11,539,781	)		(25,697,670	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(2,935,960,843	)		(3,504,195,955	)		332,870,491			(377,985,490	)


NET ASSETS
Total increase (decrease) in net assets		(2,261,147,893	)		(4,802,864,023	)		208,684,101			(542,687,026	)
Beginning of year		12,170,174,241			16,973,038,264			626,243,227			1,168,930,253


End of year	$	9,909,026,348		$	12,170,174,241		$	834,927,328		$	626,243,227

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		40

Statements of Changes in Net Assets (continued)


	iShares MSCI South Korea ETF

	Year Ended 08/31/20			Year Ended 08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	62,214,677		$	69,657,107
Net realized loss		(216,214,550	)		(154,004,207	)
Net change in unrealized appreciation (depreciation)		925,582,094			(823,249,004	)


Net increase (decrease) in net assets resulting from operations		771,582,221			(907,596,104	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(94,999,174	)		(52,766,055	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		332,334,305			902,035,428


NET ASSETS
Total increase (decrease) in net assets		1,008,917,352			(58,326,731	)
Beginning of year		3,848,564,183			3,906,890,914


End of year	$	4,857,481,535		$	3,848,564,183

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

See notes to financial statements.


41		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)


	iShares MSCI Australia ETF

	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16


Net asset value, beginning of year	$	21.67		$	22.56		$	22.58		$	20.30		$	18.66

Net investment income^(a)		0.67			1.00			0.90			0.84			0.84
Net realized and unrealized gain (loss)^(b)		(0.48	)		(0.70	)		0.07			2.45			1.59


Net increase from investment operations		0.19			0.30			0.97			3.29			2.43


Distributions^(c)
From net investment income		(0.74	)		(1.19	)		(0.99	)		(1.01	)		(0.79	)


Total distributions		(0.74	)		(1.19	)		(0.99	)		(1.01	)		(0.79	)


Net asset value, end of year	$	21.12		$	21.67		$	22.56		$	22.58		$	20.30


Total Return
Based on net asset value		0.99	%		1.75	%		4.43	%		16.70	%		13.36	%


Ratios to Average Net Assets
Total expenses		0.51	%		0.50	%		0.47	%		0.49	%		0.48	%


Net investment income		3.23	%		4.68	%		3.95	%		3.90	%		4.41	%


Supplemental Data
Net assets, end of year (000)	$	1,263,259		$	1,399,590		$	1,362,770		$	1,765,912		$	1,668,702


Portfolio turnover rate^(d)		8	%		9	%		3	%		4	%		7	%

^(a)	Based on average shares outstanding.

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

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

^(d)	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		42

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Canada ETF

	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16


Net asset value, beginning of year	$	28.22		$	28.79		$	27.83		$	25.33		$	24.02

Net investment income^(a)		0.65			0.62			0.58			0.51			0.51
Net realized and unrealized gain (loss)^(b)		0.54			(0.53	)		0.97			2.47			1.29


Net increase from investment operations		1.19			0.09			1.55			2.98			1.80


Distributions^(c)
From net investment income		(0.65	)		(0.66	)		(0.59	)		(0.48	)		(0.49	)


Total distributions		(0.65	)		(0.66	)		(0.59	)		(0.48	)		(0.49	)


Net asset value, end of year	$	28.76		$	28.22		$	28.79		$	27.83		$	25.33


Total Return
Based on net asset value		4.32	%		0.56	%		5.61	%		11.88	%		7.73	%


Ratios to Average Net Assets
Total expenses		0.51	%		0.49	%		0.47	%		0.49	%		0.48	%


Net investment income		2.37	%		2.26	%		2.01	%		1.93	%		2.18	%


Supplemental Data
Net assets, end of year (000)	$	2,266,034		$	2,618,586		$	2,994,627		$	3,127,920		$	3,097,794


Portfolio turnover rate^(d)		9	%		6	%		3	%		6	%		4	%

^(a)	Based on average shares outstanding.

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

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

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

See notes to financial statements.


43		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Japan ETF

		Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17	^(a)		Year Ended 08/31/16	^(a)


Net asset value, beginning of year	$	54.05		$	58.45		$	54.57		$	49.05		$	48.61

Net investment income^(b)		0.90			0.92			0.87			0.49			0.72
Net realized and unrealized gain (loss)^(c)		4.36			(4.43	)		3.87			5.96			0.44


Net increase (decrease) from investment operations		5.26			(3.51	)		4.74			6.45			1.16


Distributions^(d)
From net investment income		(1.16	)		(0.89	)		(0.86	)		(0.93	)		(0.72	)


Total distributions		(1.16	)		(0.89	)		(0.86	)		(0.93	)		(0.72	)


Net asset value, end of year	$	58.15		$	54.05		$	58.45		$	54.57		$	49.05


Total Return
Based on net asset value		9.76	%		(5.96	)%		8.67	%		13.31	%		2.44	%


Ratios to Average Net Assets
Total expenses		0.51	%		0.49	%		0.47	%		0.49	%		0.48	%


Net investment income		1.60	%		1.68	%		1.46	%		1.45	%		1.53	%


Supplemental Data
Net assets, end of year (000)	$	9,909,026		$	12,170,174		$	16,973,038		$	16,017,689		$	14,015,180


Portfolio turnover rate^(e)		4	%		7	%		4	%		4	%		4	%

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

^(b)	Based on average shares outstanding.

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

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

^(e)	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		44

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Mexico ETF

	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16


Net asset value, beginning of year	$	41.47		$	50.38		$	56.68		$	50.48		$	52.70

Net investment income^(a)		0.61			1.09			0.95			0.88			0.93
Net realized and unrealized gain (loss)^(b)		(8.52	)		(8.75	)		(6.17	)		6.10			(1.82	)


Net increase (decrease) from investment operations		(7.91	)		(7.66	)		(5.22	)		6.98			(0.89	)


Distributions^(c)
From net investment income		(0.56	)		(1.25	)		(1.08	)		(0.78	)		(1.33	)


Total distributions		(0.56	)		(1.25	)		(1.08	)		(0.78	)		(1.33	)


Net asset value, end of year	$	33.00		$	41.47		$	50.38		$	56.68		$	50.48


Total Return
Based on net asset value		(19.36	)%		(15.23	)%		(9.02	)%		14.03	%		(1.68	)%


Ratios to Average Net Assets
Total expenses		0.51	%		0.49	%		0.47	%		0.49	%		0.48	%


Net investment income		1.59	%		2.46	%		1.87	%		1.79	%		1.82	%


Supplemental Data
Net assets, end of year (000)	$	834,927		$	626,243		$	1,168,930		$	1,320,642		$	1,317,518


Portfolio turnover rate^(d)		12	%		5	%		7	%		8	%		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)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

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

See notes to financial statements.


45		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI South Korea ETF

	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16


Net asset value, beginning of year	$	53.34		$	67.65		$	68.19		$	56.89		$	48.15

Net investment income^(a)		0.83			0.97			0.94			0.64			0.56
Net realized and unrealized gain (loss)^(b)		10.18			(14.49	)		0.70			11.31			9.38


Net increase (decrease) from investment operations		11.01			(13.52	)		1.64			11.95			9.94


Distributions^(c)
From net investment income		(1.31	)		(0.79	)		(2.18	)		(0.65	)		(1.20	)


Total distributions		(1.31	)		(0.79	)		(2.18	)		(0.65	)		(1.20	)


Net asset value, end of year	$	63.04		$	53.34		$	67.65		$	68.19		$	56.89


Total Return
Based on net asset value		20.77	%		(20.08	)%		2.15	%		21.28	%		20.92	%


Ratios to Average Net Assets
Total expenses		0.59	%		0.59	%		0.59	%		0.62	%		0.64	%


Net investment income		1.45	%		1.62	%		1.31	%		1.05	%		1.09	%


Supplemental Data
Net assets, end of year (000)	$	4,857,482		$	3,848,564		$	3,906,891		$	3,784,638		$	3,452,970


Portfolio turnover rate^(d)		15	%^(e)		16	%^(e)		18	%^(e)		16	%^(e)		22	%^(e)


^(a)Based on average shares outstanding. ^(b)The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. ^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. ^(d)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”).
^(e) Portfolio turnover rate excluding cash creations was as follows:		9	%		5	%		11	%		6	%		10	%

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		46

Notes to Financial Statements

1.	ORGANIZATION

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



iShares ETF		Diversification Classification
MSCI Australia		Non-diversified
MSCI Canada		Diversified
MSCI Japan		Diversified
MSCI Mexico		Non-diversified
MSCI South Korea		Non-diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

Foreign 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.


47		2 0 2 0 I S H A R E S A N 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 (continued)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

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

•

Futures contracts are valued based on that day’s last reported settlement price on the exchange where the contract is traded.

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

4.	SECURITIES AND OTHER INVESTMENTS


N O T E S T O F I N A N C I A L S T A T E M E N T S		48

Notes to Financial Statements (continued)

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




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


MSCI Canada
Barclays Capital Inc.	$	4,652,964	$	4,652,964	$	—	$	—
BofA Securities, Inc.		94,674		94,674		—		—
Credit Suisse Securities (USA) LLC		336,045		336,045		—		—
JPMorgan Securities LLC		2,373,479		2,373,479		—		—
Morgan Stanley & Co. LLC		994,286		994,286		—		—
National Financial Services LLC		1,650,869		1,650,869		—		—
Wells Fargo Securities LLC		1,105,406		1,105,406		—		—

	$	11,207,723	$	11,207,723	$	—	$	—


MSCI Mexico
Morgan Stanley & Co. LLC	$	12,959,120	$	12,959,120	$	—	$	—


MSCI South Korea
BofA Securities, Inc.	$	59,131,928	$	59,131,928	$	—	$	—
Morgan Stanley & Co. LLC		84,759,496		84,759,496		—		—

	$	143,891,424	$	143,891,424	$	—	$	—

^(a)

5.	DERIVATIVE FINANCIAL INSTRUMENTS


49		2 0 2 0 I S H A R E S A N 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 (continued)

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

For its investment advisory services to each of the iShares MSCI Australia, iShares MSCI Canada, iShares MSCI Japan and iShares MSCI Mexico ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:



Aggregate Average Daily Net Assets	Investment Advisory Fee

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

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



Aggregate Average Daily Net Assets	Investment Advisory Fee

First $2 billion		0.74	%
Over $2 billion, up to and including $4 billion		0.69
Over $4 billion, up to and including $8 billion		0.64
Over $8 billion, up to and including $16 billion		0.57
Over $16 billion, up to and including $24 billion		0.51
Over $24 billion, up to and including $32 billion		0.48
Over $32 billion		0.45


N O T E S T O F I N A N C I A L S T A T E M E N T S		50

Notes to Financial Statements (continued)



iShares ETF	Fees Paid to BTC

MSCI Australia	$	605
MSCI Canada		455,789
MSCI Japan		60,739
MSCI Mexico		12,721
MSCI South Korea		2,102,420

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

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



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

MSCI Australia	$	16,771,211	$	20,526,974	$	(18,235,485	)
MSCI Japan		116,114,657		44,155,083		(35,336,714	)
MSCI South Korea		30,220,169		7,862,283		(8,876,486	)

7.	PURCHASES AND SALES

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



iShares ETF	Purchases		Sales

MSCI Australia	$	108,651,354	$	108,442,962
MSCI Canada		242,451,210		226,675,967
MSCI Japan		453,722,554		415,822,309
MSCI Mexico		99,682,350		84,666,099
MSCI South Korea		920,181,356		648,158,739

For the year ended August 31, 2020, purchases and sales related to in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

MSCI Australia	$	497,857,726	$	601,584,688
MSCI Canada		547,161,653		946,938,119
MSCI Japan		3,491,612,620		6,545,656,711
MSCI Mexico		2,081,534,611		1,762,186,022

8.	INCOME TAX INFORMATION


51		2 0 2 0 I S H A R E S A N 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 (continued)



iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)

MSCI Australia	$	29,859,700	$	(29,859,700	)
MSCI Canada		103,622,265		(103,622,265	)
MSCI Japan		260,159,621		(260,159,621	)
MSCI Mexico		17,773,764		(17,773,764	)

The tax character of distributions paid was as follows:



iShares ETF	Year Ended 08/31/20		Year Ended 08/31/19

MSCI Australia
Ordinary income	$	51,870,949	$	71,965,308


MSCI Canada
Ordinary income	$	58,024,818	$	63,960,878


MSCI Japan
Ordinary income	$	245,795,518	$	229,873,912


MSCI Mexico
Ordinary income	$	11,539,781	$	25,697,670


MSCI South Korea
Ordinary income	$	94,999,174	$	52,766,055

As of August 31, 2020, the tax components of accumulated net earnings (losses) were as follows:



iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Qualified Late-Year Losses	^(c)		Total

MSCI Australia	$	5,986,818	$	(252,639,282	)	$	(278,578,007	)	$	—		$	(525,230,471	)
MSCI Canada		4,682,498		(752,314,273	)		(311,306,092	)		—			(1,058,937,867	)
MSCI Japan		—		(1,205,625,657	)		(1,060,857,941	)		(17,837,544	)		(2,284,321,142	)
MSCI Mexico		3,856,336		(368,643,806	)		(467,172,992	)		—			(831,960,462	)
MSCI South Korea		—		(613,182,217	)		1,516,507,111			(10,207,381	)		893,117,513

^(a)

Amounts available to offset future realized capital gains.

^(b)

The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the timing and recognition of partnership income and the characterization of corporate actions.

^(c)

The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

MSCI Australia	$	1,531,252,534	$	124,582,750	$	(403,388,413	)	$	(278,805,663	)
MSCI Canada		2,581,264,377		286,533,632		(597,986,521	)		(311,452,889	)
MSCI Japan		10,896,793,755		1,116,067,366		(2,177,262,224	)		(1,061,194,858	)
MSCI Mexico		1,314,957,616		1,956,389		(469,138,897	)		(467,182,508	)
MSCI South Korea		3,527,760,959		1,733,014,649		(217,113,865	)		1,515,900,784

9.	LINE OF CREDIT

The iShares MSCI South Korea ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on July 15, 2021. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1 and $200 million with respect to Tier 2, including the Fund. The Fund may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. 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 rate (not less than


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		52

Notes to Financial Statements (continued)

zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement.

The Fund did not borrow under the credit agreement during the year ended August 31, 2020.

10.

PRINCIPAL RISKS


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Notes to Financial Statements (continued)

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:




	Year Ended 08/31/20						Year Ended 08/31/19

iShares ETF	Shares			Amount			Shares			Amount

MSCI Australia
Shares sold		24,400,000		$	512,582,367			17,200,000		$	365,456,184
Shares redeemed		(29,200,000	)		(607,728,335	)		(13,000,000	)		(271,786,687	)

Net increase (decrease)		(4,800,000	)	$	(95,145,968	)		4,200,000		$	93,669,497


MSCI Canada
Shares sold		20,400,000		$	565,536,537			16,000,000		$	450,405,632
Shares redeemed		(34,400,000	)		(952,299,812	)		(27,200,000	)		(737,512,375	)

Net decrease		(14,000,000	)	$	(386,763,275	)		(11,200,000	)	$	(287,106,743	)


MSCI Japan
Shares sold		65,100,000		$	3,621,012,076			96,150,000		$	5,263,571,116
Shares redeemed		(119,850,000	)		(6,556,972,919	)		(161,400,000	)		(8,767,767,071	)

Net decrease		(54,750,000	)	$	(2,935,960,843	)		(65,250,000	)	$	(3,504,195,955	)


MSCI Mexico
Shares sold		56,300,000		$	2,102,863,393			34,300,000		$	1,475,864,783
Shares redeemed		(46,100,000	)		(1,769,992,902	)		(42,400,000	)		(1,853,850,273	)

Net increase (decrease)		10,200,000		$	332,870,491			(8,100,000	)	$	(377,985,490	)


MSCI South Korea
Shares sold		9,900,000		$	576,836,249			23,050,000		$	1,390,211,716
Shares redeemed		(5,000,000	)		(244,501,944	)		(8,650,000	)		(488,176,288	)

Net increase		4,900,000		$	332,334,305			14,400,000		$	902,035,428


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		54

Notes to Financial Statements (continued)

12.

LEGAL PROCEEDINGS

13.

SUBSEQUENT EVENTS


55		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Report of Independent Registered Public Accounting Firm

To the Board of Directors of iShares, Inc. and

Shareholders of iShares MSCI Australia ETF, iShares MSCI Canada ETF,

iShares MSCI Japan ETF, iShares MSCI Mexico ETF and iShares MSCI South Korea ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares MSCI Australia ETF, iShares MSCI Canada ETF, iShares MSCI Japan ETF, iShares MSCI Mexico ETF and iShares MSCI South Korea ETF (five of the funds constituting iShares, Inc., hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2020 and each of the financial highlights for each of the five years in the period ended August 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2020

We have served as the auditor of one or more BlackRock investment companies since 2000.


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Important Tax Information (unaudited)

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2020:



iShares ETF	Qualified Dividend Income

MSCI Australia	$	50,082,810
MSCI Canada		77,716,380
MSCI Japan		247,349,593
MSCI Mexico		14,130,409
MSCI South Korea		88,671,341

For the fiscal year ended August 31, 2020, the Funds earned foreign source income and paid foreign taxes which they intend to pass through to their shareholders:



iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid

MSCI Australia	$	50,512,312	$	928,168
MSCI Canada		78,444,861		11,882,850
MSCI Japan		264,013,366		26,842,222
MSCI Mexico		16,401,969		938,707
MSCI South Korea		94,716,849		16,703,856


57		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract

iShares MSCI Australia ETF, iShares MSCI Canada ETF, iShares MSCI Japan ETF (each the “Fund”)


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		58

Board Review and Approval of Investment Advisory Contract (continued)

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

iShares MSCI Mexico ETF (the “Fund”)


59		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		60

Board Review and Approval of Investment Advisory Contract (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

iShares MSCI South Korea ETF (the “Fund”)


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Board Review and Approval of Investment Advisory Contract (continued)


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		62


Board Review and Approval of Investment Advisory Contract (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.


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Supplemental Information (unaudited)

Section 19(a) Notices

August 31, 2020


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Australia^(a)	$	0.720917	$	—	$	0.019647	$	0.740564		97	%		—	%		3	%		100	%
MSCI Canada^(a)		0.575335		—		0.076762		0.652097		88			—			12			100
MSCI Japan^(a)		1.051810		—		0.105851		1.157661		91			—			9			100
MSCI Mexico		0.558070		—		—		0.558070		100			—			—			100
MSCI South Korea^(a)		0.427177		—		0.880451		1.307628		33			—			67			100

^(a)

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Company has registered the iShares MSCI Canada ETF, iShares MSCI Japan ETF, iShares MSCI Mexico ETF and iShares MSCI South Korea ETF (each a “Fund”, collectively the “Funds”) to be marketed to EU investors in the United Kingdom, the Netherlands, Finland, Sweden and Luxembourg.

Report on Remuneration

Disclosures are provided in relation to both (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Funds.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the each Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.


S U P P L E M E N T A L I N F O R M A T I O N		64

Supplemental Information (unaudited) (continued)

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the each Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the iShares MSCI Canada ETF in respect of the Company’s financial year ending December 31, 2019 was USD 233.97 thousand. This figure is comprised of fixed remuneration of USD 108.17 thousand and variable remuneration of USD 125.8 thousand. There were a total of 448 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the iShares MSCI Canada ETF in respect of the Company’s financial year ending December 31, 2019, to its senior management was USD 29.83 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 3.51 thousand.

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the iShares MSCI Japan ETF in respect of the Company’s financial year ending December 31, 2019 was USD 1.16 million. This figure is comprised of fixed remuneration of USD 538.3 thousand and variable remuneration of USD 626.05 thousand. There were a total of 448 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the iShares MSCI Japan ETF in respect of the Company’s financial year ending December 31, 2019, to its senior management was USD 148.46 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 17.45 thousand.

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the iShares MSCI Mexico ETF in respect of the Company’s financial year ending December 31, 2019 was USD 77.98 thousand. This figure is comprised of fixed remuneration of USD 36.05 thousand and variable remuneration of USD 41.93 thousand. There were a total of 448 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the iShares MSCI Mexico ETF in respect of the Company’s financial year ending December 31, 2019, to its senior management was USD 9.94 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 1.17 thousand.

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the iShares MSCI South Korea ETF in respect of the Company’s financial year ending December 31, 2019 was USD 387.35 thousand. This figure is comprised of fixed remuneration of USD 179.08 thousand and variable remuneration of USD 208.27 thousand. There were a total of 448 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the iShares MSCI South Korea ETF in respect of the Company’s financial year ending December 31, 2019, to its senior management was USD 49.39 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 5.8 thousand.


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Director and Officer Information


Interested Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director

Robert S. Kapito^(a) (63)	Director (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Trustee of iShares Trust (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji^(b) (50)	Director (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Trustee of iShares Trust (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates. ^(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.


		Independent Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director

Cecilia H. Herbert (71)	Director (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Jane D. Carlin (64)	Director (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares Trust (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (65)	Director (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


D I R E C T O R A N D O F F I C E R I N F O R M A T I O N		66

Director and Officer Information (continued)


Independent Directors (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director

John E. Kerrigan (65)	Director (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

Drew E. Lawton (61)	Director (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

John E. Martinez (59)	Director (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).	Trustee of iShares Trust (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).

Madhav V. Rajan (56)	Director (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Trustee of iShares Trust (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).


Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Armando Senra (49)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (46)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (53)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Deepa Damre (45)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).
Scott Radell (51)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).
Alan Mason (59)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).
Marybeth Leithead (57)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


67		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

General Information

Electronic Delivery

To enroll in electronic delivery:

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Go to icsdelivery.com.

•

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

Householding

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


G E N E R A L I N F O R M A T I O N		68

Glossary of Terms Used in this Report


Portfolio Abbreviations - Equity

CPO		Certificates of Participation (Ordinary)

NVS		Non-Voting Shares


69		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

iS-AR-815-0820


		AUGUST 31, 2020



		2020 Annual Report

iShares, Inc.

iShares Core MSCI Emerging Markets ETF | IEMG | NYSE Arca

iShares MSCI BRIC ETF | BKF | NYSE Arca

iShares MSCI Emerging Markets Asia ETF | EEMA | NASDAQ

iShares MSCI Emerging Markets Small-Cap ETF | EEMS | NYSE Arca

The Markets in Review

Dear Shareholder,

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.



Total Returns as of August 31, 2020
	6-Month	12-Month
U.S. large cap equities (S&P 500^® Index)	19.63%	21.94%
U.S. small cap equities (Russell 2000^® Index)	6.57	6.02
International equities (MSCI Europe, Australasia, Far East Index)	7.10	6.13

Emerging market equities (MSCI Emerging Markets Index)	11.23	14.49
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.34	1.26
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	4.67	8.93
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	2.98	6.47
Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.29	3.15
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	3.04	4.65
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		T H I S P A G E I S N O T P A R T O F YO U R F U N D R E P O R T

Table of Contents


	Page
The Markets in Review		2
Market Overview		4
Fund Summary		5
About Fund Performance		13
Shareholder Expenses		13
Consolidated Schedules of Investments		14
Consolidated Financial Statements
Consolidated Statements of Assets and Liabilities		71
Consolidated Statements of Operations		72
Consolidated Statements of Changes in Net Assets		73
Consolidated Financial Highlights		75
Notes to Consolidated Financial Statements		79
Report of Independent Registered Public Accounting Firm		89
Important Tax Information (Unaudited)		90
Board Review and Approval of Investment Advisory Contract		91
Supplemental Information		99
Director and Officer Information		101
General Information		103
Glossary of Terms Used in this Report		104

Market Overview

iShares, Inc.

Global Market Overview


M A R K E T O V E R V I E W		4


Fund Summary as of August 31, 2020		iShares^® Core MSCI Emerging Markets ETF

Investment Objective

The iShares Core MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization emerging market equities, as represented by the MSCI Emerging Markets Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		13.97	%		8.31	%		3.44	%		13.97	%		49.03	%		30.50	%
Fund Market		14.00			8.29			3.42			14.00			48.91			30.33
Index		14.09			8.21			3.41			14.09			48.36			30.19

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 10/18/12. The first day of secondary market trading was 10/22/12.

Expense Example


Actual						Hypothetical 5% Return
Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period ^(a)		Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period ^(a)		Annualized Expense Ratio
	$ 1,000.00		$ 1,111.60	$	0.69		$ 1,000.00		$ 1,024.50		$ 0.66		0.13	%

^(a)


5		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® Core MSCI Emerging Markets ETF

Portfolio Management Commentary

Emerging markets stocks advanced strongly during the reporting period, despite coronavirus-related restrictions that led to a worldwide recession. Chinese equities contributed the most to the Index’s return, driven primarily by the consumer discretionary sector. Internet and direct marketing retail companies advanced as consumers and businesses limiting physical interaction accelerated the migration to digital platforms. Temporary closures of brick-and-mortar stores led both merchants and customers to increase use of online platforms, driving sharply higher revenues for goods and services such as food delivery. Companies providing cloud computing services gained as closed offices and schools led to sharply increased demand for remote working and remote education capabilities, such as video conferencing and productivity tracking tools.

The Chinese communication services sector was also a notable contributor, bolstered by strong gains in the interactive media and services industry. Homebound consumers supported demand growth for online gaming, while increased use of social media drove stronger revenues for digital content and online advertising.

Information technology stocks in both Taiwan and South Korea contributed meaningfully to the Index’s return. Taiwan’s semiconductors industry benefited from growth in global demand. An increase in online activity and upgrades to mobile networks to support next-generation phones drove substantial revenue growth for companies producing high-performance computing semiconductors, including those used in data center hardware and 5G equipment. An increase in telecommuting drove considerable demand for high-speed Wi-Fi chips. The technology hardware and equipment industry drove contribution in South Korea, as companies responded to the pandemic by expanding online sales channels. Profits from sales of computer memory strengthened due to higher prices and substantial demand from data centers. The industry mitigated the impact of lower smartphone purchases by reducing expenses.

On the downside, Brazilian stocks detracted substantially from the Index’s return, weighed down by the financials sector. Bank profits dropped sharply as declining economic activity led to lower income from interest, fees, and insurance. Deteriorating demand for consumer credit, as well as sharply rising loan default provisions, also weighed on bank stocks.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Consumer Discretionary	19.0	%
Information Technology	17.6
Financials	16.8
Communication Services	12.2
Materials	7.5
Consumer Staples	6.1
Energy	5.3
Industrials	5.3
Health Care	5.1
Real Estate	2.9
Utilities	2.2

^(a)

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION



Country/Geographic Region	Percent of Total Investments	^(a)

China	39.5	%
Taiwan	13.4
South Korea	12.2
India	8.5
Brazil	5.1
South Africa	3.5
Russia	2.9
Saudi Arabia	2.7
Thailand	2.1
Malaysia	1.9


F U N D S U M M A R Y		6

Fund Summary as of August 31, 2020

iShares^® MSCI BRIC ETF

Investment Objective

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

Performance


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		19.78	%		11.19	%		3.18	%		19.78	%		69.92	%		36.78	%
Fund Market		20.17			11.27			3.12			20.17			70.53			35.96
Index		20.21			11.73			3.84			20.21			74.10			45.75

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual						Hypothetical 5% Return

	Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,136.10	$	3.81			$ 1,000.00	$ 1,021.60	$ 3.61		0.71	%

^(a)


7		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI BRIC ETF

Portfolio Management Commentary

The Index advanced sharply during the reporting period, despite coronavirus-related restrictions that led to a worldwide recession. Stocks in China, which constituted approximately 66% of the Index on average for the reporting period, contributed the majority of the Index’s return. The consumer discretionary sector drove performance, supported primarily by internet and direct marketing retailers. Although China’s lockdown briefly slowed sales and disrupted operations, consumers and businesses limiting physical interaction accelerated their migration toward digitization. A rebound in economic activity and innovation in digital operations drove higher investor demand for e-commerce stock. Temporary closures of brick-and-mortar stores led both merchants and customers to increase use of online platforms, driving sharply higher revenues for goods and services such as food delivery. Companies providing cloud computing services gained as closed offices and schools led to sharply increased demand for remote working and remote education capabilities, such as video conferencing and productivity tracking tools. As the coronavirus spread, Chinese e-commerce companies with a global footprint also benefited from social distancing measures enacted in other countries.

The Chinese communication services sector also contributed meaningfully to the Index’s return, driven primarily by the media and entertainment industry. Consumers staying at home increased demand for mobile and online games, driving sharply higher sales for interactive media and services companies. Homebound people also increased their use of social media, resulting in stronger revenues from digital content and online advertising. Financial services income also rose, driven by increased use of online tools for payments and wealth management. The interactive home industry advanced sharply, driven by accelerating revenue from mobile games and online education services, as well as advertising, e-commerce, and music streaming.

On the downside, Brazilian stocks detracted from the Index’s returns, weighed down by the financials sector. Bank profits dropped sharply as declining economic activity led to lower income from interest, fees, and insurance. Deteriorating demand for consumer credit, as well as sharply rising loan default provisions, also weighed on bank stocks.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Consumer Discretionary	27.4	%
Financials	16.5
Communication Services	16.4
Energy	7.4
Information Technology	6.5
Consumer Staples	5.8
Health Care	5.1
Materials	5.1
Industrials	4.4
Real Estate	3.3
Utilities	2.1

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION



Country/Geographic Region	Percent of Total Investments	^(a)

China	72.5	%
India	13.8
Brazil	8.3
Russia	5.4


F U N D S U M M A R Y		8


Fund Summary as of August 31, 2020		iShares^® MSCI Emerging Markets Asia ETF

Investment Objective

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

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		22.31	%		10.30	%		5.76	%		22.31	%		63.28	%		61.53	%
Fund Market		23.45			10.66			5.81			23.45			65.95			62.27
Index		22.90			10.76			6.14			22.90			66.73			66.53

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

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

Index performance through May 31, 2018 reflects the performance of the MSCI Emerging Markets Asia. Index performance beginning on June 1, 2018 reflects the performance of the MSCI EM Asia Custom Capped Index.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,160.70	$	2.66		$	1,000.00	$	1,022.70	$	2.49		0.49	%

^(a)


9		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Emerging Markets Asia ETF

Portfolio Management Commentary

Stocks in Asian emerging markets advanced strongly during the reporting period, despite coronavirus-related restrictions that led to a worldwide recession. Chinese equities contributed the majority of the Index’s return. The consumer discretionary sector drove performance as internet and direct marketing retailers advanced sharply. While China’s lockdown briefly slowed sales and disrupted operations, consumers and businesses limiting physical interaction accelerated their migration toward digitization. Temporary closures of brick-and-mortar stores led merchants and customers to increase their use of online platforms, driving sharply higher revenues for goods and services such as food delivery. Companies providing cloud computing services gained as closed offices and schools led to increased demand for remote working and education capabilities, such as video conferencing and productivity tracking tools.

The Chinese communication services sector also contributed meaningfully to the Index’s return. The media and entertainment industry benefited from growing demand for mobile and online games from homebound consumers, which drove sharply higher sales for interactive media and services companies. Increased social media use resulted in stronger revenues from digital content and online advertising. Adoption of online payment and wealth management tools further bolstered revenue gains. The media and entertainment industry also advanced, driven by accelerating sales of mobile games and online education services, as well as advertising, e-commerce, and music streaming.

Information technology stocks in Taiwan and South Korea contributed meaningfully to the Index’s return. Taiwan’s semiconductors industry benefited from growth in global demand. An increase in online activity and upgrades to mobile networks to support next-generation phones drove substantial revenue gains for companies producing high-performance computing chips, including those used in data center hardware and 5G equipment.

The technology hardware and equipment industry drove contribution in South Korea as companies responded to the pandemic by expanding online sales channels. Profits from sales of computer memory strengthened amid higher prices and substantial demand from data centers. South Korea’s communication services sector also bolstered the Index’s return. The interactive media and services industry benefited from robust demand for cloud computing services and increased video game use.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)
Consumer Discretionary	21.2	%
Information Technology	20.4
Financials	15.9
Communication Services	14.0
Consumer Staples	5.7
Industrials	4.9
Materials	4.8
Health Care	4.5
Energy	4.0
Real Estate	2.7
Utilities	1.9

^(a)

Excludes money market funds.

^(b)

Rounds to less than 0.1%.

GEOGRAPHIC ALLOCATION



Country/Geographic Region	Percent of Total Investments	^(a)
China	50.6	%
Taiwan	16.0
South Korea	14.5
India	10.8
Thailand	2.6
Malaysia	2.4
Indonesia	2.0
Philippines	1.1
Pakistan	0.0	^(b)


F U N D S U M M A R Y		10


Fund Summary as of August 31, 2020		iShares^® MSCI Emerging Markets Small-Cap ETF

Investment Objective

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

Performance


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		10.68	%		4.91	%		1.38	%		10.68	%		27.07	%		13.24	%
Fund Market		10.37			4.75			1.26			10.37			26.12			12.02
Index		10.81			4.95			1.80			10.81			27.33			17.54

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 8/16/11. The first day of secondary market trading was 8/18/11.

Expense Example


Actual						Hypothetical 5% Return
Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period^(a)		Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period^(a)		Annualized Expense Ratio

	$ 1,000.00		$ 1,111.90	$	3.77		$ 1,000.00		$ 1,021.60		$ 3.61		0.71	%

^(a)


11		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Emerging Markets Small-Cap ETF

Portfolio Management Commentary

Small-capitalization stocks in emerging markets advanced during the reporting period, despite coronavirus-related restrictions that led to a worldwide recession. South Korean equities contributed the most to the Index’s return, led by the healthcare sector. The pharmaceuticals, biotechnology, and life sciences industry advanced sharply, benefiting from rising demand for coronavirus test kits and the race to develop COVID-19 therapies and vaccines. Exports of South Korean testing kits, valued globally for their accuracy, rose dramatically. Meanwhile, approvals for using existing drugs to treat complications of COVID-19, along with clinical trials for a potential vaccine, bolstered gains of pharmaceuticals and biotechnology companies. In July 2020, several smaller healthcare stocks were listed on an influential stock index, raising expectations for more foreign investment from fund managers. Deals with global pharmaceuticals companies, such as a technology transfer that could lead to sizeable future payments, as well as the South Korean government’s support of vaccine developers with research funding also bolstered the healthcare sector.

The Taiwanese information technology sector advanced as an increase in remote working and remote learning led to growth in global demand for semiconductors. Higher investment in data centers, 5G product launches, and network upgrades drove strong profit gains. China’s industrial rebound and stockpiling of semiconductors ahead of U.S. restrictions on sales to a Chinese telecommunications giant also bolstered semiconductor demand. New or improved products and acquisition activity also bolstered chip stocks. Taiwan’s technology hardware and equipment industry advanced amid increased demand for products that support 5G-enabled artificial intelligence, data centers, and networking equipment.

Information technology stocks also drove China’s contribution to the Index’s return. Software companies serving e-commerce and social network providers advanced amid temporary store and business closures, as well as increasing social media use by homebound people.

On the downside, Brazilian consumer discretionary stocks detracted from the Index’s return. Travel restrictions weighed on the hotels, restaurants, and leisure industry, and education services stocks declined amid rising pandemic-associated costs. Airlines stocks in the industrials sector declined along with passenger traffic and revenue.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Information Technology	18.3	%
Industrials	13.2
Consumer Discretionary	12.9
Materials	11.5
Health Care	11.1
Financials	9.8
Real Estate	7.5
Consumer Staples	5.5
Utilities	4.3
Communication Services	4.2
Energy	1.7

^(a)

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION



Country/Geographic Region	Percent of Total Investments	^(a)

Taiwan	23.1	%
South Korea	18.3
China	12.9
India	12.2
Brazil	7.0
Thailand	3.5
Malaysia	3.1
South Africa	3.1
Saudi Arabia	2.7
Mexico	2.0


F U N D S U M M A R Y		12

About Fund Performance

Shareholder Expenses


13		2 0 2 0 I S H A R E S A N 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

August 31, 2020

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Argentina — 0.2%
Adecoagro SA^(a)(b)		909,825	$	4,603,714
Arcos Dorados Holdings Inc., Class A		995,193		4,428,609
Banco BBVA Argentina SA, ADR^(a)(b)		580,883		1,957,576
Banco Macro SA, ADR^(a)		338,309		6,410,955
Central Puerto SA, ADR		793,100		1,990,681
Despegar.com Corp.^(a)		432,624		3,698,935
Globant SA^(a)		280,665		49,840,491
Grupo Financiero Galicia SA, ADR^(a)		830,362		8,577,639
Loma Negra Cia Industrial Argentina SA, ADR^(a)(b)		471,824		2,278,910
Pampa Energia SA, ADR^(a)(b)		398,394		4,577,547
Telecom Argentina SA, ADR		693,092		4,685,302
Transportadora de Gas del Sur SA, Class B^(a)(b)		626,451		2,944,320
YPF SA, ADR^(a)		1,350,993		7,538,541

				103,533,220

Brazil — 3.7%
AES Tiete Energia SA		1,321,444		3,613,201
Aliansce Sonae Shopping Centers SA^(a)		1,062,301		5,116,023
Alupar Investimento SA		1,321,924		5,645,870
Ambev SA		34,891,199		78,293,563
Anima Holding SA^(a)		675,900		3,688,811
Arezzo Industria e Comercio SA		396,212		4,053,194
Atacadao SA		2,802,300		9,986,505
B2W Cia. Digital^(a)		1,692,003		34,571,650
B3 SA - Brasil, Bolsa, Balcao		15,524,828		166,401,117
Banco Bradesco SA		9,967,888		34,577,537
Banco BTG Pactual SA		1,750,500		25,632,561
Banco do Brasil SA		6,316,413		37,592,899
Banco Inter SA		548,500		6,472,938
Banco Inter SA^(a)		1,167		13,381
Banco Santander Brasil SA		2,817,763		14,525,664
BB Seguridade Participacoes SA		5,140,343		24,718,323
BK Brasil Operacao e Assessoria a Restaurantes SA		1,524,700		3,057,238
BR Malls Participacoes SA^(a)		5,867,724		9,925,897
BR Properties SA		2,032,491		3,393,722
BRF SA^(a)		4,204,258		15,013,291
Camil Alimentos SA		1,103,082		2,565,728
CCR SA		9,229,387		22,426,171
Centrais Eletricas Brasileiras SA		2,386,200		15,445,772
Cia Brasileira de Distribuicao		1,159,400		13,422,318
Cia. de Locacao das Americas		2,569,436		9,554,767
Cia. de Saneamento Basico do Estado de Sao Paulo		2,585,928		22,508,260
Cia. de Saneamento de Minas Gerais-COPASA		527,800		4,579,610
Cia. de Saneamento do Parana		1,419,306		6,920,731
Cia. Hering		1,147,200		3,824,767
Cia. Siderurgica Nacional SA		5,110,756		14,169,890
Cielo SA		9,077,218		7,545,182
Cogna Educacao		13,466,815		13,992,389
Construtora Tenda SA		621,200		3,475,205
Cosan Logistica SA^(a)		1,244,123		4,853,211
Cosan SA		1,184,572		17,976,197
CPFL Energia SA		1,314,700		6,887,562
CVC Brasil Operadora e Agencia de Viagens SA		1,122,340		3,743,929
CVC Brasil Operadora e Agencia de Viagens SA^(a)		176,689		582,640
Cyrela Brazil Realty SA Empreendimentos e Participacoes		2,260,600		9,935,118
Duratex SA		2,473,208		7,172,704


Security	Shares		Value

Brazil (continued)
EcoRodovias Infraestrutura e Logistica SA^(a)		1,767,100	$	4,161,748
EDP - Energias do Brasil SA		2,003,300		6,825,075
Embraer SA^(a)		5,620,783		7,520,470
Enauta Participacoes SA		708,300		1,452,519
Energisa SA		1,314,875		10,414,211
Eneva SA^(a)		1,341,700		12,106,336
Engie Brasil Energia SA		1,421,175		11,043,710
Equatorial Energia SA		6,849,880		28,968,303
Ez Tec Empreendimentos e Participacoes SA		842,406		5,964,208
Fleury SA		1,537,914		7,316,859
Grendene SA		2,445,600		3,405,892
Grupo SBF SA^(a)		814,600		4,511,119
Guararapes Confeccoes SA		861,238		2,747,346
Hapvida Participacoes e Investimentos SA^(c)		1,691,254		19,955,681
Hypera SA		2,828,800		16,320,298
Iguatemi Empresa de Shopping Centers SA		714,200		4,291,006
Instituto Hermes Pardini SA		486,344		2,287,259
Iochpe Maxion SA		942,728		1,976,225
IRB Brasil Resseguros S/A		5,247,439		6,820,073
IRB Brasil Resseguros S/A^(a)		1,923,496		2,426,328
JBS SA		8,168,761		33,414,207
JHSF Participacoes SA		2,131,200		2,762,141
JSL SA		593,700		3,423,090
Klabin SA		5,183,424		24,282,979
Light SA^(a)		1,866,052		5,146,533
Linx SA		1,118,700		7,255,573
Localiza Rent a Car SA		4,649,903		40,880,224
Locaweb Servicos de Internet SA^(a)(c)		631,900		7,077,040
LOG Commercial Properties e Participacoes SA		692,472		3,910,531
Lojas Renner SA		6,064,836		48,057,460
M. Dias Branco SA		674,997		4,369,227
Magazine Luiza SA		5,592,668		95,034,272
Mahle-Metal Leve SA		354,371		1,096,206
Marfrig Global Foods SA^(a)		2,941,513		9,544,274
Minerva SA^(a)		2,047,600		4,885,813
Movida Participacoes SA		1,219,600		3,621,518
MRV Engenharia e Participacoes SA		2,314,742		7,582,332
Multiplan Empreendimentos Imobiliarios SA		2,086,029		7,916,864
Natura & Co. Holding SA		5,675,400		51,044,357
Notre Dame Intermedica Participacoes SA		3,652,579		49,336,682
Odontoprev SA		1,869,200		4,364,726
Omega Geracao SA^(a)		718,100		5,307,963
Petro Rio SA^(a)		813,800		6,214,127
Petrobras Distribuidora SA		5,676,812		22,082,642
Petroleo Brasileiro SA		27,870,779		113,395,393
Porto Seguro SA		693,098		6,678,423
Qualicorp Consultoria e Corretora de Seguros SA		1,752,700		9,980,923
Raia Drogasil SA		1,615,357		31,742,373
Rumo SA^(a)		9,048,081		37,274,947
Santos Brasil Participacoes SA		2,900,400		2,749,244
Sao Martinho SA		1,376,911		6,066,450
Ser Educacional SA^(c)		621,200		1,624,933
SLC Agricola SA		760,978		3,484,527
Smiles Fidelidade SA		536,600		1,377,227
Sul America SA		2,221,032		17,481,938
Suzano SA^(a)		4,097,354		37,493,788
TIM Participacoes SA		6,293,500		16,428,101
TOTVS SA		3,618,700		19,037,110
Transmissora Alianca de Energia Eletrica SA		1,418,200		7,292,773
Tupy SA^(a)		622,200		1,916,765


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		14

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Brazil (continued)
Ultrapar Participacoes SA		5,454,860	$	19,330,006
Vale SA		27,732,783		301,699,355
Via Varejo SA^(a)		7,627,579		28,503,139
Vivara Participacoes SA		770,100		3,308,711
WEG SA		6,390,359		75,273,884
Wiz Solucoes e Corretagem de Seguros SA		892,900		1,739,933
YDUQS Participacoes SA		2,141,224		10,518,964

				2,041,399,890

Chile — 0.5%
AES Gener SA		23,847,370		3,889,338
Aguas Andinas SA, Class A		19,409,921		5,831,210
Banco de Chile		339,231,059		28,426,353
Banco de Credito e Inversiones SA		372,419		11,764,593
Banco Santander Chile		489,783,369		18,882,271
CAP SA^(a)		584,997		5,204,532
Cencosud SA		10,709,741		15,880,194
Cencosud Shopping SA		3,051,895		4,568,969
Cia. Cervecerias Unidas SA		1,029,579		6,785,050
Cia. Sud Americana de Vapores SA^(a)		102,160,231		2,779,350
Colbun SA		58,868,624		9,108,443
Empresa Nacional de Telecomunicaciones SA		1,149,475		6,975,372
Empresas CMPC SA		8,393,149		17,477,385
Empresas COPEC SA		2,904,530		21,350,395
Enel Americas SA		258,469,555		37,282,243
Enel Chile SA		205,195,040		15,821,478
Engie Energia Chile SA		4,641,638		6,284,049
Falabella SA		5,510,989		17,409,032
Forus SA		559,926		718,344
Grupo Security SA		9,032,962		1,781,971
Inversiones Aguas Metropolitanas SA		4,008,640		3,253,554
Inversiones La Construccion SA		288,792		1,880,423
Itau CorpBanca Chile SA		1,167,685,306		3,568,233
Parque Arauco SA		4,378,261		6,802,486
Ripley Corp. SA		6,551,889		2,407,634
SMU SA		16,918,422		2,835,843
SONDA SA		4,152,247		3,212,066
Vina Concha y Toro SA		3,387,884		5,892,770

				268,073,581

China — 39.0%
21Vianet Group Inc., ADR^(a)(b)		584,865		13,574,717
360 Finance Inc., ADR^(a)(b)		488,670		6,108,375
360 Security Technology Inc., Class A		2,595,188		7,077,975
361 Degrees International Ltd.^(a)(b)		9,098,000		1,209,130
3SBio Inc.^(a)(b)(c)		9,518,500		11,176,345
51job Inc., ADR^(a)(b)		201,500		13,206,310
58.com Inc., ADR^(a)(b)		711,181		39,370,980
AAC Technologies Holdings Inc.^(b)		5,455,000		34,418,624
AECC Aviation Power Co. Ltd., Class A		1,118,116		7,287,430
Agile Group Holdings Ltd.^(b)		8,470,500		11,694,528
Agricultural Bank of China Ltd., Class A		37,097,747		17,386,649
Agricultural Bank of China Ltd., Class H		203,630,000		68,050,515
AGTech Holdings Ltd.^(a)(b)		33,768,000		1,328,908
Aier Eye Hospital Group Co. Ltd., Class A		2,059,762		15,629,068
Air China Ltd., Class H		14,598,000		10,058,298
Aisino Corp., Class A		2,310,372		6,075,177
AK Medical Holdings Ltd.^(c)		3,156,000		8,071,059
Alibaba Group Holding Ltd., ADR^(a)		14,086,081		4,043,127,829
Alibaba Health Information Technology Ltd.^(a)		24,566,000		59,337,628
Alibaba Pictures Group Ltd.^(a)(b)		92,530,000		13,133,036


Security	Shares		Value

China (continued)
A-Living Services Co. Ltd., Class H^(b)(c)		3,446,500	$	17,788,043
Aluminum Corp. of China Ltd., Class H^(a)		31,114,000		7,627,801
Anhui Conch Cement Co. Ltd., Class A		2,100,307		18,678,186
Anhui Conch Cement Co. Ltd., Class H		9,089,000		65,908,634
Anhui Gujing Distillery Co. Ltd., Class A		212,480		8,015,058
Anhui Gujing Distillery Co. Ltd., Class B		669,980		8,506,420
Anhui Kouzi Distillery Co. Ltd., Class A		481,524		4,225,282
ANTA Sports Products Ltd.^(b)		8,194,000		80,934,008
Aoyuan Healthy Life Group Co. Ltd.^(a)		2,634,000		2,450,422
Ascletis Pharma Inc.^(a)(b)(c)		3,631,000		1,358,670
Asia Cement China Holdings Corp.		4,087,500		4,145,436
Asymchem Laboratories Tianjin Co. Ltd., Class A		148,200		5,928,736
Atlas Crop.		780,003		6,731,426
Autobio Diagnostics Co. Ltd., Class A		168,590		3,967,649
Autohome Inc., ADR^(b)		447,387		35,898,333
AVIC Aircraft Co. Ltd., Class A		1,677,487		5,927,040
Avic Capital Co. Ltd., Class A		7,388,091		5,425,797
AVIC Jonhon Optronic Technology Co. Ltd., Class A		1,196,861		8,440,228
AVIC Shenyang Aircraft Co. Ltd., Class A		583,667		5,032,090
AviChina Industry & Technology Co. Ltd., Class H		20,037,000		12,513,187
BAIC Motor Corp. Ltd., Class H^(c)		12,582,500		6,023,248
Baidu Inc., ADR^(a)		2,047,852		255,100,924
Bank of Beijing Co. Ltd., Class A		13,491,534		9,592,982
Bank of Chengdu Co. Ltd., Class A		2,657,175		3,941,642
Bank of China Ltd., Class A		20,194,000		9,670,736
Bank of China Ltd., Class H		588,211,000		192,777,680
Bank of Communications Co. Ltd., Class A		20,445,280		14,119,442
Bank of Communications Co. Ltd., Class H		62,756,000		32,794,436
Bank of Hangzhou Co. Ltd., Class A		3,763,240		7,115,329
Bank of Jiangsu Co. Ltd., Class A		8,229,514		7,713,874
Bank of Nanjing Co. Ltd., Class A		6,286,821		7,884,744
Bank of Ningbo Co. Ltd., Class A		3,067,076		15,897,038
Bank of Shanghai Co. Ltd., Class A		8,692,695		10,686,361
Baoshan Iron & Steel Co. Ltd., Class A		13,472,029		9,716,800
Baozun Inc., ADR^(a)(b)		331,105		13,720,991
BBMG Corp., Class A		14,478,136		6,975,734
Beijing Capital International Airport Co. Ltd., Class H^(a)		13,792,000		9,752,090
Beijing Capital Land Ltd., Class H^(b)		11,014,000		2,089,067
Beijing Chunlizhengda Medical Instruments Co. Ltd., Class H		654,750		3,742,563
Beijing Enlight Media Co. Ltd., Class A		1,932,294		4,570,372
Beijing Enterprises Holdings Ltd.		3,552,500		11,299,023
Beijing Enterprises Water Group Ltd.^(a)		35,912,000		14,132,836
Beijing Gas Blue Sky Holdings Ltd.^(a)(b)		76,328,000		1,240,922
Beijing New Building Materials PLC, Class A		1,033,422		4,948,971
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		948,097		8,297,224
Beijing Shiji Information Technology Co. Ltd., Class A		588,095		2,824,924
Beijing Shunxin Agriculture Co. Ltd., Class A		482,200		5,297,818
Beijing Sinnet Technology Co. Ltd., Class A		1,161,087		4,468,621
Beijing Tiantan Biological Products Corp. Ltd., Class A		683,037		4,221,393
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.^(b)		2,229,000		2,553,953
Beijing Tongrentang Co. Ltd., Class A		997,996		4,327,615
BEST Inc., ADR^(a)(b)		1,526,791		6,107,164
Betta Pharmaceuticals Co. Ltd., Class A		230,994		4,412,702
Bilibili Inc., ADR^(a)(b)		897,466		42,405,268
Bitauto Holdings Ltd., ADR^(a)		268,377		4,232,305


15		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
BOC Aviation Ltd.^(c)		1,590,700	$	11,832,526
BOE Technology Group Co. Ltd., Class A		16,877,800		13,553,200
Bosideng International Holdings Ltd.^(b)		24,662,000		7,064,333
Brilliance China Automotive Holdings Ltd.		23,154,000		20,733,632
BYD Co. Ltd., Class A		969,686		12,034,093
BYD Co. Ltd., Class H^(b)		4,664,500		46,343,168
BYD Electronic International Co. Ltd.^(b)		5,165,500		21,894,631
C&D International Investment Group Ltd.		3,282,000		5,911,720
CA Cultural Technology Group Ltd.^(a)(b)		7,369,000		2,339,018
Caitong Securities Co. Ltd., Class A		2,320,986		4,933,978
Camsing International Holding Ltd.^(a)(b)(d)		4,108,000		461,147
CanSino Biologics Inc., Class H^(a)(b)(c)		453,800		9,620,374
Canvest Environmental Protection Group Co. Ltd.		7,824,000		3,412,208
CAR Inc.^(a)(b)		6,071,000		1,934,849
Central China Real Estate Ltd.		3,620,000		1,583,427
CGN New Energy Holdings Co. Ltd.^(a)		10,350,000		1,856,287
CGN Power Co. Ltd., Class H^(c)		65,279,000		14,150,529
Changchun High & New Technology Industry Group Inc., Class A		202,486		13,823,971
Changjiang Securities Co. Ltd., Class A		4,147,596		5,165,458
Chaowei Power Holdings Ltd.^(b)		4,816,000		2,044,430
Chaozhou Three-Circle Group Co. Ltd., Class A		1,130,246		4,617,257
China Aircraft Leasing Group Holdings Ltd.^(b)		3,766,000		3,454,934
China Animal Healthcare Ltd.^(a)(d)		1,237,000		2
China Aoyuan Group Ltd.		9,172,000		10,580,141
China BlueChemical Ltd., Class H		15,988,000		2,351,738
China Cinda Asset Management Co. Ltd., Class H		60,777,000		11,606,222
China CITIC Bank Corp. Ltd., Class H		66,849,000		27,946,654
China Communications Construction Co. Ltd., Class H		34,823,000		19,545,435
China Communications Services Corp. Ltd., Class H		18,242,000		11,980,643
China Conch Venture Holdings Ltd.		12,378,500		53,665,748
China Construction Bank Corp., Class A		9,000,781		8,147,703
China Construction Bank Corp., Class H		714,512,000		506,141,285
China Datang Corp. Renewable Power Co. Ltd., Class H		20,684,000		2,802,294
China Dongxiang Group Co. Ltd.		28,948,000		3,772,505
China East Education Holdings Ltd.^(c)		4,535,500		10,018,872
China Eastern Airlines Corp. Ltd., Class H^(b)		15,020,000		6,201,686
China Education Group Holdings Ltd.^(b)		4,919,000		9,672,788
China Everbright Bank Co. Ltd., Class A		21,455,882		12,029,316
China Everbright Bank Co. Ltd., Class H		20,193,000		7,243,284
China Everbright Greentech Ltd.^(b)(c)		7,223,000		3,206,018
China Everbright International Ltd.		27,619,148		16,678,079
China Everbright Ltd.		7,172,000		11,049,293
China Everbright Water Ltd.^(b)		8,211,000		1,358,837
China Evergrande Group^(b)		13,981,000		32,651,768
China Feihe Ltd.^(c)		9,066,000		18,365,606
China Fiber Optic Network System Group Ltd.^(a)(d)		10,394,800		13
China Foods Ltd.		8,034,000		2,850,719
China Fortune Land Development Co. Ltd., Class A		2,409,524		5,910,223
China Galaxy Securities Co. Ltd., Class H		31,296,500		18,858,300
China Gas Holdings Ltd.		19,588,200		53,708,541
China Gezhouba Group Co. Ltd., Class A		4,303,193		3,995,869
China Grand Pharmaceutical and Healthcare Holdings Ltd., Class A		7,664,000		6,991,410
China Greatwall Technology Group Co. Ltd., Class A		1,622,400		4,195,076
China Harmony Auto Holding Ltd.^(b)		7,277,500		3,342,890


Security	Shares		Value


China (continued)
China High Speed Transmission Equipment Group Co. Ltd.		4,069,000	$	2,950,624
China Hongqiao Group Ltd.		13,318,000		8,592,092
China Huarong Asset Management Co. Ltd., Class H^(c)		70,987,000		8,151,898
China Huishan Dairy Holdings Co. Ltd.^(a)(d)		16,599,187		21
China Huiyuan Juice Group Ltd.^(a)(d)		10,877,000		14,035
China International Capital Corp. Ltd., Class H^(a)(b)(c)		10,039,200		23,860,450
China Jinmao Holdings Group Ltd.^(b)		41,808,000		26,163,210
China Jushi Co. Ltd., Class A		2,200,893		4,771,871
China Kepei Education Group Ltd.		6,228,000		5,504,642
China Lesso Group Holdings Ltd.		8,450,000		15,765,759
China Life Insurance Co. Ltd., Class A		1,394,621		8,894,103
China Life Insurance Co. Ltd., Class H		55,527,000		135,268,319
China Lilang Ltd.		3,948,000		2,277,060
China Literature Ltd.^(a)(b)(c)		2,297,600		14,274,490
China Logistics Property Holdings Co. Ltd.^(a)(b)(c)		9,294,000		4,257,169
China Longyuan Power Group Corp. Ltd., Class H		23,979,000		15,129,683
China Lumena New Materials Corp.^(a)(b)(d)		64,600		0	^(e)
China Maple Leaf Educational Systems Ltd.^(b)		12,990,000		5,061,812
China Medical System Holdings Ltd.		10,462,000		11,811,707
China Meidong Auto Holdings Ltd.		3,362,000		11,365,509
China Mengniu Dairy Co. Ltd.^(a)		20,786,000		102,184,680
China Merchants Bank Co. Ltd., Class A		9,643,063		53,064,547
China Merchants Bank Co. Ltd., Class H		29,057,964		138,725,659
China Merchants Energy Shipping Co. Ltd., Class A		3,615,388		3,409,972
China Merchants Land Ltd.		21,860,000		3,328,297
China Merchants Port Holdings Co. Ltd.		9,978,270		11,420,070
China Merchants Securities Co. Ltd., Class A^(a)		3,599,731		11,326,107
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		4,123,834		10,054,974
China Metal Recycling Holdings Ltd.^(a)(d)		62,400		0	^(e)
China Metal Resources Utilization Ltd.^(a)(b)(c)		6,276,000		222,692
China Minsheng Banking Corp. Ltd., Class A		18,379,915		14,893,604
China Minsheng Banking Corp. Ltd., Class H		42,137,220		25,662,430
China Mobile Ltd.		46,026,000		321,581,892
China Molybdenum Co. Ltd., Class A		12,249,971		7,654,946
China Molybdenum Co. Ltd., Class H		21,696,000		8,818,204
China National Building Material Co. Ltd., Class H		29,256,850		41,147,547
China National Chemical Engineering Co. Ltd., Class A		6,539,822		5,595,345
China National Nuclear Power Co. Ltd., Class A		11,847,426		8,060,709
China National Software & Service Co. Ltd., Class A		259,999		3,752,042
China New Higher Education Group Ltd.^(b)(c)		7,096,000		5,493,571
China Northern Rare Earth Group High-Tech Co. Ltd., Class A^(a)		2,623,800		4,731,088
China Oilfield Services Ltd., Class H		12,934,000		10,163,424
China Oriental Group Co. Ltd.^(b)		10,202,000		2,869,668
China Overseas Grand Oceans Group Ltd.		12,802,500		8,342,113
China Overseas Land & Investment Ltd.		28,519,000		82,611,504
China Overseas Property Holdings Ltd.		10,365,000		9,348,380
China Pacific Insurance Group Co. Ltd., Class A		3,347,238		15,061,997
China Pacific Insurance Group Co. Ltd., Class H		20,519,400		57,056,066
China Petroleum & Chemical Corp., Class A^(a)		16,813,010		9,892,677
China Petroleum & Chemical Corp., Class H		177,896,200		82,174,977
China Power International Development Ltd.		32,803,000		6,348,845
China Railway Construction Corp. Ltd., Class A		7,008,712		9,138,039
China Railway Construction Corp. Ltd., Class H		13,813,500		10,622,821


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		16

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


China (continued)
China Railway Group Ltd., Class A		12,555,866	$	10,265,923
China Railway Group Ltd., Class H		26,211,000		13,460,356
China Railway Signal & Communication Corp. Ltd., Class H^(c)		11,755,000		4,762,579
China Reinsurance Group Corp., Class H		40,151,000		4,299,959
China Renewable Energy Investment Ltd.^(a)(c)(d)		8,046		0	^(e)
China Resources Beer Holdings Co. Ltd.		11,084,000		72,080,360
China Resources Cement Holdings Ltd.		18,446,000		26,894,938
China Resources Gas Group Ltd.		6,860,000		32,219,247
China Resources Land Ltd.		23,931,777		110,701,626
China Resources Medical Holdings Co. Ltd.^(b)		7,463,500		5,402,506
China Resources Pharmaceutical Group Ltd.^(c)		11,465,500		6,494,525
China Resources Power Holdings Co. Ltd.		14,440,000		17,141,346
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		862,896		3,590,597
China SCE Group Holdings Ltd.		14,143,200		7,372,571
China Shenhua Energy Co. Ltd., Class A		3,810,229		8,989,919
China Shenhua Energy Co. Ltd., Class H		24,609,000		41,088,296
China Shineway Pharmaceutical Group Ltd.		2,774,000		1,943,552
China Shipbuilding Industry Co. Ltd., Class A^(a)		13,380,118		9,474,690
China South City Holdings Ltd.		38,028,000		3,876,328
China Southern Airlines Co. Ltd., Class A^(a)		11,784,984		10,083,004
China Southern Airlines Co. Ltd., Class H^(a)(b)		10,452,000		5,515,852
China State Construction Engineering Corp. Ltd., Class A		23,267,119		17,460,998
China State Construction International Holdings Ltd.		14,802,000		11,478,490
China Suntien Green Energy Corp. Ltd., Class H^(a)		15,127,000		4,059,813
China Taiping Insurance Holdings Co. Ltd.		12,063,108		19,176,079
China Telecom Corp. Ltd., Class H		97,738,000		32,032,221
China Tian Lun Gas Holdings Ltd.		2,970,000		2,253,324
China Tourism Group Duty Free Corp. Ltd., Class A		900,773		27,355,334
China Tower Corp. Ltd., Class H^(c)		327,918,000		62,620,548
China Traditional Chinese Medicine Holdings Co. Ltd.^(a)		20,000,000		8,541,770
China Travel International Investment Hong Kong Ltd.^(b)		23,180,000		3,499,365
China Unicom Hong Kong Ltd.		45,702,000		32,374,080
China United Network Communications Ltd., Class A		15,864,482		12,021,442
China Vanke Co. Ltd., Class A		5,159,568		20,542,902
China Vanke Co. Ltd., Class H		12,270,387		38,156,207
China Vast Industrial Urban Development Co. Ltd.^(c)		3,382,000		1,317,864
China Water Affairs Group Ltd.^(b)		7,168,000		5,900,768
China Yangtze Power Co. Ltd., Class A		10,400,462		29,307,128
China Youzan Ltd.^(a)(b)		106,140,000		23,144,920
China Yuchai International Ltd.		122,975		1,997,114
China Yuhua Education Corp Ltd.^(c)		9,694,000		9,293,552
China ZhengTong Auto Services Holdings Ltd.^(b)		9,134,500		1,143,264
China Zhongwang Holdings Ltd.^(a)		12,716,800		2,690,987
Chinasoft International Ltd.^(a)(b)		16,016,000		11,386,639
Chongqing Changan Automobile Co. Ltd., Class A^(a)		2,416,783		4,131,977
Chongqing Rural Commercial Bank Co. Ltd., Class H		15,968,000		6,510,697
Chongqing Zhifei Biological Products Co. Ltd., Class A		743,063		14,662,398
CIFI Holdings Group Co. Ltd.^(b)		23,762,000		20,235,634
CIMC Enric Holdings Ltd.		6,530,000		2,620,375
CITIC Ltd.		43,091,000		39,309,351
CITIC Resources Holdings Ltd.^(a)		33,748,000		1,262,804


Security	Shares		Value

China (continued)
CITIC Securities Co. Ltd., Class A		5,207,245	$	24,176,780
CITIC Securities Co. Ltd., Class H^(b)		15,961,000		38,346,847
CNOOC Ltd.		132,969,000		151,324,372
COFCO Meat Holdings Ltd.^(b)		17,734,000		8,283,334
Colour Life Services Group Co. Ltd.^(a)(b)		3,615,000		1,870,435
Concord New Energy Group Ltd.^(b)		78,810,000		3,508,248
Consun Pharmaceutical Group Ltd.		4,843,000		2,049,643
Contemporary Amperex Technology Co. Ltd., Class A		1,085,873		32,714,993
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		10,554,000		4,861,555
COSCO SHIPPING Holdings Co. Ltd., Class H^(a)		21,432,500		10,757,524
COSCO SHIPPING International Hong Kong Co. Ltd.^(b)		9,102,000		2,525,022
COSCO SHIPPING Ports Ltd.		13,642,000		7,727,383
Country Garden Holdings Co. Ltd.^(b)		57,022,733		70,706,820
Country Garden Services Holdings Co. Ltd.		10,443,000		72,830,094
CPMC Holdings Ltd.		6,560,000		2,835,558
CRRC Corp. Ltd., Class A		15,141,869		12,955,090
CRRC Corp. Ltd., Class H		29,819,750		13,466,723
CSC Financial Co. Ltd., Class A		1,379,292		10,526,210
CSPC Pharmaceutical Group Ltd.		42,249,600		93,874,068
CT Environmental Group Ltd.^(a)(b)(d)		33,362,000		1,024,516
Dali Foods Group Co. Ltd.^(c)		15,056,500		9,227,999
Daqin Railway Co. Ltd., Class A		10,388,262		10,040,705
Daqo New Energy Corp., ADR^(a)(b)		75,377		8,503,279
Dawning Information Industry Co. Ltd., Class A		832,681		5,493,945
DHC Software Co. Ltd., Class A		1,886,498		3,211,576
Digital China Holdings Ltd.		6,734,000		5,482,673
Dongfeng Motor Group Co. Ltd., Class H		19,892,000		13,808,631
Dongxing Securities Co. Ltd., Class A		2,528,659		4,928,728
Dongyue Group Ltd.^(b)		10,233,000		4,383,600
East Money Information Co. Ltd., Class A		3,864,171		14,759,016
ENN Energy Holdings Ltd.		5,968,400		66,228,705
Eve Energy Co. Ltd., Class A		957,332		6,850,316
Ever Sunshine Lifestyle Services Group Ltd.		5,152,000		10,609,591
Everbright Securities Co. Ltd., Class A		1,918,086		6,138,637
Fangda Carbon New Material Co. Ltd., Class A^(a)		5,593,880		5,496,567
Fanhua Inc., ADR		342,057		6,940,337
Fantasia Holdings Group Co. Ltd.^(a)		16,480,500		3,359,830
Far East Horizon Ltd.		15,130,000		13,392,231
Fiberhome Telecommunication Technologies Co. Ltd., Class A		779,798		2,994,341
Focus Media Information Technology Co. Ltd., Class A		8,097,799		8,914,596
Foshan Haitian Flavouring & Food Co. Ltd., Class A		1,258,640		33,665,907
Fosun International Ltd.		19,343,500		21,539,506
Founder Securities Co. Ltd., Class A^(a)		5,310,787		6,800,202
Foxconn Industrial Internet Co. Ltd., Class A		3,079,161		6,626,637
Fu Shou Yuan International Group Ltd.		7,754,000		8,023,984
Fufeng Group Ltd.^(a)		13,550,400		4,545,853
Fuyao Glass Industry Group Co. Ltd., Class H^(c)		4,168,800		13,420,587
Ganfeng Lithium Co. Ltd., Class A		590,884		4,357,555
GCL System Integration Technology Co. Ltd., Class A^(a)		2,911,100		1,831,883
GCL-Poly Energy Holdings Ltd.^(a)		106,282,000		4,319,765
GD Power Development Co. Ltd., Class A		17,853,900		5,343,801
GDS Holdings Ltd., ADR^(a)(b)		599,776		48,545,869
Geely Automobile Holdings Ltd.		44,122,000		93,252,177
Gemdale Corp., Class A		3,065,443		6,409,137


17		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Gemdale Properties & Investment Corp. Ltd.		43,072,000	$	7,669,446
Genertec Universal Medical Group Co. Ltd.^(c)		8,278,500		5,768,134
Genscript Biotech Corp.^(a)(b)		7,878,000		15,227,117
GF Securities Co. Ltd., Class A		4,485,085		10,588,734
GF Securities Co. Ltd., Class H		8,602,200		10,178,148
Gigadevice Semiconductor Beijing Inc., Class A		223,254		6,503,854
Glodon Co. Ltd., Class A		428,711		4,361,502
Glory Sun Financial Group Ltd.^(a)(b)		111,856,000		4,618,481
GoerTek Inc., Class A		1,625,000		9,748,837
GOME Retail Holdings Ltd.^(a)(b)		73,943,000		10,590,341
Grand Baoxin Auto Group Ltd.^(a)		6,513,500		991,714
Great Wall Motor Co. Ltd., Class H		23,690,500		25,707,516
Gree Electric Appliances Inc. of Zhuhai, Class A		1,554,141		12,366,598
Greenland Holdings Corp. Ltd., Class A		4,433,032		4,951,373
Greenland Hong Kong Holdings Ltd.		7,916,000		2,635,211
Greentown Service Group Co. Ltd.		10,732,000		14,429,068
GSX Techedu Inc., ADR^(a)(b)		429,516		36,680,666
Guangdong Haid Group Co. Ltd., Class A		845,499		8,736,261
Guangdong HEC Technology Holding Co. Ltd., Class A^(a)		2,503,495		2,368,564
Guangdong Investment Ltd.		22,090,000		34,488,236
Guangzhou Automobile Group Co. Ltd., Class H		22,081,200		18,975,219
Guangzhou Baiyun International Airport Co. Ltd., Class A		1,419,323		3,153,982
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		987,888		4,689,084
Guangzhou R&F Properties Co. Ltd., Class H		8,860,000		11,271,988
Guorui Properties Ltd.		10,612,000		1,574,653
Guosen Securities Co. Ltd., Class A		2,809,967		5,747,814
Guotai Junan Securities Co. Ltd., Class A		4,654,525		13,143,020
Guotai Junan Securities Co. Ltd., Class H^(c)		3,668,200		5,727,014
Guoyuan Securities Co. Ltd., Class A		2,913,300		4,687,380
Haidilao International Holding Ltd.^(b)(c)		6,096,000		39,328,271
Haier Electronics Group Co. Ltd.		9,767,000		33,459,204
Haier Smart Home Co. Ltd., Class A		3,144,605		10,238,452
Haitian International Holdings Ltd.		4,941,000		11,960,176
Haitong Securities Co. Ltd., Class A^(a)		5,240,256		11,606,504
Haitong Securities Co. Ltd., Class H^(a)		19,843,200		18,024,958
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		4,471,465		24,429,633
Hangzhou Robam Appliances Co. Ltd., Class A		713,799		4,064,469
Hangzhou Steam Turbine Co. Ltd., Class B		3,020,577		3,281,647
Hangzhou Tigermed Consulting Co. Ltd., Class A		266,474		4,357,488
Hansoh Pharmaceutical Group Co. Ltd.^(a)(c)		8,986,000		42,610,208
Harbin Electric Co. Ltd., Class H^(a)		5,830,000		1,790,340
Hefei Meiya Optoelectronic Technology Inc., Class A		470,842		4,011,247
Henan Shuanghui Investment & Development Co. Ltd., Class A		1,381,610		12,809,215
Hengan International Group Co. Ltd.		4,933,500		38,894,325
Hengli Petrochemical Co. Ltd., Class A		3,067,410		9,418,341
HengTen Networks Group Ltd.^(a)(b)		179,148,000		5,755,740
Hengtong Optic-Electric Co. Ltd., Class A		1,707,500		4,076,071
Hengyi Petrochemical Co. Ltd., Class A		2,982,161		5,420,805
Hi Sun Technology China Ltd.^(a)		27,003,000		3,309,981
Hithink RoyalFlush Information Network Co. Ltd., Class A		281,673		6,905,752
Hope Education Group Co. Ltd.^(c)		19,832,000		6,115,815
Hua Han Health Industry Holdings Ltd.^(a)(b)(d)		22,424,288		651,015
Hua Hong Semiconductor Ltd.^(a)(b)(c)		3,427,000		12,381,180


Security	Shares		Value

China (continued)
Huabao International Holdings Ltd.^(b)		6,332,000	$	5,645,584
Huadong Medicine Co. Ltd., Class A		1,060,851		4,330,668
Hualan Biological Engineering Inc., Class A		930,820		7,828,013
Huami Corp., ADR^(a)(b)		243,864		3,077,564
Huaneng Power International Inc., Class H		28,406,000		11,838,659
Huatai Securities Co. Ltd., Class A		4,243,351		13,264,441
Huatai Securities Co. Ltd., Class H^(c)		10,485,200		18,399,479
Huaxia Bank Co. Ltd., Class A		9,965,512		9,355,649
Huaxin Cement Co. Ltd., Class A		851,969		3,477,958
Huayu Automotive Systems Co. Ltd., Class A		1,850,118		6,720,679
Huazhu Group Ltd., ADR^(b)		1,014,889		45,395,985
Hubei Biocause Pharmaceutical Co. Ltd., Class A		4,608,171		3,787,916
Hundsun Technologies Inc., Class A		640,948		10,428,629
Hutchison China MediTech Ltd., ADR^(a)(b)		523,171		17,379,741
HUYA Inc., ADR^(a)(b)		477,258		13,706,850
Iflytek Co. Ltd., Class A		1,496,984		8,237,712
IGG Inc.^(b)		7,043,000		8,133,372
IMAX China Holding Inc.^(a)(b)(c)		1,234,700		1,985,041
Industrial & Commercial Bank of China Ltd., Class A		27,086,180		19,615,201
Industrial & Commercial Bank of China Ltd., Class H		451,842,000		253,026,623
Industrial Bank Co. Ltd., Class A		10,247,678		24,178,544
Industrial Securities Co. Ltd., Class A		4,466,400		5,360,345
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A^(a)		45,585,400		7,720,529
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		3,176,488		19,450,867
Inner Mongolia Yitai Coal Co. Ltd., Class B		8,257,495		5,780,246
Innovent Biologics Inc.^(a)(c)		7,160,500		47,720,344
Inspur Electronic Information Industry Co. Ltd., Class A		780,168		4,112,053
Inspur International Ltd.^(a)		5,134,000		1,397,746
iQIYI Inc., ADR^(a)(b)		1,695,751		36,713,009
Jafron Biomedical Co. Ltd., Class A		499,473		5,557,600
JD.com Inc., ADR^(a)		6,384,851		502,104,683
Jiangsu Expressway Co. Ltd., Class H		9,198,000		9,209,690
Jiangsu Hengli Hydraulic Co. Ltd., Class A		754,988		7,221,227
Jiangsu Hengrui Medicine Co. Ltd., Class A		2,507,486		34,732,076
Jiangsu King’s Luck Brewery JSC Ltd., Class A		748,195		5,951,346
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		737,947		15,201,440
Jiangsu Zhongnan Construction Group Co. Ltd., Class A		2,613,000		3,715,880
Jiangxi Copper Co. Ltd., Class H		9,376,000		11,057,417
Jiangxi Zhengbang Technology Co. Ltd., Class A		1,278,400		4,638,275
Jiayuan International Group Ltd.		10,858,000		5,155,699
Jinchuan Group International Resources Co. Ltd.		28,229,000		3,278,143
Jinke Properties Group Co. Ltd., Class A		3,393,200		5,063,184
JinkoSolar Holding Co. Ltd., ADR^(a)(b)		272,942		6,233,995
Jiumaojiu International Holdings Ltd.^(a)(c)		3,354,000		7,625,334
JNBY Design Ltd.		1,859,500		1,943,440
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		488,142		5,815,669
JOYY Inc.^(a)		447,770		38,257,469
Juewei Food Co. Ltd., Class A		358,100		4,925,140
Kaisa Group Holdings Ltd.^(a)		19,124,000		9,623,504
Kaisa Prosperity Holdings Ltd.		569,500		2,130,991
Kama Co. Ltd., Class B^(a)		3,577,824		1,516,997
KE Holdings Inc.^(a)		495,721		25,425,530


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		18

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Kingboard Holdings Ltd.		5,180,200	$	16,676,579
Kingboard Laminates Holdings Ltd.		8,363,000		10,542,571
Kingdee International Software Group Co. Ltd.^(a)(b)		17,825,000		45,447,120
Kingsoft Corp. Ltd.		6,288,000		33,670,574
Konka Group Co. Ltd., Class B		7,465,318		2,215,471
Koolearn Technology Holding Ltd.^(a)(b)(c)		1,915,000		9,167,113
Kunlun Energy Co. Ltd.		29,446,000		21,960,592
Kweichow Moutai Co. Ltd., Class A		572,192		149,247,864
KWG Group Holdings Ltd.		9,943,500		18,911,529
Lee & Man Paper Manufacturing Ltd.		10,516,000		6,295,909
Lee’s Pharmaceutical Holdings Ltd.		2,655,500		2,021,567
Legend Holdings Corp., Class H^(c)		4,009,400		5,907,931
Lenovo Group Ltd.		53,568,000		35,803,467
Lens Technology Co. Ltd., Class A		1,432,600		7,220,363
Lepu Medical Technology Beijing Co. Ltd., Class A		1,030,100		5,829,435
Li Ning Co. Ltd.		15,789,000		66,821,829
Lifetech Scientific Corp.^(a)		23,344,000		7,018,125
Lingyi iTech Guangdong Co., Class A^(a)		3,059,333		5,342,214
Logan Group Co. Ltd.		10,757,000		20,042,332
Lomon Billions Group Co. Ltd., Class A		1,357,475		4,651,663
Longfor Group Holdings Ltd.^(c)		13,555,000		71,796,385
LONGi Green Energy Technology Co. Ltd., Class A		1,823,258		16,845,268
Lonking Holdings Ltd.		15,258,000		4,370,594
Luthai Textile Co. Ltd., Class B		2,538,921		1,431,596
Luxshare Precision Industry Co. Ltd., Class A		3,294,337		26,454,164
Luye Pharma Group Ltd.^(b)(c)		12,842,500		6,959,672
Luzhou Laojiao Co. Ltd., Class A		748,554		16,339,082
LVGEM China Real Estate Investment Co. Ltd.		6,904,000		2,708,097
Mango Excellent Media Co. Ltd., Class A		909,687		9,430,043
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A^(a)		2,234,328		5,728,419
Meitu Inc.^(a)(c)		17,426,500		3,822,513
Meituan Dianping, Class B^(a)(b)		26,759,400		882,525,195
MMG Ltd.^(a)(b)		20,327,999		5,429,438
Mobvista Inc.^(a)(c)		4,126,000		2,512,818
Momo Inc., ADR		1,128,803		23,027,581
Muyuan Foodstuff Co. Ltd., Class A		1,756,932		22,522,303
NARI Technology Co. Ltd., Class A		2,616,002		8,555,579
NAURA Technology Group Co. Ltd., Class A		246,400		6,630,242
NavInfo Co. Ltd., Class A		1,279,100		3,070,221
NetDragon Websoft Holdings Ltd.		1,973,500		5,062,248
NetEase Inc., ADR		616,672		300,448,765
New China Life Insurance Co. Ltd., Class A		1,160,601		10,141,692
New China Life Insurance Co. Ltd., Class H		6,060,900		24,204,029
New Hope Liuhe Co. Ltd., Class A		2,048,650		11,366,184
New Oriental Education & Technology Group Inc., ADR^(a)		1,086,665		159,337,689
Nexteer Automotive Group Ltd.		6,888,000		4,488,223
Nine Dragons Paper Holdings Ltd.^(b)		12,362,000		13,717,567
Ninestar Corp., Class A		672,300		3,585,718
Ningbo Zhoushan Port Co. Ltd., Class A		2,636,215		1,427,967
NIO Inc., ADR^(a)(b)		6,813,538		129,661,628
Niu Technologies, ADR^(a)(b)		260,344		5,381,310
Noah Holdings Ltd.^(a)(b)		243,469		6,817,132
Offshore Oil Engineering Co. Ltd., Class A		2,106,400		1,513,106
OFILM Group Co. Ltd., Class A		1,572,200		4,340,729
OneSmart International Education Group Ltd., ADR^(a)(b)		616,518		2,614,036
Oppein Home Group Inc., Class A		322,880		4,761,303
Orient Securities Co. Ltd., Class A		3,642,968		6,281,575


Security	Shares		Value

China (continued)
Oriental Pearl Group Co. Ltd., Class A		4,087,200	$	6,361,308
Panda Green Energy Group Ltd.^(a)(b)		50,756,852		1,545,598
PAX Global Technology Ltd.		6,354,000		3,672,951
People’s Insurance Co. Group of China Ltd. (The), Class H		66,448,000		21,691,637
Perfect World Co. Ltd., Class A		1,015,900		5,430,177
PetroChina Co. Ltd., Class A		9,816,500		6,349,269
PetroChina Co. Ltd., Class H		154,452,000		53,409,464
PICC Property & Casualty Co. Ltd., Class H		51,631,040		39,905,025
Pinduoduo Inc., ADR^(a)(b)		2,039,964		181,434,398
Ping An Bank Co. Ltd., Class A		9,536,436		20,996,686
Ping An Healthcare and Technology Co. Ltd.^(a)(b)(c)		2,851,700		41,578,821
Ping An Insurance Group Co. of China Ltd., Class A		5,174,336		57,884,208
Ping An Insurance Group Co. of China Ltd., Class H		44,490,000		473,881,086
Poly Developments and Holdings Group Co. Ltd., Class A		6,179,011		14,524,733
Poly Property Group Co. Ltd.		17,621,000		5,547,666
Poly Property Services Co. Ltd.^(b)		932,000		8,159,352
Postal Savings Bank of China Co. Ltd., Class H^(c)		77,280,000		36,595,111
Pou Sheng International Holdings Ltd.^(a)		18,684,000		4,725,152
Power Construction Corp. of China Ltd., Class A		9,613,544		5,712,698
Powerlong Commercial Management Holdings Ltd.		1,723,500		5,448,378
Q Technology Group Co. Ltd.^(b)		3,404,000		4,273,584
Qudian Inc., ADR^(a)(b)		1,485,860		2,362,517
Realord Group Holdings Ltd.^(a)(b)		6,410,000		3,779,759
Redco Properties Group Ltd.^(c)		8,146,000		3,994,090
Redsun Properties Group Ltd.		9,958,000		3,494,869
Renrui Human Resources Technology Holdings Ltd.^(a)(b)		380,600		1,267,005
RiseSun Real Estate Development Co. Ltd., Class A		4,723,562		5,682,771
Road King Infrastructure Ltd.		2,602,000		3,458,075
Rongsheng Petro Chemical Co. Ltd., Class A		2,743,300		7,930,523
Ronshine China Holdings Ltd.^(a)		4,906,000		3,988,026
SAIC Motor Corp. Ltd., Class A		4,497,200		12,252,287
Sanan Optoelectronics Co. Ltd., Class A		2,263,600		8,969,595
Sangfor Technologies Inc., Class A		154,700		4,968,632
Sany Heavy Equipment International Holdings Co. Ltd.		9,851,000		5,478,321
Sany Heavy Industry Co. Ltd., Class A		4,406,616		14,244,465
Scholar Education Group		1,340,000		4,132,307
SDIC Capital Co. Ltd., Class A		2,348,900		5,205,946
SDIC Power Holdings Co. Ltd., Class A		4,134,454		5,469,022
Seazen Group Ltd.^(a)		16,458,000		14,928,710
Seazen Holdings Co. Ltd., Class A		1,301,300		6,820,798
Semiconductor Manufacturing International Corp.^(a)		26,615,200		85,510,407
SF Holding Co. Ltd., Class A		1,499,092		18,626,067
Shaanxi Coal Industry Co. Ltd., Class A		6,566,054		7,793,963
Shandong Airlines Co. Ltd., Class B^(a)		1,796,418		1,386,112
Shandong Gold Mining Co. Ltd., Class A		1,843,349		7,802,236
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		1,235,800		4,849,989
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		18,952,000		44,261,234
Shang Gong Group Co. Ltd., Class B^(a)		3,762,960		1,486,369
Shanghai Baosight Software Co. Ltd., Class A		518,600		5,263,875
Shanghai Chlor-Alkali Chemical Co. Ltd., Class B		3,996,427		1,878,321
Shanghai Construction Group Co. Ltd., Class A		14,775,100		6,859,949
Shanghai Electric Group Co. Ltd., Class H^(a)		22,736,000		6,688,655


19		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		4,785,500	$	20,222,205
Shanghai Fudan Microelectronics Group Co. Ltd., Class H^(a)(b)		2,228,000		4,823,886
Shanghai Haixin Group Co., Class B		5,180,410		1,942,654
Shanghai Haohai Biological Technology Co. Ltd., Class H^(b)(c)		348,000		2,469,630
Shanghai Industrial Holdings Ltd.		3,909,000		5,870,952
Shanghai Industrial Urban Development Group Ltd.		20,130,000		2,363,606
Shanghai International Airport Co. Ltd., Class A		594,503		6,631,484
Shanghai International Port Group Co. Ltd., Class A		9,636,400		6,246,850
Shanghai Jinjiang International Industrial Investment Co. Ltd., Class B		2,821,841		2,119,203
Shanghai Kindly Medical Instruments Co. Ltd., Class H		246,000		1,936,221
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		8,238,204		7,076,617
Shanghai M&G Stationery Inc., Class A		586,600		5,952,374
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		6,367,900		11,355,184
Shanghai Pudong Development Bank Co. Ltd., Class A		14,776,933		22,351,536
Shanxi Meijin Energy Co. Ltd., Class A^(a)		2,302,117		2,218,373
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		460,114		13,248,897
Shenergy Co. Ltd., Class A		4,734,484		3,960,870
Sheng Ye Capital Ltd.^(b)		4,033,000		4,136,997
Shengyi Technology Co. Ltd., Class A		1,210,000		4,383,040
Shennan Circuits Co. Ltd., Class A		258,380		5,230,487
Shenwan Hongyuan Group Co. Ltd., Class A		12,408,072		10,217,549
Shenzhen Goodix Technology Co. Ltd., Class A		224,700		5,870,811
Shenzhen Inovance Technology Co. Ltd., Class A		994,716		8,103,948
Shenzhen International Holdings Ltd.		8,059,250		12,936,146
Shenzhen Investment Ltd.		22,128,000		7,509,099
Shenzhen Kangtai Biological Products Co. Ltd., Class A		335,800		9,707,540
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		486,100		24,304,468
Shenzhen Overseas Chinese Town Co. Ltd., Class A		5,017,702		5,238,105
Shenzhen Sunway Communication Co. Ltd., Class A		535,900		4,852,649
Shenzhou International Group Holdings Ltd.^(b)		6,227,100		100,435,153
Shimao Group Holdings Ltd.		9,235,000		41,586,485
Shoucheng Holdings Ltd.^(b)		25,204,800		6,862,077
Shougang Fushan Resources Group Ltd.		22,482,000		5,105,491
Shui On Land Ltd.^(a)		32,055,666		4,384,303
Sichuan Chuantou Energy Co. Ltd., Class A		3,468,946		5,074,913
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		1,055,800		3,813,684
Sichuan Languang Justbon Services Group Co. Ltd., Class H		287,500		1,817,707
Sichuan Swellfun Co. Ltd., Class A		324,300		3,602,781
Sihuan Pharmaceutical Holdings Group Ltd.		29,443,000		3,571,082
Silergy Corp.		559,000		35,531,074
Silver Grant International Holdings Group Ltd.^(a)		13,940,000		1,834,648
SINA Corp.^(a)		422,854		17,203,815
Sino Biopharmaceutical Ltd.^(b)		78,253,000		90,367,844
Sinofert Holdings Ltd.^(b)		25,488,000		2,400,759
Sino-Ocean Group Holding Ltd.		21,998,500		5,080,846
Sinopec Engineering Group Co. Ltd., Class H		11,025,500		4,893,805


Security	Shares		Value

China (continued)
Sinopec Kantons Holdings Ltd.^(b)		8,564,000	$	3,381,333
Sinopec Shanghai Petrochemical Co. Ltd., Class H		26,609,000		5,493,365
Sinopharm Group Co. Ltd., Class H		9,862,400		24,280,123
Sinotruk Hong Kong Ltd.		5,326,500		13,848,632
Skyfame Realty Holdings Ltd.		26,534,000		3,457,912
Skyworth Group Ltd.^(a)(b)		15,622,000		5,422,241
SMI Holdings Group Ltd.^(a)(b)(d)		14,455,599		2,400,516
SOHO China Ltd.^(a)		16,201,000		4,996,083
Sohu.com Ltd., ADR^(a)(b)		238,287		4,799,100
Songcheng Performance Development Co. Ltd., Class A		1,623,243		4,237,546
Spring Airlines Co. Ltd., Class A		851,696		5,486,349
SSY Group Ltd.		11,808,411		7,526,764
Sun Art Retail Group Ltd.		18,175,500		23,686,322
Sunac China Holdings Ltd.		19,206,000		80,787,546
Suning.com Co. Ltd., Class A		5,698,850		8,195,714
Sunny Optical Technology Group Co. Ltd.		5,349,400		79,307,634
Superb Summit International Group Ltd.^(a)(d)		1,998,771		1,883
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		958,200		3,887,837
TAL Education Group, ADR^(a)		2,851,363		210,459,103
TCL Electronics Holdings Ltd.^(a)		6,281,000		4,295,310
TCL Technology Group Corp., Class A		7,618,700		7,875,488
Tencent Holdings Ltd.		42,988,900		2,942,602,588
Tencent Music Entertainment Group, ADR^(a)(b)		2,758,162		43,110,072
Texhong Textile Group Ltd.^(a)		2,358,500		1,838,073
Tiangong International Co. Ltd.		8,968,000		3,008,561
Tianjin Port Development Holdings Ltd.		38,912,000		2,861,859
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A.		1,658,991		5,248,875
Tianli Education International Holdings Ltd.^(a)		9,248,000		10,500,752
Tianma Microelectronics Co. Ltd., Class A		1,792,576		4,300,099
Tianneng Power International Ltd.^(b)		5,228,000		11,224,805
Tianqi Lithium Corp., Class A^(a)		794,193		2,632,178
Times Neighborhood Holdings Ltd.		4,333,000		6,205,854
Tingyi Cayman Islands Holding Corp.		14,952,000		28,089,923
Toly Bread Co. Ltd., Class A		405,579		3,737,711
Tong Ren Tang Technologies Co. Ltd., Class H		5,027,000		3,891,796
Tongcheng-Elong Holdings Ltd.^(a)		6,456,400		12,662,630
Tongda Group Holdings Ltd.^(a)		31,530,000		1,851,080
Tongdao Liepin Group^(a)(b)		1,592,800		4,019,944
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		1,268,899		2,636,303
Tongwei Co. Ltd., Class A		2,101,359		7,486,062
Topchoice Medical Corp., Class A^(a)		195,299		6,452,510
Topsports International Holdings Ltd.^(c)		9,709,000		12,013,872
Towngas China Co. Ltd.^(a)		8,639,000		3,923,702
TravelSky Technology Ltd., Class H		7,185,000		14,944,511
Trip.com Group Ltd., ADR^(a)(b)		3,546,155		107,235,727
Truly International Holdings Ltd.^(a)(b)		19,240,000		2,408,057
Tsingtao Brewery Co. Ltd., Class H		3,420,000		31,154,494
Unigroup Guoxin Microelectronics Co. Ltd., Class A		300,610		5,499,432
Uni-President China Holdings Ltd.		9,725,000		8,858,990
Unisplendour Corp. Ltd., Class A		1,481,355		7,094,084
Uxin Ltd., ADR^(a)		1,233,458		962,097
Venustech Group Inc., Class A		620,203		3,453,646
Vinda International Holdings Ltd.		2,754,000		9,416,721
Vipshop Holdings Ltd., ADR^(a)		3,332,751		55,023,719
Walvax Biotechnology Co. Ltd., Class A		749,188		6,945,889
Wanda Film Holding Co. Ltd., Class A^(a)		1,348,638		3,648,666
Wanhua Chemical Group Co. Ltd., Class A		1,603,178		17,154,963


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		20

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Want Want China Holdings Ltd.^(b)		37,625,000	$	25,827,242
Wasion Holdings Ltd.		5,336,000		1,576,671
Weibo Corp., ADR^(a)(b)		410,303		15,304,302
Weichai Power Co. Ltd., Class A		3,939,200		8,523,531
Weichai Power Co. Ltd., Class H		14,327,000		28,949,223
Weimob Inc.^(a)(b)(c)		9,654,000		16,193,493
Wens Foodstuffs Group Co. Ltd., Class A		3,255,008		11,728,988
West China Cement Ltd.		18,580,000		3,260,427
Western Securities Co. Ltd., Class A		2,998,835		4,273,323
Wharf Holdings Ltd. (The)		11,866,000		23,149,735
Will Semiconductor Ltd., Class A		285,103		6,986,098
Wingtech Technology Co. Ltd., Class A		441,900		8,907,487
Winning Health Technology Group Co. Ltd., Class A		1,306,875		4,045,137
Wisdom Education International Holdings Co. Ltd.		5,712,000		2,977,553
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,062,883		7,074,869
Wuliangye Yibin Co. Ltd., Class A		1,802,166		63,149,419
WUS Printed Circuit Kunshan Co. Ltd., Class A		966,897		2,970,224
WuXi AppTec Co. Ltd., Class A		1,027,133		16,482,657
WuXi AppTec Co. Ltd., Class H^(b)(c)		2,052,556		30,403,725
Wuxi Biologics Cayman Inc.^(a)(c)		7,650,000		198,797,443
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		538,676		3,534,468
XCMG Construction Machinery Co. Ltd., Class A		5,906,278		5,355,115
Xiabuxiabu Catering Management China Holdings Co. Ltd.^(a)(c)		3,522,500		4,358,725
Xiaomi Corp., Class B^(a)(c)		78,953,800		239,403,663
Xingda International Holdings Ltd.		11,560,000		2,848,925
Xinhu Zhongbao Co. Ltd., Class A		5,406,300		2,778,473
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		6,326,634		5,444,882
Xinyi Solar Holdings Ltd.		30,578,800		38,627,182
Xtep International Holdings Ltd.		9,470,000		3,152,533
Yadea Group Holdings Ltd.^(a)(c)		8,474,000		8,583,176
Yango Group Co. Ltd., Class A		3,518,300		3,621,473
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		605,898		3,029,866
Yanzhou Coal Mining Co. Ltd., Class H		12,018,000		9,257,558
Yealink Network Technology Corp. Ltd., Class A		444,427		3,656,433
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H^(c)		2,247,000		3,195,027
Yifeng Pharmacy Chain Co. Ltd., Class A		336,957		4,959,048
Yihai International Holding Ltd.^(a)(b)		3,637,000		57,158,455
Yintech Investment Holdings Ltd., ADR		235,302		1,715,352
Yonghui Superstores Co. Ltd., Class A		5,453,696		7,070,778
Yonyou Network Technology Co. Ltd., Class A		1,695,131		10,372,519
Youyuan International Holdings Ltd.^(a)(b)(d)		5,307,000		133,528
Yuexiu Property Co. Ltd.		40,108,880		7,659,354
Yuexiu REIT		13,397,000		6,465,008
Yuexiu Transport Infrastructure Ltd.^(a)		9,454,000		5,611,298
Yum China Holdings Inc.^(a)		2,704,445		156,073,521
Yunda Holding Co. Ltd., Class A		1,363,640		4,137,220
Yunnan Baiyao Group Co. Ltd., Class A		663,264		11,205,227
Yunnan Energy New Material Co. Ltd., Class A		464,095		5,299,471
Yuzhou Group Holdings Co. Ltd.		14,176,400		6,621,623
Zai Lab Ltd., ADR^(a)(b)		400,513		31,788,717
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		323,969		11,913,133
Zhaojin Mining Industry Co. Ltd., Class H		7,411,000		8,300,159
Zhejiang Chint Electrics Co. Ltd., Class A^(a)		1,608,173		8,093,519
Zhejiang Dahua Technology Co. Ltd., Class A		1,928,229		6,435,735


Security	Shares		Value

China (continued)
Zhejiang Expressway Co. Ltd., Class H		10,988,000	$	7,414,984
Zhejiang Huayou Cobalt Co. Ltd., Class A^(a)		603,592		3,539,162
Zhejiang Longsheng Group Co. Ltd., Class A		1,862,974		3,903,211
Zhejiang NHU Co. Ltd., Class A		1,637,308		7,833,758
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		2,056,190		6,784,768
Zhejiang Supor Co. Ltd., Class A		519,413		6,427,112
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		328,298		2,864,456
Zhengzhou Yutong Bus Co. Ltd., Class A		2,256,290		4,681,147
Zhenro Properties Group Ltd.^(b)		12,697,000		7,421,458
ZhongAn Online P&C Insurance Co. Ltd., Class H^(a)(b)(c)		2,856,700		18,816,995
Zhongji Innolight Co. Ltd., Class A		458,274		3,961,718
Zhongjin Gold Corp. Ltd., Class A		2,862,279		4,555,141
Zhongsheng Group Holdings Ltd.^(b)		4,402,500		27,493,790
Zhou Hei Ya International Holdings Co. Ltd.^(a)(b)(c)		4,705,000		5,336,277
Zhuguang Holdings Group Co. Ltd.^(a)		18,012,000		2,533,252
Zhuzhou CRRC Times Electric Co. Ltd., Class H		4,076,900		13,098,432
Zijin Mining Group Co. Ltd., Class A		9,868,100		10,359,189
Zijin Mining Group Co. Ltd., Class H		42,256,000		28,842,569
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H^(a)		10,811,000		10,824,740
ZTE Corp., Class A		1,814,000		10,329,165
ZTE Corp., Class H		5,625,440		16,367,899
ZTO Express Cayman Inc., ADR		2,830,300		94,899,959

				21,292,457,199

Colombia — 0.1%
Bancolombia SA		1,663,343		11,532,573
Cementos Argos SA		3,586,367		4,781,848
Corp. Financiera Colombiana SA^(a)		780,649		5,641,520
Ecopetrol SA		36,752,497		21,463,573
Grupo Argos SA		2,346,110		7,457,541
Grupo de Inversiones Suramericana SA		1,743,064		9,761,211
Interconexion Electrica SA ESP		3,454,284		19,288,825

				79,927,091

Cyprus — 0.0%
TCS Group Holding PLC^(f)		591,014		15,562,354


Czech Republic — 0.1%
Central European Media Enterprises Ltd., Class A^(a)		754,080		3,205,660
CEZ AS		1,169,682		24,143,389
Komercni Banka AS^(a)		564,611		13,620,039
Moneta Money Bank AS^(c)		3,947,601		9,971,934

				50,941,022

Egypt — 0.1%
Commercial International Bank Egypt SAE		10,742,754		45,797,343
Eastern Co. SAE		8,331,070		6,685,881
Egyptian Financial Group-Hermes Holding Co.^(a)		5,166,996		4,580,208
EISewedy Electric Co.		6,417,547		3,040,743
Heliopolis Housing		4,963,517		2,048,038
Juhayna Food Industries		3,127,489		1,383,199
Medinet Nasr Housing		10,061,035		2,113,769
Oriental Weavers		3,805,605		1,284,542
Palm Hills Developments SAE^(a)		16,799,042		1,630,090
Six of October Development & Investment		2,604,300		2,002,928
Talaat Moustafa Group		7,253,113		3,162,083


21		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Egypt (continued)
Telecom Egypt Co.		3,528,280	$	3,000,707

				76,729,531

Greece — 0.2%
Alpha Bank AE^(a)		10,512,038		6,972,363
Athens Water Supply & Sewage Co. SA		369,625		3,094,372
Eurobank Ergasias Services and Holdings SA, Series A^(a)		19,626,960		9,440,789
FF Group^(a)(d)		343,633		4,110
GEK Terna Holding Real Estate Construction SA^(a)		493,803		3,578,818
Hellenic Exchanges-Athens Stock Exchange SA^(a)		756,681		2,579,116
Hellenic Telecommunications Organization SA		1,779,961		29,163,810
Holding Co. ADMIE IPTO SA		1,225,772		3,239,777
JUMBO SA		822,951		14,320,236
Motor Oil Hellas Corinth Refineries SA		470,193		6,607,349
Mytilineos SA		769,515		7,261,182
National Bank of Greece SA^(a)		4,213,013		5,746,472
OPAP SA		1,526,510		14,020,842
Piraeus Bank SA^(a)(b)		2,193,849		3,166,848
Piraeus Port Authority SA		75,576		1,438,932
Public Power Corp. SA^(a)(b)		948,486		4,546,444
Sarantis SA		223,492		2,330,728
Terna Energy SA		403,555		5,724,013
Titan Cement International SA^(a)		323,662		4,405,013

				127,641,214

Hungary — 0.2%
Magyar Telekom Telecommunications PLC		3,953,687		4,876,162
MOL Hungarian Oil & Gas PLC^(a)		2,990,938		16,891,811
Opus Global Nyrt^(a)(b)		1,934,986		1,597,492
OTP Bank Nyrt^(a)		1,690,033		57,177,305
Richter Gedeon Nyrt		1,086,114		26,607,533

				107,150,303

India — 8.4%
Aarti Industries Ltd.		359,264		5,113,622
Aavas Financiers Ltd.^(a)		224,924		4,286,871
Adani Enterprises Ltd.		1,180,751		4,484,311
Adani Ports & Special Economic Zone Ltd.		3,876,156		18,733,723
Adani Power Ltd.^(a)		6,356,474		3,216,774
Aditya Birla Fashion and Retail Ltd.^(a)		1,453,849		2,763,217
Aegis Logistics Ltd.		767,231		2,214,945
AIA Engineering Ltd.		315,123		7,713,091
Ajanta Pharma Ltd.		189,017		3,812,310
Alembic Pharmaceuticals Ltd.		382,283		4,892,828
Amara Raja Batteries Ltd.		208,706		2,064,022
Ambuja Cements Ltd.		4,847,638		13,866,388
Apollo Hospitals Enterprise Ltd.		672,560		14,935,067
Apollo Tyres Ltd.		2,162,385		3,629,558
Ashok Leyland Ltd.		8,920,665		8,198,662
Asian Paints Ltd.		2,159,551		55,717,193
Astral Poly Technik Ltd.		498,087		7,592,684
AstraZeneca Pharma India Ltd.		47,552		2,293,214
Atul Ltd.		120,097		9,431,304
AU Small Finance Bank Ltd.^(a)(c)		908,911		8,248,515
Aurobindo Pharma Ltd.		2,166,544		23,808,952
Avanti Feeds Ltd.		331,483		2,335,006
Avenue Supermarts Ltd.^(a)(c)		1,170,113		35,787,344
Axis Bank Ltd.^(a)		16,923,900		114,213,189
Bajaj Auto Ltd.		520,847		20,994,505
Bajaj Consumer Care Ltd.^(a)		686,027		1,603,052
Bajaj Electricals Ltd.		294,842		1,994,787


Security	Shares		Value

India (continued)
Bajaj Finance Ltd.		1,356,628	$	64,282,133
Bajaj Finserv Ltd.		289,294		24,329,465
Balkrishna Industries Ltd.		650,894		11,689,254
Bandhan Bank Ltd.^(a)(c)		5,421,616		22,523,930
BASF India Ltd.		93,235		1,870,907
Bata India Ltd.		268,297		4,734,996
Bayer CropScience Ltd./India		91,394		7,220,197
Berger Paints India Ltd.		1,734,141		12,667,834
Bharat Forge Ltd.		1,642,763		10,962,540
Bharat Heavy Electricals Ltd.		6,229,716		3,262,651
Bharat Petroleum Corp. Ltd.		4,875,989		27,013,936
Bharti Airtel Ltd.		9,472,804		66,032,615
Bharti Infratel Ltd.		2,594,675		6,998,916
Biocon Ltd.^(a)		2,135,770		10,914,240
Blue Dart Express Ltd.^(a)		53,237		1,582,988
Blue Star Ltd.		207,370		1,791,201
Bosch Ltd.		45,179		7,865,010
Britannia Industries Ltd.		438,822		22,213,398
Ceat Ltd.		174,396		2,080,692
CESC Ltd.		467,423		3,812,983
Chambal Fertilizers and Chemicals Ltd.		1,010,461		2,037,189
Cholamandalam Financial Holdings Ltd.^(a)		590,796		3,504,685
Cholamandalam Investment and Finance Co. Ltd.		1,614,921		5,094,381
Cipla Ltd.		2,598,728		25,192,030
City Union Bank Ltd.		2,219,555		4,070,780
Coal India Ltd.		8,748,328		15,967,637
Coforge Ltd.		148,995		3,894,527
Colgate-Palmolive India Ltd.		459,863		8,516,907
Container Corp. of India Ltd.		1,585,172		8,463,439
Coromandel International Ltd.		632,288		6,528,825
CRISIL Ltd.		150,492		3,579,239
Crompton Greaves Consumer Electricals Ltd.^(a)		3,277,162		12,101,112
Cummins India Ltd.		432,163		2,713,954
Dabur India Ltd.		3,981,001		25,668,350
Dalmia Bharat Ltd.^(a)		377,749		3,847,669
DCB Bank Ltd.^(a)		1,292,767		1,563,983
Deepak Nitrite Ltd.		359,160		3,334,822
Dilip Buildcon Ltd.^(c)		284,528		1,428,100
Divi’s Laboratories Ltd.		605,703		25,696,965
Dixon Technologies India Ltd.		29,443		3,237,980
DLF Ltd.		4,473,772		9,624,315
Dr Lal PathLabs Ltd.^(c)		236,017		5,690,925
Dr. Reddy’s Laboratories Ltd.		862,252		49,957,492
Edelweiss Financial Services Ltd.^(a)		3,584,700		3,898,451
Eicher Motors Ltd.		997,820		28,359,059
EIH Ltd.^(a)		1,434,942		1,709,668
Emami Ltd.		754,715		3,659,892
Endurance Technologies Ltd.^(c)		261,871		3,910,588
Engineers India Ltd.		1,261,360		1,145,561
Escorts Ltd.		494,632		7,308,518
Exide Industries Ltd.		1,721,117		3,835,876
Federal Bank Ltd.^(a)		11,164,444		8,387,647
Finolex Cables Ltd.		646,976		2,436,460
Fortis Healthcare Ltd.^(a)		3,613,744		6,519,787
GAIL India Ltd.		11,370,951		14,776,096
Gillette India Ltd.		53,232		3,926,183
Glenmark Pharmaceuticals Ltd.		1,095,113		6,986,585
GMM Pfaudler Ltd.		32,454		2,465,790
GMR Infrastructure Ltd.^(a)		7,768,663		2,485,508
Godrej Consumer Products Ltd.		3,051,996		27,004,925


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		22

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

India (continued)
Godrej Industries Ltd.^(a)		697,835	$	4,166,200
Godrej Properties Ltd.^(a)		499,383		6,195,857
Granules India Ltd.		1,140,228		4,860,191
Graphite India Ltd.		497,980		1,282,371
Grasim Industries Ltd.		2,230,277		20,447,678
Great Eastern Shipping Co. Ltd. (The)		500,876		1,730,772
Gujarat Fluorochemicals Ltd.^(a)		206,466		1,433,895
Gujarat Gas Ltd.		1,264,092		5,589,087
Gujarat Pipavav Port Ltd.		2,217,699		2,408,790
Gujarat State Petronet Ltd.		1,260,339		3,485,270
Havells India Ltd.		1,887,136		15,781,362
HCL Technologies Ltd.		8,182,558		77,192,790
HDFC Asset Management Co. Ltd.^(c)		371,088		12,154,414
HDFC Life Insurance Co. Ltd.^(a)(c)		5,302,340		41,405,903
Hemisphere Properties India Ltd.^(a)		713,675		1,492,844
Hero MotoCorp Ltd.		731,305		29,865,698
Hexaware Technologies Ltd.		993,334		5,349,422
Hindalco Industries Ltd.		8,924,888		22,461,509
Hindustan Petroleum Corp. Ltd.		4,464,236		12,223,846
Hindustan Unilever Ltd.		6,165,213		177,344,887
Housing Development Finance Corp. Ltd.		12,344,266		307,334,197
ICICI Bank Ltd.^(a)		38,360,520		205,645,637
ICICI Lombard General Insurance Co. Ltd.^(c)		1,542,647		26,337,594
ICICI Prudential Life Insurance Co. Ltd.^(c)		2,586,606		14,852,142
ICICI Securities Ltd.^(c)		622,018		4,034,255
IDFC First Bank Ltd.^(a)		17,484,058		7,600,990
IDFC Ltd.		6,705,974		2,509,929
IIFL Finance Ltd.		1,060,757		1,176,657
IIFL Wealth Management Ltd.		182,498		2,537,604
India Cements Ltd. (The)		1,415,617		2,203,983
Indiabulls Housing Finance Ltd.		1,953,598		5,525,783
Indiabulls Ventures Ltd.		1,512,837		4,043,755
Indian Hotels Co. Ltd. (The)		3,941,606		5,553,028
Indian Oil Corp. Ltd.		13,434,168		15,659,432
Indraprastha Gas Ltd.^(a)		1,588,367		8,511,787
Info Edge India Ltd.		492,230		21,824,766
Infosys Ltd.		25,569,428		322,572,711
Inox Leisure Ltd.		429,409		1,654,748
InterGlobe Aviation Ltd.^(a)(c)		704,091		11,470,444
IRB Infrastructure Developers Ltd.		1,178,867		1,903,452
ITC Ltd.		22,122,662		57,434,918
Jindal Steel & Power Ltd.^(a)		3,226,192		8,989,464
JM Financial Ltd.		2,895,070		3,211,391
JSW Energy Ltd.		2,623,892		1,951,677
JSW Steel Ltd.		6,464,619		23,695,333
Jubilant Foodworks Ltd.		582,649		16,599,055
Jubilant Life Sciences Ltd.		584,310		6,217,584
Just Dial Ltd.^(a)		344,032		1,737,278
Jyothy Labs Ltd.		931,055		1,798,043
Kajaria Ceramics Ltd.		527,847		3,127,677
Karur Vysya Bank Ltd. (The)^(a)		2,853,086		1,482,601
Kaveri Seed Co. Ltd.^(a)		240,968		1,891,701
KEC International Ltd.		509,436		2,229,248
KEI Industries Ltd.		385,766		2,077,998
KRBL Ltd.		436,582		1,553,682
L&T Technology Services Ltd.^(c)		193,968		4,124,430
Lakshmi Machine Works Ltd.		34,785		1,534,826
Larsen & Toubro Ltd.		3,489,044		44,791,253
Laurus Labs Ltd.^(c)		427,565		6,583,017
LIC Housing Finance Ltd.		2,206,654		9,032,569


Security	Shares		Value

India (continued)
Lupin Ltd.		1,667,310	$	21,010,269
Mahanagar Gas Ltd.		349,474		4,519,910
Mahindra & Mahindra Financial Services Ltd.^(a)		4,589,421		8,398,533
Mahindra & Mahindra Ltd.		5,650,022		46,584,904
Mahindra CIE Automotive Ltd.^(a)		843,423		1,496,465
Manappuram Finance Ltd.		2,089,182		4,200,644
Marico Ltd.		3,305,447		16,565,967
Maruti Suzuki India Ltd.		902,643		83,877,770
Max Financial Services Ltd.^(a)		1,219,135		9,759,539
Metropolis Healthcare Ltd.^(a)		171,359		4,280,396
Minda Industries Ltd.		599,538		2,769,323
Mindtree Ltd.		349,342		5,485,202
Motherson Sumi Systems Ltd.		7,148,042		10,652,993
Motilal Oswal Financial Services Ltd.		321,411		2,986,503
Mphasis Ltd.		638,335		9,570,581
Multi Commodity Exchange of India Ltd.		199,446		4,331,006
Natco Pharma Ltd.		691,085		7,057,550
National Aluminium Co. Ltd.		4,038,209		1,966,780
Navin Fluorine International Ltd.		115,326		3,058,256
Nestle India Ltd.		174,113		37,727,460
Nippon Life India Asset Management Ltd.^(c)		944,416		3,497,576
NTPC Ltd.		17,637,684		23,099,178
Oberoi Realty Ltd.^(a)		442,406		2,343,431
Oil & Natural Gas Corp. Ltd.		18,454,558		20,546,154
Oil India Ltd.		1,451,955		1,869,004
Page Industries Ltd.		39,942		10,303,389
Persistent Systems Ltd.		319,143		4,154,723
Petronet LNG Ltd.		4,353,918		14,216,815
Phoenix Mills Ltd. (The)		483,460		4,235,427
PI Industries Ltd.		448,102		11,192,277
Pidilite Industries Ltd.		925,063		17,629,703
Piramal Enterprises Ltd.		677,965		12,593,575
PNB Housing Finance Ltd.^(a)(c)		501,068		1,942,462
Polycab India Ltd.		265,327		3,218,384
Power Grid Corp. of India Ltd.		13,597,507		33,057,418
Prestige Estates Projects Ltd.		1,096,120		3,691,582
Procter & Gamble Health Ltd.^(a)		37,544		2,446,717
PVR Ltd.		292,606		5,213,700
Quess Corp. Ltd.^(a)(c)		554,518		2,746,317
Radico Khaitan Ltd.		561,734		3,066,328
Rajesh Exports Ltd.		491,496		2,981,060
Rallis India Ltd.		639,316		2,550,924
Ramco Cements Ltd. (The)		471,443		4,438,863
RBL Bank Ltd.^(c)		2,741,274		7,297,526
REC Ltd.		5,077,546		7,322,372
Redington India Ltd.		2,110,776		3,091,284
Relaxo Footwears Ltd.^(a)		380,813		3,390,753
Reliance Industries Ltd.		21,396,312		604,820,248
Sanofi India Ltd.		49,856		5,566,607
SBI Life Insurance Co. Ltd.^(a)(c)		3,010,518		33,854,652
Schaeffler India Ltd.		41,500		2,236,374
Shree Cement Ltd.		64,446		17,758,492
Shriram Transport Finance Co. Ltd.		712,825		6,802,621
Siemens Ltd.		532,244		8,386,689
SpiceJet Ltd.^(a)		1,288,833		900,866
SRF Ltd.		124,436		6,853,257
State Bank of India^(a)		13,336,278		38,410,365
Sterlite Technologies Ltd.		864,187		1,759,897
Strides Pharma Science Ltd.		375,487		3,081,893
Sun Pharma Advanced Research Co. Ltd.^(a)		722,913		1,771,251


23		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

India (continued)
Sun Pharmaceutical Industries Ltd.		6,279,059	$	44,379,723
Sundaram Finance Ltd.		232,195		5,082,218
Sundram Fasteners Ltd.		488,871		2,993,698
Sunteck Realty Ltd.		441,435		1,576,350
Supreme Industries Ltd.		310,026		5,630,653
Symphony Ltd.		137,379		1,590,336
Syngene International Ltd.^(a)(c)		816,393		5,259,431
Tata Chemicals Ltd.		608,434		2,583,101
Tata Communications Ltd.		555,596		6,571,744
Tata Consultancy Services Ltd.		6,748,717		206,956,376
Tata Consumer Products Ltd.		3,297,072		23,845,346
Tata Elxsi Ltd.		160,226		2,339,584
Tata Motors Ltd.^(a)		12,660,582		24,630,579
Tata Power Co. Ltd. (The)		8,480,359		6,768,619
Tata Steel Ltd.		2,586,203		14,510,775
TeamLease Services Ltd.^(a)		94,835		3,053,221
Tech Mahindra Ltd.		3,475,453		34,987,069
Thermax Ltd.		224,679		2,334,012
Titan Co. Ltd.		2,344,590		35,053,783
Torrent Pharmaceuticals Ltd.		379,802		13,733,397
Torrent Power Ltd.		971,706		4,394,673
TTK Prestige Ltd.		46,374		3,586,090
Tube Investments of India Ltd.		666,853		5,869,702
TV18 Broadcast Ltd.^(a)		4,310,653		1,859,365
UltraTech Cement Ltd.		850,175		45,089,912
United Spirits Ltd.^(a)		2,223,939		16,516,201
UPL Ltd.		3,769,818		25,912,297
Varun Beverages Ltd.		566,738		5,666,803
Vedanta Ltd.		14,032,202		24,525,256
V-Guard Industries Ltd.		1,042,009		2,368,347
Vinati Organics Ltd.		219,291		3,001,389
VIP Industries Ltd.		311,257		1,198,598
V-Mart Retail Ltd.^(a)		79,613		2,064,860
Vodafone Idea Ltd.^(a)		66,042,564		9,151,705
Voltas Ltd.		796,511		6,868,666
WABCO India Ltd.		38,128		3,612,156
Welspun India Ltd.		2,990,879		2,212,456
Westlife Development Ltd.^(a)		354,432		1,783,295
Wipro Ltd.		8,615,833		31,755,942
Yes Bank Ltd., New		12,578,231		1,828,037
Zee Entertainment Enterprises Ltd.		6,512,556		18,009,453

				4,570,011,768

Indonesia — 1.4%
Ace Hardware Indonesia Tbk PT		63,159,200		6,700,839
Adaro Energy Tbk PT		109,673,500		8,171,382
AKR Corporindo Tbk PT		15,390,200		3,064,829
Aneka Tambang Tbk		76,456,643		4,305,198
Astra Agro Lestari Tbk PT		3,957,300		2,765,015
Astra International Tbk PT		152,335,700		53,350,185
Bank BTPN Syariah Tbk PT		16,236,300		4,348,262
Bank Central Asia Tbk PT		74,475,200		160,457,298
Bank Mandiri Persero Tbk PT		140,935,300		57,583,865
Bank Negara Indonesia Persero Tbk PT		56,438,500		19,765,586
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		24,328,400		1,762,504
Bank Rakyat Indonesia Persero Tbk PT		418,491,500		100,869,024
Bank Tabungan Negara Persero Tbk PT		35,375,576		3,826,028
Barito Pacific Tbk PT^(a)		205,762,400		11,868,870
Bintang Oto Global Tbk PT^(a)		23,330,600		2,323,047
Bukit Asam Tbk PT		29,085,600		4,074,481


Security	Shares		Value

Indonesia (continued)
Bumi Resources Tbk PT^(a)		458,473,900	$	1,574,159
Bumi Serpong Damai Tbk PT^(a)		68,301,800		3,634,946
Charoen Pokphand Indonesia Tbk PT^(a)		56,199,800		24,313,046
Ciputra Development Tbk PT		87,617,727		4,632,834
Gudang Garam Tbk PT^(a)		3,654,100		11,918,953
Hanjaya Mandala Sampoerna Tbk PT		68,899,100		7,806,593
Hanson International Tbk PT^(a)(d)		783,666,700		1,906,769
Indah Kiat Pulp & Paper Corp. Tbk PT		21,092,500		13,470,232
Indocement Tunggal Prakarsa Tbk PT		11,137,800		9,082,326
Indofood CBP Sukses Makmur Tbk PT		17,265,700		12,123,041
Indofood Sukses Makmur Tbk PT		32,870,000		17,210,901
Inti Agri Resources Tbk PT^(a)(d)		291,349,000		714,568
Japfa Comfeed Indonesia Tbk PT		37,266,200		3,122,044
Jasa Marga Persero Tbk PT		17,421,480		4,677,630
Kalbe Farma Tbk PT		158,331,900		17,178,671
Link Net Tbk PT		12,648,400		1,585,121
Matahari Department Store Tbk PT^(a)		19,401,900		1,685,384
Medco Energi Internasional Tbk PT^(a)		52,790,200		1,993,793
Media Nusantara Citra Tbk PT^(a)		40,495,900		2,474,943
Mitra Adiperkasa Tbk PT^(a)		74,283,000		3,468,665
Pabrik Kertas Tjiwi Kimia Tbk PT		9,025,800		4,230,117
Pakuwon Jati Tbk PT^(a)		146,443,200		4,102,924
Panin Financial Tbk PT^(a)		155,275,700		2,196,518
Perusahaan Gas Negara Tbk PT		84,262,300		7,261,747
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		31,676,500		2,131,706
Pool Advista Indonesia Tbk PT^(a)(d)		12,679,400		41,358
PP Persero Tbk PT		27,934,950		1,860,731
Ramayana Lestari Sentosa Tbk PT		24,993,100		1,124,153
Sawit Sumbermas Sarana Tbk PT^(a)		48,100,200		2,840,595
Semen Indonesia Persero Tbk PT		22,577,700		16,356,720
Sugih Energy Tbk PT^(a)(d)		27,492,211		19
Summarecon Agung Tbk PT^(a)		79,889,200		3,538,440
Surya Citra Media Tbk PT		53,037,700		4,516,172
Telekomunikasi Indonesia Persero Tbk PT		371,441,500		72,949,198
Tower Bersama Infrastructure Tbk PT		84,415,800		7,564,815
Trada Alam Minera Tbk PT^(a)(d)		280,960,700		689,090
Unilever Indonesia Tbk PT		57,615,000		32,541,348
United Tractors Tbk PT		12,766,800		20,163,873
Waskita Beton Precast Tbk PT		105,238,000		1,214,076
Waskita Karya Persero Tbk PT		40,406,000		1,803,530
Wijaya Karya Persero Tbk PT		26,866,523		2,287,690

				779,225,852

Malaysia — 1.9%
Aeon Co. M Bhd		4,750,600		952,287
AEON Credit Service M Bhd^(b)		2,047,400		4,443,283
AirAsia Group Bhd^(a)		12,728,700		2,016,791
Alliance Bank Malaysia Bhd		8,297,700		4,362,493
AMMB Holdings Bhd		11,658,500		8,172,565
Axiata Group Bhd		20,227,800		14,616,655
Berjaya Sports Toto Bhd^(a)		5,844,973		2,932,660
Bermaz Auto Bhd		7,876,100		2,571,479
British American Tobacco Malaysia Bhd		1,109,300		2,716,327
Bursa Malaysia Bhd		4,711,800		10,960,831
Cahya Mata Sarawak Bhd^(b)		5,030,600		1,811,523
Carlsberg Brewery Malaysia Bhd		1,306,700		6,844,843
CIMB Group Holdings Bhd		46,166,100		36,573,792
Dialog Group Bhd		29,550,596		25,467,925
DiGi.Com Bhd		23,003,400		21,813,331
DRB-Hicom Bhd		7,583,800		3,714,068


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		24

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Malaysia (continued)
Ekovest Bhd		12,001,000	$	1,426,118
FGV Holdings Bhd		13,546,100		3,999,929
Fraser & Neave Holdings Bhd		1,042,700		7,664,740
Frontken Corp. Bhd		5,598,900		5,107,627
Gamuda Bhd		12,859,600		10,496,373
Genting Bhd		16,363,500		13,788,473
Genting Malaysia Bhd		22,398,700		12,260,001
Genting Plantations Bhd		2,893,500		6,904,667
Globetronics Technology Bhd		5,817,600		3,840,691
HAP Seng Consolidated Bhd		4,883,300		8,440,706
Hartalega Holdings Bhd		12,773,300		50,657,764
Hong Leong Bank Bhd		4,831,900		16,239,731
Hong Leong Financial Group Bhd		1,721,700		5,100,415
IGB REIT		9,877,400		4,386,794
IHH Healthcare Bhd		16,388,100		21,087,556
IJM Corp. Bhd		20,665,700		5,953,389
Inari Amertron Bhd^(b)		19,672,500		10,626,125
IOI Corp. Bhd		16,970,400		18,170,204
Kossan Rubber Industries		4,867,600		18,673,448
KPJ Healthcare Bhd^(b)		23,650,300		4,684,071
Kuala Lumpur Kepong Bhd		3,147,300		17,121,070
Lotte Chemical Titan Holding Bhd^(c)		3,349,400		1,463,428
Magnum Bhd^(b)		7,588,600		4,062,556
Mah Sing Group Bhd		10,498,523		1,915,467
Malayan Banking Bhd		28,795,300		50,670,880
Malaysia Airports Holdings Bhd		8,037,700		9,840,900
Malaysia Building Society Bhd		13,672,300		1,903,717
Malaysian Pacific Industries Bhd		862,400		3,250,433
Malaysian Resources Corp. Bhd		18,138,100		2,198,953
Maxis Bhd^(b)		17,715,700		21,264,794
Mega First Corp Bhd		1,648,300		3,070,654
MISC Bhd		9,963,400		18,202,250
My EG Services Bhd		18,491,000		6,614,234
Nestle Malaysia Bhd		503,100		16,812,272
Padini Holdings Bhd		3,402,300		1,927,603
Pavilion REIT^(b)		10,520,100		3,914,573
Pentamaster Corp. Bhd		4,870,500		5,577,310
Petronas Chemicals Group Bhd		18,022,200		23,622,905
Petronas Dagangan Bhd		2,084,300		10,307,665
Petronas Gas Bhd		5,686,700		22,525,639
PPB Group Bhd		4,801,220		20,747,080
Press Metal Aluminium Holdings Bhd		11,075,800		13,853,059
Public Bank Bhd		21,850,460		86,132,410
QL Resources Bhd		5,868,895		13,525,721
RHB Bank Bhd		11,619,666		12,775,914
Sapura Energy Bhd^(a)(b)		66,668,300		2,000,609
Scientex Bhd		2,172,600		4,902,758
Serba Dinamik Holdings Bhd		10,244,120		4,451,292
Sime Darby Bhd		20,360,200		10,704,318
Sime Darby Plantation Bhd		15,948,200		19,526,064
Sime Darby Property Bhd		21,856,300		3,436,773
SKP Resources Bhd		7,076,300		2,735,048
SP Setia Bhd Group^(b)		13,352,700		2,548,409
Sunway Construction Group Bhd		5,495,070		2,611,989
Sunway REIT		16,450,000		6,318,569
Supermax Corp. Bhd^(a)		5,730,512		30,458,177
Telekom Malaysia Bhd^(b)		8,262,300		8,231,556
Tenaga Nasional Bhd		16,737,400		43,636,578
TIME dotCom Bhd		3,586,700		9,953,728
Top Glove Corp. Bhd		11,781,500		74,329,089


Security	Shares		Value

Malaysia (continued)
UEM Sunrise Bhd^(a)		14,582,300	$	1,417,797
UMW Holdings Bhd^(b)		2,649,200		1,653,564
ViTrox Corp. Bhd		1,664,200		4,834,190
VS Industry Bhd		11,744,975		5,300,817
Westports Holdings Bhd		7,021,200		6,152,294
Yinson Holdings Bhd^(b)		5,081,000		7,709,019
YTL Corp. Bhd^(a)		24,554,866		3,949,528

				1,009,643,328

Mexico — 1.6%
Alfa SAB de CV, Class A		22,263,847		14,312,909
Alpek SAB de CV^(b)		2,792,900		2,091,549
Alsea SAB de CV^(a)(b)		4,069,495		4,207,835
America Movil SAB de CV, Series L, NVS		252,117,872		153,095,427
Arca Continental SAB de CV^(b)		3,018,338		13,767,737
Banco del Bajio SA^(a)(b)(c)		5,549,197		4,437,126
Becle SAB de CV		3,810,861		7,280,092
Bolsa Mexicana de Valores SAB de CV^(b)		3,473,678		7,316,849
Cemex SAB de CV, CPO, NVS		114,318,083		36,667,867
Coca-Cola Femsa SAB de CV		3,803,141		15,952,131
Controladora Vuela Cia. de Aviacion SAB de CV, Class A^(a)(b)		5,920,859		4,780,297
Corp Inmobiliaria Vesta SAB de CV		4,660,100		6,962,683
Fibra Uno Administracion SA de CV		24,544,000		19,154,323
Fomento Economico Mexicano SAB de CV		14,466,845		84,186,118
Genomma Lab Internacional SAB de CV, Class B^(a)(b)		5,989,024		6,282,920
Gentera SAB de CV^(a)(b)		7,982,292		2,618,699
Gruma SAB de CV, Class B		1,654,110		19,560,459
Grupo Aeroportuario del Centro Norte SAB de CV^(a)		2,603,500		11,890,974
Grupo Aeroportuario del Pacifico SAB de CV, Class B^(b)		2,872,800		22,338,166
Grupo Aeroportuario del Sureste SAB de CV, Class B^(a)		1,572,780		17,820,432
Grupo Bimbo SAB de CV, Series A^(b)		12,058,602		22,270,341
Grupo Carso SAB de CV, Series A1		3,475,136		6,861,036
Grupo Cementos de Chihuahua SAB de CV		1,346,857		6,124,427
Grupo Comercial Chedraui SA de CV		2,848,198		3,293,790
Grupo Financiero Banorte SAB de CV, Class O^(a)		19,479,278		67,348,852
Grupo Financiero Inbursa SAB de CV, Class O^(a)(b)		17,001,642		12,437,005
Grupo Herdez SAB de CV^(b)		2,363,000		4,032,626
Grupo Mexico SAB de CV, Series B		23,311,020		62,202,484
Grupo Televisa SAB, CPO^(a)(b)		17,986,856		22,206,198
Industrias Penoles SAB de CV^(b)		1,063,595		17,740,353
Infraestructura Energetica Nova SAB de CV		3,927,222		11,500,304
Kimberly-Clark de Mexico SAB de CV, Class A		11,314,575		18,176,938
La Comer SAB de CV^(b)		4,500,596		6,810,735
Macquarie Mexico Real Estate Management SA de CV^(a)(c)		6,985,100		8,116,197
Megacable Holdings SAB de CV, CPO		2,128,977		6,127,399
Orbia Advance Corp. SAB de CV^(b)		7,790,883		12,516,104
PLA Administradora Industrial S. de RL de CV		6,413,949		8,287,786
Prologis Property Mexico SA de CV		3,715,758		7,375,150
Promotora y Operadora de Infraestructura SAB de CV^(a)(b)		1,729,530		12,855,704
Qualitas Controladora SAB de CV		1,402,478		5,513,534
Regional SAB de CV^(a)(b)		1,674,947		4,176,271
Telesites SAB de CV^(a)(b)		11,276,195		8,511,502
Wal-Mart de Mexico SAB de CV		38,700,696		92,888,036

				882,097,365


25		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pakistan — 0.1%
Engro Corp. Ltd./Pakistan		2,554,973	$	4,597,486
Engro Fertilizers Ltd.		5,305,847		2,023,670
Fauji Fertilizer Co. Ltd.		5,152,640		3,360,221
Habib Bank Ltd.^(a)		4,511,816		3,662,845
Hub Power Co. Ltd. (The)^(a)		6,499,479		3,354,810
Lucky Cement Ltd.		1,099,154		4,076,211
MCB Bank Ltd.^(a)		3,389,500		3,500,931
National Bank of Pakistan^(a)		5,096,314		1,122,805
Oil & Gas Development Co. Ltd.		4,960,300		3,436,646
Pakistan Oilfields Ltd.		1,132,670		2,926,580
Pakistan Petroleum Ltd.		3,057,142		1,873,324
Pakistan State Oil Co. Ltd.		2,166,085		2,509,585
Searle Co. Ltd. (The)		1,044,775		1,643,632
United Bank Ltd./Pakistan^(a)		4,002,500		3,016,405

				41,105,151

Peru — 0.2%
Cia. de Minas Buenaventura SAA, ADR		1,614,076		22,726,190
Credicorp Ltd.		506,946		66,146,314
Southern Copper Corp.		657,516		31,626,520

				120,499,024

Philippines — 0.7%
Aboitiz Equity Ventures Inc.		15,049,130		14,898,592
Aboitiz Power Corp.		10,510,900		5,777,364
Alliance Global Group Inc.^(a)		30,577,700		3,897,498
Ayala Corp.		2,109,035		31,906,305
Ayala Land Inc.		58,945,340		35,013,423
Bank of the Philippine Islands		6,627,183		9,157,910
BDO Unibank Inc.		14,884,926		26,402,055
Bloomberry Resorts Corp.		32,407,000		4,090,561
Cebu Air Inc.^(a)		2,310,410		1,698,796
Cosco Capital Inc.		25,855,200		2,564,989
D&L Industries Inc.^(a)		25,696,300		2,437,929
DoubleDragon Properties Corp.^(a)		6,412,900		1,983,985
Filinvest Land Inc.		88,596,000		1,717,650
Globe Telecom Inc.		250,665		10,794,855
GT Capital Holdings Inc.		738,510		6,092,688
International Container Terminal Services Inc.		7,716,300		16,710,560
JG Summit Holdings Inc.		22,082,943		29,286,031
Jollibee Foods Corp.		3,374,280		9,402,191
Manila Electric Co.		1,585,170		8,794,694
Manila Water Co. Inc.		9,306,800		2,760,272
Megaworld Corp.^(a)		84,434,200		5,067,619
Metro Pacific Investments Corp.		106,847,800		7,404,529
Metropolitan Bank & Trust Co.		12,846,803		8,876,310
Petron Corp.		16,635,500		1,043,043
Pilipinas Shell Petroleum Corp.^(a)		2,001,100		730,524
PLDT Inc.		653,235		19,926,463
Puregold Price Club Inc.		6,165,560		6,866,871
Robinsons Land Corp.		17,452,913		5,262,691
Security Bank Corp.		1,800,740		3,602,594
Semirara Mining & Power Corp.		7,532,600		1,463,485
SM Investments Corp.		1,816,487		31,845,188
SM Prime Holdings Inc.		76,419,496		46,023,498
Universal Robina Corp.		6,718,260		19,094,075
Vista Land & Lifescapes Inc.		39,486,800		2,459,526
Wilcon Depot Inc.		12,298,300		4,109,157

				389,163,921

Poland — 0.8%
Alior Bank SA^(a)(b)		731,770		2,732,755


Security	Shares		Value

Poland (continued)
AmRest Holdings SE^(a)		541,705	$	3,086,133
Asseco Poland SA		454,443		8,795,152
Bank Millennium SA^(a)		4,729,318		3,898,395
Bank Polska Kasa Opieki SA^(a)		1,373,379		19,579,322
Budimex SA		98,097		6,270,528
CCC SA^(a)(b)		286,545		4,494,364
CD Projekt SA^(a)		513,657		61,397,172
Ciech SA^(a)		236,537		2,024,577
Cyfrowy Polsat SA^(a)		2,011,045		15,765,808
Dino Polska SA^(a)(c)		380,923		23,217,452
Enea SA^(a)		1,796,754		3,254,537
Eurocash SA^(a)(b)		645,382		2,744,397
Famur SA^(a)		1,757,904		927,697
Grupa Azoty SA^(a)		352,313		2,583,369
Grupa Lotos SA		688,435		7,592,667
Jastrzebska Spolka Weglowa SA^(a)(b)		405,577		1,736,268
KGHM Polska Miedz SA^(a)		1,070,604		39,937,348
KRUK SA^(a)(b)		138,750		5,578,669
LPP SA^(a)		9,979		19,544,265
mBank SA^(a)		114,521		5,871,911
Orange Polska SA^(a)		4,998,897		9,845,043
PGE Polska Grupa Energetyczna SA^(a)		6,233,597		10,259,764
PLAY Communications SA^(c)		934,063		7,786,086
Polski Koncern Naftowy ORLEN SA		2,229,816		30,779,976
Polskie Gornictwo Naftowe i Gazownictwo SA		13,058,031		18,259,994
Powszechna Kasa Oszczednosci Bank Polski SA^(a)		6,533,881		38,417,307
Powszechny Zaklad Ubezpieczen SA^(a)		4,513,629		33,428,821
Santander Bank Polska SA^(a)		259,568		10,719,372
Tauron Polska Energia SA^(a)		8,259,429		5,691,578
TEN Square Games SA		32,247		4,966,419
Warsaw Stock Exchange		282,125		3,368,381

				414,555,527

Qatar — 0.8%
Al Meera Consumer Goods Co. QSC		924,251		5,025,811
Barwa Real Estate Co.		13,161,278		12,224,131
Commercial Bank PSQC (The)		15,018,721		16,987,820
Doha Bank QPSC^(a)		11,569,453		7,513,450
Gulf International Services QSC^(a)		8,669,035		3,871,264
Industries Qatar QSC		13,559,333		36,404,363
Masraf Al Rayan QSC		28,265,358		32,094,362
Medicare Group		1,362,699		2,788,477
Mesaieed Petrochemical Holding Co.		33,536,929		19,359,643
Ooredoo QPSC		6,117,231		10,995,192
Qatar Aluminum Manufacturing Co.		23,302,539		6,249,966
Qatar Electricity & Water Co. QSC		3,771,415		17,663,264
Qatar Fuel QSC		3,718,750		18,631,722
Qatar Insurance Co. SAQ		11,760,422		6,820,885
Qatar International Islamic Bank QSC		5,918,200		13,794,361
Qatar Islamic Bank SAQ		8,959,843		39,035,395
Qatar National Bank QPSC		34,103,556		167,151,534
Qatar National Cement Co. QSC		1,733,754		1,885,059
Qatar Navigation QSC		3,823,389		6,215,285
United Development Co. QSC		15,114,819		5,107,554
Vodafone Qatar QSC		15,581,353		5,511,280

				435,330,818

Russia — 2.9%
Aeroflot PJSC^(a)		5,045,657		5,504,057
Alrosa PJSC		19,711,170		17,470,325
Credit Bank of Moscow PJSC^(a)		97,794,631		8,096,009


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		26

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Russia (continued)
Detsky Mir PJSC^(c)		5,126,026	$	8,051,257
Gazprom PJSC		83,176,620		202,937,044
Gazprom PJSC, ADR		2,690,871		13,093,778
Inter RAO UES PJSC		287,937,505		20,214,147
LSR Group PJSC, GDR^(f)		2,188,219		4,551,496
LUKOIL PJSC		3,130,169		210,028,398
Magnit PJSC, GDR^(f)		2,687,165		39,420,711
Magnitogorsk Iron & Steel Works PJSC		18,397,095		9,326,379
Mechel PJSC, ADR^(a)		930,005		1,571,708
MMC Norilsk Nickel PJSC		478,645		124,393,620
Mobile TeleSystems PJSC, ADR		3,462,279		32,268,440
Moscow Exchange MICEX-RTS PJSC		10,517,311		19,402,969
Novatek PJSC, GDR^(f)		685,163		101,472,640
Novolipetsk Steel PJSC		9,534,618		19,856,855
OGK-2 PJSC		245,755,000		2,468,477
PhosAgro PJSC, GDR, Registered Shares^(f)		1,023,075		12,195,054
Polymetal International PLC		1,583,024		42,273,444
Polyus PJSC		253,327		61,533,946
Rosneft Oil Co. PJSC		2,771,320		13,912,600
Rosneft Oil Co. PJSC, GDR^(f)		6,044,504		30,706,080
Rostelecom PJSC		6,634,371		8,670,197
Sberbank of Russia PJSC^(a)		81,409,510		247,292,818
Severstal PAO		1,680,923		21,086,809
Sistema PJSFC, GDR^(f)		1,348,055		7,737,836
Surgutneftegas PJSC		54,619,532		26,933,454
Tatneft PJSC		10,677,025		78,487,770
Unipro PJSC		119,997,082		4,359,516
VTB Bank PJSC^(a)		8,431,310,000		3,990,239
VTB Bank PJSC, GDR^(a)(f)		9,452,776		8,639,837
X5 Retail Group NV, GDR^(f)		929,342		33,455,767
Yandex NV, Class A^(a)		1,715,138		119,597,813

				1,561,001,490

Saudi Arabia — 2.7%
Abdullah Al Othaim Markets Co.		355,082		11,815,711
Advanced Petrochemical Co.		815,005		11,973,703
Al Hammadi Co. for Development and Investment^(a)		534,601		3,784,521
Al Rajhi Bank		9,229,064		159,705,170
Aldrees Petroleum and Transport Services Co.		277,177		4,855,558
Alinma Bank^(a)		7,418,723		30,660,376
Almarai Co. JSC		1,843,247		26,392,130
Arab National Bank		4,636,589		25,665,077
Arabian Cement Co./Saudi Arabia		481,823		3,905,510
Arriyadh Development Co.		1,045,998		4,601,839
Bank AlBilad		3,031,757		19,417,084
Bank Al-Jazira		3,217,415		11,203,839
Banque Saudi Fransi		4,488,335		38,236,026
Bupa Arabia for Cooperative Insurance Co.^(a)		485,016		16,035,938
City Cement Co.^(a)		1,178,439		5,674,681
Co for Cooperative Insurance (The)^(a)		506,039		10,659,276
Dallah Healthcare Co.		266,538		4,036,678
Dar Al Arkan Real Estate Development Co.^(a)		4,076,444		8,814,932
Eastern Province Cement Co.		464,667		4,342,566
Emaar Economic City^(a)		3,646,028		7,845,311
Etihad Etisalat Co.^(a)		2,960,517		21,155,290
Fawaz Abdulaziz Al Hokair & Co.^(a)		681,888		4,054,474
Herfy Food Services Co.		315,158		4,327,651
Jarir Marketing Co.		437,663		19,068,148
Leejam Sports Co. JSC		256,335		4,839,024
Mobile Telecommunications Co.^(a)		2,339,474		7,285,807
Mouwasat Medical Services Co.		384,495		12,281,860


Security	Shares		Value

Saudi Arabia (continued)
National Agriculture Development Co. (The)^(a)		519,123	$	4,443,160
National Commercial Bank^(a)		10,960,427		108,714,390
National Industrialization Co.^(a)		2,735,518		8,621,318
National Medical Care Co.		192,548		2,721,019
Qassim Cement Co. (The)		386,883		7,035,268
Rabigh Refining & Petrochemical Co.^(a)		1,866,441		7,106,555
Riyad Bank		10,141,160		51,862,430
Sahara International Petrochemical Co.		2,763,646		11,731,191
Samba Financial Group		7,426,009		54,549,867
Saudi Airlines Catering Co.		357,073		7,626,164
Saudi Arabian Fertilizer Co.		1,484,847		32,821,079
Saudi Arabian Mining Co.^(a)		3,240,027		34,037,799
Saudi Arabian Oil Co.^(c)		16,164,008		153,216,410
Saudi Basic Industries Corp.		6,738,717		158,116,252
Saudi British Bank (The)		5,450,357		39,019,874
Saudi Cement Co.		557,101		8,362,939
Saudi Electricity Co.		6,208,425		26,353,671
Saudi Industrial Investment Group		1,757,880		10,264,787
Saudi Kayan Petrochemical Co.^(a)		5,702,915		13,807,001
Saudi Pharmaceutical Industries & Medical Appliances Corp.		686,932		6,547,966
Saudi Research & Marketing Group^(a)		320,261		6,079,959
Saudi Telecom Co.		4,494,451		115,044,140
Saudia Dairy & Foodstuff Co.		145,245		7,164,560
Savola Group (The)		2,030,215		26,308,429
Seera Group Holding^(a)		1,269,997		5,858,216
Southern Province Cement Co.		513,248		8,785,751
United Electronics Co.		284,097		5,363,108
United International Transportation Co.		467,089		4,240,659
Yamama Cement Co.		944,032		6,187,073
Yanbu Cement Co.		668,474		5,864,042
Yanbu National Petrochemical Co.		1,867,567		26,640,759

				1,447,134,016

South Africa — 3.4%
Absa Group Ltd.		5,303,925		24,185,241
Adcock Ingram Holdings Ltd.^(a)		542,420		1,289,993
AECI Ltd.		948,389		4,706,887
African Rainbow Minerals Ltd.		900,281		11,311,138
Alexander Forbes Group Holdings Ltd.		6,046,249		1,177,754
Anglo American Platinum Ltd.		416,707		31,095,019
AngloGold Ashanti Ltd.		3,120,869		91,124,862
Aspen Pharmacare Holdings Ltd.^(a)		2,934,166		23,532,215
Astral Foods Ltd.		315,113		2,479,053
Attacq Ltd.		5,667,922		1,321,525
AVI Ltd.		2,297,620		9,367,468
Barloworld Ltd.		1,488,500		5,254,175
Bid Corp. Ltd.		2,536,556		41,909,977
Bidvest Group Ltd. (The)		2,125,526		17,076,977
Brait SE^(a)(b)		7,011,124		1,175,332
Capitec Bank Holdings Ltd.^(b)		523,220		25,788,457
Clicks Group Ltd.		1,884,115		25,579,367
Coronation Fund Managers Ltd.		1,831,925		4,629,216
DataTec Ltd.		1,555,026		1,987,239
Dis-Chem Pharmacies Ltd.^(c)		2,393,219		2,579,513
Discovery Ltd.^(b)		3,021,714		21,587,430
DRDGOLD Ltd.		3,365,508		5,026,037
Equites Property Fund Ltd.		4,050,521		4,112,386
Exxaro Resources Ltd.		1,883,367		15,250,367
FirstRand Ltd.		35,603,436		79,544,901
Fortress REIT Ltd., Series A		9,741,540		7,245,239


27		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Africa (continued)
Foschini Group Ltd. (The)^(b)		2,445,942	$	11,026,140
Gold Fields Ltd.		6,623,367		85,647,813
Growthpoint Properties Ltd.		23,385,735		16,854,708
Harmony Gold Mining Co. Ltd.^(a)		4,097,741		26,754,291
Impala Platinum Holdings Ltd.		6,062,349		55,956,291
Imperial Logistics Ltd.^(a)		1,304,693		2,670,034
Investec Ltd.		2,250,020		4,175,644
JSE Ltd.		699,886		4,899,667
KAP Industrial Holdings Ltd.^(a)		21,623,234		3,510,006
Kumba Iron Ore Ltd.		487,239		15,271,831
Liberty Holdings Ltd.		967,558		3,455,880
Life Healthcare Group Holdings Ltd.		9,556,757		9,330,407
Massmart Holdings Ltd.^(a)(b)		875,118		1,408,144
Momentum Metropolitan Holdings		7,044,000		6,303,374
Motus Holdings Ltd.^(a)		1,226,799		2,000,100
Mr. Price Group Ltd.		1,888,237		12,915,747
MTN Group Ltd.		12,717,389		45,843,781
MultiChoice Group Ltd.^(a)		3,288,900		18,809,800
Naspers Ltd., Class N		3,266,345		596,295,344
Nedbank Group Ltd.		2,745,252		15,554,740
NEPI Rockcastle PLC		2,983,833		13,965,210
Netcare Ltd.		8,683,474		6,407,049
Ninety One Ltd.^(a)		1,144,241		3,121,102
Northam Platinum Ltd.^(a)		2,799,812		26,450,817
Oceana Group Ltd.		762,020		2,830,151
Old Mutual Ltd.		35,243,397		23,278,897
Pepkor Holdings Ltd.^(c)		5,932,680		3,396,857
Pick n Pay Stores Ltd.		2,540,567		6,257,972
PSG Group Ltd.		1,216,817		3,232,156
Rand Merchant Investment Holdings Ltd.		5,969,295		10,595,245
Redefine Properties Ltd.		41,826,938		6,098,283
Reinet Investments SCA		1,122,928		21,417,575
Remgro Ltd.		3,845,347		19,956,196
Resilient REIT Ltd.		2,613,709		6,041,635
Reunert Ltd.		1,394,928		2,568,981
Royal Bafokeng Platinum Ltd.^(a)(b)		1,194,205		4,550,192
Sanlam Ltd.		13,546,743		43,963,694
Sappi Ltd.^(a)		4,183,895		5,504,849
Sasol Ltd.^(a)(b)		4,236,121		34,649,113
Shoprite Holdings Ltd.		3,722,696		24,281,438
Sibanye Stillwater Ltd.^(a)		17,322,934		52,445,557
SPAR Group Ltd. (The)		1,391,977		13,282,786
Standard Bank Group Ltd.		9,602,487		59,849,574
Steinhoff International Holdings NV^(a)(b)		34,367,227		1,886,609
Super Group Ltd./South Africa^(a)		3,067,828		3,266,797
Telkom SA SOC Ltd.		2,358,054		3,159,615
Tiger Brands Ltd.		1,187,537		12,086,889
Transaction Capital Ltd.		1,851,689		1,963,039
Truworths International Ltd.^(b)		3,275,827		5,878,264
Vodacom Group Ltd.		4,805,537		36,271,469
Vukile Property Fund Ltd.		6,047,693		1,777,762
Wilson Bayly Holmes-Ovcon Ltd.		468,681		3,065,567
Woolworths Holdings Ltd.		7,075,343		13,276,774
Zeder Investments Ltd.^(b)		10,534,819		1,492,426

				1,877,292,050

South Korea — 11.5%
ABLBio Inc.^(a)		220,815		6,598,983
Advanced Process Systems Corp.		86,308		1,627,493
Aekyung Industrial Co. Ltd.		75,586		1,390,314
AfreecaTV Co. Ltd.		64,474		3,147,986


Security	Shares		Value

South Korea (continued)
Ahnlab Inc.^(b)		54,255	$	2,932,209
AK Holdings Inc.		46,307		643,207
Alteogen Inc.^(a)		140,546		24,727,767
Amicogen Inc.^(a)		129,367		4,497,733
Amorepacific Corp.^(b)		239,366		33,852,587
AMOREPACIFIC Group		209,712		9,003,546
Ananti Inc.^(a)		417,511		3,198,375
Anterogen Co. Ltd.^(a)		51,007		2,584,916
Aprogen KIC Inc.^(a)(b)		783,255		2,020,942
Asiana Airlines Inc.^(a)		1,018,376		3,699,211
BGF retail Co. Ltd.		58,055		6,231,175
BH Co. Ltd.^(a)(b)		177,630		3,035,516
Binex Co. Ltd.^(a)(b)		227,092		6,882,155
Binggrae Co. Ltd.^(b)		42,536		2,084,010
BNK Financial Group Inc.		1,812,459		7,750,898
Boditech Med Inc.^(b)		121,896		2,806,512
Boryung Pharmaceutical Co. Ltd.		168,046		2,291,729
Bukwang Pharmaceutical Co. Ltd.		250,271		7,963,839
Cafe24 Corp.^(a)		54,732		3,358,837
Cellivery Therapeutics Inc.^(a)		49,542		9,959,281
Celltrion Healthcare Co. Ltd.^(a)(b)		513,684		43,286,277
Celltrion Inc.^(a)(b)		708,557		177,154,162
Celltrion Pharm Inc.^(a)(b)		125,472		11,734,943
Chabiotech Co. Ltd.^(a)		317,110		5,806,164
Cheil Worldwide Inc.		473,373		7,272,546
Chong Kun Dang Pharmaceutical Corp.		50,500		8,247,327
Chongkundang Holdings Corp.		21,403		2,180,119
Chunbo Co. Ltd.		33,633		4,654,655
CJ CGV Co. Ltd.^(a)		170,493		3,157,544
CJ CheilJedang Corp.		61,825		21,182,570
CJ Corp.		112,346		7,660,599
CJ ENM Co. Ltd.		74,641		7,458,445
CJ Logistics Corp.^(a)		65,302		8,328,355
CMG Pharmaceutical Co. Ltd.^(a)		896,526		3,388,671
Com2uSCorp.		74,073		6,927,780
Cosmax Inc.		57,264		4,917,020
Coway Co. Ltd.^(a)		361,799		24,304,706
CrystalGenomics Inc.^(a)(b)		287,408		4,911,510
Cuckoo Holdings Co. Ltd.		15,421		1,185,232
Cuckoo Homesys Co. Ltd.		61,825		2,227,553
Daea TI Co. Ltd.		485,008		2,482,405
Daeduck Co. Ltd.		125,661		650,573
Daeduck Electronics Co. Ltd./New^(a)		282,326		2,602,466
Daekyo Co. Ltd.^(b)		330,351		1,102,653
Daelim Industrial Co. Ltd.		198,049		14,488,137
Daesang Corp.		159,509		3,880,638
Daewoo Engineering & Construction Co. Ltd.^(a)		1,351,019		3,349,399
Daewoo Shipbuilding & Marine Engineering Co. Ltd.^(a)		286,705		5,346,002
Daewoong Co. Ltd.		192,568		5,795,358
Daewoong Pharmaceutical Co. Ltd.		37,735		3,684,872
Daishin Securities Co. Ltd.		322,190		2,780,072
Daou Technology Inc.^(b)		197,007		3,225,681
DB HiTek Co. Ltd.		286,180		8,564,441
DB Insurance Co. Ltd.		370,552		13,616,125
Dentium Co. Ltd.^(a)		57,850		1,823,792
DGB Financial Group Inc.		1,215,660		5,413,622
DIO Corp.^(a)		82,962		1,794,868
Dong-A Socio Holdings Co. Ltd.		34,013		3,106,668
Dong-A ST Co. Ltd.		42,163		3,357,707


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		28

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Korea (continued)
Dongjin Semichem Co. Ltd.		266,853	$	7,458,136
DongKook Pharmaceutical Co. Ltd.^(d)		44,480		5,657,823
Dongkuk Steel Mill Co. Ltd.^(a)		507,095		2,633,872
Dongsuh Cos. Inc.^(b)		231,349		4,975,980
Dongsung Pharmaceutical Co. Ltd.^(a)		162,255		1,693,713
Dongwon F&B Co. Ltd.		9,388		1,398,835
Dongwon Industries Co. Ltd.		11,799		2,210,016
Doosan Bobcat Inc.		373,387		8,266,755
Doosan Heavy Industries & Construction Co. Ltd.^(a)(b)		997,664		13,521,669
Doosan Infracore Co. Ltd.^(a)(b)		1,044,306		7,068,120
Doosan Solus Co. Ltd.^(a)		91,453		3,079,485
DoubleUGames Co. Ltd.^(b)		74,658		4,594,242
Douzone Bizon Co. Ltd.		149,750		12,732,343
Duk San Neolux Co. Ltd.^(a)		92,347		2,596,506
Echo Marketing Inc.		113,936		2,824,661
Ecopro BM Co. Ltd.		72,911		9,513,600
Ecopro Co. Ltd.		158,175		6,271,607
E-MART Inc.		136,017		13,740,247
Enzychem Lifesciences Corp.^(a)(b)		54,968		6,436,610
Eo Technics Co Ltd.^(b)		68,499		6,475,661
Eone Diagnomics Genome Center Co. Ltd.^(a)		150,758		1,967,126
Eugene Corp.		401,049		1,347,071
Eutilex Co. Ltd.^(a)		54,286		1,672,588
F&F Co. Ltd.^(b)		53,125		4,315,652
Feelux Co. Ltd.^(a)(b)		507,435		1,524,996
Fila Holdings Corp.		366,107		10,694,430
Foosung Co. Ltd.		419,138		2,910,926
GemVax & Kael Co. Ltd.^(a)(b)		260,710		4,872,264
Geneone Life Science Inc.^(a)		304,352		7,353,230
Genexine Co. Ltd.^(a)		121,809		18,436,954
Grand Korea Leisure Co. Ltd.		262,881		2,622,392
Green Cross Cell Corp.		53,485		2,039,625
Green Cross Corp./South Korea		44,151		9,867,910
Green Cross Holdings Corp.		176,507		4,086,154
Green Cross LabCell Corp.		46,613		2,264,138
GS Engineering & Construction Corp.^(b)		404,160		8,403,697
GS Holdings Corp.		342,226		9,363,031
GS Home Shopping Inc.		22,914		2,256,872
GS Retail Co. Ltd.		198,949		5,518,452
G-treeBNT Co. Ltd.^(a)(b)		186,826		4,710,362
Halla Holdings Corp.		64,643		1,477,445
Hana Financial Group Inc.		2,213,460		52,546,150
Hana Tour Service Inc.		84,414		2,728,763
Hanall Biopharma Co. Ltd.^(a)		246,934		7,182,061
Handok Inc.^(b)		87,673		2,863,635
Handsome Co. Ltd.		109,581		2,901,189
Hanil Cement Co. Ltd./New		15,120		1,005,539
Hanjin Transportation Co. Ltd.^(b)		56,378		2,081,131
Hankook Shell Oil Co. Ltd.^(b)		5,733		1,136,562
Hankook Technology Group Co. Ltd.		199,531		2,586,731
Hankook Tire & Technology Co. Ltd.		507,209		12,595,897
Hanmi Pharm Co. Ltd.		47,713		12,310,830
Hanon Systems		1,341,435		14,567,313
Hansae Co. Ltd.		148,487		2,174,993
Hansol Chemical Co. Ltd.^(b)		71,069		9,662,129
Hanssem Co. Ltd.^(b)		80,659		6,606,718
Hanwha Aerospace Co. Ltd.^(a)		297,434		6,459,969
Hanwha Corp.		309,704		7,169,678
Hanwha Investment & Securities Co. Ltd.^(a)		1,250,353		1,894,634


Security	Shares		Value

South Korea (continued)
Hanwha Life Insurance Co. Ltd.		2,306,471	$	2,970,705
Hanwha Solutions Corp.		798,353		26,849,232
Hanwha Systems Co. Ltd.		249,845		2,292,542
Harim Holdings Co. Ltd.		304,069		1,666,377
HDC Holdings Co. Ltd.		281,444		2,665,414
HDC Hyundai Development Co-Engineering & Construction, Class E		290,462		5,623,896
Helixmith Co. Ltd.^(a)(b)		180,786		7,495,337
HFR Inc.^(a)		73,123		2,243,735
Hite Jinro Co. Ltd.		245,951		7,640,030
HLB Inc.^(a)(b)		335,959		24,548,566
HLB Life Science Co. Ltd.^(a)(b)		325,621		4,947,773
HMM Co. Ltd.^(a)		1,907,288		9,248,235
Hotel Shilla Co. Ltd.		230,141		13,619,759
HS Industries Co. Ltd.^(b)		316,590		1,836,270
Huchems Fine Chemical Corp.		138,711		2,107,697
Hugel Inc.^(a)		49,155		6,778,002
Huons Co. Ltd.		52,763		3,215,794
Huons Global Co. Ltd.		60,385		1,733,419
Hwaseung Enterprise Co. Ltd.		139,702		1,370,089
Hyosung Advanced Materials Corp.^(a)		22,511		2,577,234
Hyosung Chemical Corp.		15,768		1,319,420
Hyosung Corp.		76,274		4,302,010
Hyosung TNC Co. Ltd.		19,124		1,579,312
Hyundai Bioscience Co. Ltd.^(a)		259,856		2,482,840
Hyundai Construction Equipment Co. Ltd.^(a)		97,544		1,794,205
Hyundai Department Store Co. Ltd.		95,679		4,325,248
Hyundai Electric & Energy System Co. Ltd.^(a)		179,424		1,774,755
Hyundai Elevator Co. Ltd.^(b)		197,758		6,833,880
Hyundai Engineering & Construction Co. Ltd.		561,034		15,231,372
Hyundai Glovis Co. Ltd.		138,464		16,959,771
Hyundai Greenfood Co. Ltd.		341,571		2,081,803
Hyundai Heavy Industries Holdings Co. Ltd.		65,856		12,529,216
Hyundai Home Shopping Network Corp.		43,790		2,407,178
Hyundai Marine & Fire Insurance Co. Ltd.		460,119		8,560,173
Hyundai Mipo Dockyard Co. Ltd.		179,110		4,636,445
Hyundai Mobis Co. Ltd.^(a)		495,557		93,446,223
Hyundai Motor Co.^(a)		1,124,139		167,026,293
Hyundai Rotem Co. Ltd.^(a)(b)		347,607		4,433,240
Hyundai Steel Co.		625,510		13,216,854
Hyundai Wia Corp.^(b)		128,726		4,513,375
Il Dong Pharmaceutical Co. Ltd.^(a)		142,603		2,214,854
Iljin Materials Co. Ltd.^(b)		171,897		7,213,625
Ilyang Pharmaceutical Co. Ltd.		105,064		7,199,436
Industrial Bank of Korea		1,650,688		11,241,742
Innocean Worldwide Inc.		70,421		3,260,506
Innox Advanced Materials Co. Ltd.^(a)		51,621		2,198,857
iNtRON Biotechnology Inc.^(a)		215,066		3,077,803
IS Dongseo Co. Ltd.		123,957		4,648,779
ITM Semiconductor Co. Ltd.^(a)		57,162		2,766,912
JB Financial Group Co. Ltd.		839,450		3,031,602
Jcontentree Corp.^(a)		46,860		1,071,007
Jeil Pharmaceutical Co. Ltd.		41,941		1,952,468
Jejuair Co. Ltd.^(a)		125,310		1,466,293
JW Holdings Corp.		370,489		1,606,211
JW Pharmaceutical Corp.		114,874		3,689,236
JYP Entertainment Corp.		198,873		5,834,434
Kakao Corp.		426,040		145,970,435
Kangwon Land Inc.		796,627		13,848,260
KB Financial Group Inc.		2,926,173		90,773,192


29		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Korea (continued)
KCC Corp.		36,218	$	4,253,229
KEPCO Engineering & Construction Co. Inc.		112,145		1,538,819
KEPCO Plant Service & Engineering Co. Ltd.		172,663		4,040,771
Kginicis Co. Ltd.		154,816		3,056,179
Kia Motors Corp.		1,970,030		70,399,675
KISWIRE Ltd.		94,753		1,132,665
KIWOOM Securities Co. Ltd.^(b)		89,284		8,192,572
KMW Co. Ltd.^(a)(b)		198,123		12,742,316
Koentec Co. Ltd.		160,446		1,318,253
Koh Young Technology Inc.^(b)		83,700		6,341,443
Kolmar BNH Co. Ltd.		64,908		3,633,624
Kolmar Korea Co. Ltd.		105,981		4,086,143
Kolmar Korea Holdings Co. Ltd.		71,263		1,664,743
Kolon Industries Inc.		131,291		3,536,756
Komipharm International Co. Ltd.^(a)(b)		295,327		3,841,066
Korea Aerospace Industries Ltd.		570,412		10,780,158
Korea Electric Power Corp.^(a)		1,888,816		32,595,949
Korea Gas Corp.		209,154		4,155,261
Korea Investment Holdings Co. Ltd.		306,320		15,704,090
Korea Line Corp.^(a)		114,469		1,551,436
Korea Petrochemical Ind. Co Ltd.		24,250		2,408,873
Korea REIT & Trust Co. Ltd.		1,597,608		2,279,607
Korea Shipbuilding & Offshore Engineering Co. Ltd.^(a)		288,765		20,954,241
Korea Zinc Co. Ltd.		62,188		20,861,956
Korean Air Lines Co. Ltd.^(a)		590,868		8,779,207
Korean Reinsurance Co.		685,045		4,232,873
KT Skylife Co. Ltd.		199,579		1,431,445
KT&G Corp.		859,552		60,130,290
Kuk-Il Paper Manufacturing Co. Ltd.^(a)(b)		707,366		2,971,425
Kumho Petrochemical Co. Ltd.		132,939		11,247,049
Kumho Tire Co. Inc.^(a)(b)		720,083		2,212,562
Kwang Dong Pharmaceutical Co. Ltd.		321,352		2,610,528
Kyung Dong Navien Co. Ltd.		61,800		2,694,873
L&C Bio Co. Ltd.		36,252		4,025,287
L&F Co. Ltd.		136,448		4,824,325
LEENO Industrial Inc.		77,130		8,246,073
LegoChem Biosciences Inc.^(a)(b)		131,452		5,975,594
LEMON Co. Ltd./Korea^(a)		98,849		1,518,642
LF Corp.		151,068		1,627,806
LG Chem Ltd.		344,684		214,720,229
LG Corp.		716,395		49,874,456
LG Display Co. Ltd.^(a)(b)		1,698,539		20,876,058
LG Electronics Inc.^(b)		788,029		55,856,589
LG Hausys Ltd.		50,721		2,476,486
LG Household & Health Care Ltd.^(b)		69,776		86,522,475
LG Innotek Co. Ltd.		105,392		12,864,585
LG International Corp.		230,134		2,915,664
LG Uplus Corp.		1,512,590		15,216,307
LIG Nex1 Co. Ltd.		105,430		2,769,102
Lock&Lock Co. Ltd.^(a)		178,489		1,630,277
Lotte Chemical Corp.		124,023		19,784,795
Lotte Chilsung Beverage Co. Ltd.		28,942		2,292,653
Lotte Confectionery Co. Ltd.		12,807		1,078,121
Lotte Corp.		199,462		5,037,343
LOTTE Fine Chemical Co. Ltd.		141,378		5,319,974
Lotte Food Co. Ltd.		3,446		881,879
LOTTE Himart Co. Ltd.		78,396		1,983,163
LOTTE Reit Co. Ltd.		727,979		3,113,169
Lotte Shopping Co. Ltd.		77,364		4,949,629


Security	Shares		Value

South Korea (continued)
Lotte Tour Development Co. Ltd.^(a)(b)		258,623	$	4,114,803
LS Corp.		131,916		5,025,001
LS Electric Co. Ltd.		121,899		5,551,592
Maeil Dairies Co. Ltd.		32,528		1,862,029
Mando Corp.^(b)		243,669		6,440,952
Mcnex Co. Ltd.		103,105		2,916,346
Medipost Co. Ltd.^(a)(b)		136,267		3,297,985
MedPacto Inc.^(a)		84,338		7,525,741
Medy-Tox Inc.		34,105		7,168,969
MegaStudyEdu Co. Ltd.		66,966		1,849,049
Meritz Financial Group Inc.		314,320		2,442,271
Meritz Fire & Marine Insurance Co. Ltd.		392,944		4,217,557
Meritz Securities Co. Ltd.		1,884,113		5,083,410
Mezzion Pharma Co. Ltd.^(a)(b)		51,221		7,338,845
Mirae Asset Daewoo Co. Ltd.		2,165,647		16,954,724
Mirae Asset Life Insurance Co. Ltd.		582,828		1,839,890
Namhae Chemical Corp.^(b)		225,906		1,565,120
Namsun Aluminum Co. Ltd.^(a)(b)		535,363		2,334,523
Naturecell Co. Ltd.^(a)(b)		378,220		3,390,894
NAVER Corp.		927,927		251,920,580
NCSoft Corp.		124,121		86,202,395
NEPES Corp.		131,524		3,238,553
Netmarble Corp.^(a)(b)(c)		160,874		22,548,633
Nexen Tire Corp.		241,755		1,031,819
NH Investment & Securities Co. Ltd.		745,941		5,626,426
NHN Corp.^(a)		79,211		4,861,084
NHN KCP Corp.		107,694		6,518,393
NICE Holdings Co. Ltd.		188,111		2,977,091
NICE Information Service Co. Ltd.		279,145		4,229,826
NKMax Co. Ltd.^(a)		260,357		3,473,911
Nong Shim Holdings Co. Ltd.		25,367		1,674,192
NongShim Co. Ltd.		21,963		6,646,770
OCI Co. Ltd.^(a)		144,867		7,890,306
OptoElectronics Solutions Co. Ltd.		62,838		3,470,135
Orion Corp./Republic of Korea		177,351		20,976,358
Orion Holdings Corp.		170,686		1,882,302
Oscotec Inc.^(a)		175,444		4,851,701
Osstem Implant Co. Ltd.^(a)(b)		86,264		2,694,161
Ottogi Corp.		9,495		4,811,844
Pan Ocean Co. Ltd.^(a)		2,105,923		6,018,696
Paradise Co. Ltd.^(b)		393,598		4,406,813
Partron Co. Ltd.^(b)		296,664		2,547,330
Pearl Abyss Corp.^(a)(b)		44,891		6,877,820
PHARMA RESEARCH PRODUCTS Co. Ltd.		36,163		2,115,774
Pharmicell Co. Ltd.^(a)(b)		439,511		8,287,774
PI Advanced Materials Co. Ltd.		120,983		2,907,707
Poongsan Corp.		168,481		3,283,387
POSCO		543,857		84,469,750
POSCO Chemical Co. Ltd.		162,544		12,178,143
Posco ICT Co. Ltd.		686,175		2,509,833
Posco International Corp.		374,653		4,289,318
RFHIC Corp.^(b)		111,657		3,689,315
S&T Motiv Co. Ltd.		72,613		3,361,996
S-1 Corp.		121,045		8,885,532
Sam Chun Dang Pharm Co. Ltd.		105,842		5,221,265
Samjin Pharmaceutical Co. Ltd.^(b)		106,580		2,619,864
Samsung Biologics Co. Ltd.^(a)(b)(c)		124,900		81,801,667
Samsung C&T Corp.		632,732		57,525,933
Samsung Card Co. Ltd.		201,012		4,864,968
Samsung Electro-Mechanics Co. Ltd.^(b)		415,475		43,544,606


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		30

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


South Korea (continued)
Samsung Electronics Co. Ltd.		35,780,440	$	1,626,520,549
Samsung Engineering Co. Ltd.^(a)(b)		1,136,292		10,809,074
Samsung Fire & Marine Insurance Co. Ltd.		230,112		36,224,383
Samsung Heavy Industries Co. Ltd.^(a)(b)		3,497,844		15,193,935
Samsung Life Insurance Co. Ltd.		518,408		26,708,115
Samsung SDI Co. Ltd.		413,468		157,500,017
Samsung SDS Co. Ltd.		257,057		34,082,395
Samsung Securities Co. Ltd.		431,589		10,954,128
Samwha Capacitor Co. Ltd.		65,731		2,993,558
Samyang Corp.		29,424		1,652,143
Samyang Foods Co. Ltd.^(b)		28,220		2,530,036
Samyang Holdings Corp.		38,326		2,077,780
Sangsangin Co. Ltd.^(b)		253,936		1,280,475
Seah Besteel Corp.		129,599		1,066,991
Sebang Global Battery Co. Ltd.		69,250		1,591,485
Seegene Inc.		139,603		30,907,980
Seobu T&D^(a)		289,875		1,598,351
Seojin System Co. Ltd.		97,125		4,145,330
Seoul Semiconductor Co. Ltd.		287,964		3,951,354
SFA Engineering Corp.		134,587		3,755,837
SFA Semicon Co. Ltd.^(a)		672,773		2,826,111
Shin Poong Pharmaceutical Co. Ltd.^(a)		220,823		25,374,476
Shinhan Financial Group Co. Ltd.		3,377,762		84,308,985
Shinsegae Inc.		52,823		9,026,912
Shinsegae International Inc.^(b)		22,178		2,529,774
Silicon Works Co. Ltd.		85,589		3,249,486
SillaJen Inc.^(a)(b)(d)		540,819		4,957,925
SK Chemicals Co. Ltd.		58,029		19,222,503
SK D&D Co. Ltd.		68,730		2,392,445
SK Discovery Co. Ltd.		85,193		5,550,920
SK Gas Ltd.		29,503		2,339,576
SK Holdings Co. Ltd.		264,487		47,647,292
SK Hynix Inc.		4,076,590		257,725,321
SK Innovation Co. Ltd.		413,938		50,526,989
SK Materials Co. Ltd.^(b)		34,697		7,202,862
SK Networks Co. Ltd.		1,107,040		4,836,718
SK Telecom Co. Ltd.		288,410		60,211,870
SKC Co. Ltd.		160,360		12,486,994
SL Corp.^(b)		111,998		1,136,102
SM Entertainment Co. Ltd.^(a)		148,906		4,312,119
S-Oil Corp.		320,490		15,243,442
Songwon Industrial Co. Ltd.		120,354		1,241,128
Soulbrain Co. Ltd./New^(a)		31,363		5,723,965
Soulbrain Holdings Co. Ltd.		39,705		1,554,241
SPC Samlip Co. Ltd.		20,078		1,042,859
ST Pharm Co. Ltd.^(a)		75,018		4,092,235
STCUBE^(a)(b)		224,805		1,706,996
Taekwang Industrial Co. Ltd.		3,327		1,848,489
Taeyoung Engineering & Construction Co. Ltd.		313,123		5,693,625
Telcon RF Pharmaceutical Inc.^(a)(b)		586,538		2,715,682
Tera Resource Co. Ltd.^(a)(d)		49,111		0	^(e)
TES Co. Ltd./Korea		106,154		1,907,895
Theragen Etex Co. Ltd.^(a)(b)		224,303		2,152,584
Tokai Carbon Korea Co. Ltd.		42,415		3,881,228
Tongyang Inc.^(b)		1,133,985		1,107,351
Tongyang Life Insurance Co. Ltd.		487,076		1,221,893
Toptec Co. Ltd.^(b)		176,180		2,447,150
Ubiquoss Holdings Inc.^(b)		68,815		1,613,349
Value Added Technology Co. Ltd.		82,491		1,486,074
Vieworks Co. Ltd.		67,558		1,856,864


Security	Shares		Value

South Korea (continued)
Webzen Inc.^(a)		146,192	$	4,239,679
Wemade Co. Ltd.^(b)		81,355		2,455,238
Wonik Holdings Co. Ltd.^(a)		351,637		1,271,387
WONIK IPS Co. Ltd.^(a)		224,463		6,046,650
Woori Financial Group Inc.		4,154,961		29,590,849
Woori Investment Bank Co. Ltd.^(a)(b)		2,698,186		1,222,009
YG Entertainment Inc.^(a)		87,742		3,445,715
Youlchon Chemical Co. Ltd.^(b)		102,903		1,338,371
Youngone Corp.		168,120		4,443,950
Youngone Holdings Co. Ltd.		50,564		1,525,987
Yuanta Securities Korea Co. Ltd.^(a)		937,178		2,382,589
Yuhan Corp.		355,726		20,063,677
Yungjin Pharmaceutical Co. Ltd.^(a)		772,091		4,432,747
Yuyang DNU Co. Ltd.^(a)(b)(d)		557,962		515,736
Zinus Inc.		65,554		4,657,595

				6,281,812,322

Taiwan — 13.2%
AcBel Polytech Inc.^(b)		5,260,000		4,634,085
Accton Technology Corp.^(b)		3,836,000		30,592,301
Acer Inc.^(a)		21,224,872		16,890,778
A-DATA Technology Co. Ltd.^(b)		1,741,820		3,086,912
Advanced Ceramic X Corp.^(b)		371,000		4,691,001
Advanced Wireless Semiconductor Co.^(b)		1,124,000		3,305,939
Advantech Co. Ltd.^(b)		2,901,111		30,008,254
Airtac International Group		951,880		21,119,366
Alchip Technologies Ltd.^(b)		460,000		8,262,018
AmTRAN Technology Co. Ltd.^(a)(b)		7,362,000		2,647,073
Arcadyan Technology Corp.^(b)		1,113,391		3,491,027
Ardentec Corp.^(b)		3,599,546		4,017,693
ASE Technology Holding Co. Ltd.^(b)		24,581,222		51,271,093
Asia Cement Corp.^(b)		16,028,050		23,215,995
Asia Optical Co. Inc.^(b)		1,842,000		4,143,346
Asia Pacific Telecom Co. Ltd.^(a)		14,437,173		3,650,932
Asia Vital Components Co. Ltd.^(b)		2,247,000		5,375,983
ASMedia Technology Inc.		210,000		12,632,278
ASPEED Technology Inc.^(b)		182,000		7,443,382
ASROCK Inc.^(b)		402,000		2,726,445
Asustek Computer Inc.		5,155,000		42,692,603
AU Optronics Corp.^(a)(b)		63,509,000		22,618,784
AURAS Technology Co. Ltd.^(b)		517,000		3,911,661
Bank of Kaohsiung Co. Ltd.^(b)		21,082,837		7,257,184
BES Engineering Corp.^(b)		13,987,000		3,894,613
Bizlink Holding Inc.^(b)		964,926		8,122,854
Brighton-Best International Taiwan Inc.^(a)(b)		3,920,000		3,440,179
Capital Securities Corp.^(b)		17,472,050		6,550,195
Career Technology MFG. Co. Ltd.^(b)		3,547,498		3,409,486
Casetek Holdings Ltd.		1,451,485		4,214,731
Catcher Technology Co. Ltd.^(b)		5,123,000		35,007,123
Cathay Financial Holding Co. Ltd.		57,977,872		78,742,334
Cathay Real Estate Development Co. Ltd.^(b)		5,626,900		3,739,569
Center Laboratories Inc.^(a)(b)		2,451,070		6,707,937
Century Iron & Steel Industrial Co. Ltd.^(b)		1,059,000		4,439,344
Chailease Holding Co. Ltd.		9,356,782		41,296,569
Chang Hwa Commercial Bank Ltd.^(b)		40,366,121		25,107,159
Charoen Pokphand Enterprise^(b)		1,438,000		3,342,419
Chaun-Choung Technology Corp.^(b)		230,000		2,108,617
Cheng Loong Corp.		5,906,000		6,098,932
Cheng Shin Rubber Industry Co. Ltd.^(b)		13,384,650		16,422,044
Cheng Uei Precision Industry Co. Ltd.^(b)		2,894,000		4,137,597
Chicony Electronics Co. Ltd.		4,269,787		12,878,556


31		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Taiwan (continued)
Chicony Power Technology Co. Ltd.		1,014,000	$	2,557,333
Chief Telecom Inc.^(b)		212,000		2,825,077
Chilisin Electronics Corp.^(b)		1,697,000		5,708,430
China Airlines Ltd.^(a)		19,914,000		5,796,076
China Bills Finance Corp.^(b)		12,027,000		5,984,500
China Development Financial Holding Corp.		93,687,000		27,268,101
China General Plastics Corp.^(b)		3,671,892		2,390,237
China Life Insurance Co. Ltd.		19,142,707		13,407,039
China Man-Made Fiber Corp.^(a)(b)		12,225,514		3,170,805
China Metal Products^(b)		3,056,146		2,791,429
China Motor Corp.		1,863,800		2,690,112
China Petrochemical Development Corp.^(b)		23,472,245		6,895,719
China Steel Chemical Corp.^(b)		1,170,000		3,684,474
China Steel Corp.^(b)		85,385,529		57,910,196
Chin-Poon Industrial Co. Ltd.^(b)		3,032,000		2,629,872
Chipbond Technology Corp.^(b)		4,098,000		7,849,210
ChipMOS Technologies Inc.^(b)		4,544,000		4,506,600
Chlitina Holding Ltd.^(b)		391,000		2,791,763
Chong Hong Construction Co. Ltd.^(b)		1,510,122		4,312,943
Chroma ATE Inc.^(b)		2,662,000		14,606,683
Chung Hung Steel Corp.^(a)(b)		11,132,000		3,535,956
Chunghwa Precision Test Tech Co. Ltd.^(b)		148,000		3,551,011
Chunghwa Telecom Co. Ltd.		27,590,000		102,023,244
Cleanaway Co. Ltd.		730,000		3,955,830
Clevo Co.^(a)(b)		3,506,175		3,537,065
CMC Magnetics Corp.^(b)		8,991,640		2,491,421
Compal Electronics Inc.^(b)		28,450,000		17,937,904
Compeq Manufacturing Co. Ltd.^(b)		7,753,000		11,533,781
Concraft Holding Co. Ltd.^(b)		725,357		2,269,406
Continental Holdings Corp.^(b)		4,364,600		2,803,971
Coretronic Corp.^(b)		3,336,200		3,985,270
CSBC Corp. Taiwan^(a)(b)		2,321,712		1,958,399
CTBC Financial Holding Co. Ltd.		128,776,599		83,169,455
CTCI Corp.^(b)		4,256,000		5,221,819
Cub Elecparts Inc.^(b)		508,980		2,905,583
Darfon Electronics Corp.^(b)		1,971,000		2,717,208
Darwin Precisions Corp.^(a)(b)		3,822,000		1,413,312
Delta Electronics Inc.^(b)		14,467,000		93,187,567
Depo Auto Parts Ind. Co. Ltd.^(b)		864,000		1,456,122
E Ink Holdings Inc.^(b)		6,446,000		9,051,180
E.Sun Financial Holding Co. Ltd.		85,006,938		78,802,676
Eclat Textile Co. Ltd.^(b)		1,468,683		19,396,236
Egis Technology Inc.		493,000		2,805,957
Elan Microelectronics Corp.^(b)		2,149,100		10,400,702
Elite Material Co. Ltd.^(b)		2,069,000		11,987,458
Elite Semiconductor Microelectronics Technology Inc.^(b)		2,003,000		2,484,849
eMemory Technology Inc.^(b)		473,000		8,366,546
Ennoconn Corp.^(b)		456,384		4,604,048
Episil-Precision Inc.^(b)		812,000		1,915,049
Epistar Corp.^(a)		8,039,000		10,931,824
Eternal Materials Co. Ltd.^(b)		6,922,915		8,151,823
Eva Airways Corp.		16,137,326		6,324,804
Evergreen Marine Corp. Taiwan Ltd.^(a)		17,461,449		10,354,931
Everlight Chemical Industrial Corp.^(b)		5,301,781		2,891,076
Everlight Electronics Co. Ltd.^(b)		2,930,000		3,450,113
Far Eastern Department Stores Ltd.^(b)		7,581,167		6,704,882
Far Eastern International Bank^(b)		19,349,042		7,385,760
Far Eastern New Century Corp.^(b)		21,899,916		19,741,758
Far EasTone Telecommunications Co. Ltd.		10,716,000		22,387,772


Security	Shares		Value

Taiwan (continued)
Faraday Technology Corp.^(b)		1,892,000	$	2,798,521
Farglory Land Development Co. Ltd.^(b)		1,953,782		3,196,208
Feng Hsin Steel Co. Ltd.^(b)		4,110,000		7,984,254
Feng TAY Enterprise Co. Ltd.		3,006,387		17,469,761
Firich Enterprises Co. Ltd.^(b)		2,716,718		2,555,473
First Financial Holding Co. Ltd.^(b)		76,051,311		55,078,655
FLEXium Interconnect Inc.^(b)		2,345,616		10,072,683
Formosa Chemicals & Fibre Corp.		25,469,210		58,852,221
Formosa International Hotels Corp.^(b)		435,000		1,949,542
Formosa Petrochemical Corp.^(b)		8,176,000		22,849,275
Formosa Plastics Corp.		27,967,800		74,538,860
Formosa Sumco Technology Corp.^(b)		526,000		1,846,463
Formosa Taffeta Co. Ltd.^(b)		4,961,000		5,351,316
Foxconn Technology Co. Ltd.		5,616,424		9,991,900
Foxsemicon Integrated Technology Inc.		514,000		3,345,909
Fubon Financial Holding Co. Ltd.^(b)		47,464,000		69,235,015
Fulgent Sun International Holding Co. Ltd.^(b)		821,000		3,525,587
Fusheng Precision Co. Ltd.^(b)		729,000		4,298,246
General Interface Solution Holding Ltd.^(b)		1,766,000		7,824,413
Genius Electronic Optical Co. Ltd.^(b)		599,287		11,682,844
Getac Technology Corp.^(b)		3,243,000		5,393,671
Giant Manufacturing Co. Ltd.		2,294,000		23,845,747
Gigabyte Technology Co. Ltd.^(b)		3,874,000		11,209,468
Ginko International Co. Ltd.^(b)		276,250		1,195,704
Global Lighting Technologies Inc.		625,000		2,694,562
Global PMX Co. Ltd.^(b)		338,000		2,390,300
Global Unichip Corp.		644,000		5,805,361
Globalwafers Co. Ltd.^(b)		1,609,000		21,605,780
Gold Circuit Electronics Ltd.^(a)(b)		2,863,000		5,015,360
Goldsun Building Materials Co. Ltd.^(a)(b)		8,843,000		6,524,920
Gourmet Master Co. Ltd.^(b)		848,471		2,888,818
Grand Pacific Petrochemical^(a)(b)		7,030,000		4,600,174
Grape King Bio Ltd.^(b)		878,000		5,386,228
Great Wall Enterprise Co. Ltd.		4,641,789		7,158,494
Greatek Electronics Inc.^(b)		2,705,000		4,627,950
Hannstar Board Corp.^(b)		2,445,000		3,628,981
HannStar Display Corp.^(a)(b)		21,247,640		5,822,164
Highwealth Construction Corp.^(b)		4,819,230		7,621,024
Hiwin Technologies Corp.		1,906,717		20,924,727
Holtek Semiconductor Inc.^(b)		1,319,000		2,868,027
Holy Stone Enterprise Co. Ltd.^(b)		1,034,330		3,666,149
Hon Hai Precision Industry Co. Ltd.		93,060,928		243,899,779
Hota Industrial Manufacturing Co. Ltd.^(b)		1,640,216		5,841,643
Hotai Finance Co. Ltd.^(b)		1,382,000		3,805,722
Hotai Motor Co. Ltd.^(b)		2,290,000		46,593,732
Hsin Kuang Steel Co. Ltd.^(b)		2,843,000		2,892,270
HTC Corp.^(a)(b)		5,662,000		5,808,367
Hua Nan Financial Holdings Co. Ltd.^(b)		61,751,703		37,987,773
Huaku Development Co. Ltd.^(b)		1,836,000		5,606,585
Hung Sheng Construction Ltd.^(a)		5,045,200		2,966,096
IBF Financial Holdings Co. Ltd.		16,545,267		6,512,886
IEI Integration Corp.^(b)		1,454,373		2,270,173
Innodisk Corp.^(b)		515,740		2,794,767
Innolux Corp.^(a)(b)		60,194,241		18,709,728
International CSRC Investment Holdings Co.^(b)		5,635,685		3,956,686
International Games System Co. Ltd.^(b)		468,000		14,036,092
Inventec Corp.		17,727,000		13,744,671
ITEQ Corp.^(b)		1,650,604		6,722,464
Jentech Precision Industrial Co. Ltd.^(b)		555,000		5,788,048
Jih Sun Financial Holdings Co. Ltd.		11,365,314		4,028,399


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		32

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Taiwan (continued)
Johnson Health Tech Co. Ltd.^(b)		865,000	$	2,267,045
Kenda Rubber Industrial Co. Ltd.^(b)		4,185,889		4,565,153
Kindom Development Co. Ltd.		2,678,000		3,605,167
King Slide Works Co. Ltd.^(b)		437,000		4,535,095
King Yuan Electronics Co. Ltd.^(b)		7,735,000		8,224,937
King’s Town Bank Co. Ltd.^(b)		6,492,000		8,086,928
Kinpo Electronics^(b)		10,240,000		4,013,428
Kinsus Interconnect Technology Corp.^(b)		2,139,000		4,651,030
LandMark Optoelectronics Corp.^(b)		556,900		4,669,066
Largan Precision Co. Ltd.^(b)		751,000		86,639,572
Lealea Enterprise Co. Ltd.^(a)(b)		6,698,173		2,095,640
Lien Hwa Industrial Holdings Corp.^(b)		5,602,934		8,029,698
Lite-On Technology Corp.^(b)		15,380,238		24,321,969
Longchen Paper & Packaging Co. Ltd.^(b)		5,354,646		3,184,519
Lotes Co. Ltd.		573,722		8,368,796
Lotus Pharmaceutical Co. Ltd.^(a)(b)		753,000		2,060,764
Machvision Inc.^(b)		275,094		2,615,791
Macronix International^(b)		13,506,554		13,901,741
Makalot Industrial Co. Ltd.		1,509,568		10,161,024
Marketech International Corp.^(b)		669,000		2,553,653
MediaTek Inc.		11,324,572		214,592,370
Mega Financial Holding Co. Ltd.^(b)		79,622,958		79,374,658
Mercuries Life Insurance Co. Ltd.^(a)(b)		10,924,000		3,507,117
Merida Industry Co. Ltd.		1,629,850		13,609,163
Merry Electronics Co. Ltd.^(b)		1,376,051		7,222,257
Micro-Star International Co. Ltd.		5,134,000		23,708,979
Mitac Holdings Corp.^(b)		6,961,053		6,856,310
momo.com Inc.^(b)		296,000		7,354,225
Nan Kang Rubber Tire Co. Ltd.^(b)		3,488,000		5,581,228
Nan Liu Enterprise Co. Ltd.^(b)		325,000		2,990,645
Nan Pao Resins Chemical Co. Ltd.		350,000		1,514,919
Nan Ya Plastics Corp.		37,637,440		78,888,351
Nan Ya Printed Circuit Board Corp.^(a)(b)		1,764,000		7,244,415
Nantex Industry Co. Ltd.^(b)		2,177,000		3,483,467
Nanya Technology Corp.^(b)		8,931,000		15,797,383
Newmax Technology Co. Ltd.^(a)(b)		781,000		1,225,740
Nien Made Enterprise Co. Ltd.		1,250,000		14,399,400
Novatek Microelectronics Corp.^(b)		4,358,000		35,646,439
OBI Pharma Inc.^(a)		1,129,258		4,599,163
Oneness Biotech Co. Ltd.^(a)		1,404,000		16,245,182
Oriental Union Chemical Corp.^(b)		4,990,000		2,899,630
Pan Jit International Inc.^(b)		2,297,200		2,873,310
Pan-International Industrial Corp.^(b)		4,227,366		2,550,121
Parade Technologies Ltd.^(b)		556,000		19,707,241
PChome Online Inc.^(b)		777,070		2,966,169
Pegatron Corp.^(b)		14,445,000		30,769,132
PharmaEngine Inc.^(b)		930,793		2,277,693
PharmaEssentia Corp.^(a)		1,388,587		5,395,052
Pharmally International Holding Co. Ltd.^(d)		597,543		1,152,665
Phison Electronics Corp.^(b)		1,126,000		10,630,063
Pixart Imaging Inc.^(b)		1,000,000		5,879,045
Pou Chen Corp.		15,831,000		14,945,340
Power Wind Health Industry Inc.		312,958		1,829,228
Powertech Technology Inc.		5,333,000		15,703,737
Poya International Co. Ltd.^(b)		418,447		8,200,229
President Chain Store Corp.^(b)		4,064,000		37,396,861
President Securities Corp.		7,625,657		4,236,260
Primax Electronics Ltd.^(b)		3,096,000		4,716,569
Prince Housing & Development Corp.^(b)		9,421,995		3,291,428
Qisda Corp.^(b)		11,227,000		7,116,957


Security	Shares		Value

Taiwan (continued)
Quanta Computer Inc.^(b)		21,163,000	$	55,537,413
Quanta Storage Inc.^(b)		1,552,000		2,322,063
Radiant Opto-Electronics Corp.		3,220,000		11,852,155
Radium Life Tech Co. Ltd.		6,000,279		2,126,780
Realtek Semiconductor Corp.		3,657,110		47,363,011
Rexon Industrial Corp. Ltd.^(b)		976,000		3,342,978
RichWave Technology Corp.		419,000		3,155,905
Ritek Corp.^(a)		11,870,583		2,374,804
Roo Hsing Co. Ltd.^(a)(b)		3,983,000		1,690,041
Ruentex Development Co. Ltd.^(b)		6,326,086		9,314,006
Ruentex Industries Ltd.^(b)		2,599,943		6,167,239
Sanyang Motor Co. Ltd.^(b)		4,223,000		3,411,042
ScinoPharm Taiwan Ltd.^(b)		2,242,027		2,513,937
SDI Corp.^(b)		1,191,000		1,936,189
Sercomm Corp.		1,830,000		4,852,308
Shanghai Commercial & Savings Bank Ltd. (The)^(b)		25,519,346		36,354,946
Shin Kong Financial Holding Co. Ltd.^(b)		81,193,727		22,967,740
Shin Zu Shing Co. Ltd.^(b)		1,410,905		7,260,933
Shining Building Business Co. Ltd.^(a)(b)		6,430,184		2,202,456
Shinkong Synthetic Fibers Corp.^(b)		11,201,000		4,657,301
Sigurd Microelectronics Corp.^(b)		3,597,700		4,677,752
Simplo Technology Co. Ltd.^(b)		1,364,400		15,577,731
Sinbon Electronics Co. Ltd.		1,733,809		10,665,867
Sino-American Silicon Products Inc.		3,712,000		12,195,586
SinoPac Financial Holdings Co. Ltd.		74,455,660		27,405,590
Sinyi Realty Inc.^(b)		3,260,704		3,261,649
Sitronix Technology Corp.^(b)		956,000		4,691,785
Soft-World International Corp.^(b)		749,000		2,348,483
Sporton International Inc.^(b)		624,000		5,742,038
St. Shine Optical Co. Ltd.^(b)		346,000		3,490,483
Standard Foods Corp.^(b)		3,207,096		6,962,562
Sunny Friend Environmental Technology Co. Ltd.		555,000		4,653,136
Sunonwealth Electric Machine Industry Co. Ltd.^(b)		1,630,000		3,488,711
Supreme Electronics Co. Ltd.^(b)		2,941,000		2,986,957
Synnex Technology International Corp.		9,626,250		14,336,933
Systex Corp.^(b)		1,168,000		3,475,160
TA Chen Stainless Pipe^(b)		6,879,567		4,982,390
Taichung Commercial Bank Co. Ltd.		18,321,595		6,962,350
TaiDoc Technology Corp.^(b)		411,000		2,864,526
Taigen Biopharmaceuticals Holdings Ltd.^(a)(b)		2,801,000		2,229,039
TaiMed Biologics Inc.^(a)		1,418,000		5,557,657
Tainan Spinning Co. Ltd.^(b)		10,255,894		4,089,565
Taishin Financial Holding Co. Ltd.^(b)		67,687,803		30,566,378
Taiwan Business Bank^(b)		37,618,725		12,820,996
Taiwan Cement Corp.^(b)		36,012,575		52,653,732
Taiwan Cogeneration Corp.		3,896,000		4,979,296
Taiwan Cooperative Financial Holding Co. Ltd.		68,918,072		47,093,957
Taiwan Fertilizer Co. Ltd.^(b)		5,516,000		10,208,026
Taiwan Glass Industry Corp.^(a)(b)		11,179,053		4,381,477
Taiwan High Speed Rail Corp.		14,815,000		16,409,778
Taiwan Hon Chuan Enterprise Co. Ltd.		2,445,674		4,901,100
Taiwan Mobile Co. Ltd.		11,669,000		40,366,154
Taiwan Paiho Ltd.^(b)		2,065,000		5,559,873
Taiwan Secom Co. Ltd.^(b)		2,112,185		6,118,833
Taiwan Semiconductor Co. Ltd.^(b)		2,064,000		2,637,902
Taiwan Semiconductor Manufacturing Co. Ltd.		184,668,000		2,684,283,421
Taiwan Shin Kong Security Co. Ltd.		4,805,577		5,953,435
Taiwan Styrene Monomer^(b)		4,629,000		2,484,766
Taiwan Surface Mounting Technology Corp.^(b)		1,946,000		7,892,371
Taiwan TEA Corp.^(a)		7,630,000		4,290,680


33		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Taiwan (continued)
Taiwan Union Technology Corp.^(b)		1,776,000	$	7,202,904
Tanvex BioPharma Inc.^(a)(b)		1,043,738		1,428,219
TCI Co. Ltd.^(b)		747,446		8,164,424
Teco Electric and Machinery Co. Ltd.^(b)		13,145,000		13,126,408
Test Research Inc.^(b)		1,500,400		3,006,783
Test Rite International Co. Ltd.		5,731,000		4,414,246
Thinking Electronic Industrial Co. Ltd.^(b)		802,000		2,979,330
Ton Yi Industrial Corp.^(a)(b)		8,264,000		2,737,627
Tong Hsing Electronic Industries Ltd.^(a)		1,498,000		6,764,651
Tong Yang Industry Co. Ltd.		3,005,400		3,963,975
Topco Scientific Co. Ltd.		1,587,639		6,493,079
TPK Holding Co. Ltd.^(a)(b)		2,503,000		4,197,045
Transcend Information Inc.^(a)(b)		1,759,000		3,950,653
Tripod Technology Corp.^(b)		3,020,000		11,939,403
TSRC Corp.^(b)		5,231,900		3,129,351
TTY Biopharm Co. Ltd.^(b)		1,714,124		4,054,333
Tung Ho Steel Enterprise Corp.^(b)		7,931,000		7,230,518
TXC Corp.		2,375,000		6,256,923
U-Ming Marine Transport Corp.		4,277,000		4,372,987
Unimicron Technology Corp.^(b)		9,134,000		22,911,658
Union Bank of Taiwan		6,390,928		2,232,572
Uni-President Enterprises Corp.		35,601,369		80,808,792
Unitech Printed Circuit Board Corp.^(b)		4,697,000		3,313,665
United Integrated Services Co. Ltd.^(b)		1,223,400		8,589,213
United Microelectronics Corp.^(b)		86,728,000		62,663,245
United Renewable Energy Co. Ltd.^(a)		18,037,388		7,100,245
UPC Technology Corp.^(b)		7,262,365		3,168,150
USI Corp.^(b)		9,515,300		4,215,834
Vanguard International Semiconductor Corp.^(b)		6,602,000		21,038,018
Via Technologies Inc.^(a)		1,673,000		2,360,554
Visual Photonics Epitaxy Co. Ltd.^(b)		1,221,000		3,208,394
Voltronic Power Technology Corp.^(a)		464,272		16,376,856
Wafer Works Corp.^(b)		3,805,404		4,513,336
Wah Lee Industrial Corp.		2,113,000		4,075,995
Walsin Lihwa Corp.^(b)		19,322,000		11,096,082
Walsin Technology Corp.^(b)		2,388,597		13,025,085
Win Semiconductors Corp.^(b)		2,511,427		24,479,598
Winbond Electronics Corp.^(b)		21,413,480		8,867,092
Wistron Corp.		21,516,004		23,392,142
Wistron NeWeb Corp.^(b)		2,391,654		6,724,655
Wiwynn Corp.^(b)		609,000		16,230,868
WPG Holdings Ltd.		10,441,200		14,625,473
WT Microelectronics Co. Ltd.^(b)		2,807,734		3,736,756
XinTec Inc.^(a)(b)		1,316,000		5,539,117
XPEC Entertainment Inc.^(a)(d)		31,000		0	^(e)
Xxentria Technology Materials Corp.		1,412,000		2,502,394
Yageo Corp.^(b)		2,784,454		31,601,083
Yang Ming Marine Transport Corp.^(a)		11,186,677		3,850,704
YFY Inc.^(b)		11,058,000		6,896,764
Yieh Phui Enterprise Co. Ltd.^(a)(b)		12,791,026		4,141,395
Yuanta Financial Holding Co. Ltd.		73,150,388		45,872,472
Yulon Finance Corp.		1,327,920		4,512,163
Yulon Motor Co. Ltd.^(a)(b)		6,979,000		6,017,712
YungShin Global Holding Corp.^(b)		2,336,650		3,507,981
Zhen Ding Technology Holding Ltd.^(b)		4,357,950		18,268,591

				7,201,661,436

Thailand — 2.0%
Advanced Info Service PCL, NVDR		8,984,800		52,830,537
Airports of Thailand PCL, NVDR^(b)		32,416,100		58,327,628
Amata Corp. PCL, NVDR^(b)		8,546,700		3,624,916


Security	Shares		Value

Thailand (continued)
AP Thailand PCL, NVDR		23,848,090	$	4,827,471
B Grimm Power PCL, NVDR		6,037,300		8,971,809
Bangchak Corp. PCL, NVDR		9,069,600		5,158,066
Bangkok Airways PCL, NVDR^(b)		9,891,300		1,827,455
Bangkok Bank PCL, Foreign		4,199,500		14,370,528
Bangkok Chain Hospital PCL, NVDR		13,067,050		6,549,795
Bangkok Commercial Asset Management PCL, NVDR^(b)		13,551,300		10,145,242
Bangkok Dusit Medical Services PCL, NVDR^(b)		71,715,100		47,929,121
Bangkok Expressway & Metro PCL, NVDR		60,487,885		17,589,055
Bangkok Land PCL, NVDR		134,782,600		4,287,405
Banpu PCL, NVDR		32,022,200		5,916,223
BCPG PCL, NVDR^(b)		7,702,200		3,167,746
Berli Jucker PCL, NVDR^(b)		9,050,800		10,760,048
BTS Group Holdings PCL, NVDR		63,416,700		21,191,539
Bumrungrad Hospital PCL, NVDR		3,059,500		10,862,712
Central Pattana PCL, NVDR		17,664,600		26,676,398
Central Retail Corp. PCL, NVDR^(a)(b)		13,764,617		13,157,598
CH Karnchang PCL, NVDR		10,361,800		6,425,664
Charoen Pokphand Foods PCL, NVDR		30,466,200		31,569,924
Chularat Hospital PCL, NVDR		55,093,000		4,602,516
CK Power PCL, NVDR^(a)(b)		25,214,800		4,901,584
CP ALL PCL, NVDR^(a)		43,936,200		89,644,106
Dynasty Ceramic PCL, NVDR^(b)		39,829,920		3,301,830
Eastern Polymer Group PCL, NVDR^(b)		12,466,700		1,890,684
Electricity Generating PCL, NVDR		2,246,800		16,026,656
Energy Absolute PCL, NVDR^(b)		11,533,000		15,563,853
Esso Thailand PCL, NVDR^(a)(b)		11,738,900		2,489,412
GFPT PCL, NVDR^(b)		6,756,100		2,800,343
Global Power Synergy PCL, NVDR^(b)		5,453,200		11,213,906
Gulf Energy Development PCL, NVDR		16,777,500		16,981,003
Gunkul Engineering PCL, NVDR		52,717,241		4,302,411
Hana Microelectronics PCL, NVDR		4,890,500		6,246,201
Home Product Center PCL, NVDR		47,369,375		22,678,245
Indorama Ventures PCL, NVDR^(b)		12,853,100		9,787,725
Intouch Holdings PCL, NVDR^(b)		17,276,500		30,253,651
IRPC PCL, NVDR^(b)		84,679,600		6,366,785
Jasmine International PCL, NVDR^(b)		33,127,300		3,086,808
Kasikornbank PCL, Foreign^(b)		8,802,000		23,827,408
Kasikornbank PCL, NVDR		4,560,100		12,344,395
KCE Electronics PCL, NVDR^(b)		6,603,800		6,206,479
Khon Kaen Sugar Industry PCL, NVDR		24,887,286		1,631,298
Kiatnakin Phatra Bank PCL, NVDR^(a)(b)		2,144,200		2,738,596
Krung Thai Bank PCL, NVDR		24,208,000		7,428,272
Land & Houses PCL, NVDR		62,103,600		14,766,379
Major Cineplex Group PCL, NVDR^(b)		6,682,300		3,757,418
MBK PCL, NVDR^(b)		10,534,400		4,231,023
Mega Lifesciences PCL, NVDR^(b)		3,567,400		4,327,074
Minor International PCL, NVDR^(a)(b)		23,596,460		16,983,234
Muangthai Capital PCL, NVDR^(a)		5,860,700		9,368,458
Origin Property PCL, NVDR^(a)		10,090,600		2,399,243
Osotspa PCL, NVDR		5,888,400		7,331,529
Plan B Media PCL, NVDR^(b)		18,135,700		3,204,959
Prima Marine PCL, NVDR^(b)		9,503,400		2,717,656
PTG Energy PCL, NVDR		7,148,000		4,432,690
PTT Exploration & Production PCL, NVDR		10,368,501		29,650,465
PTT Global Chemical PCL, NVDR		17,147,600		25,482,416
PTT PCL, NVDR		85,695,300		99,125,417
Quality Houses PCL, NVDR^(b)		79,632,717		5,680,284
Ratch Group PCL, NVDR		6,136,100		11,040,938


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		34

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Thailand (continued)
Ratchthani Leasing PCL, NVDR^(b)		18,000,650	$	2,116,873
RS PCL, NVDR^(b)		4,771,500		2,882,294
Siam Cement PCL (The), NVDR		5,856,200		66,610,806
Siam Commercial Bank PCL (The), NVDR		6,346,500		14,784,200
Siamgas & Petrochemicals PCL, NVDR^(b)		7,731,900		2,223,488
Singha Estate PCL, NVDR^(b)		38,265,200		1,770,484
Sino-Thai Engineering & Construction PCL, NVDR^(b)		8,573,228		3,636,167
Sri Trang Agro-Industry PCL, NVDR^(a)(b)		7,606,460		6,354,501
Srisawad Corp PCL, NVDR		6,128,949		9,009,540
Supalai PCL, NVDR^(b)		12,732,900		6,873,250
Super Energy Corp. PCL, NVDR		144,657,400		3,811,361
Taokaenoi Food & Marketing PCL, Class R, NVDR^(b)		5,900,500		2,028,608
Thai Airways International PCL, NVDR^(a)(b)		9,454,500		1,008,561
Thai Oil PCL, NVDR^(b)		8,662,800		11,551,328
Thai Union Group PCL, NVDR		23,435,200		10,617,281
Thai Vegetable Oil PCL, NVDR		5,058,300		4,388,275
Thanachart Capital PCL, NVDR		2,983,800		3,091,897
Thonburi Healthcare Group PCL, NVDR^(b)		5,937,900		3,701,350
TMB Bank PCL, NVDR		184,465,927		5,571,467
Total Access Communication PCL, NVDR^(b)		5,620,700		6,456,423
TPI Polene PCL, NVDR^(b)		56,668,600		2,294,238
True Corp. PCL, NVDR^(b)		87,709,911		9,356,475
TTW PCL, NVDR		16,347,300		7,038,439
WHA Corp. PCL, NVDR^(b)		72,930,700		7,498,698

				1,111,656,234

Turkey — 0.4%
Akbank T.A.S.^(a)		22,078,172		14,670,779
Aksa Akrilik Kimya Sanayii AS		2,006,691		1,826,991
Anadolu Efes Biracilik Ve Malt Sanayii AS		1,730,913		4,570,137
Aselsan Elektronik Sanayi Ve Ticaret AS^(b)		5,492,016		12,119,899
BIM Birlesik Magazalar AS		3,427,155		31,598,378
Coca-Cola Icecek AS		634,331		3,725,477
Dogan Sirketler Grubu Holding AS^(b)		10,218,794		2,916,085
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		14,669,518		3,508,405
Enerjisa Enerji AS^(c)		1,688,026		1,871,761
Eregli Demir ve Celik Fabrikalari TAS		10,431,341		12,360,551
Ford Otomotiv Sanayi AS		569,072		6,534,391
Haci Omer Sabanci Holding AS		6,512,752		6,841,089
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D^(b)		7,829,809		3,245,131
KOC Holding AS		5,080,445		10,286,538
Koza Altin Isletmeleri AS^(a)(b)		282,288		2,980,538
Koza Anadolu Metal Madencilik Isletmeleri AS^(a)(b)		1,736,971		3,033,031
Mavi Giyim Sanayi Ve Ticaret AS, Class B^(a)(b)(c)		354,231		1,789,687
Migros Ticaret AS^(a)(b)		689,300		3,673,644
MLP Saglik Hizmetleri AS^(a)(c)		751,463		1,562,357
Pegasus Hava Tasimaciligi AS^(a)(b)		300,790		1,872,018
Petkim Petrokimya Holding AS^(a)(b)		7,940,581		4,219,007
Sasa Polyester Sanayi AS^(a)(b)		1,487,473		3,048,117
Soda Sanayii AS^(b)		3,361,082		3,110,337
Sok Marketler Ticaret AS^(a)		1,616,889		2,823,349
TAV Havalimanlari Holding AS		1,479,960		3,016,633
Tekfen Holding AS^(b)		1,433,702		2,889,224
Trakya Cam Sanayii AS^(b)		4,672,513		2,495,309
Tupras Turkiye Petrol Rafinerileri AS^(a)(b)		915,982		9,957,679
Turk Hava Yollari AO^(a)(b)		4,356,585		6,251,602
Turkcell Iletisim Hizmetleri AS		8,182,579		15,922,616
Turkiye Garanti Bankasi AS^(a)		16,535,244		15,189,326


Security	Shares		Value

Turkey (continued)
Turkiye Halk Bankasi AS^(a)		1,165,961	$	777,941
Turkiye Is Bankasi AS, Class C^(a)		10,818,922		7,218,495
Ulker Biskuvi Sanayi AS^(a)		1,325,465		4,124,630
Yapi ve Kredi Bankasi AS^(a)(b)		20,423,604		5,633,906

				217,665,058

United Arab Emirates — 0.5%
Abu Dhabi Commercial Bank PJSC		21,253,428		32,055,318
Air Arabia PJSC		20,807,743		6,571,194
Aldar Properties PJSC		29,095,940		16,080,138
Amanat Holdings PJSC		11,626,916		2,700,069
Dana Gas PJSC		29,304,021		5,815,889
Deyaar Development PJSC^(a)		24,949,248		2,044,491
Dubai Financial Market PJSC		11,828,303		2,791,919
Dubai Investments PJSC		16,855,843		5,598,500
Dubai Islamic Bank PJSC		13,267,496		14,809,287
DXB Entertainments PJSC^(a)		40,366,869		1,318,766
Emaar Malls PJSC^(a)		19,757,566		7,476,694
Emaar Properties PJSC^(a)		27,120,009		21,263,936
Emirates NBD Bank PJSC		18,581,847		54,635,380
Emirates Telecommunications Group Co. PJSC		13,254,716		59,757,455
First Abu Dhabi Bank PJSC		20,675,766		64,507,107
Union Properties PJSC^(a)		17,916,960		1,507,246

				298,933,389


Total Common Stocks — 96.6% (Cost: $44,215,714,732)				52,802,204,154


Preferred Stocks

Brazil — 1.3%
Azul SA, Preference Shares, NVS		2,149,879		8,703,916
Banco ABC Brasil SA, Preference Shares, NVS		839,563		2,056,860
Banco Bradesco SA, Preference Shares, NVS		32,915,786		124,441,459
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS		1,516,179		3,626,072
Banco Pan SA, Preference Shares, NVS		2,564,900		3,960,098
Bradespar SA, Preference Shares, NVS		1,671,200		13,400,916
Braskem SA, Class A, Preference Shares, NVS		1,438,700		5,583,391
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		1,916,100		12,535,560
Cia. de Saneamento do Parana, Preference Shares, NVS		2,207,619		2,128,785
Cia. Energetica de Minas Gerais, Preference Shares, NVS		7,241,268		13,899,370
Cia. Energetica de Sao Paulo, Class B, Preference Shares, NVS		1,407,600		7,723,210
Cia. Paranaense de Energia, Preference Shares, NVS		787,000		8,862,878
Gerdau SA, Preference Shares, NVS		8,310,374		28,918,690
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS^(a)		1,261,200		4,112,884
Itau Unibanco Holding SA, Preference Shares, NVS		36,001,382		154,547,576
Itausa SA, Preference Shares, NVS		32,687,277		56,187,867
Lojas Americanas SA, Preference Shares, NVS		6,871,027		40,417,806
Marcopolo SA, Preference Shares, NVS		4,278,179		2,199,177
Metalurgica Gerdau SA, Preference Shares, NVS		5,864,636		9,396,845
Petroleo Brasileiro SA, Preference Shares, NVS		35,736,508		142,596,868
Randon SA Implemetos e Participacoes, Preference Shares, NVS		1,530,300		2,993,150
Telefonica Brasil SA, Preference Shares, NVS		3,290,440		28,694,407


35		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Brazil (continued)
Unipar Carbocloro SA, Preference Shares, NVS		442,094	$	2,403,920
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, Preference Shares, NVS		3,158,000		5,842,925

				685,234,630

Chile — 0.1%
Embotelladora Andina SA, Class B, Preference Shares		2,776,328		5,928,026
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		862,823		27,037,131

				32,965,157

Colombia — 0.0%
Bancolombia SA, Preference Shares, NVS		3,479,200		24,790,592


Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS		51,845,277		25,971,407


South Korea — 0.6%
Amorepacific Corp., Preference Shares, NVS		66,201		3,327,047
Hyundai Motor Co. Preference Shares, NVS		169,513		12,414,876
Series 2, Preference Shares, NVS		271,514		20,205,268
LG Chem Ltd., Preference Shares, NVS^(b)		57,633		18,193,766
LG Household & Health Care Ltd., Preference Shares, NVS		15,738		9,287,262
Samsung Electronics Co. Ltd., Preference Shares, NVS		6,168,327		246,649,998

				310,078,217


Total Preferred Stocks — 2.0% (Cost: $1,214,066,736)				1,079,040,003


Rights

Chile — 0.0%
Cia Sud Americana de Vapores SA, (Expires 09/25/20)^(a)		36,885,236		142,772


China — 0.0%
Legend Holdings Corp. Class H, (Expires 10/30/20)^(a)(d)		221,423		0	^(e)


India — 0.0%
Minda Industries Ltd., (Expires 09/08/20)^(a)		22,425		21,402


Thailand — 0.0%
Gulf Energy Development PCL, (Expires 09/16/20)^(a)		1,712,579		82,540
Ratchthani Leasing PCL, (Expires 10/07/20)^(a)		8,112,075		693,329

				775,869


Total Rights — 0.0% (Cost: $678,100)				940,043


Security	Shares		Value


Warrants

Brazil — 0.0%
CVC Brasil Operadora e Agencia de Viagens SA (Expires 01/29/21)^(a)		176,689	$	233,887


Thailand — 0.0%
Srisawad Corp. PCL (Expires 08/17/21)^(a)(d)		245,157		0	^(e)


Total Warrants — 0.0% (Cost: $0)				233,887


Short-Term Investments

Money Market Funds — 5.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(g)(h)(i)		2,393,556,486		2,395,950,043
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(g)(h)		590,951,000		590,951,000

				2,986,901,043


Total Short-Term Investments — 5.5% (Cost: $2,985,338,247)				2,986,901,043


Total Investments in Securities — 104.1% (Cost: $48,415,797,815)				56,869,319,130

Other Assets, Less Liabilities — (4.1)%				(2,240,938,111	)


Net Assets — 100.0%			$	54,628,381,019

^(a)	Non-income producing security.

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

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

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

^(e)	Rounds to less than $1.

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

^(g)	Affiliate of the Fund.

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

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


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		36

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® Core MSCI Emerging Markets ETF

Affiliates


Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,015,545,961	$	379,896,325	^(a)	$	—	$	(90,134	)	$	597,891	$	2,395,950,043		2,393,556,486	$	47,190,575	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		139,883,000		451,068,000	^(a)		—		—			—		590,951,000		590,951,000		1,273,132			—

								$	(90,134	)	$	597,891	$	2,986,901,043			$	48,463,707		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

MSCI Emerging Markets E-Mini Index

12,829

09/18/20

705,852

74,892,386

Derivative Financial Instruments Categorized by Risk Exposure

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



	Equity Contracts

Assets — Derivative Financial Instruments
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	74,892,386

^(a)

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

For the year ended August 31, 2020, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	115,966,709

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	82,830,088

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	336,954,990

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


37		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® Core MSCI Emerging Markets ETF

Fair Value Measurements



	Level 1		Level 2		Level 3			Total

Investments
Assets
Common Stocks	$	52,768,748,106	$	13,129,309	$	20,326,739		$	52,802,204,154
Preferred Stocks		1,079,040,003		—		—			1,079,040,003
Rights		21,402		918,641		0	^(a)		940,043
Warrants		—		233,887		0	^(a)		233,887
Money Market Funds		2,986,901,043		—		—			2,986,901,043

	$	56,834,710,554	$	14,281,837	$	20,326,739		$	56,869,319,130

Derivative financial instruments^(b)
Assets
Futures Contracts	$	74,892,386	$	—	$	—		$	74,892,386

^(a)

Rounds to less than $1.

^(b)

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

See notes to consolidated financial statements.


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		38

Consolidated Schedule of Investments

August 31, 2020

iShares^® MSCI BRIC ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 6.3%
Ambev SA		161,215	$	361,756
Atacadao SA		18,600		66,284
B2W Cia. Digital^(a)		6,220		127,089
B3 SA - Brasil, Bolsa, Balcao		86,869		931,096
Banco Bradesco SA		55,948		194,078
Banco BTG Pactual SA		12,400		181,573
Banco do Brasil SA		31,089		185,030
Banco Santander Brasil SA		18,600		95,884
BB Seguridade Participacoes SA		24,800		119,255
BRF SA^(a)		24,800		88,560
CCR SA		49,600		120,521
Centrais Eletricas Brasileiras SA		15,675		101,464
Cia Brasileira de Distribuicao		9,756		112,945
Cia. de Saneamento Basico do Estado de Sao Paulo		12,400		107,931
Cia. Siderurgica Nacional SA		24,800		68,760
Cielo SA		49,621		41,246
Cogna Educacao		62,064		64,486
Cosan SA		6,200		94,087
Energisa SA		6,200		49,106
Engie Brasil Energia SA		8,525		66,246
Equatorial Energia SA		31,000		131,100
Hapvida Participacoes e Investimentos SA^(b)		6,200		73,156
Hypera SA		12,400		71,540
IRB Brasil Resseguros S/A		13,200		17,156
IRB Brasil Resseguros S/A^(a)		11,680		14,733
JBS SA		43,452		177,740
Klabin SA		31,000		145,227
Localiza Rent a Car SA		26,482		232,820
Lojas Renner SA		31,016		245,769
Magazine Luiza SA		31,000		526,772
Multiplan Empreendimentos Imobiliarios SA		12,430		47,174
Natura & Co. Holding SA		31,093		279,649
Notre Dame Intermedica Participacoes SA		18,600		251,237
Petrobras Distribuidora SA		31,000		120,589
Petroleo Brasileiro SA		155,000		630,635
Porto Seguro SA		6,200		59,741
Raia Drogasil SA		9,740		191,395
Rumo SA^(a)		43,400		178,793
Sul America SA		12,489		98,302
Suzano SA^(a)		24,815		227,075
TIM Participacoes SA		37,269		97,284
Ultrapar Participacoes SA		24,800		87,882
Vale SA		142,629		1,551,632
Via Varejo SA^(a)		49,600		185,348
WEG SA		37,272		439,038

				9,259,184

China — 72.2%
360 Security Technology Inc., Class A		31,099		84,818
3SBio Inc.^(a)(b)		62,000		72,799
51job Inc., ADR^(a)(c)		1,302		85,333
58.com Inc., ADR^(a)(c)		5,270		291,747
AAC Technologies Holdings Inc.		31,000		195,596
AECC Aviation Power Co. Ltd., Class A		6,200		40,409
Agricultural Bank of China Ltd., Class A		148,800		69,738
Agricultural Bank of China Ltd., Class H		992,000		331,514
Aier Eye Hospital Group Co. Ltd., Class A		16,660		126,413
Air China Ltd., Class H		124,000		85,438
Aisino Corp., Class A		12,400		32,606


Security	Shares		Value

China (continued)
Alibaba Group Holding Ltd., ADR^(a)		68,736	$	19,729,294
Alibaba Health Information Technology Ltd.^(a)		124,000		299,514
Alibaba Pictures Group Ltd.^(a)		620,000		87,998
A-Living Services Co. Ltd., Class H^(b)		15,500		79,998
Aluminum Corp. of China Ltd., Class A^(a)		55,800		25,745
Aluminum Corp. of China Ltd., Class H^(a)		124,000		30,399
Angang Steel Co. Ltd., Class A		6,020		2,364
Anhui Conch Cement Co. Ltd., Class H		62,000		449,591
Anhui Gujing Distillery Co. Ltd., Class B		6,200		78,718
ANTA Sports Products Ltd.		43,040		425,116
Autohome Inc., ADR		3,410		273,618
AVIC Aircraft Co. Ltd., Class A		6,200		21,906
Avic Capital Co. Ltd., Class A		24,899		18,286
AVIC Electromechanical Systems Co. Ltd., Class A		12,400		18,702
AviChina Industry & Technology Co. Ltd., Class H		124,000		77,439
BAIC BluePark New Energy Technology Co. Ltd., Class A^(a)		12,400		11,677
BAIC Motor Corp. Ltd., Class H^(b)		62,000		29,679
Baidu Inc., ADR^(a)		11,284		1,405,648
Bank of Beijing Co. Ltd., Class A		69,490		49,410
Bank of Chengdu Co. Ltd., Class A		12,400		18,394
Bank of China Ltd., Class A		74,400		35,630
Bank of China Ltd., Class H		3,100,000		1,015,980
Bank of Communications Co. Ltd., Class A		86,800		59,944
Bank of Communications Co. Ltd., Class H		248,200		129,702
Bank of Hangzhou Co. Ltd., Class A		12,499		23,632
Bank of Jiangsu Co. Ltd., Class A		43,400		40,681
Bank of Nanjing Co. Ltd., Class A		31,000		38,879
Bank of Ningbo Co. Ltd., Class A		18,600		96,406
Bank of Shanghai Co. Ltd., Class A		38,490		47,318
Baoshan Iron & Steel Co. Ltd., Class A		43,400		31,303
Baozun Inc., ADR^(a)		3,720		154,157
BBMG Corp., Class A		24,800		11,949
Beijing Capital International Airport Co. Ltd., Class H^(a)		124,000		87,678
Beijing Dabeinong Technology Group Co. Ltd., Class A		18,600		30,877
Beijing Enlight Media Co. Ltd., Class A		6,200		14,665
Beijing Enterprises Water Group Ltd.^(a)		248,000		97,598
Beijing New Building Materials PLC, Class A		6,200		29,691
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		6,200		54,259
Beijing Originwater Technology Co. Ltd., Class A		14,600		20,741
Beijing Sinnet Technology Co. Ltd., Class A		18,600		71,585
Beijing Tongrentang Co. Ltd., Class A		13,669		59,273
Beijing Yanjing Brewery Co. Ltd., Class A		12,400		14,484
BEST Inc., ADR^(a)		12,772		51,088
Bilibili Inc., ADR^(a)		6,448		304,668
BOC Aviation Ltd.^(b)		6,200		46,119
BOE Technology Group Co. Ltd., Class A		80,600		64,723
Bohai Leasing Co. Ltd., Class A^(a)		24,800		10,428
Bosideng International Holdings Ltd.		124,000		35,519
Brilliance China Automotive Holdings Ltd.		124,000		111,038
BYD Co. Ltd., Class H		31,000		307,994
BYD Electronic International Co. Ltd.		31,000		131,397
Caitong Securities Co. Ltd., Class A		6,200		13,180
CGN Power Co. Ltd., Class H^(b)		310,000		67,199
Changjiang Securities Co. Ltd., Class A		18,600		23,165
Chaozhou Three-Circle Group Co. Ltd., Class A		6,200		25,328
Chengdu Xingrong Environment Co. Ltd., Class A		18,600		14,339
China Aoyuan Group Ltd.		62,000		71,519
China Cinda Asset Management Co. Ltd., Class H		248,000		47,359


39		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® MSCI BRIC ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
China CITIC Bank Corp. Ltd., Class A		12,400	$	9,451
China CITIC Bank Corp. Ltd., Class H		372,000		155,517
China Communications Construction Co. Ltd., Class A		12,400		14,393
China Communications Construction Co. Ltd., Class H		124,000		69,599
China Communications Services Corp. Ltd., Class H		124,800		81,964
China Conch Venture Holdings Ltd.		62,000		268,795
China Construction Bank Corp., Class A		18,600		16,837
China Construction Bank Corp., Class H		3,782,370		2,679,330
China East Education Holdings Ltd.^(b)		31,000		68,479
China Eastern Airlines Corp. Ltd., Class A		55,800		41,142
China Enterprise Co. Ltd., Class A		18,600		11,487
China Everbright Bank Co. Ltd., Class A		124,000		69,521
China Everbright Bank Co. Ltd., Class H		62,000		22,240
China Everbright International Ltd.		124,000		74,879
China Evergrande Group		62,000		144,797
China Fortune Land Development Co. Ltd., Class A		8,150		19,991
China Galaxy Securities Co. Ltd., Class H		155,000		93,398
China Gas Holdings Ltd.		99,200		271,995
China Gezhouba Group Co. Ltd., Class A		12,400		11,514
China Greatwall Technology Group Co. Ltd., Class A		6,200		16,031
China Hongqiao Group Ltd.		93,000		59,999
China Huarong Asset Management Co. Ltd., Class H^(b)		434,000		49,839
China Huishan Dairy Holdings Co. Ltd.^(a)(d)		51,450		0	^(e)
China International Capital Corp. Ltd., Class H^(a)(b)		49,600		117,886
China Jinmao Holdings Group Ltd.		124,000		77,599
China Jushi Co. Ltd., Class A		12,400		26,885
China Lesso Group Holdings Ltd.		62,000		115,678
China Life Insurance Co. Ltd., Class A		1,293		8,246
China Life Insurance Co. Ltd., Class H		310,000		755,185
China Literature Ltd.^(a)(b)		12,400		77,039
China Longyuan Power Group Corp. Ltd., Class H		124,000		78,238
China Medical System Holdings Ltd.		66,000		74,515
China Mengniu Dairy Co. Ltd.^(a)		124,000		609,588
China Merchants Bank Co. Ltd., Class A		49,600		272,942
China Merchants Bank Co. Ltd., Class H		155,456		742,163
China Merchants Energy Shipping Co. Ltd., Class A		12,400		11,695
China Merchants Port Holdings Co. Ltd.		86,000		98,426
China Merchants Property Operation & Service Co. Ltd., Class A		6,200		28,243
China Merchants Securities Co. Ltd., Class A^(a)		24,450		76,929
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		19,881		48,475
China Minsheng Banking Corp. Ltd., Class A		86,800		70,336
China Minsheng Banking Corp. Ltd., Class H		217,000		132,157
China Mobile Ltd.		248,000		1,732,766
China Molybdenum Co. Ltd., Class A		49,600		30,995
China Molybdenum Co. Ltd., Class H		186,000		75,599
China National Building Material Co. Ltd., Class H		170,000		239,092
China National Nuclear Power Co. Ltd., Class A		55,800		37,965
China Northern Rare Earth Group High-Tech Co. Ltd., Class A^(a)		6,200		11,179
China Overseas Land & Investment Ltd.		155,300		449,860
China Pacific Insurance Group Co. Ltd., Class A		18,600		83,697
China Pacific Insurance Group Co. Ltd., Class H		99,200		275,835
China Petroleum & Chemical Corp., Class A^(a)		55,800		32,832
China Petroleum & Chemical Corp., Class H		992,600		458,508
China Power International Development Ltd.		310,000		59,999
China Railway Construction Corp. Ltd., Class A		31,000		40,418
China Railway Construction Corp. Ltd., Class H		62,000		47,679
China Railway Group Ltd., Class A		37,200		30,415


Security	Shares		Value


China (continued)
China (continued)
China Railway Group Ltd., Class H		124,000	$	63,679
China Railway Signal & Communication Corp. Ltd., Class H^(b)		66,000		26,740
China Reinsurance Group Corp., Class H		248,000		26,559
China Renewable Energy Investment Ltd.^(a)(b)(d)		7,709		0	^(e)
China Resources Beer Holdings Co. Ltd.		58,000		377,180
China Resources Cement Holdings Ltd.		124,000		180,796
China Resources Gas Group Ltd.		45,000		211,351
China Resources Land Ltd.		124,444		575,643
China Resources Pharmaceutical Group Ltd.^(b)		62,000		35,119
China Resources Power Holdings Co. Ltd.		124,200		147,435
China Shenhua Energy Co. Ltd., Class A		12,400		29,257
China Shenhua Energy Co. Ltd., Class H		124,000		207,036
China Shipbuilding Industry Co. Ltd., Class A^(a)		62,000		43,903
China Southern Airlines Co. Ltd., Class A^(a)		31,000		26,523
China State Construction Engineering Corp. Ltd., Class A		111,600		83,751
China State Construction International Holdings Ltd.		124,000		96,158
China Taiping Insurance Holdings Co. Ltd.		62,040		98,622
China Telecom Corp. Ltd., Class H		496,000		162,557
China Tourism Group Duty Free Corp. Ltd., Class A		6,200		188,286
China Tower Corp. Ltd., Class H^(b)		1,736,000		331,514
China Traditional Chinese Medicine Holdings Co. Ltd.^(a)		124,000		52,959
China Unicom Hong Kong Ltd.		249,900		177,023
China United Network Communications Ltd., Class A		74,400		56,377
China Vanke Co. Ltd., Class A		24,801		98,746
China Vanke Co. Ltd., Class H		55,801		173,520
China Yangtze Power Co. Ltd., Class A		43,456		122,453
Chongqing Changan Automobile Co. Ltd., Class A^(a)		12,400		21,200
Chongqing Rural Commercial Bank Co. Ltd., Class H		124,000		50,559
Chongqing Zhifei Biological Products Co. Ltd., Class A		6,200		122,341
CIFI Holdings Group Co. Ltd.		124,000		105,598
CITIC Ltd.		186,000		169,677
CITIC Securities Co. Ltd., Class A		18,600		86,358
CITIC Securities Co. Ltd., Class H		62,000		148,957
CNOOC Ltd.		744,000		846,704
Contemporary Amperex Technology Co. Ltd., Class A		6,200		186,793
COSCO SHIPPING Development Co. Ltd., Class A		12,400		3,838
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		124,000		57,119
COSCO SHIPPING Holdings Co. Ltd., Class A^(a)		49,600		39,395
COSCO SHIPPING Holdings Co. Ltd., Class H^(a)		93,000		46,679
COSCO SHIPPING Ports Ltd.		124,000		70,239
Country Garden Holdings Co. Ltd.^(c)		310,046		384,450
Country Garden Services Holdings Co. Ltd.		66,000		460,288
CRRC Corp. Ltd., Class A		62,000		53,046
CRRC Corp. Ltd., Class H		186,400		84,179
CSC Financial Co. Ltd., Class A		6,200		47,316
CSPC Pharmaceutical Group Ltd.		195,600		434,602
Dali Foods Group Co. Ltd.^(b)		93,000		56,999
Daqin Railway Co. Ltd., Class A		37,200		35,955
DHC Software Co. Ltd., Class A		18,600		31,665
Dongfang Electric Corp. Ltd., Class A		12,400		18,123
Dongfeng Motor Group Co. Ltd., Class H		124,000		86,078
Dongxing Securities Co. Ltd., Class A		24,899		48,532
East Money Information Co. Ltd., Class A		31,060		118,632
ENN Energy Holdings Ltd.		31,000		343,993
Everbright Securities Co. Ltd., Class A		12,497		39,995
Fangda Carbon New Material Co. Ltd., Class A^(a)		9,040		8,883
Far East Horizon Ltd.		62,000		54,879


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		40

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI BRIC ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Fiberhome Telecommunication Technologies Co. Ltd., Class A		6,200	$	23,807
Financial Street Holdings Co. Ltd., Class A		12,400		12,383
First Capital Securities Co. Ltd., Class A		12,400		19,462
Focus Media Information Technology Co. Ltd., Class A		43,439		47,821
Foshan Haitian Flavouring & Food Co. Ltd., Class A		9,111		243,700
Fosun International Ltd.		93,000		103,558
Founder Securities Co. Ltd., Class A^(a)		24,899		31,882
Foxconn Industrial Internet Co. Ltd., Class A		12,400		26,686
Fujian Sunner Development Co. Ltd., Class A^(a)		6,200		24,332
Fuyao Glass Industry Group Co. Ltd., Class A		6,200		26,233
Fuyao Glass Industry Group Co. Ltd., Class H^(b)		24,800		79,838
Ganfeng Lithium Co. Ltd., Class A		6,200		45,723
GD Power Development Co. Ltd., Class A		68,200		20,413
GDS Holdings Ltd., ADR^(a)		4,154		336,225
Geely Automobile Holdings Ltd.		248,000		524,150
GEM Co. Ltd., Class A		18,699		14,797
Gemdale Corp., Class A		12,400		25,926
GF Securities Co. Ltd., Class A		18,600		43,912
GF Securities Co. Ltd., Class H		37,200		44,015
GoerTek Inc., Class A		12,400		74,391
GOME Retail Holdings Ltd.^(a)(c)		620,400		88,856
Grandjoy Holdings Group Co. Ltd., Class A		12,400		9,903
Great Wall Motor Co. Ltd., Class H		124,000		134,557
Gree Electric Appliances Inc. of Zhuhai, Class A		6,200		49,335
Greenland Holdings Corp. Ltd., Class A		31,099		34,735
GSX Techedu Inc., ADR^(a)(c)		2,640		225,456
Guangdong Haid Group Co. Ltd., Class A		6,200		64,063
Guangdong HEC Technology Holding Co. Ltd., Class A^(a)		12,400		11,732
Guangdong Investment Ltd.		124,000		193,596
Guanghui Energy Co. Ltd., Class A^(a)		24,800		10,537
Guangzhou Automobile Group Co. Ltd., Class H		130,235		111,916
Guangzhou Baiyun International Airport Co. Ltd., Class A		6,200		13,777
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		6,200		29,429
Guangzhou R&F Properties Co. Ltd., Class H		49,600		63,103
Guosen Securities Co. Ltd., Class A		12,400		25,364
Guotai Junan Securities Co. Ltd., Class A		24,800		70,028
Guotai Junan Securities Co. Ltd., Class H^(b)		12,400		19,360
Guoyuan Securities Co. Ltd., Class A		12,400		19,951
Haidilao International Holding Ltd.^(b)		23,000		148,384
Haier Electronics Group Co. Ltd.		33,000		113,049
Haier Smart Home Co. Ltd., Class A		18,679		60,817
Haitong Securities Co. Ltd., Class A^(a)		31,000		68,661
Haitong Securities Co. Ltd., Class H^(a)		99,200		90,110
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		26,004		142,072
Hangzhou Tigermed Consulting Co. Ltd., Class A		6,200		101,385
Hansoh Pharmaceutical Group Co. Ltd.^(a)(b)		46,000		218,125
Henan Shuanghui Investment & Development Co. Ltd., Class A		6,200		57,482
Hengan International Group Co. Ltd.		31,000		244,395
Hengli Petrochemical Co. Ltd., Class A		18,600		57,110
Hengtong Optic-Electric Co. Ltd., Class A		6,200		14,800
Hengyi Petrochemical Co. Ltd., Class A		8,330		15,142
Hesteel Co. Ltd., Class A^(a)		31,000		10,048
Holitech Technology Co. Ltd., Class A		18,600		14,257
Huaan Securities Co. Ltd., Class A		12,400		16,294
Huadian Power International Corp. Ltd., Class A		49,600		29,040
Huadong Medicine Co. Ltd., Class A		6,200		25,310
Hualan Biological Engineering Inc., Class A		8,450		71,063


Security	Shares		Value

China (continued)
Huaneng Power International Inc., Class A		12,400	$	9,976
Huaneng Power International Inc., Class H		124,000		51,679
Huatai Securities Co. Ltd., Class A		24,800		77,523
Huatai Securities Co. Ltd., Class H^(b)		49,600		87,038
Huaxia Bank Co. Ltd., Class A		49,600		46,565
Huaxin Cement Co. Ltd., Class A		6,200		25,310
Huayu Automotive Systems Co. Ltd., Class A		6,899		25,061
Huazhu Group Ltd., ADR^(c)		5,580		249,593
Hubei Biocause Pharmaceutical Co. Ltd., Class A		31,000		25,482
Hubei Energy Group Co. Ltd., Class A		49,600		28,243
Hunan Valin Steel Co. Ltd., Class A		18,600		13,225
Hutchison China MediTech Ltd., ADR^(a)		3,224		107,101
HUYA Inc., ADR^(a)(c)		2,542		73,006
Iflytek Co. Ltd., Class A		18,600		102,353
Industrial & Commercial Bank of China Ltd., Class A		148,800		107,758
Industrial & Commercial Bank of China Ltd., Class H		2,294,050		1,284,643
Industrial Bank Co. Ltd., Class A		49,600		117,027
Industrial Securities Co. Ltd., Class A		18,600		22,323
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A^(a)		155,000		26,251
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		24,800		33,892
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A		32,207		12,320
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		18,600		113,895
Inner Mongolia Yitai Coal Co. Ltd., Class B		55,800		39,060
Innovent Biologics Inc.^(a)(b)		31,000		206,596
Inspur Electronic Information Industry Co. Ltd., Class A		8,883		46,820
iQIYI Inc., ADR^(a)(c)		9,486		205,372
JD.com Inc., ADR^(a)		34,100		2,681,624
Jiangsu Hengrui Medicine Co. Ltd., Class A		15,240		211,095
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		6,200		127,718
Jiangsu Zhongnan Construction Group Co. Ltd., Class A		12,400		17,634
Jiangsu Zhongtian Technology Co. Ltd., Class A		12,400		20,458
Jiangxi Copper Co. Ltd., Class A		6,200		14,140
Jiangxi Copper Co. Ltd., Class H		62,000		73,119
Jiangxi Zhengbang Technology Co. Ltd., Class A		6,200		22,495
Jinke Properties Group Co. Ltd., Class A		12,400		18,503
JOYY Inc.^(a)		2,728		233,080
Kaisa Group Holdings Ltd.^(a)		124,000		62,399
KE Holdings Inc.^(a)		3,844		197,159
Kingboard Holdings Ltd.		31,000		99,798
Kingboard Laminates Holdings Ltd.		62,000		78,158
Kingdee International Software Group Co. Ltd.^(a)(c)		124,000		316,154
Kingsoft Corp. Ltd.		34,000		182,061
Kunlun Energy Co. Ltd.^(c)		124,000		92,478
Kweichow Moutai Co. Ltd., Class A		2,600		678,172
KWG Group Holdings Ltd.		62,000		117,918
Lee & Man Paper Manufacturing Ltd.		62,000		37,119
Legend Holdings Corp., Class H^(b)		18,600		27,407
Lenovo Group Ltd.		248,000		165,757
Lens Technology Co. Ltd., Class A		6,200		31,248
Lepu Medical Technology Beijing Co. Ltd., Class A		6,200		35,086
Li Ning Co. Ltd.		93,000		393,592
Lingyi iTech Guangdong Co., Class A^(a)		12,400		21,653
Logan Group Co. Ltd.		62,000		115,518
Longfor Group Holdings Ltd.^(b)		62,000		328,394
LONGi Green Energy Technology Co. Ltd., Class A		12,400		114,565
Luxshare Precision Industry Co. Ltd., Class A		16,402		131,711
Luye Pharma Group Ltd.^(b)		93,000		50,399
Luzhou Laojiao Co. Ltd., Class A		6,200		135,331


41		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® MSCI BRIC ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Maanshan Iron & Steel Co. Ltd., Class A^(a)		31,000	$	12,718
Mango Excellent Media Co. Ltd., Class A		6,200		64,271
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A^(a)		10,953		28,082
Meituan Dianping, Class B^(a)		137,900		4,547,943
Metallurgical Corp. of China Ltd., Class A		99,200		40,844
Momo Inc., ADR		7,192		146,717
Muyuan Foodstuff Co. Ltd., Class A		11,170		143,189
NanJi E-Commerce Co. Ltd., Class A		18,600		50,321
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		8,150		58,556
Nanjing Securities Co. Ltd., Class A		12,400		26,758
NARI Technology Co. Ltd., Class A		12,400		40,554
NavInfo Co. Ltd., Class A		6,200		14,882
NetEase Inc., ADR		3,348		1,631,179
New China Life Insurance Co. Ltd., Class A		6,200		54,178
New China Life Insurance Co. Ltd., Class H		18,600		74,279
New Hope Liuhe Co. Ltd., Class A		12,400		68,797
New Oriental Education & Technology Group Inc., ADR^(a)		5,890		863,651
Nine Dragons Paper Holdings Ltd.		62,000		68,799
Ningbo Zhoushan Port Co. Ltd., Class A		7,600		4,117
NIO Inc., ADR^(a)(c)		33,666		640,664
Noah Holdings Ltd.^(a)(c)		1,550		43,400
Oceanwide Holdings Co. Ltd., Class A		18,600		11,189
Offcn Education Technology Co. Ltd., Class A		6,200		32,325
Offshore Oil Engineering Co. Ltd., Class A		12,424		8,925
OFILM Group Co. Ltd., Class A		6,200		17,118
Orient Securities Co. Ltd., Class A		18,600		32,072
Pacific Securities Co. Ltd. (The), Class A^(a)		24,800		15,389
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A^(a)		31,000		9,867
People’s Insurance Co. Group of China Ltd. (The), Class A		24,000		25,299
People’s Insurance Co. Group of China Ltd. (The), Class H		310,000		101,198
Perfect World Co. Ltd., Class A		9,450		50,512
PetroChina Co. Ltd., Class A		31,000		20,051
PetroChina Co. Ltd., Class H		744,000		257,275
PICC Property & Casualty Co. Ltd., Class H		248,322		191,925
Pinduoduo Inc., ADR^(a)		11,532		1,025,656
Ping An Bank Co. Ltd., Class A		43,400		95,555
Ping An Healthcare and Technology Co. Ltd.^(a)(b)(c)		12,400		180,796
Ping An Insurance Group Co. of China Ltd., Class A		24,900		278,551
Ping An Insurance Group Co. of China Ltd., Class H		232,500		2,476,452
Poly Developments and Holdings Group Co. Ltd., Class A		31,000		72,870
Poly Property Services Co. Ltd.		12,400		108,558
Postal Savings Bank of China Co. Ltd., Class H^(b)		310,000		146,797
Power Construction Corp. of China Ltd., Class A		62,000		36,843
RiseSun Real Estate Development Co. Ltd., Class A		12,400		14,918
Rongsheng Petro Chemical Co. Ltd., Class A		18,600		53,770
SAIC Motor Corp. Ltd., Class A		18,600		50,674
Sanan Optoelectronics Co. Ltd., Class A		12,494		49,508
Sany Heavy Industry Co. Ltd., Class A		26,053		84,217
SDIC Capital Co. Ltd., Class A		12,400		27,483
SDIC Power Holdings Co. Ltd., Class A		24,899		32,936
Sealand Securities Co. Ltd., Class A		24,900		20,286
Seazen Group Ltd.^(a)		136,000		123,363
Seazen Holdings Co. Ltd., Class A		6,200		32,497
Semiconductor Manufacturing International Corp.^(a)		124,200		399,035


Security	Shares		Value

China (continued)
SF Holding Co. Ltd., Class A		6,200	$	77,034
Shaanxi Coal Industry Co. Ltd., Class A		26,005		30,868
Shandong Gold Mining Co. Ltd., Class A		8,680		36,739
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		6,200		24,332
Shandong Nanshan Aluminum Co. Ltd., Class A		37,200		14,447
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		132,000		308,278
Shanghai 2345 Network Holding Group Co. Ltd., Class A		93,085		41,044
Shanghai Baosight Software Co. Ltd., Class A		6,200		62,931
Shanghai Construction Group Co. Ltd., Class A		24,800		11,514
Shanghai Electric Group Co. Ltd., Class A^(a)		62,000		50,330
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		6,200		49,624
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		34,500		145,788
Shanghai International Port Group Co. Ltd., Class A		24,800		16,077
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		49,676		42,672
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		6,200		20,096
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		49,600		88,446
Shanghai Pudong Development Bank Co. Ltd., Class A		74,400		112,537
Shanghai RAAS Blood Products Co. Ltd., Class A		24,000		31,502
Shanghai Tunnel Engineering Co. Ltd., Class A		12,400		10,826
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		12,400		17,942
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		13,652		12,557
Shanxi Meijin Energy Co. Ltd., Class A^(a)		12,400		11,949
Shanxi Securities Co. Ltd., Class A		17,860		21,435
Shanxi Taigang Stainless Steel Co. Ltd., Class A		18,600		9,939
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A		16,300		10,043
Shenergy Co. Ltd., Class A		24,800		20,748
Shengyi Technology Co. Ltd., Class A		6,200		22,459
Shenwan Hongyuan Group Co. Ltd., Class A		74,499		61,347
Shenzhen Energy Group Co. Ltd., Class A		44,820		37,496
Shenzhen Inovance Technology Co. Ltd., Class A		7,498		61,086
Shenzhen International Holdings Ltd.		31,000		49,759
Shenzhen Investment Ltd.		124,000		42,079
Shenzhen Kaifa Technology Co. Ltd., Class A		6,200		23,038
Shenzhen Overseas Chinese Town Co. Ltd., Class A		49,600		51,779
Shenzhou International Group Holdings Ltd.		31,000		499,990
Shimao Group Holdings Ltd.		62,000		279,195
Sichuan Chuantou Energy Co. Ltd., Class A		19,805		28,974
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		6,200		22,395
Sichuan Languang Development Co. Ltd., Class A		12,400		9,957
SINA Corp.^(a)		4,278		174,050
Sino Biopharmaceutical Ltd.		444,000		512,738
Sinolink Securities Co. Ltd., Class A		12,400		28,171
Sino-Ocean Group Holding Ltd.		62,000		14,320
Sinopec Engineering Group Co. Ltd., Class H		62,000		27,519
Sinopec Shanghai Petrochemical Co. Ltd., Class A		24,800		12,637
Sinopec Shanghai Petrochemical Co. Ltd., Class H		125,000		25,806
Sinopharm Group Co. Ltd., Class H		49,600		122,110
Sinotrans Ltd., Class A		18,600		9,939
Sinotruk Hong Kong Ltd.		31,000		80,598
SOHO China Ltd.^(a)		97,500		30,067
Songcheng Performance Development Co. Ltd., Class A		11,880		31,013
SooChow Securities Co. Ltd., Class A		18,040		28,341
Southwest Securities Co. Ltd., Class A		18,600		15,235
SSY Group Ltd.		124,000		79,038
Sun Art Retail Group Ltd.		93,000		121,198
Sunac China Holdings Ltd.		105,000		441,669


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		42

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI BRIC ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Suning.com Co. Ltd., Class A		24,800	$	35,666
Sunny Optical Technology Group Co. Ltd.		31,000		459,591
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		6,200		25,156
TAL Education Group, ADR^(a)		15,810		1,166,936
TBEA Co. Ltd., Class A		12,400		14,791
TCL Technology Group Corp., Class A		49,600		51,272
Tencent Holdings Ltd.		206,600		14,141,830
Tencent Music Entertainment Group, ADR^(a)		19,716		308,161
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		12,400		39,232
Tianma Microelectronics Co. Ltd., Class A		6,200		14,873
Tianshui Huatian Technology Co. Ltd., Class A		18,600		43,016
Tingyi Cayman Islands Holding Corp.		124,000		232,955
Tongcheng-Elong Holdings Ltd.^(a)		49,600		97,278
TongFu Microelectronics Co. Ltd., Class A^(a)		12,400		43,107
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		6,200		12,881
Tongling Nonferrous Metals Group Co. Ltd., Class A		37,200		12,438
Tongwei Co. Ltd., Class A		12,495		44,513
Topsports International Holdings Ltd.^(b)		62,000		76,719
Transfar Zhilian Co. Ltd., Class A		12,400		10,935
TravelSky Technology Ltd., Class H		62,000		128,958
Trip.com Group Ltd., ADR^(a)		18,786		568,089
Tsingtao Brewery Co. Ltd., Class H		24,000		218,628
Uni-President China Holdings Ltd.		62,000		56,479
Unisplendour Corp. Ltd., Class A		8,680		41,568
Vipshop Holdings Ltd., ADR^(a)		17,670		291,732
Walvax Biotechnology Co. Ltd., Class A		6,200		57,482
Wanda Film Holding Co. Ltd., Class A^(a)		6,200		16,774
Wanhua Chemical Group Co. Ltd., Class A		6,200		66,344
Want Want China Holdings Ltd.		186,000		127,678
Weibo Corp., ADR^(a)		3,286		122,568
Weichai Power Co. Ltd., Class A		24,800		53,662
Weichai Power Co. Ltd., Class H		62,100		125,480
Wens Foodstuffs Group Co. Ltd., Class A		15,240		54,915
Western Securities Co. Ltd., Class A		24,800		35,340
Wharf Holdings Ltd. (The)		62,000		120,958
Winning Health Technology Group Co. Ltd., Class A		8,150		25,226
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		6,200		41,269
Wuliangye Yibin Co. Ltd., Class A		10,000		350,408
WUS Printed Circuit Kunshan Co. Ltd., Class A		6,200		19,046
WuXi AppTec Co. Ltd., Class A		9,040		145,067
WuXi AppTec Co. Ltd., Class H^(b)		12,956		191,912
Wuxi Biologics Cayman Inc.^(a)(b)		39,500		1,026,470
XCMG Construction Machinery Co. Ltd., Class A		24,800		22,486
Xiamen C & D Inc., Class A		12,400		17,416
Xiaomi Corp., Class B^(a)(b)		396,800		1,203,177
Xinhu Zhongbao Co. Ltd., Class A		24,800		12,746
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		18,653		29,740
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		55,034		47,364
Xinyi Solar Holdings Ltd.		188,000		237,482
Yango Group Co. Ltd., Class A		12,400		12,764
Yanzhou Coal Mining Co. Ltd., Class H		124,000		95,518
Yihai International Holding Ltd.^(a)		16,000		251,453
Yonghui Superstores Co. Ltd., Class A		24,893		32,274
Yonyou Network Technology Co. Ltd., Class A		12,430		76,059
Yuexiu Property Co. Ltd.		248,000		47,359
Yum China Holdings Inc.^(a)		14,322		826,523


Security	Shares		Value

China (continued)
Yunda Holding Co. Ltd., Class A		8,330	$	25,273
Yunnan Baiyao Group Co. Ltd., Class A		7,420		125,354
Yuzhou Group Holdings Co. Ltd.		62,000		28,959
Zai Lab Ltd., ADR^(a)		2,852		226,363
Zhaojin Mining Industry Co. Ltd., Class H		62,000		69,439
Zhejiang Chint Electrics Co. Ltd., Class A^(a)		6,200		31,203
Zhejiang Dahua Technology Co. Ltd., Class A		12,400		41,387
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		6,200		23,590
Zhejiang Juhua Co. Ltd., Class A		12,400		12,673
Zhejiang Longsheng Group Co. Ltd., Class A		6,200		12,990
Zhejiang NHU Co. Ltd., Class A		13,630		65,213
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		8,330		27,486
Zhengzhou Yutong Bus Co. Ltd., Class A		6,200		12,863
Zhenro Properties Group Ltd.		62,000		36,239
Zheshang Securities Co. Ltd., Class A		12,400		26,939
ZhongAn Online P&C Insurance Co. Ltd., Class H^(a)(b)		12,400		81,678
Zhongjin Gold Corp. Ltd., Class A		12,400		19,734
Zhongsheng Group Holdings Ltd.		31,000		193,596
Zhuzhou CRRC Times Electric Co. Ltd., Class H		24,800		79,678
Zijin Mining Group Co. Ltd., Class A		24,800		26,034
Zijin Mining Group Co. Ltd., Class H		279,000		190,436
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A^(a)		19,800		24,630
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H^(a)		78,400		78,500
ZTE Corp., Class A		6,200		35,304
ZTE Corp., Class H		37,248		108,378
ZTO Express Cayman Inc., ADR		13,330		446,955

				106,202,642

India — 13.7%
Adani Ports & Special Economic Zone Ltd.		20,461		98,889
Ambuja Cements Ltd.		23,498		67,215
Asian Paints Ltd.		12,090		311,926
Aurobindo Pharma Ltd.		10,602		116,509
Avenue Supermarts Ltd.^(a)(b)		5,828		178,247
Axis Bank Ltd.^(a)		81,902		552,727
Bajaj Auto Ltd.		3,348		134,952
Bajaj Finance Ltd.		7,130		337,846
Bajaj Finserv Ltd.		1,488		125,140
Bandhan Bank Ltd.^(a)(b)		27,094		112,561
Berger Paints India Ltd.		9,238		67,483
Bharat Forge Ltd.		9,796		65,371
Bharat Petroleum Corp. Ltd.		27,156		150,450
Bharti Airtel Ltd.		53,568		373,409
Bharti Infratel Ltd.		16,368		44,151
Biocon Ltd.^(a)		13,144		67,169
Bosch Ltd.		372		64,760
Britannia Industries Ltd.		2,108		106,708
Cipla Ltd.		14,260		138,236
Coal India Ltd.		28,272		51,603
Colgate-Palmolive India Ltd.		2,418		44,783
Container Corp. of India Ltd.		9,176		48,992
Dabur India Ltd.		23,498		151,508
Divi’s Laboratories Ltd.		3,286		139,409
DLF Ltd.		32,240		69,357
Dr. Reddy’s Laboratories Ltd.		4,154		240,676
Eicher Motors Ltd.		5,580		158,589
GAIL India Ltd.		59,582		77,424
Godrej Consumer Products Ltd.		14,446		127,822


43		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® MSCI BRIC ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

India (continued)
Grasim Industries Ltd.		3,984	$	36,526
Havells India Ltd.		11,656		97,474
HCL Technologies Ltd.		46,438		438,088
HDFC Asset Management Co. Ltd.^(b)		1,798		58,891
HDFC Life Insurance Co. Ltd.^(a)(b)		21,824		170,423
Hero MotoCorp Ltd.		3,906		159,517
Hindalco Industries Ltd.		38,502		96,899
Hindustan Petroleum Corp. Ltd.		25,048		68,586
Hindustan Unilever Ltd.		31,558		907,779
Housing Development Finance Corp. Ltd.		61,814		1,538,978
ICICI Bank Ltd.^(a)		198,400		1,063,596
ICICI Lombard General Insurance Co. Ltd.^(b)		7,254		123,847
ICICI Prudential Life Insurance Co. Ltd.^(b)		12,958		74,404
Indian Oil Corp. Ltd.		76,570		89,253
Indraprastha Gas Ltd.^(a)		11,526		61,766
Info Edge India Ltd.		2,976		131,952
Infosys Ltd.		139,872		1,764,564
InterGlobe Aviation Ltd.^(a)(b)		4,340		70,704
ITC Ltd.		116,912		303,527
JSW Steel Ltd.		33,418		122,490
Larsen & Toubro Ltd.		19,592		251,516
LIC Housing Finance Ltd.		12,152		49,742
Lupin Ltd.		10,044		126,567
Mahindra & Mahindra Ltd.		27,094		223,392
Marico Ltd.		18,352		91,975
Maruti Suzuki India Ltd.		4,278		397,532
Motherson Sumi Systems Ltd.		39,060		58,213
Nestle India Ltd.		930		201,516
NTPC Ltd.		93,124		121,960
Oil & Natural Gas Corp. Ltd.		97,278		108,303
Page Industries Ltd.		248		63,974
Petronet LNG Ltd.		24,118		78,752
Pidilite Industries Ltd.		5,332		101,616
Piramal Enterprises Ltd.		3,534		65,646
Power Grid Corp. of India Ltd.		56,110		136,411
REC Ltd.		30,938		44,616
Reliance Industries Ltd.		111,166		3,142,385
SBI Life Insurance Co. Ltd.^(a)(b)		14,074		158,269
Shree Cement Ltd.		372		102,507
Shriram Transport Finance Co. Ltd.		4,650		44,376
Siemens Ltd.		2,790		43,963
State Bank of India^(a)		71,920		207,140
Sun Pharmaceutical Industries Ltd.		35,154		248,465
Tata Consultancy Services Ltd.		37,758		1,157,888
Tata Consumer Products Ltd.		12,586		91,025
Tata Motors Ltd.^(a)		18,910		36,789
Tata Steel Ltd.		8,122		45,571
Tech Mahindra Ltd.		20,956		210,962
Titan Co. Ltd.		11,408		170,560
Torrent Pharmaceuticals Ltd.		1,798		65,015
UltraTech Cement Ltd.		4,526		240,041
United Spirits Ltd.^(a)		11,594		86,103
UPL Ltd.		15,438		106,115
Vedanta Ltd.		55,986		97,851
Wipro Ltd.		48,484		178,701
Zee Entertainment Enterprises Ltd.		22,630		62,580

				20,221,213

Russia — 5.3%
Alrosa PJSC		76,880		68,140
Gazprom PJSC		434,624		1,060,410


Security	Shares		Value

Russia (continued)
Inter RAO UES PJSC		1,612,000	$	113,168
LUKOIL PJSC		16,058		1,077,461
Magnit PJSC, GDR^(f)		14,322		210,104
Magnitogorsk Iron & Steel Works PJSC		136,400		69,148
MMC Norilsk Nickel PJSC		2,480		644,520
Mobile TeleSystems PJSC, ADR		18,600		173,352
Moscow Exchange MICEX-RTS PJSC		55,380		102,168
Novatek PJSC, GDR^(f)		3,661		542,194
Novolipetsk Steel PJSC		37,200		77,473
PhosAgro PJSC, GDR, Registered Shares^(f)		8,618		102,726
Polymetal International PLC		7,455		199,080
Polyus PJSC		1,343		326,219
Rosneft Oil Co. PJSC		47,452		238,219
Sberbank of Russia PJSC^(a)		402,380		1,222,286
Severstal PAO		4,464		56,000
Surgutneftegas PJSC		291,410		143,697
Tatneft PJSC		49,414		363,247
VTB Bank PJSC^(a)		131,306,001		62,142
X5 Retail Group NV, GDR^(f)		3,968		142,846
Yandex NV, Class A^(a)		10,440		727,989

				7,722,589


Total Common Stocks — 97.5% (Cost: $127,629,156)				143,405,628


Preferred Stocks

Brazil — 2.0%
Banco Bradesco SA, Preference Shares, NVS		161,252		609,630
Braskem SA, Class A, Preference Shares, NVS		6,200		24,061
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		6,282		41,098
Cia. Energetica de Minas Gerais, Preference Shares, NVS		38,895		74,657
Gerdau SA, Preference Shares, NVS		43,400		151,025
Itau Unibanco Holding SA, Preference Shares, NVS		179,856		772,090
Itausa SA, Preference Shares, NVS		130,244		223,883
Lojas Americanas SA, Preference Shares, NVS		31,390		184,647
Petroleo Brasileiro SA, Preference Shares, NVS		173,414		691,962
Telefonica Brasil SA, Preference Shares, NVS		18,664		162,760

				2,935,813

Russia — 0.1%
Surgutneftegas PJSC, Preference Shares, NVS		285,200		142,868


Total Preferred Stocks — 2.1% (Cost: $3,103,622)				3,078,681


Rights

China — 0.0%
Legend Holdings Corp. Class H, (Expires 10/30/20)^(a)(d)		2,030		0	^(e)


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


Short-Term Investments

Money Market Funds — 2.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(g)(h)(i)		2,653,908		2,656,562


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		44

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI BRIC ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(g)(h)		960,000	$	960,000

				3,616,562


Total Short-Term Investments — 2.4% (Cost: $3,614,478)				3,616,562


Total Investments in Securities — 102.0% (Cost: $134,347,256)				150,100,871

Other Assets, Less Liabilities — (2.0)%				(2,978,041	)


Net Assets — 100.0%			$	147,122,830

^(a)	Non-income producing security.

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

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

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

^(e)	Rounds to less than $1.

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

^(g)	Affiliate of the Fund.

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

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

Affiliates



Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	4,938,054	$	—		$	(2,284,479	)^(a)	$	1,127	$	1,860	$	2,656,562		2,653,908	$	51,228	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		181,000		779,000	^(a)		—			—		—		960,000		960,000		3,194			—

									$	1,127	$	1,860	$	3,616,562			$	54,422		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts



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

Long Contracts
Hang Seng China Enterprises Index		2		09/29/20	$	129	$	(3,815	)
MSCI Emerging Markets E-Mini Index		5		09/18/20		275		(4,521	)

							$	(8,336	)


45		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® MSCI BRIC ETF

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	8,336

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:


	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	51,503

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(16,105	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	479,023

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

Fair Value Measurements


	Level 1			Level 2		Level 3			Total
Investments
Assets
Common Stocks	$	143,405,628		$	—	$	0	^(a)	$	143,405,628
Preferred Stocks		3,078,681			—		—			3,078,681
Rights		—			—		0	^(a)		0	^(a)
Money Market Funds		3,616,562			—		—			3,616,562

	$	150,100,871		$	—	$	0	^(a)	$	150,100,871

Derivative financial instruments^(b)
Liabilities
Futures Contracts	$	(8,336	)	$	—	$	—		$	(8,336	)

^(a)

Rounds to less than $1.

^(b)

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

See notes to consolidated financial statements.


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		46

Consolidated Schedule of Investments

August 31, 2020

iShares^® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

China — 50.4%
360 Security Technology Inc., Class A		8,199	$	22,362
3SBio Inc.^(a)(b)(c)		180,500		211,938
51job Inc., ADR^(b)(c)		3,404		223,098
58.com Inc., ADR^(b)(c)		12,136		671,849
AAC Technologies Holdings Inc.^(c)		92,500		583,634
AECC Aviation Power Co. Ltd., Class A		15,000		97,764
Agile Group Holdings Ltd.		192,000		265,079
Agricultural Bank of China Ltd., Class A		454,500		213,011
Agricultural Bank of China Ltd., Class H		3,404,000		1,137,573
Aier Eye Hospital Group Co. Ltd., Class A		20,580		156,157
Air China Ltd., Class A		44,400		46,999
Air China Ltd., Class H		198,000		136,426
Aisino Corp., Class A		24,400		64,160
Alibaba Group Holding Ltd., ADR^(b)		190,920		54,799,768
Alibaba Health Information Technology Ltd.^(b)		22,000		53,140
Alibaba Pictures Group Ltd.^(b)(c)		1,830,000		259,737
A-Living Services Co. Ltd., Class H^(a)		37,000		190,964
Aluminum Corp. of China Ltd., Class A^(b)		103,600		47,798
Aluminum Corp. of China Ltd., Class H^(b)		528,000		129,443
Angang Steel Co. Ltd., Class A		85,760		33,682
Anhui Conch Cement Co. Ltd., Class A		19,500		173,415
Anhui Conch Cement Co. Ltd., Class H		153,000		1,109,475
ANTA Sports Products Ltd.		135,000		1,333,426
Autohome Inc., ADR^(c)		7,252		581,900
AVIC Aircraft Co. Ltd., Class A		16,800		59,359
Avic Capital Co. Ltd., Class A		133,200		97,822
AVIC Shenyang Aircraft Co. Ltd., Class A		6,300		54,316
AviChina Industry & Technology Co. Ltd., Class H		339,000		211,707
BAIC BluePark New Energy Technology Co. Ltd., Class A^(b)		31,200		29,382
BAIC Motor Corp. Ltd., Class H^(a)(c)		296,000		141,695
Baidu Inc., ADR^(b)		32,116		4,000,690
Bank of Chengdu Co. Ltd., Class A		19,700		29,223
Bank of China Ltd., Class A		172,900		82,800
Bank of China Ltd., Class H		9,028,000		2,958,797
Bank of Communications Co. Ltd., Class A		199,600		137,843
Bank of Communications Co. Ltd., Class H		1,048,000		547,654
Bank of Hangzhou Co. Ltd., Class A		44,600		84,327
Bank of Jiangsu Co. Ltd., Class A		70,399		65,988
Bank of Nanjing Co. Ltd., Class A		57,100		71,613
Bank of Ningbo Co. Ltd., Class A		28,600		148,237
Bank of Shanghai Co. Ltd., Class A		67,970		83,559
Baoshan Iron & Steel Co. Ltd., Class A		81,600		58,855
Baozun Inc., ADR^(b)(c)		5,772		239,192
BBMG Corp., Class A		53,400		25,729
Beijing Capital International Airport Co. Ltd., Class H^(b)		186,000		131,517
Beijing Dabeinong Technology Group Co. Ltd., Class A		38,800		64,410
Beijing Enlight Media Co. Ltd., Class A		29,600		70,012
Beijing Enterprises Holdings Ltd.		65,000		206,738
Beijing Enterprises Water Group Ltd.^(b)		682,000		268,395
Beijing Shiji Information Technology Co. Ltd., Class A		5,400		25,939
Beijing Sinnet Technology Co. Ltd., Class A		14,800		56,960
Beijing Tongrentang Co. Ltd., Class A		18,400		79,788
BEST Inc., ADR^(b)		7,104		28,416
Betta Pharmaceuticals Co. Ltd., Class A		2,600		49,668
Bilibili Inc., ADR^(b)		592		27,972
BOC Aviation Ltd.^(a)		26,300		195,634
BOE Technology Group Co. Ltd., Class A		162,800		130,732


Security	Shares		Value


China (continued)
Bosideng International Holdings Ltd.^(c)		440,000	$	126,036
Brilliance China Automotive Holdings Ltd.		376,000		336,695
BYD Co. Ltd., Class A		10,300		127,826
BYD Co. Ltd., Class H		80,000		794,823
BYD Electronic International Co. Ltd.		91,500		387,834
Caitong Securities Co. Ltd., Class A		24,500		52,082
CGN Power Co. Ltd., Class H^(a)		1,255,000		272,046
Changjiang Securities Co. Ltd., Class A		56,100		69,868
Chaozhou Three-Circle Group Co. Ltd., Class A		29,699		121,326
Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A		4,900		34,569
China Aoyuan Group Ltd.		162,000		186,871
China Avionics Systems Co. Ltd., Class A		12,900		33,601
China Cinda Asset Management Co. Ltd., Class H		1,128,000		215,407
China CITIC Bank Corp. Ltd., Class A		87,000		66,306
China CITIC Bank Corp. Ltd., Class H		888,000		371,234
China Communications Construction Co. Ltd., Class A		20,100		23,331
China Communications Construction Co. Ltd., Class H		525,000		294,672
China Communications Services Corp. Ltd., Class H		332,000		218,045
China Conch Venture Holdings Ltd.		209,000		906,099
China Construction Bank Corp., Class A		88,800		80,384
China Construction Bank Corp., Class H		10,656,000		7,548,427
China Eastern Airlines Corp. Ltd., Class A		236,872		174,650
China Education Group Holdings Ltd.^(c)		93,000		182,876
China Everbright Bank Co. Ltd., Class A		225,100		126,203
China Everbright Bank Co. Ltd., Class H		305,000		109,404
China Everbright International Ltd.		461,481		278,670
China Everbright Ltd.		122,000		187,955
China Evergrande Group		232,000		541,822
China Film Co. Ltd., Class A		29,600		64,912
China Fortune Land Development Co. Ltd., Class A		22,120		54,257
China Galaxy Securities Co. Ltd., Class H		518,000		312,131
China Gas Holdings Ltd.		325,600		892,757
China Gezhouba Group Co. Ltd., Class A		37,200		34,543
China Great Wall Securities Co. Ltd., Class A		14,800		30,101
China Hongqiao Group Ltd.		277,000		178,706
China Huarong Asset Management Co. Ltd., Class H^(a)		1,268,000		145,613
China Huishan Dairy Holdings Co. Ltd.^(b)(d)		20,200		0	^(e)
China International Capital Corp. Ltd., Class H^(a)(b)		171,200		406,896
China Jinmao Holdings Group Ltd.		676,000		423,037
China Lesso Group Holdings Ltd.		69,000		128,738
China Life Insurance Co. Ltd., Class A		10,900		69,514
China Life Insurance Co. Ltd., Class H		918,000		2,236,323
China Literature Ltd.^(a)(b)		6,400		39,762
China Longyuan Power Group Corp. Ltd., Class H		400,000		252,382
China Medical System Holdings Ltd.		175,000		197,577
China Mengniu Dairy Co. Ltd.^(b)		340,000		1,671,452
China Merchants Bank Co. Ltd., Class A		133,200		732,983
China Merchants Bank Co. Ltd., Class H		459,331		2,192,893
China Merchants Energy Shipping Co. Ltd., Class A		28,300		26,692
China Merchants Port Holdings Co. Ltd.		178,000		203,720
China Merchants Securities Co. Ltd., Class A^(b)		42,680		134,287
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		32,400		79,000
China Minsheng Banking Corp. Ltd., Class A		223,900		181,431
China Minsheng Banking Corp. Ltd., Class H		809,160		492,795
China Mobile Ltd.		692,000		4,834,977
China Molybdenum Co. Ltd., Class A		88,800		55,491
China Molybdenum Co. Ltd., Class H		513,000		208,506
China National Building Material Co. Ltd., Class H		488,000		686,335


47		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


China (continued)
China National Chemical Engineering Co. Ltd., Class A		65,600	$	56,126
China National Nuclear Power Co. Ltd., Class A		91,700		62,391
China National Software & Service Co. Ltd., Class A		2,500		36,077
China Northern Rare Earth Group High-Tech Co. Ltd., Class A^(b)		22,100		39,849
China Oilfield Services Ltd., Class H		214,000		168,159
China Overseas Land & Investment Ltd.		471,000		1,364,354
China Pacific Insurance Group Co. Ltd., Class A		32,300		145,344
China Pacific Insurance Group Co. Ltd., Class H		325,800		905,917
China Petroleum & Chemical Corp., Class A^(b)		103,600		60,958
China Petroleum & Chemical Corp., Class H		3,040,600		1,404,534
China Power International Development Ltd.		624,000		120,772
China Railway Construction Corp. Ltd., Class A		58,399		76,141
China Railway Construction Corp. Ltd., Class H		241,000		185,333
China Railway Group Ltd., Class A		99,800		81,598
China Railway Group Ltd., Class H		448,000		230,065
China Railway Signal & Communication Corp. Ltd., Class H^(a)		134,000		54,291
China Reinsurance Group Corp., Class H		668,000		71,539
China Renewable Energy Investment Ltd.^(a)(b)(d)		2,513		0	^(e)
China Resources Beer Holdings Co. Ltd.		180,000		1,170,558
China Resources Cement Holdings Ltd.		328,000		478,236
China Resources Gas Group Ltd.		118,000		554,209
China Resources Land Ltd.		339,777		1,571,712
China Resources Pharmaceutical Group Ltd.^(a)		222,000		125,750
China Resources Power Holdings Co. Ltd.		296,000		351,374
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		14,900		62,000
China Shenhua Energy Co. Ltd., Class A		25,200		59,457
China Shenhua Energy Co. Ltd., Class H		410,500		685,389
China Shipbuilding Industry Co. Ltd., Class A^(b)		119,499		84,619
China South Publishing & Media Group Co. Ltd., Class A		50,899		83,232
China Southern Airlines Co. Ltd., Class A^(b)		83,500		71,441
China Southern Airlines Co. Ltd., Class H^(b)(c)		194,000		102,380
China Spacesat Co. Ltd., Class A		15,100		86,996
China State Construction Engineering Corp. Ltd., Class A		222,640		167,082
China State Construction International Holdings Ltd.		264,000		204,724
China Taiping Insurance Holdings Co. Ltd.		201,700		320,632
China Telecom Corp. Ltd., Class H		1,720,000		563,705
China Tourism Group Duty Free Corp. Ltd., Class A		10,500		318,872
China Tower Corp. Ltd., Class H^(a)		5,180,000		989,194
China Traditional Chinese Medicine Holdings Co. Ltd.^(b)		360,000		153,752
China Unicom Hong Kong Ltd.		744,000		527,030
China United Network Communications Ltd., Class A		158,700		120,256
China Vanke Co. Ltd., Class A		55,600		221,372
China Vanke Co. Ltd., Class H		207,200		644,313
China Yangtze Power Co. Ltd., Class A		133,200		375,340
Chongqing Brewery Co. Ltd., Class A		3,499		46,514
Chongqing Changan Automobile Co. Ltd., Class A^(b)		20,900		35,733
Chongqing Rural Commercial Bank Co. Ltd., Class H		256,000		104,380
Chongqing Zhifei Biological Products Co. Ltd., Class A		9,100		179,565
CIFI Holdings Group Co. Ltd.		366,000		311,684
CITIC Ltd.		697,000		635,832
CITIC Securities Co. Ltd., Class A		59,400		275,789
CITIC Securities Co. Ltd., Class H		238,500		573,004
CNOOC Ltd.		2,122,000		2,414,926
Contemporary Amperex Technology Co. Ltd., Class A		11,700		352,496
COSCO SHIPPING Development Co. Ltd., Class A		193,900		60,017
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		204,000		93,970


Security	Shares		Value

China (continued)
COSCO SHIPPING Holdings Co. Ltd., Class A^(b)		94,200	$	74,819
COSCO SHIPPING Holdings Co. Ltd., Class H^(b)		284,000		142,547
COSCO SHIPPING Ports Ltd.		228,000		129,148
Country Garden Holdings Co. Ltd.^(c)		926,828		1,149,244
Country Garden Services Holdings Co. Ltd.		152,000		1,060,057
CRRC Corp. Ltd., Class A		107,600		92,060
CRRC Corp. Ltd., Class H		548,750		247,818
CSPC Pharmaceutical Group Ltd.		680,000		1,510,887
Dali Foods Group Co. Ltd.^(a)		265,500		162,723
Daqin Railway Co. Ltd., Class A		64,099		61,954
DHC Software Co. Ltd., Class A		22,300		37,964
Dong-E-E-Jiao Co. Ltd., Class A		5,300		35,774
Dongfang Electric Corp. Ltd., Class A		19,800		28,938
Dongfeng Motor Group Co. Ltd., Class H		352,000		244,351
Dongxing Securities Co. Ltd., Class A		34,800		67,830
East Money Information Co. Ltd., Class A		44,580		170,271
ENN Energy Holdings Ltd.		97,500		1,081,915
Everbright Securities Co. Ltd., Class A		14,900		47,686
Fangda Carbon New Material Co. Ltd., Class A^(b)		133,240		130,922
Far East Horizon Ltd.		258,000		228,367
Financial Street Holdings Co. Ltd., Class A		14,800		14,780
First Capital Securities Co. Ltd., Class A		23,000		36,099
Focus Media Information Technology Co. Ltd., Class A		77,400		85,207
Foshan Haitian Flavouring & Food Co. Ltd., Class A		14,821		396,430
Fosun International Ltd.		326,000		363,010
Founder Securities Co. Ltd., Class A^(b)		76,000		97,314
Foxconn Industrial Internet Co. Ltd., Class A		14,800		31,851
Fuyao Glass Industry Group Co. Ltd., Class A		15,800		66,853
Fuyao Glass Industry Group Co. Ltd., Class H^(a)		71,200		229,214
Ganfeng Lithium Co. Ltd., Class A		8,900		65,634
G-Bits Network Technology Xiamen Co. Ltd., Class A		700		63,287
GD Power Development Co. Ltd., Class A		91,800		27,476
GDS Holdings Ltd., ADR^(b)		7,844		634,893
Geely Automobile Holdings Ltd.		703,000		1,485,796
Gemdale Corp., Class A		28,600		59,796
Genscript Biotech Corp.^(b)		120,000		231,944
GF Securities Co. Ltd., Class A		58,000		136,931
GF Securities Co. Ltd., Class H		146,000		172,748
Giant Network Group Co. Ltd., Class A		26,200		79,145
GoerTek Inc., Class A		22,600		135,584
GOME Retail Holdings Ltd.^(b)(c)		1,395,000		199,796
Great Wall Motor Co. Ltd., Class H		388,000		421,034
Gree Electric Appliances Inc. of Zhuhai, Class A		15,400		122,541
Greenland Holdings Corp. Ltd., Class A		47,100		52,607
Greentown Service Group Co. Ltd.		184,000		247,386
Guangdong HEC Technology Holding Co. Ltd., Class A^(b)		19,000		17,976
Guangdong Investment Ltd.		358,000		558,931
Guanghui Energy Co. Ltd., Class A^(b)		52,300		22,221
Guangzhou Automobile Group Co. Ltd., Class H		372,800		320,361
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		7,300		34,650
Guangzhou Haige Communications Group Inc. Co., Class A		36,500		70,451
Guangzhou R&F Properties Co. Ltd., Class H		163,200		207,629
Guosen Securities Co. Ltd., Class A		45,600		93,275
Guotai Junan Securities Co. Ltd., Class A		27,500		77,652
Guotai Junan Securities Co. Ltd., Class H^(a)		104,200		162,683
Guoyuan Securities Co. Ltd., Class A		14,800		23,813
Haidilao International Holding Ltd.^(a)(c)		51,000		329,026
Haier Electronics Group Co. Ltd.		158,000		541,267


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		48

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Haier Smart Home Co. Ltd., Class A		29,700	$	96,700
Haitian International Holdings Ltd.		83,000		200,910
Haitong Securities Co. Ltd., Class A^(b)		66,000		146,182
Haitong Securities Co. Ltd., Class H^(b)		324,400		294,675
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		45,500		248,587
Hangzhou Robam Appliances Co. Ltd., Class A		5,600		31,887
Hangzhou Tigermed Consulting Co. Ltd., Class A		8,500		138,995
Hansoh Pharmaceutical Group Co. Ltd.^(a)(b)		30,000		142,255
Henan Shuanghui Investment & Development Co. Ltd., Class A		29,600		274,428
Hengan International Group Co. Ltd.		90,500		713,477
Hengli Petrochemical Co. Ltd., Class A		29,600		90,885
Hengtong Optic-Electric Co. Ltd., Class A		36,900		88,086
Hengyi Petrochemical Co. Ltd., Class A		29,690		53,969
Hesteel Co. Ltd., Class A^(b)		94,800		30,727
Hithink RoyalFlush Information Network Co. Ltd., Class A		2,600		63,744
Hongfa Technology Co. Ltd., Class A		6,100		41,574
Hua Hong Semiconductor Ltd.^(a)(b)		58,000		209,544
Huaan Securities Co. Ltd., Class A		28,200		37,056
Huadian Power International Corp. Ltd., Class A		48,300		28,278
Huadong Medicine Co. Ltd., Class A		8,800		35,924
Huaneng Power International Inc., Class H		592,000		246,726
Huatai Securities Co. Ltd., Class A		44,400		138,792
Huatai Securities Co. Ltd., Class H^(a)		213,200		374,124
Huaxi Securities Co. Ltd., Class A		44,400		82,977
Huaxia Bank Co. Ltd., Class A		80,400		75,480
Huayu Automotive Systems Co. Ltd., Class A		18,900		68,656
Huazhu Group Ltd., ADR		16,428		734,824
Hubei Biocause Pharmaceutical Co. Ltd., Class A		40,600		33,373
Hubei Energy Group Co. Ltd., Class A		91,900		52,329
Hunan Valin Steel Co. Ltd., Class A		38,300		27,233
Hundsun Technologies Inc., Class A		8,580		139,602
Hutchison China MediTech Ltd., ADR^(b)(c)		8,307		275,959
HUYA Inc., ADR^(b)		2,960		85,011
Iflytek Co. Ltd., Class A		12,300		67,685
Industrial & Commercial Bank of China Ltd., Class A		316,500		229,202
Industrial & Commercial Bank of China Ltd., Class H		6,808,000		3,812,406
Industrial Bank Co. Ltd., Class A		115,200		271,805
Industrial Securities Co. Ltd., Class A		15,400		18,482
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A^(b)		331,700		56,178
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		59,200		80,902
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		36,600		224,116
Inner Mongolia Yitai Coal Co. Ltd., Class B		142,800		99,960
Innovent Biologics Inc.^(a)(b)		81,500		543,148
iQIYI Inc., ADR^(b)		14,652		317,216
JD.com Inc., ADR^(b)		95,756		7,530,252
Jiangsu Expressway Co. Ltd., Class H		124,000		124,158
Jiangsu Hengli Hydraulic Co. Ltd., Class A		5,920		56,623
Jiangsu Hengrui Medicine Co. Ltd., Class A		28,164		390,110
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		7,203		148,379
Jiangsu Zhongtian Technology Co. Ltd., Class A		29,600		48,835
Jiangxi Copper Co. Ltd., Class A		12,600		28,735
Jiangxi Copper Co. Ltd., Class H		167,000		196,948
Jinduicheng Molybdenum Co. Ltd., Class A		24,600		22,448
Jinke Properties Group Co. Ltd., Class A		59,200		88,336
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		29,600		84,230
Jointown Pharmaceutical Group Co. Ltd., Class A^(b)		29,600		76,581
JOYY Inc.^(b)		6,956		594,321
Kaisa Group Holdings Ltd.^(b)		375,000		188,706


Security	Shares		Value

China (continued)
Kingboard Holdings Ltd.		97,500	$	313,881
Kingboard Laminates Holdings Ltd.		152,000		191,614
Kingdee International Software Group Co. Ltd.^(b)(c)		304,000		775,087
Kingsoft Corp. Ltd.		108,000		578,311
Kunlun Energy Co. Ltd.		408,000		304,283
Kweichow Moutai Co. Ltd., Class A		7,918		2,065,294
KWG Group Holdings Ltd.		164,000		311,911
Lee & Man Paper Manufacturing Ltd.		178,000		106,568
Legend Holdings Corp., Class H^(a)		49,600		73,087
Lenovo Group Ltd.		912,000		609,557
Lens Technology Co. Ltd., Class A		26,600		134,065
Lepu Medical Technology Beijing Co. Ltd., Class A		13,100		74,134
Li Ning Co. Ltd.		248,500		1,051,696
Liaoning Cheng Da Co. Ltd., Class A		29,600		113,272
Logan Group Co. Ltd.		197,000		367,048
Longfor Group Holdings Ltd.^(a)		216,500		1,146,729
LONGi Green Energy Technology Co. Ltd., Class A		20,700		191,249
Luxshare Precision Industry Co. Ltd., Class A		38,741		311,098
Luye Pharma Group Ltd.^(a)(c)		222,000		120,307
Luzhou Laojiao Co. Ltd., Class A		7,700		168,072
Mango Excellent Media Co. Ltd., Class A		7,100		73,600
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A^(b)		29,684		76,105
Meituan Dianping, Class B^(b)		266,400		8,785,874
Momo Inc., ADR		17,794		362,998
Muyuan Foodstuff Co. Ltd., Class A		13,600		174,340
NARI Technology Co. Ltd., Class A		26,900		87,976
NavInfo Co. Ltd., Class A		10,800		25,923
NetEase Inc., ADR		9,620		4,686,960
New China Life Insurance Co. Ltd., Class A		12,300		107,481
New China Life Insurance Co. Ltd., Class H		99,100		395,753
New Hope Liuhe Co. Ltd., Class A		21,300		118,175
New Oriental Education & Technology Group Inc., ADR^(b)		17,211		2,523,649
Nine Dragons Paper Holdings Ltd.^(c)		216,000		239,686
Ninestar Corp., Class A		14,800		78,936
NIO Inc., ADR^(b)(c)		99,043		1,884,788
Noah Holdings Ltd.^(b)(c)		4,884		136,752
OFILM Group Co. Ltd., Class A		24,600		67,919
Oppein Home Group Inc., Class A		2,800		41,290
Orient Securities Co. Ltd., Class A		33,700		58,109
Oriental Pearl Group Co. Ltd., Class A		27,100		42,178
Pacific Securities Co. Ltd. (The), Class A^(b)		51,300		31,832
People’s Insurance Co. Group of China Ltd. (The), Class H		1,017,000		331,995
Perfect World Co. Ltd., Class A		9,396		50,223
PetroChina Co. Ltd., Class A		52,900		34,215
PetroChina Co. Ltd., Class H		2,580,000		892,163
PICC Property & Casualty Co. Ltd., Class H		770,740		595,696
Pinduoduo Inc., ADR^(b)(c)		23,815		2,118,106
Ping An Bank Co. Ltd., Class A		92,300		203,220
Ping An Healthcare and Technology Co. Ltd.^(a)(b)(c)		29,800		434,495
Ping An Insurance Group Co. of China Ltd., Class A		65,600		733,853
Ping An Insurance Group Co. of China Ltd., Class H		666,000		7,093,837
Poly Developments and Holdings Group Co. Ltd., Class A		59,400		139,629
Postal Savings Bank of China Co. Ltd., Class H^(a)		1,000,000		473,539
Power Construction Corp. of China Ltd., Class A		59,200		35,179
RiseSun Real Estate Development Co. Ltd., Class A		29,800		35,851
Rongsheng Petro Chemical Co. Ltd., Class A		29,619		85,625
SAIC Motor Corp. Ltd., Class A		45,922		125,111
Sanan Optoelectronics Co. Ltd., Class A		24,700		97,875


49		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Sansteel Minguang Co. Ltd. Fujian, Class A		20,900	$	21,208
Sany Heavy Industry Co. Ltd., Class A		43,300		139,968
SDIC Capital Co. Ltd., Class A		27,600		61,171
SDIC Power Holdings Co. Ltd., Class A		25,800		34,128
Seazen Group Ltd.^(b)		310,000		281,195
Seazen Holdings Co. Ltd., Class A		11,300		59,229
Semiconductor Manufacturing International Corp.^(b)		373,300		1,199,354
SF Holding Co. Ltd., Class A		6,400		79,519
Shaanxi Coal Industry Co. Ltd., Class A		70,100		83,209
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		18,500		74,982
Shandong Gold Mining Co. Ltd., Class A		22,260		94,219
Shandong Linglong Tyre Co. Ltd., Class A		18,800		65,630
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		264,000		616,556
Shanghai Electric Group Co. Ltd., Class A^(b)		81,900		66,485
Shanghai Electric Group Co. Ltd., Class H^(b)		296,000		87,080
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		17,100		136,867
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		53,000		223,963
Shanghai Industrial Holdings Ltd.		63,000		94,620
Shanghai International Airport Co. Ltd., Class A		8,800		98,161
Shanghai International Port Group Co. Ltd., Class A		40,700		26,384
Shanghai Jinjiang International Hotels Co. Ltd., Class A		7,456		45,286
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		167,736		144,085
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		14,800		47,971
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		118,400		211,130
Shanghai Pudong Development Bank Co. Ltd., Class A		156,400		236,570
Shanghai Tunnel Engineering Co. Ltd., Class A		80,300		70,110
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		25,800		23,731
Shanxi Securities Co. Ltd., Class A		44,430		53,323
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		5,500		158,371
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A		38,780		23,894
Shenergy Co. Ltd., Class A		30,300		25,349
Shenwan Hongyuan Group Co. Ltd., Class A		88,800		73,123
Shenzhen Energy Group Co. Ltd., Class A		91,920		76,900
Shenzhen Goodix Technology Co. Ltd., Class A		900		23,515
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A		29,656		105,866
Shenzhen Inovance Technology Co. Ltd., Class A		9,300		75,767
Shenzhen International Holdings Ltd.		132,500		212,680
Shenzhen Investment Ltd.		356,000		120,808
Shenzhen Kangtai Biological Products Co. Ltd., Class A		5,000		144,543
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		2,600		129,997
Shenzhen Overseas Chinese Town Co. Ltd., Class A		74,000		77,250
Shenzhou International Group Holdings Ltd.		92,900		1,498,358
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		14,800		61,757
Shimao Group Holdings Ltd.		142,000		639,446
Sichuan Chuantou Energy Co. Ltd., Class A		59,200		86,607
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		29,600		106,919
SINA Corp.^(b)		8,288		337,197
Sino Biopharmaceutical Ltd.		1,290,250		1,490,002
Sinolink Securities Co. Ltd., Class A		29,600		67,246
Sino-Ocean Group Holding Ltd.		327,500		75,640
Sinopec Engineering Group Co. Ltd., Class H		172,500		76,566
Sinopec Shanghai Petrochemical Co. Ltd., Class H		433,000		89,392
Sinopharm Group Co. Ltd., Class H		168,000		413,597
Sinotruk Hong Kong Ltd.		94,500		245,695
SOHO China Ltd.^(b)(c)		266,000		82,029


Security	Shares		Value

China (continued)
Songcheng Performance Development Co. Ltd., Class A		14,800	$	38,636
SooChow Securities Co. Ltd., Class A		29,620		46,533
Spring Airlines Co. Ltd., Class A		9,000		57,975
SSY Group Ltd.		212,000		135,130
Sun Art Retail Group Ltd.		319,000		415,721
Sunac China Holdings Ltd.		298,000		1,253,498
Suning.com Co. Ltd., Class A		74,000		106,422
Sunny Optical Technology Group Co. Ltd.		88,800		1,316,506
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		15,100		61,267
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A		22,699		34,832
TAL Education Group, ADR^(b)(c)		44,992		3,320,860
TBEA Co. Ltd., Class A		15,300		18,251
TCL Technology Group Corp., Class A		103,600		107,092
Tencent Holdings Ltd.		578,800		39,619,027
Tencent Music Entertainment Group, ADR^(b)(c)		592		9,253
Tianma Microelectronics Co. Ltd., Class A		12,500		29,985
Tianqi Lithium Corp., Class A^(b)		9,620		31,883
Tingyi Cayman Islands Holding Corp.		246,000		462,154
Toly Bread Co. Ltd., Class A		3,800		35,020
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		29,600		61,498
Tongling Nonferrous Metals Group Co. Ltd., Class A		79,300		26,514
Tongwei Co. Ltd., Class A		29,600		105,450
Transfar Zhilian Co. Ltd., Class A		74,099		65,345
TravelSky Technology Ltd., Class H		111,000		230,876
Trip.com Group Ltd., ADR^(b)		57,128		1,727,551
Tsingtao Brewery Co. Ltd., Class A		3,300		42,091
Tsingtao Brewery Co. Ltd., Class H		48,000		437,256
Uni-President China Holdings Ltd.		191,000		173,991
Unisplendour Corp. Ltd., Class A		9,380		44,920
Vipshop Holdings Ltd., ADR^(b)		54,464		899,201
Wangsu Science & Technology Co. Ltd., Class A		19,200		25,678
Wanhua Chemical Group Co. Ltd., Class A		16,300		174,420
Want Want China Holdings Ltd.^(c)		616,000		422,846
Weibo Corp., ADR^(b)(c)		7,104		264,979
Weichai Power Co. Ltd., Class A		42,700		92,393
Weichai Power Co. Ltd., Class H		236,200		477,267
Wens Foodstuffs Group Co. Ltd., Class A		38,160		137,504
Western Securities Co. Ltd., Class A		42,600		60,705
Wharf Holdings Ltd. (The)		148,000		288,738
Winning Health Technology Group Co. Ltd., Class A		19,000		58,810
Wuhan Guide Infrared Co. Ltd., Class A		15,350		85,993
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		11,800		78,544
Wuliangye Yibin Co. Ltd., Class A		21,600		756,882
WuXi AppTec Co. Ltd., Class A		10,920		175,236
WuXi AppTec Co. Ltd., Class H^(a)		44,480		658,865
Wuxi Biologics Cayman Inc.^(a)(b)		66,000		1,715,115
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		5,200		34,119
Wuxi Taiji Industry Co. Ltd., Class A		29,600		48,662
XCMG Construction Machinery Co. Ltd., Class A		74,200		67,276
Xiamen C & D Inc., Class A		22,000		30,900
Xiaomi Corp., Class B^(a)(b)		921,200		2,793,262
Xinhu Zhongbao Co. Ltd., Class A		103,600		53,243
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		34,302		54,690
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		118,562		102,038
Xinyi Solar Holdings Ltd.		380,000		480,017


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		50

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Yango Group Co. Ltd., Class A		25,700	$	26,454
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		5,600		28,003
Yanzhou Coal Mining Co. Ltd., Class A		44,400		60,158
Yanzhou Coal Mining Co. Ltd., Class H		186,000		143,277
Yifan Pharmaceutical Co. Ltd., Class A		29,600		129,565
Yihai International Holding Ltd.^(b)		57,000		895,802
Yonghui Superstores Co. Ltd., Class A		76,200		98,794
Yonyou Network Technology Co. Ltd., Class A		18,240		111,611
Youzu Interactive Co. Ltd., Class A		11,500		34,672
Yuexiu Property Co. Ltd.		920,000		175,687
Yum China Holdings Inc.^(b)(c)		43,808		2,528,160
Yunda Holding Co. Ltd., Class A		7,280		22,087
Yunnan Baiyao Group Co. Ltd., Class A		5,500		92,917
Yuzhou Group Holdings Co. Ltd.		225,000		105,095
Zhaojin Mining Industry Co. Ltd., Class H		127,500		142,797
Zhejiang Chint Electrics Co. Ltd., Class A^(b)		22,000		110,720
Zhejiang Dahua Technology Co. Ltd., Class A		22,200		74,096
Zhejiang Expressway Co. Ltd., Class H		198,000		133,615
Zhejiang Huayou Cobalt Co. Ltd., Class A^(b)		7,100		41,631
Zhejiang Longsheng Group Co. Ltd., Class A		30,600		64,112
Zhejiang NHU Co. Ltd., Class A		7,800		37,319
Zhejiang Semir Garment Co. Ltd., Class A		16,900		18,975
Zhengzhou Yutong Bus Co. Ltd., Class A		11,900		24,689
ZhongAn Online P&C Insurance Co. Ltd., Class H^(a)(b)		46,600		306,953
Zhongjin Gold Corp. Ltd., Class A		22,000		35,012
Zhongsheng Group Holdings Ltd.		75,000		468,378
Zhuzhou CRRC Times Electric Co. Ltd., Class H		68,800		221,043
Zijin Mining Group Co. Ltd., Class A		103,600		108,756
Zijin Mining Group Co. Ltd., Class H		712,000		485,988
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A^(b)		59,200		73,642
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H^(b)		59,200		59,275
ZTE Corp., Class A		13,100		74,593
ZTE Corp., Class H		95,960		279,207
ZTO Express Cayman Inc., ADR		39,368		1,320,009

				281,279,779

India — 10.8%
Adani Ports & Special Economic Zone Ltd.		76,428		369,382
Ambuja Cements Ltd.		79,923		228,615
Asian Paints Ltd.		36,016		929,226
Aurobindo Pharma Ltd.		34,780		382,210
Avenue Supermarts Ltd.^(a)(b)		16,034		490,392
Axis Bank Ltd.^(b)		277,089		1,869,972
Bajaj Auto Ltd.		10,345		416,990
Bajaj Finance Ltd.		22,200		1,051,919
Bajaj Finserv Ltd.		4,739		398,547
Bandhan Bank Ltd.^(a)(b)		79,258		329,275
Berger Paints India Ltd.		16,280		118,925
Bharat Forge Ltd.		28,164		187,945
Bharat Petroleum Corp. Ltd.		81,548		451,792
Bharti Airtel Ltd.		180,560		1,258,640
Bharti Infratel Ltd.		43,844		118,265
Bosch Ltd.		1,047		182,268
Britannia Industries Ltd.		7,434		376,313
Cipla Ltd.		45,880		444,760
Coal India Ltd.		142,376		259,868
Colgate-Palmolive India Ltd.		2,960		54,821
Container Corp. of India Ltd.		27,824		148,556
Dabur India Ltd.		64,727		417,341


Security	Shares		Value

India (continued)
Divi’s Laboratories Ltd.		10,309	$	437,360
DLF Ltd.		36,112		77,687
Dr. Reddy’s Laboratories Ltd.		14,060		814,614
Eicher Motors Ltd.		15,520		441,094
GAIL India Ltd.		193,417		251,338
Godrej Consumer Products Ltd.		43,512		385,006
Grasim Industries Ltd.		37,077		339,930
Havells India Ltd.		31,885		266,641
HCL Technologies Ltd.		134,718		1,270,906
HDFC Asset Management Co. Ltd.^(a)		3,996		130,883
HDFC Life Insurance Co. Ltd.^(a)(b)		58,122		453,874
Hero MotoCorp Ltd.		11,465		468,218
Hindalco Industries Ltd.		139,553		351,217
Hindustan Petroleum Corp. Ltd.		77,140		211,223
Hindustan Unilever Ltd.		97,976		2,818,320
Housing Development Finance Corp. Ltd.		188,952		4,704,323
ICICI Bank Ltd.^(b)		565,064		3,029,233
ICICI Lombard General Insurance Co. Ltd.^(a)		17,268		294,816
ICICI Prudential Life Insurance Co. Ltd.^(a)		26,828		154,045
Indian Oil Corp. Ltd.		225,996		263,430
Info Edge India Ltd.		5,456		241,911
Infosys Ltd.		389,980		4,919,817
InterGlobe Aviation Ltd.^(a)(b)		11,988		195,298
ITC Ltd.		432,012		1,121,591
JSW Steel Ltd.		106,813		391,511
Jubilant Foodworks Ltd.		888		25,298
Larsen & Toubro Ltd.		56,536		725,791
LIC Housing Finance Ltd.		33,152		135,702
Lupin Ltd.		28,238		355,835
Mahindra & Mahindra Ltd.		90,178		743,525
Marico Ltd.		57,481		288,079
Maruti Suzuki India Ltd.		13,056		1,213,224
Motherson Sumi Systems Ltd.		118,252		176,235
Nestle India Ltd.		2,947		638,567
NTPC Ltd.		282,088		369,436
Oil & Natural Gas Corp. Ltd.		317,549		353,539
Page Industries Ltd.		672		173,348
Petronet LNG Ltd.		83,028		271,111
Pidilite Industries Ltd.		15,637		298,007
Piramal Enterprises Ltd.		12,105		224,857
Power Grid Corp. of India Ltd.		219,632		533,956
REC Ltd.		89,025		128,384
Reliance Industries Ltd.		318,052		8,990,535
SBI Life Insurance Co. Ltd.^(a)(b)		32,856		369,481
Shree Cement Ltd.		1,068		294,294
Shriram Transport Finance Co. Ltd.		24,124		230,220
Siemens Ltd.		3,552		55,970
State Bank of India^(b)		221,543		638,075
Sun Pharmaceutical Industries Ltd.		103,156		729,096
Tata Consultancy Services Ltd.		105,376		3,231,464
Tata Consumer Products Ltd.		5,624		40,674
Tata Motors Ltd.^(b)		209,700		407,962
Tata Steel Ltd.		41,409		232,339
Tech Mahindra Ltd.		55,796		561,693
Titan Co. Ltd.		38,628		577,524
UltraTech Cement Ltd.		12,728		675,043
United Spirits Ltd.^(b)		41,533		308,447
UPL Ltd.		67,299		462,588
Vedanta Ltd.		228,015		398,521
Wipro Ltd.		146,520		540,038


51		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

India (continued)
Zee Entertainment Enterprises Ltd.		108,520	$	300,095

				60,219,261

Indonesia — 2.0%
Ace Hardware Indonesia Tbk PT		296,000		31,404
Adaro Energy Tbk PT		1,816,200		135,318
Astra International Tbk PT		2,445,900		856,590
Bank Central Asia Tbk PT		1,213,800		2,615,140
Bank Mandiri Persero Tbk PT		2,291,400		936,229
Bank Negara Indonesia Persero Tbk PT		917,600		321,357
Bank Rakyat Indonesia Persero Tbk PT		6,808,400		1,641,029
Barito Pacific Tbk PT^(b)		3,418,800		197,205
Charoen Pokphand Indonesia Tbk PT^(b)		976,800		422,581
Gudang Garam Tbk PT^(b)		63,400		206,798
Hanjaya Mandala Sampoerna Tbk PT		1,162,000		131,660
Indah Kiat Pulp & Paper Corp. Tbk PT		370,000		236,292
Indocement Tunggal Prakarsa Tbk PT		230,400		187,880
Indofood CBP Sukses Makmur Tbk PT		297,200		208,678
Indofood Sukses Makmur Tbk PT		562,800		294,685
Kalbe Farma Tbk PT		2,684,600		291,273
Perusahaan Gas Negara Tbk PT		1,482,800		127,788
Semen Indonesia Persero Tbk PT		371,100		268,848
Telekomunikasi Indonesia Persero Tbk PT		5,875,600		1,153,937
Unilever Indonesia Tbk PT		932,400		526,626
United Tractors Tbk PT		210,100		331,832
XL Axiata Tbk PT		162,800		27,278

				11,150,428

Malaysia — 2.3%
AMMB Holdings Bhd		198,700		139,288
Axiata Group Bhd		335,600		242,505
CIMB Group Holdings Bhd		580,200		459,647
Dialog Group Bhd		470,478		405,477
DiGi.Com Bhd		393,900		373,522
Fraser & Neave Holdings Bhd		20,700		152,163
Gamuda Bhd		281,200		229,523
Genting Bhd		251,600		212,007
Genting Malaysia Bhd		367,000		200,879
Genting Plantations Bhd		52,100		124,325
HAP Seng Consolidated Bhd		65,600		113,389
Hartalega Holdings Bhd		198,900		788,820
Hong Leong Bank Bhd		80,700		271,228
Hong Leong Financial Group Bhd		26,100		77,319
IHH Healthcare Bhd		271,800		349,741
IJM Corp. Bhd		8,600		2,477
IOI Corp. Bhd		242,900		260,073
Kuala Lumpur Kepong Bhd		51,700		281,244
Malayan Banking Bhd		463,000		814,738
Malaysia Airports Holdings Bhd		127,656		156,295
Maxis Bhd		301,300		361,661
MISC Bhd		171,200		312,767
Nestle Malaysia Bhd		8,500		284,048
Petronas Chemicals Group Bhd		300,000		393,230
Petronas Dagangan Bhd		43,100		213,146
Petronas Gas Bhd		97,100		384,624
PPB Group Bhd		76,080		328,758
Press Metal Aluminium Holdings Bhd		177,600		222,133
Public Bank Bhd		379,510		1,495,992
QL Resources Bhd		89,100		205,344
RHB Bank Bhd		201,262		221,289
Sime Darby Bhd		356,600		187,481


Security	Shares		Value

Malaysia (continued)
Sime Darby Plantation Bhd		267,000	$	326,900
Supermax Corp. Bhd^(b)		14,300		76,006
Telekom Malaysia Bhd		153,000		152,431
Tenaga Nasional Bhd		325,600		848,882
Top Glove Corp. Bhd		199,900		1,261,162
Westports Holdings Bhd		104,200		91,305
YTL Corp. Bhd^(b)		407,308		65,513

				13,087,332

Pakistan — 0.0%
Habib Bank Ltd.^(b)		51,476		41,790
MCB Bank Ltd.^(b)		80,128		82,762
Oil & Gas Development Co. Ltd.		88,800		61,524

				186,076

Philippines — 1.0%
Aboitiz Equity Ventures Inc.		236,810		234,441
Aboitiz Power Corp.		177,600		97,619
Ayala Corp.		33,890		512,701
Ayala Land Inc.		871,460		517,646
Bank of the Philippine Islands		126,052		174,187
BDO Unibank Inc.		245,409		435,293
Globe Telecom Inc.		4,390		189,055
GT Capital Holdings Inc.		11,120		91,740
International Container Terminal Services Inc.		126,240		273,388
JG Summit Holdings Inc.		374,446		496,584
Jollibee Foods Corp.		55,090		153,504
Manila Electric Co.		29,930		166,055
Megaworld Corp.^(b)		1,602,900		96,204
Metro Pacific Investments Corp.		1,951,400		135,232
Metropolitan Bank & Trust Co.		223,512		154,432
PLDT Inc.		11,840		361,171
Puregold Price Club Inc.		29,600		32,967
Robinsons Land Corp.		287,190		86,598
SM Investments Corp.		29,169		511,367
SM Prime Holdings Inc.		1,237,250		745,131
Universal Robina Corp.		115,120		327,184

				5,792,499

South Korea — 14.2%
Alteogen Inc.^(b)		290		51,023
Amorepacific Corp.		4,144		586,069
AMOREPACIFIC Group		3,734		160,311
BGF retail Co. Ltd.		888		95,311
BNK Financial Group Inc.		33,596		143,672
Celltrion Healthcare Co. Ltd.^(b)		6,956		586,157
Celltrion Inc.^(b)		11,348		2,837,239
Cheil Worldwide Inc.		8,405		129,128
CJ CheilJedang Corp.		1,078		369,346
CJ Corp.		1,776		121,101
CJ ENM Co. Ltd.		1,418		141,693
CJ Logistics Corp.^(b)		1,107		141,182
Coway Co. Ltd.^(b)		6,371		427,987
Daelim Industrial Co. Ltd.		3,610		264,087
Daewoo Engineering & Construction Co. Ltd.^(b)		382		947
Daewoo Shipbuilding & Marine Engineering Co. Ltd.^(b)		6,216		115,906
DB Insurance Co. Ltd.		6,368		233,995
Doosan Bobcat Inc.		6,885		152,433
E-MART Inc.		2,665		269,215
Fila Holdings Corp.		5,624		164,284
GS Engineering & Construction Corp.		7,400		153,868
GS Holdings Corp.		5,328		145,770


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		52

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Korea (continued)
GS Retail Co. Ltd.		3,108	$	86,210
Hana Financial Group Inc.		36,786		873,277
Hankook Tire & Technology Co. Ltd.		9,780		242,874
Hanmi Pharm Co. Ltd.		870		224,476
Hanon Systems		23,680		257,153
Hanwha Corp.		5,180		119,917
Hanwha Solutions Corp.		14,210		477,893
HLB Inc.^(b)		5,005		365,716
Hotel Shilla Co. Ltd.		4,021		237,963
Hyundai Department Store Co. Ltd.		28		1,266
Hyundai Engineering & Construction Co. Ltd.		9,661		262,284
Hyundai Glovis Co. Ltd.		2,407		294,822
Hyundai Heavy Industries Holdings Co. Ltd.		1,218		231,727
Hyundai Marine & Fire Insurance Co. Ltd.		8,147		151,569
Hyundai Mobis Co. Ltd.^(b)		8,373		1,578,880
Hyundai Motor Co.^(b)		18,457		2,742,369
Hyundai Steel Co.		10,386		219,453
Industrial Bank of Korea		30,488		207,634
Kakao Corp.		6,271		2,148,579
Kangwon Land Inc.		15,070		261,971
KB Financial Group Inc.		47,804		1,482,934
Kia Motors Corp.		32,483		1,160,791
KMW Co. Ltd.^(b)		1,332		85,668
Korea Aerospace Industries Ltd.		9,595		181,335
Korea Electric Power Corp.^(b)		30,340		523,588
Korea Gas Corp.		3,363		66,813
Korea Investment Holdings Co. Ltd.		4,884		250,388
Korea Shipbuilding & Offshore Engineering Co. Ltd.^(b)		4,805		348,675
Korea Zinc Co. Ltd.		1,048		351,568
Korean Air Lines Co. Ltd.^(b)		9,768		145,134
KT&G Corp.		14,388		1,006,518
Kumho Petrochemical Co. Ltd.		2,383		201,609
LG Chem Ltd.		5,624		3,503,460
LG Corp.		11,842		824,424
LG Display Co. Ltd.^(b)		29,109		357,767
LG Electronics Inc.		13,616		965,121
LG Household & Health Care Ltd.		1,116		1,383,844
LG Innotek Co. Ltd.		1,719		209,828
LG Uplus Corp.		16,280		163,773
Lotte Chemical Corp.		2,103		335,481
Lotte Corp.		4,144		104,655
Lotte Shopping Co. Ltd.		1,277		81,700
Meritz Securities Co. Ltd.		38,776		104,619
Mirae Asset Daewoo Co. Ltd.		50,468		395,111
NAVER Corp.		14,504		3,937,655
NCSoft Corp.		2,051		1,424,425
Netmarble Corp.^(a)(b)		3,274		458,895
NH Investment & Securities Co. Ltd.		15,344		115,736
Orion Corp./Republic of Korea		3,007		355,656
Ottogi Corp.		296		150,006
Pan Ocean Co. Ltd.^(b)		37,019		105,800
Pearl Abyss Corp.^(b)		888		136,052
POSCO		9,324		1,448,167
POSCO Chemical Co. Ltd.		3,404		255,035
Posco International Corp.		6,956		79,638
S-1 Corp.		2,329		170,965
Samsung Biologics Co. Ltd.^(a)(b)		2,072		1,357,030
Samsung C&T Corp.		10,804		982,264
Samsung Card Co. Ltd.		4,588		111,040
Samsung Electro-Mechanics Co. Ltd.		7,081		742,137


Security	Shares		Value

South Korea (continued)
Samsung Electronics Co. Ltd.		467,976	$	21,273,427
Samsung Engineering Co. Ltd.^(b)		19,390		184,449
Samsung Fire & Marine Insurance Co. Ltd.		3,810		599,773
Samsung Heavy Industries Co. Ltd.^(b)		55,920		242,905
Samsung Life Insurance Co. Ltd.		8,880		457,493
Samsung SDI Co. Ltd.		6,783		2,583,810
Samsung SDS Co. Ltd.		4,242		562,434
Samsung Securities Co. Ltd.		8,288		210,357
Shinhan Financial Group Co. Ltd.		55,796		1,392,669
Shinsegae Inc.		970		165,763
SK Holdings Co. Ltd.		4,358		785,093
SK Hynix Inc.		62,604		3,957,876
SK Innovation Co. Ltd.		7,104		867,144
SK Telecom Co. Ltd.		2,506		523,182
S-Oil Corp.		5,483		260,787
Woori Financial Group Inc.		57,720		411,071
Yuhan Corp.		6,068		342,248

				79,162,543

Taiwan — 15.9%
Accton Technology Corp.		42,000		334,952
Acer Inc.^(b)		416,062		331,103
Advantech Co. Ltd.		47,604		492,402
Airtac International Group		15,000		332,805
ASE Technology Holding Co. Ltd.		433,484		904,154
Asia Cement Corp.		274,229		397,210
Asustek Computer Inc.		80,000		662,543
AU Optronics Corp.^(b)		1,036,000		368,972
Catcher Technology Co. Ltd.		80,000		546,666
Cathay Financial Holding Co. Ltd.		918,624		1,247,624
Chailease Holding Co. Ltd.		133,565		589,495
Chang Hwa Commercial Bank Ltd.		736,210		457,912
Cheng Shin Rubber Industry Co. Ltd.		238,776		292,962
Chicony Electronics Co. Ltd.		73,518		221,745
China Development Financial Holding Corp.		1,605,200		467,202
China Life Insurance Co. Ltd.		344,040		240,956
China Steel Corp.		1,628,867		1,104,731
Chunghwa Telecom Co. Ltd.		444,000		1,641,838
Compal Electronics Inc.		592,000		373,260
CTBC Financial Holding Co. Ltd.		2,368,265		1,529,527
Delta Electronics Inc.		232,000		1,494,402
E.Sun Financial Holding Co. Ltd.		1,410,917		1,307,941
Eclat Textile Co. Ltd.		23,604		311,727
Eva Airways Corp.		276,610		108,414
Evergreen Marine Corp. Taiwan Ltd.^(b)		296,867		176,047
Far Eastern New Century Corp.		383,460		345,671
Far EasTone Telecommunications Co. Ltd.		190,000		396,946
Feng TAY Enterprise Co. Ltd.		45,564		264,767
First Financial Holding Co. Ltd.		1,276,234		924,287
Formosa Chemicals & Fibre Corp.		401,950		928,794
Formosa Petrochemical Corp.		152,000		424,791
Formosa Plastics Corp.		479,400		1,277,681
Formosa Taffeta Co. Ltd.		137,000		147,779
Foxconn Technology Co. Ltd.		111,521		198,401
Fubon Financial Holding Co. Ltd.		786,396		1,147,104
Giant Manufacturing Co. Ltd.		39,000		405,399
Globalwafers Co. Ltd.		26,000		349,130
Highwealth Construction Corp.		119,840		189,512
Hiwin Technologies Corp.		32,049		351,713
Hon Hai Precision Industry Co. Ltd.		1,417,651		3,715,467
Hotai Motor Co. Ltd.		39,000		793,518


53		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Taiwan (continued)
Hua Nan Financial Holdings Co. Ltd.		1,092,955	$	672,353
Innolux Corp.^(b)		1,050,620		326,556
Inventec Corp.		296,980		230,264
Largan Precision Co. Ltd.		12,000		1,384,387
Lite-On Technology Corp.		268,032		423,860
MediaTek Inc.		178,176		3,376,305
Mega Financial Holding Co. Ltd.		1,480,542		1,475,925
Micro-Star International Co. Ltd.		89,000		411,005
Nan Ya Plastics Corp.		628,090		1,316,481
Nanya Technology Corp.		162,000		286,550
Nien Made Enterprise Co. Ltd.		23,000		264,949
Novatek Microelectronics Corp.		68,000		556,209
Pegatron Corp.		240,000		511,221
Phison Electronics Corp.		18,000		169,930
Pou Chen Corp.		260,000		245,454
Powertech Technology Inc.		97,000		285,630
President Chain Store Corp.		66,000		607,331
Quanta Computer Inc.		324,000		850,263
Realtek Semiconductor Corp.		61,140		791,820
Ruentex Development Co. Ltd.		120,658		177,647
Shanghai Commercial & Savings Bank Ltd. (The)		422,980		602,579
Shin Kong Financial Holding Co. Ltd.		1,480,562		418,815
SinoPac Financial Holdings Co. Ltd.		1,480,699		545,015
Standard Foods Corp.		54,987		119,376
Synnex Technology International Corp.		172,050		256,244
Taishin Financial Holding Co. Ltd.		1,171,649		529,092
Taiwan Business Bank		888,323		302,753
Taiwan Cement Corp.		644,182		941,854
Taiwan Cooperative Financial Holding Co. Ltd.		1,163,500		795,057
Taiwan High Speed Rail Corp.		248,000		274,696
Taiwan Mobile Co. Ltd.		190,000		657,260
Taiwan Semiconductor Manufacturing Co. Ltd.		2,426,000		35,263,670
Uni-President Enterprises Corp.		593,650		1,347,480
United Microelectronics Corp.		1,484,000		1,072,229
Vanguard International Semiconductor Corp.		120,000		382,394
Walsin Technology Corp.		41,000		223,574
Win Semiconductors Corp.		41,000		399,639
Winbond Electronics Corp.		419,000		173,503
Wistron Corp.		369,080		401,263
Wiwynn Corp.		6,000		159,910
WPG Holdings Ltd.		258,320		361,841
Yageo Corp.		43,151		489,726
Yuanta Financial Holding Co. Ltd.		1,239,648		777,381
Zhen Ding Technology Holding Ltd.		61,455		257,620

				88,914,661

Thailand — 2.6%
Advanced Info Service PCL, NVDR		148,400		872,591
Airports of Thailand PCL, NVDR^(c)		556,500		1,001,333
Bangkok Bank PCL, Foreign		61,400		210,108
Bangkok Dusit Medical Services PCL, NVDR		1,164,500		778,267
Bangkok Expressway & Metro PCL, NVDR		947,200		275,433
Berli Jucker PCL, NVDR		152,000		180,705
BTS Group Holdings PCL, NVDR^(c)		799,200		267,063
Bumrungrad Hospital PCL, NVDR		59,900		212,674
Central Pattana PCL, NVDR		267,800		404,421
Central Retail Corp. PCL, NVDR^(b)		29,674		28,365
Charoen Pokphand Foods PCL, NVDR		532,800		552,102
CP ALL PCL, NVDR^(b)		710,400		1,449,447
Electricity Generating PCL, NVDR		37,500		267,491
Energy Absolute PCL, NVDR		210,600		284,206


Security	Shares		Value

Thailand (continued)
Global Power Synergy PCL, NVDR		46,600	$	95,828
Gulf Energy Development PCL, NVDR		348,900		353,132
Home Product Center PCL, NVDR		782,449		374,600
Indorama Ventures PCL, NVDR		251,600		191,595
Intouch Holdings PCL, NVDR		281,200		492,422
IRPC PCL, NVDR^(c)		1,687,200		126,855
Kasikornbank PCL, Foreign		162,800		440,707
Kasikornbank PCL, NVDR		44,400		120,193
Krung Thai Bank PCL, NVDR		384,850		118,092
Land & Houses PCL, NVDR		1,085,500		258,100
Minor International PCL, NVDR^(b)(c)		414,480		298,316
Muangthai Capital PCL, NVDR^(b)		76,500		122,287
PTT Exploration & Production PCL, NVDR		177,810		508,478
PTT Global Chemical PCL, NVDR		310,800		461,868
PTT PCL, NVDR		1,392,700		1,610,963
Ratch Group PCL, NVDR		99,500		179,035
Siam Cement PCL (The), NVDR		95,100		1,081,706
Siam Commercial Bank PCL (The), NVDR		88,800		206,860
Thai Oil PCL, NVDR^(c)		151,300		201,750
Thai Union Group PCL, NVDR		444,000		201,154
TMB Bank PCL, NVDR		3,344,822		101,024
Total Access Communication PCL, NVDR		109,600		125,896
True Corp. PCL, NVDR^(c)		1,465,205		156,301

				14,611,368


Total Common Stocks — 99.2% (Cost: $448,465,122)				554,403,947


Preferred Stocks

South Korea — 0.3%
Amorepacific Corp., Preference Shares, NVS		1,184		59,504
Hyundai Motor Co.
Preference Shares, NVS		2,681		196,352
Series 2, Preference Shares, NVS		4,595		341,946
LG Chem Ltd., Preference Shares, NVS		894		282,221
LG Household & Health Care Ltd., Preference Shares, NVS		272		160,512
Samsung Electronics Co. Ltd., Preference Shares, NVS		9,888		395,387

				1,435,922


Total Preferred Stocks — 0.3% (Cost: $1,080,975)				1,435,922


Rights

China — 0.0%
Legend Holdings Corp. Class H, (Expires 10/30/20)^(b)(d)		3,561		0	^(e)


Thailand — 0.0%
Gulf Energy Development PCL, (Expires 09/16/20)^(b)		34,200		1,648


Total Rights — 0.0% (Cost: $0)				1,648


Short-Term Investments

Money Market Funds — 2.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(f)(g)(h)		12,951,676		12,964,628


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		54

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(f)(g)		1,850,000	$	1,850,000

				14,814,628


Total Short-Term Investments — 2.7% (Cost: $14,808,467)				14,814,628


Total Investments in Securities — 102.2% (Cost: $464,354,564)				570,656,145

Other Assets, Less Liabilities — (2.2)%				(12,097,707	)


Net Assets — 100.0%			$	558,558,438

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

^(b)	Non-income producing security.

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

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

^(e)	Rounds to less than $1.

^(f)	Affiliate of the Fund.

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

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

Affiliates




Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	8,496,102	$	4,465,081	^(a)	$	—	$	(935	)	$	4,380	$	12,964,628		12,951,676	$	157,069	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		788,000		1,062,000	^(a)		—		—			—		1,850,000		1,850,000		7,345			—

								$	(935	)	$	4,380	$	14,814,628			$	164,414		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts




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


Long Contracts
Hang Seng China Enterprises Index		2		09/29/20	$	129	$	(3,749	)
MSCI Emerging Markets E-Mini Index		39		09/18/20		2,146		42,649

							$	38,900

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	42,649


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	3,749

^(a)


55		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® MSCI Emerging Markets Asia ETF

For the year ended August 31, 2020, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	375,836


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	23,576

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	1,175,913

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

Fair Value Measurements




	Level 1			Level 2		Level 3			Total


Investments
Assets
Common Stocks	$	554,403,947		$	—	$	0	^(a)	$	554,403,947
Preferred Stocks		1,435,922			—		—			1,435,922
Rights		—			1,648		0	^(a)		1,648
Money Market Funds		14,814,628			—		—			14,814,628

	$	570,654,497		$	1,648	$	0	^(a)	$	570,656,145

Derivative financial instruments^(b)
Assets
Futures Contracts	$	42,649		$	—	$	—		$	42,649
Liabilities
Futures Contracts		(3,749	)		—		—			(3,749	)

	$	38,900		$	—	$	—		$	38,900

^(a)

Rounds to less than $1.

^(b)

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

See notes to consolidated financial statements.


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		56

Consolidated Schedule of Investments

August 31, 2020

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Argentina — 0.8%
Adecoagro SA^(a)		31,540	$	159,592
Arcos Dorados Holdings Inc., Class A		37,399		166,426
Banco BBVA Argentina SA, ADR^(a)(b)		21,781		73,402
Banco Macro SA, ADR^(a)		12,255		232,232
Central Puerto SA, ADR		30,855		77,446
Despegar.com Corp.^(a)		14,577		124,633
Empresa Distribuidora y Comercializadora Norte SA, ADR^(a)		9,767		31,840
Empresa Distribuidora y Comercializadora Norte SA, ADR^(a)		9,767		31,840
Grupo Financiero Galicia SA, ADR^(a)		30,400		314,032
Grupo Supervielle SA, ADR^(b)		21,024		54,032
Loma Negra Cia Industrial Argentina SA, ADR^(a)(b)		19,683		95,069
Pampa Energia SA, ADR^(a)(b)		16,363		188,011
Transportadora de Gas del Sur SA, Class B^(a)		22,317		104,890

				1,621,605

Brazil — 5.7%
AES Tiete Energia SA		43,941		120,147
Aliansce Sonae Shopping Centers SA^(a)		40,049		192,875
Alupar Investimento SA		43,308		184,966
Anima Holding SA^(a)		22,900		124,980
Arezzo Industria e Comercio SA		14,500		148,333
Banco Inter SA		21,300		251,365
Banco Inter SA^(a)		45		516
BK Brasil Operacao e Assessoria a Restaurantes SA		50,600		101,460
BR Malls Participacoes SA^(a)		252,700		427,470
BR Properties SA		66,641		111,273
C&A Modas Ltda		40,700		89,473
Camil Alimentos SA		9,500		22,097
Cia. de Locacao das Americas		99,700		370,747
Cia. de Saneamento de Minas Gerais-COPASA		18,800		163,124
Cia. de Saneamento do Parana		70,800		345,230
Cia. Hering		41,500		138,361
Construtora Tenda SA		21,800		121,957
Cosan Logistica SA^(a)		42,122		164,314
CVC Brasil Operadora e Agencia de Viagens SA		48,200		160,787
CVC Brasil Operadora e Agencia de Viagens SA^(a)		6,092		20,089
Cyrela Brazil Realty SA Empreendimentos e Participacoes		85,500		375,764
Duratex SA		95,900		278,126
EcoRodovias Infraestrutura e Logistica SA^(a)		58,899		138,715
EDP - Energias do Brasil SA		76,900		261,992
Embraer SA^(a)		218,500		292,348
Enauta Participacoes SA		25,900		53,113
Eneva SA^(a)		57,000		514,318
Even Construtora e Incorporadora SA		38,600		91,471
Ez Tec Empreendimentos e Participacoes SA		27,477		194,536
Fleury SA		62,800		298,780
Grendene SA		135,200		188,288
Grupo SBF SA^(a)		28,500		157,828
Guararapes Confeccoes SA		31,000		98,890
Iguatemi Empresa de Shopping Centers SA		26,600		159,816
Instituto Hermes Pardini SA		17,500		82,302
Iochpe Maxion SA		32,805		68,769
JHSF Participacoes SA		89,200		115,608
JSL SA		21,200		122,233
Light SA^(a)		67,600		186,439
Linx SA		47,600		308,720
Locaweb Servicos de Internet SA^(a)(c)		28,500		319,189
LOG Commercial Properties e Participacoes SA		60		339


Security	Shares		Value


Brazil (continued)
M. Dias Branco SA		25,600	$	165,708
Mahle-Metal Leve SA		12,200		37,739
Marfrig Global Foods SA^(a)		114,000		369,894
Marisa Lojas SA^(a)		40,700		62,616
Minerva SA^(a)		79,100		188,742
Movida Participacoes SA		44,600		132,437
MRV Engenharia e Participacoes SA		89,900		294,483
Odontoprev SA		81,600		190,542
Omega Geracao SA^(a)		28,500		210,663
Petro Rio SA^(a)		27,200		207,697
Qualicorp Consultoria e Corretora de Seguros SA		68,100		387,802
Santos Brasil Participacoes SA		84,100		79,717
Sao Martinho SA		52,300		230,425
Ser Educacional SA^(c)		19,535		51,100
SLC Agricola SA		29,600		135,539
Smiles Fidelidade SA		19,100		49,022
TOTVS SA		138,300		727,563
Transmissora Alianca de Energia Eletrica SA		73,300		376,929
Trisul SA		32,700		72,661
Tupy SA^(a)		19,100		58,840
Vivara Participacoes SA		28,500		122,449
Wiz Solucoes e Corretagem de Seguros SA		25,300		49,300
YDUQS Participacoes SA		79,200		389,077

				12,158,093

Chile — 0.9%
AES Gener SA		824,167		134,416
CAP SA^(a)		20,748		184,588
Cia. Sud Americana de Vapores SA^(a)		3,267,206		88,887
Engie Energia Chile SA		149,258		202,072
Forus SA		32,587		41,807
Grupo Security SA		356,168		70,263
Inversiones Aguas Metropolitanas SA		120,610		97,891
Inversiones La Construccion SA		10,561		68,766
Itau CorpBanca Chile SA		61,640,550		188,362
Parque Arauco SA		176,213		273,782
Ripley Corp. SA		248,793		91,424
SMU SA		727,461		121,936
SONDA SA		153,140		118,465
Vina Concha y Toro SA		113,588		197,571

				1,880,230

China — 12.8%
21Vianet Group Inc., ADR^(a)(b)		23,847		553,489
360 Finance Inc., ADR^(a)		19,190		239,875
361 Degrees International Ltd.^(a)		298,000		39,604
AGTech Holdings Ltd.^(a)		1,256,000		49,429
Anxin-China Holdings Ltd.^(a)(d)		1,084,000		1
Aoyuan Healthy Life Group Co. Ltd.^(a)		83,000		77,215
Ascletis Pharma Inc.^(a)(b)(c)		113,000		42,283
Asia Cement China Holdings Corp.		147,500		149,591
Atlas Crop.		26,710		230,507
Beijing Capital Land Ltd., Class H		430,000		81,560
Beijing Chunlizhengda Medical Instruments Co. Ltd., Class H		25,500		145,758
Beijing Gas Blue Sky Holdings Ltd.^(a)		2,888,000		46,952
Beijing Jingneng Clean Energy Co. Ltd., Class H		380,000		101,005
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.^(b)		84,000		96,246
Bitauto Holdings Ltd., ADR^(a)		8,753		138,035
Boshiwa International Holding Ltd.^(a)(b)(d)		32,000		0	^(e)
C&D International Investment Group Ltd.		95,000		171,119


57		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Camsing International Holding Ltd.^(a)(b)(d)		164,000	$	18,410
Canvest Environmental Protection Group Co. Ltd.		297,000		129,528
CAR Inc.^(a)(b)		248,000		79,038
Central China Real Estate Ltd.		290,000		126,849
CGN New Energy Holdings Co. Ltd.^(a)		434,000		77,838
Chaowei Power Holdings Ltd.		200,000		84,902
China Aircraft Leasing Group Holdings Ltd.^(b)		95,000		87,153
China Animal Healthcare Ltd.^(a)(d)		126,000		0	^(e)
China BlueChemical Ltd., Class H		622,000		91,492
China Datang Corp. Renewable Power Co. Ltd., Class H		870,000		117,869
China Dongxiang Group Co. Ltd.		1,551,000		202,126
China Everbright Greentech Ltd.^(c)		153,000		67,911
China Foods Ltd.		284,000		100,772
China Grand Pharmaceutical and Healthcare Holdings Ltd., Class A		328,000		299,215
China Harmony Auto Holding Ltd.		269,000		123,564
China High Speed Transmission Equipment Group Co. Ltd.		124,000		89,918
China Huiyuan Juice Group Ltd.^(a)(d)		379,000		489
China Kepei Education Group Ltd.		190,000		167,932
China Lilang Ltd.		141,000		81,324
China Logistics Property Holdings Co. Ltd.^(a)(b)(c)		380,000		174,061
China Lumena New Materials Corp.^(a)(b)(d)		5,249		0	^(e)
China Maple Leaf Educational Systems Ltd.		476,000		185,483
China Meidong Auto Holdings Ltd.		136,000		459,759
China Merchants Land Ltd.		380,000		57,857
China Metal Recycling Holdings Ltd.^(a)(d)		12,000		0	^(e)
China Metal Resources Utilization Ltd.^(a)(b)(c)		312,000		11,071
China Modern Dairy Holdings Ltd.^(a)		771,000		116,394
China New Higher Education Group Ltd.^(c)		224,000		173,416
China Oriental Group Co. Ltd.^(b)		376,000		105,763
China Overseas Grand Oceans Group Ltd.		462,000		301,039
China Renaissance Holdings Ltd.^(a)(c)		66,300		159,117
China Resources Medical Holdings Co. Ltd.^(b)		291,000		210,642
China SCE Group Holdings Ltd.		570,000		297,130
China Shineway Pharmaceutical Group Ltd.		101,000		70,764
China South City Holdings Ltd.		2,090,000		213,041
China Suntien Green Energy Corp. Ltd., Class H^(a)		665,000		178,474
China Tian Lun Gas Holdings Ltd.		86,000		65,248
China Travel International Investment Hong Kong Ltd.		762,000		115,035
China Water Affairs Group Ltd.^(b)		262,000		215,681
China Youzan Ltd.^(a)		4,284,000		934,170
China ZhengTong Auto Services Holdings Ltd.		341,000		42,679
China Zhongwang Holdings Ltd.^(a)		532,000		112,576
Chinasoft International Ltd.^(a)(b)		622,000		442,213
CIMC Enric Holdings Ltd.		192,000		77,046
CITIC Resources Holdings Ltd.^(a)		1,140,000		42,657
COFCO Meat Holdings Ltd.^(b)		761,000		355,454
Colour Life Services Group Co. Ltd.^(a)(b)		122,000		63,124
Concord New Energy Group Ltd.		3,800,000		169,158
Consun Pharmaceutical Group Ltd.		95,000		40,206
Cosmo Lady China Holdings Co. Ltd.^(a)(c)		285,000		16,180
Cosmopolitan International Holdings Ltd.^(a)		380,000		69,134
CPMC Holdings Ltd.		285,000		123,191
Daqo New Energy Corp., ADR^(a)(b)		2,850		321,508
Dexin China Holdings Co. Ltd.^(a)		380,000		148,075
Digital China Holdings Ltd.		226,000		184,004
Dongyue Group Ltd.		475,000		203,480
E-House China Enterprise Holdings Ltd.		171,000		202,769
Ever Sunshine Lifestyle Services Group Ltd.		148,000		304,779


Security	Shares		Value

China (continued)
Fanhua Inc., ADR		13,775	$	279,495
Fantasia Holdings Group Co. Ltd.^(a)		381,000		77,673
FinVolution Group		32,255		61,285
Fu Shou Yuan International Group Ltd.		304,000		314,585
Fufeng Group Ltd.^(a)		492,400		165,189
GCL-Poly Energy Holdings Ltd.^(a)		4,119,000		167,414
Gemdale Properties & Investment Corp. Ltd.		1,710,000		304,484
Genertec Universal Medical Group Co. Ltd.^(c)		322,500		224,705
Glory Sun Financial Group Ltd.^(a)		4,200,000		173,416
Grand Baoxin Auto Group Ltd.^(a)		258,500		39,358
Greenland Hong Kong Holdings Ltd.		295,000		98,205
Guorui Properties Ltd.		362,000		53,715
Haichang Ocean Park Holdings Ltd.^(a)(c)		489,000		38,488
Hainan Meilan International Airport Co. Ltd., Class H^(a)		46,000		267,092
Hangzhou Steam Turbine Co. Ltd., Class B		87,280		94,824
Harbin Electric Co. Ltd., Class H^(a)		210,000		64,489
Hebei Construction Group Corp. Ltd., Class H		142,500		314,781
HengTen Networks Group Ltd.^(a)(b)		6,840,000		219,758
Hi Sun Technology China Ltd.^(a)		1,140,000		139,739
Hope Education Group Co. Ltd.^(c)		760,000		234,370
Hua Han Health Industry Holdings Ltd.^(a)(d)		1,112,400		32,295
Huabao International Holdings Ltd.^(b)		293,000		261,238
Huami Corp., ADR^(a)(b)		7,220		91,116
iDreamSky Technology Holdings Ltd.^(a)(c)		152,000		94,140
IGG Inc.		310,000		357,993
IMAX China Holding Inc.^(a)(c)		38,100		61,254
Jiayuan International Group Ltd.		354,000		168,090
Jinchuan Group International Resources Co. Ltd.^(b)		870,000		101,030
JinkoSolar Holding Co. Ltd., ADR^(a)(b)		9,615		219,607
Jiumaojiu International Holdings Ltd.^(a)(c)		95,000		215,983
JNBY Design Ltd.		68,500		71,592
Konka Group Co. Ltd., Class B		142,500		42,290
Lifetech Scientific Corp.^(a)		888,000		266,968
Lonking Holdings Ltd.		606,000		173,586
Luthai Textile Co. Ltd., Class B		58,900		33,211
LVGEM China Real Estate Investment Co. Ltd.		382,000		149,840
Maoyan Entertainment^(a)(c)		133,000		264,965
Meitu Inc.^(a)(b)(c)		609,500		133,694
MMG Ltd.^(a)		680,000		181,622
Mobvista Inc.^(a)(c)		190,000		115,714
National Agricultural Holdings Ltd.^(b)(d)		354,000		457
NetDragon Websoft Holdings Ltd.		63,500		162,885
Nexteer Automotive Group Ltd.		285,000		185,706
Niu Technologies, ADR^(a)		9,975		206,183
NOVA Group Holdings Ltd.^(b)		480,000		9,538
OneSmart International Education Group Ltd., ADR^(a)(b)		21,850		92,644
Panda Green Energy Group Ltd.^(a)		1,476,000		44,946
PAX Global Technology Ltd.		257,000		148,560
Poly Property Group Co. Ltd.		760,000		239,273
Pou Sheng International Holdings Ltd.^(a)		646,000		163,372
Powerlong Commercial Management Holdings Ltd.		47,500		150,158
Q Technology Group Co. Ltd.		120,000		150,655
Qudian Inc., ADR^(a)(b)		57,711		91,760
Qutoutiao Inc., ADR^(a)(b)		19,396		53,533
Realord Group Holdings Ltd.^(a)		250,000		147,417
Redco Properties Group Ltd.^(c)		280,000		137,288
Redsun Properties Group Ltd.		380,000		133,365
Road King Infrastructure Ltd.^(b)		69,000		91,701
Ronshine China Holdings Ltd.^(a)		181,500		147,539
Sany Heavy Equipment International Holdings Co. Ltd.		311,000		172,953


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		58

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Scholar Education Group		54,000	$	166,526
Shandong Airlines Co. Ltd., Class B^(a)		50,400		38,889
Shanghai Fudan Microelectronics Group Co. Ltd., Class H^(a)(b)		92,000		199,191
Shanghai Haohai Biological Technology Co. Ltd., Class H^(c)		13,000		92,256
Shanghai Industrial Urban Development Group Ltd.^(b)		570,000		66,928
Shanghai Jin Jiang Capital Co. Ltd., Class H		570,000		97,817
Shanghai Kindly Medical Instruments Co. Ltd., Class H		19,000		149,545
Sheng Ye Capital Ltd.		124,000		127,198
Shoucheng Holdings Ltd.^(b)		473,200		128,830
Shougang Fushan Resources Group Ltd.		788,000		178,949
Shui On Land Ltd.^(a)		1,000,000		136,772
Sihuan Pharmaceutical Holdings Group Ltd.		1,425,000		172,835
Silver Grant International Holdings Group Ltd.^(a)		380,000		50,012
Sinopec Kantons Holdings Ltd.^(b)		284,000		112,132
Skyfame Realty Holdings Ltd.		1,074,000		139,964
Skyworth Group Ltd.^(a)(b)		574,000		199,230
SMI Holdings Group Ltd.^(a)(d)		468,800		77,850
Sohu.com Ltd., ADR^(a)		10,376		208,973
Superb Summit International Group Ltd.^(a)(d)		11,913		11
TCL Electronics Holdings Ltd.^(a)		327,000		223,621
Texhong Textile Group Ltd.^(a)		100,000		77,934
Tiangong International Co. Ltd.		316,000		106,011
Tianli Education International Holdings Ltd.^(a)		380,000		431,476
Tianneng Power International Ltd.^(b)		226,000		485,234
Times Neighborhood Holdings Ltd.		190,000		272,124
Tong Ren Tang Technologies Co. Ltd., Class H		179,000		138,578
Tongda Group Holdings Ltd.^(a)		1,190,000		69,863
Tongdao Liepin Group^(a)(b)		57,000		143,858
Towngas China Co. Ltd.^(a)		380,000		172,590
Truly International Holdings Ltd.^(a)		190,000		23,780
Wasion Holdings Ltd.		170,000		50,231
Weimob Inc.^(a)(b)(c)		380,000		637,407
West China Cement Ltd.		570,000		100,024
Wisdom Education International Holdings Co. Ltd.		236,000		123,022
Xiabuxiabu Catering Management China Holdings Co. Ltd.^(a)(c)		142,500		176,329
Xingda International Holdings Ltd.		475,000		117,062
Xtep International Holdings Ltd.		343,000		114,184
Yadea Group Holdings Ltd.^(a)(c)		342,000		346,406
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H^(c)		75,600		107,496
Yixin Group Ltd.^(a)(c)		600,000		154,062
Yuexiu REIT		483,000		233,082
Yuexiu Transport Infrastructure Ltd.^(a)		318,000		188,745
Zhou Hei Ya International Holdings Co. Ltd.^(a)(c)		191,500		217,194
Zhuguang Holdings Group Co. Ltd.^(a)(b)		898,000		126,297

				27,151,121

Colombia — 0.3%
Cementos Argos SA		128,924		171,900
Corp. Financiera Colombiana SA^(a)		25,620		185,148
Grupo Argos SA		93,005		295,633

				652,681

Cyprus — 0.4%
TCS Group Holding PLC^(f)		35,055		923,055


Czech Republic — 0.1%
Central European Media Enterprises Ltd. , Class A^(a)		38,165		162,243


Security	Shares		Value

Egypt — 0.4%
Cleopatra Hospital^(a)		325,755	$	103,173
Egyptian Financial Group-Hermes Holding Co.^(a)		182,859		162,093
Heliopolis Housing		178,272		73,558
Juhayna Food Industries		183,976		81,367
Medinet Nasr Housing		284,527		59,778
Oriental Weavers		95		32
Palm Hills Developments SAE^(a)		486,901		47,246
Six of October Development & Investment		76,514		58,846
Talaat Moustafa Group		296,414		129,225
Telecom Egypt Co.		99,508		84,629

				799,947

Greece — 1.1%
Aegean Airlines SA^(a)		95		409
Alpha Bank AE^(a)		420,375		278,824
Athens Water Supply & Sewage Co. SA		11,305		94,642
Eurobank Ergasias Services and Holdings SA, Series A^(a)		795,720		382,750
GEK Terna Holding Real Estate Construction SA^(a)		19,570		141,833
Hellenic Exchanges-Athens Stock Exchange SA^(a)		33,630		114,626
Holding Co. ADMIE IPTO SA		27,360		72,314
LAMDA Development SA^(a)		21,090		142,508
Mytilineos SA		28,120		265,342
National Bank of Greece SA^(a)		167,485		228,446
Piraeus Bank SA^(a)		86,413		124,738
Public Power Corp. SA^(a)(b)		34,109		163,497
Sarantis SA		7,410		77,277
Terna Energy SA		12,825		181,909
Titan Cement International SA^(a)		13,205		179,719

				2,448,834

Hungary — 0.1%
Magyar Telekom Telecommunications PLC		145,255		179,146


India — 12.1%
Aarti Industries Ltd.		14,100		200,694
Aavas Financiers Ltd.^(a)		7,630		145,422
Adani Enterprises Ltd.		41,990		159,472
Adani Power Ltd.^(a)		240,171		121,542
Aditya Birla Fashion and Retail Ltd.^(a)		63,097		119,924
Aegis Logistics Ltd.		29,705		85,756
AIA Engineering Ltd.		12,952		317,019
Ajanta Pharma Ltd.		7,220		145,621
Alembic Pharmaceuticals Ltd.		13,680		175,090
Apollo Hospitals Enterprise Ltd.		25,557		567,526
Apollo Tyres Ltd.		144,685		242,853
Ashok Leyland Ltd.		417,050		383,296
Astral Poly Technik Ltd.		19,130		291,612
Atul Ltd.		5,274		414,171
AU Small Finance Bank Ltd.^(a)(c)		36,451		330,799
Avanti Feeds Ltd.		5,510		38,813
Bajaj Consumer Care Ltd.^(a)		21,362		49,917
Balkrishna Industries Ltd.		24,727		444,066
Balrampur Chini Mills Ltd.		40,885		81,901
Bata India Ltd.		10,675		188,396
Bayer CropScience Ltd./India		3,610		285,193
Bharat Heavy Electricals Ltd.		286,615		150,107
Birla Corp. Ltd.		7,078		59,253
Blue Dart Express Ltd.^(a)		1,975		58,726
Can Fin Homes Ltd.		10,884		54,888
Century Textiles & Industries Ltd.		11,201		50,734
CESC Ltd.		19,570		159,641
Cholamandalam Financial Holdings Ltd.^(a)		25,435		150,884


59		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

India (continued)
Cholamandalam Investment and Finance Co. Ltd.		81,605	$	257,429
City Union Bank Ltd.		93,115		170,778
Coforge Ltd.		5,890		153,957
Coromandel International Ltd.		22,515		232,483
CRISIL Ltd.		6,246		148,552
Crompton Greaves Consumer Electricals Ltd.^(a)		173,755		641,601
Cummins India Ltd.		28,405		178,381
Dalmia Bharat Ltd.^(a)		14,745		150,189
DCB Bank Ltd.^(a)		58,577		70,866
Dilip Buildcon Ltd.^(c)		10,078		50,583
Dr Lal PathLabs Ltd.^(c)		8,972		216,336
Edelweiss Financial Services Ltd.^(a)		134,878		146,683
Emami Ltd.		37,905		183,815
Endurance Technologies Ltd.^(c)		10,512		156,978
Engineers India Ltd.		95		86
Eris Lifesciences Ltd.^(c)		13,631		89,185
Escorts Ltd.		17,769		262,549
Exide Industries Ltd.		87,875		195,848
Federal Bank Ltd.^(a)		494,095		371,205
Fortis Healthcare Ltd.^(a)		143,885		259,592
Future Lifestyle Fashions Ltd.^(a)		18,119		37,613
Gillette India Ltd.		2,755		203,198
Glenmark Pharmaceuticals Ltd.		43,900		280,073
GMR Infrastructure Ltd.^(a)		52,535		16,808
Godrej Industries Ltd.^(a)		26,410		157,672
Godrej Properties Ltd.^(a)		18,818		233,475
Granules India Ltd.		47,690		203,277
Gujarat Fluorochemicals Ltd.^(a)		4,180		29,030
Gujarat Gas Ltd.		51,177		226,275
Gujarat State Petronet Ltd.		59,185		163,667
HEG Ltd.		4,370		50,826
Hemisphere Properties India Ltd.^(a)		28,290		59,176
Hexaware Technologies Ltd.		39,652		213,539
ICICI Securities Ltd.^(c)		19,344		125,460
IDFC First Bank Ltd.^(a)		611,716		265,936
IDFC Ltd.		235,361		88,092
IIFL Finance Ltd.		39,997		44,367
IIFL Wealth Management Ltd.		8,273		115,035
India Cements Ltd. (The)		53,485		83,271
Indiabulls Housing Finance Ltd.		82,804		234,212
Indiabulls Real Estate Ltd.^(a)		69,331		59,387
Indiabulls Ventures Ltd.		57,579		153,906
IndiaMART Intermesh Ltd.^(a)		2,470		123,677
Indian Hotels Co. Ltd. (The)		163,305		230,068
IRB Infrastructure Developers Ltd.		48,382		78,120
Jindal Steel & Power Ltd.^(a)		130,544		363,748
JK Cement Ltd.		9,293		188,063
JM Financial Ltd.		73,913		81,989
JSW Energy Ltd.		113,064		84,098
Jubilant Life Sciences Ltd.		24,216		257,680
Just Dial Ltd.^(a)		12,359		62,410
Kajaria Ceramics Ltd.		20,273		120,125
Karur Vysya Bank Ltd. (The)^(a)		109,857		57,087
Kaveri Seed Co. Ltd.^(a)		10,004		78,536
KEC International Ltd.		19,960		87,343
KEI Industries Ltd.		13,433		72,359
KRBL Ltd.		18,207		64,794
L&T Technology Services Ltd.^(c)		6,761		143,762
Laurus Labs Ltd.^(c)		18,145		279,370
Mahanagar Gas Ltd.		13,585		175,701


Security	Shares		Value

India (continued)
Mahindra & Mahindra Financial Services Ltd.^(a)		175,940	$	321,966
Mahindra CIE Automotive Ltd.^(a)		38,351		68,045
Manappuram Finance Ltd.		77,501		155,829
Max Financial Services Ltd.^(a)		45,963		367,948
Metropolis Healthcare Ltd.^(a)		12,668		316,435
Minda Industries Ltd.		29,925		138,226
Mindtree Ltd.		12,635		198,389
Motilal Oswal Financial Services Ltd.		11,414		106,057
Mphasis Ltd.		25,270		378,874
Multi Commodity Exchange of India Ltd.		8,647		187,771
Natco Pharma Ltd.		26,803		273,720
National Aluminium Co. Ltd.		163,526		79,644
Navin Fluorine International Ltd.		4,180		110,847
NBCC India Ltd.		154,471		56,137
Nippon Life India Asset Management Ltd.^(c)		39,615		146,711
Oberoi Realty Ltd.^(a)		18,745		99,293
Oil India Ltd.		68,069		87,621
Persistent Systems Ltd.		12,563		163,550
Phoenix Mills Ltd. (The)		18,225		159,663
PI Industries Ltd.		17,765		443,718
PNB Housing Finance Ltd.^(a)(c)		19,404		75,222
Polycab India Ltd.		12,920		156,718
Prestige Estates Projects Ltd.		37,413		126,002
Procter & Gamble Health Ltd.^(a)		1,403		91,433
PVR Ltd.		10,220		182,102
Quess Corp. Ltd.^(a)(c)		21,628		107,115
Radico Khaitan Ltd.		21,850		119,272
Rajesh Exports Ltd.		24,189		146,713
Ramco Cements Ltd. (The)		20,710		194,995
RBL Bank Ltd.^(c)		106,615		283,819
Redington India Ltd.		85,885		125,781
Relaxo Footwears Ltd.^(a)		17,765		158,179
Sanofi India Ltd.		1,888		210,802
Schaeffler India Ltd.		3,325		179,179
Sobha Ltd.		14,901		53,009
Spandana Sphoorty Financial Ltd.^(a)		5,989		49,929
SpiceJet Ltd.^(a)		51,967		36,324
SRF Ltd.		4,427		243,815
Sterlite Technologies Ltd.		33,573		68,371
Strides Pharma Science Ltd.		13,644		111,986
Sundaram Finance Ltd.		9,982		218,483
Sunteck Realty Ltd.		19,285		68,866
Supreme Industries Ltd.		12,275		222,937
Suven Pharmaceuticals Ltd.^(a)		26,320		226,844
Syngene International Ltd.^(a)(c)		34,304		220,996
Tata Chemicals Ltd.		23,422		99,438
Tata Communications Ltd.		20,900		247,211
Tata Elxsi Ltd.		5,804		84,749
Tata Power Co. Ltd. (The)		348,270		277,973
TeamLease Services Ltd.^(a)		3,390		109,141
Thermax Ltd.		9,183		95,395
Timken India Ltd.		5,225		78,782
Torrent Power Ltd.		39,082		176,754
TTK Prestige Ltd.		2,755		213,044
Tube Investments of India Ltd.		24,060		211,778
Vakrangee Ltd.		140,874		53,588
Varun Beverages Ltd.		23,807		238,046
V-Guard Industries Ltd.		63,080		143,372
Vinati Organics Ltd.		9,648		132,050
VIP Industries Ltd.		13,017		50,126


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		60

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

India (continued)
V-Mart Retail Ltd.^(a)		2,959	$	76,745
Vodafone Idea Ltd.^(a)		2,495,194		345,766
Voltas Ltd.		34,010		293,283
WABCO India Ltd.		1,805		171,001
Yes Bank Ltd.^(a)		100		20
Yes Bank Ltd., New		433,083		62,941

				25,704,176

Indonesia — 1.8%
AKR Corporindo Tbk PT		536,400		106,820
Aneka Tambang Tbk		2,591,000		145,897
Astra Agro Lestari Tbk PT		171,000		119,480
Bank BTPN Syariah Tbk PT		666,400		178,469
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		750,700		54,386
Bank Tabungan Negara Persero Tbk PT		1,425,000		154,120
Bintang Oto Global Tbk PT^(a)		798,000		79,458
Bukit Asam Tbk PT		1,130,500		158,367
Bumi Resources Tbk PT^(a)		17,747,400		60,935
Bumi Serpong Damai Tbk PT^(a)		2,983,000		158,752
Ciputra Development Tbk PT		3,068,763		162,263
Hanson International Tbk PT^(a)(d)		25,794,200		62,761
Indo Tambangraya Megah Tbk PT		123,600		70,235
Indosat Tbk PT^(a)		414,400		65,450
Industri Jamu Dan Farmasi Sido Muncul Tbk PT		1,045,000		99,387
Inti Agri Resources Tbk PT^(a)(d)		12,327,500		30,235
Japfa Comfeed Indonesia Tbk PT		1,114,300		93,353
Jasa Marga Persero Tbk PT		646,000		173,450
Lippo Karawaci Tbk PT^(a)		9,105,400		98,166
Matahari Department Store Tbk PT^(a)		726,300		63,091
Medco Energi Internasional Tbk PT^(a)		1,620,366		61,198
Media Nusantara Citra Tbk PT^(a)		1,612,700		98,562
Mitra Adiperkasa Tbk PT^(a)		2,640,100		123,280
Pabrik Kertas Tjiwi Kimia Tbk PT		370,500		173,642
Pacific Strategic Financial Tbk PT^(a)		1,586,500		95,871
Pakuwon Jati Tbk PT^(a)		5,548,000		155,439
Panin Financial Tbk PT^(a)		4,299,500		60,820
Pelayaran Tamarin Samudra Tbk PT^(a)		2,499,900		9,957
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		974,800		65,600
PP Persero Tbk PT		976,925		65,072
Ramayana Lestari Sentosa Tbk PT		952,100		42,824
Sawit Sumbermas Sarana Tbk PT^(a)		1,444,000		85,277
Sitara Propertindo Tbk PT^(a)		2,120,600		7,281
Sugih Energy Tbk PT^(a)(d)		1,824,800		1
Summarecon Agung Tbk PT^(a)		2,617,800		115,947
Surya Citra Media Tbk PT		1,853,200		157,800
Tower Bersama Infrastructure Tbk PT		2,794,800		250,452
Waskita Karya Persero Tbk PT		1,536,200		68,569
Wijaya Karya Persero Tbk PT		1,004,348		85,520

				3,858,187

Malaysia — 3.1%
Aeon Co. M Bhd		243,000		48,711
AEON Credit Service M Bhd^(b)		47,500		103,085
AirAsia Group Bhd^(a)		617,500		97,839
Alliance Bank Malaysia Bhd		275,700		144,949
Axis Real Estate Investment Trust		323,000		168,266
Berjaya Sports Toto Bhd^(a)		237,500		119,163
Bermaz Auto Bhd		260,200		84,953
BIMB Holdings Bhd		161,500		143,452


Security	Shares		Value

Malaysia (continued)
British American Tobacco Malaysia Bhd		42,444	$	103,932
Bursa Malaysia Bhd		169,150		393,485
Cahya Mata Sarawak Bhd		171,000		61,577
DRB-Hicom Bhd^(b)		262,200		128,409
Ekovest Bhd^(b)		443,800		52,738
FGV Holdings Bhd		500,500		147,789
Frontken Corp. Bhd		225,000		205,257
Globetronics Technology Bhd		195,066		128,780
IGB REIT		503,500		223,617
IJM Corp. Bhd		983,000		283,183
Inari Amertron Bhd		756,950		408,867
IOI Properties Group Bhd		380,000		83,015
KPJ Healthcare Bhd		248,200		49,157
Magnum Bhd		285,000		152,575
Mah Sing Group Bhd		279,857		51,060
Malakoff Corp. Bhd		475,000		112,892
Malaysia Building Society Bhd		478,700		66,654
Malaysian Pacific Industries Bhd		29,500		111,187
Malaysian Resources Corp. Bhd		610,900		74,062
Mega First Corp Bhd		85,500		159,280
My EG Services Bhd^(b)		581,400		207,967
Padini Holdings Bhd		110,800		62,775
Pavilion REIT		201,300		74,905
Pentamaster Corp. Bhd		176,250		201,828
Sapura Energy Bhd^(a)		2,318,000		69,559
Scientex Bhd^(b)		90,000		203,097
Serba Dinamik Holdings Bhd		427,620		185,810
Sime Darby Property Bhd		737,000		115,889
SKP Resources Bhd		253,400		97,941
SP Setia Bhd Group		477,200		91,075
Sunway Construction Group Bhd		190,020		90,323
Sunway REIT		482,100		185,178
Syarikat Takaful Malaysia Keluarga Bhd		73,800		89,471
TIME dotCom Bhd		114,000		316,370
UMW Holdings Bhd		98,600		61,544
Velesto Energy Bhd^(a)		862,700		30,030
ViTrox Corp. Bhd		60,500		175,741
VS Industry Bhd		450,425		203,289
Yinson Holdings Bhd^(b)		175,000		265,514

				6,636,240

Mexico — 1.9%
Alpek SAB de CV		85,500		64,029
Alsea SAB de CV^(a)(b)		152,000		157,167
Banco del Bajio SA^(a)(b)(c)		209,000		167,116
Bolsa Mexicana de Valores SAB de CV		131,600		277,198
Concentradora Fibra Danhos SA de CV		83,000		78,085
Controladora Vuela Cia. de Aviacion SAB de CV, Class A^(a)		200,700		162,038
Corp Inmobiliaria Vesta SAB de CV		178,600		266,847
Genomma Lab Internacional SAB de CV, Class B^(a)		209,100		219,361
Gentera SAB de CV^(a)(b)		324,000		106,293
Grupo Aeroportuario del Centro Norte SAB de CV^(a)		98,700		450,793
Grupo Cementos de Chihuahua SAB de CV		58,220		264,738
Grupo Comercial Chedraui SA de CV		103,000		119,114
Grupo Herdez SAB de CV^(b)		72,000		122,873
La Comer SAB de CV^(b)		153,900		232,896
Macquarie Mexico Real Estate Management SA de CV^(a)(c)		237,600		276,075
PLA Administradora Industrial S. de RL de CV^(b)		240,500		310,762
Prologis Property Mexico SA de CV		123,531		245,188


61		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Mexico (continued)
Qualitas Controladora SAB de CV		47,500	$	186,736
Regional SAB de CV^(a)(b)		57,000		142,123
Telesites SAB de CV^(a)(b)		402,400		303,740

				4,153,172

Pakistan — 0.6%
Bank Alfalah Ltd.^(a)		207,850		43,973
Engro Corp. Ltd./Pakistan		101,930		183,416
Engro Fertilizers Ltd.		181,000		69,034
Fauji Fertilizer Co. Ltd.		161,000		104,994
Hub Power Co. Ltd. (The)^(a)		240,904		124,347
Indus Motor Co. Ltd.		4,180		33,151
Lucky Cement Ltd.		45,350		168,180
Millat Tractors Ltd.		9,518		50,957
Pakistan Oilfields Ltd.		33,800		87,332
Pakistan Petroleum Ltd.		190,000		116,426
Pakistan State Oil Co. Ltd.		60,008		69,524
Searle Co. Ltd. (The)		31,847		50,101
United Bank Ltd./Pakistan^(a)		143,800		108,372

				1,209,807

Philippines — 0.7%
Alliance Global Group Inc.^(a)		1,197,900		152,687
Bloomberry Resorts Corp.		1,179,900		148,932
Cebu Air Inc.^(a)		72,570		53,359
Cosco Capital Inc.		500		50
D&L Industries Inc.^(a)		1,024,300		97,180
DMCI Holdings Inc.		1,330,000		109,725
DoubleDragon Properties Corp.^(a)		247,110		76,449
First Gen Corp.		341,250		171,382
Manila Water Co. Inc.		372,800		110,568
Petron Corp.		1,017,200		63,778
Pilipinas Shell Petroleum Corp.^(a)		126,700		46,253
Security Bank Corp.		61,750		123,538
Semirara Mining & Power Corp.		297,600		57,820
Vista Land & Lifescapes Inc.		1,330,100		82,848
Wilcon Depot Inc.		502,300		167,831

				1,462,400

Poland — 1.3%
Alior Bank SA^(a)(b)		30,115		112,463
AmRest Holdings SE^(a)		23,845		135,847
Asseco Poland SA		15,960		308,885
Bank Handlowy w Warszawie SA^(a)		8,930		90,431
Bank Millennium SA^(a)		194,940		160,690
Budimex SA		3,422		218,740
CCC SA^(a)		10,450		163,905
Ciech SA^(a)		9,500		81,313
Enea SA^(a)		66,706		120,827
Eurocash SA^(a)(b)		24,840		105,629
Famur SA^(a)		84,530		44,609
Grupa Azoty SA^(a)		13,395		98,220
Jastrzebska Spolka Weglowa SA^(a)		14,485		62,010
KRUK SA^(a)		5,370		215,910
Neuca SA		665		91,723
PLAY Communications SA^(c)		36,195		301,711
Tauron Polska Energia SA^(a)		330,981		228,079
TEN Square Games SA		1,045		160,942
Warsaw Stock Exchange		8,913		106,415

				2,808,349

Qatar — 1.0%
Aamal Co.		479,845		121,513


Security	Shares		Value

Qatar (continued)
Al Meera Consumer Goods Co. QSC		19,570	$	106,416
Baladna		275,310		146,932
Doha Bank QPSC^(a)		458,280		297,617
Gulf International Services QSC^(a)		281,755		125,821
Gulf Warehousing Co.		95,950		133,925
Medicare Group		48,436		99,114
Qatar Aluminum Manufacturing Co.		873,810		234,364
Qatar Insurance Co. SAQ		434,340		251,911
Qatar National Cement Co. QSC		61,050		66,378
Qatar Navigation QSC		165,775		269,483
United Development Co. QSC		528,751		178,674
Vodafone Qatar QSC		529,910		187,435

				2,219,583

Russia — 0.9%
Aeroflot PJSC^(a)		150,706		164,398
Credit Bank of Moscow PJSC^(a)		3,363,000		278,409
Detsky Mir PJSC^(c)		150,700		236,699
LSR Group PJSC, GDR^(f)		74,691		155,357
Mechel PJSC, ADR^(a)		33,104		55,946
Mosenergo PJSC		3,124,000		87,262
Rostelecom PJSC		257,450		336,451
Sistema PJSFC, GDR^(f)		51,300		294,462
Unipro PJSC		7,455,000		270,841

				1,879,825

Saudi Arabia — 2.6%
Al Hammadi Co. for Development and Investment^(a)		15,111		106,973
Al Rajhi Co for Cooperative Insurance^(a)		5,483		107,892
Aldrees Petroleum and Transport Services Co.		8,988		157,451
Arabian Cement Co./Saudi Arabia		14,974		121,375
Arriyadh Development Co.		31,082		136,744
City Cement Co.^(a)		33,099		159,386
Dallah Healthcare Co.		5,085		77,012
Dur Hospitality Co.		13,775		103,208
Eastern Province Cement Co.		14,125		132,006
Fawaz Abdulaziz Al Hokair & Co.^(a)		22,451		133,493
Herfy Food Services Co.		6,890		94,611
Leejam Sports Co. JSC		8,481		160,102
Maharah Human Resources Co.		7,600		162,114
Middle East Healthcare Co.^(a)		11,210		109,994
Mobile Telecommunications Co.^(a)		81,605		254,142
Mouwasat Medical Services Co.		14,060		449,116
National Agriculture Development Co. (The)^(a)		17,725		151,708
National Gas & Industrialization Co.		11,400		88,605
National Medical Care Co.		6,365		89,948
Qassim Cement Co. (The)		14,274		259,565
Saudi Ceramic Co.^(a)		9,690		100,764
Saudi Chemical Co. Holding^(a)		16,376		118,330
Saudi Ground Services Co.^(a)		26,885		218,997
Saudi Pharmaceutical Industries & Medical Appliances Corp.		20,879		199,023
Saudi Public Transport Co.^(a)		21,831		96,860
Saudi Real Estate Co.^(a)		25,556		93,762
Saudi Research & Marketing Group^(a)		11,476		217,865
Saudia Dairy & Foodstuff Co.		4,845		238,991
Seera Group Holding^(a)		47,025		216,916
Southern Province Cement Co.		19,678		336,847
United Electronics Co.		10,204		192,628
United International Transportation Co.		10,611		96,336
Yamama Cement Co.		33,740		221,128


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		62

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Saudi Arabia (continued)
Yanbu Cement Co.		25,291	$	221,860

				5,625,752

South Africa — 3.1%
Adcock Ingram Holdings Ltd.^(a)		17,114		40,701
AECI Ltd.		34,781		172,619
African Rainbow Minerals Ltd.		31,624		397,324
Alexander Forbes Group Holdings Ltd.		289,752		56,441
Allied Electronics Corp. Ltd.		63,745		91,434
Astral Foods Ltd.		11,687		91,944
Attacq Ltd.		187,060		43,615
AVI Ltd.		102,477		417,802
Barloworld Ltd.		60,708		214,290
Brait SE^(a)(b)		268,376		44,990
Coronation Fund Managers Ltd.		63,030		159,275
Dis-Chem Pharmacies Ltd.^(c)		93,290		100,552
DRDGOLD Ltd.		127,965		191,102
Equites Property Fund Ltd.		149,451		151,734
Fortress REIT Ltd., Series A		346,465		257,682
Foschini Group Ltd. (The)^(b)		98,420		443,671
Imperial Logistics Ltd.^(a)		47,264		96,725
Investec Ltd.		77,425		143,687
Investec Property Fund Ltd.		193,500		97,542
JSE Ltd.		26,969		188,801
KAP Industrial Holdings Ltd.^(a)		839,964		136,348
Liberty Holdings Ltd.		50,338		179,795
Massmart Holdings Ltd.^(a)(b)		31,014		49,904
Motus Holdings Ltd.^(a)		49,308		80,389
Netcare Ltd.		354,334		261,443
Ninety One Ltd.^(a)		42,560		116,089
Oceana Group Ltd.		25,588		95,034
Pick n Pay Stores Ltd.		105,639		260,212
PSG Group Ltd.		35,970		95,545
Redefine Properties Ltd.		1,666,965		243,040
Resilient REIT Ltd.		103,148		238,428
Reunert Ltd.		50,938		93,810
Royal Bafokeng Platinum Ltd.^(a)		36,599		139,450
Sappi Ltd.^(a)		164,595		216,562
Steinhoff International Holdings NV^(a)(b)		1,251,150		68,683
Stor-Age Property REIT Ltd.		128,155		92,516
Super Group Ltd./South Africa^(a)		115,776		123,285
Telkom SA SOC Ltd.		91,295		122,328
Transaction Capital Ltd.		153,900		163,155
Truworths International Ltd.^(b)		122,623		220,039
Vukile Property Fund Ltd.		235,347		69,182
Wilson Bayly Holmes-Ovcon Ltd.		15,984		104,549
Zeder Investments Ltd.		317,829		45,026

				6,616,743

South Korea — 18.2%
ABLBio Inc.^(a)		7,893		235,880
Advanced Process Systems Corp.		4,027		75,936
Aekyung Industrial Co. Ltd.		2,203		40,522
AfreecaTV Co. Ltd.		2,671		130,413
Ahnlab Inc.		2,314		125,060
AK Holdings Inc.		1,824		25,335
Amicogen Inc.^(a)		5,126		178,217
Ananti Inc.^(a)		16,435		125,902
Anterogen Co. Ltd.^(a)		1,805		91,473
Aprogen KIC Inc.^(a)		32,965		85,056
Asiana Airlines Inc.^(a)		36,018		130,834


Security	Shares		Value

South Korea (continued)
BGF Co. Ltd.		95	$	328
BH Co. Ltd.^(a)		7,167		122,477
Binex Co. Ltd.^(a)		9,025		273,508
Binggrae Co. Ltd.		1,900		93,089
Boditech Med Inc.		4,560		104,989
Boryung Pharmaceutical Co. Ltd.		7,287		99,377
Bukwang Pharmaceutical Co. Ltd.		9,405		299,275
Cafe24 Corp.^(a)		2,097		128,690
Cellivery Therapeutics Inc.^(a)		1,900		381,951
Chabiotech Co. Ltd.^(a)		13,033		238,629
Chong Kun Dang Pharmaceutical Corp.		1,710		279,266
Chongkundang Holdings Corp.		950		96,767
Chunbo Co. Ltd.		1,330		184,066
CJ CGV Co. Ltd.^(a)		6,523		120,806
CMG Pharmaceutical Co. Ltd.^(a)(b)		34,203		129,280
Com2uSCorp.		3,144		294,047
Cosmax Inc.		2,213		190,021
CrystalGenomics Inc.^(a)		10,324		176,427
CS Wind Corp.		2,585		223,051
Cuckoo Homesys Co. Ltd.		2,432		87,625
Daea TI Co. Ltd.		19,901		101,859
Daeduck Co. Ltd.		6,461		33,450
Daeduck Electronics Co. Ltd./New^(a)		11,167		102,937
Daesang Corp.		6,979		169,790
Daewoo Engineering & Construction Co. Ltd.^(a)		110,064		272,867
Daewoong Co. Ltd.		7,410		223,005
Daewoong Pharmaceutical Co. Ltd.		1,492		145,696
Daishin Securities Co. Ltd.		12,343		106,504
Daou Technology Inc.		9,083		148,720
DB HiTek Co. Ltd.		11,323		338,861
Dentium Co. Ltd.^(a)		2,534		79,887
DGB Financial Group Inc.		48,546		216,187
DIO Corp.^(a)		3,675		79,508
Dong-A Socio Holdings Co. Ltd.		1,615		147,510
Dong-A ST Co. Ltd.		1,855		147,725
Dongjin Semichem Co. Ltd.		10,535		294,437
DongKook Pharmaceutical Co. Ltd.^(d)		1,635		207,971
Dongkuk Steel Mill Co. Ltd.^(a)		20,972		108,929
Dongsuh Cos. Inc.		10,523		226,334
Dongsung Pharmaceutical Co. Ltd.^(a)		6,216		64,886
Dongwon F&B Co. Ltd.		355		52,896
Dongwon Industries Co. Ltd.		570		106,764
Doosan Fuel Cell Co. Ltd.^(a)		7,513		263,104
Doosan Heavy Industries & Construction Co. Ltd.^(a)		37,408		507,003
Doosan Infracore Co. Ltd.^(a)		42,085		284,842
Doosan Solus Co. Ltd.^(a)		3,800		127,957
DoubleUGames Co. Ltd.		2,967		182,581
Duk San Neolux Co. Ltd.^(a)		3,515		98,831
Ecopro BM Co. Ltd.		2,755		359,479
Ecopro Co. Ltd.		6,367		252,450
Enzychem Lifesciences Corp.^(a)		2,228		260,893
Eo Technics Co Ltd.		2,756		260,543
Eone Diagnomics Genome Center Co. Ltd.^(a)		5,700		74,375
Eugene Corp.		95		319
Eutilex Co. Ltd.^(a)		2,180		67,167
F&F Co. Ltd.		1,889		153,454
Feelux Co. Ltd.^(a)		17,996		54,083
Foosung Co. Ltd.		16,880		117,232
GemVax & Kael Co. Ltd.^(a)		10,151		189,706
Geneone Life Science Inc.^(a)		11,590		280,018


63		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Korea (continued)
Genexine Co. Ltd.^(a)		4,286	$	648,727
Grand Korea Leisure Co. Ltd.		9,921		98,968
Green Cross Cell Corp.		1,918		73,142
Green Cross Corp./South Korea		1,868		417,505
Green Cross Holdings Corp.		7,273		168,371
Green Cross LabCell Corp.		95		4,614
GS Home Shopping Inc.		1,330		130,996
G-treeBNT Co. Ltd.^(a)(b)		7,749		195,372
Hana Tour Service Inc.		3,398		109,844
Hanall Biopharma Co. Ltd.^(a)		8,692		252,806
Handsome Co. Ltd.		4,657		123,295
Hanil Cement Co. Ltd./New		772		51,341
Hanjin Transportation Co. Ltd.		1,995		73,643
Hankook Technology Group Co. Ltd.		13,708		177,711
Hansol Chemical Co. Ltd.		2,755		374,554
Hanssem Co. Ltd.		3,332		272,922
Hanwha Aerospace Co. Ltd.^(a)		11,195		243,144
Hanwha Life Insurance Co. Ltd.		88,445		113,916
HDC Holdings Co. Ltd.		15,295		144,851
HDC Hyundai Development Co-Engineering & Construction, Class E		12,160		235,441
Helixmith Co. Ltd.^(a)		7,932		328,859
HFR Inc.^(a)		2,660		81,621
Hite Jinro Co. Ltd.		9,405		292,150
HLB Life Science Co. Ltd.^(a)		11,748		178,509
HMM Co. Ltd.^(a)		71,440		346,405
HS Industries Co. Ltd.		14,630		84,856
Huchems Fine Chemical Corp.		6,582		100,013
Hugel Inc.^(a)		1,995		275,091
Huons Co. Ltd.		2,470		150,541
Huons Global Co. Ltd.		1,330		38,179
Hwaseung Enterprise Co. Ltd.		6,562		64,355
Hyosung Advanced Materials Corp.^(a)		918		105,100
Hyosung Chemical Corp.		724		60,582
Hyosung Corp.		2,816		158,828
Hyosung TNC Co. Ltd.		862		71,186
Hyundai Bioscience Co. Ltd.^(a)		10,592		101,203
Hyundai Construction Equipment Co. Ltd.^(a)(b)		3,992		73,428
Hyundai Department Store Co. Ltd.		6,453		291,713
Hyundai Electric & Energy System Co. Ltd.^(a)		5,936		58,715
Hyundai Elevator Co. Ltd.		7,426		256,619
Hyundai Greenfood Co. Ltd.		15,770		96,115
Hyundai Home Shopping Network Corp.		2,280		125,334
Hyundai Mipo Dockyard Co. Ltd.		7,074		183,118
Hyundai Rotem Co. Ltd.^(a)		14,167		180,680
Hyundai Wia Corp.		5,074		177,904
Iljin Diamond Co. Ltd.		2,662		130,646
Iljin Materials Co. Ltd.		6,923		290,522
Ilyang Pharmaceutical Co. Ltd.		4,180		286,432
Innocean Worldwide Inc.		2,729		126,353
iNtRON Biotechnology Inc.^(a)		9,219		131,933
IS Dongseo Co. Ltd.		6,175		231,582
ITM Semiconductor Co. Ltd.^(a)		2,090		101,166
JB Financial Group Co. Ltd.		41,248		148,964
Jejuair Co. Ltd.^(a)		3,644		42,640
Jin Air Co. Ltd.^(a)		4,543		34,152
JW Pharmaceutical Corp.		4,902		157,430
JYP Entertainment Corp.		8,142		238,866
KCC Corp.		1,615		189,656
KEPCO Engineering & Construction Co. Inc.		4,581		62,859


Security	Shares		Value

South Korea (continued)
KEPCO Plant Service & Engineering Co. Ltd.		6,651	$	155,651
Kginicis Co. Ltd.		5,225		103,145
KIWOOM Securities Co. Ltd.^(b)		3,597		330,056
Koh Young Technology Inc.		3,348		253,658
Kolmar BNH Co. Ltd.		2,734		153,052
Kolmar Korea Co. Ltd.		5,035		194,127
Kolmar Korea Holdings Co. Ltd.		1,995		46,604
Kolon Industries Inc.		6,365		171,462
Komipharm International Co. Ltd.^(a)		12,013		156,243
Korea Electric Terminal Co. Ltd.		1,754		66,150
Korea Line Corp.^(a)		4,370		59,228
Korea Petrochemical Ind. Co Ltd.		1,111		110,361
Korea REIT & Trust Co. Ltd.		68,642		97,944
Korean Reinsurance Co.		29,156		180,154
Kuk-Il Paper Manufacturing Co. Ltd.^(a)(b)		26,760		112,410
Kyung Dong Navien Co. Ltd.		2,188		95,411
L&C Bio Co. Ltd.		1,330		147,678
L&F Co. Ltd.		5,103		180,424
LEENO Industrial Inc.		2,945		314,854
LegoChem Biosciences Inc.^(a)		4,456		202,563
LG Hausys Ltd.		1,995		97,407
LG International Corp.		9,975		126,377
LIG Nex1 Co. Ltd.		2,894		76,010
Lotte Chilsung Beverage Co. Ltd.		1,425		112,882
LOTTE Fine Chemical Co. Ltd.		6,159		231,760
LOTTE Himart Co. Ltd.		3,800		96,128
LOTTE Reit Co. Ltd.		28,310		121,066
Lotte Tour Development Co. Ltd.^(a)		10,640		169,287
LS Corp.		5,595		213,127
LS Electric Co. Ltd.		4,439		202,163
Maeil Dairies Co. Ltd.		1,522		87,125
Mando Corp.		9,788		258,728
Mcnex Co. Ltd.		4,061		114,866
Medipost Co. Ltd.^(a)		6,365		154,048
MedPacto Inc.^(a)		3,230		288,223
Medy-Tox Inc.		1,330		279,570
MegaStudyEdu Co. Ltd.		2,717		75,021
Meritz Financial Group Inc.		14,603		113,466
Meritz Fire & Marine Insurance Co. Ltd.		15,030		161,320
Mezzion Pharma Co. Ltd.^(a)		1,995		285,840
Mirae Asset Life Insurance Co. Ltd.		5,605		17,694
Mirae Asset Maps Asia Pacific Real Estate 1 Investment		27,764		90,334
Namhae Chemical Corp.		8,291		57,442
Namsun Aluminum Co. Ltd.^(a)		17,860		77,881
Naturecell Co. Ltd.^(a)		15,593		139,798
NEPES Corp.		5,417		133,384
Nexen Tire Corp.		95		405
NHN Corp.^(a)		2,945		180,731
NHN KCP Corp.		3,800		230,003
NICE Holdings Co. Ltd.		9,500		150,349
NICE Information Service Co. Ltd.		10,866		164,650
NKMax Co. Ltd.^(a)		11,357		151,535
NongShim Co. Ltd.		855		258,753
OCI Co. Ltd.^(a)		6,745		367,372
OptoElectronics Solutions Co. Ltd.		2,660		146,895
Orion Holdings Corp.		13,775		151,909
Oscotec Inc.^(a)		6,506		179,916
Osstem Implant Co. Ltd.^(a)		3,802		118,743
Paradise Co. Ltd.		15,298		171,280
Partron Co. Ltd.		12,045		103,425


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		64

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Korea (continued)
Pharmicell Co. Ltd.^(a)		17,005	$	320,660
PI Advanced Materials Co. Ltd.		4,883		117,358
Poongsan Corp.		6,195		120,729
Posco ICT Co. Ltd.		22,820		83,469
RFHIC Corp.^(b)		4,087		135,041
S&T Motiv Co. Ltd.		2,859		132,372
Sam Chun Dang Pharm Co. Ltd.		4,410		217,549
Samwha Capacitor Co. Ltd.		2,473		112,627
Samyang Foods Co. Ltd.		950		85,171
Sangsangin Co. Ltd.		9,785		49,341
Seojin System Co. Ltd.		4,467		190,653
Seoul Semiconductor Co. Ltd.		11,960		164,111
SFA Engineering Corp.		6,365		177,624
SFA Semicon Co. Ltd.^(a)		25,935		108,945
Shinsegae International Inc.		766		87,375
Silicon Works Co. Ltd.		3,747		142,259
SillaJen Inc.^(a)(b)(d)		19,774		181,277
SK Chemicals Co. Ltd.		2,414		799,654
SK Discovery Co. Ltd.		3,811		248,313
SK Materials Co. Ltd.		1,499		311,182
SK Networks Co. Ltd.		44,735		195,450
SKC Co. Ltd.		6,354		494,777
SL Corp.		4,412		44,755
SM Entertainment Co. Ltd.^(a)		6,000		173,752
Songwon Industrial Co. Ltd.		5,225		53,882
Soulbrain Co. Ltd./New^(a)		1,189		217,001
Soulbrain Holdings Co. Ltd.		1,470		57,543
SPC Samlip Co. Ltd.		760		39,475
ST Pharm Co. Ltd.^(a)		3,135		171,014
STCUBE^(a)		7,362		55,901
Suheung Co. Ltd.		1,615		77,358
Taekwang Industrial Co. Ltd.		95		52,782
Taeyoung Engineering & Construction Co. Ltd.		12,186		221,582
Telcon RF Pharmaceutical Inc.^(a)		24,399		112,968
TES Co. Ltd./Korea		4,750		85,371
Theragen Etex Co. Ltd.^(a)		9,448		90,670
Tokai Carbon Korea Co. Ltd.		1,733		158,580
Tongyang Life Insurance Co. Ltd.		15,987		40,105
Toptec Co. Ltd.		6,175		85,771
Ubiquoss Holdings Inc.		2,565		60,136
Vieworks Co. Ltd.		2,639		72,534
Webzen Inc.^(a)		6,083		176,412
Wemade Co. Ltd.		3,104		93,677
WONIK IPS Co. Ltd.^(a)		8,836		238,027
YG Entertainment Inc.^(a)		3,147		123,586
Young Poong Corp.		190		78,294
Youngone Corp.		7,896		208,717
Yungjin Pharmaceutical Co. Ltd.^(a)		30,951		177,697
Yuyang DNU Co. Ltd.^(a)(d)		17,648		16,312
Zinus Inc.		2,755		195,742

				38,588,194

Taiwan — 23.0%
AcBel Polytech Inc.		160,000		140,961
A-DATA Technology Co. Ltd.		66,000		116,967
Advanced Ceramic X Corp.		13,000		164,375
Advanced Wireless Semiconductor Co.		44,596		131,167
Alchip Technologies Ltd.		16,000		287,375
AmTRAN Technology Co. Ltd.^(a)		95,312		34,270
Arcadyan Technology Corp.		38,541		120,845
Ardentec Corp.		134,000		149,566


Security	Shares		Value

Taiwan (continued)
Asia Optical Co. Inc.		69,000	$	155,207
Asia Pacific Telecom Co. Ltd.^(a)		549,910		139,064
Asia Vital Components Co. Ltd.		101,000		241,644
ASPEED Technology Inc.		9,000		368,079
AURAS Technology Co. Ltd.		19,000		143,755
BES Engineering Corp.		532,000		148,133
Bizlink Holding Inc.		36,770		309,534
Brighton-Best International Taiwan Inc.^(a)		174,000		152,702
Capital Securities Corp.		475,530		178,274
Career Technology MFG. Co. Ltd.		121,369		116,647
Casetek Holdings Ltd.		43,816		127,230
Cathay Real Estate Development Co. Ltd.		169,300		112,515
Center Laboratories Inc.^(a)		96,871		265,111
Century Iron & Steel Industrial Co. Ltd.		42,000		176,065
Charoen Pokphand Enterprise		55,000		127,839
Cheng Loong Corp.		190,000		196,207
Cheng Uei Precision Industry Co. Ltd.		112,000		160,128
Chicony Power Technology Co. Ltd.		58,000		146,277
Chief Telecom Inc.		9,000		119,933
Chilisin Electronics Corp.		59,459		200,010
China Airlines Ltd.^(a)		1,344,000		391,178
China Bills Finance Corp.		190,000		94,542
China General Plastics Corp.		149,064		97,034
China Man-Made Fiber Corp.^(a)		570,223		147,893
China Metal Products		95,000		86,771
China Motor Corp.		92,200		133,077
China Petrochemical Development Corp.		1,047,600		307,766
China Steel Chemical Corp.		69,000		217,289
Chin-Poon Industrial Co. Ltd.		105,000		91,074
Chipbond Technology Corp.		185,000		354,345
ChipMOS Technologies Inc.		173,000		171,576
Chlitina Holding Ltd.		13,000		92,821
Chong Hong Construction Co. Ltd.		56,424		161,148
Chroma ATE Inc.		104,000		570,659
Chung Hung Steel Corp.^(a)		475,000		150,878
Chunghwa Precision Test Tech Co. Ltd.		6,000		143,960
Cleanaway Co. Ltd.		31,000		167,987
Clevo Co.^(a)		133,000		134,172
CMC Magnetics Corp.		322,238		89,286
Compeq Manufacturing Co. Ltd.		305,000		453,734
Concraft Holding Co. Ltd.		22,849		71,487
Coretronic Corp.		118,400		141,435
CSBC Corp. Taiwan^(a)		81,455		68,709
CTCI Corp.		154,000		188,947
Cub Elecparts Inc.		18,361		104,816
Darfon Electronics Corp.		66,000		90,987
Darwin Precisions Corp.^(a)		114,000		42,155
E Ink Holdings Inc.		258,000		362,272
Egis Technology Inc.		18,000		102,449
Elan Microelectronics Corp.		85,000		411,363
Elite Material Co. Ltd.		81,000		469,301
Elite Semiconductor Microelectronics Technology Inc.		102,000		126,537
eMemory Technology Inc.		17,000		300,700
Ennoconn Corp.		15,372		155,074
Epistar Corp.^(a)		313,000		425,633
Eternal Materials Co. Ltd.		285,399		336,061
Everlight Electronics Co. Ltd.		118,000		138,947
Far Eastern Department Stores Ltd.		309,000		273,284
Far Eastern International Bank		676,518		258,235
Faraday Technology Corp.		67,000		99,102


65		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Taiwan (continued)
Farglory Land Development Co. Ltd.		77,000	$	125,965
Feng Hsin Steel Co. Ltd.		160,000		310,823
Firich Enterprises Co. Ltd.		190,376		179,077
FLEXium Interconnect Inc.		89,418		383,984
Formosa Sumco Technology Corp.		24,000		84,249
Foxsemicon Integrated Technology Inc.		19,200		124,983
Fulgent Sun International Holding Co. Ltd.		31,000		133,122
Fusheng Precision Co. Ltd.		37,000		218,155
General Interface Solution Holding Ltd.		71,000		314,571
Genius Electronic Optical Co. Ltd.		21,585		420,790
Getac Technology Corp.		118,000		196,254
Gigabyte Technology Co. Ltd.		156,000		451,388
Ginko International Co. Ltd.		10,500		45,448
Global Lighting Technologies Inc.		28,000		120,716
Global Unichip Corp.		24,000		216,349
Gold Circuit Electronics Ltd.^(a)		95,000		166,420
Goldsun Building Materials Co. Ltd.^(a)		332,000		244,970
Gourmet Master Co. Ltd.		23,821		81,104
Grand Pacific Petrochemical^(a)		285,000		186,494
Grape King Bio Ltd.		37,000		226,982
Great Wall Enterprise Co. Ltd.		197,789		305,027
Greatek Electronics Inc.		108,000		184,776
Hannstar Board Corp.		96,481		143,202
HannStar Display Corp.^(a)		771,320		211,353
Holtek Semiconductor Inc.		53,000		115,243
Holy Stone Enterprise Co. Ltd.		41,050		145,500
Hota Industrial Manufacturing Co. Ltd.		62,192		221,497
Hotai Finance Co. Ltd.		64,000		176,242
HTC Corp.^(a)		212,000		217,480
Huaku Development Co. Ltd.		76,080		232,325
Hung Sheng Construction Ltd.^(a)		163,520		96,134
IBF Financial Holdings Co. Ltd.		580,607		228,550
International CSRC Investment Holdings Co.		203,945		143,185
International Games System Co. Ltd.		19,000		569,841
ITEQ Corp.		59,559		242,568
Jentech Precision Industrial Co. Ltd.		19,000		198,149
Jih Sun Financial Holdings Co. Ltd.		491,341		174,154
Johnson Health Tech Co. Ltd.		30,000		78,626
Kenda Rubber Industrial Co. Ltd.		183,341		199,953
Kindom Development Co. Ltd.		97,000		130,583
King Slide Works Co. Ltd.		18,000		186,800
King Yuan Electronics Co. Ltd.		317,000		337,079
King’s Town Bank Co. Ltd.		256,000		318,893
Kinpo Electronics		285,000		111,702
Kinsus Interconnect Technology Corp.		79,000		171,777
KMC Kuei Meng International Inc.		27,000		179,439
LandMark Optoelectronics Corp.		21,400		179,418
Lealea Enterprise Co. Ltd.^(a)		590		185
Lien Hwa Industrial Holdings Corp.		220,478		315,972
Lite-On Semiconductor Corp.		95,000		126,595
Longchen Paper & Packaging Co. Ltd.		206,456		122,784
Lotes Co. Ltd.		21,968		320,444
Lotus Pharmaceutical Co. Ltd.^(a)		27,000		73,892
Lung Yen Life Service Corp.		79,000		148,084
Machvision Inc.		10,398		98,872
Macronix International		546,000		561,975
Makalot Industrial Co. Ltd.		58,036		390,645
Mercuries & Associates Holding Ltd.		133,579		113,131
Mercuries Life Insurance Co. Ltd.^(a)		358,246		115,014
Merida Industry Co. Ltd.		66,000		551,097


Security	Shares		Value

Taiwan (continued)
Merry Electronics Co. Ltd.		54,224	$	284,597
Mitac Holdings Corp.		274,383		270,254
momo.com Inc.		14,000		347,835
Nan Kang Rubber Tire Co. Ltd.		133,000		212,816
Nan Liu Enterprise Co. Ltd.		15,000		138,030
Nan Ya Printed Circuit Board Corp.^(a)		68,000		279,263
Nantex Industry Co. Ltd.		95,000		152,012
OBI Pharma Inc.^(a)		43,184		175,877
Oneness Biotech Co. Ltd.^(a)		77,000		890,939
Oriental Union Chemical Corp.		190,000		110,407
Pan Jit International Inc.		93,900		117,449
Pan-International Industrial Corp.		151,722		91,525
Parade Technologies Ltd.		21,000		744,338
PChome Online Inc.		29,305		111,861
PharmaEngine Inc.		32,756		80,155
PharmaEssentia Corp.^(a)		53,648		208,438
Pharmally International Holding Co. Ltd.^(d)		21,603		41,672
Pixart Imaging Inc.		39,635		233,016
Poya International Co. Ltd.		17,453		342,023
President Securities Corp.		279,215		155,112
Primax Electronics Ltd.		109,000		166,055
Prince Housing & Development Corp.		380,917		133,067
Qisda Corp.		454,000		287,797
Quanta Storage Inc.		95,000		142,137
Radiant Opto-Electronics Corp.		131,000		482,184
Radium Life Tech Co. Ltd.		247,341		87,669
Rexon Industrial Corp. Ltd.		40,000		137,007
RichWave Technology Corp.		15,000		112,980
Ritek Corp.^(a)		475,218		95,071
Roo Hsing Co. Ltd.^(a)		174,000		73,831
Ruentex Industries Ltd.		95,000		225,346
Run Long Construction Co. Ltd.		65,000		156,621
Sanyang Motor Co. Ltd.		226,820		183,209
ScinoPharm Taiwan Ltd.		92,708		103,952
SDI Corp.		33,000		53,648
Sercomm Corp.		67,000		177,653
Shin Zu Shing Co. Ltd.		46,856		241,135
Shinkong Synthetic Fibers Corp.		419,135		174,274
Sigurd Microelectronics Corp.		125,124		162,687
Simplo Technology Co. Ltd.		49,600		566,297
Sinbon Electronics Co. Ltd.		66,000		406,012
Sino-American Silicon Products Inc.		149,000		489,532
Sinyi Realty Inc.		89,778		89,804
Sitronix Technology Corp.		33,000		161,955
Soft-World International Corp.		18,140		56,878
Sporton International Inc.		22,330		205,480
St. Shine Optical Co. Ltd.		14,000		141,233
Sunny Friend Environmental Technology Co. Ltd.		20,000		167,681
Sunonwealth Electric Machine Industry Co. Ltd.		54,000		115,577
Supreme Electronics Co. Ltd.		133,000		135,078
Systex Corp.		44,000		130,914
TA Chen Stainless Pipe		262,331		189,988
Taichung Commercial Bank Co. Ltd.		799,684		303,886
TaiDoc Technology Corp.		17,000		118,484
TaiMed Biologics Inc.^(a)		55,000		215,565
Tainan Spinning Co. Ltd.		285,190		113,720
Taiwan Cogeneration Corp.		137,000		175,093
Taiwan Fertilizer Co. Ltd.		235,000		434,896
Taiwan Glass Industry Corp.^(a)		475,000		186,170
Taiwan Hon Chuan Enterprise Co. Ltd.		90,004		180,367


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		66

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Taiwan (continued)
Taiwan Paiho Ltd.		75,050	$	202,067
Taiwan Secom Co. Ltd.		88,450		256,233
Taiwan Semiconductor Co. Ltd.		66,000		84,352
Taiwan Shin Kong Security Co. Ltd.		73,366		90,890
Taiwan Styrene Monomer		196,000		105,209
Taiwan Surface Mounting Technology Corp.		76,000		308,232
Taiwan TEA Corp.^(a)		291,000		163,642
Taiwan Union Technology Corp.		68,000		275,787
TCI Co. Ltd.		26,528		289,768
Teco Electric and Machinery Co. Ltd.		475,000		474,328
Test Research Inc.		52,000		104,207
Ton Yi Industrial Corp.^(a)		380,000		125,883
Tong Hsing Electronic Industries Ltd.^(a)		71,000		320,621
Tong Yang Industry Co. Ltd.		113,133		149,217
Topco Scientific Co. Ltd.		56,000		229,027
TPK Holding Co. Ltd.^(a)		95,000		159,297
Transcend Information Inc.^(a)		62,000		139,250
Tripod Technology Corp.		123,000		486,274
TSRC Corp.		222,000		132,785
TTY Biopharm Co. Ltd.		68,450		161,901
Tung Ho Steel Enterprise Corp.		190,000		173,219
TXC Corp.		89,000		234,470
U-Ming Marine Transport Corp.		146,000		149,277
Unimicron Technology Corp.		370,000		928,105
Union Bank of Taiwan		407,167		142,237
Unitech Printed Circuit Board Corp.		164,420		115,996
United Integrated Services Co. Ltd.		45,400		318,743
United Renewable Energy Co. Ltd.^(a)		655,879		258,180
UPC Technology Corp.		349,741		152,572
USI Corp.		380,070		168,393
Visual Photonics Epitaxy Co. Ltd.		47,425		124,618
Voltronic Power Technology Corp.^(a)		17,080		602,485
Wafer Works Corp.		145,681		172,783
Wah Lee Industrial Corp.		85,000		163,966
Walsin Lihwa Corp.		788,000		452,526
Wan Hai Lines Ltd.		190,000		137,280
Wistron NeWeb Corp.		85,481		240,348
WT Microelectronics Co. Ltd.		96,757		128,772
XinTec Inc.^(a)		52,000		218,871
Xxentria Technology Materials Corp.		67,000		118,740
Yang Ming Marine Transport Corp.^(a)		380,820		131,087
YFY Inc.		380,000		237,002
Yieh Phui Enterprise Co. Ltd.^(a)		459,797		148,870
Yulon Finance Corp.		47,080		159,974
Yulon Motor Co. Ltd.^(a)		264,000		227,637
YungShin Global Holding Corp.		85,200		127,910
Yungtay Engineering Co. Ltd.		62,000		115,584

				48,801,761

Thailand — 3.5%
AEON Thana Sinsap Thailand PCL, NVDR		37,800		129,957
Amata Corp. PCL, NVDR^(b)		270,600		114,770
AP Thailand PCL, NVDR		822,800		166,556
Bangchak Corp. PCL, NVDR		340,800		193,820
Bangkok Chain Hospital PCL, NVDR		437,200		219,144
Bangkok Land PCL, NVDR^(b)		5,158,500		164,091
Bangkok Life Assurance PCL, NVDR^(a)(b)		229,800		118,878
Banpu PCL, NVDR		1,273,000		235,192
Central Plaza Hotel PCL, NVDR^(a)(b)		171,000		149,723
CH Karnchang PCL, NVDR		369,500		229,138
Chularat Hospital PCL, NVDR		1,995,800		166,731


Security	Shares		Value

Thailand (continued)
CK Power PCL, NVDR^(a)		798,100	$	155,145
Com7 PCL, NVDR		190,000		250,301
Eastern Polymer Group PCL, NVDR		412,900		62,620
Eastern Water Resources Development and Management PCL, NVDR		663,500		212,124
Esso Thailand PCL, NVDR^(a)(b)		352,000		74,647
GFPT PCL, NVDR		212,300		87,996
Gunkul Engineering PCL, NVDR^(b)		1,568,899		128,042
Hana Microelectronics PCL, NVDR		190,100		242,798
Jasmine International PCL, NVDR^(b)		1,147,200		106,896
KCE Electronics PCL, NVDR^(b)		233,300		219,263
Khon Kaen Sugar Industry PCL, NVDR		933,930		61,217
Kiatnakin Phatra Bank PCL, NVDR^(a)		85,532		109,242
Major Cineplex Group PCL, NVDR^(b)		281,500		158,286
MBK PCL, NVDR		593,700		238,453
Mega Lifesciences PCL, NVDR		134,700		163,384
Plan B Media PCL, NVDR		741,500		131,039
Pruksa Holding PCL, NVDR		419,400		156,319
PTG Energy PCL, NVDR		261,000		161,854
Quality Houses PCL, NVDR		3,116,267		222,286
Sansiri PCL, NVDR		5,135,400		120,454
Siamgas & Petrochemicals PCL, NVDR		296,800		85,352
Sino-Thai Engineering & Construction PCL, NVDR		314,528		133,401
Sri Trang Agro-Industry PCL, NVDR^(a)(b)		275,580		230,222
Star Petroleum Refining PCL, NVS^(b)		560,500		123,365
Supalai PCL, NVDR		540,200		291,601
Super Energy Corp. PCL, NVDR		5,861,500		154,436
Taokaenoi Food & Marketing PCL, Class R, NVDR^(b)		197,900		68,039
Thai Airways International PCL, NVDR^(a)(b)		329,100		35,107
Thai Vegetable Oil PCL, NVDR		211,400		183,398
Thanachart Capital PCL, NVDR		110,300		114,296
Thonburi Healthcare Group PCL, NVDR		296,600		184,884
Tipco Asphalt PCL, NVDR		221,000		176,104
TPI Polene Power PCL, NVDR		731,500		101,537
TTW PCL, NVDR^(b)		550,700		237,108
WHA Corp. PCL, NVDR^(b)		2,839,500		291,956

				7,361,172

Turkey — 1.0%
Coca-Cola Icecek AS		24,878		146,111
Dogan Sirketler Grubu Holding AS		342,076		97,616
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		552,615		132,165
Enerjisa Enerji AS^(c)		62,225		68,998
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D^(b)		289,370		119,932
Koza Altin Isletmeleri AS^(a)(b)		12,540		132,404
Koza Anadolu Metal Madencilik Isletmeleri AS^(a)(b)		65,036		113,563
Mavi Giyim Sanayi Ve Ticaret AS, Class B^(a)(c)		13,692		69,176
Migros Ticaret AS^(a)(b)		21,375		113,919
MLP Saglik Hizmetleri AS^(a)(c)		28,407		59,061
Pegasus Hava Tasimaciligi AS^(a)(b)		11,799		73,433
Petkim Petrokimya Holding AS^(a)(b)		259,243		137,742
Sasa Polyester Sanayi AS^(a)		54,297		111,265
Soda Sanayii AS		143,450		132,748
Sok Marketler Ticaret AS^(a)		56,430		98,536
TAV Havalimanlari Holding AS		88,748		180,897
Tekfen Holding AS^(b)		65,404		131,803
Trakya Cam Sanayii AS		190,670		101,825
Turkiye Halk Bankasi AS^(a)		42,108		28,095


67		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Turkey (continued)
Ulker Biskuvi Sanayi AS^(a)		52,966	$	164,821

				2,214,110

United Arab Emirates — 0.6%
Air Arabia PJSC		854,789		269,947
Amanat Holdings PJSC		529,062		122,862
DAMAC Properties Dubai Co. PJSC^(a)		663,238		158,716
Dana Gas PJSC		1,199,770		238,115
Drake & Scull International PJSC^(a)(d)		241,185		11,792
Dubai Financial Market PJSC		715,605		168,909
Dubai Investments PJSC		692,880		230,133

				1,200,474


Total Common Stocks — 98.0% (Cost: $197,882,395)				208,316,900


Preferred Stocks

Brazil — 1.2%
Azul SA, Preference Shares, NVS		83,500		338,055
Banco ABC Brasil SA, Preference Shares, NVS		25,269		61,907
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS		59,800		143,017
Banco Pan SA, Preference Shares, NVS		104,500		161,343
Bradespar SA, Preference Shares, NVS		66,600		534,048
Cia. de Saneamento do Parana, Preference Shares, NVS .		9,500		9,161
Cia. Energetica de Sao Paulo, Class B, Preference Shares, NVS		47,500		260,623
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS^(a)		47,500		154,901
Marcopolo SA, Preference Shares, NVS		161,569		83,054
Metalurgica Gerdau SA, Preference Shares, NVS		237,500		380,544
Randon SA Implemetos e Participacoes, Preference Shares, NVS		53,725		105,082
Unipar Carbocloro SA, Preference Shares, NVS		15,483		84,190
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, Preference Shares, NVS		123,500		228,499

				2,544,424


Total Preferred Stocks — 1.2% (Cost: $2,600,491)				2,544,424


Rights

Chile — 0.0%
Cia Sud Americana de Vapores SA, (Expires 09/25/20)^(a)		1,289,502		4,991


Security	Shares		Value


India — 0.0%
Minda Industries Ltd., (Expires 09/08/20)^(a)		1,108	$	1,058


Total Rights — 0.0% (Cost: $0)				6,049


Warrants

Brazil — 0.0%
CVC Brasil Operadora e Agencia de Viagens SA (Expires 01/29/21)^(a)		6,092		8,064


Total Warrants — 0.0% (Cost: $0)				8,064


Short-Term Investments

Money Market Funds — 4.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(g)(h)(i)		9,443,426		9,452,869


Total Short-Term Investments — 4.5% (Cost: $9,444,768)				9,452,869


Total Investments in Securities — 103.7% (Cost: $209,927,654)				220,328,306

Other Assets, Less Liabilities — (3.7)%				(7,817,125	)


Net Assets — 100.0%			$	212,511,181

^(a)	Non-income producing security.

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

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

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

^(e)	Rounds to less than $1.

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

^(g)	Affiliate of the Fund.

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

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


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		68

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Emerging Markets Small-Cap ETF

Affiliates




Affiliated Issuer	Value at 08/31/19		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	17,931,324	$	—	$	(8,479,318	)^(a)	$	679	$	184	$	9,452,869		9,443,426	$	571,837	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares^(c)		110,000		—		(110,000	)^(a)		—		—		—		—		3,377			—

								$	679	$	184	$	9,452,869			$	575,214		$	—

^(a)

Represents net amount purchased (sold).

^(b)

^(c)

As of period end, the entity is no longer held.

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

MSCI Emerging Markets E-Mini Index

09/18/20

1,045

56,469

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	56,469

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:



	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	134,218


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	37,915

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	829,794

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


69		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® MSCI Emerging Markets Small-Cap ETF

Fair Value Measurements




	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	207,122,380	$	512,986	$	681,534	$	208,316,900
Preferred Stocks		2,544,424		—		—		2,544,424
Rights		1,058		4,991		—		6,049
Warrants		—		8,064		—		8,064
Money Market Funds		9,452,869		—		—		9,452,869

	$	219,120,731	$	526,041	$	681,534	$	220,328,306

Derivative financial instruments^(a)
Assets
Futures Contracts	$	56,469	$	—	$	—	$	56,469

^(a)

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

See notes to consolidated financial statements.


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		70

Consolidated Statements of Assets and Liabilities

August 31, 2020


		iShares Core MSCI Emerging Markets ETF		iShares MSCI BRIC ETF			iShares MSCI Emerging Markets Asia ETF		iShares MSCI Emerging Markets Small-Cap ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	53,882,418,087	$	146,484,309		$	555,841,517	$	210,875,437
Affiliated^(c)		2,986,901,043		3,616,562			14,814,628		9,452,869
Cash		380,362		282,710			487,001		484,615
Foreign currency, at value^(d)		153,852,712		1,548,263			2,060,877		490,678
Cash pledged:
Futures contracts		76,492,200		172,000			327,000		102,000
Foreign currency collateral pledged:
Futures contracts^(e)		—		86,063			30,838		—
Receivables:
Investments sold		404,305,471		1,327,833			3,872,913		8,469,657
Securities lending income — Affiliated		3,211,988		2,146			8,428		35,824
Dividends		69,851,311		155,117			666,709		379,085
Tax reclaims		811,243		—			—		4,185

Total assets		57,578,224,417		153,675,003			578,109,911		230,294,350


LIABILITIES
Collateral on securities loaned, at value		2,394,530,916		2,652,776			12,959,077		9,445,619
Deferred foreign capital gain tax		4,042,980		—			9,639		—
Payables:
Investments purchased		527,407,868		3,502,361			5,796,756		7,536,635
Variation margin on futures contracts		17,854,063		59,785			83,123		23,560
Bank borrowings		—		250,008			475,012		647,014
Investment advisory fees		5,303,974		87,243			227,412		123,774
Foreign taxes		703,597		—			454		6,567

Total liabilities		2,949,843,398		6,552,173			19,551,473		17,783,169


NET ASSETS	$	54,628,381,019	$	147,122,830		$	558,558,438	$	212,511,181


NET ASSETS CONSIST OF:
Paid-in capital	$	52,525,573,833	$	361,226,026		$	516,309,475	$	250,227,220
Accumulated earnings (loss)		2,102,807,186		(214,103,196	)		42,248,963		(37,716,039	)

NET ASSETS	$	54,628,381,019	$	147,122,830		$	558,558,438	$	212,511,181


Shares outstanding		1,024,200,000		3,100,000			7,400,000		4,750,000


Net asset value	$	53.34	$	47.46		$	75.48	$	44.74


Shares authorized		4.30 billion		500 million			500 million		500 million


Par value	$	0.001	$	0.001		$	0.001	$	0.001


^(a)Securities loaned, at value	$	2,165,527,271	$	2,417,305		$	10,482,664	$	8,806,748
^(b)Investments, at cost — Unaffiliated	$	45,430,459,568	$	130,732,778		$	449,546,097	$	200,482,886
^(c)Investments, at cost — Affiliated	$	2,985,338,247	$	3,614,478		$	14,808,467	$	9,444,768
^(d)Foreign currency, at cost	$	153,933,539	$	1,547,990		$	2,059,261	$	490,273
^(e)Foreign currency collateral pledged, at cost	$	—	$	86,062		$	30,838	$	—

See notes to consolidated financial statements.


71		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Statements of Operations

Year Ended August 31, 2020


		iShares Core MSCI Emerging Markets ETF			iShares MSCI BRIC ETF			iShares MSCI Emerging Markets Asia ETF			iShares MSCI Emerging Markets Small-Cap ETF
		iShares Core MSCI Emerging Markets ETF			iShares MSCI BRIC ETF			iShares MSCI Emerging Markets Asia ETF			iShares MSCI Emerging Markets Small-Cap ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	1,370,526,067		$	3,610,654		$	11,522,436		$	5,422,270
Dividends — Affiliated		1,273,132			3,194			7,345			3,377
Non-cash dividends — Unaffiliated		402,857,037			—			—			—
Interest — Unaffiliated		81,566			148			423			284
Securities lending income — Affiliated — net^(a)		47,190,575			51,228			157,069			571,837
Other income — Unaffiliated		5,270			—			—			—
Foreign taxes withheld		(152,511,333	)		(288,594	)		(1,411,173	)		(589,455	)
Foreign withholding tax claims		9,380			—			—			—
Other foreign taxes		(86,843	)		—			(1,005	)		(614	)

Total investment income		1,669,344,851			3,376,630			10,275,095			5,407,699


EXPENSES
Investment advisory fees		73,193,956			1,178,749			2,314,189			1,358,678
Commitment fees		326,659			1,819			3,688			1,804
Professional fees		984			—			—			—
Miscellaneous		264			264			264			264
Mauritius income taxes		2,346,030			10,151			23,378			12,760
Interest expense		43,881			1,058			1,509			1,822

Total expenses		75,911,774			1,192,041			2,343,028			1,375,328

Less:
Investment advisory fees waived		(2,717,834	)		—			—			—


Total expenses after fees waived		73,193,940			1,192,041			2,343,028			1,375,328


Net investment income		1,596,150,911			2,184,589			7,932,067			4,032,371


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(b)		(2,553,395,149	)		(8,586,300	)		(13,888,892	)		(14,313,992	)
Investments — Affiliated		(90,134	)		1,127			(935	)		679
In-kind redemptions — Unaffiliated		752,701,613			3,741,500			8,736,667			69,053
Futures contracts		115,966,709			51,503			375,836			134,218
Foreign currency transactions		(12,502,029	)		(132,547	)		(62,818	)		(44,871	)

Net realized loss		(1,697,318,990	)		(4,924,717	)		(4,840,142	)		(14,154,913	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(c)		6,054,217,104			19,726,684			86,170,701			29,478,951
Investments — Affiliated		597,891			1,860			4,380			184
Futures contracts		82,830,088			(16,105	)		23,576			37,915
Foreign currency translations		601,189			881			3,395			101

Net change in unrealized appreciation (depreciation)		6,138,246,272			19,713,320			86,202,052			29,517,151


Net realized and unrealized gain		4,440,927,282			14,788,603			81,361,910			15,362,238


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,037,078,193		$	16,973,192		$	89,293,977		$	19,394,609


^(a)Net of securities lending income tax paid of	$	2,556,765		$	—		$	—		$	—
^(b)Net of foreign capital gain tax of	$	162,960		$	—		$	1,302		$	—
^(c)Net of deferred foreign capital gain tax of	$	(15,382,643	)	$	—		$	(174,974	)	$	—

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		72

Consolidated Statements of Changes in Net Assets


	iShares Core MSCI Emerging Markets ETF						iShares MSCI BRIC ETF
	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/20			Year Ended 08/31/19
	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/20			Year Ended 08/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$ 1,596,150,911			$ 1,508,745,729			$ 2,184,589			$ 3,448,535
Net realized gain (loss)		(1,697,318,990	)		(2,080,355,186	)		(4,924,717	)		22,254,730
Net change in unrealized appreciation (depreciation)		6,138,246,272			(1,880,589,481	)		19,713,320			(19,645,277	)

Net increase (decrease) in net assets resulting from operations		6,037,078,193			(2,452,198,938	)		16,973,192			6,057,988


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(1,796,276,569	)		(1,444,387,321	)		(2,573,879	)		(4,010,086	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(2,632,718,567	)		7,837,158,637			(28,202,766	)		(46,185,765	)


NET ASSETS
Total increase (decrease) in net assets		1,608,083,057			3,940,572,378			(13,803,453	)		(44,137,863	)
Beginning of year		53,020,297,962			49,079,725,584			160,926,283			205,064,146

End of year		$54,628,381,019			$53,020,297,962			$147,122,830			$160,926,283

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

See notes to consolidated financial statements.


73		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Statements of Changes in Net Assets (continued)


	iShares MSCI Emerging Markets Asia ETF						iShares MSCI Emerging Markets Small-Cap ETF
		Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/20			Year Ended 08/31/19
		Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/20			Year Ended 08/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	7,932,067		$	9,018,925		$	4,032,371		$	5,737,900
Net realized loss		(4,840,142	)		(7,607,049	)		(14,154,913	)		(12,756,567	)
Net change in unrealized appreciation (depreciation)		86,202,052			(35,810,298	)		29,517,151			(19,596,766	)

Net increase (decrease) in net assets resulting from operations		89,293,977			(34,398,422	)		19,394,609			(26,615,433	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(8,516,244	)		(9,103,744	)		(5,314,637	)		(6,815,245	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		25,452,906			55,291,785			(40,270,524	)		10,108,698


NET ASSETS
Total increase (decrease) in net assets		106,230,639			11,789,619			(26,190,552	)		(23,321,980	)
Beginning of year		452,327,799			440,538,180			238,701,733			262,023,713

End of year	$	558,558,438		$	452,327,799		$	212,511,181		$	238,701,733

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

See notes to consolidated financial statements.


C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S		74

Consolidated Financial Highlights

(For a share outstanding throughout each period)


	iShares Core MSCI Emerging Markets ETF
		Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16


Net asset value, beginning of year	$	48.31		$	52.27		$	53.91		$	44.60		$	40.75

Net investment income^(a)		1.46			1.40			1.39			1.31			1.20
Net realized and unrealized gain (loss)^(b)		5.21			(4.01	)		(1.61	)		8.95			3.58

Net increase (decrease) from investment operations		6.67			(2.61	)		(0.22	)		10.26			4.78


Distributions^(c)
From net investment income		(1.64	)		(1.35	)		(1.42	)		(0.95	)		(0.93	)

Total distributions		(1.64	)		(1.35	)		(1.42	)		(0.95	)		(0.93	)


Net asset value, end of year	$	53.34		$	48.31		$	52.27		$	53.91		$	44.60


Total Return
Based on net asset value		13.97	%		(4.93	)%^(d)		(0.52	)%		23.45	%		11.99	%


Ratios to Average Net Assets
Total expenses		0.14	%		0.14	%		0.14	%		0.15	%		0.17	%

Total expenses after fees waived		0.14	%		0.14	%		0.14	%		0.14	%		0.17	%

Total expenses excluding professional fees for foreign withholding tax claims		0.14	%		0.14	%		N/A			N/A			N/A

Net investment income		2.97	%		2.79	%		2.48	%		2.74	%		2.93	%


Supplemental Data
Net assets, end of year (000)	$	54,628,381		$	53,020,298		$	49,079,726		$	36,775,298		$	16,003,488

Portfolio turnover rate^(e)		15	%		15	%		6	%		4	%		10	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2019:

•

Total return by 0.01%.

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

See notes to consolidated financial statements.


75		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI BRIC ETF
		Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16


Net asset value, beginning of year			$	40.23			$	41.01			$	42.21			$	33.48			$	30.74

Net investment income^(a)				0.55				0.69				0.68				0.70				0.64
Net realized and unrealized gain (loss)^(b)				7.34				(0.59	)			(1.13	)			8.57				2.84

Net increase (decrease) from investment operations				7.89				0.10				(0.45	)			9.27				3.48


Distributions^(c)
From net investment income				(0.66	)			(0.88	)			(0.75	)			(0.54	)			(0.74	)

Total distributions				(0.66	)			(0.88	)			(0.75	)			(0.54	)			(0.74	)


Net asset value, end of year			$	47.46			$	40.23			$	41.01			$	42.21			$	33.48


Total Return
Based on net asset value				19.78	%			0.35	%			(1.16	)%			28.15	%			11.61	%


Ratios to Average Net Assets
Total expenses				0.70	%			0.69	%			0.67	%			0.70	%			0.73	%

Net investment income				1.29	%			1.69	%			1.51	%			1.96	%			2.13	%


Supplemental Data
Net assets, end of year (000)			$	147,123			$	160,926			$	205,064			$	261,702			$	182,488

Portfolio turnover rate^(d)				42	%			53	%			22	%			24	%			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)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

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

See notes to consolidated financial statements.


C O N S O L I D A T E D F I N A N C I A L H I G H L I G H T S		76

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Emerging Markets Asia ETF
		Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16


Net asset value, beginning of year			$	62.82			$	69.38			$	69.15			$	56.33			$	50.87

Net investment income^(a)				1.12				1.26				1.16				1.31				1.02
Net realized and unrealized gain (loss)^(b)				12.79				(6.52	)			0.42				12.43				5.54

Net increase (decrease) from investment operations				13.91				(5.26	)			1.58				13.74				6.56


Distributions^(c)
From net investment income				(1.25	)			(1.30	)			(1.35	)			(0.92	)			(1.10	)

Total distributions				(1.25	)			(1.30	)			(1.35	)			(0.92	)			(1.10	)


Net asset value, end of year			$	75.48			$	62.82			$	69.38			$	69.15			$	56.33


Total Return
Based on net asset value				22.31	%			(7.52	)%			2.22	%			24.80	%			13.14	%


Ratios to Average Net Assets
Total expenses				0.50	%			0.50	%			0.50	%			0.49	%			0.66	%

Total expenses after fees waived				0.50	%			0.50	%			0.50	%			0.49	%			0.49	%

Net investment income				1.68	%			1.94	%			1.58	%			2.16	%			1.98	%


Supplemental Data
Net assets, end of year (000)			$	558,558			$	452,328			$	440,538			$	501,330			$	216,863

Portfolio turnover rate^(d)				20	%			16	%			33	%			15	%			22	%

^(a)	Based on average shares outstanding.

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

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

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

See notes to consolidated financial statements.


77		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Emerging Markets Small-Cap ETF
		Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16


Net asset value, beginning of year			$	41.51			$	47.64			$	49.23			$	43.27			$	40.06

Net investment income^(a)				0.85				0.99				1.10				1.04				0.90
Net realized and unrealized gain (loss)^(b)				3.52				(5.98	)			(1.22	)			5.81				3.36

Net increase (decrease) from investment operations				4.37				(4.99	)			(0.12	)			6.85				4.26


Distributions^(c)
From net investment income				(1.14	)			(1.14	)			(1.47	)			(0.89	)			(1.05	)

Total distributions				(1.14	)			(1.14	)			(1.47	)			(0.89	)			(1.05	)


Net asset value, end of year			$	44.74			$	41.51			$	47.64			$	49.23			$	43.27


Total Return
Based on net asset value				10.68	%			(10.50	)%			(0.38	)%			16.17	%			10.83	%


Ratios to Average Net Assets
Total expenses				0.71	%			0.69	%			0.67	%			0.69	%			0.71	%

Net investment income				2.07	%			2.25	%			2.14	%			2.32	%			2.20	%


Supplemental Data
Net assets, end of year (000)			$	212,511			$	238,702			$	262,024			$	253,519			$	121,151

Portfolio turnover rate^(d)				46	%			29	%			39	%			19	%			24	%

^(a)	Based on average shares outstanding.

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

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

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

See notes to consolidated financial statements.


C O N S O L I D A T E D F I N A N C I A L H I G H L I G H T S		78


Notes to Consolidated Financial Statements

1.	ORGANIZATION

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


iShares ETF		Diversification Classification

Core MSCI Emerging Markets		Diversified

MSCI BRIC		Diversified

MSCI Emerging Markets Asia		Diversified

MSCI Emerging Markets Small-Cap		Diversified

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

2.	SIGNIFICANT ACCOUNTING POLICIES

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

Foreign 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.

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 August 31, 2020, if any, are disclosed in the consolidated statement of assets and liabilities.

Each Fund conducts its investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, each Subsidiary must have commercial substance, on an annual basis, to satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius, have the place of effective management outside of India, 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, each Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign source income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the FSC, each Subsidiary is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against each Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. Taxes on income, if any, are paid by each Subsidiary and are disclosed in its consolidated statement of operations. Any dividends paid by a Subsidiary to its Fund are not subject to tax in Mauritius. Each Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.

The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied. There can be no assurance, however, that the DTAA will remain in effect during the Subsidiary’s existence or that it will continue to enjoy its benefits on the shares acquired prior to April 1, 2017.


79		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Notes to Consolidated Financial Statements (continued)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

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

•

Futures contracts are valued based on that day’s last reported settlement price on the exchange where the contract is traded.

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

4.	SECURITIES AND OTHER 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		80


Notes to Consolidated Financial Statements (continued)

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

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



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

Core MSCI Emerging Markets
Barclays Bank PLC	$	12,890,581	$	12,890,581		$	—	$	—
Barclays Capital Inc.		34,879,238		34,879,238			—		—
BNP Paribas Prime Brokerage International Ltd.		31,350,468		31,350,468			—		—
BNP Paribas Securities Corp.		6,214,049		6,214,049			—		—
BofA Securities, Inc.		525,122,793		525,122,793			—		—
Citadel Clearing LLC		618,750		618,750			—		—
Citigroup Global Markets Inc.		147,897,176		147,897,176			—		—
Citigroup Global Markets Ltd.		42,755,253		42,755,253			—		—
Credit Suisse Securities (Europe) Ltd.		69,023,158		69,023,158			—		—
Credit Suisse Securities (USA) LLC		31,124,148		31,124,148			—		—
Deutsche Bank Securities Inc.		2,189,917		2,189,917			—		—
Goldman Sachs & Co.		164,674,106		164,674,106			—		—
Goldman Sachs International		45,170,755		45,170,755			—		—
HSBC Bank PLC		15,089,023		15,089,023			—		—
Jefferies LLC		6,470,762		6,470,762			—		—
JPMorgan Securities LLC		183,236,765		183,236,765			—		—
JPMorgan Securities PLC		297,362,720		297,362,720			—		—
Macquarie Bank Limited		59,265,467		59,265,467			—		—
Morgan Stanley & Co. International PLC		163,107,936		163,107,936			—		—
Morgan Stanley & Co. LLC		230,600,617		230,600,617			—		—
National Financial Services LLC		1,942,139		1,920,338			—		(21,801	)^(b)
Nomura Securities International Inc.		2,176,159		2,176,159			—		—
RBC Capital Markets LLC		469,512		469,512			—		—
SG Americas Securities LLC		12,937,737		12,937,737			—		—
State Street Bank & Trust Company		1,511,247		1,511,247			—		—
TD Prime Services LLC		3,499,615		3,437,300			—		(62,315	)^(b)
UBS AG		26,171,002		26,171,002			—		—
UBS Europe SE		2,454,936		2,454,936			—		—
UBS Securities LLC		38,214,409		37,984,681			—		(229,728	)^(b)
Wells Fargo Bank, National Association		6,215,812		6,215,812			—		—
Wells Fargo Securities LLC		891,021		891,021			—		—

	$	2,165,527,271	$	2,165,213,427		$	—	$	(313,844	)


81		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Notes to Consolidated Financial Statements (continued)



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

MSCI BRIC
BNP Paribas Prime Brokerage International Ltd.	$	163,091	$	163,091		$	—	$	—
BofA Securities, Inc.		87,854		87,854			—		—
HSBC Bank PLC		171,757		171,757			—		—
Jefferies LLC		607,381		607,289			—		(92	)^(b)
JPMorgan Securities LLC		290,041		290,041			—		—
Macquarie Bank Limited		70,406		70,406			—		—
Morgan Stanley & Co. LLC		748,035		748,035			—		—
SG Americas Securities LLC		203,315		203,315			—		—
State Street Bank & Trust Company		2,872		2,872			—		—
UBS AG		72,553		72,553			—		—

	$	2,417,305	$	2,417,213		$	—	$	(92	)

MSCI Emerging Markets Asia
BNP Paribas Prime Brokerage International Ltd.	$	622,634	$	622,634		$	—	$	—
BofA Securities, Inc.		195,132		195,132			—		—
Citigroup Global Markets Inc.		797,561		797,561			—		—
Deutsche Bank Securities Inc.		213,209		213,209			—		—
HSBC Bank PLC		8,311		8,311			—		—
Jefferies LLC		1,865,930		1,863,785			—		(2,145	)^(b)
JPMorgan Securities LLC		559,010		559,010			—		—
Macquarie Bank Limited		180,010		180,010			—		—
Morgan Stanley & Co. LLC		3,024,384		3,024,384			—		—
RBC Capital Markets LLC		405,955		405,955			—		—
State Street Bank & Trust Company		2,228,336		2,228,336			—		—
UBS AG		141,239		141,239			—		—
Wells Fargo Bank, National Association		240,953		240,953			—		—

	$	10,482,664	$	10,480,519		$	—	$	(2,145	)

MSCI Emerging Markets Small-Cap
Barclays Bank PLC	$	257,807	$	257,807		$	—	$	—
Barclays Capital Inc.		218,805		218,805			—		—
BMO Capital Markets		211,211		211,211			—		—
BNP Paribas Securities Corp.		439,230		439,230			—		—
BofA Securities, Inc.		1,554,412		1,554,412			—		—
Citigroup Global Markets Inc.		548,737		548,737			—		—
Credit Suisse Securities (USA) LLC		592,911		592,911			—		—
Deutsche Bank Securities Inc.		10,474		10,474			—		—
Goldman Sachs & Co.		1,639,269		1,639,269			—		—
HSBC Bank PLC		503,001		503,001			—		—
JPMorgan Securities LLC		931,640		931,640			—		—
JPMorgan Securities PLC		23,438		23,438			—		—
Macquarie Bank Limited		182,977		182,977			—		—
Morgan Stanley & Co. International PLC		125,339		125,339			—		—
Morgan Stanley & Co. LLC		1,252,772		1,252,772			—		—
SG Americas Securities LLC		276,917		276,917			—		—
UBS AG		23,816		23,816			—		—
UBS Securities LLC		13,992		13,992			—		—

	$	8,806,748	$	8,806,748		$	—	$	—

^(a)

^(b)


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		82


Notes to Consolidated Financial Statements (continued)

5.	DERIVATIVE FINANCIAL INSTRUMENTS

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

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

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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
Core MSCI Emerging Markets		0.13	%
MSCI Emerging Markets Asia		0.49

Prior to March 27, 2020, for its investment advisory services to the iShares Core MSCI Emerging Markets ETF, BFA was entitled to an annual investment advisory fee of 0.14%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

For its investment advisory services to each of the iShares MSCI BRIC and iShares MSCI Emerging Markets Small-Cap ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:


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

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

Expense Waivers: The total of the investment advisory fee and any fund other expenses are a fund’s total annual operating expenses. For the iShares Core MSCI Emerging Markets ETF, BFA has contractually agreed to waive a portion of its investment advisory fee through December 31, 2022 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.13% of average daily net assets. Prior to March 27, 2020, for the iShares Core MSCI Emerging Markets ETF, BFA contractually agreed to waive a portion of its investment advisory fee through December 31, 2022 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.14% of average daily net assets.


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Notes to Consolidated Financial Statements (continued)

“collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, 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 SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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


iShares ETF	Fees Paid to BTC
Core MSCI Emerging Markets	$	11,669,995
MSCI BRIC		12,591
MSCI Emerging Markets Asia		37,773
MSCI Emerging Markets Small-Cap		129,991

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

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


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Core MSCI Emerging Markets	$	63,913,424	$	370,943,086	$	(36,610,121	)
MSCI Emerging Markets Asia		2,351,787		1,465,478		(355,755	)
MSCI Emerging Markets Small-Cap		4,245,113		5,519,261		4,128,720

7.	PURCHASES AND SALES

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


iShares ETF	Purchases		Sales
Core MSCI Emerging Markets	$	7,679,534,258	$	8,580,740,801
MSCI BRIC		96,897,275		71,272,497
MSCI Emerging Markets Asia		147,684,703		93,102,390
MSCI Emerging Markets Small-Cap		89,608,448		116,567,838

For the year ended August 31, 2020, purchases and sales related to in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
Core MSCI Emerging Markets	$	606,885,923	$	2,874,483,489
MSCI BRIC		25,801,809		80,088,388
MSCI Emerging Markets Asia		6,255,728		37,047,446
MSCI Emerging Markets Small-Cap		9,038,447		23,562,980


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		84


Notes to Consolidated Financial Statements (continued)

8.	INCOME TAX INFORMATION


iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)
Core MSCI Emerging Markets	$	616,057,354		$	(616,057,354	)
MSCI BRIC		3,435,937			(3,435,937	)
MSCI Emerging Markets Asia		7,952,900			(7,952,900	)
MSCI Emerging Markets Small-Cap		(413,144	)		413,144

The tax character of distributions paid was as follows:


iShares ETF	Year Ended 08/31/20		Year Ended 08/31/19

Core MSCI Emerging Markets Ordinary income	$	1,796,276,569	$	1,444,387,321


MSCI BRIC Ordinary income	$	2,573,879	$	4,010,086


MSCI Emerging Markets Asia Ordinary income	$	8,516,244	$	9,103,744


MSCI Emerging Markets Small-Cap Ordinary income	$	5,314,637	$	6,815,245

As of August 31, 2020, the tax components of accumulated net earnings (losses) were as follows:


iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Total
Core MSCI Emerging Markets	$	483,598,754	$	(5,649,652,160	)	$	7,268,860,592		$	2,102,807,186
MSCI BRIC		708,533		(226,973,428	)		12,161,699			(214,103,196	)
MSCI Emerging Markets Asia		4,141,538		(57,878,724	)		95,986,149			42,248,963
MSCI Emerging Markets Small-Cap		2,488,439		(40,215,642	)		11,164			(37,716,039	)

^(a)

Amounts available to offset future realized capital gains.

^(b)


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Core MSCI Emerging Markets	$	49,595,686,128	$	14,118,708,778	$	(6,845,075,776	)	$	7,273,633,002
MSCI BRIC		137,932,523		32,318,762		(20,154,229	)		12,164,533
MSCI Emerging Markets Asia		474,660,362		145,264,019		(49,271,985	)		95,992,034
MSCI Emerging Markets Small-Cap		220,311,681		33,976,271		(33,959,646	)		16,625


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Notes to Consolidated Financial Statements (continued)

9.	LINE OF CREDIT

The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on July 15, 2021. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Funds, and $200 million with respect to Tier 2. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. 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 rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement.

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


iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
Core MSCI Emerging Markets	$	75,550,000	$	1,604,863		2.70	%
MSCI BRIC		1,600,000		41,913		2.48
MSCI Emerging Markets Asia		2,300,000		58,139		2.55
MSCI Emerging Markets Small-Cap		2,406,000		90,048		2.00

10.

PRINCIPAL RISKS

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; and (iii) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

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


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		86


Notes to Consolidated Financial Statements (continued)

instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the consolidated statement of assets and liabilities, less any collateral held by the Funds.

Investments in Chinese securities, including certain Hong Kong-listed securities, involves risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy.

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:



	Year Ended						Year Ended
	08/31/20						08/31/19

iShares ETF	Shares			Amount			Shares			Amount


Core MSCI Emerging Markets
Shares sold		69,600,000		$	3,678,834,697			211,800,000		$	10,461,822,914
Shares redeemed		(142,800,000	)		(6,311,553,264	)		(53,400,000	)		(2,624,664,277	)

Net increase (decrease)		(73,200,000	)	$	(2,632,718,567	)		158,400,000		$	7,837,158,637


MSCI BRIC
Shares sold		2,200,000		$	100,056,145			4,950,000		$	208,411,154
Shares redeemed		(3,100,000	)		(128,258,911	)		(5,950,000	)		(254,596,919	)

Net decrease		(900,000	)	$	(28,202,766	)		(1,000,000	)	$	(46,185,765	)


87		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Notes to Consolidated Financial Statements (continued)



	Year Ended						Year Ended
	08/31/20						08/31/19

iShares ETF	Shares			Amount			Shares			Amount


MSCI Emerging Markets Asia
Shares sold		1,450,000		$	106,385,007			1,850,000		$	118,169,909
Shares redeemed		(1,250,000	)		(80,932,101	)		(1,000,000	)		(62,878,124	)

Net increase		200,000		$	25,452,906			850,000		$	55,291,785


MSCI Emerging Markets Small-Cap
Shares sold		1,050,000		$	46,923,657			1,100,000		$	47,348,348
Shares redeemed		(2,050,000	)		(87,194,181	)		(850,000	)		(37,239,650	)

Net increase (decrease)		(1,000,000	)	$	(40,270,524	)		250,000		$	10,108,698

12.

FOREIGN WITHHOLDING TAX CLAIMS

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

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

13.

LEGAL PROCEEDINGS

14.

SUBSEQUENT EVENTS

The Board has approved the transfer of assets that are invested in India from MSCI BRIC’s wholly-owned Mauritius subsidiary to MSCI BRIC through on-exchange transactions in India. The transfer is expected to occur during the fourth quarter of 2020. MSCI BRIC will incur transaction costs from the transfer. After the transfer is completed, MSCI BRIC will make new investments in India directly.


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		88

Report of Independent Registered Public Accounting Firm

To the Board of Directors of iShares, Inc. and

Shareholders of iShares Core MSCI Emerging Markets ETF, iShares MSCI BRIC ETF,

iShares MSCI Emerging Markets Asia ETF and iShares MSCI Emerging Markets Small-Cap ETF

Opinions on the Consolidated Financial Statements

We have audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, of iShares Core MSCI Emerging Markets ETF, iShares MSCI BRIC ETF, iShares MSCI Emerging Markets Asia ETF and iShares MSCI Emerging Markets Small-Cap ETF and their subsidiaries (four of the funds constituting iShares, Inc., hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related consolidated statements of operations for the year ended August 31, 2020, the consolidated statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the consolidated financial highlights for each of the five years in the period ended August 31, 2020 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2020 and each of the financial highlights for each of the five years in the period ended August 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These consolidated financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2020

We have served as the auditor of one or more BlackRock investment companies since 2000.


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Important Tax Information (unaudited)

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2020:


iShares ETF	Qualified Dividend Income
Core MSCI Emerging Markets	$	829,881,766
MSCI BRIC		2,320,384
MSCI Emerging Markets Asia		6,706,868
MSCI Emerging Markets Small-Cap		2,687,596

For the fiscal year ended August 31, 2020, the Funds earned foreign source income and paid foreign taxes which they intend to pass through to their shareholders:


iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
Core MSCI Emerging Markets	$	1,771,729,233	$	162,089,967
MSCI BRIC		3,604,657		281,946
MSCI Emerging Markets Asia		11,512,160		1,416,513
MSCI Emerging Markets Small-Cap		5,986,137		656,150


I M P O R T A N T T A X I N F O R M A T I O N		90

Board Review and Approval of Investment Advisory Contract

iShares Core MSCI Emerging Markets ETF (the “Fund”)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.


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Board Review and Approval of Investment Advisory Contract (continued)

funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

iShares MSCI BRIC ETF (the “Fund”)


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		92

Board Review and Approval of Investment Advisory Contract (continued)


93		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

iShares MSCI Emerging Markets Asia ETF (the “Fund”)


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		94

Board Review and Approval of Investment Advisory Contract (continued)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were within range of the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.


95		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

iShares MSCI Emerging Markets Small-Cap ETF (the “Fund”)


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		96

Board Review and Approval of Investment Advisory Contract (continued)


97		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		98

Supplemental Information (unaudited)

Section 19(a) Notices

August 31, 2020


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year

iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share

Core MSCI Emerging Markets	$	1.637540	$	—	$	—	$	1.637540		100	%		—	%		—	%		100	%
MSCI BRIC^(a)		0.615433		—		0.044806		0.660239		93			—			7			100
MSCI Emerging Markets Asia^(a)		1.241711		—		0.009337		1.251048		99			—			1			100
MSCI Emerging Markets Small-Cap^(a)		1.109599		—		0.027198		1.136797		98			—			2			100

^(a)

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Company has registered the iShares Core MSCI Emerging Markets ETF and iShares MSCI BRIC ETF (each a “Fund”, collectively the “Funds”) to be marketed to EU investors in the United Kingdom, the Netherlands, Finland, Sweden and Luxembourg.

Report on Remuneration

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Funds.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the each Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.


99		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Supplemental Information (unaudited) (continued)

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the each Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the iShares Core MSCI Emerging Markets ETF in respect of the Company’s financial year ending December 31, 2019 was USD 5.09 million. This figure is comprised of fixed remuneration of USD 2.35 million and variable remuneration of USD 2.74 million. There were a total of 448 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the iShares Core MSCI Emerging Markets ETF in respect of the Company’s financial year ending December 31, 2019, to its senior management was USD 649.23 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 76.31 thousand.

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the iShares MSCI BRIC ETF in respect of the Company’s financial year ending December 31, 2019 was USD 14.94 thousand. This figure is comprised of fixed remuneration of USD 6.91 thousand and variable remuneration of USD 8.03 thousand. There were a total of 448 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the iShares MSCI BRIC ETF in respect of the Company’s financial year ending December 31, 2019, to its senior management was USD 1.9 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 0.22 thousand.


S U P P L E M E N T A L I N F O R M A T I O N		100

Director and Officer Information

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 368 funds as of August 31, 2020. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Directors and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).


Interested Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director

Robert S. Kapito^(a) (63)	Director (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Trustee of iShares Trust (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji^(b) (50)	Director (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Trustee of iShares Trust (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(a)Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.
^(b)Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director

Cecilia H. Herbert (71)	Director (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Jane D. Carlin (64)	Director (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares Trust (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (65)	Director (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


101		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Director and Officer Information (continued)


Independent Directors (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director

John E. Kerrigan (65)	Director (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

Drew E. Lawton (61)	Director (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

John E. Martinez (59)	Director (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).	Trustee of iShares Trust (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).

Madhav V. Rajan (56)	Director (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Trustee of iShares Trust (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years

Armando Senra (49)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Walker (46)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles Park (53)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Deepa Damre (45)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).

Scott Radell (51)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).

Alan Mason (59)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).

Marybeth Leithead (57)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


D I R E C T O R A N D O F F I C E R I N F O R M A T I O N		102

General Information

Electronic Delivery

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


103		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Glossary of Terms Used in this Report


Portfolio Abbreviations - Equity

ADR		American Depositary Receipt

CPO		Certificates of Participation (Ordinary)

GDR		Global Depositary Receipt

JSC		Joint Stock Company

NVDR		Non-Voting Depositary Receipt

NVS		Non-Voting Shares

PJSC		Public Joint Stock Company


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		104

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

iS-AR-810-0820


		AUGUST 31, 2020



		2020 Annual Report

iShares, Inc.

🌑

iShares MSCI Frontier 100 ETF | FM | NYSE Arca

🌑

iShares MSCI World ETF | URTH | NYSE Arca

The Markets in Review

Dear Shareholder,

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of August 31, 2020
	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	19.63%	21.94%

U.S. small cap equities (Russell 2000^® Index)	6.57	6.02

International equities (MSCI Europe, Australasia, Far East Index)	7.10	6.13

Emerging market equities (MSCI Emerging Markets Index)	11.23	14.49

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.34	1.26

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	4.67	8.93

U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	2.98	6.47

Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.29	3.15

U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	3.04	4.65
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


	Page

The Markets in Review		2
Market Overview		4
Fund Summary		5
About Fund Performance		9
Shareholder Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		27
Statements of Operations		28
Statements of Changes in Net Assets		29
Financial Highlights		30
Notes to Financial Statements		32
Report of Independent Registered Public Accounting Firm		41
Important Tax Information (Unaudited)		42
Board Review and Approval of Investment Advisory Contract		43
Supplemental Information		47
Director and Officer Information		49
General Information		51
Glossary of Terms Used in this Report		52

Market Overview

iShares, Inc.

Global Market Overview


M A R K E T O V E R V I E W		4


Fund Summary as of August 31, 2020		iShares^® MSCI Frontier 100 ETF

Investment Objective

The iShares MSCI Frontier 100 ETF (the “Fund”) seeks to track the investment results of an index composed of frontier market equities, as represented by the MSCI Frontier Markets 100 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(8.44	)%		2.52	%		4.07	%		(8.44	)%		13.24	%		37.41	%
Fund Market		(8.27	)		2.16			3.99			(8.27	)		11.29			36.59
Index		(5.21	)		4.50			5.65			(5.21	)		24.63			54.91

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 9/12/12. The first day of secondary market trading was 9/13/12.

Expense Example


Actual								Hypothetical 5% Return
	Beginning Account Value (03/01/20)		Ending Account Value (08/31/20	)		Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20	)		Ending Account Value (08/31/20	)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	932.70		$	3.89		$	1,000.00		$	1,021.10		$	4.06		0.80	%

^(a)


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Fund Summary as of August 31, 2020 (continued)		iShares^® MSCI Frontier 100 ETF

Portfolio Management Commentary

Equities in the frontier market declined during the reporting period, despite the weakening of the U.S. dollar, as countries dealt with the challenges of the coronavirus pandemic. Frontier market economies contracted, as governments imposed travel restrictions and business closures to contain the spread of the novel coronavirus. The U.S. dollar declined relative to global currencies amid the U.S.’s expansive monetary policy, ultra-low interest rates, and the rapid spread of the coronavirus.

While declining interest rates in the U.S. normally bolster emerging market equities, as investors seek their higher yields, concerns about expanding government deficits and the possibility of sovereign debt defaults limited inflows. Halted economic activity drove down global demand for oil, leading to a sharp decline in the price of oil. A key export of frontier markets, oil price declines exacerbated their economic contractions.

The financials sector detracted the most from the Index’s performance, led by Kuwaiti banks. Reductions in income from oil production and the growing government deficit led to investor concerns about the government’s ability to support Kuwaiti banks should intervention be necessary. Additionally, the Kuwait Banking Association’s announcement that dividend payments would be suspended also weighed on the industry. Banks in Morocco also detracted from the Index’s return, amid lower interest rates and rising loan loss provisions. Concerns about banks’ exposure to industries heavily affected by the pandemic, such as tourism, automobiles, and agriculture, increased.

The real estate sector also detracted from the Index’s return. Property stocks in Vietnam declined amid reduced demand for commercial space and investor expectations that lower incomes would lead to slowing residential sales and lower housing prices. A sharp downturn in tourism forced the closure of hotels and entertainment services, weighing on revenues.

On the upside, the communication services sector, most notably in Kenya, contributed modestly to the Index’s return. Increases in working from home drove demand for mobile phone data for streaming and social media. Efforts to limit physical contact benefited telecommunication services companies that provide cashless mobile payment solutions.

Portfolio Information

ALLOCATION BY SECTOR



Sector		Percent of Total Investments^(a)
Financials		50.1%
Communication Services		15.5
Consumer Staples		7.6
Real Estate		5.8
Energy		5.8
Industrials		5.4
Materials		4.3
Health Care		3.1
Utilities		1.3
Consumer Discretionary		1.1

^(a)

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION



Country/Geographic Region		Percent of Total Investments^(a)
Kuwait		25.8%
Vietnam		12.3
Morocco		11.7
Romania		8.9
Kenya		8.6
Bahrain		8.3
Bangladesh		6.6
Nigeria		6.3
Oman		4.0
Kazakhstan		3.4


F U N D S U M M A R Y		6


Fund Summary as of August 31, 2020		iShares^® MSCI World ETF

Investment Objective

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

Performance


	Average Annual Total Returns							Cumulative Total Returns

	1 Year			5 Years			Since Inception	1 Year			5 Years			Since Inception
Fund NAV		17.04	%		10.71	%	10.95%		17.04	%		66.32	%	145.55%
Fund Market		16.92			10.63		10.93		16.92			65.68		145.14
Index		16.79			10.42		10.74		16.79			64.15		141.40

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 1/10/12. The first day of secondary market trading was 1/12/12.

Expense Example


Actual								Hypothetical 5% Return
	Beginning Account Value (03/01/20)		Ending Account Value (08/31/20	)		Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20	)		Ending Account Value (08/31/20	)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,159.00		$	1.30		$	1,000.00		$	1,023.90		$	1.22		0.24	%

^(a)


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Fund Summary as of August 31, 2020 (continued)		iShares^® MSCI World ETF

Portfolio Management Commentary

Global developed market stocks posted strong returns for the reporting period despite a significant pandemic-related economic contraction in many countries. The U.S., which represented approximately 64% of the Index on average, provided the large majority of contribution to the Index’s return.

The U.S. information technology sector advanced significantly as social distancing requirements drove sharply higher use of technology products and services by people staying at home. Software companies made notable gains, benefiting from increased demand for cloud-based subscriptions of business productivity, design, and marketing software. The technology hardware, storage, and peripherals industry was another source of strength, as high sales of wearable technology products and smartphone software boosted revenues. Semiconductor companies also advanced amid strong demand for chips to support expanding use of data centers and video gaming, both areas that grew after government-mandated coronavirus restrictions.

Stocks in the U.S. consumer discretionary sector also contributed meaningfully to the Index’s performance. While foot traffic at brick-and-mortar stores declined, internet and direct marketing retailers benefited from increased online shopping during the pandemic. Automobile manufacturers performed well due to cost-cutting measures and anticipated growth in the market for electric vehicles.

Healthcare stocks in the U.S., Japan, and Switzerland boosted the Index’s return. In the U.S. and Japan, the pharmaceuticals, biotechnology, and life sciences industry posted strong gains amid positive investor sentiment about treatments and potential vaccines for the coronavirus as well as new cancer drugs. Solid profit growth in the healthcare equipment and services industry also contributed to the Index’s performance. In the Swiss pharmaceuticals industry, emergency approval of coronavirus tests by the U.S. Food and Drug Administration and optimism about trials of drugs to treat COVID-19 drove solid performance.

German stocks were modest contributors to performance, driven by the industrials sector. Strong sales of software boosted profits in the industrial conglomerates industry, offsetting declines from renewable energy projects. On the downside, U.K. stocks detracted the most from the Index’s return, as the energy sector faced headwinds from a global decline in demand for oil and natural gas.

Portfolio Information

ALLOCATION BY SECTOR


Sector		Percent of Total Investments^(a)
Information Technology		22.3%
Health Care		13.5
Financials		12.1
Consumer Discretionary		11.9
Industrials		10.0
Communication Services		9.0
Consumer Staples		8.0
Materials		4.4
Utilities		3.2
Energy		2.8
Real Estate		2.8

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region		Percent of Total Investments^(a)
United States		66.1%
Japan		7.5
United Kingdom		4.1
France		3.3
Canada		3.2
Switzerland		3.1
Germany		2.9
Australia		2.2
Netherlands		1.4
Hong Kong		1.0

^(a)

Excludes money market funds.


F U N D S U M M A R Y		8

About Fund Performance

Shareholder Expenses


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

Schedule of Investments

August 31, 2020

iShares^® MSCI Frontier 100 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Bahrain — 8.1%
Ahli United Bank BSC		30,889,589	$	23,586,021
Aluminium Bahrain BSC		874,831		888,636
Bahrain Telecommunications Co. BSC		2,399,920		2,686,026
GFH Financial Group BSC		15,367,573		2,573,012
Ithmaar Holding BSC^(a)(b)		7,341,331		520,136

				30,253,831

Bangladesh — 6.4%
Bangladesh Export Import Co. Ltd.		4,310,470		1,357,188
Beximco Pharmaceuticals Ltd.		1,852,791		2,523,554
BRAC Bank Ltd.		4,878,855		2,284,087
City Bank Ltd. (The)		3,719,728		943,091
GrameenPhone Ltd.		603,225		2,264,939
LafargeHolcim Bangladesh Ltd.		2,836,041		1,474,875
National Bank Ltd.		12,555,761		1,140,087
Olympic Industries Ltd.		927,336		1,996,834
Square Pharmaceuticals Ltd.		3,362,106		8,678,833
Summit Power Ltd.		2,627,341		1,304,376

				23,967,864

Croatia — 0.4%
Valamar Riviera DD^(b)		371,095		1,409,169


Estonia — 0.7%
LHV Group AS		80,834		1,324,427
Tallink Grupp AS^(b)		1,583,246		1,268,634

				2,593,061

Jordan — 1.5%
Arab Bank PLC^(b)		471,798		2,695,038
Jordan Islamic Bank^(b)		310,660		1,244,393
Jordan Petroleum Refinery Co.		425,368		1,559,882

				5,499,313

Kazakhstan — 3.3%
Halyk Savings Bank of Kazakhstan JSC, GDR^(c)		589,839		6,901,116
NAC Kazatomprom JSC, GDR		361,942		5,537,713

				12,438,829

Kenya — 8.4%
East African Breweries Ltd.		2,297,634		3,418,846
Equity Group Holdings PLC/Kenya^(b)		16,535,066		5,600,833
KCB Group Ltd.		14,985,016		5,124,266
Safaricom PLC		62,493,005		17,269,324

				31,413,269

Kuwait — 25.1%
Agility Public Warehousing Co. KSC		2,663,325		5,446,222
ALAFCO Aviation Lease & Finance Co. KSCP		768,700		395,497
Alimtiaz Investment Group KSC^(b)		1,898,881		530,181
Boubyan Bank KSCP		1,940,056		3,674,758
Boubyan Petrochemicals Co. KSCP		940,741		1,652,424
Burgan Bank SAK		2,004,278		1,300,498
Gulf Bank KSCP		3,665,047		2,558,266
Humansoft Holding Co. KSC^(b)		211,933		1,755,748
Integrated Holding Co. KCSC		385,072		441,669
Jazeera Airways Co. KSC^(b)		228,660		420,378
Kuwait Finance House KSCP		8,017,368		16,447,230
Kuwait International Bank KSCP		1,428,582		805,231
Kuwait Projects Co. Holding KSCP		1,795,372		876,652
Mabanee Co. SAK		1,336,751		2,790,465
Mezzan Holding Co. KSCC		260,640		555,189
Mobile Telecommunications Co. KSC		5,189,854		10,034,455


Security	Shares		Value

Kuwait (continued)
National Bank of Kuwait SAKP		14,584,274	$	41,102,657
National Industries Group Holding SAK		2,588,515		1,323,311
National Real Estate Co. KPSC^(b)		2,080,560		502,498
Warba Bank KSCP^(b)		1,998,811		1,303,501

				93,916,830

Mauritius — 0.4%
Lighthouse Capital Ltd.^(d)		2,842,194		1,258,257


Morocco — 11.4%
Attijariwafa Bank^(b)		246,365		9,626,522
Banque Centrale Populaire^(b)		158,088		3,908,251
Ciments du Maroc		20,787		3,347,783
Cosumar		167,812		3,640,293
Label Vie		6,349		2,052,687
Maroc Telecom		1,080,758		16,517,747
Societe d’Exploitation des Ports		129,048		2,636,806
TOTAL Maroc SA		8,267		808,812

				42,538,901

Nigeria — 6.1%
Access Bank PLC		101,166,493		1,312,201
Afriland Properties PLC^(b)		8,020		33
Dangote Cement PLC		14,756,551		4,164,558
FBN Holdings PLC		95,143,544		975,321
Guaranty Trust Bank PLC		83,793,514		4,470,156
MTN Nigeria Communications PLC		14,286,260		3,520,756
Nestle Nigeria PLC		1,593,880		3,918,011
United Bank for Africa PLC		97,653,005		1,276,844
Zenith Bank PLC		90,720,921		3,179,028

				22,816,908

Oman — 3.9%
Bank Dhofar SAOG		39,196		11,301
Bank Muscat SAOG		7,789,434		8,092,919
Bank Nizwa SAOG^(b)		5,534,567		1,451,925
Oman Telecommunications Co. SAOG		1,674,029		2,695,839
Ooredoo		1,401,753		1,449,085
Sohar International Bank SAOG		3,012,673		837,288

				14,538,357

Romania — 8.6%
Banca Transilvania SA^(b)		23,509,691		13,279,685
BRD-Groupe Societe Generale SA^(b)		1,221,580		3,623,746
OMV Petrom SA		67,719,056		6,009,800
Societatea Energetica Electrica SA		810,528		2,364,311
Societatea Nationala de Gaze Naturale ROMGAZ SA		684,743		4,993,491
Transgaz SA Medias		27,272		1,975,328

				32,246,361

Sri Lanka — 1.1%
John Keells Holdings PLC		4,465,287		3,256,214
Sampath Bank PLC		1,306,012		877,932

				4,134,146

Vietnam — 12.0%
Bank for Foreign Trade of Vietnam JSC		894,510		3,203,639
Bank for Investment and Development of Vietnam JSC		402,880		711,885
Bao Viet Holdings		140,380		302,264
Ho Chi Minh City Development Joint Stock Commercial Bank^(b)		710,310		868,923
Hoa Phat Group JSC		3,870,846		4,100,508
Hoang Huy Investment Financial Services JSC		442,690		397,323
Kinh Bac City Development Share Holding Corp.		531,300		314,080
Masan Group Corp.^(b)		1,072,650		2,545,663


S C H E D U L E O F I N V E S T M E N T S		10

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Frontier 100 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Vietnam (continued)
No Va Land Investment Group Corp.^(b)		565,820	$	1,557,684
PetroVietnam Gas JSC		168,050		537,325
PetroVietnam Power Corp.^(b)		1,136,960		493,051
PetroVietnam Technical Services Corp.		609,998		331,649
Saigon - Hanoi Commercial Joint Stock Bank^(b)		1,075,200		644,888
Saigon Beer Alcohol Beverage Corp.		154,480		1,276,501
Saigon Thuong Tin Commercial JSB^(b)		1,140,380		551,122
SSI Securities Corp.		935,830		601,677
Thanh Thanh Cong - Bien Hoa JSC		652,290		403,899
Vietjet Aviation JSC^(b)		374,080		1,662,578
Vietnam Dairy Products JSC		1,441,670		7,527,166
Vietnam Electrical Equipment JSC^(b)		643,570		616,494
Vietnam National Petroleum Group		267,320		605,579
Viglacera Corp. JSC^(b)		524,040		486,164
Vincom Retail JSC^(b)		1,626,720		1,895,208
Vingroup JSC^(b)		1,820,580		7,070,214
Vinh Hoan Corp.^(b)		211,010		346,903
Vinhomes JSC^(e)		1,735,150		5,877,423

				44,929,810


Total Common Stocks — 97.4% (Cost: $325,936,434)				363,954,906


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(f)(g)(h)		20,329		20,350


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(f)(g)		680,000	$	680,000

				700,350


Total Short-Term Investments — 0.2% (Cost: $700,349)				700,350


Total Investments in Securities — 97.6% (Cost: $326,636,783)				364,655,256

Other Assets, Less Liabilities — 2.4%				9,114,007


Net Assets — 100.0%			$	373,769,263

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

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

^(e)	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.

^(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


Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	5,538	$	14,820	^(a)	$	—	$	(6	)	$	(2	)	$	20,350		20,329	$	330	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		680,000	^(a)		—		—			—			680,000		680,000		3,694			—

								$	(6	)	$	(2	)	$	700,350			$	4,024		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

MSCI Emerging Markets E-Mini Index

174

09/18/20

$ 9,573

282,681


11		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Frontier 100 ETF

Forward Foreign Currency Exchange Contracts


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

USD	1,376,162	NGN	593,400,700	BOA		11/10/20	$	(85,417	)

USD	6,376,711	NGN	2,704,489,545	CITI		11/10/20		(284,593	)


								(370,010	)

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts		Foreign Currency Exchange Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	282,681	$	—	$	282,681

Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	370,010	$	370,010

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts		Foreign Currency Exchange Contracts			Total

Net Realized Gain (Loss) from:
Futures contracts	$	326,432	$	—		$	326,432

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	282,681	$	—		$	282,681
Forward foreign currency exchange contracts		—		(370,010	)		(370,010	)

	$	282,681	$	(370,010	)	$	(87,329	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	1,924,025
Forward foreign currency exchange contracts:
Average amounts sold — in USD	$	1,982,615

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 Year End

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




	Assets			Liabilities

Derivative Financial Instruments:
Futures contracts	$	282,681		$	—
Forward foreign currency exchange contracts		—			370,010

Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	282,681		$	370,010
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(282,681	)		—


Total derivative assets and liabilities subject to an MNA	$	—		$	370,010


S C H E D U L E O F I N V E T M E N T S		12

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Frontier 100 ETF




	Derivative Liabilities Subject to an MNA by			Derivatives Available				Cash Collateral		Net Amount of Derivative
Counterparty	Counterparty			for Offset^(a)				Pledged	^(b)			Liabilities	^(c)(d)

Bank of America N.A.		$	85,417		$	—	$	—			$	85,417
Citibank N.A.			284,593			—		(260,000	)			24,593

		$	370,010		$	—	$	(260,000	)		$	110,010

^(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 pledged to the individual counterparty is not shown for financial reporting purposes.

^(c)

Net amount represents the net amount payable due to the counterparty in the event of default.

^(d)

Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

Fair Value Measurements



		Level 1		Level 2			Level 3		Total

Investments
Assets
Common Stocks	$	340,617,862	$	22,816,908		$	520,136	$	363,954,906
Money Market Funds		700,350		—			—		700,350

	$	341,318,212	$	22,816,908		$	520,136	$	364,655,256

Derivative financial instruments^(a)
Assets
Futures Contracts	$	282,681	$	—		$	—	$	282,681
Liabilities
Forward Foreign Currency Exchange Contracts		—		(370,010	)		—		(370,010	)

	$	282,681	$	(370,010	)	$	—	$	(87,329	)

^(a)

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

See notes to financial statements.


13		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

August 31, 2020

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 2.2%
Afterpay Ltd.^(a)		5,493	$	371,461
AGL Energy Ltd.		17,455		191,051
APA Group		33,267		256,605
Aristocrat Leisure Ltd.		14,040		294,574
ASX Ltd.		5,351		345,633
Aurizon Holdings Ltd.		47,525		152,890
Australia & New Zealand Banking Group Ltd.		52,873		714,788
BHP Group Ltd.		57,442		1,610,463
BHP Group PLC		43,719		1,002,631
BlueScope Steel Ltd.		13,744		128,986
Brambles Ltd.		33,261		272,794
Cochlear Ltd.		1,879		267,014
Coles Group Ltd.		24,130		316,398
Commonwealth Bank of Australia		35,026		1,768,689
Computershare Ltd.		15,194		149,336
Crown Resorts Ltd.		10,246		68,273
CSL Ltd.		9,247		1,955,913
Dexus		28,733		187,633
Fortescue Metals Group Ltd.		34,311		442,027
Goodman Group		41,355		559,994
GPT Group (The)		66,183		187,462
Insurance Australia Group Ltd.		50,433		177,910
James Hardie Industries PLC		13,195		300,850
Lendlease Corp. Ltd.		19,737		169,611
Macquarie Group Ltd.		6,348		599,508
Medibank Pvt Ltd.		66,724		134,714
Mirvac Group		134,242		209,478
National Australia Bank Ltd.		65,209		864,680
Newcrest Mining Ltd.		16,838		397,983
Northern Star Resources Ltd.		23,368		235,896
Oil Search Ltd.		39,818		96,293
Orica Ltd.		10,246		131,696
Origin Energy Ltd.		45,645		189,038
QBE Insurance Group Ltd.		28,444		223,189
Ramsay Health Care Ltd.		3,875		186,446
Rio Tinto Ltd.		4,597		333,172
Santos Ltd.		43,172		181,031
Scentre Group		142,479		238,137
Sonic Healthcare Ltd.		12,107		286,967
South32 Ltd.		112,258		174,343
Stockland		65,449		191,675
Suncorp Group Ltd.		28,653		197,070
Sydney Airport		31,102		131,568
Tabcorp Holdings Ltd.		53,760		143,925
Telstra Corp. Ltd.		95,010		203,065
Transurban Group		61,001		607,225
Treasury Wine Estates Ltd.		21,003		143,678
Vicinity Centres		91,449		97,727
Wesfarmers Ltd.		19,108		671,520
Westpac Banking Corp.		67,202		871,724
Woodside Petroleum Ltd.		17,048		246,862
Woolworths Group Ltd.		25,876		762,976

				20,644,572

Austria — 0.0%
ANDRITZ AG		2,581		86,552
Erste Group Bank AG^(a)		7,299		177,902
OMV AG^(a)		4,444		144,882


Security	Shares		Value

Austria (continued)
Raiffeisen Bank International AG^(a)		3,528	$	63,290

				472,626

Belgium — 0.3%
Ageas SA/NV		5,528		232,715
Anheuser-Busch InBev SA/NV		14,420		841,672
Colruyt SA		1,486		94,191
Galapagos NV^(a)(b)		1,104		150,385
Groupe Bruxelles Lambert SA		2,605		241,697
KBC Group NV		3,320		190,984
Proximus SADP		4,538		90,037
Solvay SA		1,508		131,006
UCB SA		3,098		368,727
Umicore SA		5,075		233,613

				2,575,027

Canada — 3.2%
Agnico Eagle Mines Ltd.		5,207		429,764
Algonquin Power & Utilities Corp.		12,999		180,377
Alimentation Couche-Tard Inc., Class B		18,364		599,989
Bank of Montreal		12,744		809,661
Bank of Nova Scotia (The)		23,750		1,027,505
Barrick Gold Corp.		38,644		1,146,018
Bausch Health Companies Inc.^(a)		6,862		114,020
BCE Inc.		3,102		133,465
BlackBerry Ltd.^(a)		19,806		103,366
Brookfield Asset Management Inc., Class A		26,041		879,792
Cameco Corp.		11,657		135,183
Canadian Imperial Bank of Commerce		9,021		717,000
Canadian National Railway Co.		14,676		1,543,799
Canadian Natural Resources Ltd.		24,941		492,331
Canadian Pacific Railway Ltd.		3,008		890,868
Canadian Tire Corp. Ltd., Class A, NVS		1,951		204,316
Canadian Utilities Ltd., Class A, NVS		8,340		209,564
Canopy Growth Corp.^(a)(b)		4,728		78,053
CGI Inc.^(a)		5,348		376,057
CI Financial Corp.		10,765		153,013
Constellation Software Inc.		511		592,198
Dollarama Inc.		7,282		284,585
Emera Inc.		4,834		197,560
Enbridge Inc.		40,359		1,292,591
Fairfax Financial Holdings Ltd.		602		185,777
First Quantum Minerals Ltd.		15,769		156,244
Fortis Inc.		8,606		344,583
Franco-Nevada Corp.		4,088		615,483
George Weston Ltd.		3,256		235,476
Gildan Activewear Inc.		6,166		119,681
Great-West Lifeco Inc.		7,814		159,584
IGM Financial Inc.		4,287		104,728
Imperial Oil Ltd.		6,759		111,582
Intact Financial Corp.		2,828		303,235
Inter Pipeline Ltd.		15,110		159,687
Kinross Gold Corp.^(a)		45,101		400,836
Kirkland Lake Gold Ltd.		5,774		307,988
Loblaw Companies Ltd.		4,289		221,898
Magna International Inc.		6,475		315,662
Manulife Financial Corp.		37,459		553,138
Metro Inc.		6,547		296,058
National Bank of Canada		8,298		456,630
Nutrien Ltd.		11,777		436,661
Onex Corp.		3,156		153,398


S C H E D U L E O F I N V E S T M E N T S		14

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Canada (continued)
Open Text Corp.		6,579	$	298,717
Pembina Pipeline Corp.		11,968		296,685
Power Corp. of Canada		12,724		254,294
Restaurant Brands International Inc.		5,258		285,186
RioCan REIT		3,173		37,040
Rogers Communications Inc., Class B, NVS		8,199		341,439
Royal Bank of Canada		28,265		2,154,774
Saputo Inc.		7,479		186,781
Shaw Communications Inc., Class B, NVS		11,720		219,387
Shopify Inc., Class A^(a)		2,212		2,365,267
Sun Life Financial Inc.		11,149		465,829
Suncor Energy Inc.		32,211		517,423
TC Energy Corp.		18,278		855,578
Teck Resources Ltd., Class B		10,347		119,436
TELUS Corp.		17,900		329,988
Thomson Reuters Corp.		4,335		331,742
Toronto-Dominion Bank (The)		36,820		1,838,810
Waste Connections Inc.		5,905		590,677
Wheaton Precious Metals Corp.		9,698		518,487

				30,236,944

Denmark — 0.7%
AP Moller - Maersk A/S, Class A		158		225,401
Carlsberg AS, Class B		2,717		382,627
Chr Hansen Holding A/S		2,266		260,723
Coloplast A/S, Class B		2,816		478,860
Danske Bank A/S^(a)		13,944		216,262
Demant A/S^(a)		4,608		137,841
DSV Panalpina A/S		4,667		731,317
Genmab A/S^(a)		1,537		581,747
Novo Nordisk A/S, Class B		35,794		2,375,763
Novozymes A/S, Class B		5,485		325,241
Orsted A/S^(c)		3,833		543,485
Vestas Wind Systems A/S		4,460		679,534

				6,938,801

Finland — 0.4%
Elisa OYJ		4,808		283,424
Fortum OYJ		10,547		223,451
Kone OYJ, Class B		7,119		611,644
Neste OYJ		9,477		507,877
Nokia OYJ		109,483		533,238
Nordea Bank Abp^(a)		65,437		528,279
Sampo OYJ, Class A		7,816		315,293
Stora Enso OYJ, Class R		20,430		301,262
UPM-Kymmene OYJ		9,204		279,701
Wartsila OYJ Abp		11,544		98,907

				3,683,076

France — 3.3%
Accor SA^(a)		4,628		142,467
Air Liquide SA		9,633		1,601,938
Airbus SE^(a)		11,567		952,302
Alstom SA^(a)		4,700		262,162
Atos SE^(a)		3,009		260,900
AXA SA		39,549		807,672
BioMerieux		828		125,761
BNP Paribas SA^(a)		22,941		1,003,208
Bollore SA		42,357		159,468
Bouygues SA^(a)		7,099		282,294
Bureau Veritas SA^(a)		7,300		165,835
Capgemini SE		3,368		467,244


Security	Shares		Value

France (continued)
Carrefour SA		13,367	$	215,175
Cie. de Saint-Gobain^(a)		12,623		512,979
Cie. Generale des Etablissements Michelin SCA		3,818		432,048
Credit Agricole SA^(a)		23,932		245,801
Danone SA		12,422		818,571
Dassault Systemes SE		2,822		532,739
Edenred		6,129		317,168
Electricite de France SA		14,445		152,059
Engie SA^(a)		34,085		475,104
EssilorLuxottica SA^(a)		6,193		830,271
Eurofins Scientific SE^(a)		320		257,024
Getlink SE^(a)		16,857		258,856
Hermes International		706		607,419
Iliad SA		678		145,143
Ingenico Group SA^(a)		1,686		286,728
Ipsen SA		2,122		220,282
Kering SA		1,536		945,310
Klepierre SA^(b)		6,092		100,470
Legrand SA		6,129		512,366
L’Oreal SA		5,080		1,682,286
LVMH Moet Hennessy Louis Vuitton SE		5,376		2,525,480
Orange SA		37,279		415,967
Pernod Ricard SA		4,175		716,509
Peugeot SA^(a)(b)		14,158		243,317
Publicis Groupe SA^(a)		4,543		159,573
Renault SA^(a)		3,832		109,256
Safran SA^(a)		6,672		774,160
Sanofi		22,556		2,289,441
Schneider Electric SE		10,625		1,318,349
SCOR SE^(a)		4,715		126,424
SES SA		8,379		59,624
Societe Generale SA^(a)		15,144		245,990
Sodexo SA		2,221		159,266
STMicroelectronics NV		16,311		491,775
Suez SA		11,707		203,084
Teleperformance		1,495		462,005
Thales SA		2,828		221,531
TOTAL SE		48,245		1,909,825
Ubisoft Entertainment SA^(a)		2,457		202,636
Unibail-Rodamco-Westfield^(b)		3,497		163,777
Valeo SA		5,621		172,095
Veolia Environnement SA		11,613		280,549
Vinci SA		10,812		1,016,088
Vivendi SA		17,970		511,491
Worldline SA^(a)(c)		3,874		356,842

				30,914,104

Germany — 2.7%
adidas AG^(a)		3,728		1,135,135
Allianz SE, Registered		8,469		1,838,526
BASF SE		18,507		1,130,134
Bayer AG, Registered		19,932		1,323,945
Bayerische Motoren Werke AG		6,132		441,114
Beiersdorf AG		3,408		394,537
Brenntag AG		4,808		301,652
Commerzbank AG^(a)		25,345		147,404
Continental AG		2,149		234,393
Daimler AG, Registered		17,412		888,035
Delivery Hero SE^(a)(c)		2,208		237,712
Deutsche Bank AG, Registered^(a)		42,626		409,103
Deutsche Boerse AG		4,425		838,266


15		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Germany (continued)
Deutsche Lufthansa AG, Registered^(a)		6,386	$	66,674
Deutsche Post AG, Registered		20,425		931,168
Deutsche Telekom AG, Registered		64,219		1,132,841
Deutsche Wohnen SE		7,104		379,263
E.ON SE		47,396		561,731
Fresenius Medical Care AG & Co. KGaA		4,898		416,253
Fresenius SE & Co. KGaA		8,006		371,501
GEA Group AG		4,628		169,145
Hannover Rueck SE		1,407		239,953
HeidelbergCement AG		3,548		225,825
Infineon Technologies AG		25,733		712,758
LANXESS AG		3,278		192,135
LEG Immobilien AG		1,394		205,494
Merck KGaA		3,278		445,545
MTU Aero Engines AG		1,202		223,177
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		2,918		843,481
Puma SE^(a)		3,225		266,823
RWE AG		13,457		535,927
SAP SE		21,190		3,498,236
Scout24 AG^(c)		2,590		241,451
Siemens AG, Registered		15,520		2,146,783
Siemens Healthineers AG^(c)		3,032		138,155
Symrise AG		2,822		389,978
TeamViewer AG^(a)(c)		3,696		200,546
thyssenkrupp AG^(a)(b)		9,886		71,223
United Internet AG, Registered		3,136		154,296
Vonovia SE		11,843		849,819
Zalando SE^(a)(c)		3,671		321,109

				25,251,246

Hong Kong — 1.0%
AIA Group Ltd.		239,800		2,469,119
ASM Pacific Technology Ltd.		18,400		197,885
Bank of East Asia Ltd. (The)		29,400		66,310
BeiGene Ltd., ADR^(a)(b)		923		222,969
BOC Hong Kong Holdings Ltd.		93,500		265,414
CK Asset Holdings Ltd.		54,500		296,052
CK Hutchison Holdings Ltd.		56,000		366,703
CLP Holdings Ltd.		46,500		456,891
Galaxy Entertainment Group Ltd.		44,000		346,600
Hang Seng Bank Ltd.		19,200		301,992
Hong Kong & China Gas Co. Ltd.^(b)		293,419		427,058
Hong Kong Exchanges & Clearing Ltd.		24,200		1,221,530
Jardine Matheson Holdings Ltd.		7,000		294,000
Link REIT		46,500		370,193
Melco Resorts & Entertainment Ltd., ADR		11,745		229,262
MTR Corp. Ltd.		47,000		244,698
New World Development Co. Ltd.		39,333		204,274
Sands China Ltd.		57,200		252,413
Sun Hung Kai Properties Ltd.		36,000		484,016
Techtronic Industries Co. Ltd.		46,500		590,389
WH Group Ltd.^(c)		216,500		186,885
Wynn Macau Ltd.^(b)		81,200		152,758

				9,647,411

Ireland — 0.6%
CRH PLC		17,952		665,561
Flutter Entertainment PLC^(a)		3,147		531,805
Kerry Group PLC, Class A		3,777		496,882
Linde PLC		10,902		2,722,665


Security	Shares		Value

Ireland (continued)
Smurfit Kappa Group PLC		6,719	$	238,496
Steris PLC		1,830		292,141
Trane Technologies PLC		5,521		653,631

				5,601,181

Israel — 0.2%
Bank Hapoalim BM		55,061		334,136
Check Point Software Technologies Ltd.^(a)(b)		2,577		325,372
CyberArk Software Ltd.^(a)		816		90,168
Isracard Ltd.		1		3
Nice Ltd.^(a)		1,626		372,572
Teva Pharmaceutical Industries Ltd., ADR^(a)		25,171		248,438
Wix.com Ltd.^(a)		1,012		298,165

				1,668,854

Italy — 0.6%
Assicurazioni Generali SpA		23,977		372,922
Atlantia SpA^(a)		18,475		294,529
CNH Industrial NV^(a)		25,225		200,134
Enel SpA		167,384		1,519,189
Eni SpA		54,029		504,005
Ferrari NV		2,723		531,473
FinecoBank Banca Fineco SpA^(a)		9,254		140,555
Intesa Sanpaolo SpA^(a)		315,953		682,120
Leonardo SpA		3,996		27,087
Mediobanca Banca di Credito Finanziario SpA		18,166		158,206
Moncler SpA^(a)		5,040		195,595
Snam SpA		71,770		368,225
Telecom Italia SpA/Milano		504,454		240,597
Tenaris SA		13,386		78,764
Terna Rete Elettrica Nazionale SpA		62,626		453,730
UniCredit SpA^(a)		45,151		445,487

				6,212,618

Japan — 7.5%
Advantest Corp.		4,400		210,364
Aeon Co. Ltd.		18,500		458,640
Aisin Seiki Co. Ltd.		3,600		123,740
Ajinomoto Co. Inc.		15,900		296,274
Alfresa Holdings Corp.		5,200		104,446
ANA Holdings Inc.^(a)		9,200		229,686
Asahi Group Holdings Ltd.		7,800		273,105
Asahi Kasei Corp.		27,700		232,477
Astellas Pharma Inc.		41,700		654,530
Bridgestone Corp.		9,200		291,586
Canon Inc.		18,400		317,873
Casio Computer Co. Ltd.		14,300		230,456
Central Japan Railway Co.		3,100		464,510
Chubu Electric Power Co. Inc.		15,900		196,342
Chugai Pharmaceutical Co. Ltd.		18,700		832,502
Chugoku Electric Power Co. Inc. (The)		15,900		193,718
Coca-Cola Bottlers Japan Holdings Inc.		3,200		53,351
Concordia Financial Group Ltd.		51,000		169,287
Daifuku Co. Ltd.		5,000		439,908
Dai-ichi Life Holdings Inc.		18,700		283,114
Daiichi Sankyo Co. Ltd.		11,600		1,033,384
Daikin Industries Ltd.		5,000		941,346
Daito Trust Construction Co. Ltd.		3,000		265,953
Daiwa House Industry Co. Ltd.		16,000		428,573
Denso Corp.		11,600		487,540
Dentsu Group Inc.		5,100		133,890
East Japan Railway Co.		6,500		422,750


S C H E D U L E O F I N V E S T M E N T S		16

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Eisai Co. Ltd.		5,100	$	445,580
ENEOS Holdings Inc.		68,900		270,025
FANUC Corp.		4,500		789,500
Fast Retailing Co. Ltd.		1,600		954,765
Fuji Electric Co. Ltd.		3,600		112,537
FUJIFILM Holdings Corp.		9,300		442,527
Fujitsu Ltd.		4,000		521,288
Hakuhodo DY Holdings Inc.		16,000		199,161
Hamamatsu Photonics KK		6,100		277,835
Hankyu Hanshin Holdings Inc.		5,000		162,431
Hikari Tsushin Inc.		600		144,957
Hitachi Ltd.		18,400		612,495
Honda Motor Co. Ltd.		27,600		710,268
Hoya Corp.		9,300		913,381
Hulic Co. Ltd.		25,200		229,555
Idemitsu Kosan Co. Ltd.		4,800		105,736
Inpex Corp.		27,600		175,368
ITOCHU Corp.		30,500		783,316
Japan Airlines Co. Ltd.		2,500		49,837
Japan Exchange Group Inc.		16,000		414,616
Japan Post Holdings Co. Ltd.		30,300		223,925
Japan Real Estate Investment Corp.		29		162,440
Japan Retail Fund Investment Corp.		68		102,534
Japan Tobacco Inc.		25,000		467,372
JFE Holdings Inc.		14,400		109,041
JGC Holdings Corp.		5,800		64,046
JTEKT Corp.		4,500		34,754
Kansai Electric Power Co. Inc. (The)		19,200		189,022
Kao Corp.		9,200		700,031
KDDI Corp.		36,800		1,068,135
Keyence Corp.		4,000		1,647,602
Kikkoman Corp.		3,300		179,245
Kintetsu Group Holdings Co. Ltd.		3,800		166,986
Kirin Holdings Co. Ltd.		18,400		361,771
Komatsu Ltd.		9,200		199,885
Konami Holdings Corp.		2,800		107,860
Kose Corp.		900		105,493
Kubota Corp.		23,200		419,282
Kuraray Co. Ltd.		19,500		199,514
Kyocera Corp.		9,200		528,081
Kyushu Electric Power Co. Inc.		18,400		162,927
LIXIL Group Corp.		14,200		261,116
M3 Inc.		9,400		544,260
Makita Corp.		7,300		337,310
Marubeni Corp.		37,000		223,162
Marui Group Co. Ltd.		9,200		168,046
Mazda Motor Corp.		18,400		117,988
MEIJI Holdings Co. Ltd.		2,500		201,801
MINEBEA MITSUMI Inc.		15,900		275,733
Mitsubishi Chemical Holdings Corp.		39,400		230,281
Mitsubishi Corp.		27,600		653,921
Mitsubishi Electric Corp.		39,500		544,943
Mitsubishi Estate Co. Ltd.		21,900		343,127
Mitsubishi Heavy Industries Ltd.		9,300		230,954
Mitsubishi Motors Corp.		39,800		95,705
Mitsubishi UFJ Financial Group Inc.		240,400		1,003,131
Mitsubishi UFJ Lease & Finance Co. Ltd.		51,200		241,890
Mitsui & Co. Ltd.		36,800		664,201
Mitsui Fudosan Co. Ltd.		25,100		454,449
Mizuho Financial Group Inc.		585,900		794,497


Security	Shares		Value

Japan (continued)
MS&AD Insurance Group Holdings Inc.		10,900	$	302,295
Murata Manufacturing Co. Ltd.		11,500		681,032
Nagoya Railroad Co. Ltd.		9,300		259,500
NEC Corp.		3,600		189,768
Nexon Co. Ltd.		11,800		276,292
Nidec Corp.		10,300		865,513
Nintendo Co. Ltd.		2,300		1,230,629
Nippon Paint Holdings Co. Ltd.		4,100		351,832
Nippon Steel Corp.		18,447		181,695
Nippon Telegraph & Telephone Corp.		25,800		586,701
Nissan Motor Co. Ltd.		48,400		196,941
Nitori Holdings Co. Ltd.		1,700		355,566
Nitto Denko Corp.		3,500		212,551
Nomura Holdings Inc.		63,500		326,048
Nomura Real Estate Master Fund Inc.^(a)		160		205,045
Nomura Research Institute Ltd.		13,100		348,238
NTT Data Corp.		16,100		184,009
NTT DOCOMO Inc.		27,600		770,130
Obic Co. Ltd.		1,300		230,346
Odakyu Electric Railway Co. Ltd.		12,700		314,132
Olympus Corp.		28,100		556,197
Omron Corp.		3,800		278,429
Ono Pharmaceutical Co. Ltd.		9,200		277,531
Oriental Land Co. Ltd.		4,300		583,498
ORIX Corp.		33,600		418,871
Orix JREIT Inc.		57		84,765
Otsuka Corp.		6,000		294,215
Otsuka Holdings Co. Ltd.		9,300		408,412
Pan Pacific International Holdings Corp.		16,800		394,632
Panasonic Corp.		44,800		413,126
Rakuten Inc.		27,600		242,829
Recruit Holdings Co. Ltd.		27,600		1,047,834
Resona Holdings Inc.		69,200		254,496
Ricoh Co. Ltd.		16,900		126,377
Santen Pharmaceutical Co. Ltd.		18,400		350,666
Secom Co. Ltd.		4,000		378,141
Sekisui House Ltd.		18,400		363,680
Seven & i Holdings Co. Ltd.		18,600		602,139
Seven Bank Ltd.		40,400		101,338
Shimano Inc.		1,400		296,384
Shin-Etsu Chemical Co. Ltd.		9,200		1,117,846
Shionogi & Co. Ltd.		9,200		510,383
Shiseido Co. Ltd.		9,200		535,369
SMC Corp.		1,200		659,154
Softbank Corp.		46,000		604,036
SoftBank Group Corp.		34,100		2,121,663
Sompo Holdings Inc.		9,300		349,041
Sony Corp.		27,600		2,162,557
Subaru Corp.		18,400		382,159
Sumitomo Chemical Co. Ltd.		51,000		165,920
Sumitomo Corp.		27,600		357,737
Sumitomo Electric Industries Ltd.		25,000		294,450
Sumitomo Metal Mining Co. Ltd.		10,700		326,615
Sumitomo Mitsui Financial Group Inc.		27,600		811,512
Sumitomo Mitsui Trust Holdings Inc.		9,300		269,322
Sumitomo Realty & Development Co. Ltd.		9,600		283,442
Suzuki Motor Corp.		9,300		381,401
Sysmex Corp.		4,000		349,173
T&D Holdings Inc.		18,400		192,597
Takeda Pharmaceutical Co. Ltd.		31,426		1,173,233


17		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
TDK Corp.		2,700	$	280,324
Terumo Corp.		18,400		747,833
Toho Co. Ltd.		3,200		121,609
Tokio Marine Holdings Inc.		14,900		687,076
Tokyo Electric Power Co. Holdings Inc.^(a)		42,100		123,864
Tokyo Electron Ltd.		3,700		947,287
Tokyo Gas Co. Ltd.		9,200		204,440
Tokyu Corp.		9,200		123,019
Tokyu Fudosan Holdings Corp.		37,000		159,102
Toray Industries Inc.		34,100		161,971
Toshiba Corp.		9,200		265,038
Tosoh Corp.		22,100		328,233
Toyota Motor Corp.		46,000		3,039,049
Unicharm Corp.		9,300		404,641
United Urban Investment Corp.		118		131,303
USS Co. Ltd.		9,200		155,379
West Japan Railway Co.		5,900		309,952
Yakult Honsha Co. Ltd.		2,400		136,923
Yamada Denki Co. Ltd.		36,800		197,456
Yamaha Corp.		3,800		185,261
Yamaha Motor Co. Ltd.		6,800		107,151
Yaskawa Electric Corp.		9,200		330,973
Yokogawa Electric Corp.		9,300		151,982
Z Holdings Corp.		60,600		402,876

				70,963,159

Netherlands — 1.4%
Adyen NV^(a)(c)		348		588,077
Aegon NV		37,099		103,512
AerCap Holdings NV^(a)		3,818		112,898
Akzo Nobel NV		3,562		353,322
Altice Europe NV^(a)		15,088		66,909
ArcelorMittal SA^(a)		17,380		220,369
Argenx SE^(a)		904		209,417
ASML Holding NV		8,486		3,189,779
Heineken Holding NV^(a)		3,554		291,790
Heineken NV^(a)		4,718		437,632
ING Groep NV^(a)		77,610		631,532
Just Eat Takeaway.com NV^(a)(c)		2,392		266,733
Koninklijke Ahold Delhaize NV		25,722		775,824
Koninklijke DSM NV		3,899		626,942
Koninklijke KPN NV		82,066		215,629
Koninklijke Philips NV^(a)		18,146		860,148
NN Group NV		5,801		218,885
NXP Semiconductors NV		5,748		722,868
Prosus NV^(a)		9,883		990,953
QIAGEN NV^(a)		5,038		256,493
Randstad NV^(a)		3,046		159,084
Unilever NV		29,904		1,734,897
Wolters Kluwer NV		5,571		458,390

				13,492,083

New Zealand — 0.1%
a2 Milk Co. Ltd. (The)^(a)		22,846		287,060
Fisher & Paykel Healthcare Corp. Ltd.		12,052		300,178
Spark New Zealand Ltd.		73,107		238,665

				825,903

Norway — 0.2%
Adevinta ASA^(a)		4,851		91,117
DNB ASA^(a)		22,112		357,237
Equinor ASA		19,293		314,806


Security	Shares		Value

Norway (continued)
Norsk Hydro ASA^(a)		34,422	$	110,628
Orkla ASA		24,874		254,874
Telenor ASA		15,792		258,590
Yara International ASA		5,348		225,555

				1,612,807

Portugal — 0.0%
EDP - Energias de Portugal SA^(b)		72,019		365,368
Galp Energia SGPS SA		13,541		145,296

				510,664

Singapore — 0.3%
Ascendas REIT		171,023		417,620
CapitaLand Ltd.		104,500		212,905
CapitaLand Mall Trust^(b)		102,600		147,908
DBS Group Holdings Ltd.		36,500		560,279
Genting Singapore Ltd.		179,700		92,520
Keppel Corp. Ltd.		50,800		171,127
Oversea-Chinese Banking Corp. Ltd.		57,600		367,308
Singapore Exchange Ltd.		7,500		47,496
Singapore Telecommunications Ltd.		177,100		299,595
United Overseas Bank Ltd.^(b)		31,100		447,423
Venture Corp. Ltd.		12,800		186,878
Wilmar International Ltd.		47,500		152,324

				3,103,383

Spain — 0.7%
ACS Actividades de Construccion y Servicios SA		7,849		192,622
Aena SME SA^(a)(c)		1,861		278,431
Amadeus IT Group SA		9,682		543,180
Banco Bilbao Vizcaya Argentaria SA		132,388		388,382
Banco Santander SA^(a)		333,458		742,883
Bankinter SA		23,988		129,299
CaixaBank SA		75,370		166,036
Cellnex Telecom SA^(c)		6,706		430,516
Enagas SA		2,268		55,577
Endesa SA		6,423		178,443
Ferrovial SA		9,141		244,662
Iberdrola SA		124,246		1,567,646
Industria de Diseno Textil SA		22,213		625,621
Naturgy Energy Group SA		8,840		170,847
Red Electrica Corp. SA		5,764		110,468
Repsol SA		30,949		245,103
Telefonica SA		91,927		364,012

				6,433,728

Sweden — 0.9%
Alfa Laval AB^(a)(b)		8,289		203,166
Assa Abloy AB, Class B		21,572		500,223
Atlas Copco AB, Class A		13,555		628,484
Atlas Copco AB, Class B		9,976		401,703
Boliden AB		7,113		212,690
Electrolux AB, Series B		6,039		131,213
Epiroc AB, Class A		11,657		174,011
Epiroc AB, Class B		9,976		143,829
Essity AB, Class B^(a)		12,467		430,168
Evolution Gaming Group AB^(c)		3,766		282,856
Hennes & Mauritz AB, Class B^(b)		16,767		268,079
Hexagon AB, Class B^(a)		5,653		410,558
Investor AB, Class B		8,896		568,729
Kinnevik AB, Class B^(a)		9,805		379,754
Lundin Energy AB		6,402		156,915
Sandvik AB^(a)		27,735		546,021


S C H E D U L E O F I N V E S T M E N T S		18

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Sweden (continued)
Skandinaviska Enskilda Banken AB, Class A^(a)		35,221	$	350,129
Skanska AB, Class B^(a)		12,850		262,514
SKF AB, Class B		13,956		279,283
Svenska Handelsbanken AB, Class A^(a)		33,666		339,668
Swedbank AB, Class A^(a)		19,804		336,659
Swedish Match AB		4,163		316,921
Telefonaktiebolaget LM Ericsson, Class B		57,096		663,641
Telia Co. AB		58,809		227,123
Volvo AB, Class B^(a)		29,220		560,011

				8,774,348

Switzerland — 3.1%
ABB Ltd., Registered		38,426		980,227
Adecco Group AG, Registered		3,728		195,664
Alcon Inc.^(a)		8,525		486,250
Baloise Holding AG, Registered		2,041		318,463
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		19		162,369
Cie. Financiere Richemont SA, Registered		10,606		703,886
Coca-Cola HBC AG^(a)		4,852		129,542
Credit Suisse Group AG, Registered		52,165		575,498
Geberit AG, Registered		1,051		607,641
Givaudan SA, Registered		184		774,457
Julius Baer Group Ltd.		6,586		316,701
Kuehne & Nagel International AG, Registered^(a)		2,269		441,100
LafargeHolcim Ltd., Registered^(a)		9,970		474,999
Logitech International SA, Registered		3,932		291,783
Lonza Group AG, Registered		1,684		1,048,047
Nestle SA, Registered		60,198		7,257,588
Novartis AG, Registered		43,630		3,781,315
Partners Group Holding AG		508		517,788
Roche Holding AG, NVS		14,088		4,939,288
Schindler Holding AG, Participation Certificates, NVS		775		207,510
Schindler Holding AG, Registered		1,018		268,844
SGS SA, Registered		92		238,876
Sika AG, Registered		2,176		523,429
Sonova Holding AG, Registered^(a)		1,414		331,496
Swatch Group AG (The), Bearer		871		184,753
Swiss Life Holding AG, Registered^(a)		869		352,059
Swiss Prime Site AG, Registered		3,202		289,281
Swiss Re AG		5,348		431,427
Swisscom AG, Registered		582		323,172
Temenos AG, Registered		1,775		287,406
UBS Group AG, Registered		76,944		938,675
Zurich Insurance Group AG		2,852		1,057,880

				29,437,414

United Kingdom — 4.1%
3i Group PLC		23,313		292,796
Admiral Group PLC		5,621		198,467
Amcor PLC^(a)		28,174		311,604
Anglo American PLC		24,766		607,698
Antofagasta PLC		13,907		199,987
Aptiv PLC		5,276		454,369
Ashtead Group PLC		10,808		376,979
Associated British Foods PLC		8,109		222,145
AstraZeneca PLC		26,987		3,013,595
Auto Trader Group PLC^(c)		40,428		304,866
Aviva PLC		78,399		296,757
BAE Systems PLC		66,452		462,319
Barclays PLC^(a)		299,037		448,283


Security	Shares		Value

United Kingdom (continued)
BP PLC		407,037	$	1,439,896
British American Tobacco PLC		46,031		1,560,861
British Land Co. PLC (The)		30,093		147,352
BT Group PLC		163,952		229,731
Bunzl PLC		9,815		318,294
Burberry Group PLC		9,526		184,244
Coca-Cola European Partners PLC		5,257		216,378
Compass Group PLC		35,996		588,242
Croda International PLC		5,373		424,456
Diageo PLC		47,705		1,602,933
Experian PLC		21,032		785,686
Ferguson PLC		4,719		466,053
Fiat Chrysler Automobiles NV^(a)		22,844		252,194
GlaxoSmithKline PLC		101,752		2,005,465
Glencore PLC^(a)		201,738		456,984
GVC Holdings PLC^(a)		12,144		130,765
HSBC Holdings PLC		403,651		1,784,357
Imperial Brands PLC		18,363		308,077
Informa PLC^(a)		38,141		211,119
InterContinental Hotels Group PLC^(a)		4,711		277,921
Intertek Group PLC		5,348		420,763
J Sainsbury PLC		47,956		118,019
Johnson Matthey PLC		7,974		253,574
Kingfisher PLC		46,018		166,547
Land Securities Group PLC		20,763		160,715
Legal & General Group PLC		111,747		325,132
Lloyds Banking Group PLC^(a)		1,417,692		538,145
London Stock Exchange Group PLC		7,471		880,290
M&G PLC		65,186		150,996
Melrose Industries PLC		117,431		160,064
National Grid PLC		70,509		796,048
Natwest Group PLC^(a)		107,388		162,192
Next PLC		3,278		265,012
Ocado Group PLC^(a)		9,568		319,892
Pearson PLC^(b)		17,118		128,215
Persimmon PLC		6,448		226,199
Prudential PLC		50,466		825,385
Reckitt Benckiser Group PLC		14,651		1,473,233
RELX PLC		42,420		966,990
Rentokil Initial PLC^(a)		38,801		276,907
Rio Tinto PLC		26,152		1,623,002
Rolls-Royce Holdings PLC		49,304		159,164
Royal Dutch Shell PLC, Class A		82,456		1,221,956
Royal Dutch Shell PLC, Class B		79,345		1,129,320
RSA Insurance Group PLC		26,865		161,617
Sage Group PLC (The)		29,681		294,325
Segro PLC		24,032		306,589
Severn Trent PLC		7,659		239,147
Smith & Nephew PLC		18,625		379,431
Smiths Group PLC		12,197		228,963
SSE PLC		20,090		338,665
Standard Chartered PLC^(a)		60,852		319,719
Taylor Wimpey PLC		102,247		167,707
Tesco PLC		198,837		582,251
Unilever PLC		22,565		1,347,518
United Utilities Group PLC		18,445		205,281
Vodafone Group PLC		546,915		816,066
Whitbread PLC^(a)		6,132		207,642
WPP PLC		27,484		237,579

				39,161,133


19		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States — 65.7%
3M Co.		11,511	$	1,876,523
Abbott Laboratories		35,802		3,919,245
AbbVie Inc.		36,046		3,452,125
ABIOMED Inc.^(a)		1,123		345,457
Accenture PLC, Class A		12,632		3,030,796
Activision Blizzard Inc.		16,166		1,350,184
Adobe Inc.^(a)		9,828		5,045,597
Advance Auto Parts Inc.		1,589		248,377
Advanced Micro Devices Inc.^(a)		23,359		2,121,464
AES Corp. (The)		15,554		276,084
Aflac Inc.		15,144		550,030
Agilent Technologies Inc.		6,833		686,170
AGNC Investment Corp.		16,653		234,974
Air Products & Chemicals Inc.		4,543		1,327,737
Akamai Technologies Inc.^(a)		3,266		380,260
Albemarle Corp.		2,497		227,252
Alexandria Real Estate Equities Inc.		2,353		396,198
Alexion Pharmaceuticals Inc.^(a)		4,628		528,610
Align Technology Inc.^(a)		1,616		479,920
Alleghany Corp.		353		195,760
Allegion PLC		1,870		193,339
Alliant Energy Corp.		4,792		259,487
Allstate Corp. (The)		6,387		593,991
Alnylam Pharmaceuticals Inc.^(a)		2,814		373,249
Alphabet Inc., Class A^(a)		6,075		9,899,395
Alphabet Inc., Class C, NVS^(a)		6,164		10,073,086
Altria Group Inc.		37,926		1,658,883
Amazon.com Inc.^(a)		8,556		29,526,414
Ameren Corp.		5,280		417,701
American Electric Power Co. Inc.		10,908		859,878
American Express Co.		13,525		1,374,005
American Financial Group Inc./OH		2,188		146,268
American International Group Inc.		17,769		517,789
American Tower Corp.		9,293		2,315,351
American Water Works Co. Inc.		4,347		614,405
Ameriprise Financial Inc.		2,458		385,414
AmerisourceBergen Corp.		3,368		326,797
AMETEK Inc.		5,305		534,213
Amgen Inc.		12,073		3,058,332
Amphenol Corp., Class A		6,295		691,191
Analog Devices Inc.		7,647		893,781
Annaly Capital Management Inc.		29,599		217,553
ANSYS Inc.^(a)		2,036		690,224
Anthem Inc.		5,168		1,454,895
Aon PLC, Class A^(b)		4,919		983,751
Apple Inc.		351,724		45,386,465
Applied Materials Inc.		19,978		1,230,645
Arch Capital Group Ltd.^(a)		8,322		262,476
Archer-Daniels-Midland Co.		12,113		542,178
Arista Networks Inc.^(a)		1,107		247,359
Arrow Electronics Inc.^(a)		2,177		171,025
Arthur J Gallagher & Co.		3,691		388,662
Assurant Inc.		2,044		248,469
AT&T Inc.		142,565		4,249,863
Atmos Energy Corp.		3,073		306,747
Autodesk Inc.^(a)		4,630		1,137,591
Autoliv Inc.		2,687		210,500
Automatic Data Processing Inc.		9,358		1,301,604
AutoZone Inc.^(a)		510		610,118
Avalara Inc.^(a)		3,487		461,714


Security	Shares		Value

United States (continued)
AvalonBay Communities Inc.		2,671	$	422,178
Avantor Inc.^(a)		15,084		340,446
Avery Dennison Corp.		2,460		283,859
Baker Hughes Co.		15,528		221,740
Ball Corp.		7,192		578,021
Bank of America Corp.		157,148		4,044,990
Bank of New York Mellon Corp. (The)		16,864		623,631
Baxter International Inc.		9,971		868,175
Becton Dickinson and Co.		5,544		1,345,917
Berkshire Hathaway Inc., Class B^(a)		28,034		6,112,533
Best Buy Co. Inc.		4,800		532,368
Biogen Inc.^(a)		3,536		1,017,095
BioMarin Pharmaceutical Inc.^(a)		4,351		339,509
BlackRock Inc.^(d)		3,115		1,850,902
Blackstone Group Inc. (The), Class A		13,646		722,556
Boeing Co. (The)		10,875		1,868,542
Booking Holdings Inc.^(a)		778		1,486,330
BorgWarner Inc.		6,174		250,603
Boston Properties Inc.		3,368		292,578
Boston Scientific Corp.^(a)		28,721		1,178,135
Bristol-Myers Squibb Co.		45,673		2,840,861
Broadcom Inc.		8,111		2,815,734
Broadridge Financial Solutions Inc.		1,748		240,175
Brown & Brown Inc.		4,841		224,622
Brown-Forman Corp., Class B, NVS		6,537		478,312
Bunge Ltd.		3,462		157,936
Burlington Stores Inc.^(a)		1,046		205,989
Cable One Inc.		172		316,537
Cabot Oil & Gas Corp.		8,392		159,196
Cadence Design Systems Inc.^(a)		6,537		725,019
Campbell Soup Co.		4,546		239,165
Capital One Financial Corp.		9,886		682,431
Cardinal Health Inc.		6,399		324,813
CarMax Inc.^(a)		3,891		416,065
Carnival Corp.		12,236		201,649
Carrier Global Corp.		16,733		499,480
Catalent Inc.^(a)		3,313		306,453
Caterpillar Inc.		10,963		1,560,145
Cboe Global Markets Inc.		2,429		222,958
CBRE Group Inc., Class A^(a)		7,029		330,574
CDK Global Inc.		4,361		203,310
CDW Corp./DE		2,844		323,221
Celanese Corp.		2,622		265,215
Centene Corp.^(a)		12,086		741,114
CenterPoint Energy Inc.		14,260		286,198
CenturyLink Inc.		21,034		226,116
Cerner Corp.		6,775		497,082
CF Industries Holdings Inc.		6,358		207,462
CH Robinson Worldwide Inc.		2,994		294,310
Charles Schwab Corp. (The)		24,243		861,354
Charter Communications Inc., Class A^(a)(b)		2,945		1,812,971
Cheniere Energy Inc.^(a)		4,988		259,625
Chevron Corp.		37,745		3,167,938
Chipotle Mexican Grill Inc.^(a)		552		723,275
Chubb Ltd.		8,390		1,048,750
Church & Dwight Co. Inc.		7,166		686,718
Cigna Corp.		7,822		1,387,388
Cincinnati Financial Corp.		3,368		267,453
Cintas Corp.		1,847		615,494
Cisco Systems Inc.		83,418		3,521,908


S C H E D U L E O F I N V E S T M E N T S		20

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Citigroup Inc.		42,541	$	2,174,696
Citizens Financial Group Inc.		12,164		314,683
Citrix Systems Inc.		2,354		341,801
Clorox Co. (The)		2,641		590,263
CME Group Inc.		7,212		1,268,374
CMS Energy Corp.		6,300		381,087
Coca-Cola Co. (The)		81,094		4,016,586
Cognex Corp.		3,712		256,833
Cognizant Technology Solutions Corp., Class A		11,508		769,425
Colgate-Palmolive Co.		17,135		1,358,120
Comcast Corp., Class A		89,801		4,023,983
Comerica Inc.		4,078		161,203
Conagra Brands Inc.		11,161		428,136
Concho Resources Inc.		4,416		229,544
ConocoPhillips		22,020		834,338
Consolidated Edison Inc.		7,135		509,011
Constellation Brands Inc., Class A		3,461		638,485
Cooper Companies Inc. (The)		644		202,461
Copart Inc.^(a)		4,628		478,165
Corning Inc.		12,544		407,178
Corteva Inc.		15,051		429,706
CoStar Group Inc.^(a)		870		738,282
Costco Wholesale Corp.		8,991		3,125,811
Coupa Software Inc.^(a)		1,220		399,843
Crowdstrike Holdings Inc., Class A^(a)		2,615		328,784
Crown Castle International Corp.		8,665		1,414,561
Crown Holdings Inc.^(a)		4,268		327,996
CSX Corp.		15,732		1,202,869
Cummins Inc.		3,368		698,018
CVS Health Corp.		26,098		1,621,208
Danaher Corp.		13,118		2,708,473
Darden Restaurants Inc.		2,825		244,843
Datadog Inc., Class A^(a)		2,703		225,836
DaVita Inc.^(a)		2,576		223,494
Deere & Co.		5,801		1,218,558
Dell Technologies Inc., Class C^(a)		4,707		311,039
Delta Air Lines Inc.		3,866		119,266
Dentsply Sirona Inc.		4,988		223,812
DexCom Inc.^(a)		2,031		864,008
Diamondback Energy Inc.		3,710		144,542
Digital Realty Trust Inc.		5,355		833,506
Discover Financial Services		6,808		361,369
Discovery Inc., Class A^(a)(b)		3,008		66,372
Discovery Inc., Class C, NVS^(a)		7,856		156,884
DISH Network Corp., Class A^(a)		5,929		210,598
DocuSign Inc.^(a)		3,215		716,945
Dollar General Corp.		4,942		997,691
Dollar Tree Inc.^(a)		4,718		454,202
Dominion Energy Inc.		15,939		1,250,255
Domino’s Pizza Inc.		778		318,171
Dover Corp.		2,917		320,403
Dow Inc.		15,051		679,101
DR Horton Inc.		7,839		559,469
DTE Energy Co.		3,818		453,082
Duke Energy Corp.		14,106		1,133,276
Duke Realty Corp.		9,584		369,463
DuPont de Nemours Inc.		15,051		839,244
E*TRADE Financial Corp.		4,802		259,788
Eastman Chemical Co.		3,368		246,234
Eaton Corp. PLC		8,716		889,904


Security	Shares		Value

United States (continued)
eBay Inc.		16,125	$	883,327
Ecolab Inc.		5,345		1,053,393
Edison International		7,034		369,144
Edwards Lifesciences Corp.^(a)		13,354		1,146,307
Elanco Animal Health Inc.^(a)		10,032		291,530
Electronic Arts Inc.^(a)		6,170		860,530
Eli Lilly & Co.		17,877		2,652,768
Emerson Electric Co.		12,107		841,073
Entergy Corp.		3,998		396,362
EOG Resources Inc.		11,423		517,919
EPAM Systems Inc.^(a)		959		313,689
Equifax Inc.		2,491		419,161
Equinix Inc.		1,775		1,401,859
Equity Residential		7,299		412,029
Essential Utilities Inc.		4,499		191,208
Essex Property Trust Inc.		1,501		324,982
Estee Lauder Companies Inc. (The), Class A		4,448		986,211
Everest Re Group Ltd.		1,026		225,802
Evergy Inc.		4,608		245,238
Eversource Energy		6,387		547,430
Exact Sciences Corp.^(a)(b)		2,980		224,364
Exelon Corp.		17,635		650,908
Expedia Group Inc.		2,949		289,444
Expeditors International of Washington Inc.		3,880		342,953
Extra Space Storage Inc.		1,196		127,434
Exxon Mobil Corp.		83,747		3,344,855
F5 Networks Inc.^(a)		1,861		246,266
Facebook Inc., Class A^(a)		48,332		14,170,942
FactSet Research Systems Inc.		731		256,142
Fair Isaac Corp.^(a)		563		236,905
Fastenal Co.		11,085		541,613
Federal Realty Investment Trust		2,871		227,498
FedEx Corp.		4,988		1,096,562
Fidelity National Financial Inc.		6,039		198,260
Fidelity National Information Services Inc.		12,815		1,933,143
Fifth Third Bancorp		15,983		330,209
First Republic Bank/CA		3,908		441,252
FirstEnergy Corp.		9,238		264,114
Fiserv Inc.^(a)		11,886		1,183,608
FleetCor Technologies Inc.^(a)		1,862		468,200
FLIR Systems Inc.		4,246		156,677
FMC Corp.		2,620		279,973
Ford Motor Co.		73,728		502,825
Fortinet Inc.^(a)		2,875		379,514
Fortive Corp.		6,538		471,455
Fortune Brands Home & Security Inc.		3,061		257,369
Fox Corp., Class A, NVS		7,776		216,639
Franklin Resources Inc.		7,749		163,194
Freeport-McMoRan Inc.^(a)		29,479		460,167
Garmin Ltd.		3,367		348,855
Gartner Inc.^(a)		2,135		277,166
General Dynamics Corp.		4,982		744,062
General Electric Co.		178,814		1,133,681
General Mills Inc.		12,569		803,788
General Motors Co.		25,233		747,654
Genuine Parts Co.		3,362		317,507
Gilead Sciences Inc.		25,605		1,709,134
Global Payments Inc.		5,675		1,002,318
Globe Life Inc.		2,822		232,759
GoDaddy Inc., Class A^(a)		3,052		255,391


21		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Goldman Sachs Group Inc. (The)		6,587	$	1,349,479
Guidewire Software Inc.^(a)		1,669		187,445
Halliburton Co.		16,540		267,617
Hartford Financial Services Group Inc. (The)		8,289		335,290
Hasbro Inc.		3,129		247,003
HCA Healthcare Inc.		5,433		737,367
Healthpeak Properties Inc.		10,705		295,886
HEICO Corp., Class A		3,171		283,424
Henry Schein Inc.^(a)		3,471		230,613
Hershey Co. (The)		3,458		513,997
Hess Corp.		6,257		288,072
Hewlett Packard Enterprise Co.		22,304		215,680
Hilton Worldwide Holdings Inc.		5,714		516,317
Hologic Inc.^(a)		6,277		374,862
Home Depot Inc. (The)		21,822		6,220,143
Honeywell International Inc.		13,353		2,210,589
Hormel Foods Corp.		7,029		358,338
Host Hotels & Resorts Inc.		17,756		199,400
Howmet Aerospace Inc.		9,614		168,437
HP Inc.		29,752		581,652
Humana Inc.		2,725		1,131,338
Huntington Bancshares Inc./OH		26,285		247,342
IAC/InterActiveCorp.^(a)		1,711		227,546
IDEXX Laboratories Inc.^(a)		1,951		762,958
IHS Markit Ltd.		8,384		670,049
Illinois Tool Works Inc.		6,489		1,281,902
Illumina Inc.^(a)		3,005		1,073,446
Incyte Corp.^(a)		4,182		402,936
Ingersoll Rand Inc.^(a)		7,198		252,362
Insulet Corp.^(a)		1,288		281,106
Intel Corp.		85,837		4,373,395
Intercontinental Exchange Inc.		11,927		1,267,005
International Business Machines Corp.		18,239		2,249,051
International Flavors & Fragrances Inc.		1,857		229,878
International Paper Co.		8,476		307,425
Interpublic Group of Companies Inc. (The)		11,342		201,434
Intuit Inc.		5,441		1,879,267
Intuitive Surgical Inc.^(a)		2,410		1,761,324
Invitation Homes Inc.		10,452		299,241
IPG Photonics Corp.^(a)		1,095		177,094
IQVIA Holdings Inc.^(a)		3,519		576,236
Iron Mountain Inc.		8,286		249,326
Jack Henry & Associates Inc.		1,515		250,611
Jacobs Engineering Group Inc.		2,891		260,971
Jazz Pharmaceuticals PLC^(a)		1,575		211,664
JB Hunt Transport Services Inc.		2,044		287,264
JM Smucker Co. (The)		2,761		331,817
Johnson & Johnson		52,815		8,102,349
Johnson Controls International PLC		16,064		654,287
JPMorgan Chase & Co.		60,863		6,097,864
Juniper Networks Inc.		10,720		268,000
Kansas City Southern		2,025		368,631
Kellogg Co.		5,621		398,585
Keurig Dr Pepper Inc.		7,111		212,121
KeyCorp.		21,855		269,254
Keysight Technologies Inc.^(a)		4,199		413,685
Kimberly-Clark Corp.		7,299		1,151,490
Kinder Morgan Inc./DE		44,497		614,949
KKR & Co. Inc.		9,242		331,048
KLA Corp.		3,542		726,606


Security	Shares		Value

United States (continued)
Kraft Heinz Co. (The)		12,735	$	446,234
Kroger Co. (The)		16,807		599,674
L3Harris Technologies Inc.		4,631		837,007
Laboratory Corp. of America Holdings^(a)		2,033		357,300
Lam Research Corp.		2,951		992,539
Lamb Weston Holdings Inc.		3,152		198,103
Las Vegas Sands Corp.		6,283		318,611
Lennar Corp., Class A		6,600		493,812
Lennox International Inc.		850		238,281
Liberty Media Corp.-Liberty Formula One, Class C, NVS^(a)		4,921		191,821
Lincoln National Corp.		4,988		179,817
Live Nation Entertainment Inc.^(a)		3,933		223,394
LKQ Corp.^(a)		7,550		239,637
Lockheed Martin Corp.		5,106		1,992,668
Loews Corp.		7,119		255,287
Lowe’s Companies Inc.		15,488		2,550,719
Lululemon Athletica Inc.^(a)		2,309		867,422
LyondellBasell Industries NV, Class A		5,295		346,717
M&T Bank Corp.		2,548		263,106
Marathon Petroleum Corp.		13,250		469,845
Markel Corp.^(a)		331		359,741
MarketAxess Holdings Inc.		753		365,913
Marriott International Inc./MD, Class A		6,217		639,791
Marsh & McLennan Companies Inc.		9,797		1,125,773
Martin Marietta Materials Inc.		1,317		267,180
Marvell Technology Group Ltd.		13,896		538,887
Masco Corp.		5,728		333,942
Masimo Corp.^(a)		1,133		253,792
Mastercard Inc., Class A		18,111		6,487,179
Match Group Inc^(a)		4,615		515,403
Maxim Integrated Products Inc.		5,730		392,161
McCormick & Co. Inc./MD, NVS		2,637		543,749
McDonald’s Corp.		15,140		3,232,693
McKesson Corp.		3,627		556,527
Medical Properties Trust Inc.		10,524		195,536
Medtronic PLC		26,500		2,847,955
MercadoLibre Inc.^(a)(b)		872		1,019,010
Merck & Co. Inc.		50,895		4,339,817
MetLife Inc.		17,207		661,781
Mettler-Toledo International Inc.^(a)		460		446,559
MGM Resorts International		12,337		277,583
Microchip Technology Inc.		5,164		566,491
Micron Technology Inc.^(a)		22,573		1,027,297
Microsoft Corp.		145,734		32,867,389
Mid-America Apartment Communities Inc.		2,327		272,538
Moderna Inc.^(a)		5,231		339,440
Mohawk Industries Inc.^(a)		1,424		131,478
Molina Healthcare Inc.^(a)		1,135		209,941
Molson Coors Beverage Co., Class B		4,273		160,836
Mondelez International Inc., Class A		28,021		1,636,987
MongoDB Inc.^(a)(b)		1,428		333,866
Monster Beverage Corp.^(a)		8,986		753,566
Moody’s Corp.		3,626		1,068,365
Morgan Stanley		24,232		1,266,364
Mosaic Co. (The)		7,937		144,692
Motorola Solutions Inc.		3,636		562,671
MSCI Inc.		1,712		639,038
Mylan NV^(a)		11,895		194,840
Nasdaq Inc.		2,501		336,184
National Oilwell Varco Inc.		8,749		104,988


S C H E D U L E O F I N V E S T M E N T S		22

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
NetApp Inc.		5,348	$	253,442
Netflix Inc.^(a)		8,899		4,712,554
Neurocrine Biosciences Inc.^(a)		2,116		246,345
Newell Brands Inc.		11,319		180,878
Newmont Corp.		15,394		1,035,708
News Corp., Class A, NVS		12,450		188,244
NextEra Energy Inc.		9,477		2,645,694
Nielsen Holdings PLC		8,302		126,855
Nike Inc., Class B		23,949		2,679,654
Norfolk Southern Corp.		5,249		1,115,570
Northern Trust Corp.		4,628		378,987
Northrop Grumman Corp.		3,276		1,122,390
NortonLifeLock Inc.		12,624		296,916
NRG Energy Inc.		7,007		241,111
Nucor Corp.		6,489		294,990
NVIDIA Corp.		12,307		6,583,999
Occidental Petroleum Corp.		16,772		213,675
Okta Inc.^(a)		2,267		488,244
Old Dominion Freight Line Inc.		1,188		240,190
Omega Healthcare Investors Inc.		5,333		165,163
Omnicom Group Inc.		5,078		274,669
ON Semiconductor Corp.^(a)		11,890		254,089
ONEOK Inc.		8,388		230,502
Oracle Corp.		45,269		2,590,292
O’Reilly Automotive Inc.^(a)		1,499		697,979
Otis Worldwide Corp.^(b)		8,369		526,410
PACCAR Inc.		7,299		626,546
Packaging Corp. of America		1,969		199,342
Palo Alto Networks Inc.^(a)		1,763		453,814
Parker-Hannifin Corp.		2,642		544,278
Paychex Inc.		7,311		559,072
Paycom Software Inc.^(a)		1,247		373,427
PayPal Holdings Inc.^(a)		22,920		4,678,889
Peloton Interactive Inc., Class A^(a)		3,961		303,690
Pentair PLC		4,373		197,397
People’s United Financial Inc.		14,779		156,362
PepsiCo Inc.		28,097		3,935,266
Perrigo Co. PLC		3,095		161,869
Pfizer Inc.		113,765		4,299,179
PG&E Corp.^(a)		21,603		200,044
Philip Morris International Inc.		31,503		2,513,624
Phillips 66		8,986		525,411
Pinnacle West Capital Corp.		3,557		260,906
Pinterest Inc., Class A^(a)		10,288		378,496
Pioneer Natural Resources Co.		2,998		311,582
PNC Financial Services Group Inc. (The)		8,839		982,897
PPG Industries Inc.		4,516		543,726
PPL Corp.		13,449		371,596
Principal Financial Group Inc.		6,404		269,672
Procter & Gamble Co. (The)		48,865		6,759,495
Progressive Corp. (The)^(b)		11,920		1,132,877
Prologis Inc.		15,499		1,578,728
Prudential Financial Inc.		8,469		573,944
PTC Inc.^(a)(b)		2,846		260,153
Public Service Enterprise Group Inc.		10,511		549,095
Public Storage		3,188		677,131
PulteGroup Inc.		5,909		263,482
Qorvo Inc.^(a)		2,622		336,324
QUALCOMM Inc.		23,144		2,756,450
Quest Diagnostics Inc.		3,008		334,610


Security	Shares		Value

United States (continued)
Ralph Lauren Corp.		1,411	$	97,119
Raymond James Financial Inc.		2,798		211,865
Raytheon Technologies Corp.		30,898		1,884,778
Realty Income Corp.		6,593		408,964
Regency Centers Corp.		4,538		180,204
Regeneron Pharmaceuticals Inc.^(a)		1,715		1,063,180
Regions Financial Corp.		24,982		288,792
Reinsurance Group of America Inc.		1,749		160,348
RenaissanceRe Holdings Ltd.		1,154		212,036
Republic Services Inc.		5,493		509,311
ResMed Inc.		3,104		561,141
RingCentral Inc., Class A^(a)		1,472		428,013
Robert Half International Inc.		3,728		198,330
Rockwell Automation Inc.		2,300		530,219
Roku Inc.^(a)		1,940		336,551
Roper Technologies Inc.		2,401		1,025,683
Ross Stores Inc.		7,294		664,338
Royal Caribbean Cruises Ltd.		4,327		297,871
RPM International Inc.		2,696		228,540
S&P Global Inc.		5,069		1,857,383
salesforce.com Inc.^(a)		17,296		4,715,754
Sarepta Therapeutics Inc.^(a)(b)		1,474		215,823
SBA Communications Corp.		2,485		760,584
Schlumberger Ltd.		23,572		448,104
Seagate Technology PLC		5,168		248,012
Seattle Genetics Inc.^(a)		2,601		411,842
SEI Investments Co.		5,354		280,335
Sempra Energy		6,085		752,410
ServiceNow Inc.^(a)		4,001		1,928,562
Sherwin-Williams Co. (The)		1,681		1,128,035
Simon Property Group Inc.		6,074		412,121
Sirius XM Holdings Inc.^(b)		40,622		238,451
Skyworks Solutions Inc.		3,724		539,421
Slack Technologies Inc., Class A^(a)(b)		7,423		243,771
Snap Inc., Class A, NVS^(a)		14,444		326,290
Southern Co. (The)		22,006		1,148,273
Southwest Airlines Co.		3,554		133,559
Splunk Inc.^(a)		2,910		638,250
Square Inc., Class A^(a)		7,054		1,125,536
SS&C Technologies Holdings Inc.		5,365		341,858
Stanley Black & Decker Inc.		3,368		543,258
Starbucks Corp.		22,359		1,888,665
State Street Corp.		7,203		490,452
Stryker Corp.		6,675		1,322,718
Sun Communities Inc.		1,800		268,344
SVB Financial Group^(a)(b)		1,141		291,389
Synchrony Financial		10,591		262,763
Synopsys Inc.^(a)		3,040		672,752
Sysco Corp.		9,776		587,929
T Rowe Price Group Inc.		4,994		695,215
Take-Two Interactive Software Inc.^(a)		2,549		436,363
Target Corp.		10,516		1,590,124
TD Ameritrade Holding Corp.		5,801		222,642
TE Connectivity Ltd.		6,201		599,017
Teladoc Health Inc.^(a)		1,308		282,123
Teledyne Technologies Inc.^(a)		784		245,870
Teleflex Inc.		1,038		407,882
Tesla Inc.^(a)		14,660		7,305,371
Texas Instruments Inc.		17,994		2,557,847
Textron Inc.^(b)		6,020		237,369


23		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Thermo Fisher Scientific Inc.		7,931	$	3,402,240
Tiffany & Co.		2,401		294,123
TJX Companies Inc. (The)		24,604		1,348,053
T-Mobile U.S. Inc.^(a)		9,216		1,075,323
Tractor Supply Co.		2,272		338,142
Trade Desk Inc. (The), Class A^(a)(b)		784		377,339
TransDigm Group Inc.		1,050		524,654
TransUnion		4,457		386,511
Travelers Companies Inc. (The)		4,601		533,900
Trimble Inc.^(a)		6,399		335,372
Truist Financial Corp.		28,727		1,114,895
Twilio Inc., Class A^(a)		2,409		649,852
Twitter Inc.^(a)		15,274		619,819
Tyler Technologies Inc.^(a)		697		240,681
Tyson Foods Inc., Class A		5,847		367,192
U.S. Bancorp		28,353		1,032,049
Uber Technologies Inc.^(a)		18,157		610,620
UDR Inc.		7,029		244,679
Ulta Beauty Inc.^(a)		1,230		285,581
Union Pacific Corp.		13,942		2,682,998
United Parcel Service Inc., Class B		14,186		2,321,113
United Rentals Inc.^(a)		1,769		313,201
UnitedHealth Group Inc.		19,177		5,993,771
Universal Health Services Inc., Class B		1,583		174,684
Valero Energy Corp.		9,076		477,307
Varian Medical Systems Inc.^(a)		2,128		369,570
Veeva Systems Inc., Class A^(a)		2,914		822,535
Ventas Inc.		7,309		301,204
VEREIT Inc.		31,622		212,500
VeriSign Inc.^(a)		2,626		564,065
Verisk Analytics Inc.		2,810		524,543
Verizon Communications Inc.		82,078		4,864,763
Vertex Pharmaceuticals Inc.^(a)		5,348		1,492,734
VF Corp.		6,759		444,404
ViacomCBS Inc., Class B, NVS		13,057		363,637
Visa Inc., Class A^(b)		33,093		7,015,385
Vistra Corp.		12,093		232,548
VMware Inc., Class A^(a)		1,681		242,804
Vornado Realty Trust		5,051		180,977
Vulcan Materials Co.		2,730		327,600
Walgreens Boots Alliance Inc.		15,230		579,045
Walmart Inc.		28,064		3,896,686
Walt Disney Co. (The)		36,648		4,832,772
Waste Management Inc.		8,649		985,986
Waters Corp.^(a)		1,605		347,097
Wayfair Inc., Class A^(a)		1,231		365,065
WEC Energy Group Inc.		7,029		661,288
Wells Fargo & Co.		77,048		1,860,709
Welltower Inc.		8,305		477,704
West Pharmaceutical Services Inc.^(b)		1,657		470,522
Western Digital Corp.		5,994		230,289
Western Union Co. (The)		9,140		215,613
Westinghouse Air Brake Technologies Corp.		4,075		271,191
Westrock Co.		6,441		195,356
Weyerhaeuser Co.		15,504		469,926
Whirlpool Corp.		1,385		246,142
Williams Companies Inc. (The)		24,888		516,675
Willis Towers Watson PLC		2,401		493,478


Security	Shares		Value

United States (continued)
Workday Inc., Class A^(a)		3,191	$	764,915
WR Berkley Corp.		4,328		268,552
WW Grainger Inc.		831		303,672
Wynn Resorts Ltd.		2,127		186,006
Xcel Energy Inc.		10,791		749,705
Xilinx Inc.		5,258		547,673
XPO Logistics Inc.^(a)		2,670		235,681
Xylem Inc./NY		3,998		320,560
Yum! Brands Inc.		6,484		621,491
Zebra Technologies Corp., Class A^(a)		1,158		331,802
Zillow Group Inc., Class C, NVS^(a)(b)		3,354		287,639
Zimmer Biomet Holdings Inc.		4,091		576,340
Zoetis Inc.		9,607		1,538,081
Zoom Video Communications Inc., Class A^(a)		2,005		651,825
Zscaler Inc.^(a)		1,452		208,130

				623,267,798


Total Common Stocks — 99.2% (Cost: $851,430,725) 941,428,880


Preferred Stocks

Germany — 0.2%
Henkel AG & Co. KGaA, Preference Shares, NVS		4,273		437,237
Porsche Automobil Holding SE, Preference Shares, NVS		3,822		234,488
Sartorius AG, Preference Shares, NVS		864		366,822
Volkswagen AG, Preference Shares, NVS		4,268		711,236

				1,749,783


Total Preferred Stocks — 0.2% (Cost: $1,793,378)				1,749,783


Short-Term Investments

Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(d)(e)(f)		8,694,327		8,703,021
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(d)(e)		1,510,000		1,510,000

				10,213,021


Total Short-Term Investments — 1.1% (Cost: $10,207,022)				10,213,021


Total Investments in Securities — 100.5% (Cost: $863,431,125)				953,391,684

Other Assets, Less Liabilities — (0.5)%				(5,144,252	)


Net Assets — 100.0%			$	948,247,432

^(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.


S C H E D U L E O F I N V E S T M E N T S		24

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI World ETF

Affiliates



Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	7,823,920	$	889,097	^(a)	$	—		$	(14,552	)	$	4,556	$	8,703,021		8,694,327	$	101,900	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,335,000		175,000	^(a)		—			—			—		1,510,000		1,510,000		17,201			—
BlackRock Inc.		765,256		1,080,361			(384,436	)		48,696			341,025		1,850,902		3,115		35,225			—

									$	34,144		$	345,581	$	12,063,923			$	154,326		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts



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

Long Contracts
Euro STOXX 50 Index		17		09/18/20	$	664	$	1,536
FTSE 100 Index		5		09/18/20		399		(13,329	)
S&P 500 E-Mini Index		18		09/18/20		3,149		277,351
TOPIX Index		4		09/10/20		609		19,331

							$	284,889

Derivative Financial Instruments Categorized by Risk Exposure

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



	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	298,218

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	13,329

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	91,076

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	293,459

Average Quarterly Balances of Outstanding Derivative Financial Instruments


25		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI World ETF



Futures contracts:
Average notional value of contracts — long	$	4,002,226

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

Fair Value Measurements



	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	941,428,880		$	—	$	—	$	941,428,880
Preferred Stocks		1,749,783			—		—		1,749,783
Money Market Funds		10,213,021			—		—		10,213,021

	$	953,391,684		$	—	$	—	$	953,391,684

Derivative financial instruments^(a)
Assets
Futures Contracts	$	298,218		$	—	$	—	$	298,218
Liabilities
Futures Contracts		(13,329	)		—		—		(13,329	)

	$	284,889		$	—	$	—	$	284,889

^(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 T M E N T S		26

Statements of Assets and Liabilities

August 31, 2020


	iShares MSCI Frontier 100 ETF			iShares MSCI World ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	363,954,906		$	941,327,761
Affiliated^(c)		700,350			12,063,923
Cash		412,608			8,297
Foreign currency, at value^(d)		7,736,587			1,238,251
Cash pledged:
Futures contracts		1,072,000			227,000
Collateral — OTC derivatives		260,000			—
Foreign currency collateral pledged:
Futures contracts^(e)		—			129,593
Receivables:
Investments sold		2,720,727			1,684,369
Securities lending income — Affiliated		19			4,249
Dividends		374,010			1,575,892
Tax reclaims		—			350,010

Total assets		377,231,207			958,609,345


LIABILITIES
Collateral on securities loaned, at value		16,592			8,710,933
Payables:
Investments purchased		2,611,617			1,450,745
Variation margin on futures contracts		223,735			14,637
Investment advisory fees		239,990			185,598
Unrealized depreciation on:
Forward foreign currency exchange contracts		370,010			—

Total liabilities		3,461,944			10,361,913


NET ASSETS	$	373,769,263		$	948,247,432


NET ASSETS CONSIST OF:
Paid-in capital	$	538,042,778		$	881,738,126
Accumulated earnings (loss)		(164,273,515	)		66,509,306

NET ASSETS	$	373,769,263		$	948,247,432


Shares outstanding		14,550,000			9,200,000


Net asset value	$	25.69		$	103.07


Shares authorized		500 million			500 million

Par value	$	0.001		$	0.001


^(a)Securities loaned, at value	$	15,303		$	8,150,728
^(b)Investments, at cost — Unaffiliated	$	325,936,434		$	851,756,678
^(c)Investments, at cost — Affiliated	$	700,349		$	11,674,447
^(d)Foreign currency, at cost	$	9,035,849		$	1,206,113
^(e)Foreign currency collateral pledged, at cost	$	—		$	129,397

See notes to financial statements.


27		2 0 2 0 I S H A R E S A N 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

Year Ended August 31, 2020


	iShares MSCI Frontier 100 ETF			iShares MSCI World ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	18,682,302		$	18,616,289
Dividends — Affiliated		3,694			52,426
Securities lending income — Affiliated — net		330			101,900
Other income — Unaffiliated		2,550			—
Foreign taxes withheld		(1,155,083	)		(839,610	)

Total investment income		17,533,793			17,931,005


EXPENSES
Investment advisory fees		3,404,850			2,007,056
Commitment fees		6,857			—
Miscellaneous		264			264
Interest expense		11,809			—

Total expenses		3,423,780			2,007,320

Net investment income		14,110,013			15,923,685


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(a)		(31,819,422	)		(18,161,906	)
Investments — Affiliated		(6	)		(14,552	)
In-kind redemptions — Unaffiliated		47,071			38,639,143
In-kind redemptions — Affiliated		—			48,696
Futures contracts		326,432			91,076
Foreign currency transactions		(513,195	)		40,066

Net realized gain (loss)		(31,959,120	)		20,642,523

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(34,249,051	)		50,557,618
Investments — Affiliated		(2	)		345,581
Futures contracts		282,681			293,459
Forward foreign currency exchange contracts		(370,010	)		—
Foreign currency translations		(1,284,948	)		76,866

Net change in unrealized appreciation (depreciation)		(35,621,330	)		51,273,524

Net realized and unrealized gain (loss)		(67,580,450	)		71,916,047

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(53,470,437	)	$	87,839,732


^(a) Net of foreign capital gain tax of	$	13,900		$	—

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		28

Statements of Changes in Net Assets


	iShares MSCI Frontier 100 ETF						iShares MSCI World ETF
	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/20			Year Ended 08/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	14,110,013		$	18,179,111		$	15,923,685		$	13,549,947
Net realized gain (loss)		(31,959,120	)		(20,321,660	)		20,642,523			52,961,213
Net change in unrealized appreciation (depreciation)		(35,621,330	)		31,730,659			51,273,524			(45,742,348	)

Net increase (decrease) in net assets resulting from operations		(53,470,437	)		29,588,110			87,839,732			20,768,812


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(11,997,936	)		(19,147,709	)		(16,143,838	)		(14,268,219	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(57,630,046	)		(37,018,194	)		230,092,080			73,716,261


NET ASSETS
Total increase (decrease) in net assets		(123,098,419	)		(26,577,793	)		301,787,974			80,216,854
Beginning of year		496,867,682			523,445,475			646,459,458			566,242,604

End of year	$	373,769,263		$	496,867,682		$	948,247,432		$	646,459,458

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

See notes to financial statements.


29		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)


	iShares MSCI Frontier 100 ETF
	Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16


Net asset value, beginning of year		$	28.97			$	28.29			$	30.62			$	24.20			$	26.20

Net investment income^(a)			0.87				1.03				0.87				0.72				0.76
Net realized and unrealized gain (loss)^(b)			(3.36	)			0.76				(1.99	)			6.00				(2.17	)

Net increase (decrease) from investment operations			(2.49	)			1.79				(1.12	)			6.72				(1.41	)


Distributions^(c)
From net investment income			(0.79	)			(1.11	)			(1.21	)			(0.30	)			(0.59	)

Total distributions			(0.79	)			(1.11	)			(1.21	)			(0.30	)			(0.59	)


Net asset value, end of year		$	25.69			$	28.97			$	28.29			$	30.62			$	24.20


Total Return
Based on net asset value			(8.44	)%			6.45	%			(3.92	)%			27.91	%			(5.45	)%


Ratios to Average Net Assets
Total expenses			0.79	%			0.79	%			0.81	%			0.80	%			0.79	%

Net investment income			3.27	%			3.63	%			2.69	%			2.65	%			3.03	%


Supplemental Data
Net assets, end of year (000)		$	373,769			$	496,868			$	523,445			$	627,626			$	407,722

Portfolio turnover rate^(d)			25	%			33	%			35	%			32	%			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)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	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		30

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI World ETF
	Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16


Net asset value, beginning of year		$	89.79			$	91.33			$	82.22			$	72.15			$	68.95

Net investment income^(a)			1.76				1.96				1.84				1.74				1.62
Net realized and unrealized gain (loss)^(b)			13.35				(1.52	)			9.15				9.90				3.16

Net increase from investment operations			15.11				0.44				10.99				11.64				4.78


Distributions^(c)
From net investment income			(1.83	)			(1.98	)			(1.88	)			(1.57	)			(1.58	)

Total distributions			(1.83	)			(1.98	)			(1.88	)			(1.57	)			(1.58	)


Net asset value, end of year		$	103.07			$	89.79			$	91.33			$	82.22			$	72.15


Total Return
Based on net asset value			17.04	%			0.61	%			13.46	%			16.29	%			7.05	%


Ratios to Average Net Assets
Total expenses			0.24	%			0.24	%			0.24	%			0.24	%			0.24	%

Net investment income			1.90	%			2.24	%			2.09	%			2.25	%			2.34	%


Supplemental Data
Net assets, end of year (000)		$	948,247			$	646,459			$	566,243			$	509,769			$	288,603

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

^(a)	Based on average shares outstanding.

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

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

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

See notes to financial statements.


31		2 0 2 0 I S H A R E S A N 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

1.	ORGANIZATION

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



iShares ETF		Diversification Classification
MSCI Frontier 100		Diversified
MSCI World		Diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS


N O T E S T O F I N A N C I A L S T A T E M E NT S		32

Notes to Financial Statements (continued)

the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

•

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

•

Futures contracts are valued 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.

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

4.	SECURITIES AND OTHER INVESTMENTS


33		2 0 2 0 I S H A R E S A N 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 (continued)

of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.

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




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

MSCI Frontier 100
Goldman Sachs & Co.	$	15,303	$	15,303		$	—	$	—


MSCI World
Barclays Capital Inc.	$	98,906	$	98,906		$	—	$	—
BofA Securities, Inc.		1,141,318		1,141,318			—		—
Citigroup Global Markets Inc.		191,323		191,323			—		—
Goldman Sachs & Co.		2,224,557		2,224,557			—		—
JPMorgan Securities LLC		49,019		49,019			—		—
Morgan Stanley & Co. LLC		2,195,448		2,195,448			—		—
Nomura Securities International Inc.		222,106		221,050			—		(1,056	)^(b)
SG Americas Securities LLC		521,127		521,127			—		—
TD Prime Services LLC		257,502		257,502			—		—
UBS AG		678,054		678,054			—		—
UBS Securities LLC		95,040		95,040			—		—
Wells Fargo Bank, National Association		395,493		395,493			—		—
Wells Fargo Securities LLC		80,835		80,835			—		—

	$	8,150,728	$	8,149,672		$	—	$	(1,056	)

^(a)

^(b)

5.	DERIVATIVE FINANCIAL INSTRUMENTS

Forward Foreign Currency Exchange Contracts: The iShares MSCI Frontier 100 ETF uses forward foreign currency exchange contracts to hedge the currency exposure of non-U.S. dollar-denominated securities held in its portfolio. A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency against another currency at an agreed upon price and quantity. The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.


N O T E S T O F I N A N C I A L S T A T E M E N T S		34

Notes to Financial Statements (continued)

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

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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


iShares ETF	Investment Advisory Fee
MSCI Frontier 100		0.79	%
MSCI World		0.24


35		2 0 2 0 I S H A R E S A N 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 (continued)

will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.



iShares ETF	Fees Paid to BTC
MSCI Frontier 100	$	81
MSCI World		26,612

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

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



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI World	$	9,260,376	$	9,888,621	$	(2,450,369	)

7.	PURCHASES AND SALES

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


iShares ETF	Purchases		Sales
MSCI Frontier 100	$	106,710,471	$	171,904,240
MSCI World		66,236,069		56,936,294

For the year ended August 31, 2020, purchases and sales related to in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

MSCI Frontier 100	$	270,117	$	2,256,829
MSCI World		492,122,467		272,519,302

8.	INCOME TAX INFORMATION


N O T E S T O F I N A N C I A L S T A T E M E N T S		36

Notes to Financial Statements (continued)



iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)

MSCI Frontier 100		$ (274,208)	$	274,208
MSCI World		38,116,062		(38,116,062	)

The tax character of distributions paid was as follows:



iShares ETF	Year Ended 08/31/20		Year Ended 08/31/19

MSCI Frontier 100
Ordinary income	$	11,997,936	$	19,147,709

MSCI World
Ordinary income	$	16,143,838	$	14,268,219

As of August 31, 2020, the tax components of accumulated net earnings (losses) were as follows:



iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)	Total

MSCI Frontier 100	$	1,908,486	$	(178,681,296	)	$	12,499,295		$ (164,273,515	)
MSCI World		3,186,856		(24,330,017	)		87,652,467		66,509,306

^(a)

Amounts available to offset future realized capital gains.

^(b)



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

MSCI Frontier 100	$	350,485,153	$	50,069,115	$	(36,269,022	)	$	13,800,093
MSCI World		865,829,506		177,936,183		(90,354,674	)		87,581,509

9.	LINE OF CREDIT

The iShares MSCI Frontier 100 ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on July 15, 2021. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Fund, and $200 million with respect to Tier 2. The Fund may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. 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 rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement.

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



iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates

MSCI Frontier 100	$	5,350,000	$	907,690		1.25	%


37		2 0 2 0 I S H A R E S A N 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 (continued)

10.

PRINCIPAL RISKS


N O T E S T O F I N A N C I A L S T A T E M E N T S		38

Notes to Financial Statements (continued)

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:




	Year Ended 08/31/20						Year Ended 08/31/19


iShares ETF	Shares			Amount			Shares			Amount


MSCI Frontier 100
Shares sold		400,000		$	12,960,707			450,000		$	13,475,673
Shares redeemed		(3,000,000	)		(70,590,753	)		(1,800,000	)		(50,493,867	)

Net decrease		(2,600,000	)	$	(57,630,046	)		(1,350,000	)	$	(37,018,194	)

MSCI World
Shares sold		5,500,000		$	514,328,676			3,800,000		$	312,550,041
Shares redeemed		(3,500,000	)		(284,236,596	)		(2,800,000	)		(238,833,780	)

Net increase		2,000,000		$	230,092,080			1,000,000		$	73,716,261

12.

LEGAL PROCEEDINGS


39		2 0 2 0 I S H A R E S A N 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 (continued)

13.

SUBSEQUENT EVENTS


N O T E S T O F I N A N C I A L S T A T E M E N T S		40

Report of Independent Registered Public Accounting Firm

To the Board of Directors of iShares, Inc. and

Shareholders of iShares MSCI Frontier 100 ETF and iShares MSCI World ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares MSCI Frontier 100 ETF and iShares MSCI World ETF (two of the funds constituting iShares, Inc., hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2020 and each of the financial highlights for each of the five years in the period ended August 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2020

We have served as the auditor of one or more BlackRock investment companies since 2000.


41		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Important Tax Information (unaudited)

For corporate shareholders, the percentage of ordinary income distributions paid during the fiscal year ended August 31, 2020 that qualified for the dividends-received deduction were as follows:



iShares ETF	Dividends-Received Deduction
MSCI World		57.50	%

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2020:



iShares ETF	Qualified Dividend Income
MSCI Frontier 100	$	4,478,486
MSCI World		17,481,968

The following maximum amounts are hereby designated as qualified business income for individuals for the fiscal year ended August 31, 2020:



iShares ETF	Qualified Business Income
MSCI World	$	113,026

For the fiscal year ended August 31, 2020, the iShares MSCI Frontier 100 ETF earned foreign source income and paid foreign taxes which it intends to pass through to its shareholders:



iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
MSCI Frontier 100	$	18,692,553	$	1,157,896


I M P O R T A N T T A X I N F O R M A T I O N		42

Board Review and Approval of Investment Advisory Contract

iShares MSCI Frontier 100 ETF (the “Fund”)


43		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

iShares MSCI World ETF (the “Fund”)


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		44

Board Review and Approval of Investment Advisory Contract (continued)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.


45		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		46

Supplemental Information (unaudited)

Section 19(a) Notices

August 31, 2020



	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year

iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share

MSCI World^(a)	$	1.833480	$	—	$	0.000956	$	1.834436		100	%		—	%		0	%^(b)		100	%

^(a)

^(b)

Rounds to less than 1%.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Company has registered the iShares MSCI Frontier 100 ETF (the “Fund”) to be marketed to EU investors in the United Kingdom, the Netherlands, Finland, Sweden and Luxembourg.

Report on Remuneration

Disclosures are provided in relation to both (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area.As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.


47		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Supplemental Information (unaudited) (continued)

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year ending December 31, 2019 was USD 41.83 thousand. This figure is comprised of fixed remuneration of USD 19.34 thousand and variable remuneration of USD 22.49 thousand. There were a total of 448 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the Fund in respect of the Company’s financial year ending December 31, 2019, to its senior management was USD 5.33 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 0.63 thousand.


S U P P L E M E N T A L I N F O R M A T I O N		48

Director and Officer Information

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 368 funds as of August 31, 2020. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Directors and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).


Interested Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director

Robert S. Kapito^(a)(63)	Director (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Trustee of iShares Trust (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji^(b) (50)	Director (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Trustee of iShares Trust (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(a)

Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.

^(b)

Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.


Independent Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director

Cecilia H. Herbert (71)	Director (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Jane D. Carlin (64)	Director (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares Trust (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (65)	Director (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


49		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Director and Officer Information (continued)


Independent Directors (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director

John E. Kerrigan (65)	Director (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

Drew E. Lawton (61)	Director (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

John E. Martinez (59)	Director (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).	Trustee of iShares Trust (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).

Madhav V. Rajan (56)	Director (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Trustee of iShares Trust (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

		Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years

Armando Senra (49)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Walker (46)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles Park (53)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Deepa Damre (45)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).

Scott Radell (51)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).

Alan Mason (59)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).

Marybeth Leithead (57)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


D I R E C T O R A N D O F F I C E R I N F O R M A T I O N		50

General Information

Electronic Delivery

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


51		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Glossary of Terms Used in this Report


Portfolio Abbreviations - Equity

ADR		American Depositary Receipt

GDR		Global Depositary Receipt

JSC		Joint Stock Company

NVS		Non-Voting Shares


Counterparty Abbreviations

BOA		Bank of America N.A.

CITI		Citibank N.A.


Currency Abbreviations

NGN		Nigerian Naira

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		52

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

iS-AR-811-0820

LOGO


		AUGUST 31, 2020



		2020 Annual Report

iShares, Inc.

iShares MSCI Global Agriculture Producers ETF | VEGI | NYSE Arca

iShares MSCI Global Energy Producers ETF | FILL | NYSE Arca

iShares MSCI Global Gold Miners ETF | RING | NASDAQ

iShares MSCI Global Metals & Mining Producers ETF | PICK | Cboe BZX

iShares MSCI Global Silver and Metals Miners ETF | SLVP | Cboe BZX

The Markets in Review

Dear Shareholder,

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of August 31, 2020

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	19.63%	21.94%

U.S. small cap equities (Russell 2000^® Index)	6.57	6.02

International equities (MSCI Europe, Australasia, Far East Index)	7.10	6.13

Emerging market equities (MSCI Emerging Markets Index)	11.23	14.49

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.34	1.26

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	4.67	8.93

U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	2.98	6.47

Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.29	3.15

U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	3.04	4.65
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


	Page
The Markets in Review		2
Market Overview		4
Fund Summary		5
About Fund Performance		15
Shareholder Expenses		15
Schedules of Investments		16
Financial Statements
Statements of Assets and Liabilities		32
Statements of Operations		34
Statements of Changes in Net Assets		36
Financial Highlights		39
Notes to Financial Statements		44
Report of Independent Registered Public Accounting Firm		53
Important Tax Information (Unaudited)		54
Board Review and Approval of Investment Advisory Contract		55
Supplemental Information		57
Director and Officer Information		58
General Information		60
Glossary of Terms Used in this Report		61

Market Overview

iShares, Inc.

Global Market Overview


M A R K E T O V E R V I E W		4


Fund Summary as of August 31, 2020		iShares^® MSCI Global Agriculture Producers ETF

Investment Objective

The iShares MSCI Global Agriculture Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of agriculture, as represented by the MSCI ACWI Select Agriculture Producers Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		8.41	%		5.60	%		3.55	%		8.41	%		31.34	%		34.89	%
Fund Market		9.27			5.73			3.59			9.27			32.11			35.32
Index		8.45			5.63			3.60			8.45			31.48			35.46

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,133.60	$	2.09		$	1,000.00	$	1,023.20	$	1.98		0.39	%

^(a)


5		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Global Agriculture Producers ETF

Portfolio Management Commentary

Stocks of global agriculture producers advanced despite a deep global recession driven by coronavirus-related restrictions on travel and business. Broad global food prices increased slightly during the reporting period, although the rise belied price volatility stemming from dramatic supply and demand shifts during the pandemic. Prices of agricultural commodities like meat and milk declined sharply in early 2020 as restaurant and school closures led to acutely lower demand. Sugar and corn prices, key ingredients in ethanol production, declined due to lower gasoline consumption amid global travel restrictions. Meanwhile, limited labor availability and business closures pressured supply.

Agricultural commodities prices generally rebounded in the summer of 2020 as restrictions eased and demand increased. Sugar and corn prices rose as easing travel restrictions increased ethanol demand. Despite production disruptions at slaughterhouses, which constrained supply, meat prices remained low amid stagnant global demand. Commodities, which are generally priced in U.S. dollars, benefited from the U.S. dollar’s deprecation amid unprecedented stimulus measures that drove interest rates to historic lows.

Reflecting these conditions, the industrials sector in the U.S. and Japan drove the majority of the Index’s return. Machinery producers benefited from government stimulus and higher investment in innovative farm equipment designed to increase productivity and reduce production costs as farmers sought to mitigate the effects of lower crop prices. Expectations of resilient demand for equipment drove expanded investments in new manufacturing facilities amid increased housing construction as consumers fled crowded cities in search of more space during the pandemic.

Food products companies supported the consumer staples sector’s contribution, particularly in China and the U.S. Chinese pork producers benefited from decreased production and hoarding by consumers during lockdowns, along with the ongoing effects of African swine fever, leading supplies to dwindle and prices to sharply increase.

On the downside, Canadian chemicals producers in the materials sector detracted from the Index’s performance. Sales of potash fertilizer used for growing crops such as corn declined amid lower ethanol production, as travel restrictions limited demand for fuel.

Portfolio Information

ALLOCATION BY SECTOR


Sector		Percent of Total Investments^(a)


Fertilizers & Agricultural Chemicals			30.3%
Agricultural & Farm Machinery			28.4
Packaged Foods & Meats			21.2
Agricultural Products			20.1

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region			Percent of Total Investments	^(a)


United States			51.0%
Japan			7.4
Norway			6.9
Canada			5.9
China			4.0
Malaysia			2.9
India			2.8
Hong Kong			2.5
Saudi Arabia			2.3
Italy			2.2

^(a)

Excludes money market funds.


F U N D S U M M A R Y		6


Fund Summary as of August 31, 2020		iShares^® MSCI Global Energy Producers ETF

Investment Objective

The iShares MSCI Global Energy Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of energy exploration and production, as represented by the MSCI ACWI Select Energy Producers Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(28.92	)%		(3.93	)%		(5.13	)%		(28.92	)%		(18.16	)%		(36.37	)%
Fund Market		(28.82	)		(4.07	)		(5.14	)		(28.82	)		(18.75	)		(36.41	)
Index		(29.12	)		(4.20	)		(5.32	)		(29.12	)		(19.32	)		(37.45	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	840.20	$	1.80		$	1,000.00	$	1,023.20	$	1.98		0.39	%

^(a)


7		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Global Energy Producers ETF

Portfolio Management Commentary

Stocks of global energy producers declined sharply for the reporting period in an environment of volatile oil and gas prices and economic uncertainty. Oil prices, which were already low by recent historical standards, began to decline sharply in March 2020 as the coronavirus pandemic’s restrictions and closures led to significantly curtailed economic activity. Demand for oil declined steeply as global trade diminished and industrial output stalled. A production dispute between Russia and Saudi Arabia, two of the world’s largest oil producers, also pressured the price of oil. Despite a moderate rebound near the end of the reporting period, lower oil prices and the onset of a global recession significantly disrupted businesses involved in energy production. Oil producers scaled back production to match declining demand and halted investments in new projects. Meanwhile, OPEC and its allies agreed to production reductions in an attempt to stabilize oil prices.

Natural gas prices also hovered at historic lows, declining significantly even prior to the pandemic due to overproduction and weakening demand prospects. Low prices and pandemic-related economic disruption led natural gas companies to curtail production, which sparked a recovery in prices late in the reporting period, ending slightly higher overall.

Energy companies in the U.S. detracted the most from the Index’s return. The predominance of hydraulic fracturing in the U.S., which is relatively cost-intensive compared to other methods of oil extraction, meant that many companies were particularly sensitive to lower oil prices. Sharply lower revenues and production weighed on integrated oil and gas companies. Despite a reduction in capital expenditures, declining cash flows pressured industry balance sheets in the debt-reliant industry. Oil and gas exploration and production companies also faced headwinds as investments in exploration for new projects declined.

U.K. energy stocks also detracted notably from the Index’s performance. Declining revenues and cash flows led several prominent British integrated oil and gas companies to reduce dividends, making their stocks less attractive to income-seeking investors.

Portfolio Information

ALLOCATION BY SECTOR


Sector			Percent of Total Investments^(a)
Integrated Oil & Gas			60.4%
Oil & Gas Exploration & Production			22.6
Oil & Gas Refining & Marketing			14.9
Coal & Consumable Fuels			2.1

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region			Percent of Total Investments^(a)
United States			41.3%
United Kingdom			13.3
France			7.2
India			6.9
Canada			5.8
Russia			4.7
China			2.8
Brazil			2.6
Australia			2.3
Japan			1.8

^(a)

Excludes money market funds.


F U N D S U M M A R Y		8


Fund Summary as of August 31, 2020		iShares^® MSCI Global Gold Miners ETF

Investment Objective

The iShares MSCI Global Gold Miners ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of gold mining, as represented by the MSCI ACWI Select Gold Miners Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		47.22	%		26.94	%		(3.13	)%		47.22	%		229.59	%		(23.87	)%
Fund Market		47.97			26.93			(3.07	)		47.97			229.52			(23.48	)
Index		47.55			27.25			(2.94	)		47.55			233.60			(22.62	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,606.50	$ 2.56			$ 1,000.00	$ 1,023.20	$ 1.98		0.39	%

^(a)


9		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Global Gold Miners ETF

Portfolio Management Commentary

Global gold mining stocks gained significantly for the reporting period, as the price of gold posted new all-time highs and ended the reporting period above $1,900 per ounce. Gold prices increased despite sharp volatility during the coronavirus outbreak. Initial heavy selling by debt-financed gold investors gave way to a strong rally that was largely attributable to the metal’s allure as a store of value amid economic uncertainty.

Leading central banks’ monetary measures, such as near-zero or negative interest rates and large bond-buying programs, further increased the appeal of gold, as the economic stimulus raised the possibility of inflation and reduced the cost of financing gold purchases. Investor demand drove record investments in gold-backed exchange-traded funds (“ETFs”) during the first half of 2020, offsetting a sharp decline in jewelry sales. Central bank gold purchases eased from year-earlier levels in the fourth quarter of 2019 and remained subdued through the first half of 2020.

Despite steadily rising prices, which reached over $2,000 per ounce late in the reporting period, gold supply counterintuitively decreased due to pandemic-related mine closures and reduced recycling activity. Prior to the outbreak, many mining companies announced plans to reduce debt and boost dividend payments instead of investing in new capacity. Increasing costs for finding and mining gold across the globe further limited supply expectations.

From a country perspective, Canadian gold mining companies which represented more than 50% of the Index on average for the reporting period, led contributions to the Index’s return. An industry-leading company effectively managed pandemic-related closures to meet production expectations, and the merger and acquisition market remained active for select deals. U.S. gold mining companies also contributed significantly as an industry-leading company announced that production declines and increased costs due to closures were likely temporary. South African gold mining companies also contributed despite the expectation that pandemic-related declines in production levels could extend into the coming quarters. Notably, all of the country’s mines had reopened by the end of the reporting period.

Portfolio Information

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments^(a)
Canada		56.0%
United States		19.5
South Africa		12.7
Australia		6.1
Russia		2.4
United Kingdom		1.4
Peru		1.2
Other (each representing less than 1%)		0.7

TEN LARGEST HOLDINGS


Security	Percent ofTotal Investments^(a)
Newmont Corp.		18.3%
Barrick Gold Corp.		17.9
Wheaton Precious Metals Corp.		7.9
Agnico Eagle Mines Ltd.		4.5
Kirkland Lake Gold Ltd.		4.4
Gold Fields Ltd.		4.3
Newcrest Mining Ltd.		4.3
Kinross Gold Corp.		4.2
AngloGold Ashanti Ltd.		4.1
B2Gold Corp.		2.7

^(a)

Excludes money market funds.


F U N D S U M M A R Y			10


Fund Summary as of August 31, 2020		iShares^® MSCI Global Metals & Mining Producers ETF

Investment Objective

The iShares MSCI Global Metals & Mining Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in mining, extraction or production of diversified metals, excluding gold and silver, as represented by the MSCI ACWI Select Metals & Mining Producers ex Gold & Silver Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		13.00	%		9.30	%		(2.78	)%		13.00	%		56.01	%		(21.48	)%
Fund Market		13.02			9.08			(2.80	)		13.02			54.43			(21.61	)
Index		13.15			9.55			(2.65	)		13.15			57.76			(20.59	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,197.90	$ 2.15			$ 1,000.00	$ 1,023.20	$ 1.98		0.39	%

^(a)


11		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)

iShares^® MSCI Global Metals & Mining Producers ETF

Portfolio Management Commentary

Stocks of global metals and mining producers advanced strongly for the reporting period despite a deep global recession precipitated by the coronavirus pandemic. Industrial metals prices, such as copper, steel, and aluminum, were already weakened by slowing global growth and trade tensions at the end of 2019, then declined further following the onset of the coronavirus. Industrial activity and demand for base metals declined first in China, the world’s leading consumer of commodities metals. As the virus spread, supply chain disruptions and closures halted manufacturing globally and constrained supply. Industrial metals prices generally rebounded when social distancing restrictions were eased in the spring of 2020, as optimism about expanding economic activity, most notably in China, drove the resumption of demand. Commodities, which are generally priced in U.S. dollars, also benefited from the U.S. dollar’s deprecation relative to most major currencies amid unprecedented coronavirus stimulus measures that drove interest rates to historic lows.

Australian and U.K. stocks contributed the most to the Index’s return, driven by diversified metals and mining companies. Several diversified Anglo-Australian mining companies increased iron ore production amid strengthening industrial activity in China. Government stimulus encouraged infrastructure projects, driving higher demand and prices for iron ore, a key ingredient used in steelmaking. Higher copper prices and production supported copper mining companies, while rising iron ore prices drove the steel mining industry in Australia. Coronavirus-related closures of Brazilian mines decreased supply, which drove Australian producers to sharply increase iron ore shipments. Consequently, some companies posted record profits and increased dividend payments to shareholders.

Stocks in the U.S. also contributed meaningfully to the Index’s performance, particularly in the copper industry. A copper and gold mining company drove the industry’s contribution, gaining as industrial demand for copper increased while supplies remained limited due to production disruptions in Chile. Sharply higher gold prices, which surpassed $2,000 per ounce for the first time, also contributed to industry gains.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent ofTotal Investments^(a)
Diversified Metals & Mining		54.3%
Steel		30.8
Copper		8.5
Aluminum		3.6
Precious Metals & Minerals		2.8

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent ofTotal Investments^(a)
Australia		30.5%
United Kingdom		19.2
United States		10.2
Brazil		7.1
Japan		5.3
Russia		3.6
Canada		3.4
South Africa		2.7
South Korea		2.5
China		2.2

^(a)

Excludes money market funds.


F U N D S U M M A R Y		12


Fund Summary as of August 31, 2020		iShares^® MSCI Global Silver and Metals Miners ETF

Investment Objective

The iShares MSCI Global Silver and Metals Miners ETF (the “Fund”) (formerly the iShares MSCI Global Silver Miners ETF) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of silver exploration or metals mining, as represented by the MSCI ACWI Select Silver Miners Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		62.71	%		24.73	%		(2.69	)%		62.71	%		201.85	%		(20.87	)%
Fund Market		62.60			24.63			(2.68	)		62.60			200.73			(20.79	)
Index		62.36			24.74			(2.72	)		62.36			202.00			(21.07	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,876.50	$	2.82		$	1,000.00	$	1,023.20	$	1.98		0.39	%

^(a)


13		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Global Silver and Metals Miners ETF

Portfolio Management Commentary

Global silver mining stocks advanced strongly, as the price of silver reached nearly $30.00 per ounce near the end of the reporting period. More than half of all silver production is used for industrial applications, which makes silver both a precious and industrial metal. Following coronavirus-related shutdowns, manufacturing activity slowed sharply, weighing on silver prices. Contracting industrial production in China, which is among the world’s largest consumers of silver for manufacturing, reduced industrial demand. However, robust investment in precious metals drove overall silver demand higher despite weakness in virtually every other segment of demand, including jewelry.

Silver prices began to increase in the spring of 2020, reaching a seven-year high. The U.S. government’s unprecedented monetary and fiscal stimulus led to ultra-low bond yields, weakening the value of the U.S. dollar relative to many other currencies. In this environment, precious metals like gold and silver became more attractive as a store of value, and investor demand drove the metals’ prices sharply higher. Easing restrictions led to rising industrial metals prices as optimism about expanding economic activity, most notably in China, drove the resumption of industrial demand. Meanwhile, pandemic-related mine closures exacerbated ongoing supply constraints and led to further price gains.

Canadian mining companies, which represented nearly 68% of the Index on average during the reporting period, drove the Index’s performance due to the sharp increase in silver prices. Several Canadian mining stocks with exposure to rising gold prices further supported the Index’s performance. Silver and gold deposits are often found in the same base ore material, so many mining companies have stakes in both metals. Streaming companies that finance mine development and receive a portion of output at below-market prices benefited from steep appreciation in precious metals prices.

Silver and gold mining stocks in the U.S. also bolstered the Index’s return. Despite mine closures during the pandemic, higher production and rising prices bolstered profit growth for U.S. metals and mining companies. South Africa’s gold mining industry contributed modestly, driven by the rising price of gold.

Portfolio Information

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments^(a)
Canada		67.6%
United States		18.5
Mexico		5.6
United Kingdom		2.9
Japan		2.9
South Africa		1.0
Other (each representing less than 1%)		1.5

TEN LARGEST HOLDINGS


Security	Percent of Total Investments^(a)
Pan American Silver Corp.		18.3%
Hecla Mining Co.		7.6
Newmont Corp.		6.5
SSR Mining Inc.		6.3
Industrias Penoles SAB de CV		5.6
First Majestic Silver Corp.		4.6
Coeur Mining Inc.		4.4
Eldorado Gold Corp.		4.3
Silvercorp Metals Inc.		3.6
Fortuna Silver Mines Inc.		3.5

^(a)

Excludes money market funds.


F U N D S U M M A R Y		14

About Fund Performance

Shareholder Expenses


15		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

August 31, 2020

iShares^® MSCI Global Agriculture Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Argentina — 0.1%
Adecoagro SA^(a)		7,771	$	39,321


Australia — 1.3%
Australian Agricultural Co. Ltd.^(a)		20,330		15,712
Costa Group Holdings Ltd.		26,790		68,551
Elders Ltd.		10,925		81,119
Inghams Group Ltd.		22,648		53,933
Nufarm Ltd./Australia^(a)		20,634		61,497
Select Harvests Ltd.		7,201		29,024
Tassal Group Ltd.		14,877		40,158

				349,994

Brazil — 0.3%
Sao Martinho SA		13,300		58,598
SLC Agricola SA		7,687		35,199

				93,797

Canada — 5.9%
Ag Growth International Inc.		1,425		39,099
Nutrien Ltd.		41,534		1,539,973
Rogers Sugar Inc.		6,631		24,275

				1,603,347

China — 4.0%
Beijing Dabeinong Technology Group Co. Ltd., Class A		17,100		28,387
China BlueChemical Ltd., Class H		138,000		20,299
China Huishan Dairy Holdings Co. Ltd.^(a)(b)		295,050		1
China Modern Dairy Holdings Ltd.^(a)		133,000		20,078
COFCO Meat Holdings Ltd.^(c)		171,000		79,872
Fujian Sunner Development Co. Ltd., Class A^(a)		5,700		22,370
Heilongjiang Agriculture Co. Ltd., Class A		7,600		22,370
Henan Shuanghui Investment & Development Co. Ltd., Class A		12,200		113,109
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		26,600		162,882
Jiangsu Yangnong Chemical Co. Ltd., Class A		1,900		25,386
Jiangxi Zhengbang Technology Co. Ltd., Class A		11,400		41,361
Muyuan Foodstuff Co. Ltd., Class A		16,390		210,105
New Hope Liuhe Co. Ltd., Class A		19,000		105,415
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		5,700		22,370
Sinofert Holdings Ltd.		152,000		14,317
Tongwei Co. Ltd., Class A		19,000		67,687
Wens Foodstuffs Group Co. Ltd., Class A		28,120		101,327
Yuan Longping High-Tech Agriculture Co. Ltd., Class A^(a)		5,700		16,919

				1,074,255

France — 0.1%
Vilmorin & Cie SA		494		28,063


Germany — 1.0%
K+S AG, Registered		14,231		99,326
KWS Saat SE & Co. KGaA		817		70,644
Suedzucker AG		5,168		105,813

				275,783

Hong Kong — 2.5%
Ausnutria Dairy Corp. Ltd.		41,000		67,397
WH Group Ltd.^(d)		693,500		598,636

				666,033

India — 2.7%
Balrampur Chini Mills Ltd.		8,987		18,003
Bayer CropScience Ltd./India		785		62,015
Chambal Fertilizers and Chemicals Ltd.		7,448		15,016


Security	Shares		Value

India (continued)

Coromandel International Ltd.		5,111	$	52,775
EID Parry India Ltd.^(a)		4,446		17,314
Escorts Ltd.		4,370		64,570
Kaveri Seed Co. Ltd.^(a)		1,919		15,065
KRBL Ltd.		3,477		12,374
Rallis India Ltd.		2,983		11,902
Tata Consumer Products Ltd.		31,445		227,419
UPL Ltd.		36,328		249,705

				746,158

Indonesia — 1.2%
Astra Agro Lestari Tbk PT		34,200		23,896
Charoen Pokphand Indonesia Tbk PT^(a)		537,700		232,619
Inti Agri Resources Tbk PT^(a)(b)		2,230,700		5,471
Japfa Comfeed Indonesia Tbk PT		338,200		28,333
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		222,300		14,960
Sawit Sumbermas Sarana Tbk PT^(a)		216,600		12,791

				318,070

Ireland — 0.1%
Origin Enterprises PLC		9,348		38,458


Israel — 0.8%
ICL Group Ltd.		51,528		192,015
Israel Corp. Ltd. (The)^(a)		285		33,978

				225,993

Italy — 2.2%
CNH Industrial NV^(a)		74,708		592,728


Japan — 7.3%
Chubu Shiryo Co. Ltd.		1,900		29,169
Hokuto Corp.		1,900		38,557
Iseki & Co. Ltd.		1,500		16,394
Kubota Corp.		75,200		1,359,053
Kumiai Chemical Industry Co. Ltd.		6,200		60,337
Maruha Nichiro Corp.		2,600		58,794
Mitsui Sugar Co. Ltd.		1,300		23,709
NH Foods Ltd.		5,800		262,803
Nihon Nohyaku Co. Ltd.		1,900		8,941
Nippon Beet Sugar Manufacturing Co. Ltd.		300		5,194
Sakata Seed Corp.		2,200		72,299
Starzen Co. Ltd.		300		11,160
Taki Chemical Co. Ltd.		300		16,748
YAMABIKO Corp.		2,600		26,479

				1,989,637

Malaysia — 2.9%
FGV Holdings Bhd		119,700		35,345
Genting Plantations Bhd		19,000		45,339
IOI Corp. Bhd		182,400		195,296
Kuala Lumpur Kepong Bhd		32,300		175,709
Leong Hup International Berhad		100,700		19,823
QL Resources Bhd		53,205		122,619
Sime Darby Plantation Bhd		150,100		183,774

				777,905

Netherlands — 0.4%
ForFarmers NV		2,508		16,227
OCI NV^(a)(c)		7,714		104,895

				121,122

Norway — 6.9%
Austevoll Seafood ASA		6,802		63,215
Bakkafrost P/F^(a)		3,667		231,142


S C H E D U L E O F I N V E S T M E N T S		16

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Global Agriculture Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Norway (continued)
Grieg Seafood ASA		3,762	$	38,409
Leroy Seafood Group ASA		21,717		138,190
Mowi ASA		30,396		598,428
Norway Royal Salmon ASA		971		24,751
Salmar ASA^(a)		4,123		224,964
Yara International ASA		12,939		545,710

				1,864,809

Pakistan — 0.3%
Engro Corp. Ltd./Pakistan		19,022		34,229
Engro Fertilizers Ltd.		38,521		14,692
Fauji Fertilizer Co. Ltd.		40,346		26,311
Millat Tractors Ltd.		1,915		10,252

				85,484

Poland — 0.1%
Grupa Azoty SA^(a)		3,382		24,799


Russia — 0.4%
PhosAgro PJSC, GDR, Registered Shares^(e)		9,880		117,770


Saudi Arabia — 2.3%
Almarai Co. JSC		18,297		261,982
National Agriculture Development Co. (The)^(a)		3,648		31,223
Saudi Arabian Fertilizer Co.		14,820		327,581

				620,786

Singapore — 2.1%
Bumitama Agri Ltd.		26,600		9,685
China XLX Fertiliser Ltd.		19,000		6,202
First Resources Ltd.		39,900		38,151
Golden Agri-Resources Ltd.		476,900		50,861
Japfa Ltd.		26,640		12,246
Wilmar International Ltd.		140,600		450,880

				568,025

South Africa — 0.2%
Astral Foods Ltd.		2,888		22,720
Oceana Group Ltd.		5,795		21,523

				44,243

South Korea — 0.1%
Dongwon Industries Co. Ltd.		95		17,794
Harim Holdings Co. Ltd.		2,204		12,079
Namhae Chemical Corp.		1,406		9,741

				39,614

Sweden — 0.1%
Scandi Standard AB^(a)		3,230		28,012


Taiwan — 0.5%
Charoen Pokphand Enterprise		10,000		23,244
Taiwan Fertilizer Co. Ltd.		57,000		105,485

				128,729

Thailand — 1.2%
Charoen Pokphand Foods PCL, NVDR		285,000		295,325
GFPT PCL, NVDR		34,200		14,176
Khon Kaen Sugar Industry PCL, NVDR		95,054		6,230

				315,731

United Kingdom — 0.7%
Cranswick PLC		3,781		188,834


United States — 50.7%
AGCO Corp.		4,636		329,619
American Vanguard Corp.		2,071		29,305


Security	Shares		Value

United States (continued)
Archer-Daniels-Midland Co.		40,546	$	1,814,839
Bunge Ltd.		10,355		472,395
Cal-Maine Foods Inc.^(a)		2,736		105,582
CF Industries Holdings Inc.		15,599		508,995
Corteva Inc.		54,663		1,560,629
Darling Ingredients Inc.^(a)		11,818		377,821
Deere & Co.		21,698		4,557,882
FMC Corp.		9,462		1,011,109
Fresh Del Monte Produce Inc.		2,337		54,195
Ingredion Inc.		4,902		394,317
Lamb Weston Holdings Inc.		10,678		671,112
Lindsay Corp.		779		77,846
Mosaic Co. (The)		26,353		480,415
Pilgrim’s Pride Corp.^(a)		4,541		72,656
Sanderson Farms Inc.		1,463		171,113
Scotts Miracle-Gro Co. (The)		3,040		512,331
Toro Co. (The)		7,790		586,431

				13,788,592


Total Common Stocks — 98.4% (Cost: $25,788,783)				26,756,092


Preferred Stocks

Chile — 1.0%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		8,341		261,371


Total Preferred Stocks — 1.0% (Cost: $229,448)				261,371


Short-Term Investments

Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(f)(g)(h)		178,959		179,138
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(f)(g)		20,000		20,000

				199,138


Total Short-Term Investments — 0.8% (Cost: $199,075)				199,138


Total Investments in Securities — 100.2% (Cost: $26,217,306)				27,216,601

Other Assets, Less Liabilities — (0.2)%				(42,032	)


Net Assets — 100.0%			$	27,174,569

^(a)	Non-income producing security.

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

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

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

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

^(f)	Affiliate of the Fund.

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

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


17		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Global Agriculture Producers ETF

Affiliates


Affiliated Issuer	Value at 08/31/19		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	327,494	$	—	$	(148,967	)^(a)	$	576	$	35	$	179,138		178,959	$	6,884	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		21,000		—		(1,000	)^(a)		—		—		20,000		20,000		270			—

								$	576	$	35	$	199,138			$	7,154		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	26,750,620	$	—	$	5,472	$	26,756,092
Preferred Stocks		261,371		—		—		261,371
Money Market Funds		199,138		—		—		199,138

	$	27,211,129	$	—	$	5,472	$	27,216,601

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		18

Schedule of Investments

August 31, 2020

iShares^® MSCI Global Energy Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Argentina — 0.1%
YPF SA, ADR^(a)		6,391	$	35,662


Australia — 2.2%
Beach Energy Ltd.		61,254		68,857
Cooper Energy Ltd.^(a)		56,025		13,673
New Hope Corp. Ltd.		18,426		16,216
Oil Search Ltd.		71,878		173,825
Santos Ltd.		63,412		265,902
Washington H Soul Pattinson & Co. Ltd.		3,927		60,785
Whitehaven Coal Ltd.		31,981		21,996
Woodside Petroleum Ltd.		34,279		496,373

				1,117,627

Austria — 0.3%
OMV AG^(a)		5,312		173,180


Brazil — 1.2%
Enauta Participacoes SA		2,600		5,332
Petro Rio SA^(a)		2,928		22,358
Petroleo Brasileiro SA		135,200		550,076

				577,766

Canada — 5.7%
Advantage Oil & Gas Ltd.^(a)		6,749		11,240
ARC Resources Ltd.		12,616		63,712
Birchcliff Energy Ltd.		9,379		11,517
Cameco Corp.		14,385		166,819
Canacol Energy Ltd.		5,504		14,869
Canadian Natural Resources Ltd.		42,911		847,055
Cenovus Energy Inc.		37,791		178,666
Crescent Point Energy Corp.		19,588		34,427
Enerplus Corp.		8,715		23,143
Freehold Royalties Ltd.		3,569		11,395
Frontera Energy Corp.		2,516		5,272
Husky Energy Inc.		12,974		43,912
Imperial Oil Ltd.		9,213		152,095
MEG Energy Corp.^(a)		9,986		27,744
NexGen Energy Ltd.^(a)(b)		11,703		23,173
Parex Resources Inc.^(a)		5,229		71,636
Peyto Exploration & Development Corp.		5,919		12,947
PrairieSky Royalty Ltd.		7,911		57,316
Seven Generations Energy Ltd., Class A^(a)		10,401		32,889
Suncor Energy Inc.		55,112		885,294
Tourmaline Oil Corp.		9,405		119,606
Vermilion Energy Inc.		5,478		21,778
Whitecap Resources Inc.		14,634		28,865

				2,845,370

China — 2.8%
China Shenhua Energy Co. Ltd., Class A		8,300		19,583
China Shenhua Energy Co. Ltd., Class H		124,500		207,871
CNOOC Ltd.		664,000		755,660
Guanghui Energy Co. Ltd., Class A^(a)		16,600		7,053
Inner Mongolia Yitai Coal Co. Ltd., Class B		41,500		29,050
PetroChina Co. Ltd., Class A		45,500		29,429
PetroChina Co. Ltd., Class H		744,000		257,275
Shaanxi Coal Industry Co. Ltd., Class A		19,200		22,791
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		8,300		7,635
Shanxi Meijin Energy Co. Ltd., Class A^(a)		8,300		7,998
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A		10,610		6,537


Security	Shares		Value

China (continued)
Yanzhou Coal Mining Co. Ltd., Class A		8,300	$	11,246
Yanzhou Coal Mining Co. Ltd., Class H		50,000		38,515

				1,400,643

Colombia — 0.2%
Ecopetrol SA		180,110		105,185


Finland — 1.7%
Neste OYJ		15,438		827,331


France — 7.1%
Etablissements Maurel et Prom SA^(a)		3,154		6,292
TOTAL SE		89,474		3,541,914

				3,548,206

Greece — 0.1%
Motor Oil Hellas Corinth Refineries SA		2,100		29,510


Hungary — 0.2%
MOL Hungarian Oil & Gas PLC^(a)		15,106		85,314


India — 6.8%
Bharat Petroleum Corp. Ltd.		25,008		138,549
Coal India Ltd.		49,551		90,442
Hindustan Petroleum Corp. Ltd.		24,013		65,752
Indian Oil Corp. Ltd.		76,028		88,621
Oil & Natural Gas Corp. Ltd.		94,039		104,697
Oil India Ltd.		9,794		12,607
Reliance Industries Ltd.		56,757		1,604,378
Reliance Industries Ltd., GDR^(c)		22,493		1,302,345

				3,407,391

Indonesia — 0.3%
Adaro Energy Tbk PT		506,300		37,723
Bukit Asam Tbk PT		127,100		17,805
Bumi Resources Tbk PT^(a)		1,120,900		3,848
Indo Tambangraya Megah Tbk PT		16,600		9,433
Medco Energi Internasional Tbk PT^(a)		215,866		8,153
Sugih Energy Tbk PT^(a)(d)		206,700		0	^(e)
United Tractors Tbk PT		60,700		95,869

				172,831

Israel — 0.1%
Equital Ltd.^(a)		997		19,970
Naphtha Israel Petroleum Corp. Ltd.^(a)		1,661		6,143
Oil Refineries Ltd.		64,932		13,251
Paz Oil Co. Ltd.		332		33,757

				73,121

Italy — 1.8%
Eni SpA		92,545		863,298
Saras SpA^(a)		24,568		17,086

				880,384

Japan — 1.8%
Cosmo Energy Holdings Co. Ltd.		1,836		29,121
ENEOS Holdings Inc.		116,200		455,399
Idemitsu Kosan Co. Ltd.		6,668		146,885
Inpex Corp.		36,900		234,459
Japan Petroleum Exploration Co. Ltd.		1,100		19,128

				884,992

Norway — 1.2%
DNO ASA^(b)		21,331		13,603
Equinor ASA		36,354		593,193

				606,796


19		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Global Energy Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pakistan — 0.1%
Mari Petroleum Co. Ltd.		1,660	$	14,476
Oil & Gas Development Co. Ltd.		16,600		11,501
Pakistan Oilfields Ltd.		4,697		12,136
Pakistan Petroleum Ltd.		16,600		10,172

				48,285

Philippines — 0.0%
Petron Corp.		83,100		5,211
Pilipinas Shell Petroleum Corp.^(a)		8,300		3,030
Semirara Mining & Power Corp.		33,200		6,450

				14,691

Poland — 0.4%
Grupa Lotos SA		3,237		35,700
Polski Koncern Naftowy ORLEN SA		10,899		150,448

				186,148

Portugal — 0.4%
Galp Energia SGPS SA		18,260		195,931


Russia — 4.4%
LUKOIL PJSC		15,106		1,013,584
Novatek PJSC, GDR^(f)		3,327		492,729
Rosneft Oil Co. PJSC		39,270		197,143
Rosneft Oil Co. PJSC, GDR^(f)		498		2,530
Surgutneftegas PJSC		257,300		126,877
Surgutneftegas PJSC, ADR		441		2,191
Tatneft PJSC		51,460		378,287

				2,213,341

Saudi Arabia — 1.6%
Rabigh Refining & Petrochemical Co.^(a)		7,968		30,338
Saudi Arabian Oil Co.^(c)		79,431		752,916

				783,254

South Africa — 0.1%
Exxaro Resources Ltd.		9,047		73,257


South Korea — 0.7%
SK Innovation Co. Ltd.		2,075		253,283
S-Oil Corp.		1,660		78,955

				332,238

Spain — 0.8%
Repsol SA		53,369		422,660


Sweden — 0.3%
Lundin Energy AB		6,806		166,817


Thailand — 0.6%
Bangchak Corp. PCL, NVDR		41,500		23,602
Banpu PCL, NVDR		149,400		27,602
Esso Thailand PCL, NVDR^(a)(b)		41,500		8,801
IRPC PCL, NVDR^(b)		431,600		32,450
PTT Exploration & Production PCL, NVDR		49,831		142,500
Thai Oil PCL, NVDR^(b)		41,500		55,338

				290,293

Turkey — 0.1%
Tupras Turkiye Petrol Rafinerileri AS^(a)		4,482		48,724


United Arab Emirates — 0.1%
Dana Gas PJSC		130,087		25,818


United Kingdom — 13.1%
Anglo Pacific Group PLC		6,723		9,542
BP PLC		666,200		2,356,686


Security	Shares		Value

United Kingdom (continued)
Cairn Energy PLC^(a)		21,108	$	39,850
Diversified Gas & Oil PLC		21,580		31,900
Hurricane Energy PLC^(a)(b)		56,881		3,532
Royal Dutch Shell PLC, Class A		147,989		2,193,123
Royal Dutch Shell PLC, Class B		134,543		1,914,955
Serica Energy PLC		6,225		9,952
Tullow Oil PLC		48,223		13,249

				6,572,789

United States — 40.7%
Antero Resources Corp.^(a)		8,632		27,795
Apache Corp.^(b)		13,612		201,458
Arch Resources Inc.		581		21,886
Bonanza Creek Energy Inc.^(a)		581		11,643
Brigham Minerals Inc., Class A		1,494		17,644
Cabot Oil & Gas Corp.		14,442		273,965
Chevron Corp.		67,562		5,670,479
Cimarex Energy Co.		3,735		103,758
CNX Resources Corp.^(a)		6,915		75,788
Concho Resources Inc.		7,138		371,033
ConocoPhillips		38,678		1,465,509
Continental Resources Inc./OK		3,346		57,484
CVR Energy Inc.		1,079		18,009
Delek U.S. Holdings Inc.		2,739		43,084
Devon Energy Corp.		13,529		147,060
Diamondback Energy Inc.		5,727		223,124
EOG Resources Inc.		20,916		948,331
EQT Corp.		9,296		147,528
Exxon Mobil Corp.		152,720		6,099,637
Gulfport Energy Corp.^(a)		4,378		3,090
Hess Corp.		9,960		458,558
HollyFrontier Corp.		5,561		132,741
Kosmos Energy Ltd.		15,023		22,084
Magnolia Oil & Gas Corp., Class A^(a)		4,508		29,032
Marathon Oil Corp.		28,827		152,207
Marathon Petroleum Corp.		23,572		835,863
Matador Resources Co.^(a)		3,984		38,764
Murphy Oil Corp.		5,312		72,987
Noble Energy Inc.		17,264		171,777
Northern Oil and Gas Inc.^(a)		7,413		5,030
Occidental Petroleum Corp.		32,536		414,509
Ovintiv Inc.		9,213		102,080
Par Pacific Holdings Inc.^(a)		1,411		12,247
Parsley Energy Inc., Class A		11,122		119,561
PBF Energy Inc., Class A		3,735		31,972
PDC Energy Inc.^(a)		3,592		54,383
Peabody Energy Corp.		2,433		6,350
Pioneer Natural Resources Co.		5,976		621,086
Range Resources Corp.		8,243		61,493
Southwestern Energy Co.^(a)(b)		21,440		59,603
Talos Energy Inc.^(a)		773		5,805
Tellurian Inc.^(a)(b)		3,403		3,161
Texas Pacific Land Trust		249		131,153
Valero Energy Corp.		14,774		776,965
Viper Energy Partners LP		2,075		21,123
W&T Offshore Inc.^(a)(b)		3,320		7,404
WPX Energy Inc.^(a)(b)		15,189		84,451

				20,360,694


Total Common Stocks — 97.0% (Cost: $66,491,292)				48,506,249


S C H E D U L E O F I N V E S T M E N T S		20

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Global Energy Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Preferred Stocks

Brazil — 1.4%
Petroleo Brasileiro SA, Preference Shares, NVS		174,337	$	695,645


Russia — 0.3%
Surgutneftegas PJSC, Preference Shares, NVS		257,300		128,892


Total Preferred Stocks — 1.7% (Cost: $769,379)				824,537


Short-Term Investments

Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(g)(h)(i)		458,895		459,354
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(g)(h)		10,000		10,000

				469,354


Total Short-Term Investments — 0.9% (Cost: $469,260)				469,354


Total Investments in Securities — 99.6% (Cost: $67,729,931)				49,800,140

Other Assets, Less Liabilities — 0.4%				184,404


Net Assets — 100.0%			$	49,984,544

^(a)	Non-income producing security.

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

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

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

^(e)	Rounds to less than $1.

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

^(g)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 08/31/19		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	792,619	$	—	$	(333,950	)^(a)	$	627	$	58	$	459,354		458,895	$	12,943	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		91,000		—		(81,000	)^(a)		—		—		10,000		10,000		729			—

								$	627	$	58	$	469,354			$	13,672		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts



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

Long Contracts
FTSE 100 Index		2		09/18/20	$	160	$	(3,263)
S&P Select Sector Energy E-Mini Index		12		09/18/20		442		(16,996)

							$	(20,259)


21		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Global Energy Producers ETF

Derivative Financial Instruments Categorized by Risk Exposure

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



	Equity Contracts

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	20,259

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(137,745)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(20,259)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	347,755

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

Fair Value Measurements



	Level 1			Level 2		Level 3			Total

Investments
Assets
Common Stocks	$	48,506,249		$	—	$	0	^(a)	$	48,506,249
Preferred Stocks		824,537			—		—			824,537
Money Market Funds		469,354			—		—			469,354

	$	49,800,140		$	—	$	0	^(a)	$	49,800,140

Derivative financial instruments^(b)
Liabilities
Futures Contracts	$	(20,259	)	$	—	$	—		$	(20,259)

^(a)

Rounds to less than $1.

^(b)

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

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		22

Schedule of Investments

August 31, 2020

iShares^® MSCI Global Gold Miners ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 6.1%
Newcrest Mining Ltd.		1,026,568	$	24,263,973
Resolute Mining Ltd.^(a)		3,396,620		2,775,726
St. Barbara Ltd.		2,061,304		5,259,308
Westgold Resources Ltd.^(a)		1,703,646		2,683,653

				34,982,660

Canada — 55.8%
Agnico Eagle Mines Ltd.		311,242		25,688,602
Alacer Gold Corp.^(a)		848,563		5,867,879
Alamos Gold Inc., Class A		933,635		9,780,972
B2Gold Corp.		2,326,285		15,640,091
Barrick Gold Corp.		3,448,002		102,253,193
Centerra Gold Inc.		568,061		7,407,311
Eldorado Gold Corp.^(a)		476,761		5,452,043
Endeavour Mining Corp.^(a)(b)		310,892		8,628,002
Equinox Gold Corp.^(a)		294,582		3,854,809
Gran Colombia Gold Corp.^(a)(b)		106,849		492,033
IAMGOLD Corp.^(a)		1,307,649		5,630,232
Kinross Gold Corp.^(a)		2,675,904		23,782,162
Kirkland Lake Gold Ltd.		475,820		25,380,475
New Gold Inc.^(a)		2,367,844		3,889,010
Premier Gold Mines Ltd.^(a)(b)		949,172		1,996,033
SSR Mining Inc.^(a)(b)		328,977		7,064,566
Torex Gold Resources Inc.^(a)		271,289		4,193,377
Wesdome Gold Mines Ltd.^(a)		355,386		3,933,126
Wheaton Precious Metals Corp.		847,309		45,299,931
Yamana Gold Inc.		2,158,896		13,387,988

				319,621,835

Indonesia — 0.3%
Aneka Tambang Tbk		26,574,200		1,496,367


Peru — 1.2%
Cia. de Minas Buenaventura SAA, ADR		505,508		7,117,553


Russia — 2.3%
Polymetal International PLC		493,814		13,408,977


South Africa — 12.7%
AngloGold Ashanti Ltd.		802,044		23,418,525
DRDGOLD Ltd.		504,926		754,055
Gold Fields Ltd.		1,881,251		24,326,756


Security	Shares		Value

South Africa (continued)
Harmony Gold Mining Co. Ltd.^(a)		1,349,509	$	8,810,990
Sibanye Stillwater Ltd.^(a)		5,053,629		15,299,971

				72,610,297

Turkey — 0.4%
Koza Altin Isletmeleri AS^(a)(b)		209,124		2,208,036


United Kingdom — 1.4%
Centamin PLC		2,908,605		8,143,349


United States — 19.5%
Coeur Mining Inc.^(a)		591,612		5,005,037
McEwen Mining Inc.^(a)(b)		1,381,495		1,740,684
Newmont Corp.		1,557,156		104,765,456

				111,511,177

Total Common Stocks — 99.7% (Cost: $397,398,516)				571,100,251


Short-Term Investments

Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(c)(d)(e)		6,571,648		6,578,219
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(c)(d)		240,000		240,000

				6,818,219


Total Short-Term Investments — 1.2% (Cost: $6,815,820)				6,818,219


Total Investments in Securities — 100.9% (Cost: $404,214,336)				577,918,470

Other Assets, Less Liabilities — (0.9)%				(5,293,676	)


Net Assets — 100.0%			$	572,624,794

^(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


Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	10,245,320	$	—		$	(3,668,084	)^(a)	$	(585	)	$	1,568	$	6,578,219		6,571,648	$	70,226	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		98,000		142,000	^(a)		—			—			—		240,000		240,000		2,154			—

									$	(585	)	$	1,568	$	6,818,219			$	72,380		$	—

^(a)

Represents net amount purchased (sold)

^(b)


23		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Global Gold Miners ETF

Fair Value Measurements



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	571,100,251	$	—	$	—	$	571,100,251
Money Market Funds		6,818,219		—		—		6,818,219

	$	577,918,470	$	—	$	—	$	577,918,470

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		24

Schedule of Investments

August 31, 2020

iShares^® MSCI Global Metals & Mining Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 30.3%
Alumina Ltd.		1,039,398	$	1,206,838
BHP Group Ltd.		1,243,340		34,858,694
BHP Group PLC		895,804		20,543,950
BlueScope Steel Ltd.		214,000		2,008,366
Champion Iron Ltd.^(a)		129,470		294,908
Fortescue Metals Group Ltd.		717,823		9,247,683
IGO Ltd.		228,338		748,082
Iluka Resources Ltd.		177,192		1,328,769
Jupiter Mines Ltd.		499,476		101,582
Lynas Corp. Ltd.^(a)(b)		334,459		603,532
Mineral Resources Ltd.		66,768		1,440,858
Mount Gibson Iron Ltd.		171,842		99,762
Orocobre Ltd.^(a)(b)		88,810		170,766
OZ Minerals Ltd.		136,104		1,471,586
Perenti Global Ltd.		244,816		218,170
Pilbara Minerals Ltd.^(a)(b)		711,978		181,657
Rio Tinto Ltd.		157,932		11,446,261
Sandfire Resources Ltd.		71,690		247,596
Sims Ltd.		74,686		447,395
South32 Ltd.		2,062,318		3,202,892
Western Areas Ltd.		118,556		194,645

				90,063,992

Austria — 0.4%
voestalpine AG		49,006		1,219,648


Belgium — 0.1%
Bekaert SA		16,264		329,304


Brazil — 6.0%
Cia. Siderurgica Nacional SA		299,600		830,660
Vale SA		1,562,288		16,995,816

				17,826,476

Canada — 3.4%
Altius Minerals Corp.		16,692		140,023
ERO Copper Corp.^(a)		27,606		421,415
First Quantum Minerals Ltd.		247,598		2,453,272
Hudbay Minerals Inc.		99,082		444,859
Ivanhoe Mines Ltd., Class A^(a)		257,014		1,015,866
Labrador Iron Ore Royalty Corp.		27,178		571,323
Largo Resources Ltd.^(a)(b)		125,832		103,335
Lithium Americas Corp.^(a)(b)		20,758		163,139
Lundin Mining Corp.		279,056		1,749,789
Stelco Holdings Inc.^(a)(b)		15,194		110,082
Teck Resources Ltd., Class B		202,700		2,339,774
Turquoise Hill Resources Ltd.^(a)		432,012		477,453
Wallbridge Mining Co. Ltd.^(a)		215,712		170,523

				10,160,853

Chile — 0.1%
CAP SA^(a)		26,750		237,986


China — 2.1%
Aluminum Corp. of China Ltd., Class A^(a)		342,400		157,973
Aluminum Corp. of China Ltd., Class H^(a)		1,712,000		419,708
Angang Steel Co. Ltd., Class A		149,883		58,866
Baoshan Iron & Steel Co. Ltd., Class A		470,863		339,613
China Hongqiao Group Ltd.		749,000		483,216
China Metal Recycling Holdings Ltd.^(a)(c)		132,000		0	^(d)
China Molybdenum Co. Ltd., Class A		443,100		276,891
China Molybdenum Co. Ltd., Class H		1,614,000		656,000


Security	Shares		Value

China (continued)
China Northern Rare Earth Group High-Tech Co. Ltd., Class A^(a)		85,670	$	154,475
China Oriental Group Co. Ltd.		428,000		120,390
China Zhongwang Holdings Ltd.^(a)		684,800		144,910
Ganfeng Lithium Co. Ltd., Class A		21,400		157,817
GEM Co. Ltd., Class A		100,799		79,766
Guangdong HEC Technology Holding Co. Ltd., Class A^(a)		77,100		72,945
Guangdong Hongda Blasting Co. Ltd., Class A		21,400		168,722
Hesteel Co. Ltd., Class A^(a)		278,200		90,172
Hunan Valin Steel Co. Ltd., Class A		149,800		106,513
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A^(a)		1,241,298		210,231
Inner Mongolia Eerduosi Resources Co. Ltd., Class B		85,696		74,641
Jiangsu Shagang Co. Ltd., Class A		64,200		111,544
Jiangxi Copper Co. Ltd., Class A		107,000		244,022
Jiangxi Copper Co. Ltd., Class H		428,000		504,754
Jinchuan Group International Resources Co. Ltd.		1,498,000		173,958
Jinduicheng Molybdenum Co. Ltd., Class A		85,600		78,112
Maanshan Iron & Steel Co. Ltd., Class A^(a)		171,200		70,238
MMG Ltd.^(a)		990,000		264,421
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A^(a)		235,400		74,925
Sansteel Minguang Co. Ltd. Fujian, Class A		64,451		65,400
Shandong Nanshan Aluminum Co. Ltd., Class A		321,000		124,667
Shanxi Taigang Stainless Steel Co. Ltd., Class A		168,900		90,256
Shougang Fushan Resources Group Ltd.		856,000		194,391
Tiangong International Co. Ltd.		428,000		143,584
Tongling Nonferrous Metals Group Co. Ltd., Class A		235,400		78,706
Xiamen Tungsten Co. Ltd., Class A		36,599		78,551
Yintai Gold Co. Ltd., Class A		64,200		151,475
Zhejiang Huayou Cobalt Co. Ltd., Class A^(a)		21,400		125,479

				6,347,332

Finland — 0.1%
Outokumpu OYJ^(a)(b)		131,396		354,986


France — 0.3%
APERAM SA		21,186		627,608
Eramet SA^(a)(b)		4,066		138,685

				766,293

Germany — 0.8%
Aurubis AG		14,338		1,031,253
Salzgitter AG^(a)		17,120		276,510
thyssenkrupp AG^(a)		170,558		1,228,769

				2,536,532

India — 1.9%
APL Apollo Tubes Ltd.		2,140		69,866
Hindalco Industries Ltd.		491,130		1,236,040
Jindal Steel & Power Ltd.^(a)		177,303		494,037
JSW Steel Ltd.		366,368		1,342,881
Mishra Dhatu Nigam Ltd.^(e)		19,902		56,388
MOIL Ltd.		29,960		60,016
National Aluminium Co. Ltd.		230,050		112,044
Tata Steel Ltd.		9,936		55,749
Tata Steel Ltd., GDR^(f)		129,132		705,061
Tata Steel Ltd., GDR, New^(f)		1,836		10,025
Vedanta Ltd.		658,906		1,151,625
Vedanta Ltd., ADR		35,738		250,523

				5,544,255

Japan — 5.3%
Asahi Holdings Inc.		21,400		718,412


25		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Global Metals & Mining Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Daido Steel Co. Ltd.		15,500	$	515,960
Dowa Holdings Co. Ltd.		21,400		664,935
Hitachi Metals Ltd.		90,100		1,351,776
JFE Holdings Inc.		214,000		1,620,463
Kobe Steel Ltd.^(a)		128,400		492,798
Kyoei Steel Ltd.		10,100		126,958
Maruichi Steel Tube Ltd.		23,500		630,020
Mitsubishi Materials Corp.		46,900		985,367
Mitsui Mining & Smelting Co. Ltd.		21,400		514,189
Neturen Co. Ltd.		21,400		100,497
Nippon Light Metal Holdings Co. Ltd.		256,800		450,420
Nippon Steel Corp.		342,405		3,372,550
Sumitomo Metal Mining Co. Ltd.		98,500		3,006,691
Toho Titanium Co. Ltd.		21,400		140,050
Tokyo Steel Manufacturing Co. Ltd.		42,800		286,961
UACJ Corp.		13,238		242,302
Yamato Kogyo Co. Ltd.		21,400		513,988

				15,734,337

Malaysia — 0.2%
Press Metal Aluminium Holdings Bhd		599,200		749,450


Mexico — 1.2%
Grupo Mexico SAB de CV, Series B		1,326,800		3,540,397


Netherlands — 1.4%
AMG Advanced Metallurgical Group NV		12,412		255,616
ArcelorMittal SA^(a)		303,024		3,842,183

				4,097,799

Norway — 0.6%
Norsk Hydro ASA^(a)		565,174		1,816,398


Peru — 0.6%
Southern Copper Corp.		35,524		1,708,704


Poland — 0.8%
Jastrzebska Spolka Weglowa SA^(a)		24,182		103,523
KGHM Polska Miedz SA^(a)		58,636		2,187,332

				2,290,855

Qatar — 0.1%
Qatar Aluminum Manufacturing Co.		1,107,022		296,914


Russia — 3.6%
Alrosa PJSC		1,089,262		965,430
Magnitogorsk Iron & Steel Works PJSC		963,000		488,191
Mechel PJSC, ADR^(a)		44,940		75,949
MMC Norilsk Nickel PJSC		26,648		6,925,469
Novolipetsk Steel PJSC		504,150		1,049,946
Severstal PAO		87,312		1,095,310

				10,600,295

Saudi Arabia — 0.6%
Saudi Arabian Mining Co.^(a)		183,612		1,928,919


South Africa — 2.7%
African Rainbow Minerals Ltd.		47,508		596,891
Anglo American Platinum Ltd.		22,898		1,708,668
Impala Platinum Holdings Ltd.		337,050		3,111,017
Kumba Iron Ore Ltd.		26,964		845,149
Northam Platinum Ltd.^(a)		150,014		1,417,235
Royal Bafokeng Platinum Ltd.^(a)		62,274		237,278

				7,916,238


Security	Shares		Value

South Korea — 2.5%
Dongkuk Steel Mill Co. Ltd.^(a)		24,396	$	126,714
Hyundai Steel Co.		37,450		791,308
KISWIRE Ltd.		3,852		46,046
Korea Zinc Co. Ltd.		3,638		1,220,425
Namsun Aluminum Co. Ltd.^(a)		25,680		111,981
Poongsan Corp.		8,132		158,478
POSCO		31,244		4,852,697
Seah Besteel Corp.		5,350		44,047
SeAH Steel Holdings Corp.		1		41
Young Poong Corp.		214		88,183

				7,439,920

Spain — 0.2%
Acerinox SA^(a)		68,480		556,092


Sweden — 1.6%
Boliden AB		115,132		3,442,634
Granges AB^(a)		32,100		286,203
SSAB AB, Class A^(a)		100,580		329,555
SSAB AB, Class B^(a)		257,656		798,514

				4,856,906

Taiwan — 1.7%
China Metal Products		214,011		195,474
China Steel Corp.		4,922,612		3,338,615
Chung Hung Steel Corp.^(a)		434,000		137,855
Feng Hsin Steel Co. Ltd.		214,000		415,725
TA Chen Stainless Pipe		434,742		314,853
Tung Ho Steel Enterprise Corp.		214,000		195,099
YC INOX Co. Ltd.		214,000		173,584
Yieh Phui Enterprise Co. Ltd.^(a)		642,644		208,071

				4,979,276

Turkey — 0.3%
Eregli Demir ve Celik Fabrikalari TAS		588,928		697,847
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D		322,284		133,573
Koza Anadolu Metal Madencilik Isletmeleri AS^(a)		81,320		141,998

				973,418

United Kingdom — 19.1%
Anglo American PLC		516,810		12,681,274
Antofagasta PLC		166,920		2,400,363
Central Asia Metals PLC		71,048		168,380
Evraz PLC		218,922		950,313
Ferrexpo PLC		127,330		314,381
Glencore PLC^(a)		4,211,092		9,539,114
Hill & Smith Holdings PLC		33,812		550,514
KAZ Minerals PLC		101,008		784,419
Rio Tinto PLC		472,940		29,350,809

				56,739,567

United States — 10.1%
Alcoa Corp.^(a)		77,682		1,135,711
Allegheny Technologies Inc.^(a)		53,286		443,872
Arconic Corp.^(a)		40,446		899,924
Carpenter Technology Corp.		20,544		432,040
Century Aluminum Co.^(a)(b)		22,747		224,513
Cleveland-Cliffs Inc.^(a)(b)		168,846		1,111,007
Commercial Metals Co.		50,076		1,045,086
Compass Minerals International Inc.		14,373		818,255
Coronado Global Resources Inc.^(e)		91,612		42,006
Freeport-McMoRan Inc.^(a)		611,184		9,540,582
Haynes International Inc.		5,350		100,259


S C H E D U L E O F I N V E S T M E N T S		26

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Global Metals & Mining Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Kaiser Aluminum Corp.		6,848	$	440,189
Materion Corp.		8,560		467,290
Nucor Corp.		127,544		5,798,150
Reliance Steel & Aluminum Co.		27,834		2,918,952
Schnitzer Steel Industries Inc., Class A		11,556		228,115
Steel Dynamics Inc.		89,480		2,641,450
SunCoke Energy Inc.		36,166		129,474
U.S. Steel Corp.^(b)		92,662		725,544
Warrior Met Coal Inc.		22,123		342,243
Worthington Industries Inc.		16,478		684,331

				30,168,993


Total Common Stocks — 98.1% (Cost: $322,032,470)				291,782,135


Preferred Stocks

Brazil — 1.1%
Bradespar SA, Preference Shares, NVS		85,600		686,404
Cia. Ferro Ligas da Bahia-Ferbasa, Preference Shares, NVS		21,400		69,787
Gerdau SA, Preference Shares, NVS		470,800		1,638,304
Metalurgica Gerdau SA, Preference Shares, NVS		321,000		514,335
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, Preference Shares, NVS		171,200		316,754

				3,225,584


Total Preferred Stocks — 1.1% (Cost: $1,980,103)				3,225,584


Security	Shares		Value

Short-Term Investments

Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(g)(h)(i)		1,606,076	$	1,607,682


Total Short-Term Investments — 0.5% (Cost: $1,606,072)				1,607,682


Total Investments in Securities — 99.7% (Cost: $325,618,645)				296,615,401

Other Assets, Less Liabilities — 0.3%				778,564


Net Assets — 100.0%			$	297,393,965

^(a)	Non-income producing security.

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

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

^(d)	Rounds to less than $1.

^(e)	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.

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

^(g)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 08/31/19		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,541,909	$	—	$	(1,935,416	)^(a)	$	769	$	420	$	1,607,682		1,606,076	$	88,042	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares^(c)		186,000		—		(186,000	)^(a)		—		—		—		—		2,249			—

								$	769	$	420	$	1,607,682			$	90,291		$	—

^(a)

Represents net amount purchased (sold)

^(b)

^(c)

As of period end, the entity is no longer held.

Futures Contracts



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

Long Contracts MSCI Emerging Markets E-Mini Index		29		09/18/20	$	1,595	$	14,809


27		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Global Metals & Mining Producers ETF

Futures Contracts (continued)



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

S&P Select Sector Energy E-Mini Index		2		09/18/20	$	74	$	(2,104)

							$	12,705

Derivative Financial Instruments Categorized by Risk Exposure

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



	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	14,809


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	2,104

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	9,629


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	12,705

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	333,868

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

Fair Value Measurements


S C H E D U L E O F I N V E S T M E N T S		28

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Global Metals & Mining Producers ETF

Fair Value Measurements (continued)



	Level 1			Level 2		Level 3			Total

Investments
Assets
Common Stocks	$	291,782,135		$	—	$	0	^(a)	$	291,782,135
Preferred Stocks		3,225,584			—		—			3,225,584
Money Market Funds		1,607,682			—		—			1,607,682

	$	296,615,401		$	—	$	0	^(a)	$	296,615,401

Derivative financial instruments^(b)
Assets
Futures Contracts	$	14,809		$	—	$	—		$	14,809
Liabilities
Futures Contracts		(2,104	)		—		—			(2,104	)

	$	12,705		$	—	$	—		$	12,705

^(a)

Rounds to less than $1.

^(b)

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

See notes to financial statements.


29		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

August 31, 2020

iShares^® MSCI Global Silver and Metals Miners ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Canada — 67.3%
Agnico Eagle Mines Ltd.		70,792	$	5,842,873
Dundee Precious Metals Inc.		933,298		6,761,835
Eldorado Gold Corp.^(a)		939,145		10,739,676
Endeavour Silver Corp.^(a)(b)		1,057,929		4,425,122
First Majestic Silver Corp.^(a)(b)		931,092		11,583,715
Fortuna Silver Mines Inc.^(a)		1,204,159		8,779,700
Kinross Gold Corp.^(a)		360,868		3,207,223
Lundin Gold Inc.^(a)(b)		440,662		3,757,439
MAG Silver Corp.^(a)(b)		485,105		8,231,837
New Gold Inc.^(a)		4,255,252		6,988,940
Pan American Silver Corp.		1,263,661		45,670,054
Premier Gold Mines Ltd.^(a)(b)		1,483,085		3,118,810
Seabridge Gold Inc.^(a)(b)		307,686		5,868,220
Silvercorp Metals Inc.		1,028,912		8,891,783
SilverCrest Metals Inc.^(a)		636,136		6,322,546
SSR Mining Inc.^(a)(b)		735,925		15,803,509
Victoria Gold Corp.^(a)		192,478		3,057,903
Wheaton Precious Metals Corp.		132,165		7,065,976
Yamana Gold Inc.		426,508		2,644,909

				168,762,070

Japan — 2.8%
Asahi Holdings Inc.		211,800		7,110,264


Mexico — 5.5%
Industrias Penoles SAB de CV		830,265		13,848,498


Peru — 0.9%
Cia. de Minas Buenaventura SAA, ADR		150,398		2,117,604


Russia — 0.7%
Polymetal International PLC		64,863		1,761,284


South Africa — 1.1%
Harmony Gold Mining Co. Ltd.^(a)		398,494		2,601,781


Security	Shares		Value

United Kingdom — 2.9%
Hochschild Mining PLC^(a)		1,638,265	$	5,277,692
SolGold PLC^(a)		5,853,405		2,022,053

				7,299,745

United States — 18.4%
Coeur Mining Inc.^(a)(b)		1,295,257		10,957,874
Hecla Mining Co.		3,149,826		18,961,953
Newmont Corp.		239,878		16,138,992

				46,058,819


Total Common Stocks — 99.6% (Cost: $179,598,369)				249,560,065


Short-Term Investments

Money Market Funds — 8.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(c)(d)(e)		21,921,164		21,943,086
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(c)(d)		140,000		140,000

				22,083,086


Total Short-Term Investments — 8.8% (Cost: $22,074,085)				22,083,086


Total Investments in Securities — 108.4% (Cost: $201,672,454)				271,643,151

Other Assets, Less Liabilities — (8.4)%				(20,987,132	)


Net Assets — 100.0%			$	250,656,019

^(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


Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	9,552,703	$	12,382,992	^(a)	$	—	$	397	$	6,994	$	21,943,086		21,921,164	$	243,117	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		35,000		105,000	^(a)		—		—		—		140,000		140,000		606			—

								$	397	$	6,994	$	22,083,086			$	243,723		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Fair Value Measurements


S C H E D U L E O F I N V E S T M E N T S		30

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Global Silver and Metals Miners ETF

Fair Value Measurements (continued)


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	249,560,065	$	—	$	—	$	249,560,065
Money Market Funds		22,083,086		—		—		22,083,086

	$	271,643,151	$	—	$	—	$	271,643,151

See notes to financial statements.


31		2 0 2 0 I S H A R E S A N 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

August 31, 2020


	iShares MSCI Global Agriculture Producers ETF			iShares MSCI Global Energy Producers ETF			iShares MSCI Global Gold Miners ETF		iShares MSCI Global Metals & Mining Producers ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	27,017,463		$	49,330,786		$	571,100,251	$	295,007,719
Affiliated^(c)		199,138			469,354			6,818,219		1,607,682
Cash		3,331			2,945			9,805		588,723
Foreign currency, at value^(d)		29,473			73,627			495,645		166,055
Cash pledged:
Futures contracts		—			57,000			—		181,000
Foreign currency collateral pledged:
Futures contracts^(e)		—			9,372			—		—
Receivables:
Investments sold		66,823			543,544			20,095,824		159,547
Securities lending income — Affiliated		100			443			5,368		5,830
Capital shares sold		243,474			—			—		122,012
Dividends		69,363			379,168			723,162		1,623,750
Tax reclaims		1,947			3,031			—		45,742


Total assets		27,631,112			50,869,270			599,248,274		299,508,060


LIABILITIES
Collateral on securities loaned, at value		178,431			458,408			6,579,629		1,602,911
Deferred foreign capital gain tax		8,203			54,363			—		—
Payables:
Investments purchased		261,712			344,466			19,858,612		387,074
Variation margin on futures contracts		—			10,655			—		37,638
Investment advisory fees		8,197			16,834			185,239		86,454
Foreign taxes		—			—			—		18


Total liabilities		456,543			884,726			26,623,480		2,114,095


NET ASSETS	$	27,174,569		$	49,984,544		$	572,624,794	$	297,393,965


NET ASSETS CONSIST OF:
Paid-in capital	$	30,368,179		$	74,688,961		$	462,582,201	$	379,836,594
Accumulated earnings (loss)		(3,193,610	)		(24,704,417	)		110,042,593		(82,442,629	)

NET ASSETS	$	27,174,569		$	49,984,544		$	572,624,794	$	297,393,965


Shares outstanding		950,000			4,150,000			16,300,000		10,700,000


Net asset value	$	28.60		$	12.04		$	35.13	$	27.79


Shares authorized		500 million			500 million			500 million		500 million


Par value	$	0.001		$	0.001		$	0.001	$	0.001


^(a)Securities loaned, at value	$	167,982		$	428,813		$	6,041,045	$	1,559,627
^(b)Investments, at cost — Unaffiliated	$	26,018,231		$	67,260,671		$	397,398,516	$	324,012,573
^(c)Investments, at cost — Affiliated	$	199,075		$	469,260		$	6,815,820	$	1,606,072
^(d)Foreign currency, at cost	$	28,868		$	72,826		$	482,266	$	165,851
^(e)Foreign currency collateral pledged, at cost	$	—		$	9,357		$	—	$	—

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		32

Statements of Assets and Liabilities (continued)

August 31, 2020


	iShares MSCI Global Silver and Metals Miners ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	249,560,065
Affiliated^(c)		22,083,086
Cash		654
Foreign currency, at value^(d)		171,134
Receivables:
Investments sold		16,807,636
Securities lending income — Affiliated		29,408
Dividends		27,804

Total assets		288,679,787


LIABILITIES
Collateral on securities loaned, at value		21,932,017
Payables:
Investments purchased		16,011,322
Investment advisory fees		80,429

Total liabilities		38,023,768


NET ASSETS	$	250,656,019


NET ASSETS CONSIST OF:
Paid-in capital	$	195,454,968
Accumulated earnings		55,201,051

NET ASSETS	$	250,656,019


Shares outstanding		14,500,000


Net asset value	$	17.29


Shares authorized		500 million


Par value	$	0.001


^(a)Securities loaned, at value	$	21,332,350
^(b)Investments, at cost — Unaffiliated	$	179,598,369
^(c)Investments, at cost — Affiliated	$	22,074,085
^(d)Foreign currency, at cost	$	165,395

See notes to financial statements.


33		2 0 2 0 I S H A R E S A N 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

Year Ended August 31, 2020


	iShares MSCI Global Agriculture Producers ETF			iShares MSCI Global Energy Producers ETF			iShares MSCI Global Gold Miners ETF			iShares MSCI Global Metals & Mining Producers ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	565,459		$	2,302,268		$	4,154,123		$	9,338,560
Dividends — Affiliated		270			729			2,154			2,249
Interest — Unaffiliated		—			26			—			—
Securities lending income — Affiliated — net		6,884			12,943			70,226			88,042
Foreign taxes withheld		(39,285	)		(115,891	)		(292,714	)		(327,139	)

Total investment income		533,328			2,200,075			3,933,789			9,101,712


EXPENSES
Investment advisory fees		93,125			171,388			1,457,942			802,532
Commitment fees		40			63			—			200
Miscellaneous		264			264			264			264

Total expenses		93,429			171,715			1,458,206			802,996

Net investment income		439,899			2,028,360			2,475,583			8,298,716


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(a)		(1,018,566	)		(4,125,436	)		(10,367,217	)		(10,647,167	)
Investments — Affiliated		576			627			(585	)		769
In-kind redemptions — Unaffiliated		22,970			1,639,482			29,124,289			1,764,872
Futures contracts		—			(137,745	)		—			9,629
Foreign currency transactions		3,093			(5,126	)		(37,056	)		(217,622	)

Net realized gain (loss)		(991,927	)		(2,628,198	)		18,719,431			(9,089,519	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(b)		2,188,399			(10,156,265	)		125,366,562			24,651,508
Investments — Affiliated		35			58			1,568			420
Futures contracts		—			(20,259	)		—			12,705
Foreign currency translations		1,296			2,714			15,536			22,165

Net change in unrealized appreciation (depreciation)		2,189,730			(10,173,752	)		125,383,666			24,686,798

Net realized and unrealized gain (loss)		1,197,803			(12,801,950	)		144,103,097			15,597,279

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,637,702		$	(10,773,590	)	$	146,578,680		$	23,895,995


^(a) Net of foreign capital gain tax of	$	—		$	2,120		$	—		$	—
^(b) Net of deferred foreign capital gain tax of	$	(5,647	)	$	54,363		$	—		$	—

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		34

Statements of Operations (continued)

Year Ended August 31, 2020


	iShares MSCI Global Silver and Metals Miners ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	696,098
Dividends — Affiliated		606
Securities lending income — Affiliated — net		243,117
Foreign taxes withheld		(71,706	)

Total investment income		868,115


EXPENSES
Investment advisory fees		460,309
Miscellaneous		264

Total expenses		460,573

Net investment income		407,542


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		9,214,959
Investments — Affiliated		397
In-kind redemptions — Unaffiliated		5,626,356
Foreign currency transactions		15,139

Net realized gain		14,856,851

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		56,812,414
Investments — Affiliated		6,994
Foreign currency translations		557

Net change in unrealized appreciation (depreciation)		56,819,965

Net realized and unrealized gain		71,676,816

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	72,084,358

See notes to financial statements.


35		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets


	iShares MSCI Global Agriculture Producers ETF						iShares MSCI Global Energy Producers ETF
	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/20			Year Ended 08/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	439,899		$	565,093		$	2,028,360		$	1,633,512
Net realized loss		(991,927	)		(727,749	)		(2,628,198	)		(686,050	)
Net change in unrealized appreciation (depreciation)		2,189,730			(1,730,016	)		(10,173,752	)		(10,616,256	)

Net increase (decrease) in net assets resulting from operations		1,637,702			(1,892,672	)		(10,773,590	)		(9,668,794	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(450,377	)		(581,369	)		(2,741,742	)		(1,510,562	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		452,179			(5,512,108	)		16,766,537			10,023,638


NET ASSETS
Total increase (decrease) in net assets		1,639,504			(7,986,149	)		3,251,205			(1,155,718	)
Beginning of year		25,535,065			33,521,214			46,733,339			47,889,057

End of year	$	27,174,569		$	25,535,065		$	49,984,544		$	46,733,339

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		36

Statements of Changes in Net Assets (continued)


	iShares MSCI Global Gold Miners ETF						iShares MSCI Global Metals & Mining Producers ETF
	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/20			Year Ended 08/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	2,475,583		$	2,199,144		$	8,298,716		$	14,488,853
Net realized gain (loss)		18,719,431			(26,319,717	)		(9,089,519	)		(16,757,109	)
Net change in unrealized appreciation (depreciation)		125,383,666			141,307,485			24,686,798			(30,948,847	)

Net increase (decrease) in net assets resulting from operations		146,578,680			117,186,912			23,895,995			(33,217,103	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(2,214,520	)		(2,150,687	)		(8,667,003	)		(16,052,832	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		102,976,575			(22,741,524	)		60,694,834			(132,895,907	)


NET ASSETS
Total increase (decrease) in net assets		247,340,735			92,294,701			75,923,826			(182,165,842	)
Beginning of year		325,284,059			232,989,358			221,470,139			403,635,981

End of year	$	572,624,794		$	325,284,059		$	297,393,965		$	221,470,139

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

See notes to financial statements.


37		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares MSCI Global Silver and Metals Miners ETF

		Year Ended 08/31/20			Year Ended 08/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	407,542		$	575,030
Net realized gain (loss)			14,856,851			(8,711,851	)
Net change in unrealized appreciation (depreciation)			56,819,965			27,278,361

Net increase in net assets resulting from operations			72,084,358			19,141,540


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(1,984,667	)		(550,188	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			80,799,271			30,588,900


NET ASSETS
Total increase in net assets			150,898,962			49,180,252
Beginning of year			99,757,057			50,576,805

End of year		$	250,656,019		$	99,757,057

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		38

Financial Highlights

(For a share outstanding throughout each period)


	iShares MSCI Global Agriculture Producers ETF


	Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16


Net asset value, beginning of year		$	26.88			$	29.15			$	27.08			$	24.31			$	24.03

Net investment income^(a)			0.49				0.53				0.53				0.45				0.54
Net realized and unrealized gain (loss)^(b)			1.73				(2.25	)			2.03				2.81				0.27

Net increase (decrease) from investment operations			2.22				(1.72	)			2.56				3.26				0.81


Distributions^(c)
From net investment income			(0.50	)			(0.55	)			(0.49	)			(0.49	)			(0.53	)

Total distributions			(0.50	)			(0.55	)			(0.49	)			(0.49	)			(0.53	)


Net asset value, end of year		$	28.60			$	26.88			$	29.15			$	27.08			$	24.31


Total Return
Based on net asset value			8.41	%			(5.88	)%			9.49	%			13.53	%			3.55	%


Ratios to Average Net Assets
Total expenses			0.39	%			0.39	%			0.39	%			0.39	%			0.39	%

Total expenses after fees waived			0.39	%			0.39	%			0.37	%			0.37	%			0.38	%

Net investment income			1.84	%			1.88	%			1.84	%			1.76	%			2.38	%


Supplemental Data
Net assets, end of year (000)		$	27,175			$	25,535			$	33,521			$	28,434			$	27,951

Portfolio turnover rate^(d)			9	%			13	%			25	%			16	%			7	%

^(a)	Based on average shares outstanding.

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

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

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

See notes to financial statements.


39		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Global Energy Producers ETF


	Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16


Net asset value, beginning of year		$	17.97			$	22.80			$	18.57			$	18.72			$	17.67

Net investment income^(a)			0.68				0.70				0.64				0.60				0.59
Net realized and unrealized gain (loss)^(b)			(5.61	)			(4.90	)			4.23				(0.16	)			1.00

Net increase (decrease) from investment operations			(4.93	)			(4.20	)			4.87				0.44				1.59


Distributions^(c)
From net investment income			(1.00	)			(0.63	)			(0.64	)			(0.59	)			(0.54	)

Total distributions			(1.00	)			(0.63	)			(0.64	)			(0.59	)			(0.54	)


Net asset value, end of year		$	12.04			$	17.97			$	22.80			$	18.57			$	18.72


Total Return
Based on net asset value			(28.92	)%			(18.56	)%			26.48	%			2.26	%			9.31	%


Ratios to Average Net Assets
Total expenses			0.39	%			0.39	%			0.39	%			0.39	%			0.39	%

Net investment income			4.62	%			3.41	%			2.93	%			3.10	%			3.36	%


Supplemental Data
Net assets, end of year (000)		$	49,985			$	46,733			$	47,889			$	31,568			$	37,440

Portfolio turnover rate^(d)			12	%			6	%			5	%			4	%			6	%

^(a)	Based on average shares outstanding.

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

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

^(d)	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		40

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Global Gold Miners ETF

		Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18					Year Ended 08/31/17	^(a)		Year Ended 08/31/16	^(a)


Net asset value, beginning of year			$	24.01			$	14.43			$	19.96		$	21.20		$	11.13

Net investment income^(b)				0.17				0.18				0.10			0.06			0.02
Net realized and unrealized gain (loss)^(c)				11.11				9.59				(5.51	)		(1.04	)		10.11

Net increase (decrease) from investment operations				11.28				9.77				(5.41	)		(0.98	)		10.13


Distributions^(d)
From net investment income				(0.16	)			(0.19	)			(0.12	)		(0.26	)		(0.06	)

Total distributions				(0.16	)			(0.19	)			(0.12	)		(0.26	)		(0.06	)


Net asset value, end of year			$	35.13			$	24.01			$	14.43		$	19.96		$	21.20


Total Return
Based on net asset value				47.22	%			68.13	%			(27.22	)%		(4.30	)%		91.17	%


Ratios to Average Net Assets
Total expenses				0.39	%			0.39	%			0.39	%		0.39	%		0.39	%

Net investment income				0.66	%			1.04	%			0.56	%		0.38	%		0.06	%


Supplemental Data
Net assets, end of year (000)			$	572,625			$	325,284			$	232,989		$	391,247		$	266,108

Portfolio turnover rate^(e)				21	%			15	%			4	%		26	%		30	%

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

^(b)	Based on average shares outstanding.

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

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

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

See notes to financial statements.


41		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Global Metals & Mining Producers ETF


		Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18					Year Ended 08/31/17	^(a)		Year Ended 08/31/16	^(a)


Net asset value, beginning of year			$	25.60			$	30.93			$	31.86		$	21.67		$	21.30

Net investment income^(b)				1.04				1.49				1.06			0.53			0.42
Net realized and unrealized gain (loss)^(c)				2.26				(5.13	)			(1.05	)		10.26			0.41

Net increase (decrease) from investment operations				3.30				(3.64	)			0.01			10.79			0.83


Distributions^(d)
From net investment income				(1.11	)			(1.69	)			(0.94	)		(0.60	)		(0.46	)

Total distributions				(1.11	)			(1.69	)			(0.94	)		(0.60	)		(0.46	)


Net asset value, end of year			$	27.79			$	25.60			$	30.93		$	31.86		$	21.67


Total Return
Based on net asset value				13.00	%			(12.16	)%			(0.10	)%		50.55	%		4.52	%


Ratios to Average Net Assets
Total expenses				0.39	%			0.39	%			0.39	%		0.39	%		0.39	%

Total expenses after fees waived				0.39	%			0.39	%			0.39	%		0.39	%		0.39	%

Net investment income				4.03	%			5.05	%			3.15	%		2.31	%		2.16	%


Supplemental Data
Net assets, end of year (000)			$	297,394			$	221,470			$	403,636		$	347,259		$	223,182

Portfolio turnover rate^(e)				11	%			14	%			14	%		12	%		8	%

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

^(b)	Based on average shares outstanding.

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

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

^(e)	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		42

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Global Silver and Metals Miners ETF


		Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16


Net asset value, beginning of year			$	10.84			$	8.43			$	11.47			$	13.61			$	6.14

Net investment income^(a)				0.04				0.09				0.10				0.09				0.05
Net realized and unrealized gain (loss)^(b)				6.62				2.40				(3.05	)			(1.94	)			7.44

Net increase (decrease) from investment operations				6.66				2.49				(2.95	)			(1.85	)			7.49


Distributions^(c)
From net investment income				(0.21	)			(0.08	)			(0.09	)			(0.29	)			(0.02	)

Total distributions				(0.21	)			(0.08	)			(0.09	)			(0.29	)			(0.02	)


Net asset value, end of year			$	17.29			$	10.84			$	8.43			$	11.47			$	13.61


Total Return
Based on net asset value				62.71	%			29.89	%			(25.87	)%			(13.26	)%			122.11	%


Ratios to Average Net Assets
Total expenses				0.39	%			0.39	%			0.39	%			0.39	%			0.39	%

Net investment income				0.35	%			0.98	%			0.94	%			0.79	%			0.47	%


Supplemental Data
Net assets, end of year (000)			$	250,656			$	99,757			$	50,577			$	64,258			$	87,078

Portfolio turnover rate^(d)				66	%			27	%			19	%			14	%			27	%

^(a)	Based on average shares outstanding.

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

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

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

See notes to financial statements.


43		2 0 2 0 I S H A R E S A N 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

1.	ORGANIZATION

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


iShares ETF		Diversification Classification
MSCI Global Agriculture Producers		Non-diversified
MSCI Global Energy Producers		Non-diversified
MSCI Global Gold Miners		Non-diversified
MSCI Global Metals & Mining Producers		Non-diversified
MSCI Global Silver and Metals Miners		Non-diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

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.


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		44

Notes to Financial Statements (continued)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

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

•

Futures contracts are valued based on that day’s last reported settlement price on the exchange where the contract is traded.

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

4.	SECURITIES AND OTHER INVESTMENTS


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Notes to Financial Statements (continued)

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


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
MSCI Global Agriculture Producers
Citigroup Global Markets Inc.	$	71,885	$	71,885		$	—	$	—
Morgan Stanley & Co. LLC		96,097		96,097			—		—

	$	167,982	$	167,982		$	—	$	—

MSCI Global Energy Producers
Barclays Bank PLC	$	78,346	$	78,346		$	—	$	—
Barclays Capital Inc.		1,045		1,045			—		—
BofA Securities, Inc.		17,723		17,723			—		—
Deutsche Bank Securities Inc.		841		841			—		—
Goldman Sachs & Co.		199,430		199,430			—		—
JPMorgan Securities LLC		31,897		31,897			—		—
Morgan Stanley & Co. LLC		84,455		84,455			—		—
Nomura Securities International Inc.		13,466		13,466			—		—
Scotia Capital (USA) Inc.		1,610		1,610			—		—

	$	428,813	$	428,813		$	—	$	—

MSCI Global Gold Miners
Barclays Capital Inc.	$	960,505	$	960,505		$	—	$	—
BofA Securities, Inc.		921,445		921,445			—		—
Citigroup Global Markets Inc.		137,844		137,844			—		—
JPMorgan Securities LLC		342,755		342,755			—		—
Morgan Stanley & Co. LLC		2,561,137		2,561,137			—		—
Scotia Capital (USA) Inc.		33,645		33,645			—		—
SG Americas Securities LLC		1,083,714		1,083,714			—		—

	$	6,041,045	$	6,041,045		$	—	$	—

MSCI Global Metals & Mining Producers
BofA Securities, Inc.	$	73,880	$	73,880		$	—	$	—
Citigroup Global Markets Inc.		16,075		16,075			—		—
Credit Suisse AG		2,626		2,626			—		—
Credit Suisse Securities (USA) LLC		105,634		105,634			—		—
Deutsche Bank Securities Inc.		52,115		52,115			—		—
JPMorgan Securities LLC		156,272		156,272			—		—
Macquarie Bank Limited		510,513		510,513			—		—
Morgan Stanley & Co. LLC		219,130		219,130			—		—
National Financial Services LLC		59,220		59,220			—		—
Scotia Capital (USA) Inc.		245,945		245,945			—		—
State Street Bank & Trust Company		61,857		61,857			—		—
UBS AG		56,360		56,360			—		—

	$	1,559,627	$	1,559,627		$	—	$	—


N O T E S T O F I N A N C I A L S T A T E M E N T S		46

Notes to Financial Statements (continued)


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
MSCI Global Silver and Metals Miners
BNP Paribas Prime Brokerage International Ltd.	$	85,446	$	85,446		$	—	$	—
BofA Securities, Inc.		1,184,486		1,129,134			—		(55,352	)^(b)
Citigroup Global Markets Inc.		1,104,030		1,104,030			—		—
Goldman Sachs & Co.		6,988,321		6,988,321			—		—
JPMorgan Securities LLC		10,040,629		10,040,629			—		—
Morgan Stanley & Co. LLC		1,223,065		1,223,065			—		—
Scotia Capital (USA) Inc.		706,373		706,373			—		—

	$	21,332,350	$	21,276,998		$	—	$	(55,352	)

^(a)

^(b)

5.	DERIVATIVE FINANCIAL INSTRUMENTS

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.39%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). For each of the iShares MSCI Global Agriculture Producers and iShares MSCI Global Metals & Mining Producers ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through December 31, 2023 in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund’s investments in other iShares funds.


47		2 0 2 0 I S H A R E S A N 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 (continued)


iShares ETF	Fees Paid to BTC
MSCI Global Agriculture Producers	$	1,638
MSCI Global Energy Producers		3,004
MSCI Global Gold Miners		17,260
MSCI Global Metals & Mining Producers		20,598
MSCI Global Silver and Metals Miners		57,060

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

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


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI Global Agriculture Producers		$ 653,258		$ 268,045		$ (82,161)
MSCI Global Energy Producers		149,418		151,955		(146,966)
MSCI Global Gold Miners		4,651,610		5,929,627		(581,587)
MSCI Global Metals & Mining Producers		57,747		547,377		(497,304)
MSCI Global Silver and Metals Miners		5,847,260		2,059,178		(1,043,924)


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		48

Notes to Financial Statements (continued)

7.	PURCHASES AND SALES

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


iShares ETF	Purchases		Sales
MSCI Global Agriculture Producers	$	2,126,038	$	2,109,481
MSCI Global Energy Producers		6,321,323		5,363,567
MSCI Global Gold Miners		84,675,839		81,147,605
MSCI Global Metals & Mining Producers		32,253,174		23,183,255
MSCI Global Silver and Metals Miners		82,018,510		82,844,367

For the year ended August 31, 2020, purchases and sales related to in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
MSCI Global Agriculture Producers	$	2,298,988	$	1,923,352
MSCI Global Energy Producers		24,719,136		9,820,890
MSCI Global Gold Miners		242,770,661		143,871,262
MSCI Global Metals & Mining Producers		89,713,226		39,315,482
MSCI Global Silver and Metals Miners		92,803,922		13,610,009

8.	INCOME TAX INFORMATION


iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)
MSCI Global Agriculture Producers		$ (26,464)		$ 26,464
MSCI Global Energy Producers		683,866		(683,866)
MSCI Global Gold Miners		28,332,891		(28,332,891)
MSCI Global Metals & Mining Producers		1,248,039		(1,248,039)
MSCI Global Silver and Metals Miners		4,842,259		(4,842,259)

The tax character of distributions paid was as follows:


iShares ETF	Year Ended 08/31/20		Year Ended 08/31/19
MSCI Global Agriculture Producers
Ordinary income	$	450,377	$	581,369

MSCI Global Energy Producers
Ordinary income	$	2,741,742	$	1,510,562

MSCI Global Gold Miners
Ordinary income	$	2,214,520	$	2,150,687

MSCI Global Metals & Mining Producers
Ordinary income	$	8,667,003	$	16,052,832

MSCI Global Silver and Metals Miners
Ordinary income	$	1,984,667	$	550,188

As of August 31, 2020, the tax components of accumulated net earnings (losses) were as follows:


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Notes to Financial Statements (continued)


iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)^(b)			Total
MSCI Global Agriculture Producers	$	125,012	$	(3,827,134	)	$	508,512		$	(3,193,610)
MSCI Global Energy Producers		580,469		(5,549,371	)		(19,735,515	)		(24,704,417)
MSCI Global Gold Miners		416,178		(62,335,458	)		171,961,873			110,042,593
MSCI Global Metals & Mining Producers		1,795,080		(49,403,539	)		(34,834,170	)		(82,442,629)
MSCI Global Silver and Metals Miners		5,266,900		(12,001,411	)		61,935,562			55,201,051

^(a)

Amounts available to offset future realized capital gains.

^(b)

For the year ended August 31, 2020, the iShares MSCI Global Silver and Metals Miners ETF utilized $5,473,595 of its capital loss carryforwards.


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Global Agriculture Producers	$	26,700,802	$	4,444,328	$	(3,928,529	)	$	515,799
MSCI Global Energy Producers		69,483,372		2,065,233		(21,748,465	)		(19,683,232)
MSCI Global Gold Miners		405,973,795		175,590,295		(3,645,620	)		171,944,675
MSCI Global Metals & Mining Producers		331,468,972		25,797,375		(60,650,946	)		(34,853,571)
MSCI Global Silver and Metals Miners		209,711,589		61,931,562		—			61,931,562

9.	LINE OF CREDIT

The iShares MSCI Global Agriculture Producers, iShares MSCI Global Energy Producers and iShares MSCI Global Metals & Mining Producers ETFs, along with certain other iShares funds (“Participating Funds”), are parties to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on July 15, 2021. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Funds, and $200 million with respect to Tier 2. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. 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 rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement.

The Funds did not borrow under the credit agreement during the year ended August 31, 2020.

10.	PRINCIPAL RISKS


N O T E S T O F I N A N C I A L S T A T E M E N T S		50

Notes to Financial Statements (continued)

11.

CAPITAL SHARE TRANSACTIONS


51		2 0 2 0 I S H A R E S A N 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 (continued)

Transactions in capital shares were as follows:



	Year Ended 08/31/20						Year Ended 08/31/19
iShares ETF		Shares			Amount			Shares			Amount

MSCI Global Agriculture Producers
Shares sold		100,000		$	2,774,184			—		$	359
Shares redeemed		(100,000	)		(2,322,005	)		(200,000	)		(5,512,467	)

Net increase (decrease)		—		$	452,179			(200,000	)	$	(5,512,108	)

MSCI Global Energy Producers
Shares sold		2,200,000		$	27,372,026			600,000		$	11,989,843
Shares redeemed		(650,000	)		(10,605,489	)		(100,000	)		(1,966,205	)

Net increase		1,550,000		$	16,766,537			500,000		$	10,023,638

MSCI Global Gold Miners
Shares sold		9,600,000		$	251,993,214			5,300,000		$	103,615,697
Shares redeemed		(6,850,000	)		(149,016,639	)		(7,900,000	)		(126,357,221	)

Net increase (decrease)		2,750,000		$	102,976,575			(2,600,000	)	$	(22,741,524	)

MSCI Global Metals & Mining Producers
Shares sold		3,850,000		$	108,039,671			2,600,000		$	74,143,858
Shares redeemed		(1,800,000	)		(47,344,837	)		(7,000,000	)		(207,039,765	)

Net increase (decrease)		2,050,000		$	60,694,834			(4,400,000	)	$	(132,895,907	)

MSCI Global Silver and Metals Miners
Shares sold		6,500,000		$	94,504,256			3,200,000		$	30,588,900
Shares redeemed		(1,200,000	)		(13,704,985	)		—			—

Net increase		5,300,000		$	80,799,271			3,200,000		$	30,588,900

12.

LEGAL PROCEEDINGS

13.

SUBSEQUENT EVENTS


N O T E S T O F I N A N C I A L S T A T E M E N T S		52

Report of Independent Registered Public Accounting Firm

To the Board of Directors of iShares, Inc. and

Shareholders of iShares MSCI Global Agriculture Producers ETF,

iShares MSCI Global Energy Producers ETF, iShares MSCI Global Gold Miners ETF,

iShares MSCI Global Metals & Mining Producers ETF and

iShares MSCI Global Silver and Metal Miners ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares MSCI Global Agriculture Producers ETF, iShares MSCI Global Energy Producers ETF, iShares MSCI Global Gold Miners ETF, iShares MSCI Global Metals & Mining Producers ETF and iShares MSCI Global Silver and Metal Miners ETF (five of the funds constituting iShares, Inc., hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2020 and each of the financial highlights for each of the five years in the period ended August 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2020

We have served as the auditor of one or more BlackRock investment companies since 2000.


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Important Tax Information (unaudited)

For corporate shareholders, the percentage of ordinary income distributions paid during the fiscal year ended August 31, 2020 that qualified for the dividends-received deduction were as follows:


iShares ETF	Dividends-Received Deduction
MSCI Global Agriculture Producers		46.13	%
MSCI Global Energy Producers		45.13	%
MSCI Global Gold Miners		36.87	%
MSCI Global Metals & Mining Producers		5.69	%
MSCI Global Silver and Metals Miners		1.33	%

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2020:


iShares ETF	Qualified Dividend Income
MSCI Global Agriculture Producers	$	514,247
MSCI Global Energy Producers		2,243,019
MSCI Global Gold Miners		3,364,766
MSCI Global Metals & Mining Producers		8,608,705
MSCI Global Silver and Metals Miners		665,759

For the fiscal year ended August 31, 2020, the Funds earned foreign source income and paid foreign taxes which they intend to pass through to their shareholders:


iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
MSCI Global Agriculture Producers	$	357,579	$	41,446
MSCI Global Energy Producers		1,328,169		119,432
MSCI Global Gold Miners		3,160,561		252,540
MSCI Global Metals & Mining Producers		8,841,248		322,275
MSCI Global Silver and Metals Miners		620,834		71,684


I M P O R T A N T T A X I N F O R M A T I O N		54

Board Review and Approval of Investment Advisory Contract

iShares MSCI Global Agriculture Producers ETF, iShares MSCI Global Energy Producers ETF, iShares MSCI Global Gold Miners ETF, iShares MSCI Global Metals & Mining Producers ETF, iShares MSCI Global Silver and Metals Miners ETF (each the “Fund”)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.


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Board Review and Approval of Investment Advisory Contract (continued)

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		56

Supplemental Information (unaudited)

Section 19(a) Notices

August 31, 2020



	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year

iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Global Agriculture Producers	$	0.498926	$	—	$	—	$	0.498926		100	%		—	%		—	%		100	%
MSCI Global Energy Producers		1.003649		—		—		1.003649		100			—			—			100
MSCI Global Metals & Mining Producers^(a)		1.099377		—		0.015245		1.114622		99			—			1			100

^(a)

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.


57		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Director and Officer Information

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 368 funds as of August 31, 2020. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Directors and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).


Interested Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director

Robert S. Kapito^(a) (63)	Director (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Trustee of iShares Trust (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji^(b) (50)	Director (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Trustee of iShares Trust (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(a)	Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.

^(b)	Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.


Independent Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director

Cecilia H. Herbert (71)	Director (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Jane D. Carlin (64)	Director (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares Trust (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (65)	Director (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


D I R E C T O R A N D O F F I C E R I N F O R M A T I O N		58

Director and Officer Information (continued)


Independent Directors (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director

John E. Kerrigan (65)	Director (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

Drew E. Lawton (61)	Director (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

John E. Martinez (59)	Director (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).	Trustee of iShares Trust (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).

Madhav V. Rajan (56)	Director (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Trustee of iShares Trust (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).


Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years

Armando Senra (49)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Walker (46)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles Park (53)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Deepa Damre (45)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).

Scott Radell (51)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).

Alan Mason (59)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).

Marybeth Leithead (57)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


59		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

General Information

Electronic Delivery

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


G E N E R A L I N F O R M A T I O N		60

Glossary of Terms Used in this Report


Portfolio Abbreviations - Equity

ADR		American Depositary Receipt

GDR		Global Depositary Receipt

JSC		Joint Stock Company

NVDR		Non-Voting Depositary Receipt

NVS		Non-Voting Shares

PJSC		Public Joint Stock Company


61		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

iS-AR-812-0820


		AUGUST 31, 2020

2020 Annual Report

iShares, Inc.

iShares Currency Hedged MSCI Emerging Markets ETF | HEEM | Cboe BZX

iShares MSCI Emerging Markets ETF | EEM | NYSE Arca

The Markets in Review

Dear Shareholder,

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of August 31, 2020
	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	19.63%	21.94%
U.S. small cap equities (Russell 2000^® Index)	6.57	6.02
International equities (MSCI Europe, Australasia, Far East Index)	7.10	6.13
Emerging market equities (MSCI Emerging Markets Index)	11.23	14.49
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.34	1.26
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	4.67	8.93
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	2.98	6.47
Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.29	3.15
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	3.04	4.65
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


	Page
The Markets in Review		2
Market Overview		4
Fund Summary		5
About Fund Performance		9
Shareholder Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		28
Statements of Operations		29
Statements of Changes in Net Assets		30
Financial Highlights		31
Notes to Financial Statements		33
Report of Independent Registered Public Accounting Firm		43
Important Tax Information (Unaudited)		44
Board Review and Approval of Investment Advisory Contract		45
Supplemental Information		49
Director and Officer Information		50
General Information		52
Glossary of Terms Used in this Report		53

Market Overview

iShares, Inc.

Global Market Overview


M A R K E T O V E R V I E W		4


Fund Summary as of August 31, 2020		iShares^® Currency Hedged MSCI Emerging Markets ETF

Investment Objective

The iShares Currency Hedged MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI Emerging Markets 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Emerging Markets ETF.

Performance


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		15.49	%		8.28	%		5.05	%		15.49	%		48.87	%		33.96	%
Fund Market		15.33			8.23			5.00			15.33			48.52			33.64
Index		16.44			8.64			5.46			16.44			51.33			37.08

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 9/23/14. The first day of secondary market trading was 9/25/14.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)(b)	Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)(b)	Annualized Expense Ratio
	$ 1,000.00	$	1,122.90	$	0.00		$ 1,000.00	$	1,025.10	$	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)


5		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® Currency Hedged MSCI Emerging Markets ETF

Portfolio Management Commentary

Emerging markets stocks advanced strongly during the reporting period, despite coronavirus-related restrictions that led to a worldwide recession. Chinese equities contributed the most to the Index’s return in U.S. dollar terms, driven primarily by the consumer discretionary sector. Internet and direct marketing retail companies advanced as consumers and businesses limiting physical interaction accelerated the migration to digital platforms. Temporary closures of brick-and-mortar stores led both merchants and customers to increase use of online platforms, driving sharply higher revenues for goods and services such as food delivery. Companies providing cloud computing services gained as closed offices and schools led to sharply increased demand for remote working and remote education capabilities, such as video conferencing and productivity tracking tools.

On the downside, Brazilian stocks detracted substantially from the Index’s return in U.S. dollar terms, weighed down by the financials sector. Bank profits dropped sharply as declining economic activity led to lower income from interest, fees, and insurance. Deteriorating demand for consumer credit, as well as sharply rising loan default provisions, also weighed on bank stocks.

In terms of currency performance, emerging market currencies were mixed relative to the U.S. dollar for the reporting period. The Brazilian real depreciated against the U.S. dollar by approximately 24% amid multiple interest rate decreases and a high number of coronavirus cases. However, most Asian currencies gained relative to the U.S. dollar as Chinese economic growth rebounded late in the reporting period. The South Korean won, Chinese yuan, and Taiwanese new dollar appreciated relative to the U.S. dollar by approximately 2%, 4%, and 7%, respectively.

The negative performance of some foreign currencies meant hedging activity contributed to the Index’s return. A fully hedged investor seeks to bypass the currency fluctuations — both on the upside and on the downside — related to holding foreign-currency-denominated securities. The Index’s hedging activity offset the negative impact of foreign currency performance relative to the U.S. dollar, resulting in an Index return that was relatively close to the Index’s return measured in local currencies.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE


Investment Type	Percent of Net Assets
Investment Companies		99.9	%
Forward foreign currency exchange contracts, net cumulative depreciation		(0.1	)
Other assets less liabilities		0.2

ALLOCATION BY SECTOR (of the UNDERLYING FUND)


Sector	Percent of Total Investment^(a)
Consumer Discretionary		19.6	%
Financials		17.7
Information Technology		17.5
Communication Services		13.0
Materials		7.0
Consumer Staples		6.2
Energy		5.7
Health Care		4.5
Industrials		4.4
Real Estate		2.4
Utilities		2.0

^(a)

Excludes money market funds.


F U N D S U M M A R Y		6


Fund Summary as of August 31, 2020		iShares^® MSCI Emerging Markets ETF

Investment Objective

The iShares MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities, as represented by the MSCI Emerging Markets Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		13.82	%		8.05	%		3.16	%		13.82	%		47.25	%		36.45	%
Fund Market		13.89			8.02			3.18			13.89			47.07			36.81
Index		14.49			8.66			3.76			14.49			51.45			44.62

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$	1,109.20	$	3.76		$	1,000.00	$	1,021.60	$	3.61		0.71	%

^(a)


7		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Emerging Markets ETF

Portfolio Management Commentary

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Consumer Discretionary		19.6%
Financials		17.7
Information Technology		17.5
Communication Services		13.0
Materials		7.0
Consumer Staples		6.2
Energy		5.7
Health Care		4.5
Industrials		4.4
Real Estate		2.4
Utilities		2.0

^(a)

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments^(a)
China		42.4%
Taiwan		12.3
South Korea		11.6
India		8.1
Brazil		4.9
South Africa		3.5
Russia		3.2
Saudi Arabia		2.7
Thailand		1.9
Malaysia		1.7


F U N D S U M M A R Y		8

About Fund Performance

Shareholder Expenses


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

Schedule of Investments

August 31, 2020

iShares^® Currency Hedged MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Investment Companies

Exchange-Traded Funds — 99.9%
iShares MSCI Emerging Markets ETF^(a)		4,120,402	$	183,522,705


Total Investment Companies — 99.9% (Cost: $177,646,177)				183,522,705


Total Investments in Securities — 99.9% (Cost: $177,646,177)				183,522,705

Other Assets, Less Liabilities — 0.1%				103,295


Net Assets — 100.0%			$	183,626,000

^(a)	Affiliate of the Fund.

Affiliates


Affiliated Issuer	Value at 08/31/19		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	71,508,989	$	—	$	(71,411,182	)^(b)	$	(104,955	)	$	7,148	$	—		—	$	48,386	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares^(a)		4,729,000		—		(4,729,000	)^(b)		—			—		—		—		6,048			—
iShares MSCI Emerging Markets ETF		180,528,858		60,759,459		(75,252,672	)		156,891			17,330,169		183,522,705		4,120,402		4,874,941			—

								$	51,936		$	17,337,317	$	183,522,705			$	4,929,375		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
BRL	51,805,000	USD	9,443,989	MS	09/03/20	$	11,820
CNY	532,000	USD	76,006	MS	09/03/20		1,647
EUR	57,000	USD	67,281	MS	09/03/20		741
HKD	325,556,000	USD	42,005,323	MS	09/03/20		315
INR	9,646,000	USD	128,394	MS	09/03/20		2,709
KRW	97,149,000	USD	81,369	MS	09/03/20		415
MXN	67,261,000	USD	3,071,470	MS	09/03/20		1,950
MYR	128,000	USD	30,260	MS	09/03/20		479
RUB	350,082,000	USD	4,718,939	MS	09/03/20		6,269
THB	4,080,000	USD	130,508	MS	09/03/20		586
TRY	4,893,000	USD	664,775	MS	09/03/20		1,555
TWD	687,095,000	USD	23,382,906	MS	09/03/20		30,164
USD	10,072,472	BRL	52,468,000	MS	09/03/20		495,648
USD	1,400,460	CLP	1,059,885,000	MS	09/03/20		37,256
USD	42,155,456	HKD	326,709,000	MS	09/03/20		1,049


S C H E D U L E O F I N V E S T M E N T S		10

Schedule of Investments (continued)

August 31, 2020

iShares^® Currency Hedged MSCI Emerging Markets ETF

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	187,713	KRW	222,319,000	MS	09/03/20	$	558
USD	36,511	RUB	2,687,000	MS	09/03/20		243
USD	731,877	TRY	5,248,000	MS	09/03/20		17,203
USD	23,459,538	TWD	687,095,000	MS	09/03/20		46,468
ZAR	2,856,000	USD	167,296	MS	09/03/20		1,163
BRL	2,481,000	USD	451,896	MS	10/05/20		493
MYR	485,000	USD	116,457	MS	10/05/20		260
TRY	105,000	USD	14,096	MS	10/05/20		47
USD	206,528	BRL	1,132,000	MS	10/05/20		117
USD	1,346,905	CLP	1,045,351,000	MS	10/05/20		2,429
USD	2,157,850	EUR	1,803,000	MS	10/05/20		4,645
USD	4,749,017	RUB	353,475,000	MS	10/05/20		7,833
USD	3,614,674	THB	112,472,000	MS	10/05/20		1,292
USD	6,707,302	ZAR	114,056,000	MS	10/05/20		3,448
TWD	1,150,000	USD	39,203	MS	10/07/20		31
USD	28,253	HKD	219,000	MS	10/07/20		3
USD	15,596,008	INR	1,145,558,000	MS	10/07/20		27,841
USD	25,448,710	KRW	30,211,131,000	MS	10/07/20		8,684
USD	9,152,884	CNY	62,864,320	MS	10/13/20		773


							716,134


BRL	663,000	USD	127,498	MS	09/03/20		(6,482	)
CLP	1,059,885,000	USD	1,366,765	MS	09/03/20		(3,561	)
CNY	61,701,320	USD	9,007,882	MS	09/03/20		(1,668	)
EUR	1,743,000	USD	2,084,555	MS	09/03/20		(4,503	)
HKD	3,685,000	USD	475,530	MS	09/03/20		(65	)
INR	1,099,155,000	USD	14,970,377	MS	09/03/20		(31,218	)
KRW	29,434,626,000	USD	24,797,745	MS	09/03/20		(18,815	)
MYR	13,390,000	USD	3,220,732	MS	09/03/20		(5,140	)
THB	112,004,000	USD	3,608,411	MS	09/03/20		(9,625	)
TRY	355,000	USD	49,516	MS	09/03/20		(1,172	)
USD	8,899,490	CNY	62,233,320	MS	09/03/20		(184,378	)
USD	2,129,857	EUR	1,800,000	MS	09/03/20		(18,217	)
USD	14,746,916	INR	1,108,801,000	MS	09/03/20		(323,346	)
USD	24,561,683	KRW	29,309,456,000	MS	09/03/20		(111,876	)
USD	3,019,090	MXN	67,261,000	MS	09/03/20		(54,330	)
USD	3,185,374	MYR	13,518,000	MS	09/03/20		(60,956	)
USD	4,663,264	RUB	347,395,000	MS	09/03/20		(25,676	)
USD	3,712,693	THB	116,084,000	MS	09/03/20		(17,187	)
USD	6,816,557	ZAR	116,480,000	MS	09/03/20		(53,917	)
ZAR	113,624,000	USD	6,706,284	MS	09/03/20		(4,269	)
MYR	187,000	USD	45,100	MS	10/05/20		(97	)
RUB	176,000	USD	2,370	MS	10/05/20		(10	)
USD	9,435,904	BRL	51,805,000	MS	10/05/20		(10,291	)
USD	3,051,496	MXN	67,060,000	MS	10/05/20		(803	)
USD	3,215,164	MYR	13,390,000	MS	10/05/20		(7,189	)
USD	661,044	TRY	4,924,000	MS	10/05/20		(2,212	)
ZAR	692,000	USD	40,727	MS	10/05/20		(54	)
TWD	3,526,000	USD	120,327	MS	10/07/20		(31	)
USD	44,043,040	HKD	341,446,000	MS	10/07/20		(2,200	)


11		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® Currency Hedged MSCI Emerging Markets ETF

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	185,940	INR	13,704,000	MS	10/07/20	$	(297	)
USD	135,323	KRW	160,783,000	MS	10/07/20		(68	)
USD	23,422,762	TWD	687,095,000	MS	10/07/20		(18,722	)
USD	291,573	CNY	2,003,000	MS	10/13/20		(34	)


							(978,409	)


	Net unrealized depreciation					$	(262,275	)

Derivative Financial Instruments Categorized by Risk Exposure

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


	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	716,134


Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	978,409

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	5,523,655


Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	(4,141,358	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	197,975,270
Average amounts sold — in USD	$	346,773,315

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 Year End

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


	Assets		Liabilities
Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	716,134	$	978,409

Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	716,134	$	978,409
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—

Total derivative assets and liabilities subject to an MNA	$	716,134	$	978,409


S C H E D U L E O F I N V E S T M E N T S		12

Schedule of Investments (continued)

August 31, 2020

iShares^® Currency Hedged MSCI Emerging Markets ETF


Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Cash Collateral Received		Net Amount of Derivative Assets
Morgan Stanley & Co. International PLC	$	716,134	$	(716,134	)	$	—	$	—


Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Cash Collateral Pledged	^(b)		Net Amount of Derivative Liabilities
Morgan Stanley & Co. International PLC	$	978,409	$	(716,134	)	$	(262,275	)	$	—

^(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 pledged to the individual counterparty is not shown for financial reporting purposes.

Fair Value Measurements


	Level 1			Level 2				Level 3			Total
Investments
Assets
Investment Companies		$	183,522,705		$	—			$	—		$	183,522,705

Derivative financial instruments^(a)
Assets
Forward Foreign Currency Exchange Contracts		$	—		$	716,134			$	—		$	716,134
Liabilities
Forward Foreign Currency Exchange Contracts			—			(978,409	)			—			(978,409	)

		$	—		$	(262,275	)		$	—		$	(262,275	)

^(a)

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

See notes to financial statements.


13		2 0 2 0 I S H A R E S A N 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

August 31, 2020

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Argentina — 0.1%
Globant SA^(a)		135,469	$	24,056,585
Telecom Argentina SA, ADR		325,953		2,203,442
YPF SA, ADR^(a)		656,515		3,663,354

				29,923,381

Brazil — 3.5%
Ambev SA		17,062,515		38,287,165
Atacadao SA		1,422,700		5,070,050
B2W Cia. Digital^(a)		820,329		16,761,275
B3 SA - Brasil, Bolsa, Balcao		7,592,001		81,374,006
Banco Bradesco SA		4,930,635		17,103,845
Banco BTG Pactual SA		843,500		12,351,365
Banco do Brasil SA		3,096,574		18,429,636
Banco Santander Brasil SA		1,435,000		7,397,474
BB Seguridade Participacoes SA		2,497,700		12,010,668
BRF SA^(a)		2,072,485		7,400,788
CCR SA		4,542,200		11,036,936
Centrais Eletricas Brasileiras SA		1,124,173		7,276,725
Cia Brasileira de Distribuicao		571,686		6,618,381
Cia. de Saneamento Basico do Estado de Sao Paulo		1,272,924		11,079,699
Cia. Siderurgica Nacional SA		2,511,828		6,964,200
Cielo SA		4,490,176		3,732,332
Cogna Educacao		6,694,680		6,955,955
Cosan SA		602,200		9,138,546
CPFL Energia SA		834,000		4,369,230
Energisa SA		635,000		5,029,394
Engie Brasil Energia SA		734,150		5,704,955
Equatorial Energia SA		3,241,600		13,708,803
Hapvida Participacoes e Investimentos SA^(b)		838,100		9,889,027
Hypera SA		1,438,000		8,296,305
IRB Brasil Resseguros S/A		2,091,600		2,718,443
IRB Brasil Resseguros S/A^(a)		949,611		1,197,854
JBS SA		3,972,365		16,248,905
Klabin SA		2,545,600		11,925,467
Localiza Rent a Car SA		2,264,808		19,911,353
Lojas Renner SA		2,990,889		23,699,656
Magazine Luiza SA		2,738,600		46,536,082
Multiplan Empreendimentos Imobiliarios SA		1,061,109		4,027,104
Natura & Co. Holding SA		2,755,447		24,782,398
Notre Dame Intermedica Participacoes SA		1,808,500		24,428,052
Petrobras Distribuidora SA		2,785,100		10,833,962
Petroleo Brasileiro SA		14,028,274		57,075,608
Porto Seguro SA		358,800		3,457,257
Raia Drogasil SA		795,700		15,635,805
Rumo SA^(a)		4,075,900		16,791,290
Sul America SA		1,071,336		8,432,580
Suzano SA^(a)		1,999,500		18,296,888
TIM Participacoes SA		3,193,876		8,337,065
Ultrapar Participacoes SA		2,704,800		9,584,811
Vale SA		13,552,709		147,437,189
Via Varejo SA^(a)		4,574,300		17,093,485
WEG SA		3,109,506		36,627,769

				851,065,783

Chile — 0.5%
Aguas Andinas SA, Class A		10,112,361		3,037,998
Banco de Chile		167,895,600		14,069,053
Banco de Credito e Inversiones SA		198,482		6,269,981
Banco Santander Chile		244,732,427		9,434,996


Security	Shares		Value

Chile (continued)
Cencosud SA		5,327,198	$	7,899,065
Cencosud Shopping SA		1,525,715		2,284,136
Cia. Cervecerias Unidas SA		563,736		3,715,088
Colbun SA		30,802,750		4,765,953
Empresa Nacional de Telecomunicaciones SA		595,319		3,612,581
Empresas CMPC SA		4,172,247		8,688,034
Empresas COPEC SA		1,441,474		10,595,876
Enel Americas SA		126,924,718		18,307,913
Enel Chile SA		104,870,090		8,085,964
Falabella SA		2,733,001		8,633,460

				109,400,098

China — 42.0%
360 Security Technology Inc., Class A		479,690		1,308,280
3SBio Inc.^(a)(b)(c)		4,785,500		5,618,994
51job Inc., ADR^(a)(c)		100,683		6,598,764
58.com Inc., ADR^(a)(c)		353,113		19,548,336
AAC Technologies Holdings Inc.^(c)		2,703,500		17,057,883
AECC Aviation Power Co. Ltd., Class A		566,273		3,690,739
Agile Group Holdings Ltd.		4,750,000		6,557,938
Agricultural Bank of China Ltd., Class A		17,421,900		8,165,144
Agricultural Bank of China Ltd., Class H		98,286,000		32,845,911
Aier Eye Hospital Group Co. Ltd., Class A		942,936		7,154,812
Air China Ltd., Class A		1,472,693		1,558,883
Air China Ltd., Class H		6,894,000		4,750,096
Aisino Corp., Class A		1,019,274		2,680,205
AK Medical Holdings Ltd.^(b)		1,464,000		3,743,989
Alibaba Group Holding Ltd., ADR^(a)		6,884,781		1,976,138,690
Alibaba Health Information Technology Ltd.^(a)		12,184,000		29,429,686
Alibaba Pictures Group Ltd.^(a)(c)		49,420,000		7,014,316
A-Living Services Co. Ltd., Class H^(b)(c)		1,658,000		8,557,254
Aluminum Corp. of China Ltd., Class A^(a)		2,899,700		1,337,838
Aluminum Corp. of China Ltd., Class H^(a)		16,424,000		4,026,451
Angang Steel Co. Ltd., Class A		3,819,877		1,500,255
Anhui Conch Cement Co. Ltd., Class A		977,386		8,691,966
Anhui Conch Cement Co. Ltd., Class H		4,470,000		32,414,082
Anhui Gujing Distillery Co. Ltd., Class A		116,585		4,397,757
Anhui Gujing Distillery Co. Ltd., Class B		319,600		4,057,810
Anhui Kouzi Distillery Co. Ltd., Class A		240,152		2,107,289
ANTA Sports Products Ltd.		3,990,402		39,414,111
Asymchem Laboratories Tianjin Co. Ltd., Class A		84,300		3,372,418
Autobio Diagnostics Co. Ltd., Class A		96,692		2,275,579
Autohome Inc., ADR		219,975		17,650,794
AVIC Aircraft Co. Ltd., Class A		947,886		3,349,152
Avic Capital Co. Ltd., Class A		4,667,689		3,427,940
AVIC Jonhon Optronic Technology Co. Ltd., Class A		464,993		3,279,117
AVIC Shenyang Aircraft Co. Ltd., Class A		233,600		2,013,984
AviChina Industry & Technology Co. Ltd., Class H		9,361,000		5,845,982
AVICOPTER PLC, Class A		257,153		2,147,588
BAIC Motor Corp. Ltd., Class H^(b)		6,291,000		3,011,504
Baidu Inc., ADR^(a)(c)		1,001,633		124,773,423
Bank of Beijing Co. Ltd., Class A		5,446,206		3,872,455
Bank of Chengdu Co. Ltd., Class A		1,671,395		2,479,340
Bank of China Ltd., Class A		8,681,200		4,157,353
Bank of China Ltd., Class H		285,301,000		93,503,292
Bank of Communications Co. Ltd., Class A		10,246,373		7,076,111
Bank of Communications Co. Ltd., Class H		29,005,600		15,157,472
Bank of Hangzhou Co. Ltd., Class A		2,259,445		4,272,036
Bank of Jiangsu Co. Ltd., Class A		3,234,985		3,032,289
Bank of Nanjing Co. Ltd., Class A		2,336,446		2,930,301


S C H E D U L E O F I N V E S T M E N T S		14

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Bank of Ningbo Co. Ltd., Class A		1,371,981	$	7,111,149
Bank of Shanghai Co. Ltd., Class A		3,452,242		4,244,012
Baoshan Iron & Steel Co. Ltd., Class A		4,365,973		3,148,990
Baozun Inc., ADR^(a)(c)		166,275		6,890,436
Beijing Capital International Airport Co. Ltd.,
Class H^(a)		6,854,000		4,846,347
Beijing Enlight Media Co. Ltd., Class A		1,078,295		2,550,445
Beijing Enterprises Holdings Ltd.		1,865,500		5,933,379
Beijing Enterprises Water Group Ltd.^(a)(c)		19,312,000		7,600,059
Beijing New Building Materials PLC, Class A		627,713		3,006,064
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		480,086		4,201,449
Beijing Shiji Information Technology Co. Ltd., Class A		311,330		1,495,479
Beijing Shunxin Agriculture Co. Ltd., Class A		241,700		2,655,501
Beijing Sinnet Technology Co. Ltd., Class A		556,386		2,141,337
Beijing Tiantan Biological Products Corp. Ltd., Class A		392,245		2,424,203
Beijing Tongrentang Co. Ltd., Class A		603,212		2,615,711
BEST Inc., ADR^(a)(c)		734,954		2,939,816
Betta Pharmaceuticals Co. Ltd., Class A		113,996		2,177,677
BGI Genomics Co. Ltd., Class A^(a)		109,900		2,350,708
Bilibili Inc., ADR^(a)(c)		418,237		19,761,698
BOC Aviation Ltd.^(b)		780,300		5,804,313
BOE Technology Group Co. Ltd., Class A		7,880,600		6,328,274
Bosideng International Holdings Ltd.^(c)		12,398,000		3,551,358
Brilliance China Automotive Holdings Ltd.		11,476,000		10,276,374
BYD Co. Ltd., Class A		429,912		5,335,336
BYD Co. Ltd., Class H^(c)		2,355,000		23,397,612
BYD Electronic International Co. Ltd.^(c)		2,571,000		10,897,512
Caitong Securities Co. Ltd., Class A		1,319,065		2,804,083
CanSino Biologics Inc., Class H^(a)(b)(c)		223,400		4,735,988
Centre Testing International Group Co. Ltd., Class A		536,800		2,144,331
CGN Power Co. Ltd., Class H^(b)		34,256,000		7,425,673
Changchun High & New Technology Industry Group Inc., Class A		91,194		6,225,928
Changjiang Securities Co. Ltd., Class A		2,755,535		3,431,771
Chaozhou Three-Circle Group Co. Ltd., Class A		371,005		1,515,622
China Aoyuan Group Ltd.		4,617,000		5,325,830
China Cinda Asset Management Co. Ltd., Class H		32,475,000		6,201,557
China CITIC Bank Corp. Ltd., Class A		4,638,099		3,534,873
China CITIC Bank Corp. Ltd., Class H		28,262,800		11,815,445
China Communications Construction Co. Ltd., Class H		17,778,000		9,978,426
China Communications Services Corp. Ltd., Class H		9,276,000		6,092,120
China Conch Venture Holdings Ltd.		6,107,500		26,478,455
China Construction Bank Corp., Class A		2,491,868		2,255,693
China Construction Bank Corp., Class H		351,223,760		248,797,564
China East Education Holdings Ltd.^(b)(c)		1,903,000		4,203,707
China Eastern Airlines Corp. Ltd., Class A		4,431,697		3,267,569
China Eastern Airlines Corp. Ltd., Class H^(c)		3,796,000		1,567,350
China Education Group Holdings Ltd.^(c)		2,398,000		4,715,460
China Everbright Bank Co. Ltd., Class A		9,226,503		5,172,871
China Everbright Bank Co. Ltd., Class H		11,330,000		4,064,102
China Everbright International Ltd.		14,009,813		8,459,956
China Everbright Ltd.		3,688,000		5,681,789
China Evergrande Group		6,863,388		16,029,022
China Feihe Ltd.^(b)		3,595,000		7,282,633


Security	Shares		Value

China (continued)
China Fortune Land Development Co. Ltd., Class A		1,001,435	$	2,456,379
China Galaxy Securities Co. Ltd., Class A		959,100		1,897,433
China Galaxy Securities Co. Ltd., Class H		13,264,500		7,992,776
China Gas Holdings Ltd.		9,632,600		26,411,457
China Greatwall Technology Group Co. Ltd., Class A		824,473		2,131,858
China Hongqiao Group Ltd.		6,913,000		4,459,914
China Huarong Asset Management Co. Ltd., Class H^(b)		36,938,000		4,241,830
China Huishan Dairy Holdings Co. Ltd.^(a)(d)		5,603,350		7
China International Capital Corp. Ltd., Class H^(a)(b)(c)		5,008,000		11,902,655
China Jinmao Holdings Group Ltd.		20,024,000		12,530,906
China Jushi Co. Ltd., Class A		1,299,192		2,816,846
China Lesso Group Holdings Ltd.		3,943,000		7,356,732
China Life Insurance Co. Ltd., Class A		672,512		4,288,901
China Life Insurance Co. Ltd., Class H		27,178,000		66,207,833
China Literature Ltd.^(a)(b)(c)		1,135,600		7,055,236
China Longyuan Power Group Corp. Ltd., Class H		11,766,000		7,423,823
China Medical System Holdings Ltd.		5,240,000		5,916,015
China Mengniu Dairy Co. Ltd.^(a)		10,221,000		50,246,782
China Merchants Bank Co. Ltd., Class A		4,548,089		25,027,554
China Merchants Bank Co. Ltd., Class H		14,290,467		68,224,135
China Merchants Energy Shipping Co. Ltd., Class A		1,786,957		1,685,427
China Merchants Port Holdings Co. Ltd.		5,450,000		6,237,492
China Merchants Securities Co. Ltd., Class A^(a)		1,880,179		5,915,750
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		1,633,890		3,983,847
China Minsheng Banking Corp. Ltd., Class A		9,164,155		7,425,894
China Minsheng Banking Corp. Ltd., Class H		19,770,048		12,040,364
China Mobile Ltd.		22,453,000		156,878,248
China Molybdenum Co. Ltd., Class A		5,151,798		3,219,333
China Molybdenum Co. Ltd., Class H		12,129,000		4,929,756
China National Building Material Co. Ltd., Class H		14,250,000		20,041,548
China National Chemical Engineering Co. Ltd., Class A		3,354,567		2,870,103
China National Nuclear Power Co. Ltd., Class A		4,340,400		2,953,106
China National Software & Service Co. Ltd., Class A		129,399		1,867,355
China Northern Rare Earth Group High-Tech Co. Ltd., Class A^(a)		1,375,154		2,479,600
China Oilfield Services Ltd., Class H		6,446,000		5,065,210
China Overseas Land & Investment Ltd.		14,018,960		40,608,976
China Overseas Property Holdings Ltd.		4,680,000		4,220,976
China Pacific Insurance Group Co. Ltd., Class A		1,440,348		6,481,319
China Pacific Insurance Group Co. Ltd., Class H		10,056,000		27,961,627
China Petroleum & Chemical Corp., Class A^(a)		6,111,289		3,595,847
China Petroleum & Chemical Corp., Class H		87,512,800		40,424,485
China Power International Development Ltd.		16,060,000		3,108,327
China Railway Construction Corp. Ltd., Class A		2,963,520		3,863,871
China Railway Construction Corp. Ltd., Class H		6,904,500		5,309,680
China Railway Group Ltd., Class A		5,143,800		4,205,672
China Railway Group Ltd., Class H		13,222,000		6,790,005
China Railway Signal & Communication Corp. Ltd., Class H^(b)		6,074,000		2,460,902
China Reinsurance Group Corp., Class H		20,014,000		2,143,393
China Resources Beer Holdings Co. Ltd.		5,432,000		35,324,839
China Resources Cement Holdings Ltd.		9,334,000		13,609,311


15		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
China Resources Gas Group Ltd.		3,340,000	$	15,686,922
China Resources Land Ltd.		11,789,333		54,534,117
China Resources Pharmaceutical Group Ltd.^(b)		6,071,000		3,438,861
China Resources Power Holdings Co. Ltd.		7,126,999		8,460,274
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		380,956		1,585,196
China Shenhua Energy Co. Ltd., Class A		1,098,094		2,590,861
China Shenhua Energy Co. Ltd., Class H		12,576,000		20,997,457
China Shipbuilding Industry Co. Ltd., Class A^(a)		5,354,192		3,791,395
China Southern Airlines Co. Ltd., Class A^(a)		2,269,000		1,941,312
China Southern Airlines Co. Ltd., Class H^(a)(c)		6,176,000		3,259,271
China Spacesat Co. Ltd., Class A		294,500		1,696,703
China State Construction Engineering Corp. Ltd., Class A		8,647,671		6,489,715
China State Construction International Holdings Ltd.		7,610,000		5,901,318
China Taiping Insurance Holdings Co. Ltd.		6,124,660		9,736,045
China Telecom Corp. Ltd., Class H		47,700,000		15,632,988
China Tourism Group Duty Free Corp. Ltd., Class A		452,032		13,727,639
China Tower Corp. Ltd., Class H^(b)		160,770,000		30,701,290
China Traditional Chinese Medicine Holdings Co. Ltd.^(a)		9,486,000		4,051,362
China TransInfo Technology Co. Ltd., Class A		560,300		2,000,969
China Unicom Hong Kong Ltd.		22,312,000		15,805,227
China United Network Communications Ltd., Class A		7,014,098		5,314,991
China Vanke Co. Ltd., Class A		2,219,559		8,837,210
China Vanke Co. Ltd., Class H		6,198,631		19,275,370
China Yangtze Power Co. Ltd., Class A		4,924,515		13,876,633
China Yuhua Education Corp Ltd.^(b)		4,270,000		4,093,611
Chongqing Changan Automobile Co. Ltd., Class A^(a)		1,211,787		2,071,794
Chongqing Rural Commercial Bank Co. Ltd., Class H		9,368,000		3,819,653
Chongqing Zhifei Biological Products Co. Ltd., Class A		340,976		6,728,266
CIFI Holdings Group Co. Ltd.		11,064,000		9,422,063
CITIC Ltd.		20,888,000		19,054,878
CITIC Securities Co. Ltd., Class A		2,467,351		11,455,693
CITIC Securities Co. Ltd., Class H^(c)		7,411,000		17,805,181
CNOOC Ltd.		65,366,000		74,389,285
Contemporary Amperex Technology Co. Ltd., Class A		513,329		15,465,487
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		5,954,000		2,742,628
COSCO SHIPPING Holdings Co. Ltd., Class A^(a)		3,175,788		2,522,399
COSCO SHIPPING Holdings Co. Ltd., Class H^(a)		8,392,000		4,212,161
COSCO SHIPPING Ports Ltd.		7,074,000		4,007,001
Country Garden Holdings Co. Ltd.^(c)		28,239,939		35,016,847
Country Garden Services Holdings Co. Ltd.^(c)		4,947,000		34,500,668
CRRC Corp. Ltd., Class A		6,347,320		5,430,644
CRRC Corp. Ltd., Class H		14,804,300		6,685,683
CSC Financial Co. Ltd., Class A		637,397		4,864,361
CSPC Pharmaceutical Group Ltd.^(c)		20,844,800		46,314,904
Dali Foods Group Co. Ltd.^(b)		7,982,000		4,892,099
Daqin Railway Co. Ltd., Class A		3,465,055		3,349,126
Dawning Information Industry Co. Ltd., Class A		378,498		2,497,292
DHC Software Co. Ltd., Class A		887,398		1,510,707
Dongfeng Motor Group Co. Ltd., Class H		10,036,000		6,966,792


Security	Shares		Value

China (continued)
Dongxing Securities Co. Ltd., Class A		239,897	$	467,595
East Money Information Co. Ltd., Class A		1,816,911		6,939,604
ENN Energy Holdings Ltd.		2,938,900		32,611,678
Eve Energy Co. Ltd., Class A		481,153		3,442,954
Everbright Securities Co. Ltd., Class A		1,051,883		3,366,443
Fangda Carbon New Material Co. Ltd., Class A^(a)		555,134		545,477
Far East Horizon Ltd.		8,669,000		7,673,315
Fiberhome Telecommunication Technologies Co. Ltd., Class A		375,590		1,442,225
First Capital Securities Co. Ltd., Class A		1,379,000		2,164,393
Focus Media Information Technology Co. Ltd., Class A		3,593,878		3,956,380
Foshan Haitian Flavouring & Food Co. Ltd., Class A		625,018		16,717,884
Fosun International Ltd.		9,709,500		10,811,789
Founder Securities Co. Ltd., Class A^(a)		2,538,887		3,250,920
Foxconn Industrial Internet Co. Ltd., Class A		1,035,997		2,229,561
Fuyao Glass Industry Group Co. Ltd., Class A		925,072		3,914,148
Fuyao Glass Industry Group Co. Ltd., Class H^(b)		1,530,400		4,926,805
Ganfeng Lithium Co. Ltd., Class A		285,581		2,106,056
GCL System Integration Technology Co. Ltd., Class A^(a)		1,572,900		989,787
GD Power Development Co. Ltd., Class A		9,512,000		2,847,010
GDS Holdings Ltd., ADR^(a)(c)		293,751		23,776,206
Geely Automobile Holdings Ltd.		21,665,000		45,789,140
Gemdale Corp., Class A		1,564,730		3,271,491
Genscript Biotech Corp.^(a)(c)		3,768,000		7,283,038
GF Securities Co. Ltd., Class A		1,557,994		3,678,232
GF Securities Co. Ltd., Class H		4,925,400		5,827,748
Gigadevice Semiconductor Beijing Inc., Class A		115,910		3,376,700
Glodon Co. Ltd., Class A		312,193		3,176,103
GoerTek Inc., Class A		857,600		5,144,986
GOME Retail Holdings Ltd.^(a)(c)		36,114,200		5,172,385
Great Wall Motor Co. Ltd., Class H		11,518,000		12,498,646
Gree Electric Appliances Inc. of Zhuhai, Class A		648,810		5,162,706
Greenland Holdings Corp. Ltd., Class A		2,359,718		2,635,633
Greentown Service Group Co. Ltd.		5,048,000		6,786,986
GSX Techedu Inc., ADR^(a)(c)		218,247		18,638,294
Guangdong Haid Group Co. Ltd., Class A		469,027		4,846,301
Guangdong Investment Ltd.		11,002,110		17,177,155
Guangzhou Automobile Group Co. Ltd., Class H		10,837,838		9,313,368
Guangzhou Baiyun International Airport Co. Ltd., Class A		692,391		1,538,613
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		483,995		2,297,318
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		158,484		2,491,631
Guangzhou R&F Properties Co. Ltd., Class H		4,618,400		5,875,683
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		146,491		2,140,531
Guosen Securities Co. Ltd., Class A		1,652,342		3,379,881
Guotai Junan Securities Co. Ltd., Class A		2,198,140		6,206,906
Guotai Junan Securities Co. Ltd., Class H^(b)		2,094,200		3,269,591
Haidilao International Holding Ltd.^(b)		2,907,000		18,754,476
Haier Electronics Group Co. Ltd.		4,817,000		16,501,790
Haier Smart Home Co. Ltd., Class A		1,457,041		4,743,948
Haitian International Holdings Ltd.		2,546,000		6,162,843
Haitong Securities Co. Ltd., Class A^(a)		1,977,201		4,379,250
Haitong Securities Co. Ltd., Class H^(a)		10,155,600		9,225,037


S C H E D U L E O F I N V E S T M E N T S		16

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		2,071,602	$	11,318,097
Hangzhou Robam Appliances Co. Ltd., Class A		420,564		2,394,749
Hangzhou Tigermed Consulting Co. Ltd., Class A		193,200		3,159,283
Hansoh Pharmaceutical Group Co. Ltd.^(a)(b)		4,252,000		20,162,319
Henan Shuanghui Investment & Development Co. Ltd., Class A		717,700		6,653,957
Hengan International Group Co. Ltd.		2,462,500		19,413,657
Hengli Petrochemical Co. Ltd., Class A		1,438,291		4,416,206
Hengtong Optic-Electric Co. Ltd., Class A		793,253		1,893,620
Hengyi Petrochemical Co. Ltd., Class A		1,462,229		2,657,958
Hithink RoyalFlush Information Network Co. Ltd., Class A		142,300		3,488,756
Hua Hong Semiconductor Ltd.^(a)(b)(c)		1,729,000		6,246,589
Huadong Medicine Co. Ltd., Class A		577,905		2,359,158
Hualan Biological Engineering Inc., Class A		508,476		4,276,183
Huaneng Power International Inc., Class H		15,296,000		6,374,855
Huatai Securities Co. Ltd., Class A		1,677,409		5,243,472
Huatai Securities Co. Ltd., Class H^(b)		5,585,200		9,800,935
Huaxia Bank Co. Ltd., Class A		3,837,380		3,602,542
Huaxin Cement Co. Ltd., Class A		447,906		1,828,468
Huayu Automotive Systems Co. Ltd., Class A		735,368		2,671,274
Huazhu Group Ltd., ADR^(c)		499,387		22,337,581
Hubei Biocause Pharmaceutical Co. Ltd., Class A		2,196,499		1,805,522
Hundsun Technologies Inc., Class A		283,832		4,618,126
Hutchison China MediTech Ltd., ADR^(a)		254,351		8,449,540
HUYA Inc., ADR^(a)(c)		231,766		6,656,320
Iflytek Co. Ltd., Class A		555,975		3,059,460
Industrial & Commercial Bank of China Ltd., Class A		12,964,862		9,388,861
Industrial & Commercial Bank of China Ltd., Class H		219,200,085		122,749,672
Industrial Bank Co. Ltd., Class A		4,539,322		10,710,153
Industrial Securities Co. Ltd., Class A		2,874,151		3,449,409
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A^(a)		15,261,800		2,584,801
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		1,544,000		2,110,019
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		1,301,670		7,970,630
Inner Mongolia Yitai Coal Co. Ltd., Class B		4,309,617		3,016,732
Innovent Biologics Inc.^(a)(b)		3,467,500		23,108,762
Inspur Electronic Information Industry Co. Ltd., Class A		373,590		1,969,091
iQIYI Inc., ADR^(a)(c)		817,917		17,707,903
Jafron Biomedical Co. Ltd., Class A		264,027		2,937,809
JD.com Inc., ADR^(a)		3,119,666		245,330,534
Jiangsu Expressway Co. Ltd., Class H		4,876,000		4,882,197
Jiangsu Hengli Hydraulic Co. Ltd., Class A		405,888		3,882,193
Jiangsu Hengrui Medicine Co. Ltd., Class A		1,257,518		17,418,327
Jiangsu King’s Luck Brewery JSC Ltd., Class A		418,686		3,330,342
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		338,550		6,974,007
Jiangsu Zhongnan Construction Group Co. Ltd., Class A		1,345,087		1,912,814
Jiangxi Copper Co. Ltd., Class A		460,800		1,050,889
Jiangxi Copper Co. Ltd., Class H		5,006,000		5,903,736
Jiangxi Zhengbang Technology Co. Ltd., Class A		658,324		2,388,523
Jinke Properties Group Co. Ltd., Class A		1,965,882		2,933,403


Security	Shares		Value

China (continued)
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		286,925	$	3,418,392
JOYY Inc.^(a)(c)		213,865		18,272,626
Juewei Food Co. Ltd., Class A		211,914		2,914,566
Kaisa Group Holdings Ltd.^(a)		9,472,000		4,766,463
KE Holdings Inc.^(a)		328,449		16,846,149
Kingboard Holdings Ltd.		2,712,500		8,732,331
Kingboard Laminates Holdings Ltd.		4,217,000		5,316,038
Kingdee International Software Group Co. Ltd.^(a)(c)		8,725,000		22,245,505
Kingsoft Corp. Ltd.		3,108,000		16,642,517
Koolearn Technology Holding Ltd.^(a)(b)(c)		900,500		4,310,697
Kunlun Energy Co. Ltd.		14,060,000		10,485,836
Kweichow Moutai Co. Ltd., Class A		281,187		73,343,492
KWG Group Holdings Ltd.		4,830,000		9,186,171
Lee & Man Paper Manufacturing Ltd.		5,198,000		3,112,033
Legend Holdings Corp., Class H^(b)		1,890,400		2,785,542
Lenovo Group Ltd.^(c)		26,288,000		17,570,220
Lens Technology Co. Ltd., Class A		741,900		3,739,207
Lepu Medical Technology Beijing Co. Ltd., Class A		492,235		2,785,605
Li Ning Co. Ltd.		7,685,500		32,526,390
Lingyi iTech Guangdong Co., Class A^(a)		1,440,180		2,514,845
Logan Group Co. Ltd.		5,282,000		9,841,368
Longfor Group Holdings Ltd.^(b)		6,648,000		35,212,273
LONGi Green Energy Technology Co. Ltd., Class A		852,741		7,878,562
Luxshare Precision Industry Co. Ltd., Class A		1,590,446		12,771,589
Luye Pharma Group Ltd.^(b)(c)		6,215,500		3,368,335
Luzhou Laojiao Co. Ltd., Class A		359,939		7,856,578
Maanshan Iron & Steel Co. Ltd., Class A^(a)		6,632,700		2,721,197
Mango Excellent Media Co. Ltd., Class A		460,100		4,769,512
Maxscend Microelectronics Co. Ltd., Class A		32,200		1,847,616
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A^(a)		1,079,480		2,767,594
Meituan Dianping, Class B^(a)(c)		13,081,700		431,434,555
Metallurgical Corp. of China Ltd., Class A		7,613,490		3,134,702
Momo Inc., ADR		561,729		11,459,272
Muyuan Foodstuff Co. Ltd., Class A		862,085		11,051,162
NanJi E-Commerce Co. Ltd., Class A		548,400		1,483,666
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		270,097		1,940,602
Nanjing Securities Co. Ltd., Class A		782,100		1,687,719
NARI Technology Co. Ltd., Class A		1,093,424		3,576,020
NAURA Technology Group Co. Ltd., Class A		119,100		3,204,796
NavInfo Co. Ltd., Class A		688,900		1,653,565
NetEase Inc., ADR		301,528		146,907,457
New China Life Insurance Co. Ltd., Class A		656,892		5,740,126
New China Life Insurance Co. Ltd., Class H		2,811,900		11,229,241
New Hope Liuhe Co. Ltd., Class A		1,008,997		5,598,050
New Oriental Education & Technology Group Inc., ADR^(a)		526,939		77,265,066
Nine Dragons Paper Holdings Ltd.		6,207,000		6,887,634
Ninestar Corp., Class A		323,900		1,727,523
Ningbo Joyson Electronic Corp., Class A		312,900		1,048,916
Ningbo Zhoushan Port Co. Ltd., Class A		187,000		101,293
NIO Inc., ADR^(a)(c)		3,335,765		63,479,608
Noah Holdings Ltd.^(a)(c)		126,166		3,532,648
Offcn Education Technology Co. Ltd., Class A		367,100		1,913,981
OFILM Group Co. Ltd., Class A		748,065		2,065,353
Orient Securities Co. Ltd., Class A		1,562,186		2,693,680
Oriental Pearl Group Co. Ltd., Class A		193,400		301,007


17		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Ovctek China Inc., Class A		251,100	$	2,394,361
People’s Insurance Co. Group of China Ltd. (The), Class A		1,205,400		1,270,667
People’s Insurance Co. Group of China Ltd. (The), Class H		30,540,000		9,969,639
Perfect World Co. Ltd., Class A		533,600		2,852,193
PetroChina Co. Ltd., Class A		2,930,500		1,895,434
PetroChina Co. Ltd., Class H		78,472,000		27,135,599
PICC Property & Casualty Co. Ltd., Class H		24,985,192		19,310,762
Pinduoduo Inc., ADR^(a)(c)		990,418		88,087,777
Ping An Bank Co. Ltd., Class A		4,349,467		9,576,365
Ping An Healthcare and Technology Co. Ltd.^(a)(b)(c)		1,381,900		20,148,604
Ping An Insurance Group Co. of China Ltd., Class A		2,294,084		25,663,435
Ping An Insurance Group Co. of China Ltd., Class H		21,871,500		232,962,243
Poly Developments and Holdings Group Co. Ltd., Class A		2,713,984		6,379,645
Poly Property Services Co. Ltd.^(c)		396,600		3,472,102
Postal Savings Bank of China Co. Ltd., Class H^(b)		34,980,000		16,564,402
Power Construction Corp. of China Ltd., Class A		4,059,500		2,412,294
RiseSun Real Estate Development Co. Ltd., Class A		2,093,400		2,518,505
Rongsheng Petro Chemical Co. Ltd., Class A		1,474,772		4,263,374
SAIC Motor Corp. Ltd., Class A		1,672,206		4,555,801
Sanan Optoelectronics Co. Ltd., Class A		1,012,400		4,011,671
Sangfor Technologies Inc., Class A		87,900		2,823,159
Sany Heavy Industry Co. Ltd., Class A		2,006,752		6,486,862
SDIC Capital Co. Ltd., Class A		1,138,400		2,523,074
SDIC Power Holdings Co. Ltd., Class A		1,830,790		2,421,754
Seazen Group Ltd.^(a)		8,056,000		7,307,430
Seazen Holdings Co. Ltd., Class A		535,373		2,806,172
Semiconductor Manufacturing International Corp.^(a)(c)		12,880,499		41,382,996
SF Holding Co. Ltd., Class A		517,200		6,426,158
SG Micro Corp., Class A		34,900		1,452,988
Shaanxi Coal Industry Co. Ltd., Class A		2,194,170		2,604,499
Shandong Gold Mining Co. Ltd., Class A		919,156		3,890,458
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		9,140,000		21,345,909
Shanghai Baosight Software Co. Ltd., Class A		257,030		2,608,897
Shanghai Construction Group Co. Ltd., Class A		6,107,095		2,835,470
Shanghai Electric Group Co. Ltd., Class A^(a)		359,700		291,997
Shanghai Electric Group Co. Ltd., Class H^(a)		13,170,000		3,874,454
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		614,700		4,920,005
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		1,685,000		7,120,346
Shanghai Industrial Holdings Ltd.		2,208,000		3,316,209
Shanghai International Airport Co. Ltd., Class A		240,298		2,680,445
Shanghai International Port Group Co. Ltd., Class A		3,411,699		2,211,653
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		4,465,006		3,835,440
Shanghai M&G Stationery Inc., Class A		301,137		3,055,711
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		424,700		1,376,571
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		3,357,900		5,987,778


Security	Shares		Value

China (continued)
Shanghai Pudong Development Bank Co. Ltd., Class A		6,262,896	$	9,473,234
Shanghai RAAS Blood Products Co. Ltd., Class A		1,260,800		1,654,890
Shanxi Meijin Energy Co. Ltd., Class A^(a)		1,161,200		1,118,959
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		223,700		6,441,400
Shengyi Technology Co. Ltd., Class A		589,600		2,135,736
Shennan Circuits Co. Ltd., Class A		128,340		2,598,036
Shenwan Hongyuan Group Co. Ltd., Class A		6,922,970		5,700,788
Shenzhen Expressway Co. Ltd., Class H		2,034,000		1,842,375
Shenzhen Goodix Technology Co. Ltd., Class A		93,100		2,432,454
Shenzhen Inovance Technology Co. Ltd., Class A		555,300		4,524,027
Shenzhen International Holdings Ltd.		3,933,000		6,312,977
Shenzhen Investment Ltd.		11,922,000		4,045,710
Shenzhen Kangtai Biological Products Co. Ltd., Class A		173,886		5,026,818
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		225,432		11,271,353
Shenzhen Overseas Chinese Town Co. Ltd., Class A		3,103,000		3,239,300
Shenzhen Sunway Communication Co. Ltd., Class A		285,240		2,582,888
Shenzhou International Group Holdings Ltd.		3,011,900		48,578,092
Shimao Group Holdings Ltd.		4,405,500		19,838,577
Sichuan Chuantou Energy Co. Ltd., Class A		1,957,760		2,864,115
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		522,478		1,887,257
Sichuan Swellfun Co. Ltd., Class A		171,993		1,910,740
Silergy Corp.		277,000		17,606,632
SINA Corp.^(a)		217,138		8,834,260
Sino Biopharmaceutical Ltd.		38,602,750		44,579,087
Sino-Ocean Group Holding Ltd.		12,005,000		2,772,714
Sinopec Engineering Group Co. Ltd., Class H		5,525,000		2,452,340
Sinopec Shanghai Petrochemical Co. Ltd., Class H		14,623,000		3,018,884
Sinopharm Group Co. Ltd., Class H		4,898,400		12,059,311
Sinotruk Hong Kong Ltd.		2,616,500		6,802,768
SOHO China Ltd.^(a)		7,902,500		2,436,982
Songcheng Performance Development Co. Ltd., Class A		999,913		2,610,316
Spring Airlines Co. Ltd., Class A		474,173		3,054,468
SSY Group Ltd.		5,972,000		3,806,595
Sun Art Retail Group Ltd.		9,000,500		11,729,457
Sunac China Holdings Ltd.		9,375,000		39,434,721
Suning.com Co. Ltd., Class A		2,478,738		3,564,759
Sunny Optical Technology Group Co. Ltd.^(c)		2,636,700		39,090,447
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		452,600		1,836,396
TAL Education Group, ADR^(a)		1,397,832		103,173,980
TCL Technology Group Corp., Class A		4,094,355		4,232,355
Tencent Holdings Ltd.		21,019,200		1,438,770,295
Tencent Music Entertainment Group, ADR^(a)(c)		1,342,575		20,984,447
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		768,193		2,430,483
Tianma Microelectronics Co. Ltd., Class A		749,179		1,797,159
Tianqi Lithium Corp., Class A^(a)		430,704		1,427,474
Tingyi Cayman Islands Holding Corp.		7,402,000		13,905,940
Tongcheng-Elong Holdings Ltd.^(a)		3,046,000		5,973,975
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		724,900		1,506,074
Tongwei Co. Ltd., Class A		964,984		3,437,742


S C H E D U L E O F I N V E S T M E N T S		18

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Topchoice Medical Corp., Class A^(a)		115,100	$	3,802,805
Topsports International Holdings Ltd.^(b)		4,481,000		5,544,769
Transfar Zhilian Co. Ltd., Class A		1,324,798		1,168,288
TravelSky Technology Ltd., Class H		3,595,000		7,477,455
Trip.com Group Ltd., ADR^(a)(c)		1,740,072		52,619,777
Tsingtao Brewery Co. Ltd., Class A		282,900		3,608,352
Tsingtao Brewery Co. Ltd., Class H		1,388,000		12,643,988
Unigroup Guoxin Microelectronics Co. Ltd., Class A		165,300		3,024,038
Uni-President China Holdings Ltd.		5,069,000		4,617,606
Unisplendour Corp. Ltd., Class A		623,788		2,987,268
Venustech Group Inc., Class A		343,503		1,912,822
Vinda International Holdings Ltd.		1,296,000		4,431,398
Vipshop Holdings Ltd., ADR^(a)(c)		1,634,880		26,991,869
Walvax Biotechnology Co. Ltd., Class A		400,594		3,713,996
Wanda Film Holding Co. Ltd., Class A^(a)		359,752		973,289
Wanhua Chemical Group Co. Ltd., Class A		733,791		7,852,002
Want Want China Holdings Ltd.		19,000,000		13,042,328
Weibo Corp., ADR^(a)(c)		208,164		7,764,517
Weichai Power Co. Ltd., Class A		1,487,644		3,218,923
Weichai Power Co. Ltd., Class H		7,235,800		14,620,701
Wens Foodstuffs Group Co. Ltd., Class A		1,433,590		5,165,751
Western Securities Co. Ltd., Class A		251,380		358,215
Wharf Holdings Ltd. (The)		5,112,000		9,973,154
Will Semiconductor Ltd., Class A		137,300		3,364,368
Wingtech Technology Co. Ltd., Class A		208,300		4,198,754
Winning Health Technology Group Co. Ltd., Class A		658,524		2,038,313
Wuhan Guide Infrared Co. Ltd., Class A		403,090		2,258,173
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		528,588		3,518,441
Wuliangye Yibin Co. Ltd., Class A		896,428		31,411,594
WUS Printed Circuit Kunshan Co. Ltd., Class A		462,883		1,421,937
WuXi AppTec Co. Ltd., Class A		547,608		8,787,601
WuXi AppTec Co. Ltd., Class H^(b)		908,092		13,451,219
Wuxi Biologics Cayman Inc.^(a)(b)		3,665,500		95,253,860
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		280,025		1,837,356
XCMG Construction Machinery Co. Ltd., Class A		3,397,169		3,080,151
Xiaomi Corp., Class B^(a)(b)		38,663,800		117,236,350
Xinhu Zhongbao Co. Ltd., Class A		2,395,950		1,231,356
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		1,677,793		2,675,003
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		1,873,046		1,611,997
Xinyi Solar Holdings Ltd.		14,870,000		18,783,804
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		330,098		1,650,695
Yanzhou Coal Mining Co. Ltd., Class H		6,562,800		5,055,375
Yealink Network Technology Corp. Ltd., Class A		224,980		1,850,978
Yifeng Pharmacy Chain Co. Ltd., Class A		192,159		2,828,034
Yihai International Holding Ltd.^(a)		1,779,000		27,958,452
Yonghui Superstores Co. Ltd., Class A		2,337,900		3,031,114
Yonyou Network Technology Co. Ltd., Class A		789,351		4,830,045
Yuexiu Property Co. Ltd.		24,942,000		4,763,025
Yum China Holdings Inc.^(a)		1,323,194		76,361,526
Yunda Holding Co. Ltd., Class A		643,704		1,952,968
Yunnan Baiyao Group Co. Ltd., Class A		326,101		5,509,172
Yunnan Energy New Material Co. Ltd., Class A		162,700		1,857,861
Yuzhou Group Holdings Co. Ltd.		6,987,000		3,263,542
Zai Lab Ltd., ADR^(a)(c)		193,006		15,318,886


Security	Shares		Value

China (continued)
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		158,250	$	5,819,240
Zhaojin Mining Industry Co. Ltd., Class H		4,172,000		4,672,550
Zhejiang Century Huatong Group Co. Ltd., Class A^(a)		1,111,378		1,796,275
Zhejiang Chint Electrics Co. Ltd., Class A^(a)		803,923		4,045,936
Zhejiang Dahua Technology Co. Ltd., Class A		1,065,684		3,556,870
Zhejiang Expressway Co. Ltd., Class H		5,902,000		3,982,821
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		341,394		2,186,688
Zhejiang Huayou Cobalt Co. Ltd., Class A^(a)		285,694		1,675,167
Zhejiang Longsheng Group Co. Ltd., Class A		725,700		1,520,451
Zhejiang NHU Co. Ltd., Class A		833,878		3,989,719
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		1,061,917		3,503,986
Zhejiang Supor Co. Ltd., Class A		240,082		2,970,726
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		172,647		1,506,374
Zhengzhou Yutong Bus Co. Ltd., Class A		1,003,467		2,081,903
Zhenro Properties Group Ltd.^(c)		5,151,000		3,010,784
Zheshang Securities Co. Ltd., Class A		654,700		1,422,357
ZhongAn Online P&C Insurance Co. Ltd., Class H^(a)(b)		1,396,400		9,198,044
Zhongji Innolight Co. Ltd., Class A		163,600		1,414,300
Zhongsheng Group Holdings Ltd.		2,135,000		13,333,161
Zhuzhou CRRC Times Electric Co. Ltd., Class H		2,057,000		6,608,814
Zijin Mining Group Co. Ltd., Class A		5,039,700		5,290,502
Zijin Mining Group Co. Ltd., Class H		20,798,000		14,196,037
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A^(a)		1,670,468		2,077,979
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H^(a)		5,142,600		5,149,136
ZTE Corp., Class A		855,000		4,868,487
ZTE Corp., Class H		2,834,200		8,246,448
ZTO Express Cayman Inc., ADR		1,385,628		46,460,107

				10,077,856,533

Colombia — 0.1%
Bancolombia SA		881,176		6,109,519
Ecopetrol SA		18,517,392		10,814,215
Grupo de Inversiones Suramericana SA		978,862		5,481,656
Interconexion Electrica SA ESP		1,697,617		9,479,544

				31,884,934

Czech Republic — 0.1%
CEZ AS		576,118		11,891,644
Komercni Banka AS^(a)		280,300		6,761,641
Moneta Money Bank AS^(b)		1,882,725		4,755,903

				23,409,188

Egypt — 0.1%
Commercial International Bank Egypt SAE		5,440,898		23,195,046
Eastern Co. SAE		4,643,222		3,726,295
EISewedy Electric Co.		3,669,043		1,738,455

				28,659,796

Greece — 0.1%
FF Group^(a)(d)		246,892		2,953
Hellenic Telecommunications Organization SA		872,163		14,289,974
JUMBO SA		419,090		7,292,618
Motor Oil Hellas Corinth Refineries SA		251,798		3,538,371
OPAP SA		732,748		6,730,217

				31,854,133


19		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hungary — 0.2%
MOL Hungarian Oil & Gas PLC^(a)		1,554,135	$	8,777,231
OTP Bank Nyrt^(a)		829,203		28,053,649
Richter Gedeon Nyrt		547,285		13,407,344

				50,238,224

India — 8.0%
Adani Ports & Special Economic Zone Ltd.		1,851,024		8,946,124
Ambuja Cements Ltd.		2,396,936		6,856,297
Asian Paints Ltd.		1,044,639		26,952,062
Aurobindo Pharma Ltd.		1,048,239		11,519,485
Avenue Supermarts Ltd.^(a)(b)		571,378		17,475,321
Axis Bank Ltd.^(a)		8,324,708		56,180,399
Bajaj Auto Ltd.		260,715		10,509,003
Bajaj Finance Ltd.		664,043		31,464,853
Bajaj Finserv Ltd.		142,798		12,009,233
Bandhan Bank Ltd.^(a)(b)		2,692,461		11,185,743
Berger Paints India Ltd.		857,865		6,266,671
Bharat Forge Ltd.		805,307		5,374,001
Bharat Petroleum Corp. Ltd.		2,419,264		13,403,198
Bharti Airtel Ltd.		4,722,030		32,916,124
Bharti Infratel Ltd.		1,249,058		3,369,228
Biocon Ltd.^(a)		977,390		4,994,671
Bosch Ltd.		25,331		4,409,760
Britannia Industries Ltd.		217,637		11,016,898
Cipla Ltd.		1,283,921		12,446,311
Coal India Ltd.		4,400,935		8,032,682
Colgate-Palmolive India Ltd.		233,852		4,331,063
Container Corp. of India Ltd.		808,120		4,314,658
Dabur India Ltd.		1,958,774		12,629,612
Divi’s Laboratories Ltd.		304,618		12,923,426
DLF Ltd.		2,180,312		4,690,451
Dr. Reddy’s Laboratories Ltd.		425,749		24,667,211
Eicher Motors Ltd.		490,320		13,935,393
GAIL India Ltd.		5,841,470		7,590,756
Godrej Consumer Products Ltd.		1,488,230		13,168,280
Grasim Industries Ltd.		1,093,576		10,026,149
Havells India Ltd.		924,262		7,729,232
HCL Technologies Ltd.		3,985,663		37,600,032
HDFC Asset Management Co. Ltd.^(b)		153,928		5,041,674
HDFC Life Insurance Co. Ltd.^(a)(b)		2,568,371		20,056,375
Hero MotoCorp Ltd.		360,693		14,730,309
Hindalco Industries Ltd.		4,254,208		10,706,681
Hindustan Petroleum Corp. Ltd.		2,251,452		6,164,863
Hindustan Unilever Ltd.		3,016,508		86,771,093
Housing Development Finance Corp. Ltd.		6,028,202		150,083,660
ICICI Bank Ltd.^(a)		18,769,627		100,621,469
ICICI Lombard General Insurance Co. Ltd.^(b)		738,131		12,602,102
ICICI Prudential Life Insurance Co. Ltd.^(b)		1,257,235		7,218,971
Indian Oil Corp. Ltd.		6,756,390		7,875,533
Indraprastha Gas Ltd.^(a)		753,041		4,035,418
Info Edge India Ltd.		224,514		9,954,626
Infosys Ltd.		12,491,922		157,592,620
InterGlobe Aviation Ltd.^(a)(b)		342,460		5,579,063
ITC Ltd.		10,855,398		28,182,815
JSW Steel Ltd.		3,091,903		11,333,022
Jubilant Foodworks Ltd.		273,336		7,787,054
Larsen & Toubro Ltd.		1,654,446		21,239,259
LIC Housing Finance Ltd.		1,081,568		4,427,218
Lupin Ltd.		825,308		10,399,952
Mahindra & Mahindra Ltd.		2,772,527		22,859,717
Marico Ltd.		1,633,876		8,188,525


Security	Shares		Value

India (continued)
Maruti Suzuki India Ltd.		436,540	$	40,565,320
Motherson Sumi Systems Ltd.		3,405,225		5,074,934
Nestle India Ltd.		85,776		18,586,266
NTPC Ltd.		8,435,019		11,046,916
Oil & Natural Gas Corp. Ltd.		9,100,831		10,132,298
Page Industries Ltd.		20,632		5,322,205
Petronet LNG Ltd.		2,372,115		7,745,649
Pidilite Industries Ltd.		454,176		8,655,614
Piramal Enterprises Ltd.		350,374		6,508,391
Power Grid Corp. of India Ltd.		6,618,596		16,090,721
REC Ltd.		2,530,279		3,648,937
Reliance Industries Ltd.		10,462,932		295,760,929
SBI Life Insurance Co. Ltd.^(a)(b)		1,452,955		16,339,143
Shree Cement Ltd.		32,260		8,889,442
Shriram Transport Finance Co. Ltd.		347,342		3,314,749
Siemens Ltd.		252,967		3,986,058
State Bank of India^(a)		6,513,327		18,759,302
Sun Pharmaceutical Industries Ltd.		3,101,187		21,918,861
Tata Consultancy Services Ltd.		3,290,522		100,907,255
Tata Consumer Products Ltd.		1,577,203		11,406,773
Tata Motors Ltd.^(a)		6,024,368		11,720,130
Tata Steel Ltd.		1,224,409		6,869,965
Tech Mahindra Ltd.		1,689,374		17,006,774
Titan Co. Ltd.		1,123,939		16,803,924
Torrent Pharmaceuticals Ltd.		179,831		6,502,574
UltraTech Cement Ltd.		417,573		22,146,417
United Spirits Ltd.^(a)		1,102,193		8,185,495
UPL Ltd.		1,848,899		12,708,630
Vedanta Ltd.		6,781,802		11,853,124
Wipro Ltd.		4,180,701		15,409,084
Zee Entertainment Enterprises Ltd.		3,151,248		8,714,282

				1,914,966,508

Indonesia — 1.4%
Ace Hardware Indonesia Tbk PT		15,303,900		1,623,658
Adaro Energy Tbk PT		54,984,700		4,096,714
Astra International Tbk PT		73,673,200		25,801,430
Bank Central Asia Tbk PT		36,287,600		78,181,868
Bank Mandiri Persero Tbk PT		68,454,100		27,969,229
Bank Negara Indonesia Persero Tbk PT		27,444,176		9,611,351
Bank Rakyat Indonesia Persero Tbk PT		203,500,610		49,049,761
Barito Pacific Tbk PT^(a)		99,649,100		5,748,000
Charoen Pokphand Indonesia Tbk PT^(a)		27,570,545		11,927,515
Gudang Garam Tbk PT^(a)		1,783,400		5,817,099
Hanjaya Mandala Sampoerna Tbk PT		34,021,200		3,854,763
Indah Kiat Pulp & Paper Corp. Tbk PT		10,351,300		6,610,616
Indocement Tunggal Prakarsa Tbk PT		5,865,200		4,782,781
Indofood CBP Sukses Makmur Tbk PT		8,491,100		5,961,991
Indofood Sukses Makmur Tbk PT		16,047,700		8,402,658
Kalbe Farma Tbk PT		79,155,415		8,588,193
Perusahaan Gas Negara Tbk PT		40,068,700		3,453,131
Semen Indonesia Persero Tbk PT		11,042,300		7,999,743
Telekomunikasi Indonesia Persero Tbk PT		179,736,300		35,299,284
Unilever Indonesia Tbk PT		27,825,300		15,715,920
United Tractors Tbk PT		6,218,053		9,820,787
XL Axiata Tbk PT		13,076,900		2,191,082

				332,507,574

Malaysia — 1.7%
AMMB Holdings Bhd		6,530,175		4,577,628
Axiata Group Bhd		10,384,900		7,504,153


S C H E D U L E O F I N V E S T M E N T S		20

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Malaysia (continued)
Carlsberg Brewery Malaysia Bhd		564,000	$	2,954,382
CIMB Group Holdings Bhd^(c)		21,380,200		16,937,861
Dialog Group Bhd		14,283,712		12,310,293
DiGi.Com Bhd		11,723,400		11,116,896
Fraser & Neave Holdings Bhd		525,000		3,859,201
Gamuda Bhd		6,582,100		5,372,498
Genting Bhd		8,230,100		6,934,978
Genting Malaysia Bhd		11,285,200		6,176,991
Genting Plantations Bhd		1,161,600		2,771,889
HAP Seng Consolidated Bhd		2,348,400		4,059,172
Hartalega Holdings Bhd		6,205,200		24,609,268
Hong Leong Bank Bhd		2,511,900		8,442,348
Hong Leong Financial Group Bhd		913,300		2,705,587
IHH Healthcare Bhd		8,374,600		10,776,103
IJM Corp. Bhd		183,800		52,949
IOI Corp. Bhd		7,740,520		8,287,773
Kossan Rubber Industries		2,167,500		8,315,124
Kuala Lumpur Kepong Bhd		1,668,600		9,077,056
Malayan Banking Bhd		14,414,500		25,365,091
Malaysia Airports Holdings Bhd		3,991,900		4,887,454
Maxis Bhd^(c)		8,908,600		10,693,314
MISC Bhd		4,720,100		8,623,205
Nestle Malaysia Bhd		267,700		8,945,826
Petronas Chemicals Group Bhd		8,992,000		11,786,417
Petronas Dagangan Bhd		1,009,300		4,991,377
Petronas Gas Bhd		2,700,800		10,698,164
PPB Group Bhd		2,345,760		10,136,521
Press Metal Aluminium Holdings Bhd		5,560,200		6,954,421
Public Bank Bhd		10,760,530		42,416,973
QL Resources Bhd		2,336,100		5,383,882
RHB Bank Bhd		5,954,125		6,546,607
Sime Darby Bhd		10,111,773		5,316,236
Sime Darby Plantation Bhd		8,141,373		9,967,832
Supermax Corp. Bhd^(a)		2,568,600		13,652,336
Telekom Malaysia Bhd^(c)		4,264,400		4,248,532
Tenaga Nasional Bhd		8,203,750		21,388,243
Top Glove Corp. Bhd		5,698,300		35,950,384
Westports Holdings Bhd		3,610,400		3,163,596
YTL Corp. Bhd^(a)		11,620,989		1,869,178

				409,827,739

Mexico — 1.6%
Alfa SAB de CV, Class A		10,842,700		6,970,519
America Movil SAB de CV, Series L, NVS		123,286,900		74,864,429
Arca Continental SAB de CV		1,587,436		7,240,873
Becle SAB de CV		1,533,000		2,928,572
Cemex SAB de CV, CPO, NVS		55,836,473		17,909,716
Coca-Cola Femsa SAB de CV		1,884,003		7,902,379
Fibra Uno Administracion SA de CV		11,647,700		9,089,953
Fomento Economico Mexicano SAB de CV		7,113,100		41,392,873
Gruma SAB de CV, Class B		792,770		9,374,797
Grupo Aeroportuario del Pacifico SAB de CV, Class B		1,410,300		10,966,136
Grupo Aeroportuario del Sureste SAB de CV, Class B^(a)(c)		773,235		8,761,163
Grupo Bimbo SAB de CV, Series A^(c)		5,878,500		10,856,665
Grupo Carso SAB de CV, Series A1		1,774,241		3,502,922
Grupo Financiero Banorte SAB de CV, Class O^(a)		9,551,356		33,023,445
Grupo Financiero Inbursa SAB de CV, Class O^(a)(c)		8,622,300		6,307,367
Grupo Mexico SAB de CV, Series B		11,415,388		30,460,507


Security	Shares		Value

Mexico (continued)
Grupo Televisa SAB, CPO^(a)		8,820,200	$	10,889,235
Industrias Penoles SAB de CV		518,673		8,651,265
Infraestructura Energetica Nova SAB de CV		2,002,100		5,862,862
Kimberly-Clark de Mexico SAB de CV, Class A		5,607,200		9,008,003
Megacable Holdings SAB de CV, CPO		1,164,560		3,351,715
Orbia Advance Corp. SAB de CV		3,891,334		6,251,453
Promotora y Operadora de Infraestructura SAB de CV^(a)(c)		865,905		6,436,326
Wal-Mart de Mexico SAB de CV		18,836,400		45,210,458

				377,213,633

Pakistan — 0.0%
Habib Bank Ltd.^(a)		2,354,165		1,911,191
MCB Bank Ltd.^(a)		1,637,146		1,690,968
Oil & Gas Development Co. Ltd.		2,671,630		1,850,986

				5,453,145

Peru — 0.3%
Cia. de Minas Buenaventura SAA, ADR		805,741		11,344,833
Credicorp Ltd.		247,489		32,292,365
Southern Copper Corp.		312,727		15,042,169

				58,679,367

Philippines — 0.7%
Aboitiz Equity Ventures Inc.		7,379,120		7,305,306
Aboitiz Power Corp.		5,251,564		2,886,546
Ayala Corp.		1,055,296		15,964,930
Ayala Land Inc.		28,102,900		16,693,071
Bank of the Philippine Islands		3,283,924		4,537,958
BDO Unibank Inc.		7,394,521		13,115,991
Globe Telecom Inc.		124,310		5,353,394
GT Capital Holdings Inc.		360,342		2,972,812
International Container Terminal Services Inc.		3,674,900		7,958,431
JG Summit Holdings Inc.		10,681,454		14,165,567
Jollibee Foods Corp.		1,674,579		4,666,095
Manila Electric Co.		802,850		4,454,298
Megaworld Corp.^(a)		41,987,900		2,520,053
Metro Pacific Investments Corp.		53,871,500		3,733,283
Metropolitan Bank & Trust Co.		6,428,165		4,441,446
PLDT Inc.		318,163		9,705,333
Puregold Price Club Inc.		2,725,270		3,035,260
Robinsons Land Corp.		7,974,506		2,404,605
SM Investments Corp.		908,107		15,920,201
SM Prime Holdings Inc.		37,785,425		22,756,201
Universal Robina Corp.		3,308,760		9,403,880

				173,994,661

Poland — 0.7%
Bank Polska Kasa Opieki SA^(a)		673,808		9,606,018
CD Projekt SA^(a)		249,723		29,849,269
Cyfrowy Polsat SA^(a)		974,271		7,637,904
Dino Polska SA^(a)(b)		183,234		11,168,206
Grupa Lotos SA		347,705		3,834,797
KGHM Polska Miedz SA^(a)		512,724		19,126,434
LPP SA^(a)		4,838		9,475,414
mBank SA^(a)		54,370		2,787,749
Orange Polska SA^(a)		2,468,852		4,862,263
PGE Polska Grupa Energetyczna SA^(a)		3,097,452		5,098,040
Polski Koncern Naftowy ORLEN SA		1,101,611		15,206,439
Polskie Gornictwo Naftowe i Gazownictwo SA		6,373,105		8,911,976
Powszechna Kasa Oszczednosci Bank Polski SA^(a)		3,200,289		18,816,763
Powszechny Zaklad Ubezpieczen SA^(a)		2,184,514		16,178,939


21		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Poland (continued)
Santander Bank Polska SA^(a)		129,858	$	5,362,742

				167,922,953

Qatar — 0.8%
Barwa Real Estate Co.		7,018,511		6,518,759
Commercial Bank PSQC (The)		7,545,834		8,535,165
Industries Qatar QSC		6,602,655		17,726,938
Masraf Al Rayan QSC		13,930,676		15,817,813
Mesaieed Petrochemical Holding Co.		16,444,205		9,492,638
Ooredoo QPSC		3,089,576		5,553,245
Qatar Electricity & Water Co. QSC		1,973,329		9,242,004
Qatar Fuel QSC		1,875,552		9,396,911
Qatar International Islamic Bank QSC		1,916,940		4,468,075
Qatar Islamic Bank SAQ		4,382,357		19,092,638
Qatar National Bank QPSC		16,571,311		81,220,857

				187,065,043

Russia — 3.1%
Alrosa PJSC		9,336,080		8,274,717
Gazprom PJSC		40,567,049		98,976,816
Gazprom PJSC, ADR		1,391,486		6,770,971
Inter RAO UES PJSC		135,515,000		9,513,593
LUKOIL PJSC		1,534,863		102,986,393
Magnit PJSC, GDR^(e)		1,328,469		19,488,640
Magnitogorsk Iron & Steel Works PJSC		8,272,000		4,193,477
MMC Norilsk Nickel PJSC		232,377		60,391,764
Mobile TeleSystems PJSC, ADR		1,697,697		15,822,536
Moscow Exchange MICEX-RTS PJSC		5,002,920		9,229,688
Novatek PJSC, GDR^(e)		337,838		50,033,808
Novolipetsk Steel PJSC		4,358,810		9,077,685
PhosAgro PJSC, GDR, Registered Shares^(e)		475,120		5,663,430
Polymetal International PLC		866,089		23,128,244
Polyus PJSC		123,418		29,978,631
Rosneft Oil Co. PJSC		4,318,797		21,681,255
Rosneft Oil Co. PJSC, GDR^(e)		43,520		221,082
Sberbank of Russia PJSC^(a)		39,342,681		119,508,918
Severstal PAO		734,218		9,210,603
Surgutneftegas PJSC		21,401,560		10,553,330
Surgutneftegas PJSC, ADR		578,751		2,875,235
Tatneft PJSC		5,235,339		38,485,447
VTB Bank PJSC^(a)		12,032,231,998		5,694,427
X5 Retail Group NV, GDR^(e)		459,415		16,538,671
Yandex NV, Class A^(a)		856,977		59,757,626

				738,056,987

Saudi Arabia — 2.7%
Abdullah Al Othaim Markets Co.		130,281		4,335,231
Advanced Petrochemical Co.		338,692		4,975,917
Al Rajhi Bank		4,503,439		77,930,166
Alinma Bank^(a)		3,971,808		16,414,837
Almarai Co. JSC		937,777		13,427,355
Arab National Bank		2,091,507		11,577,194
Bank AlBilad		1,338,652		8,573,483
Bank Al-Jazira		1,745,347		6,077,732
Banque Saudi Fransi		2,128,705		18,134,390
Bupa Arabia for Cooperative Insurance Co.^(a)		221,592		7,326,430
Co for Cooperative Insurance (The)^(a)		212,703		4,480,406
Dar Al Arkan Real Estate Development Co.^(a)		2,186,499		4,728,101
Emaar Economic City^(a)		1,357,733		2,921,491
Etihad Etisalat Co.^(a)		1,532,395		10,950,202
Jarir Marketing Co.		207,484		9,039,685
National Commercial Bank^(a)		5,428,751		53,846,748


Security	Shares		Value

Saudi Arabia (continued)
National Industrialization Co.^(a)		1,287,690	$	4,058,312
Rabigh Refining & Petrochemical Co.^(a)		836,977		3,186,826
Riyad Bank		4,846,395		24,784,721
Sahara International Petrochemical Co.		1,295,180		5,497,811
Samba Financial Group		3,756,064		27,591,239
Saudi Airlines Catering Co.		121,795		2,601,229
Saudi Arabian Fertilizer Co.		699,883		15,470,224
Saudi Arabian Mining Co.^(a)		1,626,545		17,087,516
Saudi Arabian Oil Co.^(b)		7,680,142		72,799,010
Saudi Basic Industries Corp.		3,323,719		77,987,247
Saudi British Bank (The)		2,571,582		18,410,318
Saudi Cement Co.		259,184		3,890,749
Saudi Electricity Co.		3,171,956		13,464,395
Saudi Industrial Investment Group		771,514		4,505,101
Saudi Kayan Petrochemical Co.^(a)		3,102,010		7,510,099
Saudi Telecom Co.		2,213,905		56,669,168
Savola Group (The)		969,075		12,557,705
Yanbu National Petrochemical Co.		902,662		12,876,433

				635,687,471

South Africa — 3.5%
Absa Group Ltd.		2,622,810		11,959,688
Anglo American Platinum Ltd.		202,273		15,093,778
AngloGold Ashanti Ltd.		1,548,228		45,206,019
Aspen Pharmacare Holdings Ltd.^(a)		1,451,370		11,640,088
Bid Corp. Ltd.		1,252,734		20,698,164
Bidvest Group Ltd. (The)		1,013,325		8,141,292
Capitec Bank Holdings Ltd.^(c)		255,448		12,590,516
Clicks Group Ltd.		921,022		12,504,099
Discovery Ltd.		1,495,967		10,687,339
Exxaro Resources Ltd.		942,969		7,635,593
FirstRand Ltd.		17,508,974		39,118,404
Gold Fields Ltd.		3,265,236		42,223,286
Growthpoint Properties Ltd.		10,484,802		7,556,670
Harmony Gold Mining Co. Ltd.^(a)		1,866,823		12,188,551
Impala Platinum Holdings Ltd.		2,975,014		27,459,777
Kumba Iron Ore Ltd.		236,851		7,423,766
Life Healthcare Group Holdings Ltd.		5,116,115		4,994,941
Momentum Metropolitan Holdings		3,561,153		3,186,724
Mr. Price Group Ltd.		958,978		6,559,514
MTN Group Ltd.		6,240,136		22,494,509
MultiChoice Group Ltd.^(a)		1,619,331		9,261,240
Naspers Ltd., Class N		1,598,346		291,789,838
Nedbank Group Ltd.		1,362,150		7,718,012
NEPI Rockcastle PLC		1,478,499		6,919,807
Northam Platinum Ltd.^(a)		1,334,890		12,611,179
Old Mutual Ltd.		17,615,937		11,635,643
Pepkor Holdings Ltd.^(b)		2,566,982		1,469,769
Pick n Pay Stores Ltd.		61,507		151,505
Rand Merchant Investment Holdings Ltd.		2,970,728		5,272,916
Reinet Investments SCA		567,633		10,826,449
Remgro Ltd.		1,891,470		9,816,161
Sanlam Ltd.		6,812,653		22,109,329
Sasol Ltd.^(a)		2,078,239		16,998,839
Shoprite Holdings Ltd.		1,814,361		11,834,244
Sibanye Stillwater Ltd.^(a)		8,471,448		25,647,492
SPAR Group Ltd. (The)		697,362		6,654,500
Standard Bank Group Ltd.		4,711,509		29,365,498
Tiger Brands Ltd.		589,502		6,000,019
Vodacom Group Ltd.		2,323,482		17,537,292


S C H E D U L E O F I N V E S T M E N T S		22

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Africa (continued)
Woolworths Holdings Ltd.		3,586,008	$	6,729,090

				839,711,540

South Korea — 10.8%
Alteogen Inc.^(a)		63,509		11,173,820
Amorepacific Corp.		118,157		16,710,477
AMOREPACIFIC Group		108,975		4,678,614
BGF retail Co. Ltd.		30,264		3,248,304
BNK Financial Group Inc.		1,037,991		4,438,921
Celltrion Healthcare Co. Ltd.^(a)		251,761		21,214,981
Celltrion Inc.^(a)(c)		347,940		86,992,323
Celltrion Pharm Inc.^(a)		57,994		5,423,970
Cheil Worldwide Inc.		267,934		4,116,336
CJ CheilJedang Corp.		30,743		10,533,211
CJ Corp.		54,910		3,744,179
CJ ENM Co. Ltd.		41,099		4,106,786
CJ Logistics Corp.^(a)		33,715		4,299,876
Coway Co. Ltd.^(a)		181,557		12,196,522
Daelim Industrial Co. Ltd.		101,937		7,457,130
Daewoo Engineering & Construction Co. Ltd.^(a)		8,037		19,925
Daewoo Shipbuilding & Marine Engineering Co. Ltd.^(a)		140,201		2,614,237
DB Insurance Co. Ltd.		185,007		6,798,178
Doosan Bobcat Inc.		187,905		4,160,200
Douzone Bizon Co. Ltd.		71,060		6,041,805
E-MART Inc.		70,543		7,126,155
Fila Holdings Corp.		184,040		5,376,032
GS Engineering & Construction Corp.		219,932		4,573,045
GS Holdings Corp.		189,189		5,176,061
GS Retail Co. Ltd.		100,051		2,775,217
Hana Financial Group Inc.		1,103,288		26,191,364
Hankook Tire & Technology Co. Ltd.		272,547		6,768,361
Hanmi Pharm Co. Ltd.		24,499		6,321,192
Hanon Systems		688,305		7,474,648
Hanwha Corp.		141,429		3,274,095
Hanwha Solutions Corp.		390,269		13,125,050
HLB Inc.^(a)(c)		162,481		11,872,507
Hotel Shilla Co. Ltd.^(c)		116,109		6,871,338
Hyundai Department Store Co. Ltd.		672		30,378
Hyundai Engineering & Construction Co. Ltd.		287,623		7,808,605
Hyundai Glovis Co. Ltd.		70,129		8,589,755
Hyundai Heavy Industries Holdings Co. Ltd.		36,117		6,871,321
Hyundai Marine & Fire Insurance Co. Ltd.		231,863		4,313,639
Hyundai Mobis Co. Ltd.^(a)		245,315		46,258,574
Hyundai Motor Co.^(a)		545,003		80,977,380
Hyundai Steel Co.		319,192		6,744,439
Industrial Bank of Korea		933,628		6,358,322
Kakao Corp.		207,638		71,141,229
Kangwon Land Inc.		420,089		7,302,667
KB Financial Group Inc.		1,453,646		45,093,741
Kia Motors Corp.		964,865		34,479,770
KMW Co. Ltd.^(a)(c)		97,976		6,301,344
Korea Aerospace Industries Ltd.^(c)		276,360		5,222,899
Korea Electric Power Corp.^(a)		936,728		16,165,438
Korea Gas Corp.		100,922		2,005,017
Korea Investment Holdings Co. Ltd.		155,891		7,992,055
Korea Shipbuilding & Offshore Engineering Co. Ltd.^(a)		142,678		10,353,433
Korea Zinc Co. Ltd.		31,935		10,713,105
Korean Air Lines Co. Ltd.^(a)		288,959		4,293,397
KT&G Corp.		425,547		29,769,304


Security	Shares		Value

South Korea (continued)
Kumho Petrochemical Co. Ltd.		68,546	$	5,799,203
LG Chem Ltd.		168,391		104,898,847
LG Corp.		344,625		23,992,329
LG Display Co. Ltd.^(a)		857,763		10,542,419
LG Electronics Inc.		386,980		27,429,679
LG Household & Health Care Ltd.		34,410		42,668,516
LG Innotek Co. Ltd.		53,979		6,588,901
LG Uplus Corp.		726,453		7,307,950
Lotte Chemical Corp.^(c)		63,212		10,083,908
Lotte Corp.		99,262		2,506,827
Lotte Shopping Co. Ltd.		41,398		2,648,580
Meritz Securities Co. Ltd.		1,002,331		2,704,328
Mirae Asset Daewoo Co. Ltd.		1,151,713		9,016,694
NAVER Corp.		455,693		123,714,953
NCSoft Corp.		61,091		42,427,877
Netmarble Corp.^(a)(b)(c)		81,196		11,380,700
NH Investment & Securities Co. Ltd.		457,789		3,452,975
Orion Corp./Republic of Korea		90,110		10,657,846
Ottogi Corp.		5,201		2,635,745
Pan Ocean Co. Ltd.^(a)		1,033,319		2,953,210
Pearl Abyss Corp.^(a)(c)		23,422		3,588,521
POSCO		270,851		42,067,522
POSCO Chemical Co. Ltd.		81,791		6,127,956
Posco International Corp.		182,200		2,085,967
S-1 Corp.		66,199		4,859,460
Samsung Biologics Co. Ltd.^(a)(b)		61,233		40,103,775
Samsung C&T Corp.		310,836		28,260,197
Samsung Card Co. Ltd.		111,382		2,695,709
Samsung Electro-Mechanics Co. Ltd.		206,858		21,680,125
Samsung Electronics Co. Ltd.		17,500,285		795,534,464
Samsung Engineering Co. Ltd.^(a)		584,998		5,564,843
Samsung Fire & Marine Insurance Co. Ltd.		114,177		17,973,819
Samsung Heavy Industries Co. Ltd.^(a)		1,751,560		7,608,426
Samsung Life Insurance Co. Ltd.		259,510		13,369,822
Samsung SDI Co. Ltd.		202,703		77,214,502
Samsung SDS Co. Ltd.		129,672		17,192,811
Samsung Securities Co. Ltd.		230,796		5,857,816
Seegene Inc.		65,409		14,481,494
Shin Poong Pharmaceutical Co. Ltd.^(a)		72,042		8,278,250
Shinhan Financial Group Co. Ltd.		1,683,471		42,019,459
Shinsegae Inc.		27,526		4,703,913
SK Holdings Co. Ltd.		129,739		23,372,461
SK Hynix Inc.		2,007,217		126,897,884
SK Innovation Co. Ltd.		205,535		25,088,454
SK Telecom Co. Ltd.		127,447		26,607,337
S-Oil Corp.^(c)		167,019		7,943,912
Woori Financial Group Inc.		2,010,227		14,316,458
Yuhan Corp.		178,349		10,059,250

				2,594,646,766

Taiwan — 12.1%
Accton Technology Corp.		1,896,000		15,120,699
Acer Inc.^(a)		10,633,121		8,461,850
Advantech Co. Ltd.^(c)		1,429,455		14,785,870
Airtac International Group		463,000		10,272,583
ASE Technology Holding Co. Ltd.^(c)		12,244,110		25,538,556
Asia Cement Corp.^(c)		8,081,077		11,705,120
ASMedia Technology Inc.		86,000		5,173,219
Asustek Computer Inc.^(c)		2,499,968		20,704,198
AU Optronics Corp.^(a)(c)		32,045,000		11,412,854
Catcher Technology Co. Ltd.		2,507,210		17,132,580


23		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Taiwan (continued)
Cathay Financial Holding Co. Ltd.		28,757,710	$	39,057,129
Chailease Holding Co. Ltd.		4,511,990		19,913,866
Chang Hwa Commercial Bank Ltd.^(c)		20,732,653		12,895,418
Cheng Shin Rubber Industry Co. Ltd.^(c)		6,839,128		8,391,139
Chicony Electronics Co. Ltd.		2,210,998		6,668,825
China Development Financial Holding Corp.		47,745,848		13,896,684
China Life Insurance Co. Ltd.		10,062,490		7,047,498
China Steel Corp.^(c)		42,068,313		28,531,583
Chunghwa Telecom Co. Ltd.		13,509,410		49,955,557
Compal Electronics Inc.^(c)		13,775,908		8,685,797
CTBC Financial Holding Co. Ltd.		64,122,772		41,413,238
Delta Electronics Inc.		7,147,000		46,036,603
E.Sun Financial Holding Co. Ltd.		41,773,186		38,724,355
Eclat Textile Co. Ltd.		712,427		9,408,703
Eva Airways Corp.		8,645,109		3,388,332
Evergreen Marine Corp. Taiwan Ltd.^(a)		8,650,810		5,130,075
Far Eastern New Century Corp.^(c)		10,909,038		9,833,991
Far EasTone Telecommunications Co. Ltd.		5,563,000		11,622,170
Feng TAY Enterprise Co. Ltd.^(c)		1,452,137		8,438,197
First Financial Holding Co. Ltd.^(c)		37,751,586		27,340,838
Formosa Chemicals & Fibre Corp.		12,965,090		29,958,697
Formosa Petrochemical Corp.		4,327,000		12,092,565
Formosa Plastics Corp.^(c)		14,166,280		37,755,503
Formosa Taffeta Co. Ltd.^(c)		3,109,000		3,353,607
Foxconn Technology Co. Ltd.^(c)		3,524,637		6,270,506
Fubon Financial Holding Co. Ltd.		23,540,969		34,338,854
Giant Manufacturing Co. Ltd.		1,122,203		11,665,113
Globalwafers Co. Ltd.^(c)		814,000		10,930,457
Highwealth Construction Corp.^(c)		2,993,170		4,733,333
Hiwin Technologies Corp.		914,278		10,033,486
Hon Hai Precision Industry Co. Ltd.^(c)		45,563,873		119,416,589
Hotai Motor Co. Ltd.		1,137,000		23,134,093
Hua Nan Financial Holdings Co. Ltd.		31,187,327		19,185,497
Innolux Corp.^(a)(c)		30,721,002		9,548,780
Inventec Corp.^(c)		9,077,281		7,038,091
Largan Precision Co. Ltd.^(c)		371,000		42,800,641
Lite-On Technology Corp.		7,715,246		12,200,720
MediaTek Inc.		5,550,338		105,174,852
Mega Financial Holding Co. Ltd.^(c)		39,374,162		39,251,376
Micro-Star International Co. Ltd.		2,513,000		11,605,116
Nan Ya Plastics Corp.		19,156,160		40,151,452
Nanya Technology Corp.^(c)		4,577,000		8,095,915
Nien Made Enterprise Co. Ltd.		623,000		7,176,661
Novatek Microelectronics Corp.		2,152,000		17,602,372
Pegatron Corp.		7,069,414		15,058,479
Phison Electronics Corp.^(c)		565,535		5,338,963
Pou Chen Corp.^(c)		8,620,220		8,137,965
Powertech Technology Inc.		2,736,300		8,057,404
President Chain Store Corp.		2,095,000		19,278,156
Quanta Computer Inc.		10,243,000		26,880,391
Realtek Semiconductor Corp.^(c)		1,798,637		23,294,039
Ruentex Development Co. Ltd.^(c)		3,267,687		4,811,072
Shanghai Commercial & Savings Bank Ltd. (The)		12,647,318		18,017,412
Shin Kong Financial Holding Co. Ltd.^(c)		40,784,582		11,536,971
SinoPac Financial Holdings Co. Ltd.		39,310,626		14,469,429
Standard Foods Corp.		1,718,615		3,731,090
Synnex Technology International Corp.		4,855,834		7,232,076
Taishin Financial Holding Co. Ltd.		35,883,877		16,204,399
Taiwan Business Bank^(c)		18,747,817		6,389,522
Taiwan Cement Corp.^(c)		18,017,726		26,343,590


Security	Shares		Value

Taiwan (continued)
Taiwan Cooperative Financial Holding Co. Ltd.		34,233,975	$	23,393,187
Taiwan High Speed Rail Corp.		7,370,000		8,163,352
Taiwan Mobile Co. Ltd.		5,847,600		20,228,393
Taiwan Semiconductor Manufacturing Co. Ltd.		90,272,000		1,312,169,044
Uni-President Enterprises Corp.		17,634,839		40,027,956
United Microelectronics Corp.^(c)		41,047,000		29,657,529
Vanguard International Semiconductor Corp.^(c)		3,319,000		10,576,368
Walsin Technology Corp.^(c)		1,188,000		6,478,196
Win Semiconductors Corp.^(c)		1,253,000		12,213,350
Winbond Electronics Corp.^(c)		11,177,000		4,628,276
Wistron Corp.		10,398,940		11,305,700
Wiwynn Corp.^(c)		296,000		7,888,895
WPG Holdings Ltd.		5,867,449		8,218,808
Yageo Corp.^(c)		1,369,861		15,546,707
Yuanta Financial Holding Co. Ltd.		35,585,980		22,315,902
Zhen Ding Technology Holding Ltd.^(c)		2,100,075		8,803,545

				2,916,597,969

Thailand — 1.9%
Advanced Info Service PCL, NVDR		4,307,900		25,330,410
Airports of Thailand PCL, NVDR^(c)		15,797,700		28,425,454
Asset World Corp. PCL, NVDR^(c)		23,559,300		2,997,665
B Grimm Power PCL, NVDR		2,850,600		4,236,172
Bangkok Bank PCL, Foreign^(c)		1,732,600		5,928,891
Bangkok Commercial Asset Management PCL, NVDR^(c)		6,544,500		4,899,569
Bangkok Dusit Medical Services PCL, NVDR		34,664,400		23,167,147
Bangkok Expressway & Metro PCL, NVDR		28,732,400		8,354,991
Berli Jucker PCL, NVDR^(c)		4,249,600		5,052,139
BTS Group Holdings PCL, NVDR		26,920,300		8,995,779
Bumrungrad Hospital PCL, NVDR		1,495,500		5,309,752
Central Pattana PCL, NVDR^(c)		8,699,700		13,137,952
Central Retail Corp. PCL, NVDR^(a)		6,392,934		6,111,006
Charoen Pokphand Foods PCL, NVDR		14,801,900		15,338,140
CP ALL PCL, NVDR^(a)		21,215,900		43,287,321
Electricity Generating PCL, NVDR		1,102,900		7,867,099
Energy Absolute PCL, NVDR^(c)		5,833,400		7,872,208
Global Power Synergy PCL, NVDR		2,626,600		5,401,314
Gulf Energy Development PCL, NVDR		8,282,700		8,383,165
Home Product Center PCL, NVDR		22,909,214		10,967,862
Indorama Ventures PCL, NVDR^(c)		6,356,980		4,840,884
Intouch Holdings PCL, NVDR		8,388,800		14,690,002
IRPC PCL, NVDR^(c)		42,763,800		3,215,272
Kasikornbank PCL, Foreign^(c)		4,374,800		11,842,779
Kasikornbank PCL, NVDR		2,101,100		5,687,772
Krung Thai Bank PCL, NVDR		12,081,700		3,707,293
Krungthai Card PCL, NVDR		2,515,900		2,485,788
Land & Houses PCL, NVDR		29,763,700		7,076,918
Minor International PCL, NVDR^(a)(c)		11,279,720		8,118,426
Muangthai Capital PCL, NVDR^(a)(c)		2,662,200		4,255,585
Osotspa PCL, NVDR		2,593,000		3,228,492
PTT Exploration & Production PCL, NVDR		5,149,939		14,727,113
PTT Global Chemical PCL, NVDR		8,400,630		12,483,867
PTT PCL, NVDR		42,149,100		48,754,682
Ratch Group PCL, NVDR		2,857,400		5,141,438
Siam Cement PCL (The), NVDR		2,838,900		32,290,806
Siam Commercial Bank PCL (The), NVDR^(c)		3,096,100		7,212,379
Srisawad Corp PCL, NVDR^(c)		2,674,500		3,931,509
Thai Oil PCL, NVDR^(c)		4,361,600		5,815,934
Thai Union Group PCL, NVDR		11,714,200		5,307,100
TMB Bank PCL, NVDR		80,417,063		2,428,855


S C H E D U L E O F I N V E S T M E N T S		24

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Thailand (continued)
Total Access Communication PCL, NVDR		2,660,900	$	3,056,540
True Corp. PCL, NVDR^(c)		42,561,301		4,540,237

				455,903,707

Turkey — 0.3%
Akbank T.A.S.^(a)		11,121,774		7,390,335
Anadolu Efes Biracilik Ve Malt Sanayii AS		810,918		2,141,070
Aselsan Elektronik Sanayi Ve Ticaret AS		2,567,040		5,664,999
BIM Birlesik Magazalar AS		1,664,185		15,343,790
Enka Insaat ve Sanayi AS		2		1
Eregli Demir ve Celik Fabrikalari TAS		5,128,898		6,077,455
Ford Otomotiv Sanayi AS		260,811		2,994,772
Haci Omer Sabanci Holding AS		3,514,855		3,692,055
KOC Holding AS		2,649,844		5,365,223
TAV Havalimanlari Holding AS		171,580		349,735
Tupras Turkiye Petrol Rafinerileri AS^(a)(c)		469,946		5,108,803
Turk Hava Yollari AO^(a)(c)		1,967,478		2,823,287
Turkcell Iletisim Hizmetleri AS		4,007,910		7,799,059
Turkiye Garanti Bankasi AS^(a)		8,288,022		7,613,402
Turkiye Is Bankasi AS, Class C^(a)		5,557,716		3,708,165
Yapi ve Kredi Bankasi AS^(a)		9,555,079		2,635,794

				78,707,945

United Arab Emirates — 0.5%
Abu Dhabi Commercial Bank PJSC		10,597,170		15,983,099
Aldar Properties PJSC		14,565,345		8,049,671
Dubai Islamic Bank PJSC		6,712,701		7,492,772
Emaar Malls PJSC^(a)		9,373,558		3,547,159
Emaar Properties PJSC^(a)		13,502,634		10,586,986
Emirates NBD Bank PJSC		8,098,366		23,811,266
Emirates Telecommunications Group Co. PJSC		6,454,369		29,098,825
First Abu Dhabi Bank PJSC		10,262,373		32,017,967

				130,587,745


Total Common Stocks — 96.8% (Cost: $18,977,043,291)				23,251,822,823


Preferred Stocks

Brazil — 1.2%
Banco Bradesco SA, Preference Shares, NVS		16,012,926		60,538,487
Braskem SA, Class A, Preference Shares, NVS		712,100		2,763,559
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		980,237		6,412,933
Cia. Energetica de Minas Gerais, Preference Shares, NVS		3,542,425		6,799,566
Cia. Paranaense de Energia, Preference Shares, NVS		305,900		3,444,923
Gerdau SA, Preference Shares, NVS		3,987,285		13,875,074
Itau Unibanco Holding SA, Preference Shares, NVS		17,626,579		75,667,791
Itausa SA, Preference Shares, NVS		16,257,292		27,945,508
Lojas Americanas SA, Preference Shares, NVS		3,344,129		19,671,347
Petroleo Brasileiro SA, Preference Shares, NVS		17,155,827		68,455,687
Telefonica Brasil SA, Preference Shares, NVS		1,618,067		14,110,415

				299,685,290

Chile — 0.1%
Embotelladora Andina SA, Class B, Preference Shares		1,241,388		2,650,616


Security	Shares		Value

Chile (continued)
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		429,745	$	13,466,345

				16,116,961

Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		1,725,527		12,295,020


Russia — 0.1%
Surgutneftegas PJSC, Preference Shares, NVS		25,401,200		12,724,494


South Korea — 0.6%
Amorepacific Corp., Preference Shares, NVS		34,650		1,741,397
Hyundai Motor Co.
Preference Shares, NVS		88,925		6,512,732
Series 2, Preference Shares, NVS		138,191		10,283,765
LG Chem Ltd., Preference Shares, NVS		28,593		9,026,328
LG Household & Health Care Ltd., Preference Shares, NVS		7,965		4,700,282
Samsung Electronics Co. Ltd., Preference Shares, NVS		3,028,409		121,095,570

				153,360,074


Total Preferred Stocks — 2.1% (Cost: $401,354,665)				494,181,839


Rights

China — 0.0%
Legend Holdings Corp. Class H, (Expires 05/19/23)^(a)(d)		188,246		0	^(f)


Thailand — 0.0%
Gulf Energy Development PCL, (Expires 09/25/20)^(a)		828,270		39,920


Total Rights — 0.0% (Cost: $0)				39,920


Warrants

Thailand — 0.0%
Minor International PCL (Expires 07/31/23)^(a)(c)		512,715		162,270
Srisawad Corp. PCL (Expires 09/21/25)^(a)(d)		106,980		0	^(f)

				162,270


Total Warrants — 0.0% (Cost: $0)				162,270


Short-Term Investments

Money Market Funds — 4.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(g)(h)(i)		765,219,115		765,984,334


25		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(g)(h)		251,040,000	$	251,040,000

				1,017,024,334


Total Short-Term Investments — 4.2% (Cost: $ 1,016,521,199)				1,017,024,334


Total Investments in Securities — 103.1% (Cost: $ 20,394,919,155)				24,763,231,186

Other Assets, Less Liabilities — (3.1)%				(738,660,589	)


Net Assets — 100.0%			$	24,024,570,597

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

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

^(f)	Rounds to less than $1.

^(g)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	639,975,935	$	125,874,583	^(a)	$	—	$	(75,718	)	$	209,534	$	765,984,334		765,219,115	$	12,196,548	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		50,332,000		200,708,000	^(a)		—		—			—		251,040,000		251,040,000		548,494			—

								$	(75,718	)	$	209,534	$	1,017,024,334			$	12,745,042		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

MSCI Emerging Markets E-Mini Index

4,860

09/18/20

267,397

22,025,639

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	22,025,639

^(a)


S C H E D U L E O F I N V E S T M E N T S		26

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Emerging Markets ETF

For the year ended August 31, 2020, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:


	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	64,077,120


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	24,174,008

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	134,696,202

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

Fair Value Measurements


	Level 1		Level 2		Level 3			Total

Investments
Assets
Common Stocks	$	23,251,819,863	$	—	$	2,960		$	23,251,822,823
Preferred Stocks		494,181,839		—		—			494,181,839
Rights		—		39,920		0	^(a)		39,920
Warrants		162,270		—		0	^(a)		162,270
Money Market Funds		1,017,024,334		—		—			1,017,024,334

	$	24,763,188,306	$	39,920	$	2,960		$	24,763,231,186

Derivative financial instruments^(b)
Assets
Futures Contracts	$	22,025,639	$	—	$	—		$	22,025,639

^(a)

Rounds to less than $1.

^(b)

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

See notes to financial statements.


27		2 0 2 0 I S H A R E S A N 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

August 31, 2020


	iShares Currency Hedged MSCI Emerging Markets ETF		iShares MSCI Emerging Markets ETF (Consolidated)

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	—	$	23,746,206,852
Affiliated^(c)		183,522,705		1,017,024,334
Cash		—		7,306
Foreign currency, at value^(d)		97		48,123,689
Cash pledged:
Futures contracts		—		29,715,000
Collateral — OTC derivatives		550,000		—
Receivables:
Investments sold		485,344		205,033,444
Securities lending income — Affiliated		—		675,243
Dividends		34		27,324,426
Tax reclaims		—		419,936
Unrealized appreciation on:
Forward foreign currency exchange contracts		716,134		—

Total assets		185,274,314		25,074,530,230


LIABILITIES
Bank overdraft		467,657		—
Collateral on securities loaned, at value		—		764,921,847
Deferred foreign capital gain tax		—		4,752,029
Payables:
Investments purchased		202,248		259,052,793
Variation margin on futures contracts		—		6,917,348
Investment advisory fees		—		14,204,566
Foreign taxes		—		111,050
Unrealized depreciation on:
Forward foreign currency exchange contracts		978,409		—

Total liabilities		1,648,314		1,049,959,633


NET ASSETS	$	183,626,000	$	24,024,570,597


NET ASSETS CONSIST OF:
Paid-in capital	$	181,809,372	$	31,582,559,225
Accumulated earnings (loss)		1,816,628		(7,557,988,628	)

NET ASSETS	$	183,626,000	$	24,024,570,597


Shares outstanding		6,700,000		539,100,000

Net asset value	$	27.41	$	44.56

Shares authorized		250 million		4 billion

Par value	$	0.001	$	0.001


^(a)Securities loaned, at value	$	—	$	714,692,627
^(b)Investments, at cost — Unaffiliated	$	—	$	19,378,397,956
^(c)Investments, at cost — Affiliated	$	177,646,177	$	1,016,521,199
^(d)Foreign currency, at cost	$	97	$	48,051,579

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		28

Statements of Operations

Year Ended August 31, 2020


	iShares Currency Hedged MSCI Emerging Markets ETF			iShares MSCI Emerging Markets ETF (Consolidated)

INVESTMENT INCOME
Dividends — Unaffiliated	$	—		$	619,296,794
Dividends — Affiliated		4,880,989			548,494
Non-cash dividends — Unaffiliated		—			197,336,273
Interest — Unaffiliated		—			22,638
Securities lending income — Affiliated — net^(a)		48,386			12,196,548
Other income — Unaffiliated		—			2,705,237
Foreign taxes withheld		—			(69,657,456	)
Foreign withholding tax claims		—			64,822
Other foreign taxes		—			(24,428	)

Total investment income		4,929,375			762,488,922


EXPENSES
Investment advisory fees		1,354,740			172,140,562
Commitment fees		—			145,381
Professional fees		—			283,993
Miscellaneous		264			264
Mauritius income taxes		—			1,096,331
Interest expense		—			49,360

Total expenses		1,355,004			173,715,891
Less:
Investment advisory fees waived		(1,354,740	)		—

Total expenses after fees waived		264			173,715,891

Net investment income		4,929,111			588,773,031


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(b)		—			(719,890,093	)
Investments — Affiliated		(1,316,028	)		(75,718	)
In-kind redemptions — Unaffiliated		—			403,062,453
In-kind redemptions — Affiliated		1,367,964			—
Futures contracts		—			64,077,120
Forward foreign currency exchange contracts		5,523,655			—
Foreign currency transactions		(55,213	)		(10,520,865	)

Net realized gain (loss)		5,520,378			(263,347,103	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(c)		—			2,204,922,007
Investments — Affiliated		17,337,317			209,534
Futures contracts		—			24,174,008
Forward foreign currency exchange contracts		(4,141,358	)		—
Foreign currency translations		—			313,479

Net change in unrealized appreciation (depreciation)		13,195,959			2,229,619,028

Net realized and unrealized gain		18,716,337			1,966,271,925

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	23,645,448		$	2,555,044,956


^(a)Net of securities lending income tax paid of	$	—		$	504,225
^(b)Net of foreign capital gain tax of	$	—		$	25,106
^(c)Net of deferred foreign capital gain tax of	$	—		$	(17,492,226)

See notes to financial statements.


29		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets


	iShares Currency Hedged MSCI Emerging Markets ETF								iShares MSCI Emerging Markets ETF (Consolidated)
	Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/20				Year Ended 08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	4,929,111			$	5,827,092			$	588,773,031			$	676,194,320
Net realized gain (loss)			5,520,378				9,528,491				(263,347,103	)			230,083,592
Net change in unrealized appreciation (depreciation)			13,195,959				(26,344,690	)			2,229,619,028				(2,464,390,731	)

Net increase (decrease) in net assets resulting from operations			23,645,448				(10,989,107	)			2,555,044,956				(1,558,112,819	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(4,943,833	)			(5,899,803	)			(724,261,397	)			(665,424,186	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions			(15,451,158	)			(147,063,312	)			(2,437,787,553	)			(4,293,900,423	)


NET ASSETS
Total increase (decrease) in net assets			3,250,457				(163,952,222	)			(607,003,994	)			(6,517,437,428	)
Beginning of year			180,375,543				344,327,765				24,631,574,591				31,149,012,019

End of year		$	183,626,000			$	180,375,543			$	24,024,570,597			$	24,631,574,591

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		30

Financial Highlights

(For a share outstanding throughout each period)



	iShares Currency Hedged MSCI Emerging Markets ETF
	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16


Net asset value, beginning of year	$	24.38		$	25.70		$	25.57		$	21.72		$	21.40

Net investment income^(a)		0.71			0.55			0.60			0.36			0.50
Net realized and unrealized gain (loss)^(b)		3.03			(1.27	)		0.12			3.83			1.08

Net increase (decrease) from investment operations		3.74			(0.72	)		0.72			4.19			1.58


Distributions^(c)
From net investment income		(0.71	)		(0.60	)		(0.59	)		(0.34	)		(0.48	)
From net realized gain		—			—			—			—			(0.78	)

Total distributions		(0.71	)		(0.60	)		(0.59	)		(0.34	)		(1.26	)


Net asset value, end of year	$	27.41		$	24.38		$	25.70		$	25.57		$	21.72


Total Return
Based on net asset value		15.49	%		(2.72	)%		2.77	%		19.55	%		7.84	%


Ratios to Average Net Assets
Total expenses^(d)		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%

Total expenses after fees waived^(d)		0.00	%^(e)		0.00	%		0.00	%		0.00	%		0.00	%

Net investment income		2.84	%		2.22	%		2.25	%		1.56	%		2.42	%


Supplemental Data
Net assets, end of year (000)	$	183,626		$	180,376		$	344,328		$	393,757		$	180,254

Portfolio turnover rate^(f)(g)		9	%		7	%		7	%		4	%		11	%

^(a)	Based on average shares outstanding.

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

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

^(d)	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.

^(e)	Rounds to less than 0.01%.

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

^(g)	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.


31		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)



	iShares MSCI Emerging Markets ETF (Consolidated)
	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16


Net asset value, beginning of year	$	40.22		$	43.24		$	44.76		$	36.74		$	33.79

Net investment income^(a)		0.98			0.90			0.83	^(b)		0.75			0.72
Net realized and unrealized gain (loss)^(c)		4.52			(3.02	)		(1.36	)		7.86			3.00

Net increase (decrease) from investment operations		5.50			(2.12	)		(0.53	)		8.61			3.72


Distributions^(d)
From net investment income		(1.16	)		(0.90	)		(0.99	)		(0.59	)		(0.77	)

Total distributions		(1.16	)		(0.90	)		(0.99	)		(0.59	)		(0.77	)


Net asset value, end of year	$	44.56		$	40.22		$	43.24		$	44.76		$	36.74


Total Return
Based on net asset value		13.82	%		(4.87	)%		(1.28	)%^(b)		23.80	%		11.28	%


Ratios to Average Net Assets
Total expenses		0.70	%		0.68	%		0.67	%		0.69	%		0.72	%

Total expenses after fees waived		0.70	%		0.68	%		0.67	%		0.69	%		0.72	%

Total expenses excluding professional fees for foreign withholding tax claims		0.70	%		0.68	%		0.67	%		0.69	%		N/A

Net investment income		2.38	%		2.16	%		1.78	%^(b)		1.92	%		2.15	%


Supplemental Data
Net assets, end of year (000)	$	24,024,571		$	24,631,575		$	31,149,012		$	35,891,890		$	30,866,469

Portfolio turnover rate^(e)		19	%		15	%		16	%		9	%		23	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2018:

•

Net investment income per share by $0.02.

•

Total return by 0.07%.

•

Ratio of net investment income to average net assets by 0.04%.

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

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

^(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		32

Notes to Financial Statements

1.	ORGANIZATION

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


iShares ETF	Diversification Classification

Currency Hedged MSCI Emerging Markets		Diversified
MSCI Emerging Markets		Diversified

Currently the iShares Currency Hedged MSCI Emerging Markets ETF seeks to achieve its investment objective by investing a substantial portion of its assets in the iShares MSCI Emerging Markets ETF (the “underlying fund”). The financial statements and schedule of investments for the underlying fund are included in this report and should be read in conjunction with the financial statements of the iShares Currency Hedged MSCI Emerging Markets ETF.

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

2.	SIGNIFICANT ACCOUNTING POLICIES

Foreign 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.

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

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, the Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, the Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign source income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the FSC, the Subsidiary


33		2 0 2 0 I S H A R E S A N 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 (continued)

is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against the Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. Taxes on income, if any, are paid by the Subsidiary and are disclosed in its consolidated statement of operations. Any dividends paid by the Subsidiary to its Fund are not subject to tax in Mauritius. The Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

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

•

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

•

Futures contracts are valued 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.

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•


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		34

Notes to Financial Statements (continued)

•

4.	SECURITIES AND OTHER INVESTMENTS


35		2 0 2 0 I S H A R E S A N 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 (continued)

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


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
MSCI Emerging Markets
Barclays Capital Inc.	$	341,291	$	341,291		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		15,537,599		15,537,599			—		—
BNP Paribas Securities Corp.		12,158,098		12,158,098			—		—
BofA Securities, Inc.		153,935,971		153,935,971			—		—
Citigroup Global Markets Inc.		27,051,374		27,051,374			—		—
Citigroup Global Markets Ltd.		5,925,396		5,925,396			—		—
Credit Suisse Securities (Europe) Ltd.		9,258,698		9,258,698			—		—
Credit Suisse Securities (USA) LLC		10,004,074		10,004,074			—		—
Deutsche Bank Securities Inc.		400,103		400,103			—		—
Goldman Sachs & Co.		75,462,660		75,462,660			—		—
Goldman Sachs International		9,077,639		9,077,639			—		—
HSBC Bank PLC		17,690,627		17,690,627			—		—
Jefferies LLC		23,369,704		23,369,704			—		—
JPMorgan Securities LLC		92,596,243		92,596,243			—		—
JPMorgan Securities PLC		72,666,543		72,666,543			—		—
Macquarie Bank Limited		19,803,682		19,803,682			—		—
Morgan Stanley & Co. International PLC		34,841,441		34,841,441			—		—
Morgan Stanley & Co. LLC		91,945,816		91,945,816			—		—
National Financial Services LLC		251,332		245,345			—		(5,987	)^(b)
Nomura Securities International Inc.		63,620		63,620			—		—
Scotia Capital (USA) Inc.		1,598,571		1,598,571			—		—
SG Americas Securities LLC		99,828		99,828			—		—
State Street Bank & Trust Company		2,337,431		2,337,431			—		—
UBS AG		6,720,784		6,720,784			—		—
UBS Securities LLC		30,687,135		30,558,242			—		(128,893	)^(b)
Wells Fargo Securities LLC		866,967		866,967			—		—

	$	714,692,627	$	714,557,747		$	—	$	(134,880	)

^(a)

^(b)

5.	DERIVATIVE FINANCIAL INSTRUMENTS


N O T E S T O F I N A N C I A L S T A T E M E N T S		36

Notes to Financial Statements (continued)

Forward Foreign Currency Exchange Contracts: The currency-hedged fund uses forward foreign currency exchange contracts to hedge the currency exposure of non-U.S. dollar-denominated securities held in its portfolio or its underlying fund’s portfolio. A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency against another currency at an agreed upon price and quantity. The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

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

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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


iShares ETF	Investment Advisory Fee

Currency Hedged MSCI Emerging Markets		0.78	%

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


Aggregate Average Daily Net Assets	Investment Advisory Fee

First $14 billion		0.75	%
Over $14 billion, up to and including $28 billion		0.68
Over $28 billion, up to and including $42 billion		0.61
Over $42 billion, up to and including $56 billion		0.54
Over $56 billion, up to and including $70 billion		0.47
Over $70 billion, up to and including $84 billion		0.41
Over $84 billion		0.35

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


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Notes to Financial Statements (continued)

For the iShares Currency Hedged MSCI Emerging Markets ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2020 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares MSCI Emerging Markets ETF (“EEM”), after taking into account any fee waivers by EEM.


iShares ETF	Fees Paid to BTC

Currency Hedged MSCI Emerging Markets	$	15,461
MSCI Emerging Markets		3,027,170

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

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


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

MSCI Emerging Markets	$	48,974,442	$	206,895,992	$	(48,897,633	)

7.	PURCHASES AND SALES

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


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		38

Notes to Financial Statements (continued)


iShares ETF	Purchases		Sales

Currency Hedged MSCI Emerging Markets	$	17,157,103	$	16,345,821
MSCI Emerging Markets		4,658,766,533		5,520,630,805

For the year ended August 31, 2020, purchases and sales related to in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales

Currency Hedged MSCI Emerging Markets	$	43,602,357	$	58,906,851
MSCI Emerging Markets		1,242,903,912		3,047,119,114

8.	INCOME TAX INFORMATION


iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)

Currency Hedged MSCI Emerging Markets	$	950,012	$	(950,012	)
MSCI Emerging Markets		272,986,236		(272,986,236	)

The tax character of distributions paid was as follows:


iShares ETF	Year Ended 08/31/20		Year Ended 08/31/19

Currency Hedged MSCI Emerging Markets
Ordinary income	$	4,943,833	$	5,899,803

MSCI Emerging Markets
Ordinary income	$	724,261,397	$	665,424,186

As of August 31, 2020, the tax components of accumulated net earnings (losses) were as follows:


iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Total

Currency Hedged MSCI Emerging Markets	$	1,102	$	(3,048,680	)	$	4,864,206		$	1,816,628
MSCI Emerging Markets		197,574,787		(11,365,234,737	)		3,609,671,322			(7,557,988,628	)

^(a)

Amounts available to offset future realized capital gains.

^(b)

For the year ended August 31, 2020, the iShares Currency Hedged MSCI Emerging Markets ETF utilized $367,120 of its capital loss carryforwards.


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Notes to Financial Statements (continued)


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

Currency Hedged MSCI Emerging Markets	$	178,617,934	$	4,864,206	$	—		$	4,864,206
MSCI Emerging Markets		21,148,606,869		7,507,359,607		(3,892,735,290	)		3,614,624,317

9.	LINE OF CREDIT

The iShares MSCI Emerging Markets ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on July 15, 2021. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Fund, and $200 million with respect to Tier 2. The Fund may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. 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 rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement.

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


iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates

MSCI Emerging Markets	$	87,556,215	$	1,737,742		2.70	%

10.

PRINCIPAL RISKS


N O T E S T O F I N A N C I A L S T A T E M E N T S		40

Notes to Financial Statements (continued)

significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:


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Notes to Financial Statements (continued)


	Year Ended 08/31/20							Year Ended 08/31/19
iShares ETF	Shares			Amount				Shares			Amount

Currency Hedged MSCI Emerging Markets
Shares sold		1,750,000			$	43,700,195			3,450,000			$	84,956,699
Shares redeemed		(2,450,000	)			(59,151,353	)		(9,450,000	)			(232,020,011	)

Net decrease		(700,000	)		$	(15,451,158	)		(6,000,000	)		$	(147,063,312	)


MSCI Emerging Markets
Shares sold		91,350,000			$	4,015,282,149			90,000,000			$	3,758,906,782
Shares redeemed		(164,700,000	)			(6,453,069,702	)		(198,000,000	)			(8,052,807,205	)

Net decrease		(73,350,000	)		$	(2,437,787,553	)		(108,000,000	)		$	(4,293,900,423	)

12.

FOREIGN WITHHOLDING TAX CLAIMS

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

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

13.

LEGAL PROCEEDINGS

14.

SUBSEQUENT EVENTS


N O T E S T O F I N A N C I A L S T A T E M E N T S		42

Report of Independent Registered Public Accounting Firm

To the Board of Directors of iShares, Inc. and

Shareholders of iShares Currency Hedged MSCI Emerging Markets ETF and

iShares MSCI Emerging Markets ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Currency Hedged MSCI Emerging Markets ETF and iShares MSCI Emerging Markets ETF (two of the funds constituting iShares, Inc., hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2020 and each of the financial highlights for each of the five years in the period ended August 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2020

We have served as the auditor of one or more BlackRock investment companies since 2000.


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Important Tax Information (unaudited)

For corporate shareholders, the percentage of ordinary income distributions paid during the fiscal year ended August 31, 2020 that qualified for the dividends-received deduction were as follows:


iShares ETF	Dividends-Received Deduction

Currency Hedged MSCI Emerging Markets		0.17	%
MSCI Emerging Markets		0.15	%

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2020:


iShares ETF	Qualified Dividend Income

Currency Hedged MSCI Emerging Markets	$	2,971,559
MSCI Emerging Markets		375,124,733

For the fiscal year ended August 31, 2020, the iShares Currency Hedged MSCI Emerging Markets ETF intends to pass through to its shareholders foreign source income earned and foreign taxes paid by the underlying funds:


iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid

Currency Hedged MSCI Emerging Markets	$	5,822,644	$	936,170

For the fiscal year ended August 31, 2020, the iShares MSCI Emerging Markets ETF earned foreign source income and paid foreign taxes which it intends to pass through to its shareholders:


iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid

MSCI Emerging Markets	$	815,629,018	$	70,293,535


I M P O R T A N T T A X I N F O R M A T I O N		44

Board Review and Approval of Investment Advisory Contract

iShares Currency Hedged MSCI Emerging Markets ETF (the “Fund”)


45		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

iShares MSCI Emerging Markets ETF (the “Fund”)


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		46

Board Review and Approval of Investment Advisory Contract (continued)


47		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		48

Supplemental Information (unaudited)

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Company has registered the iShares MSCI Emerging Markets ETF (the “Fund”) to be marketed to EU investors in the United Kingdom, the Netherlands, Finland, Sweden, and Luxembourg.

Report on Remuneration

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year ending December 31, 2019 was USD 2.47 million. This figure is comprised of fixed remuneration of USD 1.14 million and variable remuneration of USD 1.33 million. There were a total of 448 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the Fund in respect of the Company’s financial year ending December 31, 2019, to its senior management was USD 314.75 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 36.99 thousand.


49		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Director and Officer Information

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 368 funds as of August 31, 2020. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., ParkAvenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Directors and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).


Interested Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director

Robert S. Kapito^(a) (63)	Director (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Trustee of iShares Trust (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji^(b) (50)	Director (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Trustee of iShares Trust (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).
^(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates. ^(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.


		Independent Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director

Cecilia H. Herbert (71)	Director (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Jane D. Carlin (64)	Director (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares Trust (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (65)	Director (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


D I R E C T O R A N D O F F I C E R I N F O R M A T I O N		50

Director and Officer Information (continued)


Independent Directors (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director

John E. Kerrigan (65)	Director (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

Drew E. Lawton (61)	Director (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

John E. Martinez (59)	Director (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).	Trustee of iShares Trust (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).

Madhav V. Rajan (56)	Director (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Trustee of iShares Trust (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).


Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years

Armando Senra (49)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Walker (46)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles Park (53)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Deepa Damre (45)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).

Scott Radell (51)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).

Alan Mason (59)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).

Marybeth Leithead (57)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


51		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

General Information

Electronic Delivery

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


G E N E R A L I N F O R M A T I O N		52

Glossary of Terms Used in this Report


Portfolio Abbreviations - Equity

ADR		American Depositary Receipt

CPO		Certificates of Participation (Ordinary)

GDR		Global Depositary Receipt

JSC		Joint Stock Company

NVDR		Non-Voting Depositary Receipt

NVS		Non-Voting Shares

PJSC		Public Joint Stock Company

Currency Abbreviations

BRL		Brazilian Real

CLP		Chilean Peso

CNY		Chinese Yuan

EUR		Euro

HKD		Hong Kong Dollar

INR		Indian Rupee

KRW		South Korean Won

MXN		Mexican Peso

MYR		Malaysian Ringgit

RUB		New Russian Ruble

THB		Thai Baht

TRY		Turkish Lira

TWD		New Taiwan Dollar

USD		United States Dollar

ZAR		South African Rand


Counterparty Abbreviations

MS		Morgan Stanley & Co. International PLC


53		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

iS-AR-805-0820


		AUGUST 31, 2020

2020 Annual Report

iShares, Inc.

iShares ESG Aware MSCI EM ETF | ESGE | NASDAQ

iShares MSCI Emerging Markets ex China ETF | EMXC | NASDAQ

iShares MSCI Emerging Markets Min Vol Factor ETF | EEMV | Cboe BZX

iShares MSCI Emerging Markets Multifactor ETF | EMGF | Cboe BZX

iShares MSCI Global Min Vol Factor ETF | ACWV | Cboe BZX

The Markets in Review

Dear Shareholder,

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of August 31, 2020
	6-Month		12-Month
U.S. large cap equities (S&P 500^® Index)		19.63%		21.94%
U.S. small cap equities (Russell 2000^® Index)		6.57		6.02
International equities (MSCI Europe, Australasia, Far East Index)		7.10		6.13
Emerging market equities (MSCI Emerging Markets Index)		11.23		14.49
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.34		1.26
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		4.67		8.93
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)		2.98		6.47
Tax-exempt municipal bonds (S&P Municipal Bond Index)		0.29		3.15
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)		3.04		4.65
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


	Page

The Markets in Review		2
Market Overview		4
Fund Summary		5
About Fund Performance		15
Shareholder Expenses		15
Schedules of Investments		16
Financial Statements
Statements of Assets and Liabilities		46
Statements of Operations		48
Statements of Changes in Net Assets		50
Financial Highlights		53
Notes to Financial Statements		58
Report of Independent Registered Public Accounting Firm		69
Important Tax Information (Unaudited)		70
Board Review and Approval of Investment Advisory Contract		71
Supplemental Information		79
Director and Officer Information		81
General Information		83
Glossary of Terms Used in this Report		84

Market Overview

iShares, Inc.

Global Market Overview


M A R K E T O V E R V I E W		4


Fund Summary as of August 31, 2020		iShares^® ESG Aware MSCI EM ETF

Investment Objective

The iShares ESG Aware MSCI EM ETF (the “Fund”) (formerly the iShares ESG MSCI EM ETF) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities that have positive environmental, social and governance characteristics, as represented by the MSCI Emerging Markets Extended ESG Focus Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		15.11	%		10.91	%		15.11	%		54.14	%
Fund Market		15.50			10.93			15.50			54.26
Index		15.50			11.46			15.50			57.25

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 6/28/16. The first day of secondary market trading was 6/30/16.

Index performance through May 31, 2018 reflects the performance of the MSCI Emerging Markets ESG Focus Index. Index performance beginning on June 1, 2018 reflects the performance of the MSCI Emerging Markets Extended ESG Focus Index.

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,114.10	$ 1.33			$ 1,000.00	$ 1,023.90	$ 1.27		0.25	%

^(a)


5		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® ESG Aware MSCI EM ETF

Portfolio Management Commentary

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies continued to grow during the reporting period, even as the coronavirus pandemic disrupted financial markets. For many investors, the threat to public health from the virus underscored the importance of a financial reporting system that accounts for the larger effects of company behavior on global social and environmental well-being. Emerging market investors increasingly sought out ESG-oriented stocks, and growing efforts to address environmental problems in these countries led to more investment opportunities.

In this environment, emerging market stocks with positive ESG characteristics posted significant gains for the reporting period. Stocks in China, where new regulations were proposed to mandate environmental disclosures, contributed the majority of the Index’s return. The consumer discretionary sector drove performance, particularly stocks in the internet and direct marketing retail industry. Coronavirus-related restrictions closed brick-and-mortar retail stores, leading customers and merchants to migrate to online platforms, driving sharply higher e-commerce sales. Changing consumer behavior also benefited the communication services sector, as increased use of social media led to higher digital advertising revenues in the interactive media and services industry.

Taiwanese and South Korean information technology stocks also advanced. In Taiwan, semiconductor companies benefited from increased demand for semiconductors to power data centers and 5G equipment. Higher computer memory sales to data centers also drove contribution in the South Korean technology hardware and equipment industry.

In terms of relative performance, the Index outperformed the broader market, as represented by the MSCI Emerging Markets Index, while tracking it relatively closely. Relative to the broader market, the ESG selection process leads to overweight stocks with higher ESG ratings and underweight stocks with lower ESG characteristics. Consequently, the Index achieved an ESG quality score that was 63.1% higher than the broader market. The Index held an overweight position in the financials and information technology sectors and an underweight in materials. Stock selection in the industrials and materials sectors were the largest contributors to the Index’s relative performance, while the overweight position in financials detracted.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	20.6	%
Consumer Discretionary	19.8
Information Technology	18.9
Communication Services	12.4
Energy	6.0
Consumer Staples	5.8
Materials	5.5
Industrials	3.9
Health Care	3.9
Real Estate	1.6
Utilities	1.6

^(a)

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
China	40.7	%
Taiwan	13.1
South Korea	11.7
India	8.3
Brazil	4.6
South Africa	3.9
Russia	3.0
Saudi Arabia	2.5
Thailand	2.5
Malaysia	2.4


F U N D S U M M A R Y		6


Fund Summary as of August 31, 2020		iShares^® MSCI Emerging Markets ex China ETF

Investment Objective

The iShares MSCI Emerging Markets ex China ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities, excluding China, as represented by the MSCI Emerging Markets ex China Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		2.87	%		(0.41	)%		2.87	%		(1.29	)%
Fund Market		3.60			(0.20	)		3.60			(0.62	)
Index		2.43			(0.19	)		2.43			(0.58	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 7/18/17. The first day of secondary market trading was 7/20/17.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,034.80	$	0.82		$	1,000.00	$	1,024.30	$	0.81		0.16	%

^(a)


7		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Emerging Markets ex China ETF

Portfolio Management Commentary

Emerging market stocks outside of China advanced modestly during the reporting period, despite a worldwide recession. Taiwanese equities in the information technology sector contributed the most to the Index’s return, as pandemic-related closures and restrictions increased global demand for semiconductors. The semiconductor industry posted substantial earnings growth from high-performance computing, including data center hardware and 5G equipment. High bandwidth usage increased as remote work and distance learning utilized video and streaming services, resulting in higher demand for data center hardware. Continued rollouts of 5G products benefited chipmakers. Toward the end of the reporting period, U.S. restrictions on the sale of semiconductors to a Chinese telecommunications giant helped increase Taiwan’s exports as the company stockpiled chips before a September 2020 deadline. Technology hardware and equipment stocks benefited from increased personal computer purchases, despite pandemic-related supply chain disruptions. Expectations for a rebound in smartphone sales from new models also supported the industry’s gains.

The technology hardware and equipment industry also bolstered returns in South Korea. Profits from computer memory strengthened amid higher prices and substantial demand from data centers. While smartphone sales slowed during the pandemic, expanded online sales channels and cost reductions served as tailwinds for hardware manufacturers. The communication services sector was supported by the interactive media and services industry, which benefited from robust demand for cloud computing services for remote learning and increased video game use.

On the downside, Brazilian equities detracted from the Index’s return, primarily due to the financials sector. Declining economic activity reduced income from interest, fees, and insurance, pressuring banks’ profits. Deteriorating demand for consumer credit and sharply rising loan default provisions also weighed on the banking industry. Brazilian consumer staples stocks declined as restaurant and bar closures reduced demand for beer, constraining returns in the food, beverage, and tobacco industry. Thai stocks also retreated, weighed down by the financials and energy sectors. Banks increased provisions for loan defaults amid persistently low interest rates, and slower growth in fee revenue, while declining oil prices and sales volumes weighed on energy stocks.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Information Technology	24.0	%
Financials	17.4
Exchanged-Traded Funds	14.0
Materials	9.9
Consumer Discretionary	6.6
Communication Services	6.5
Consumer Staples	6.0
Energy	5.9
Industrials	3.8
Health Care	3.0
Utilities	1.9
Real Estate	1.0

^(a)

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
Taiwan	21.4	%
South Korea	20.0
India	14.0
Brazil	8.4
South Africa	6.2
Russia	5.4
Saudi Arabia	4.7
Thailand	3.4
Malaysia	3.0
Mexico	2.8


F U N D S U M M A R Y		8


Fund Summary as of August 31, 2020		iShares^® MSCI Emerging Markets Min Vol Factor ETF

Investment Objective

The iShares MSCI Emerging Markets Min Vol Factor ETF (the “Fund”) (formerly the iShares Edge MSCI Min Vol Emerging Markets ETF) seeks to track the investment results of an index composed of emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader emerging equity markets, as represented by the MSCI Emerging Markets Minimum Volatility (USD) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		1.07	%		4.49	%		4.00	%		1.07	%		24.55	%		41.63	%
Fund Market		0.62			4.43			3.93			0.62			24.21			40.83
Index		1.21			4.74			4.22			1.21			26.08			44.34

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 10/18/11. The first day of secondary market trading was 10/20/11.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,062.60	$	1.30		$	1,000.00	$	1,023.90	$	1.27		0.25	%

^(a)


9		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Emerging Markets Min Vol Factor ETF

Portfolio Management Commentary

Lower volatility emerging market stocks advanced modestly for the reporting period amid the global recession that followed significant pandemic-related economic disruption. Chinese stocks were the leading contributors to the Index’s return, as the Chinese economy returned to growth in the second quarter of 2020, even as global economic contraction continued. The consumer discretionary sector was China’s principal source of strength. Internet and direct marketing retailers advanced amid a shift toward online shopping following the implementation of lockdowns. The Chinese consumer staples sector was another solid contributor, driven by strength in the packaged food and meats industry, where higher prices for meat boosted profits.

Taiwanese stocks also contributed notably to the Index’s return. The information technology sector led the advance as the semiconductor industry posted substantial growth in revenue from high-performance computing, including data center hardware and 5G equipment. The technology hardware and equipment industry benefited from increased sales of laptop and desktop personal computers during the pandemic. In the financials sector, improved demand for loans, particularly mortgage and smaller business loans, bolstered the diversified banking industry. The materials sector drove gains in Russia as record-high gold prices drove profit growth in the metals and mining industry.

On the downside, Thai stocks detracted from the Index’s return. The industrials sector led the decline as revenue for airport services companies decreased due to the substantial pandemic-driven reduction in travel. Bank stocks retreated in Chile, where higher provisions for bad loans weighed on profits, and in the Philippines, where store closures led to an increase in loan delinquencies.

In terms of relative performance, the Index significantly underperformed the broader market, as measured by the MSCI Emerging Markets Index. Stocks with low-volatility characteristics trailed the broader market during the stock market rebound that followed the pandemic-related downturn. Looking at countries, stock selection in China and Taiwan drove the majority of underperformance. Positioning in South Korea, Malaysia, and the Philippines also weighed on relative performance, while underweight positions in Brazilian and South African stocks bolstered relative returns. Turning to sectors, positioning in the consumer discretionary and information technology sectors detracted from the Index’s relative return, as did stock selection in the communication services sector. An underweight position in the energy sector, which was pressured by low oil prices, contributed modestly to relative performance.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	22.5	%
Consumer Discretionary	14.7
Communication Services	14.0
Information Technology	13.1
Consumer Staples	11.4
Industrials	6.2
Utilities	5.9
Materials	4.7
Health Care	4.3
Energy	2.5
Real Estate	0.7

^(a)

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
China	37.3	%
Taiwan	16.4
India	9.3
South Korea	6.7
Saudi Arabia	6.4
Thailand	6.0
Malaysia	5.0
Qatar	2.6
Philippines	2.0
United Arab Emirates	1.7


F U N D S U M M A R Y		10


Fund Summary as of August 31, 2020		iShares^® MSCI Emerging Markets Multifactor ETF

Investment Objective

The iShares MSCI Emerging Markets Multifactor ETF (the “Fund”) (formerly the iShares Edge MSCI Multifactor Emerging Markets ETF) seeks to track the investment results of an index composed of stocks of large- and mid-capitalization companies in emerging markets that have favorable exposure to target style factors subject to constraints, as represented by the MSCI Emerging Markets Diversified Multiple-Factor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		12.17	%		8.11	%		12.17	%		44.68	%
Fund Market		13.09			8.24			13.09			45.46
Index		12.94			8.43			12.94			46.59

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 12/8/15. The first day of secondary market trading was 12/10/15.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,098.20	$	2.37		$	1,000.00	$	1,022.90	$	2.29		0.45	%

^(a)


11		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Emerging Markets Multifactor ETF

Portfolio Management Commentary

Emerging market stocks with exposure to target factors advanced significantly for the reporting period, despite the onset of a global coronavirus-related recession. Chinese stocks were the leading contributors to the Index’s return, as the Chinese economy returned to growth in the second quarter of 2020, even as most of the rest of the world’s economies continued to contract. The consumer discretionary sector was China’s principal source of strength. The internet and direct marketing retail industry posted solid gains amid a shift toward online shopping following the implementation of lockdowns to slow the spread of the coronavirus.

The Chinese communication services sector was another solid contributor, driven by strength in the interactive media and services industry. Homebound consumers supported demand growth for video games, while increased social media use drove stronger revenues for digital content and online advertising. Healthcare stocks also advanced due to gains in the pharmaceuticals industry, where strong sales of finished drugs helped to offset lower vitamin sales.

Taiwanese and Indian stocks also contributed to the Index’s performance, boosted by gains of information technology stocks. High demand for semiconductors used in 5G and data centers drove returns in Taiwan. Information technology services stocks in India benefited from the increase in work-from-home arrangements. On the downside, Brazilian equities weighed on performance, particularly in the financials sector, where an insurance company stock declined sharply after reports of an ownership stake by a prominent investor were revealed to be false.

For the reporting period, the Index underperformed compared with the broader market, as represented by the MSCI Emerging Markets Index. The Index’s research-based selection process focuses on four investment factors: value, quality, momentum, and size. Of the four target style factors, size and value detracted from the Index’s performance, while quality and momentum contributed to relative performance.

From a country perspective, an overweight position in Brazil and stock selection in China and South Korea were the largest drivers of underperformance. In contrast, stock selection in India and no exposure in Thailand benefited relative return. Turning to sectors, stock selection in the consumer discretionary and communication services sectors detracted from the Index’s relative return. Stock selection in the materials and industrials sectors benefited relative performance. An overweight position in the information technology sector, which advanced significantly in the latter part of the reporting period, was another notable contributor.

Portfolio Information

ALLOCATION BY SECTOR


Sector		Percent of Total Investments^(a)
Information Technology		22.2%
Consumer Discretionary		17.2
Financials		13.2
Communication Services		11.0
Materials		9.4
Health Care		7.7
Industrials		5.9
Consumer Staples		5.5
Real Estate		3.4
Utilities		2.4
Energy		2.1

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region		Percent of Total Investments^(a)
China		46.1%
Taiwan		15.4
South Africa		8.2
India		7.3
South Korea		7.1
Brazil		5.3
Saudi Arabia		3.0
Qatar		2.5
Russia		1.1
Indonesia		0.8

^(a)

Excludes money market funds.


F U N D S U M M A R Y		12


Fund Summary as of August 31, 2020		iShares^® MSCI Global Min Vol Factor ETF

Investment Objective

The iShares MSCI Global Min Vol Factor ETF (the “Fund”) (formerly the iShares Edge MSCI Min Vol Global ETF) seeks to track the investment results of an index composed of developed and emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed and emerging equity markets, as represented by the MSCI ACWI Minimum Volatility (USD) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		2.13	%		9.16	%		9.72	%		2.13	%		55.03	%		127.69	%
Fund Market		1.95			9.18			9.70			1.95			55.12			127.36
Index		1.88			8.91			9.45			1.88			53.26			122.76

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was 10/18/11. The first day of secondary market trading was 10/20/11.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/20)		Ending Account Value (08/31/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,047.10	$	1.03		$	1,000.00	$	1,024.10	$	1.02		0.20	%

^(a)


13		2 0 2 0 I S H A R E S A N 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 August 31, 2020 (continued)		iShares^® MSCI Global Min Vol Factor ETF

Portfolio Management Commentary

Lower volatility global stocks advanced modestly during the reporting period, as countries around the world experienced significant pandemic-related economic disruption. Stocks in the U.S., which represented approximately 52% of the Index on average, contributed the most to the Index’s return.

The U.S. consumer staples sector was the leading source of strength, helped by brisk sales of household goods as consumers stocked up on cleaning and personal care products. The packaged foods and meats industry gained due to changing purchasing patterns, as strength in consumer sales outweighed the effect of reduced sales to restaurants. The materials sector also advanced, supported by increasing gold prices, which benefited the metals and mining industry.

The materials sector also drove contribution in Canada. Monetary policy easing to mitigate the economic impact of the pandemic led to ultra-low bond yields, making gold more attractive as a store of value. In this environment, investor demand drove the metal’s price sharply higher, bolstering profitability of the metals and mining industry.

Taiwanese stocks were modest contributors, driven by strength in the information technology sector, where increased demand from at-home workers boosted computer sales. Swiss stocks also gained as the pharmaceuticals industry benefited from emergency approval of coronavirus tests by the U.S. Food and Drug Administration.

On the downside, Japanese stocks faltered due to weakness in the real estate sector as cancelled office leases and missed rent payments by retailers and hotel operators weighed on equity real estate investment trusts. Hong Kong industrials stocks also detracted from the Index’s return, as economic disruption and lower auto sales weighed on the profits of industrial conglomerates.

In terms of relative performance, the Index significantly underperformed the broader market, as measured by the MSCI ACWI Index. Stocks with low-volatility characteristics trailed the broader market during the rebound that followed the pandemic-related downturn. Looking at countries, stock selection in the U.S. drove the majority of underperformance. Stock selection in Japan and China also negatively affected relative performance, while an underweight position in U.K. stocks was beneficial. Turning to sectors, stock selection and an underweight allocation to the information technology sector detracted from the Index’s relative performance, as did stock selection in the consumer discretionary and communication services sectors. A significant underweight to the energy sector, which was pressured by low oil prices, contributed to relative performance.

Portfolio Information

ALLOCATION BY SECTOR


Sector		Percent of Total Investments^(a)
Information Technology		15.4%
Financials		13.9
Consumer Staples		13.8
Communication Services		12.5
Health Care		11.5
Utilities		7.9
Industrials		7.7
Consumer Discretionary		7.0
Materials		6.3
Real Estate		3.5
Energy		0.5

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region		Percent of Total Investments^(a)
United States		52.8%
Japan		11.6
Canada		5.8
Switzerland		5.1
Taiwan		4.2
China		2.8
India		2.6
Hong Kong		2.6
Germany		1.1
Saudi Arabia		0.9

^(a)

Excludes money market funds.


F U N D S U M M A R Y		14

About Fund Performance

Shareholder Expenses


15		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

August 31, 2020

iShares^® ESG Aware MSCI EM ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Argentina — 0.1%
Globant SA^(a)		28,187	$	5,005,447


Brazil — 3.5%
Atacadao SA		1,547,800		5,515,866
B2W Cia. Digital^(a)		176,000		3,596,099
B3 SA - Brasil, Bolsa, Balcao		2,177,900		23,343,575
Banco Bradesco SA		1,032,546		3,581,792
Banco do Brasil SA		1,178,500		7,013,986
Banco Santander Brasil SA		1,455,400		7,502,636
Cia Brasileira de Distribuicao		373,900		4,328,622
Cosan SA		457,100		6,936,615
CPFL Energia SA		608,200		3,186,290
Energisa SA		446,500		3,536,416
Equatorial Energia SA		964,700		4,079,739
Klabin SA		778,700		3,648,005
Localiza Rent a Car SA		1,266,221		11,132,146
Lojas Renner SA		735,310		5,826,560
Natura & Co. Holding SA		1,243,756		11,186,300
Petrobras Distribuidora SA		973,800		3,788,055
Ultrapar Participacoes SA		2,616,600		9,272,262
Via Varejo SA^(a)		996,500		3,723,774
WEG SA		463,300		5,457,344

				126,656,082

Chile — 0.7%
Cia. Cervecerias Unidas SA		891,376		5,874,276
Empresas COPEC SA		985,392		7,243,343
Enel Americas SA		64,168,456		9,255,806
Enel Chile SA		37,138,937		2,863,582

				25,237,007

China — 40.5%
360 Security Technology Inc., Class A		1,633,200		4,454,301
3SBio Inc.^(a)(b)		2,932,000		3,442,669
AAC Technologies Holdings Inc.^(c)		913,000		5,760,624
Agricultural Bank of China Ltd., Class H		15,219,000		5,085,993
Alibaba Group Holding Ltd., ADR^(a)		1,069,375		306,942,706
Alibaba Health Information Technology Ltd.^(a)		3,590,000		8,671,419
A-Living Services Co. Ltd., Class H^(b)		957,000		4,939,259
ANTA Sports Products Ltd.		446,000		4,405,244
BAIC Motor Corp. Ltd., Class H^(b)		17,304,000		8,283,432
Baidu Inc., ADR^(a)		117,272		14,608,573
Bank of China Ltd., Class H		13,566,000		4,446,061
Baozun Inc., ADR^(a)		80,529		3,337,122
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		876,812		7,673,377
BOC Aviation Ltd.^(b)		607,000		4,515,209
BOE Technology Group Co. Ltd., Class A		7,001,600		5,622,420
Brilliance China Automotive Holdings Ltd.		3,752,000		3,359,791
BYD Co. Ltd., Class A		372,616		4,624,276
BYD Co. Ltd., Class H^(c)		785,500		7,804,172
BYD Electronic International Co. Ltd.^(c)		1,089,000		4,615,866
Caitong Securities Co. Ltd., Class A		1,630,787		3,466,745
CanSino Biologics Inc., Class H^(a)(b)		133,800		2,836,505
China CITIC Bank Corp. Ltd., Class H		7,979,000		3,335,672
China Construction Bank Corp., Class H		52,725,000		37,348,987
China Eastern Airlines Corp. Ltd., Class A		5,812,200		4,285,438
China Eastern Airlines Corp. Ltd., Class H		8,012,000		3,308,117
China Everbright Bank Co. Ltd., Class H		12,757,000		4,575,971
China Everbright International Ltd.		5,627,666		3,398,318


Security	Shares		Value

China (continued)
China Gas Holdings Ltd.		1,308,400	$	3,587,479
China International Capital Corp. Ltd., Class H^(a)(b)		3,139,200		7,461,025
China Lesso Group Holdings Ltd.		3,258,000		6,078,680
China Life Insurance Co. Ltd., Class H		3,734,000		9,096,330
China Mengniu Dairy Co. Ltd.^(a)		1,103,000		5,422,385
China Merchants Bank Co. Ltd., Class H		3,909,500		18,664,349
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		3,399,357		8,288,512
China Minsheng Banking Corp. Ltd., Class H		12,666,000		7,713,853
China Mobile Ltd.		3,233,500		22,592,340
China Molybdenum Co. Ltd., Class A		5,555,100		3,471,355
China Molybdenum Co. Ltd., Class H		10,563,000		4,293,265
China National Software & Service Co. Ltd., Class A		232,200		3,350,875
China Overseas Land & Investment Ltd.		1,387,000		4,017,748
China Overseas Property Holdings Ltd.		3,410,000		3,075,541
China Pacific Insurance Group Co. Ltd., Class H		1,686,400		4,689,189
China Resources Land Ltd.		1,108,000		5,125,294
China TransInfo Technology Co. Ltd., Class A		974,509		3,480,211
China Vanke Co. Ltd., Class H		1,164,100		3,619,905
CNOOC Ltd.		5,956,000		6,778,181
Country Garden Services Holdings Co. Ltd.		1,936,000		13,501,777
CSPC Pharmaceutical Group Ltd.		3,085,200		6,854,983
ENN Energy Holdings Ltd.		331,200		3,675,181
Eve Energy Co. Ltd., Class A		499,125		3,571,555
Everbright Securities Co. Ltd., Class A		1,134,797		3,631,801
Fosun International Ltd.		8,738,500		9,730,554
Founder Securities Co. Ltd., Class A^(a)		2,896,637		3,709,001
Geely Automobile Holdings Ltd.		7,915,000		16,728,412
Genscript Biotech Corp.^(a)		1,750,000		3,382,515
Glodon Co. Ltd., Class A		388,085		3,948,193
GoerTek Inc., Class A		958,400		5,749,714
Greentown Service Group Co. Ltd.		3,752,000		5,044,527
GSX Techedu Inc., ADR^(a)		29,317		2,503,672
Guangzhou Automobile Group Co. Ltd., Class H		3,785,200		3,252,767
Haitong Securities Co. Ltd., Class A^(a)		1,591,300		3,524,528
Haitong Securities Co. Ltd., Class H^(a)		3,695,200		3,356,607
Hangzhou Robam Appliances Co. Ltd., Class A		604,482		3,442,004
Huadong Medicine Co. Ltd., Class A		1,073,893		4,383,909
Huaxia Bank Co. Ltd., Class A		8,496,232		7,976,285
Hutchison China MediTech Ltd., ADR^(a)		112,957		3,752,432
Industrial & Commercial Bank of China Ltd., Class H		23,138,000		12,957,029
Industrial Bank Co. Ltd., Class A		1,895,868		4,473,143
JD.com Inc., ADR^(a)		459,592		36,142,315
Kingboard Laminates Holdings Ltd.		3,356,000		4,230,643
Kingdee International Software Group Co. Ltd.^(a)		4,146,000		10,570,758
Kingsoft Corp. Ltd.		774,000		4,144,565
Koolearn Technology Holding Ltd.^(a)(b)		813,000		3,891,834
Kweichow Moutai Co. Ltd., Class A		16,000		4,173,365
Legend Holdings Corp., Class H^(b)		4,647,500		6,848,184
Lenovo Group Ltd.		12,820,000		8,568,557
Li Ning Co. Ltd.		925,500		3,916,879
Meituan Dianping, Class B^(a)		2,155,700		71,095,001
NetEase Inc., ADR		43,707		21,294,488
New Oriental Education & Technology Group Inc., ADR^(a)		53,825		7,892,360
NIO Inc., ADR^(a)(c)		669,435		12,739,348
Orient Securities Co. Ltd., Class A		2,479,132		4,274,771
Pinduoduo Inc., ADR^(a)(c)		156,191		13,891,628
Ping An Healthcare and Technology Co. Ltd.^(a)(b)(c)		353,600		5,155,616
Ping An Insurance Group Co. of China Ltd., Class A		362,901		4,059,697


S C H E D U L E O F I N V E S T M E N T S		16

Schedule of Investments (continued)

August 31, 2020

iShares^® ESG Aware MSCI EM ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Ping An Insurance Group Co. of China Ltd., Class H		4,615,500	$	49,161,568
Semiconductor Manufacturing International Corp.^(a)		1,801,500		5,787,933
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		1,239,679		4,018,144
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		5,042,300		8,991,386
Shanghai Pudong Development Bank Co. Ltd., Class A		2,232,264		3,376,515
Shenzhen Inovance Technology Co. Ltd., Class A		918,500		7,483,016
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		77,500		3,874,915
Shenzhou International Group Holdings Ltd.		687,400		11,086,882
Sino Biopharmaceutical Ltd.		5,543,000		6,401,147
Sinopharm Group Co. Ltd., Class H		1,666,000		4,101,505
SOHO China Ltd.^(a)		13,820,000		4,261,827
Sunac China Holdings Ltd.		1,294,000		5,443,043
Suning.com Co. Ltd., Class A		6,270,238		9,017,447
Sunny Optical Technology Group Co. Ltd.		492,000		7,294,156
TAL Education Group, ADR^(a)		167,930		12,394,913
TCL Technology Group Corp., Class A		5,603,962		5,792,843
Tencent Holdings Ltd.		3,439,500		235,434,766
Tencent Music Entertainment Group, ADR^(a)(c)		255,743		3,997,263
Tongcheng-Elong Holdings Ltd.^(a)		2,041,200		4,003,308
TravelSky Technology Ltd., Class H		1,764,000		3,669,049
Trip.com Group Ltd., ADR^(a)		271,263		8,202,993
Unisplendour Corp. Ltd., Class A		1,269,302		6,078,580
Vipshop Holdings Ltd., ADR^(a)		340,739		5,625,601
Wanda Film Holding Co. Ltd., Class A^(a)		1,407,560		3,808,077
Wuliangye Yibin Co. Ltd., Class A		118,360		4,147,434
WuXi AppTec Co. Ltd., Class A		367,229		5,893,014
WuXi AppTec Co. Ltd., Class H^(b)		423,200		6,268,699
Wuxi Biologics Cayman Inc.^(a)(b)		928,500		24,128,552
Xiaomi Corp., Class B^(a)(b)		5,019,800		15,221,034
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		2,306,120		3,676,782
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		4,507,536		3,879,314
Xinyi Solar Holdings Ltd.		5,254,000		6,636,860
Yihai International Holding Ltd.^(a)		285,000		4,479,010
Yum China Holdings Inc.^(a)		174,717		10,082,918
Yuzhou Group Holdings Co. Ltd.		20,656,000		9,648,164
Zai Lab Ltd., ADR^(a)(c)		45,333		3,598,080
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H^(a)		5,010,400		5,016,768

				1,479,978,888

Colombia — 0.2%
Ecopetrol SA		6,685,228		3,904,194
Interconexion Electrica SA ESP		662,776		3,700,961

				7,605,155

Czech Republic — 0.1%
Komercni Banka AS^(a)		204,417		4,931,125


Greece — 0.1%
OPAP SA		489,155		4,492,840


Hungary — 0.4%
MOL Hungarian Oil & Gas PLC^(a)		2,452,404		13,850,352


India — 8.3%
Asian Paints Ltd.		668,857		17,256,751
Axis Bank Ltd.^(a)		920,204		6,210,119
Axis Bank Ltd., GDR^(d)		99,425		3,499,760
Bajaj Finance Ltd.		115,360		5,466,190


Security	Shares		Value

India (continued)
Bandhan Bank Ltd.^(a)(b)		934,979	$	3,884,340
Bharat Petroleum Corp. Ltd.		801,628		4,441,177
Bharti Airtel Ltd.		1,040,782		7,255,039
Dabur India Ltd.		2,033,132		13,109,051
Eicher Motors Ltd.		174,736		4,966,175
HCL Technologies Ltd.		1,102,968		10,405,203
Hero MotoCorp Ltd.		117,726		4,807,802
Hindalco Industries Ltd.		1,428,628		3,595,467
Hindustan Unilever Ltd.		684,079		19,677,814
Housing Development Finance Corp. Ltd.		1,257,935		31,318,706
ICICI Bank Ltd.^(a)		1,810,087		9,703,635
Indian Oil Corp. Ltd.		3,291,958		3,837,245
Info Edge India Ltd.		78,281		3,470,866
Infosys Ltd.		2,564,522		32,352,887
Mahindra & Mahindra Ltd.		122,540		1,010,353
Mahindra & Mahindra Ltd., GDR		884,601		7,412,956
Marico Ltd.		1,771,514		8,878,328
Nestle India Ltd.		58,146		12,599,294
Power Grid Corp. of India Ltd.		1,752,641		4,260,912
Reliance Industries Ltd.		1,263,189		35,707,195
Reliance Industries Ltd., GDR^(b)		127,416		7,377,386
Tata Consultancy Services Ltd.		761,131		23,340,868
Tata Steel Ltd.		21,587		121,121
Titan Co. Ltd.		523,797		7,831,248
UPL Ltd.		570,136		3,918,898
Wipro Ltd.		1,420,161		5,234,381

				302,951,167

Indonesia — 1.4%
Bank Central Asia Tbk PT		9,112,900		19,633,802
Bank Negara Indonesia Persero Tbk PT		13,885,500		4,862,905
Bank Rakyat Indonesia Persero Tbk PT		50,220,900		12,104,745
Kalbe Farma Tbk PT		35,597,200		3,862,220
Telekomunikasi Indonesia Persero Tbk PT		24,951,800		4,900,405
Unilever Indonesia Tbk PT		7,324,900		4,137,154

				49,501,231

Malaysia — 2.4%
AMMB Holdings Bhd		4,873,900		3,416,586
Axiata Group Bhd		4,817,400		3,481,064
Hartalega Holdings Bhd		1,191,100		4,723,796
Malayan Banking Bhd		4,537,500		7,984,606
Maxis Bhd		6,080,800		7,299,004
Nestle Malaysia Bhd		498,800		16,668,578
Petronas Dagangan Bhd		1,061,600		5,250,020
Public Bank Bhd		4,136,600		16,306,079
RHB Bank Bhd		5,552,200		6,104,687
Sime Darby Plantation Bhd		4,901,900		6,001,606
Supermax Corp. Bhd^(a)		686,800		3,650,403
Telekom Malaysia Bhd^(c)		3,983,000		3,968,179
Top Glove Corp. Bhd		548,800		3,462,361

				88,316,969

Mexico — 1.4%
Arca Continental SAB de CV		728,500		3,322,953
Cemex SAB de CV, CPO, NVS		17,453,600		5,598,294
Coca-Cola Femsa SAB de CV		1,577,283		6,615,854
Fomento Economico Mexicano SAB de CV		595,200		3,463,615
Grupo Financiero Banorte SAB de CV, Class O^(a)		2,315,200		8,004,715
Infraestructura Energetica Nova SAB de CV		3,910,329		11,450,836
Wal-Mart de Mexico SAB de CV		5,127,200		12,306,123

				50,762,390


17		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® ESG Aware MSCI EM ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Peru — 0.1%
Credicorp Ltd.		28,206	$	3,680,319


Philippines — 0.4%
BDO Unibank Inc.		4,812,920		8,536,890
Globe Telecom Inc.		86,745		3,735,662
SM Prime Holdings Inc.		5,762,300		3,470,334

				15,742,886

Poland — 0.8%
Bank Polska Kasa Opieki SA^(a)		246,488		3,514,010
CD Projekt SA^(a)		32,684		3,906,703
KGHM Polska Miedz SA^(a)		332,299		12,395,938
Polski Koncern Naftowy ORLEN SA		438,441		6,052,160
Santander Bank Polska SA^(a)		83,527		3,449,412

				29,318,223

Qatar — 0.7%
Commercial Bank PSQC (The)		5,368,388		6,072,235
Qatar Fuel QSC		147,828		740,650
Qatar National Bank QPSC		3,874,492		18,990,022


			25,802,907

Russia — 3.0%
Gazprom PJSC		5,984,710		14,601,692
Gazprom PJSC, ADR		521,356		2,536,918
LUKOIL PJSC		431,665		28,963,902
Novatek PJSC, GDR^(d)		92,056		13,633,493
Novolipetsk Steel PJSC		3,259,410		6,788,068
Polymetal International PLC		369,744		9,873,730
Polyus PJSC		50,566		12,282,645
Rosneft Oil Co. PJSC		211,930		1,063,932
Rosneft Oil Co. PJSC, GDR^(d)		344,670		1,750,924
Sberbank of Russia PJSC^(a)		5,886,140		17,879,977
Surgutneftegas PJSC		1,348,000		664,713

				110,039,994

Saudi Arabia — 2.5%
Al Rajhi Bank		530,353		9,177,541
Almarai Co. JSC		408,120		5,843,577
Arab National Bank		632,162		3,499,229
Bank AlBilad		550,374		3,524,906
Banque Saudi Fransi		910,790		7,759,000
National Commercial Bank^(a)		739,595		7,335,902
Samba Financial Group		720,128		5,289,906
Saudi Arabian Mining Co.^(a)		651,505		6,844,325
Saudi Arabian Oil Co.^(b)		1,178,441		11,170,280
Saudi Basic Industries Corp.		1,017,000		23,862,736
Saudi British Bank (The)		543,756		3,892,826
Savola Group (The)		313,269		4,059,479

				92,259,707

South Africa — 3.9%
Absa Group Ltd.		769,789		3,510,142
AngloGold Ashanti Ltd.		160,382		4,682,922
Bidvest Group Ltd. (The)		410,036		3,294,326
Clicks Group Ltd.		425,241		5,773,212
FirstRand Ltd.		1,580,069		3,530,177
Gold Fields Ltd.		579,906		7,498,857
Growthpoint Properties Ltd.		5,421,630		3,907,510
Impala Platinum Holdings Ltd.		434,372		4,009,312
Kumba Iron Ore Ltd.		214,959		6,737,592
MTN Group Ltd.		900,690		3,246,817
MultiChoice Group Ltd.^(a)		640,098		3,660,834
Naspers Ltd., Class N		264,310		48,251,738


Security	Shares		Value

South Africa (continued)
Nedbank Group Ltd.		598,984	$	3,393,874
NEPI Rockcastle PLC		1,074,122		5,027,205
Old Mutual Ltd.		14,109,401		9,319,513
Sibanye Stillwater Ltd.^(a)		1,222,722		3,701,817
Standard Bank Group Ltd.		1,368,882		8,531,853
Vodacom Group Ltd.		1,388,474		10,479,992
Woolworths Holdings Ltd.		2,274,836		4,268,695

				142,826,388

South Korea — 11.0%
Amorepacific Corp.		38,369		5,426,376
AMOREPACIFIC Group		119,450		5,128,336
BNK Financial Group Inc.		777,087		3,323,177
Celltrion Inc.^(a)		33,649		8,412,958
CJ CheilJedang Corp.		10,089		3,456,708
GS Holdings Corp.		137,427		3,759,893
Hana Financial Group Inc.		141,265		3,353,542
Hankook Tire & Technology Co. Ltd.		167,338		4,155,628
Hyundai Marine & Fire Insurance Co. Ltd.		177,184		3,296,377
Hyundai Motor Co.^(a)		29,664		4,407,523
Kakao Corp.		24,799		8,496,669
KB Financial Group Inc.		380,662		11,808,565
LG Chem Ltd.		33,676		20,978,399
LG Corp.		153,286		10,671,565
LG Display Co. Ltd.^(a)		563,014		6,919,778
LG Electronics Inc.		224,475		15,911,099
LG Household & Health Care Ltd.		7,321		9,078,065
LG Innotek Co. Ltd.		36,531		4,459,125
NAVER Corp.		91,974		24,969,791
NCSoft Corp.		10,874		7,552,025
POSCO		82,842		12,866,697
Samsung Biologics Co. Ltd.^(a)(b)		6,177		4,045,548
Samsung Card Co. Ltd.		140,143		3,391,793
Samsung Electro-Mechanics Co. Ltd.		35,598		3,730,913
Samsung Electronics Co. Ltd.		2,803,969		127,463,866
Samsung Fire & Marine Insurance Co. Ltd.		27,706		4,361,497
Samsung SDI Co. Ltd.		49,156		18,724,716
Shinhan Financial Group Co. Ltd.		577,461		14,413,434
SK Holdings Co. Ltd.		46,391		8,357,331
SK Hynix Inc.		262,304		16,583,071
SK Innovation Co. Ltd.		52,811		6,446,330
SK Telecom Co. Ltd.		46,924		9,796,407
S-Oil Corp.		83,700		3,981,017

				399,728,219

Taiwan — 13.0%
Acer Inc.^(a)		10,773,000		8,573,166
ASE Technology Holding Co. Ltd.		1,623,186		3,385,614
Cathay Financial Holding Co. Ltd.		12,612,110		17,129,069
Chailease Holding Co. Ltd.		1,290,352		5,695,025
China Steel Corp.		4,994,000		3,387,032
Chunghwa Telecom Co. Ltd.		3,969,000		14,676,704
CTBC Financial Holding Co. Ltd.		16,759,000		10,823,681
Delta Electronics Inc.		2,304,000		14,840,959
E.Sun Financial Holding Co. Ltd.		18,702,509		17,337,500
Eva Airways Corp.		9,763,000		3,826,474
Evergreen Marine Corp. Taiwan Ltd.^(a)		6,768,000		4,013,537
Far Eastern New Century Corp.		6,352,000		5,726,033
Far EasTone Telecommunications Co. Ltd.		1,927,000		4,025,871
First Financial Holding Co. Ltd.		25,749,960		18,648,898
Fubon Financial Holding Co. Ltd.		12,742,000		18,586,562


S C H E D U L E O F I N V E S T M E N T S		18

Schedule of Investments (continued)

August 31, 2020

iShares^® ESG Aware MSCI EM ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Taiwan (continued)
Hiwin Technologies Corp.		320,551	$	3,517,796
Hon Hai Precision Industry Co. Ltd.		2,905,000		7,613,602
Hotai Motor Co. Ltd.		320,000		6,510,915
Inventec Corp.		6,376,000		4,943,646
Lite-On Technology Corp.		4,463,039		7,057,751
MediaTek Inc.		699,000		13,245,540
President Chain Store Corp.		1,306,000		12,017,791
Taishin Financial Holding Co. Ltd.		38,293,224		17,292,409
Taiwan Business Bank		23,520,875		8,016,248
Taiwan Mobile Co. Ltd.		1,066,000		3,687,576
Taiwan Semiconductor Manufacturing Co. Ltd.		14,987,000		217,846,923
United Microelectronics Corp.		5,782,000		4,177,646
Win Semiconductors Corp.		369,000		3,596,749
Wistron Corp.		8,946,768		9,726,902
Yuanta Financial Holding Co. Ltd.		8,373,040		5,250,718

				475,178,337

Thailand — 2.4%
Advanced Info Service PCL, NVDR		612,400		3,600,906
Airports of Thailand PCL, NVDR		2,141,400		3,853,110
Bangkok Dusit Medical Services PCL, NVDR		10,488,100		7,009,478
BTS Group Holdings PCL, NVDR		14,863,900		4,966,971
Central Pattana PCL, NVDR		2,320,000		3,503,575
Home Product Center PCL, NVDR		8,905,300		4,263,442
Intouch Holdings PCL, NVDR		2,028,900		3,552,897
Kasikornbank PCL, Foreign		1,184,600		3,206,765
Kasikornbank PCL, NVDR		1,772,000		4,796,883
Minor International PCL, NVDR^(a)		9,326,300		6,712,479
PTT Exploration & Production PCL, NVDR		1,898,400		5,428,793
PTT PCL, NVDR		10,742,200		12,425,711
Siam Cement PCL (The), NVDR		1,250,800		14,227,109
Siam Commercial Bank PCL (The), NVDR		3,304,300		7,697,381
Total Access Communication PCL, NVDR		3,178,400		3,650,986

				88,896,486

Turkey — 0.2%
Anadolu Efes Biracilik Ve Malt Sanayii AS		1,331,891		3,516,598
Turkcell Iletisim Hizmetleri AS		2,389,642		4,650,044

				8,166,642

United Arab Emirates — 0.6%
Abu Dhabi Commercial Bank PJSC		5,208,247		7,855,298
First Abu Dhabi Bank PJSC		4,071,425		12,702,593

				20,557,891


Total Common Stocks — 97.7% (Cost: $3,117,387,327)				3,571,486,652


Preferred Stocks

Brazil — 1.0%
Banco Bradesco SA, Preference Shares, NVS		2,784,070		10,525,458
Cia. Energetica de Minas Gerais, Preference Shares, NVS		4,256,023		8,169,293
Itau Unibanco Holding SA, Preference Shares, NVS		2,323,110		9,972,701


Security	Shares		Value

Brazil (continued)
Itausa SA, Preference Shares, NVS		2,445,131	$	4,203,063
Telefonica Brasil SA, Preference Shares, NVS		695,800		6,067,751

				38,938,266

Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		510,068		3,634,424


South Korea — 0.7%
LG Household & Health Care Ltd., Preference Shares, NVS		5,589		3,298,164
Samsung Electronics Co. Ltd., Preference Shares, NVS		528,545		21,134,681

				24,432,845


Total Preferred Stocks — 1.8% (Cost: $79,081,771)				67,005,535


Rights

China — 0.0%
Legend Holdings Corp. Class H, (Expires 05/19/23)^(a)(e)		29,546		0	^(f)


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


Short-Term Investments

Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(g)(h)(i)		16,661,989		16,678,651
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(g)(h)		3,950,000		3,950,000

				20,628,651


Total Short-Term Investments — 0.6% (Cost: $20,616,633)				20,628,651


Total Investments in Securities — 100.1% (Cost: $3,217,085,731)				3,659,120,838

Other Assets, Less Liabilities — (0.1)%				(4,640,747	)


Net Assets — 100.0%			$	3,654,480,091

^(a)	Non-income producing security.

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

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

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

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

^(f)	Rounds to less than $1.

^(g)	Affiliate of the Fund.

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

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


19		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® ESG Aware MSCI EM ETF

Affiliates


Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	5,715,338	$	10,965,034	^(a)	$	—	$	(12,034	)	$	10,313	$	16,678,651		16,661,989	$	315,587	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,431,000		2,519,000	^(a)		—		—			—		3,950,000		3,950,000		20,408			—

								$	(12,034	)	$	10,313	$	20,628,651			$	335,995		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

MSCI Emerging Markets E-Mini Index

159

09/18/20

8,748

184,117

Derivative Financial Instruments Categorized by Risk Exposure

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



	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	184,117

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	3,099,320

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	208,615

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	6,485,688

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

Fair Value Measurements


S C H E D U L E O F I N V E S T M E N T S		20

Schedule of Investments (continued)

August 31, 2020

iShares^® ESG Aware MSCI EM ETF

Fair Value Measurements (continued)



	Level 1		Level 2		Level 3			Total

Investments
Assets
Common Stocks	$	3,571,486,652	$	—	$	—		$	3,571,486,652
Preferred Stocks		67,005,535		—		—			67,005,535
Rights		—		—		0	^(a)		0	^(a)
Money Market Funds		20,628,651		—		—			20,628,651

	$	3,659,120,838	$	—	$	0	^(a)	$	3,659,120,838

Derivative financial instruments^(b)
Assets
Futures Contracts	$	184,117	$	—	$	—		$	184,117

^(a)

Rounds to less than $1.

^(b)

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

See notes to financial statements.


21		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

August 31, 2020

iShares^® MSCI Emerging Markets ex China ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Argentina — 0.2%
Globant SA^(a)		708	$	125,727
Telecom Argentina SA, ADR		1,746		11,803
YPF SA, ADR^(a)		2,864		15,981

				153,511

Brazil — 6.3%
Ambev SA		92,800		208,237
Atacadao SA		8,000		28,509
B2W Cia. Digital^(a)		4,868		99,465
B3 SA - Brasil, Bolsa, Balcao		41,600		445,885
Banco Bradesco SA		22,628		78,494
Banco BTG Pactual SA		4,800		70,286
Banco do Brasil SA		17,600		104,749
Banco Santander Brasil SA		8,000		41,240
BB Seguridade Participacoes SA		14,400		69,245
BRF SA^(a)		8,321		29,714
CCR SA		24,000		58,317
Centrais Eletricas Brasileiras SA		6,491		42,016
Cia Brasileira de Distribuicao		3,200		37,046
Cia. de Saneamento Basico do Estado de Sao Paulo		6,400		55,706
Cia. Siderurgica Nacional SA		14,400		39,925
Cielo SA		24,000		19,949
Cogna Educacao		32,000		33,249
Cosan SA		4,800		72,841
Energisa SA		3,200		25,345
Engie Brasil Energia SA		4,800		37,300
Equatorial Energia SA		19,200		81,197
Hapvida Participacoes e Investimentos SA^(b)		4,800		56,637
Hypera SA		8,000		46,155
IRB Brasil Resseguros S/A		14,400		18,716
IRB Brasil Resseguros S/A^(a)		4,204		5,303
JBS SA		22,400		91,627
Klabin SA		12,800		59,965
Localiza Rent a Car SA		13,040		114,643
Lojas Renner SA		17,630		139,699
Magazine Luiza SA		14,400		244,694
Multiplan Empreendimentos Imobiliarios SA		9,600		36,434
Natura & Co. Holding SA		14,694		132,157
Notre Dame Intermedica Participacoes SA		9,600		129,671
Petrobras Distribuidora SA		12,800		49,792
Petroleo Brasileiro SA		74,600		303,519
Raia Drogasil SA		4,800		94,322
Rumo SA^(a)		24,000		98,872
Sul America SA		4,800		37,781
Suzano SA^(a)		11,200		102,488
TIM Participacoes SA		9,628		25,132
Ultrapar Participacoes SA		14,400		51,028
Vale SA		72,071		784,046
Via Varejo SA^(a)		27,200		101,642
WEG SA		17,640		207,787

				4,610,825

Chile — 0.7%
Banco de Chile		682,042		57,153
Banco de Credito e Inversiones SA		1,295		40,909
Banco Santander Chile		876,161		33,778
Cencosud SA		30,320		44,958
Cia. Cervecerias Unidas SA		4,384		28,891
Empresa Nacional de Telecomunicaciones SA		272		1,651
Empresas CMPC SA		28,384		59,105


Security	Shares		Value

Chile (continued)
Empresas COPEC SA		9,520	$	69,979
Enel Americas SA		776,288		111,973
Enel Chile SA		572,592		44,149
Falabella SA		18,304		57,822

				550,368

China — 0.1%
Silergy Corp.		1,000		63,562


Colombia — 0.3%
Bancolombia SA		6,320		43,819
Ecopetrol SA		94,272		55,055
Grupo de Inversiones Suramericana SA		6,464		36,199
Interconexion Electrica SA ESP		11,008		61,469

				196,542

Czech Republic — 0.2%
CEZ AS		2,912		60,107
Komercni Banka AS^(a)		1,632		39,368
Moneta Money Bank AS^(b)		14,432		36,456

				135,931

Egypt — 0.1%
Commercial International Bank Egypt SAE		20,088		85,637
Eastern Co. SAE		19,938		16,001

				101,638

Greece — 0.2%
Hellenic Telecommunications Organization SA		3,923		64,276
JUMBO SA		1,893		32,940
Motor Oil Hellas Corinth Refineries SA		55		773
OPAP SA		3,493		32,083

				130,072

Hungary — 0.4%
MOL Hungarian Oil & Gas PLC^(a)		9,504		53,676
OTP Bank Nyrt^(a)		4,720		159,687
Richter Gedeon Nyrt		2,864		70,162

				283,525

Indonesia — 2.4%
Adaro Energy Tbk PT		299,200		22,292
Astra International Tbk PT		425,600		149,051
Bank Central Asia Tbk PT		193,600		417,113
Bank Mandiri Persero Tbk PT		374,400		152,974
Bank Negara Indonesia Persero Tbk PT		155,200		54,353
Bank Rakyat Indonesia Persero Tbk PT		1,110,400		267,640
Barito Pacific Tbk PT^(a)		566,400		32,671
Charoen Pokphand Indonesia Tbk PT^(a)		152,000		65,758
Gudang Garam Tbk PT^(a)		11,200		36,532
Hanjaya Mandala Sampoerna Tbk PT		142,400		16,135
Indah Kiat Pulp & Paper Corp. Tbk PT		48,000		30,654
Indocement Tunggal Prakarsa Tbk PT		40,000		32,618
Indofood CBP Sukses Makmur Tbk PT		45,700		32,088
Indofood Sukses Makmur Tbk PT		76,800		40,213
Kalbe Farma Tbk PT		456,000		49,475
Perusahaan Gas Negara Tbk PT		248,000		21,373
Semen Indonesia Persero Tbk PT		72,000		52,161
Telekomunikasi Indonesia Persero Tbk PT		882,000		173,220
Unilever Indonesia Tbk PT		151,000		85,286
United Tractors Tbk PT		36,800		58,122
XL Axiata Tbk PT		28,800		4,826

				1,794,555


S C H E D U L E O F I N V E S T M E N T S		22

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Emerging Markets ex China ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Malaysia — 3.0%
Axiata Group Bhd		62,400	$	45,090
CIMB Group Holdings Bhd		110,400		87,461
Dialog Group Bhd		70,400		60,674
DiGi.Com Bhd		81,600		77,379
Gamuda Bhd		51,200		41,791
Genting Bhd		54,400		45,839
Genting Malaysia Bhd		64,000		35,031
Hartalega Holdings Bhd		36,800		145,946
Hong Leong Bank Bhd		19,200		64,530
IHH Healthcare Bhd		48,000		61,765
IOI Corp. Bhd		33,600		35,976
Kossan Rubber Industries		12,800		49,104
Kuala Lumpur Kepong Bhd		11,200		60,927
Malayan Banking Bhd		86,400		152,037
Malaysia Airports Holdings Bhd		22,544		27,602
Maxis Bhd		54,400		65,298
MISC Bhd		28,800		52,615
Petronas Chemicals Group Bhd		44,800		58,722
Petronas Dagangan Bhd		3,200		15,825
Petronas Gas Bhd		16,000		63,378
PPB Group Bhd		14,440		62,398
Press Metal Aluminium Holdings Bhd		38,400		48,029
Public Bank Bhd		59,200		233,361
RHB Bank Bhd		32,000		35,184
Sime Darby Bhd		73,600		38,695
Sime Darby Plantation Bhd		49,600		60,727
Supermax Corp. Bhd^(a)		15,400		81,852
Telekom Malaysia Bhd		9,600		9,564
Tenaga Nasional Bhd		52,800		137,657
Top Glove Corp. Bhd		32,000		201,887
YTL Corp. Bhd^(a)		97,640		15,705

				2,172,049

Mexico — 2.8%
Alfa SAB de CV, Class A		36,400		23,401
America Movil SAB de CV, Series L, NVS		645,200		391,790
Arca Continental SAB de CV		9,600		43,789
Cemex SAB de CV, CPO, NVS		294,400		94,430
Coca-Cola Femsa SAB de CV		11,200		46,978
Fibra Uno Administracion SA de CV		68,800		53,692
Fomento Economico Mexicano SAB de CV		38,400		223,459
Gruma SAB de CV, Class B		4,160		49,194
Grupo Aeroportuario del Pacifico SAB de CV, Class B		8,000		62,206
Grupo Aeroportuario del Sureste SAB de CV, Class B^(a)		4,115		46,625
Grupo Bimbo SAB de CV, Series A		33,602		62,058
Grupo Financiero Banorte SAB de CV, Class O^(a)		52,800		182,554
Grupo Financiero Inbursa SAB de CV, Class O^(a)		56,000		40,965
Grupo Mexico SAB de CV, Series B		62,400		166,506
Grupo Televisa SAB, CPO^(a)		53,700		66,297
Industrias Penoles SAB de CV		2,887		48,154
Infraestructura Energetica Nova SAB de CV		6,400		18,741
Kimberly-Clark de Mexico SAB de CV, Class A		30,400		48,838
Megacable Holdings SAB de CV, CPO		8,000		23,025
Orbia Advance Corp. SAB de CV		20,800		33,415
Promotora y Operadora de Infraestructura SAB de CV^(a)		6,880		51,139
Wal-Mart de Mexico SAB de CV		105,600		253,457

				2,030,713

Pakistan — 0.0%
MCB Bank Ltd.^(a)		30,192		31,184


Security	Shares		Value

Peru — 0.4%
Cia. de Minas Buenaventura SAA, ADR		4,496	$	63,304
Credicorp Ltd.		1,376		179,540
Southern Copper Corp.		1,776		85,426

				328,270

Philippines — 1.2%
Aboitiz Equity Ventures Inc.		45,050		44,599
Ayala Corp.		5,920		89,560
Ayala Land Inc.		160,200		95,159
BDO Unibank Inc.		39,680		70,382
Globe Telecom Inc.		400		17,226
GT Capital Holdings Inc.		2,724		22,473
International Container Terminal Services Inc.		20,480		44,352
JG Summit Holdings Inc.		64,360		85,353
Jollibee Foods Corp.		11,040		30,762
Metro Pacific Investments Corp.		416,600		28,870
Metropolitan Bank & Trust Co.		25,647		17,721
PLDT Inc.		1,600		48,807
SM Investments Corp.		5,925		103,872
SM Prime Holdings Inc.		228,800		137,795
Universal Robina Corp.		20,640		58,661

				895,592

Poland — 1.3%
Bank Polska Kasa Opieki SA^(a)		3,536		50,410
CD Projekt SA^(a)		1,392		166,385
Dino Polska SA^(a)(b)		784		47,785
Grupa Lotos SA		2,048		22,587
KGHM Polska Miedz SA^(a)		2,704		100,869
LPP SA^(a)		41		80,300
mBank SA^(a)		432		22,150
Orange Polska SA^(a)		13,920		27,415
PGE Polska Grupa Energetyczna SA^(a)		18,560		30,548
Polski Koncern Naftowy ORLEN SA		6,368		87,903
Polskie Gornictwo Naftowe i Gazownictwo SA		39,584		55,353
Powszechna Kasa Oszczednosci Bank Polski SA^(a)		18,080		106,305
Powszechny Zaklad Ubezpieczen SA^(a)		12,016		88,993
Santander Bank Polska SA^(a)		784		32,377

				919,380

Qatar — 1.4%
Commercial Bank PSQC (The)		37,600		42,530
Industries Qatar QSC		34,176		91,756
Masraf Al Rayan QSC		89,280		101,374
Mesaieed Petrochemical Holding Co.		87,680		50,615
Ooredoo QPSC		25,200		45,295
Qatar Electricity & Water Co. QSC		14,080		65,943
Qatar Fuel QSC		2,576		12,906
Qatar International Islamic Bank QSC		11,472		26,739
Qatar Islamic Bank SAQ		23,680		103,167
Qatar National Bank QPSC		92,608		453,899

				994,224

Russia — 5.3%
Alrosa PJSC		49,923		44,248
Gazprom PJSC		228,480		557,453
Inter RAO UES PJSC		944,000		66,272
LUKOIL PJSC		8,544		573,286
Magnit PJSC, GDR^(c)		5,630		82,592
Magnitogorsk Iron & Steel Works PJSC		40,000		20,278
MMC Norilsk Nickel PJSC		1,344		349,288
Mobile TeleSystems PJSC, ADR		12,528		116,761
Novatek PJSC, GDR^(c)		1,792		265,395


23		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Emerging Markets ex China ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Russia (continued)
Novolipetsk Steel PJSC		22,080	$	45,984
PhosAgro PJSC, GDR, Registered Shares^(c)		2,752		32,804
Polymetal International PLC		4,565		121,905
Polyus PJSC		621		150,843
Rosneft Oil Co. PJSC, GDR^(c)		23,639		120,086
Sberbank of Russia PJSC^(a)		202,900		616,337
Severstal PAO		4,119		51,672
Surgutneftegas PJSC		140,100		69,085
Tatneft PJSC		30,720		225,825
VTB Bank PJSC, GDR^(a)(c)		33,344		30,476
X5 Retail Group NV, GDR^(c)		2,848		102,526
Yandex NV, Class A^(a)		3,900		271,950

				3,915,066

Saudi Arabia — 4.7%
Abdullah Al Othaim Markets Co.		1,216		40,464
Advanced Petrochemical Co.		3,776		55,475
Al Rajhi Bank		25,248		436,906
Alinma Bank^(a)		15,811		65,344
Almarai Co. JSC		5,136		73,539
Arab National Bank		9,456		52,342
Bank AlBilad		9,392		60,152
Bank Al-Jazira		13,408		46,690
Banque Saudi Fransi		11,136		94,867
Bupa Arabia for Cooperative Insurance Co.^(a)		1,376		45,494
Co for Cooperative Insurance (The)^(a)		2,176		45,836
Dar Al Arkan Real Estate Development Co.^(a)		8,160		17,645
Emaar Economic City^(a)		7,650		16,461
Etihad Etisalat Co.^(a)		6,960		49,735
Jarir Marketing Co.		1,408		61,344
National Commercial Bank^(a)		26,352		261,381
National Industrialization Co.^(a)		6,552		20,649
Rabigh Refining & Petrochemical Co.^(a)		3,408		12,976
Riyad Bank		25,232		129,038
Sahara International Petrochemical Co.		10,384		44,078
Samba Financial Group		20,112		147,739
Saudi Airlines Catering Co.		1,344		28,704
Saudi Arabian Fertilizer Co.		3,552		78,514
Saudi Arabian Mining Co.^(a)		6,864		72,109
Saudi Arabian Oil Co.^(b)		39,152		371,117
Saudi Basic Industries Corp.		16,848		395,319
Saudi British Bank (The)		12,928		92,553
Saudi Cement Co.		2,144		32,185
Saudi Electricity Co.		17,408		73,894
Saudi Industrial Investment Group		7,584		44,285
Saudi Kayan Petrochemical Co.^(a)		19,584		47,414
Saudi Telecom Co.		11,600		296,924
Savola Group (The)		4,976		64,481
Yanbu National Petrochemical Co.		4,576		65,276

				3,440,930

South Africa — 6.2%
Absa Group Ltd.		14,896		67,924
Anglo American Platinum Ltd.		848		63,279
AngloGold Ashanti Ltd.		8,624		251,808
Aspen Pharmacare Holdings Ltd.^(a)		7,840		62,877
Bid Corp. Ltd.		6,816		112,617
Bidvest Group Ltd. (The)		6,528		52,448
Capitec Bank Holdings Ltd.		1,455		71,714
Clicks Group Ltd.		5,200		70,597
Discovery Ltd.		8,096		57,839


Security	Shares		Value

South Africa (continued)
Exxaro Resources Ltd.		5,616	$	45,475
FirstRand Ltd.		96,008		214,500
Gold Fields Ltd.		17,840		230,692
Growthpoint Properties Ltd.		61,008		43,970
Harmony Gold Mining Co. Ltd.^(a)		10,304		67,275
Impala Platinum Holdings Ltd.		15,936		147,091
Kumba Iron Ore Ltd.		816		25,576
Life Healthcare Group Holdings Ltd.		33,360		32,570
Mr. Price Group Ltd.		5,109		34,946
MTN Group Ltd.		33,648		121,295
MultiChoice Group Ltd.^(a)		10,240		58,564
Naspers Ltd., Class N		8,592		1,568,533
Nedbank Group Ltd.		7,537		42,705
NEPI Rockcastle PLC		8,832		41,336
Northam Platinum Ltd.^(a)		6,432		60,765
Old Mutual Ltd.		99,632		65,809
Pick n Pay Stores Ltd.		386		951
Rand Merchant Investment Holdings Ltd.		15,072		26,752
Reinet Investments SCA		3,264		62,254
Remgro Ltd.		9,905		51,404
Sanlam Ltd.		39,696		128,827
Sasol Ltd.^(a)		11,056		90,432
Shoprite Holdings Ltd.		9,184		59,903
Sibanye Stillwater Ltd.^(a)		44,757		135,503
SPAR Group Ltd. (The)		3,760		35,879
Standard Bank Group Ltd.		26,384		164,444
Tiger Brands Ltd.		3,088		31,430
Vodacom Group Ltd.		12,336		93,110
Woolworths Holdings Ltd.		19,904		37,350

				4,530,444

South Korea — 18.9%
Alteogen Inc.^(a)		366		64,394
Amorepacific Corp.		720		101,827
AMOREPACIFIC Group		576		24,729
BGF retail Co. Ltd.		225		24,150
BNK Financial Group Inc.		3,136		13,411
Celltrion Healthcare Co. Ltd.^(a)		1,171		98,676
Celltrion Inc.^(a)		1,908		477,040
Celltrion Pharm Inc.^(a)		200		18,705
CJ CheilJedang Corp.		208		71,265
CJ ENM Co. Ltd.		288		28,778
Coway Co. Ltd.^(a)		1,120		75,239
Daelim Industrial Co. Ltd.		720		52,671
Daewoo Shipbuilding & Marine Engineering Co. Ltd.^(a)		1,888		35,204
DB Insurance Co. Ltd.		1,024		37,627
Douzone Bizon Co. Ltd.		384		32,649
E-MART Inc.		464		46,873
Fila Holdings Corp.		976		28,510
GS Engineering & Construction Corp.		1,632		33,934
GS Holdings Corp.		1,232		33,707
Hana Financial Group Inc.		5,472		129,902
Hankook Tire & Technology Co. Ltd.		1,477		36,679
Hanmi Pharm Co. Ltd.		161		41,541
Hanon Systems		4,896		53,168
Hanwha Corp.		1,248		28,891
Hanwha Solutions Corp.		2,336		78,562
HLB Inc.^(a)		914		66,786
Hotel Shilla Co. Ltd.		736		43,557
Hyundai Engineering & Construction Co. Ltd.		1,664		45,176
Hyundai Glovis Co. Ltd.		432		52,914


S C H E D U L E O F I N V E S T M E N T S		24

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Emerging Markets ex China ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Korea (continued)
Hyundai Heavy Industries Holdings Co. Ltd.		187	$	35,577
Hyundai Marine & Fire Insurance Co. Ltd.		1,312		24,409
Hyundai Mobis Co. Ltd.^(a)		1,344		253,435
Hyundai Motor Co.^(a)		3,056		454,065
Hyundai Steel Co.		1,536		32,455
Industrial Bank of Korea		1,664		11,332
Kakao Corp.		1,120		383,736
Kangwon Land Inc.		1,936		33,655
KB Financial Group Inc.		7,680		238,242
Kia Motors Corp.		5,104		182,393
KMW Co. Ltd.^(a)		368		23,668
Korea Aerospace Industries Ltd.		1,856		35,076
Korea Electric Power Corp.^(a)		5,072		87,529
Korea Investment Holdings Co. Ltd.		912		46,755
Korea Shipbuilding & Offshore Engineering Co. Ltd.^(a)		1,216		88,239
Korea Zinc Co. Ltd.		160		53,675
KT&G Corp.		2,336		163,416
Kumho Petrochemical Co. Ltd.		128		10,829
LG Chem Ltd.		976		607,997
LG Corp.		1,872		130,326
LG Display Co. Ltd.^(a)		4,480		55,062
LG Electronics Inc.		2,304		163,311
LG Household & Health Care Ltd.		208		257,921
LG Innotek Co. Ltd.		272		33,201
LG Uplus Corp.		2,752		27,685
Lotte Chemical Corp.		352		56,153
Lotte Corp.		624		15,759
Lotte Shopping Co. Ltd.		273		17,466
Mirae Asset Daewoo Co. Ltd.		7,360		57,621
NAVER Corp.		2,496		677,633
NCSoft Corp.		336		233,353
Netmarble Corp.^(a)(b)		544		76,249
NH Investment & Securities Co. Ltd.		3,152		23,775
Orion Corp./Republic of Korea		544		64,342
Pearl Abyss Corp.^(a)		128		19,611
POSCO		1,472		228,625
POSCO Chemical Co. Ltd.		544		40,758
S-1 Corp.		240		17,618
Samsung Biologics Co. Ltd.^(a)(b)		336		220,059
Samsung C&T Corp.		1,584		144,012
Samsung Electro-Mechanics Co. Ltd.		1,216		127,445
Samsung Electronics Co. Ltd.		93,456		4,248,358
Samsung Engineering Co. Ltd.^(a)		3,120		29,679
Samsung Fire & Marine Insurance Co. Ltd.		656		103,268
Samsung Heavy Industries Co. Ltd.^(a)		12,512		54,350
Samsung Life Insurance Co. Ltd.		1,408		72,539
Samsung SDI Co. Ltd.		1,088		414,446
Samsung SDS Co. Ltd.		688		91,220
Samsung Securities Co. Ltd.		944		23,960
Seegene Inc.		352		77,933
Shinhan Financial Group Co. Ltd.		8,592		214,456
Shinsegae Inc.		160		27,342
SK Holdings Co. Ltd.		720		129,708
SK Hynix Inc.		10,976		693,912
SK Innovation Co. Ltd.		1,088		132,806
SK Telecom Co. Ltd.		608		126,933
S-Oil Corp.		992		47,182
Woori Financial Group Inc.		8,056		57,373
Yuhan Corp.		1,170		65,990

				13,942,488


Security	Shares		Value

Taiwan — 21.3%
Accton Technology Corp.		10,000	$	79,750
Acer Inc.^(a)		64,000		50,931
Advantech Co. Ltd.		4,299		44,468
ASE Technology Holding Co. Ltd.		64,000		133,490
Asia Cement Corp.		48,000		69,526
Asustek Computer Inc.		16,000		132,509
AU Optronics Corp.^(a)		176,000		62,683
Catcher Technology Co. Ltd.		16,000		109,333
Cathay Financial Holding Co. Ltd.		160,063		217,389
Chailease Holding Co. Ltd.		33,419		147,496
Chang Hwa Commercial Bank Ltd.		133,599		83,097
Cheng Shin Rubber Industry Co. Ltd.		32,000		39,262
China Development Financial Holding Corp.		336,000		97,795
China Life Insurance Co. Ltd.		64,507		45,179
China Steel Corp.		224,000		151,921
Chunghwa Telecom Co. Ltd.		68,000		251,453
Compal Electronics Inc.		80,000		50,440
CTBC Financial Holding Co. Ltd.		352,000		227,337
Delta Electronics Inc.		39,000		251,214
E.Sun Financial Holding Co. Ltd.		259,286		240,362
Eva Airways Corp.		48,000		18,813
Evergreen Marine Corp. Taiwan Ltd.^(a)		48,000		28,465
Far Eastern New Century Corp.		64,000		57,693
Far EasTone Telecommunications Co. Ltd.		34,000		71,032
First Financial Holding Co. Ltd.		215,859		156,332
Formosa Chemicals & Fibre Corp.		80,000		184,858
Formosa Petrochemical Corp.		16,000		44,715
Formosa Plastics Corp.		80,000		213,213
Foxconn Technology Co. Ltd.		32,000		56,930
Fubon Financial Holding Co. Ltd.		128,000		186,712
Globalwafers Co. Ltd.		2,000		26,856
Highwealth Construction Corp.		32,000		50,604
Hon Hai Precision Industry Co. Ltd.		256,200		671,465
Hotai Motor Co. Ltd.		5,600		113,941
Hua Nan Financial Holdings Co. Ltd.		202,831		124,775
Innolux Corp.^(a)		144,000		44,758
Inventec Corp.		64,000		49,623
Largan Precision Co. Ltd.		2,000		230,731
Lite-On Technology Corp.		48,000		75,906
MediaTek Inc.		32,000		606,377
Mega Financial Holding Co. Ltd.		208,000		207,351
Micro-Star International Co. Ltd.		16,000		73,888
Nan Ya Plastics Corp.		96,000		201,217
Nanya Technology Corp.		32,000		56,602
Novatek Microelectronics Corp.		16,000		130,873
Pegatron Corp.		48,000		102,244
Pou Chen Corp.		85,000		80,245
Powertech Technology Inc.		16,000		47,114
President Chain Store Corp.		16,000		147,232
Quanta Computer Inc.		64,000		167,953
Realtek Semiconductor Corp.		7,000		90,657
Shanghai Commercial & Savings Bank Ltd. (The)		80,437		114,591
Shin Kong Financial Holding Co. Ltd.		212,930		60,233
SinoPac Financial Holdings Co. Ltd.		224,259		82,545
Synnex Technology International Corp.		32,000		47,659
Taishin Financial Holding Co. Ltd.		231,130		104,373
Taiwan Business Bank		118,755		40,473
Taiwan Cement Corp.		100,983		147,646
Taiwan Cooperative Financial Holding Co. Ltd.		198,443		135,602
Taiwan High Speed Rail Corp.		48,000		53,167


25		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Emerging Markets ex China ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Taiwan (continued)
Taiwan Mobile Co. Ltd.		33,000	$	114,156
Taiwan Semiconductor Manufacturing Co. Ltd.		488,000		7,093,434
Uni-President Enterprises Corp.		96,000		217,903
United Microelectronics Corp.		240,000		173,406
Vanguard International Semiconductor Corp.		19,000		60,546
Win Semiconductors Corp.		5,000		48,736
Winbond Electronics Corp.		64,000		26,502
Wistron Corp.		64,598		70,231
WPG Holdings Ltd.		33,520		46,953
Yageo Corp.		7,000		79,444
Yuanta Financial Holding Co. Ltd.		216,320		135,654
Zhen Ding Technology Holding Ltd.		8,000		33,536

				15,691,600

Thailand — 3.3%
Advanced Info Service PCL, NVDR		25,600		150,528
Airports of Thailand PCL, NVDR		91,200		164,100
Asset World Corp. PCL, NVDR		52,800		6,718
B Grimm Power PCL, NVDR		19,200		28,532
Bangkok Bank PCL, Foreign		11,200		38,326
Bangkok Commercial Asset Management PCL, NVDR		14,400		10,781
Bangkok Dusit Medical Services PCL, NVDR		195,200		130,457
Bangkok Expressway & Metro PCL, NVDR		150,400		43,734
Berli Jucker PCL, NVDR		30,400		36,141
BTS Group Holdings PCL, NVDR		136,000		45,446
Bumrungrad Hospital PCL, NVDR		9,600		34,085
Central Pattana PCL, NVDR		48,000		72,488
Charoen Pokphand Foods PCL, NVDR		46,400		48,081
CP ALL PCL, NVDR^(a)		118,400		241,575
Electricity Generating PCL, NVDR		6,400		45,652
Energy Absolute PCL, NVDR		33,600		45,343
Global Power Synergy PCL, NVDR		16,000		32,902
Gulf Energy Development PCL, NVDR		40,500		40,991
Home Product Center PCL, NVDR		102,400		49,024
Indorama Ventures PCL, NVDR		40,000		30,460
Intouch Holdings PCL, NVDR		36,800		64,442
Kasikornbank PCL, Foreign		24,000		64,969
Kasikornbank PCL, NVDR		12,800		34,650
Krung Thai Bank PCL, NVDR		72,000		22,093
Krungthai Card PCL, NVDR		8,000		7,904
Land & Houses PCL, NVDR		182,400		43,369
Minor International PCL, NVDR^(a)		65,600		47,215
Muangthai Capital PCL, NVDR^(a)		16,000		25,576
Osotspa PCL, NVDR		19,200		23,906
PTT Exploration & Production PCL, NVDR		30,400		86,934
PTT Global Chemical PCL, NVDR		49,600		73,709
PTT PCL, NVDR		240,000		277,613
Ratch Group PCL, NVDR		22,400		40,305
Siam Cement PCL (The), NVDR		14,400		163,792
Siam Commercial Bank PCL (The), NVDR		19,200		44,727
Srisawad Corp PCL, NVDR		22,400		32,928
Thai Oil PCL, NVDR		36,800		49,071
Thai Union Group PCL, NVDR		64,000		28,995
True Corp. PCL, NVDR		268,800		28,674

				2,456,236

Turkey — 0.5%
Akbank T.A.S.^(a)		59,696		39,668
Anadolu Efes Biracilik Ve Malt Sanayii AS		5,808		15,335
Aselsan Elektronik Sanayi Ve Ticaret AS		7,140		15,757
BIM Birlesik Magazalar AS		9,792		90,282


Security	Shares		Value

Turkey (continued)
Eregli Demir ve Celik Fabrikalari TAS		30,832	$	36,534
Haci Omer Sabanci Holding AS		18,245		19,165
KOC Holding AS		19,440		39,361
Tupras Turkiye Petrol Rafinerileri AS^(a)		2,848		30,961
Turk Hava Yollari AO^(a)		14,832		21,284
Turkcell Iletisim Hizmetleri AS		17,872		34,777
Turkiye Garanti Bankasi AS^(a)		52,048		47,811
Turkiye Is Bankasi AS, Class C^(a)		19,104		12,746

				403,681

United Arab Emirates — 1.0%
Abu Dhabi Commercial Bank PJSC		50,400		76,015
Aldar Properties PJSC		106,576		58,900
Dubai Islamic Bank PJSC		34,128		38,094
Emaar Malls PJSC^(a)		48,848		18,485
Emaar Properties PJSC^(a)		77,504		60,769
Emirates NBD Bank PJSC		49,632		145,931
Emirates Telecommunications Group Co. PJSC		33,984		153,213
First Abu Dhabi Bank PJSC		54,592		170,324

				721,731


Total Common Stocks — 82.2% (Cost: $57,324,253)				60,494,117


Investment Companies

India — 14.0%
iShares MSCI India ETF^(d)		308,360		10,289,973


Total Investment Companies — 14.0% (Cost: $9,541,904)				10,289,973


Preferred Stocks

Brazil — 2.1%
Banco Bradesco SA, Preference Shares, NVS		91,403		345,558
Braskem SA, Class A, Preference Shares, NVS		1,811		7,028
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		3,200		20,935
Cia. Energetica de Minas Gerais, Preference Shares, NVS		13,269		25,469
Gerdau SA, Preference Shares, NVS		24,000		83,516
Itau Unibanco Holding SA, Preference Shares, NVS		96,000		412,111
Itausa SA, Preference Shares, NVS		91,234		156,827
Lojas Americanas SA, Preference Shares, NVS		17,657		103,865
Petroleo Brasileiro SA, Preference Shares, NVS		89,600		357,525
Telefonica Brasil SA, Preference Shares, NVS		8,000		69,764

				1,582,598

Chile — 0.2%
Embotelladora Andina SA, Class B, Preference Shares		17,184		36,691
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		2,464		77,211

				113,902

Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		7,376		52,557


Russia — 0.1%
Surgutneftegas PJSC, Preference Shares, NVS		150,400		75,342


South Korea — 1.0%
Hyundai Motor Co.
Preference Shares, NVS		448		32,811
Series 2, Preference Shares, NVS		723		53,803


S C H E D U L E O F I N V E S T M E N T S		26

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Emerging Markets ex China ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Korea (continued)
Samsung Electronics Co. Ltd., Preference Shares, NVS		16,656	$	666,016

				752,630


Total Preferred Stocks — 3.5% (Cost: $2,890,260)				2,577,029


Rights

Thailand — 0.0%
Gulf Energy Development PCL, (Expires 09/16/20)^(a)		4,050		195


Total Rights — 0.0% (Cost: $0)				195


Warrants

Thailand — 0.0%
Srisawad Corp. PCL (Expires 08/17/21)^(a)(e)		896		0	^(f)


Total Warrants — 0.0% (Cost: $0)				0	^(f)


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(d)(g)		110,000		110,000


Total Short-Term Investments — 0.1% (Cost: $110,000)				110,000


Total Investments in Securities — 99.8% (Cost: $69,866,417)				73,471,314

Other Assets, Less Liabilities — 0.2%				134,478


Net Assets — 100.0%			$	73,605,792

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

^(f)	Rounds to less than $1.

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

Affiliates


Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	73,000	$	37,000	^(a)	$	—		$	—		$	—	$	110,000		110,000	$	476	$	—
iShares MSCI India ETF		3,534,716		6,811,336			(952,556	)		(97,875	)		994,352		10,289,973		308,360		20,283		—

									$	(97,875	)	$	994,352	$	10,399,973			$	20,759	$	—

^(a)

Represents net amount purchased (sold).

Fair Value Measurements


27		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Emerging Markets ex China ETF

Fair Value Measurements (continued)


	Level 1		Level 2		Level 3			Total
Investments
Assets
Common Stocks	$	60,494,117	$	—	$	—		$	60,494,117
Investment Companies		10,289,973		—		—			10,289,973
Preferred Stocks		2,577,029		—		—			2,577,029
Rights		—		195		—			195
Warrants		—		—		0	^(a)		0	^(a)
Money Market Funds		110,000		—		—			110,000

	$	73,471,119	$	195	$	0	^(a)	$	73,471,314

^(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		28

Consolidated Schedule of Investments

August 31, 2020

iShares^® MSCI Emerging Markets Min Vol Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 0.1%
Raia Drogasil SA		136,200	$	2,676,381
Rumo SA^(a)		743,700		3,063,786

				5,740,167

Chile — 0.7%
Banco de Chile		314,942,617		26,391,068
Cia. Cervecerias Unidas SA		289,939		1,910,733

				28,301,801

China — 37.2%
Agricultural Bank of China Ltd., Class A		24,218,798		11,350,655
Agricultural Bank of China Ltd., Class H		71,554,000		23,912,422
Alibaba Group Holding Ltd., ADR^(a)		265,878		76,314,962
ANTA Sports Products Ltd.^(b)		2,176,000		21,492,849
AVIC Jonhon Optronic Technology Co. Ltd., Class A		948,386		6,687,990
Bank of Beijing Co. Ltd., Class A		9,057,424		6,440,165
Bank of China Ltd., Class A		29,952,300		14,343,903
Bank of China Ltd., Class H		94,921,000		31,108,990
Bank of Communications Co. Ltd., Class A		16,887,474		11,662,433
Bank of Communications Co. Ltd., Class H		10,526,000		5,500,577
Bank of Hangzhou Co. Ltd., Class A		4,661,593		8,813,886
Bank of Jiangsu Co. Ltd., Class A		9,970,014		9,345,319
Bank of Nanjing Co. Ltd., Class A		2,077,621		2,605,690
Bank of Ningbo Co. Ltd., Class A		562,796		2,917,042
Bank of Shanghai Co. Ltd., Class A		11,187,332		13,753,142
Beijing Capital International Airport Co. Ltd., Class H^(a)		7,042,000		4,979,279
Beijing Sinnet Technology Co. Ltd., Class A		1,323,273		5,092,818
Beijing Tiantan Biological Products Corp. Ltd., Class A		1,081,895		6,686,467
BOE Technology Group Co. Ltd., Class A		5,256,400		4,220,991
BYD Co. Ltd., Class H		331,500		3,293,549
CGN Power Co. Ltd., Class H^(c)		56,889,000		12,331,828
China CITIC Bank Corp. Ltd., Class H		17,952,000		7,504,949
China Construction Bank Corp., Class A		2,813,784		2,547,099
China Construction Bank Corp., Class H		7,581,000		5,370,179
China Everbright Bank Co. Ltd., Class H		15,695,000		5,629,839
China Gas Holdings Ltd.		1,938,600		5,315,413
China Huishan Dairy Holdings Co. Ltd.^(a)(d)		22,241,266		29
China Life Insurance Co. Ltd., Class H		1,520,000		3,702,844
China Mengniu Dairy Co. Ltd.^(a)(b)		2,611,000		12,835,765
China Merchants Port Holdings Co. Ltd.		1,500,000		1,716,741
China Minsheng Banking Corp. Ltd., Class A		16,015,554		12,977,716
China Mobile Ltd.		7,194,000		50,264,201
China National Medicines Corp. Ltd., Class A		649,900		4,253,815
China Petroleum & Chemical Corp., Class H		43,618,000		20,148,312
China Railway Signal & Communication Corp. Ltd., Class H^(c)		22,367,000		9,062,067
China Reinsurance Group Corp., Class H		81,610,000		8,739,999
China Resources Beer Holdings Co. Ltd.		3,990,000		25,947,369
China Resources Gas Group Ltd.		2,152,000		10,107,262
China Resources Power Holdings Co. Ltd.		3,190,000		3,786,765
China Shenhua Energy Co. Ltd., Class A		2,242,413		5,290,787
China Shenhua Energy Co. Ltd., Class H		1,167,000		1,948,476
China South Publishing & Media Group Co. Ltd., Class A		1,547,024		2,529,755
China Telecom Corp. Ltd., Class H		88,730,000		29,079,979
China Tourism Group Duty Free Corp. Ltd., Class A		816,381		24,792,456
China Tower Corp. Ltd., Class H^(c)		63,668,000		12,158,299
China Unicom Hong Kong Ltd.		3,042,000		2,154,872
China Yangtze Power Co. Ltd., Class A		16,675,805		46,990,216
CITIC Ltd.		13,219,000		12,058,906


Security	Shares		Value

China (continued)
COSCO SHIPPING Ports Ltd.		11,468,000	$	6,495,941
CRRC Corp. Ltd., Class H		8,631,000		3,897,796
Dali Foods Group Co. Ltd.^(c)		4,618,500		2,830,639
Daqin Railway Co. Ltd., Class A		12,806,233		12,377,779
Dongfeng Motor Group Co. Ltd., Class H		6,366,000		4,419,151
ENN Energy Holdings Ltd.		947,900		10,518,429
Fiberhome Telecommunication Technologies Co. Ltd., Class A		1,002,582		3,849,807
Foshan Haitian Flavouring & Food Co. Ltd., Class A		191,194		5,114,027
Fuyao Glass Industry Group Co. Ltd., Class A		987,303		4,177,459
GD Power Development Co. Ltd., Class A		9,686,300		2,899,179
Giant Network Group Co. Ltd., Class A		1,226,853		3,706,093
Glodon Co. Ltd., Class A		789,588		8,032,893
GOME Retail Holdings Ltd.^(a)(b)		123,896,000		17,744,761
Gree Electric Appliances Inc. of Zhuhai, Class A		295,695		2,352,902
Guangdong Haid Group Co. Ltd., Class A		1,361,288		14,065,738
Guangdong Investment Ltd.		28,546,000		44,567,731
Haidilao International Holding Ltd.^(b)(c)		3,211,000		20,715,728
Haier Electronics Group Co. Ltd.		3,608,000		12,360,070
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		1,162,583		6,351,716
Hansoh Pharmaceutical Group Co. Ltd.^(a)(c)		1,048,000		4,969,452
Henan Shuanghui Investment & Development Co. Ltd., Class A		1,263,994		11,718,771
Hengan International Group Co. Ltd.		2,286,500		18,026,122
Hengtong Optic-Electric Co. Ltd., Class A		818,300		1,953,411
Hualan Biological Engineering Inc., Class A		537,980		4,524,306
Huaneng Power International Inc., Class H		28,110,000		11,715,296
Huaxia Bank Co. Ltd., Class A		6,556,020		6,154,809
Industrial & Commercial Bank of China Ltd., Class A		2,918,500		2,113,512
Industrial & Commercial Bank of China Ltd., Class H		63,468,000		35,541,392
Industrial Bank Co. Ltd., Class A		5,497,612		12,971,158
Inner Mongolia Yitai Coal Co. Ltd., Class B		10,238,927		7,167,249
JD.com Inc., ADR^(a)		528,692		41,576,339
Jiangsu Expressway Co. Ltd., Class H		17,512,000		17,534,257
Jiangsu Hengrui Medicine Co. Ltd., Class A		667,931		9,251,749
Jinyu Bio-Technology Co. Ltd., Class A		978,104		4,112,831
Jointown Pharmaceutical Group Co. Ltd., Class A^(a)		1,613,778		4,175,138
Kingdee International Software Group Co. Ltd.^(a)(b)		2,547,000		6,493,903
Kweichow Moutai Co. Ltd., Class A		26,890		7,013,861
Laobaixing Pharmacy Chain JSC, Class A		293,142		3,805,755
Lenovo Group Ltd.		20,872,000		13,950,306
Meituan Dianping, Class B^(a)		1,746,400		57,596,284
NetEase Inc., ADR		26,773		13,044,073
New Oriental Education & Technology Group Inc., ADR^(a)		165,959		24,334,568
PetroChina Co. Ltd., Class A		3,111,900		2,012,763
PetroChina Co. Ltd., Class H		41,430,000		14,326,484
Pinduoduo Inc., ADR^(a)(b)		203,436		18,093,598
Ping An Insurance Group Co. of China Ltd., Class H		841,000		8,957,833
Postal Savings Bank of China Co. Ltd., Class H^(c)		43,790,000		20,736,283
SAIC Motor Corp. Ltd., Class A		1,264,444		3,444,884
Sangfor Technologies Inc., Class A		121,800		3,911,955
SDIC Power Holdings Co. Ltd., Class A		5,298,572		7,008,908
Shandong Gold Mining Co. Ltd., Class A		3,135,468		13,271,314
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		3,256,000		7,604,188
Shanghai Jahwa United Co. Ltd., Class A		577,400		3,503,609
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		15,802,822		13,574,624


29		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® MSCI Emerging Markets Min Vol Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Shanghai M&G Stationery Inc., Class A		399,200	$	4,050,780
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		3,269,700		5,830,501
Shanghai Pudong Development Bank Co. Ltd., Class A		7,767,368		11,748,893
Shenzhen Airport Co. Ltd., Class A		1,741,600		2,341,916
Shenzhen Expressway Co. Ltd., Class H^(b)		10,200,000		9,239,047
Shenzhen International Holdings Ltd.		2,160,500		3,467,884
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		103,200		5,159,887
Shenzhou International Group Holdings Ltd.		2,216,200		35,744,469
Sichuan Chuantou Energy Co. Ltd., Class A		3,769,957		5,515,278
Sinopec Shanghai Petrochemical Co. Ltd., Class A		4,120,064		2,099,388
Sinopec Shanghai Petrochemical Co. Ltd., Class H		8,302,000		1,713,928
Sinopharm Group Co. Ltd., Class H		2,164,800		5,329,495
Songcheng Performance Development Co. Ltd., Class A		1,951,959		5,095,673
Sun Art Retail Group Ltd.		6,405,500		8,347,651
Suning.com Co. Ltd., Class A		2,759,179		3,968,071
TAL Education Group, ADR^(a)(b)		269,470		19,889,581
Tencent Holdings Ltd.		487,200		33,348,980
Topchoice Medical Corp., Class A^(a)		276,999		9,151,808
TravelSky Technology Ltd., Class H		1,565,000		3,255,137
Uni-President China Holdings Ltd.^(b)		2,278,000		2,075,144
Vipshop Holdings Ltd., ADR^(a)		125,648		2,074,449
Visionox Technology Inc., Class A^(a)		1,064,070		2,485,727
Want Want China Holdings Ltd.^(b)		3,982,000		2,733,397
Wens Foodstuffs Group Co. Ltd., Class A		2,186,489		7,878,722
WuXi AppTec Co. Ltd., Class H^(c)		244,220		3,617,537
Xiaomi Corp., Class B^(a)(c)		7,342,600		22,264,227
Yum China Holdings Inc.^(a)		893,793		51,580,794
Yunnan Baiyao Group Co. Ltd., Class A		431,867		7,295,990
Zhaojin Mining Industry Co. Ltd., Class H^(b)		15,030,000		16,833,274
Zhejiang Supor Co. Ltd., Class A		197,585		2,444,877
Zhongjin Gold Corp. Ltd., Class A		2,974,168		4,733,205
Zhongsheng Group Holdings Ltd.^(b)		1,036,500		6,472,984
Zhuzhou CRRC Times Electric Co. Ltd., Class H		632,000		2,030,516
Zijin Mining Group Co. Ltd., Class A		9,947,500		10,442,540
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A^(a)		2,644,200		3,289,253
ZTE Corp., Class H		1,531,000		4,454,630
ZTO Express Cayman Inc., ADR		585,635		19,636,342

				1,580,079,866

Czech Republic — 0.2%
CEZ AS		115,966		2,393,653
Komercni Banka AS^(a)		249,605		6,021,189

				8,414,842

Egypt — 0.4%
Commercial International Bank Egypt SAE		3,673,717		15,661,392


Greece — 0.3%
Hellenic Telecommunications Organization SA		331,511		5,431,649
JUMBO SA		162,673		2,830,686
OPAP SA		398,858		3,663,471

				11,925,806

Hungary — 0.7%
OTP Bank Nyrt^(a)		174,672		5,909,514
Richter Gedeon Nyrt		911,496		22,329,755

				28,239,269

India — 9.3%
Asian Paints Ltd.		961,931		24,818,166


Security	Shares		Value

India (continued)
Bajaj Auto Ltd.		230,802	$	9,303,258
Bharat Petroleum Corp. Ltd.		621,112		3,441,082
Bharti Infratel Ltd.		888,169		2,395,761
Britannia Industries Ltd.		388,463		19,664,199
Cipla Ltd.		350,496		3,397,703
Coal India Ltd.		1,179,355		2,152,584
Colgate-Palmolive India Ltd.		149,883		2,775,913
Dabur India Ltd.		3,306,045		21,316,428
Dr. Reddy’s Laboratories Ltd.		60,579		3,509,850
Eicher Motors Ltd.		503,090		14,298,329
HCL Technologies Ltd.		3,393,504		32,013,710
Hindustan Petroleum Corp. Ltd.		918,726		2,515,630
Hindustan Unilever Ltd.		1,114,153		32,049,069
Housing Development Finance Corp. Ltd.		353,127		8,791,774
Infosys Ltd.		3,809,601		48,060,259
ITC Ltd.		847,650		2,200,671
Lupin Ltd.		215,445		2,714,886
Marico Ltd.		3,250,744		16,291,811
Maruti Suzuki India Ltd.		30,029		2,790,434
Nestle India Ltd.		35,049		7,594,549
Page Industries Ltd.		42,587		10,985,690
Petronet LNG Ltd.		2,756,707		9,001,454
Pidilite Industries Ltd.		178,601		3,403,749
Power Grid Corp. of India Ltd.		2,199,364		5,346,958
Reliance Industries Ltd.		465,146		13,148,514
Sun Pharmaceutical Industries Ltd.		727,982		5,145,300
Tata Consultancy Services Ltd.		1,160,004		35,572,721
Tech Mahindra Ltd.		1,711,763		17,232,162
Titan Co. Ltd.		593,841		8,878,471
Wipro Ltd.		6,887,995		25,387,536

				396,198,621

Indonesia — 0.5%
Bank Central Asia Tbk PT		7,143,200		15,390,071
Telekomunikasi Indonesia Persero Tbk PT		33,143,100		6,509,134

				21,899,205

Malaysia — 5.0%
DiGi.Com Bhd		3,691,800		3,500,807
Fraser & Neave Holdings Bhd		1,233,200		9,065,078
HAP Seng Consolidated Bhd		6,841,300		11,825,078
Hong Leong Bank Bhd		4,125,300		13,864,890
IHH Healthcare Bhd		14,632,200		18,828,134
IOI Corp. Bhd		2,119,200		2,269,027
Kuala Lumpur Kepong Bhd		2,380,400		12,949,193
Malayan Banking Bhd		22,680,000		39,909,831
Maxis Bhd^(b)		7,609,200		9,133,597
Nestle Malaysia Bhd		232,400		7,766,194
Petronas Chemicals Group Bhd		4,929,400		6,461,295
Petronas Dagangan Bhd		1,249,300		6,178,269
PPB Group Bhd		3,118,300		13,474,829
Public Bank Bhd		10,489,880		41,350,097
Tenaga Nasional Bhd		5,272,400		13,745,832
Westports Holdings Bhd		3,504,100		3,070,451

				213,392,602

Mexico — 1.0%
Arca Continental SAB de CV		2,223,600		10,142,648
Coca-Cola Femsa SAB de CV		636,200		2,668,517
Gruma SAB de CV, Class B		734,440		8,685,023
Wal-Mart de Mexico SAB de CV		9,131,300		21,916,622

				43,412,810


S C H E D U L E O F I N V E S T M E N T S		30

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Emerging Markets Min Vol Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pakistan — 0.1%
MCB Bank Ltd.^(a)		2,776,846	$	2,868,136


Peru — 0.7%
Cia. de Minas Buenaventura SAA, ADR		398,354		5,608,825
Credicorp Ltd.		195,411		25,497,227

				31,106,052

Philippines — 2.0%
Aboitiz Power Corp.		17,136,100		9,418,935
Bank of the Philippine Islands		12,887,988		17,809,533
BDO Unibank Inc.		9,953,543		17,655,042
Globe Telecom Inc.		219,725		9,462,428
International Container Terminal Services Inc.		4,124,510		8,932,114
Manila Electric Co.		1,587,490		8,807,565
Metropolitan Bank & Trust Co.		4,861,803		3,359,191
SM Investments Corp.		128,335		2,249,866
Universal Robina Corp.		2,583,100		7,341,470

				85,036,144

Poland — 0.1%
Cyfrowy Polsat SA^(a)		587,941		4,609,228


Qatar — 2.6%
Barwa Real Estate Co.		13,478,483		12,518,749
Masraf Al Rayan QSC		25,816,002		29,313,200
Qatar Electricity & Water Co. QSC		4,792,293		22,444,504
Qatar Fuel QSC		830,158		4,159,267
Qatar Islamic Bank SAQ		3,995,773		17,408,405
Qatar National Bank QPSC		5,041,719		24,710,944

				110,555,069

Russia — 1.2%
Polymetal International PLC		441,074		11,778,543
Polyus PJSC		136,611		33,183,253
Rosneft Oil Co. PJSC		1,128,670		5,666,157

				50,627,953

Saudi Arabia — 6.4%
Abdullah Al Othaim Markets Co.		448,654		14,929,413
Al Rajhi Bank		765,076		13,239,327
Alinma Bank^(a)		5,643,658		23,324,321
Bank AlBilad		1,146,749		7,344,428
Bank Al-Jazira		1,294,995		4,509,495
Bupa Arabia for Cooperative Insurance Co.^(a)		416,902		13,783,905
Co for Cooperative Insurance (The)^(a)		483,919		10,193,337
Emaar Economic City^(a)		1,053,709		2,267,310
Etihad Etisalat Co.^(a)		1,717,430		12,272,427
Jarir Marketing Co.		844,170		36,778,887
Saudi Airlines Catering Co.		574,717		12,274,482
Saudi Arabian Fertilizer Co.		873,167		19,300,496
Saudi Basic Industries Corp.		1,110,022		26,045,391
Saudi Electricity Co.		1,828,079		7,759,873
Saudi Telecom Co.		2,182,277		55,859,588
Savola Group (The)		302,234		3,916,483
Yanbu National Petrochemical Co.		486,010		6,932,911

				270,732,074

South Korea — 6.6%
BGF retail Co. Ltd.		23,792		2,553,649
CJ Logistics Corp.^(a)		51,613		6,582,515
Coway Co. Ltd.^(a)		104,678		7,031,993
GS Retail Co. Ltd.		91,775		2,545,657
Hanon Systems		832,397		9,039,415
Hyundai Glovis Co. Ltd.		35,412		4,337,441


Security	Shares		Value

South Korea (continued)
Hyundai Marine & Fire Insurance Co. Ltd.		215,807	$	4,014,929
Hyundai Mobis Co. Ltd.^(a)		13,073		2,465,150
Kangwon Land Inc.		797,191		13,858,064
Kia Motors Corp.		249,766		8,925,471
KMW Co. Ltd.^(a)(b)		62,234		4,002,591
Korea Electric Power Corp.^(a)		246,048		4,246,135
KT&G Corp.		443,173		31,002,337
LG Uplus Corp.		393,950		3,963,046
Lotte Shopping Co. Ltd.		27,193		1,739,766
NAVER Corp.		98,263		26,677,176
NCSoft Corp.		35,151		24,412,472
Netmarble Corp.^(a)(c)		64,932		9,101,084
Pearl Abyss Corp.^(a)(b)		12,922		1,979,800
S-1 Corp.		236,729		17,377,531
Samsung Biologics Co. Ltd.^(a)(c)		9,366		6,134,143
Samsung Electronics Co. Ltd.		517,541		23,526,571
Samsung Fire & Marine Insurance Co. Ltd.		98,382		15,487,359
Samsung SDS Co. Ltd.		29,222		3,874,455
SK Hynix Inc.		178,044		11,256,086
SK Telecom Co. Ltd.		172,187		35,947,787

				282,082,623

Taiwan — 16.4%
Accton Technology Corp.		589,000		4,697,306
Advantech Co. Ltd.		3,265,855		33,781,061
Asustek Computer Inc.		2,460,000		20,373,192
AU Optronics Corp.^(a)		19,641,000		6,995,159
Cathay Financial Holding Co. Ltd.		4,059,034		5,512,755
Chicony Electronics Co. Ltd.		8,399,455		25,334,484
China Development Financial Holding Corp.		14,163,000		4,122,217
Chunghwa Telecom Co. Ltd.		15,567,000		57,564,184
Compal Electronics Inc.		30,801,000		19,420,224
E.Sun Financial Holding Co. Ltd.		22,226,335		20,604,138
Far EasTone Telecommunications Co. Ltd.		22,923,000		47,890,527
First Financial Holding Co. Ltd.		80,533,900		58,325,081
Formosa Petrochemical Corp.		3,005,000		8,398,003
Formosa Plastics Corp.		2,786,840		7,427,394
Hua Nan Financial Holdings Co. Ltd.		66,789,563		41,086,911
Lite-On Technology Corp.		9,397,752		14,861,397
Mega Financial Holding Co. Ltd.		14,668,000		14,622,259
Pou Chen Corp.		3,734,000		3,525,103
Powertech Technology Inc.		1,106,000		3,256,766
President Chain Store Corp.		3,019,000		27,780,788
Quanta Computer Inc.		3,212,000		8,429,153
Standard Foods Corp.		1,930,476		4,191,037
Synnex Technology International Corp.		13,714,000		20,425,057
Taiwan Business Bank		38,010,704		12,954,588
Taiwan Cooperative Financial Holding Co. Ltd.		88,546,599		60,506,767
Taiwan High Speed Rail Corp.		8,739,000		9,679,720
Taiwan Mobile Co. Ltd.		16,000,000		55,348,227
Taiwan Semiconductor Manufacturing Co. Ltd.		4,870,000		70,788,985
Uni-President Enterprises Corp.		3,487,000		7,914,871
United Microelectronics Corp.		5,911,000		4,270,852
WPG Holdings Ltd.		12,378,440		17,339,055

				697,427,261

Thailand — 6.0%
Advanced Info Service PCL, NVDR		4,096,000		24,084,440
Airports of Thailand PCL, NVDR		20,631,100		37,122,390
Bangkok Dusit Medical Services PCL, NVDR		42,755,200		28,574,445
Bangkok Expressway & Metro PCL, NVDR		79,064,200		22,990,795


31		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® MSCI Emerging Markets Min Vol Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Thailand (continued)
BTS Group Holdings PCL, NVDR^(b)		98,078,700	$	32,774,311
Bumrungrad Hospital PCL, NVDR		3,133,400		11,125,093
CP ALL PCL, NVDR^(a)		17,169,500		35,031,352
Electricity Generating PCL, NVDR		2,072,300		14,781,929
Home Product Center PCL, NVDR		29,669,700		14,204,467
Intouch Holdings PCL, NVDR		7,714,500		13,509,206
Krung Thai Bank PCL, NVDR		32,571,800		9,994,720
Siam Cement PCL (The), NVDR		525,600		5,978,389
Thai Union Group PCL, NVDR		8,854,900		4,011,699

				254,183,236

Turkey — 0.5%
BIM Birlesik Magazalar AS		2,223,239		20,498,270


United Arab Emirates — 1.7%
Dubai Islamic Bank PJSC		4,236,900		4,729,262
Emirates Telecommunications Group Co. PJSC		7,835,535		35,325,663
First Abu Dhabi Bank PJSC		9,944,091		31,024,947

				71,079,872


Total Common Stocks — 99.7% (Cost: $3,783,476,752)				4,234,072,299


Preferred Stocks

Brazil — 0.1%
Telefonica Brasil SA, Preference Shares, NVS		374,900		3,269,330


Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS		3,762,000		1,884,539


Total Preferred Stocks — 0.1% (Cost: $6,594,743)				5,153,869


Security	Shares		Value

Short-Term Investments

Money Market Funds — 1.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(e)(f)(g)		54,383,689	$	54,438,073
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(e)(f)		7,040,000		7,040,000

				61,478,073


Total Short-Term Investments — 1.4% (Cost: $61,446,291)				61,478,073


Total Investments in Securities — 101.2% (Cost: $3,851,517,786)				4,300,704,241

Other Assets, Less Liabilities — (1.2)%				(52,445,928	)


Net Assets — 100.0%			$	4,248,258,313

^(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


Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	34,288,990	$	20,157,567	^(a)	$	—		$	(28,974	)	$	20,490	$	54,438,073		54,383,689	$	764,334	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		16,273,000		—			(9,233,000	)^(a)		—			—		7,040,000		7,040,000		95,154			—

									$	(28,974	)	$	20,490	$	61,478,073			$	859,488		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount

(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

2-Year U.S. Treasury Note

12/31/20

1,105

348


S C H E D U L E O F I N V E S T M E N T S		32

Consolidated Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Emerging Markets Min Vol Factor ETF

Futures Contracts (continued)


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
MSCI Emerging Markets E-Mini Index		95		09/18/20	$	5,227	$	146,799

							$	147,147

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts		Interest Rate Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	146,799	$	348	$	147,147

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:


	Equity Contracts		Interest Rate Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	3,342,633	$	2,568	$	3,345,201


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	332,669	$	348	$	333,017

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	7,764,533

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	4,234,072,270	$	—	$	29	$	4,234,072,299
Preferred Stocks		5,153,869		—		—		5,153,869
Money Market Funds		61,478,073		—		—		61,478,073

	$	4,300,704,212	$	—	$	29	$	4,300,704,241

Derivative financial instruments^(a)
Assets
Futures Contracts	$	147,147	$	—	$	—	$	147,147


33		2 0 2 0 I S H A R E S A N 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 (continued)

August 31, 2020

iShares^® MSCI Emerging Markets Min Vol Factor ETF

^(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		34

Schedule of Investments

August 31, 2020

iShares^® MSCI Emerging Markets Multifactor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 3.3%
Banco BTG Pactual SA		196,800	$	2,881,741
BB Seguridade Participacoes SA		602,700		2,898,198
Cia. de Saneamento Basico do Estado de Sao Paulo		73,800		642,365
Hypera SA		332,100		1,915,997
IRB Brasil Resseguros S/A		615,068		799,401
JBS SA		947,104		3,874,116
Porto Seguro SA		86,100		829,626
Sul America SA		246,078		1,936,902
TIM Participacoes SA		738,000		1,926,422

				17,704,768

Chile — 0.2%
Cia. Cervecerias Unidas SA		133,209		877,863


China — 45.9%
AK Medical Holdings Ltd.^(a)		246,000		629,113
Alibaba Group Holding Ltd., ADR^(b)		119,802		34,386,768
Angang Steel Co. Ltd., Class A		211,800		83,184
Anhui Conch Cement Co. Ltd., Class A		61,539		547,271
Anhui Conch Cement Co. Ltd., Class H		1,063,000		7,708,315
Apeloa Pharmaceutical Co. Ltd., Class A		61,500		255,459
BAIC Motor Corp. Ltd., Class H^(a)		1,476,000		706,562
Bank of Chengdu Co. Ltd., Class A		196,800		291,932
Bank of Communications Co. Ltd., Class H		3,075,000		1,606,904
Beijing Capital International Airport Co. Ltd., Class H^(b)		1,722,000		1,217,597
Beijing Enterprises Holdings Ltd.		430,500		1,369,241
Beijing Tiantan Biological Products Corp. Ltd., Class A		71,181		439,922
Bosideng International Holdings Ltd.		2,706,000		775,123
BYD Electronic International Co. Ltd.^(c)		553,500		2,346,080
Centre Testing International Group Co. Ltd., Class A		49,200		196,537
Chacha Food Co. Ltd., Class A		24,600		248,724
Changjiang Securities Co. Ltd., Class A		295,200		367,645
Chengdu Xingrong Environment Co. Ltd., Class A		194,399		149,862
China Cinda Asset Management Co. Ltd., Class H		7,626,000		1,456,292
China CITIC Bank Corp. Ltd., Class H		7,503,000		3,136,677
China Communications Services Corp. Ltd., Class H		2,214,000		1,454,070
China Conch Venture Holdings Ltd.		1,414,500		6,132,423
China Everbright Ltd.		828,000		1,275,630
China Lesso Group Holdings Ltd.		984,000		1,835,918
China Longyuan Power Group Corp. Ltd., Class H		2,706,000		1,707,366
China Medical System Holdings Ltd.		1,230,000		1,388,683
China Minsheng Banking Corp. Ltd., Class H		5,043,000		3,071,290
China Mobile Ltd.		1,783,500		12,461,246
China Overseas Property Holdings Ltd.		1,230,000		1,109,359
China Power International Development Ltd.		3,690,000		714,180
China Reinsurance Group Corp., Class H		5,043,000		540,079
China Resources Cement Holdings Ltd.		2,214,000		3,228,092
China Resources Power Holdings Co. Ltd.		1,722,000		2,044,141
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		49,200		204,726
China Telecom Corp. Ltd., Class H		11,316,000		3,708,656
China Traditional Chinese Medicine Holdings Co. Ltd.^(b)		2,460,000		1,050,638
China Unicom Hong Kong Ltd.		5,412,000		3,833,717
Chinese Universe Publishing and Media Group Co. Ltd., Class A		73,800		142,339
Chongqing Brewery Co. Ltd., Class A		22,197		295,079
Chongqing Rural Commercial Bank Co. Ltd., Class H		1,968,000		802,421
COSCO SHIPPING Ports Ltd.		1,476,000		836,066
Country Garden Services Holdings Co. Ltd.		1,107,000		7,720,283


Security	Shares		Value

China (continued)
CSPC Pharmaceutical Group Ltd.		4,262,400	$	9,470,595
Dali Foods Group Co. Ltd.^(a)		1,722,000		1,055,399
Daqin Railway Co. Ltd., Class A		774,928		749,001
Dongfeng Motor Group Co. Ltd., Class H		2,214,000		1,536,915
Fujian Star-Net Communication Co. Ltd., Class A		36,813		158,342
Fujian Sunner Development Co. Ltd., Class A^(b)		61,500		241,361
G-Bits Network Technology Xiamen Co. Ltd., Class A		3,700		334,516
GSX Techedu Inc., ADR^(b)(c)		64,862		5,539,215
Guangzhou R&F Properties Co. Ltd., Class H		836,400		1,064,096
Guocheng Mining Co. Ltd., Class A^(b)		61,500		205,983
Haitian International Holdings Ltd.		615,000		1,488,668
Hefei Meiya Optoelectronic Technology Inc., Class A		36,900		314,362
Heilongjiang Agriculture Co. Ltd., Class A		98,400		289,634
Henan Shuanghui Investment & Development Co. Ltd., Class A		147,670		1,369,082
Hithink RoyalFlush Information Network Co. Ltd., Class A		24,600		603,116
Hua Hong Semiconductor Ltd.^(a)(b)(c)		369,000		1,333,136
Hualan Biological Engineering Inc., Class A		98,400		827,525
Huaxin Cement Co. Ltd., Class A		73,800		301,271
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		49,200		173,838
Hunan Valin Steel Co. Ltd., Class A		295,220		209,912
Hundsun Technologies Inc., Class A		24,680		401,559
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A		344,400		131,743
Inner Mongolia Yitai Coal Co. Ltd., Class B		959,400		671,580
Jafron Biomedical Co. Ltd., Class A		36,987		411,552
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		49,200		264,420
Jiangxi Zhengbang Technology Co. Ltd., Class A		135,300		490,894
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		86,100		218,231
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		98,400		280,008
Joyoung Co. Ltd., Class A		36,900		237,590
Kingboard Holdings Ltd.		582,000		1,873,628
Kingboard Laminates Holdings Ltd.		922,500		1,162,923
Kingdee International Software Group Co. Ltd.^(b)(c)		1,968,000		5,017,668
Lee & Man Paper Manufacturing Ltd.		1,107,000		662,759
Legend Holdings Corp., Class H^(a)		369,000		543,729
Li Ning Co. Ltd.		1,845,000		7,808,365
Luye Pharma Group Ltd.^(a)		1,537,500		833,210
New Hope Liuhe Co. Ltd., Class A		123,000		682,420
Nine Dragons Paper Holdings Ltd.		1,476,000		1,637,852
Noah Holdings Ltd.^(b)(c)		28,905		809,340
Northeast Securities Co. Ltd., Class A		123,000		192,514
PICC Property & Casualty Co. Ltd., Class H		5,905,000		4,563,905
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		61,500		249,263
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		85,950		337,317
Shandong Sun Paper Industry JSC Ltd., Class A		135,300		275,770
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		1,968,000		4,596,143
Shanghai Industrial Holdings Ltd.		429,000		644,318
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		664,200		1,184,396
Shanxi Taigang Stainless Steel Co. Ltd., Class A		344,400		184,038
Shenzhen Expressway Co. Ltd., Class H		492,000		445,648
Shenzhen International Holdings Ltd.		861,000		1,382,017
Shenzhen Investment Ltd.		2,460,000		834,797
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		61,500		256,626
Shimao Group Holdings Ltd.		1,045,500		4,708,031
Sinolink Securities Co. Ltd., Class A		159,900		363,263
Sinopec Engineering Group Co. Ltd., Class H		1,291,500		573,248
Sinotruk Hong Kong Ltd.		615,000		1,598,969


35		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Emerging Markets Multifactor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
SSY Group Ltd.		1,230,000	$	784,011
Sun Art Retail Group Ltd.		2,029,500		2,644,846
Tangshan Jidong Cement Co. Ltd., Class A		73,800		193,089
Tencent Holdings Ltd.		325,800		22,301,104
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A		147,600		122,189
Tingyi Cayman Islands Holding Corp.		1,722,000		3,235,075
Topchoice Medical Corp., Class A^(b)		12,300		406,381
Uni-President China Holdings Ltd.		1,107,000		1,008,422
Vinda International Holdings Ltd.		369,000		1,261,718
Vipshop Holdings Ltd., ADR^(b)(c)		381,546		6,299,324
Weifu High-Technology Group Co. Ltd., Class A		36,900		134,257
Wens Foodstuffs Group Co. Ltd., Class A		324,720		1,170,085
Wharf Holdings Ltd. (The)		738,000		1,439,786
Wuhan Guide Infrared Co. Ltd., Class A		79,643		446,172
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		110,700		736,852
Yuexiu Property Co. Ltd.		5,658,000		1,080,475
Yum China Holdings Inc.^(b)(c)		221,031		12,755,699
Zhejiang Expressway Co. Ltd., Class H		1,230,000		830,036
Zhejiang Semir Garment Co. Ltd., Class A		98,400		110,480
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		24,600		214,639
Zhongsheng Group Holdings Ltd.		499,500		3,119,398
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H^(b)		1,147,000		1,148,458

				248,713,807

Czech Republic — 0.2%
Moneta Money Bank AS^(a)		447,597		1,130,663


Hungary — 0.5%
Richter Gedeon Nyrt		120,294		2,946,953


India — 7.2%
Bharti Infratel Ltd.		291,633		786,655
Colgate-Palmolive India Ltd.		54,981		1,018,278
Divi’s Laboratories Ltd.		68,634		2,911,799
Dr. Reddy’s Laboratories Ltd.		98,892		5,729,643
HDFC Asset Management Co. Ltd.^(a)		37,023		1,212,631
Hindustan Petroleum Corp. Ltd.		530,745		1,453,271
Indraprastha Gas Ltd.^(b)		180,318		966,293
Infosys Ltd.		1,176,618		14,843,698
Petronet LNG Ltd.		555,837		1,814,970
REC Ltd.		590,523		851,598
Tech Mahindra Ltd.		400,611		4,032,915
Wipro Ltd.		987,690		3,640,394

				39,262,145

Indonesia — 0.8%
Adaro Energy Tbk PT		12,546,000		934,758
Gudang Garam Tbk PT^(b)		418,200		1,364,086
Indofood Sukses Makmur Tbk PT		3,788,400		1,983,625

				4,282,469

Malaysia — 0.3%
AMMB Holdings Bhd		1,402,200		982,937
Carlsberg Brewery Malaysia Bhd		135,300		708,738

				1,691,675

Mexico — 0.1%
Megacable Holdings SAB de CV, CPO		258,300		743,412


Philippines — 0.8%
Globe Telecom Inc.		28,905		1,244,790
Megaworld Corp.^(b)		9,594,600		575,854


Security	Shares		Value

Philippines (continued)
PLDT Inc.		74,415	$	2,269,976

				4,090,620

Qatar — 2.5%
Barwa Real Estate Co.		1,720,893		1,598,357
Commercial Bank PSQC (The)		1,781,040		2,014,551
Masraf Al Rayan QSC		2,818,791		3,200,642
Ooredoo QPSC		730,251		1,312,563
Qatar Electricity & Water Co. QSC		472,689		2,213,819
Qatar Fuel QSC		323,327		1,619,937
Qatar International Islamic Bank QSC		668,382		1,557,890

				13,517,759

Russia — 0.6%
Inter RAO UES PJSC		31,119,000		2,184,655
Magnitogorsk Iron & Steel Works PJSC		1,943,400		985,203

				3,169,858

Saudi Arabia — 3.0%
Abdullah Al Othaim Markets Co.		38,007		1,264,721
Advanced Petrochemical Co.		89,790		1,319,156
Arab National Bank		519,798		2,877,257
Bank Al-Jazira		194,709		678,025
Bupa Arabia for Cooperative Insurance Co.^(b)		53,628		1,773,086
Co for Cooperative Insurance (The)^(b)		51,660		1,088,173
Dar Al Arkan Real Estate Development Co.^(b)		244,647		529,026
Jarir Marketing Co.		27,183		1,184,312
Riyad Bank		567,276		2,901,080
Saudi Airlines Catering Co.		36,285		774,955
Saudi Cement Co.		64,698		971,216
Saudi Industrial Investment Group		192,495		1,124,036

				16,485,043

South Africa — 8.1%
AngloGold Ashanti Ltd.		360,144		10,515,684
Aspen Pharmacare Holdings Ltd.^(b)		334,806		2,685,167
Exxaro Resources Ltd.		220,047		1,781,808
Gold Fields Ltd.		764,691		9,888,341
Impala Platinum Holdings Ltd.		690,768		6,375,881
Kumba Iron Ore Ltd.		55,596		1,742,579
Life Healthcare Group Holdings Ltd.		1,190,271		1,162,080
Momentum Metropolitan Holdings		850,053		760,676
Mr. Price Group Ltd.		224,721		1,537,116
Old Mutual Ltd.		4,060,230		2,681,855
Rand Merchant Investment Holdings Ltd.		643,536		1,142,249
Reinet Investments SCA		127,674		2,435,123
Tiger Brands Ltd.		140,097		1,425,923

				44,134,482

South Korea — 7.1%
BNK Financial Group Inc.		243,663		1,042,014
Coway Co. Ltd.^(b)		41,205		2,768,044
Daelim Industrial Co. Ltd.		24,231		1,772,602
DB Insurance Co. Ltd.		42,435		1,559,296
E-MART Inc.		16,728		1,689,839
Hana Financial Group Inc.		120,048		2,849,864
Hankook Tire & Technology Co. Ltd.		64,329		1,597,530
Hyundai Department Store Co. Ltd.		226		10,217
Hyundai Marine & Fire Insurance Co. Ltd.		54,489		1,013,728
Kia Motors Corp.		227,427		8,127,179
LG Innotek Co. Ltd.		12,177		1,486,375
LG Uplus Corp.		188,682		1,898,097
Posco International Corp.		43,911		502,727
S-1 Corp.		14,391		1,056,398


S C H E D U L E O F I N V E S T M E N T S		36

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Emerging Markets Multifactor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Korea (continued)
Samsung Electronics Co. Ltd.		186,591	$	8,482,123
SK Telecom Co. Ltd.		11,316		2,362,461

				38,218,494

Taiwan — 15.4%
Accton Technology Corp.		431,000		3,437,248
Asia Cement Corp.		1,845,000		2,672,409
Asustek Computer Inc.		615,000		5,093,298
Chicony Electronics Co. Ltd.		492,169		1,484,483
Compal Electronics Inc.		3,567,000		2,249,016
Formosa Taffeta Co. Ltd.		615,000		663,386
Foxconn Technology Co. Ltd.		861,000		1,531,762
Inventec Corp.		2,214,000		1,716,630
Lite-On Technology Corp.		1,845,718		2,918,778
Micro-Star International Co. Ltd.		615,000		2,840,090
Nien Made Enterprise Co. Ltd.		69,000		794,847
Novatek Microelectronics Corp.		517,000		4,228,823
Pegatron Corp.		1,722,000		3,668,013
Phison Electronics Corp.		123,000		1,161,188
Pou Chen Corp.		1,968,000		1,857,901
Powertech Technology Inc.		660,000		1,943,459
Realtek Semiconductor Corp.		410,000		5,309,885
Ruentex Development Co. Ltd.		738,000		1,086,570
Standard Foods Corp.		369,000		801,094
Synnex Technology International Corp.		1,107,000		1,648,719
Taiwan Business Bank		3,745,459		1,276,506
Taiwan Semiconductor Manufacturing Co. Ltd.		1,177,000		17,108,549
United Microelectronics Corp.		9,594,000		6,931,916
Win Semiconductors Corp.		300,000		2,924,186
Winbond Electronics Corp.		2,583,000		1,069,593
Wistron Corp.		2,583,063		2,808,299
WPG Holdings Ltd.		1,353,160		1,895,434
Zhen Ding Technology Holding Ltd.		492,000		2,062,471

				83,184,553

Thailand — 0.2%
Krung Thai Bank PCL, NVDR		3,087,300		947,344


United Arab Emirates — 0.8%
Aldar Properties PJSC		3,300,459		1,824,029
Emaar Properties PJSC^(b)		3,080,043		2,414,964

				4,238,993


Total Common Stocks — 97.0% (Cost: $466,668,206)				525,340,901


Security	Shares		Value

Preferred Stocks

Brazil — 2.0%
Cia. Paranaense de Energia, Preference Shares, NVS		86,100	$	969,624
Itausa SA, Preference Shares, NVS		3,825,338		6,575,573
Telefonica Brasil SA, Preference Shares, NVS		381,300		3,325,141

				10,870,338

Chile — 0.1%
Embotelladora Andina SA, Class B, Preference Shares		314,142		670,757


Russia — 0.6%
Surgutneftegas PJSC, Preference Shares, NVS		6,014,700		3,013,008


Total Preferred Stocks — 2.7% (Cost: $19,842,181)				14,554,103


Short-Term Investments

Money Market Funds — 1.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(d)(e)(f)		7,379,288		7,386,667
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(d)(e)		1,110,000		1,110,000

				8,496,667


Total Short-Term Investments — 1.6% (Cost: $8,494,578)				8,496,667


Total Investments in Securities — 101.3% (Cost: $495,004,965)				548,391,671

Other Assets, Less Liabilities — (1.3)%				(6,783,932	)


Net Assets — 100.0%			$	541,607,739

^(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.


37		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Emerging Markets Multifactor ETF

Affiliates


Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,213,781	$	4,174,049	^(a)	$	—	$	(3,093	)	$	1,930	$	7,386,667		7,379,288	$	75,016	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		300,000		810,000	^(a)		—		—			—		1,110,000		1,110,000		7,393			—

								$	(3,093	)	$	1,930	$	8,496,667			$	82,409		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

MSCI Emerging Markets E-Mini Index

09/18/20

990

71,675

Derivative Financial Instruments Categorized by Risk Exposure

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



	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	71,675

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	497,411

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	140,472

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	2,500,560

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

Fair Value Measurements


S C H E D U L E O F I N V E S T M E N T S		38

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Emerging Markets Multifactor ETF

Fair Value Measurements (continued)



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	525,340,901	$	—	$	—	$	525,340,901
Preferred Stocks		14,554,103		—		—		14,554,103
Money Market Funds		8,496,667		—		—		8,496,667

	$	548,391,671	$	—	$	—	$	548,391,671

Derivative financial instruments^(a)
Assets
Futures Contracts	$	71,675	$	—	$	—	$	71,675

^(a)

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

See notes to financial statements.


39		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

August 31, 2020

iShares^® MSCI Global Min Vol Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 0.4%
Newcrest Mining Ltd.		218,367	$	5,161,325
Woolworths Group Ltd.		673,369		19,854,857

				25,016,182

Belgium — 0.5%
Colruyt SA		135,490		8,588,085
Proximus SADP		370,326		7,347,571
Telenet Group Holding NV		98,088		3,821,907
UCB SA		84,858		10,099,884

				29,857,447

Canada — 5.8%
Agnico Eagle Mines Ltd.		579,964		47,867,784
Barrick Gold Corp.		2,378,245		70,528,713
BCE Inc.		375,747		16,166,681
CGI Inc.^(a)		212,151		14,917,898
Empire Co. Ltd., Class A, NVS		351,041		9,146,814
Fairfax Financial Holdings Ltd.		20,197		6,232,788
Franco-Nevada Corp.		450,874		67,882,845
Intact Financial Corp.		327,252		35,089,894
Kirkland Lake Gold Ltd.		88,257		4,707,672
Loblaw Companies Ltd.		179,840		9,304,282
Metro Inc.		138,509		6,263,441
Rogers Communications Inc., Class B, NVS		138,322		5,760,276
Shaw Communications Inc., Class B, NVS		277,396		5,192,592
TELUS Corp.		975,658		17,986,343
Thomson Reuters Corp.		174,646		13,365,020
Waste Connections Inc.^(b)		141,452		14,149,444

				344,562,487

Chile — 0.1%
Banco de Chile		94,113,950		7,886,413


China — 2.8%
Agricultural Bank of China Ltd., Class A		10,933,899		5,124,405
Agricultural Bank of China Ltd., Class H		7,575,000		2,531,467
Alibaba Group Holding Ltd., ADR^(a)		24,805		7,119,779
Alibaba Pictures Group Ltd.^(a)		29,450,000		4,179,919
Bank of Communications Co. Ltd., Class A		5,173,500		3,572,802
Bank of Communications Co. Ltd., Class H^(b)		6,835,000		3,571,770
China Huishan Dairy Holdings Co. Ltd.^(a)(c)		2,093,055		3
China Minsheng Banking Corp. Ltd., Class A		3,524,499		2,855,970
China Mobile Ltd.		3,590,000		25,083,192
China Telecom Corp. Ltd., Class H		32,104,000		10,521,623
China Tourism Group Duty Free Corp. Ltd., Class A		286,200		8,691,531
China Unicom Hong Kong Ltd.		4,294,000		3,041,755
China United Network Communications Ltd., Class A		3,787,947		2,870,348
CRRC Corp. Ltd., Class A		3,586,497		3,068,537
Guangdong Investment Ltd.		4,253,147		6,640,269
Industrial & Commercial Bank of China Ltd., Class A		5,778,051		4,184,334
Jiangsu Expressway Co. Ltd., Class H		2,990,000		2,993,800
Lenovo Group Ltd.		4,834,000		3,230,921
Postal Savings Bank of China Co. Ltd., Class H^(d)		24,292,000		11,503,215
SF Holding Co. Ltd., Class A		431,500		5,361,344
Shenzhen International Holdings Ltd.		2,151,500		3,453,438
Xiaomi Corp., Class B^(a)(d)		8,276,400		25,095,695
ZTE Corp., Class A		564,900		3,216,618
ZTO Express Cayman Inc., ADR		488,800		16,389,464

				164,302,199

Denmark — 0.8%
Carlsberg AS, Class B		44,475		6,263,290


Security	Shares		Value

Denmark (continued)
Coloplast A/S, Class B		117,876	$	20,044,781
Novo Nordisk A/S, Class B		193,959		12,873,681
Tryg A/S		296,677		9,127,203

				48,308,955

Finland — 0.6%
Elisa OYJ		347,960		20,511,685
Nokia OYJ		2,943,870		14,338,144

				34,849,829

France — 0.8%
Eurazeo SE^(a)		59,158		3,128,567
Hermes International		27,471		23,635,136
Orange SA		1,806,703		20,159,587

				46,923,290

Germany — 1.1%
Deutsche Telekom AG, Registered		3,217,239		56,752,965
Telefonica Deutschland Holding AG		2,191,294		6,069,493

				62,822,458

Hong Kong — 2.6%
BeiGene Ltd., ADR^(a)		43,531		10,515,784
CLP Holdings Ltd.		1,921,254		18,877,505
Dairy Farm International Holdings Ltd.		577,500		2,413,950
Hang Seng Bank Ltd.^(b)		1,387,500		21,823,610
HK Electric Investments & HK Electric Investments Ltd.		6,513,500		6,631,035
HKT Trust & HKT Ltd.		9,262,000		13,241,416
Hong Kong & China Gas Co. Ltd.^(b)		12,234,886		17,807,335
Jardine Matheson Holdings Ltd.		228,800		9,609,600
Jardine Strategic Holdings Ltd.		189,100		3,793,346
Link REIT		1,749,900		13,931,192
MTR Corp. Ltd.^(b)		3,544,000		18,451,307
PCCW Ltd.		10,432,000		6,541,747
Power Assets Holdings Ltd.		1,310,500		7,507,751

				151,145,578

Hungary — 0.1%
OTP Bank Nyrt^(a)		136,270		4,610,295


India — 2.6%
Asian Paints Ltd.		368,316		9,502,685
Avenue Supermarts Ltd.^(a)(d)		158,113		4,835,810
Bajaj Auto Ltd.		82,349		3,319,356
Bajaj Finserv Ltd.		92,999		7,821,164
Bharat Petroleum Corp. Ltd.		819,812		4,541,919
Coal India Ltd.		3,018,297		5,509,061
Dabur India Ltd.		1,045,617		6,741,838
Dr. Reddy’s Laboratories Ltd.		78,715		4,560,620
Eicher Motors Ltd.		231,260		6,572,644
HCL Technologies Ltd.		1,150,898		10,857,366
Hero MotoCorp Ltd.		98,916		4,039,622
Hindustan Petroleum Corp. Ltd.		1,486,858		4,071,273
Hindustan Unilever Ltd.		206,248		5,932,809
Housing Development Finance Corp. Ltd.		194,165		4,834,110
Indian Oil Corp. Ltd.		3,879,319		4,521,898
Infosys Ltd.		664,064		8,377,541
InterGlobe Aviation Ltd.^(a)(d)		223,465		3,640,499
ITC Ltd.		1,210,174		3,141,857
Larsen & Toubro Ltd.		259,480		3,331,123
Maruti Suzuki India Ltd.		87,563		8,136,760
Petronet LNG Ltd.		1,460,966		4,770,481
Pidilite Industries Ltd.		298,269		5,684,363
Sun Pharmaceutical Industries Ltd.		527,201		3,726,201


S C H E D U L E O F I N V E S T M E N T S		40

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Global Min Vol Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

India (continued)
Tata Consultancy Services Ltd.		301,335	$	9,240,749
Tech Mahindra Ltd.		468,589		4,717,243
United Spirits Ltd.^(a)		364,916		2,710,068
Wipro Ltd.		430,096		1,585,233
Wipro Ltd., ADR		1,425,832		6,131,078

				152,855,371

Indonesia — 0.6%
Bank Central Asia Tbk PT		13,639,500		29,386,391
Kalbe Farma Tbk PT		31,394,300		3,406,214

				32,792,605

Ireland — 0.5%
Kerry Group PLC, Class A		204,560		26,910,800


Israel — 0.5%
Azrieli Group Ltd.		61,631		3,328,175
Bank Hapoalim BM		552,466		3,352,624
Bank Leumi Le-Israel BM		788,421		4,045,899
Check Point Software Technologies Ltd.^(a)(b)		30,423		3,841,208
Mizrahi Tefahot Bank Ltd.		329,600		6,727,213
Nice Ltd.^(a)		26,383		6,045,243

				27,340,362

Italy — 0.3%
Assicurazioni Generali SpA		943,902		14,680,825
Intesa Sanpaolo SpA^(a)		2,284,300		4,931,644

				19,612,469

Japan — 11.5%
ABC-Mart Inc.		81,200		4,272,677
Ajinomoto Co. Inc.		274,700		5,118,650
ANA Holdings Inc.^(a)		280,000		6,990,429
Canon Inc.		1,254,400		21,670,619
Chugai Pharmaceutical Co. Ltd.		637,700		28,389,662
Daiwa House REIT Investment Corp.		4,401		11,495,846
East Japan Railway Co.		89,800		5,840,451
FUJIFILM Holdings Corp.		222,600		10,592,103
Hamamatsu Photonics KK		200,600		9,136,668
Hankyu Hanshin Holdings Inc.		79,400		2,579,405
Japan Airlines Co. Ltd.		275,900		5,500,048
Japan Post Bank Co. Ltd.		989,700		7,960,904
Japan Post Holdings Co. Ltd.		3,432,500		25,367,064
Japan Tobacco Inc.		144,900		2,708,890
KDDI Corp.		693,100		20,117,514
Keikyu Corp.		175,700		2,621,127
Keio Corp.		151,600		9,163,619
Keyence Corp.		67,400		27,762,101
Kintetsu Group Holdings Co. Ltd.		214,400		9,421,510
Kirin Holdings Co. Ltd.		142,400		2,799,793
Kyushu Railway Co.		367,200		8,095,748
Lawson Inc.		123,200		6,076,062
McDonald’s Holdings Co. Japan Ltd.		162,000		7,943,797
MEIJI Holdings Co. Ltd.		124,200		10,025,480
Mizuho Financial Group Inc.		12,312,000		16,695,418
Nagoya Railroad Co. Ltd.		421,400		11,758,429
NEC Corp.		553,200		29,161,092
Nippon Building Fund Inc.		3,109		18,734,037
Nippon Prologis REIT Inc.		4,336		14,188,241
Nippon Telegraph & Telephone Corp.		1,346,900		30,628,972
Nissan Motor Co. Ltd.		766,000		3,116,875
Nissin Foods Holdings Co. Ltd.		39,000		3,898,345
Nitori Holdings Co. Ltd.		91,800		19,200,566


Security	Shares		Value

Japan (continued)
Nomura Research Institute Ltd.		168,690	$	4,484,295
NTT Data Corp.		831,400		9,502,162
NTT DOCOMO Inc.		2,855,700		79,683,307
Ono Pharmaceutical Co. Ltd.		149,200		4,500,833
Oracle Corp. Japan		71,000		8,328,917
Oriental Land Co. Ltd.		220,200		29,880,504
Pan Pacific International Holdings Corp.		554,900		13,034,616
Secom Co. Ltd.		357,900		33,834,198
Seibu Holdings Inc.		220,700		2,426,670
Seven & i Holdings Co. Ltd.		83,900		2,716,099
Shimamura Co. Ltd.		52,400		4,323,636
Shionogi & Co. Ltd.		57,729		3,202,600
Softbank Corp.		598,000		7,852,468
Suntory Beverage & Food Ltd.		327,600		12,635,051
Takeda Pharmaceutical Co. Ltd.		141,800		5,293,849
Tobu Railway Co. Ltd.		441,500		13,780,612
Toho Co. Ltd.		191,700		7,285,124
Toyo Suisan Kaisha Ltd.		209,300		11,881,616
USS Co. Ltd.		168,000		2,837,361
West Japan Railway Co.		225,200		11,830,725
Yamada Denki Co. Ltd.		1,544,100		8,285,095
Yamazaki Baking Co. Ltd.		243,400		3,961,605

				680,593,485

Malaysia — 0.6%
Hong Leong Bank Bhd		1,534,500		5,157,364
IHH Healthcare Bhd		2,366,500		3,045,118
Malayan Banking Bhd		3,572,700		6,286,854
Maxis Bhd^(b)		3,791,200		4,550,714
Petronas Chemicals Group Bhd		2,033,600		2,665,576
Petronas Dagangan Bhd		586,800		2,901,952
Public Bank Bhd		2,643,160		10,419,082

				35,026,660

Netherlands — 0.6%
Koninklijke Ahold Delhaize NV		737,028		22,230,144
Koninklijke KPN NV		2,053,602		5,395,846
Unilever NV		173,272		10,052,472

				37,678,462

New Zealand — 0.2%
Fisher & Paykel Healthcare Corp. Ltd.		222,601		5,544,303
Spark New Zealand Ltd.		2,540,054		8,292,252

				13,836,555

Norway — 0.2%
Telenor ASA		868,970		14,229,158


Peru — 0.0%
Credicorp Ltd.		20,553		2,681,755


Philippines — 0.2%
BDO Unibank Inc.		3,216,229		5,704,768
PLDT Inc.		164,535		5,019,022

				10,723,790

Qatar — 0.3%
Qatar Islamic Bank SAQ		868,491		3,783,759
Qatar National Bank QPSC		2,920,233		14,312,919

				18,096,678

Russia — 0.5%
Polymetal International PLC		520,629		13,902,999
Polyus PJSC		65,892		16,005,379

				29,908,378


41		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Global Min Vol Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Saudi Arabia — 0.9%
Alinma Bank^(a)		2,417,120	$	9,989,564
Arab National Bank		538,539		2,980,994
Bank AlBilad		464,412		2,974,357
Bank Al-Jazira		978,361		3,406,896
Jarir Marketing Co.		144,105		6,278,382
Saudi Arabian Fertilizer Co.		369,122		8,159,078
Saudi Basic Industries Corp.		147,897		3,470,233
Saudi Telecom Co.		550,271		14,085,247
Yanbu National Petrochemical Co.		225,108		3,211,156

				54,555,907

Singapore — 0.7%
CapitaLand Commercial Trust		3,504,900		4,330,856
CapitaLand Mall Trust		5,854,400		8,439,706
Oversea-Chinese Banking Corp. Ltd.^(b)		618,100		3,941,547
Singapore Airlines Ltd.^(b)		1,339,600		3,596,308
Singapore Exchange Ltd.		500,400		3,168,906
Singapore Telecommunications Ltd.^(b)		12,324,500		20,849,036

				44,326,359

South Korea — 0.3%
Hyundai Marine & Fire Insurance Co. Ltd.		133,395		2,481,715
S-1 Corp.		42,680		3,133,005
SK Telecom Co. Ltd.		49,683		10,372,408

				15,987,128

Sweden — 0.3%
Telefonaktiebolaget LM Ericsson, Class B		1,082,049		12,576,932
Telia Co. AB		836,043		3,228,841

				15,805,773

Switzerland — 5.0%
Chocoladefabriken Lindt & Spruengli AG, Registered		242		21,446,610
Givaudan SA, Registered		3,232		13,603,509
Kuehne & Nagel International AG, Registered^(a)		75,453		14,668,274
Nestle SA, Registered		656,567		79,156,992
Novartis AG, Registered		335,811		29,103,993
Partners Group Holding AG		9,270		9,448,616
Roche Holding AG, NVS		125,787		44,101,234
Sonova Holding AG, Registered^(a)		37,348		8,755,803
Swiss Prime Site AG, Registered		100,093		9,042,774
Swisscom AG, Registered		63,363		35,184,075
Zurich Insurance Group AG		90,755		33,663,357

				298,175,237

Taiwan — 4.2%
Advantech Co. Ltd.		941,482		9,738,418
Asustek Computer Inc.		1,637,000		13,557,282
AU Optronics Corp.^(a)		15,000,000		5,342,263
Chang Hwa Commercial Bank Ltd.		12,863,481		8,000,904
Chicony Electronics Co. Ltd.		1,451,020		4,376,575
China Development Financial Holding Corp.		31,071,000		9,043,380
China Steel Corp.		10,357,000		7,024,327
Chunghwa Telecom Co. Ltd.		9,299,000		34,386,160
Compal Electronics Inc.		10,449,000		6,588,160
CTBC Financial Holding Co. Ltd.		4,570,000		2,951,502
E.Sun Financial Holding Co. Ltd.		10,864,490		10,071,541
Far EasTone Telecommunications Co. Ltd.		3,900,000		8,147,845
First Financial Holding Co. Ltd.		25,078,034		18,162,269
Formosa Petrochemical Corp.		1,012,000		2,828,213
Hua Nan Financial Holdings Co. Ltd.		20,407,074		12,553,812
Inventec Corp.		4,045,000		3,136,300
Lite-On Technology Corp.		5,207,000		8,234,235
Mega Financial Holding Co. Ltd.		23,336,000		23,263,228


Security	Shares		Value

Taiwan (continued)
Nan Ya Plastics Corp.		1,281,000	$	2,684,986
Quanta Computer Inc.		4,896,000		12,848,423
Synnex Technology International Corp.		3,249,250		4,839,297
Taishin Financial Holding Co. Ltd.		11,281,084		5,094,299
Taiwan Cooperative Financial Holding Co. Ltd.		22,798,252		15,578,786
Taiwan Mobile Co. Ltd.		4,002,000		13,843,975
WPG Holdings Ltd.		3,696,760		5,178,223

				247,474,403

Thailand — 0.7%
Advanced Info Service PCL, NVDR		826,300		4,858,636
Airports of Thailand PCL, NVDR^(b)		6,479,500		11,658,832
Bangkok Dusit Medical Services PCL, NVDR		9,111,700		6,089,593
Bangkok Expressway & Metro PCL, NVDR		15,614,700		4,540,543
BTS Group Holdings PCL, NVDR^(b)		13,740,800		4,591,672
Bumrungrad Hospital PCL, NVDR		845,700		3,002,646
CP ALL PCL, NVDR^(a)		1,293,000		2,638,140
Home Product Center PCL, NVDR		9,309,300		4,456,858

				41,836,920

United Arab Emirates — 0.2%
Emirates Telecommunications Group Co. PJSC		2,066,128		9,314,915
First Abu Dhabi Bank PJSC		900,681		2,810,069

				12,124,984

United Kingdom — 0.4%
Admiral Group PLC		114,597		4,046,203
AstraZeneca PLC		41,992		4,689,180
GlaxoSmithKline PLC		797,080		15,709,921

				24,445,304

United States — 52.5%
Accenture PLC, Class A		47,741		11,454,498
Alleghany Corp.		31,904		17,692,682
Allstate Corp. (The)		271,448		25,244,664
Altria Group Inc.		230,914		10,100,178
Ameren Corp.		80,335		6,355,302
American Electric Power Co. Inc.		228,467		18,010,054
American Tower Corp.		68,112		16,970,105
American Water Works Co. Inc.		118,475		16,745,257
Amphenol Corp., Class A		124,557		13,676,359
Anthem Inc.		27,358		7,701,824
Aon PLC, Class A		102,968		20,592,570
Arthur J Gallagher & Co.		74,567		7,851,905
AT&T Inc.		776,570		23,149,552
Automatic Data Processing Inc.		117,842		16,390,644
AutoZone Inc.^(a)		16,290		19,487,890
Baxter International Inc.		196,757		17,131,632
Berkshire Hathaway Inc., Class B^(a)		115,461		25,175,116
Black Knight Inc.^(a)		333,896		28,080,654
Booz Allen Hamilton Holding Corp.		161,444		14,216,759
Bristol-Myers Squibb Co.		121,388		7,550,334
Broadridge Financial Solutions Inc.		147,553		20,273,782
Brown & Brown Inc.		272,623		12,649,707
Campbell Soup Co.		188,511		9,917,564
Cboe Global Markets Inc.		98,636		9,053,798
CH Robinson Worldwide Inc.		319,471		31,403,999
Chubb Ltd.		184,937		23,117,125
Church & Dwight Co. Inc.		258,148		24,738,323
Cincinnati Financial Corp.		156,019		12,389,469
Cisco Systems Inc.		843,331		35,605,435
Citrix Systems Inc.^(b)		244,220		35,460,744
Clorox Co. (The)		166,680		37,252,980


S C H E D U L E O F I N V E S T M E N T S		42

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Global Min Vol Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
CME Group Inc.		92,989	$	16,353,975
CMS Energy Corp.		160,087		9,683,663
Coca-Cola Co. (The)		947,795		46,944,286
Cognizant Technology Solutions Corp., Class A		53,063		3,547,792
Colgate-Palmolive Co.		208,444		16,521,271
Comcast Corp., Class A		359,292		16,099,875
Consolidated Edison Inc.		732,399		52,249,345
Cooper Companies Inc. (The)^(b)		13,995		4,399,748
Costco Wholesale Corp.		32,272		11,219,684
Crown Castle International Corp.		174,986		28,566,464
Danaher Corp.		91,140		18,817,676
Dollar General Corp.		241,952		48,845,270
Dominion Energy Inc.		409,992		32,159,772
Duke Energy Corp.		484,640		38,935,978
Duke Realty Corp.		266,484		10,272,958
Ecolab Inc.		36,416		7,176,865
Eli Lilly & Co.		293,320		43,525,755
Entergy Corp.		123,199		12,213,949
Equity Residential		255,155		14,403,500
Erie Indemnity Co., Class A, NVS		20,994		4,480,959
Everest Re Group Ltd.		67,883		14,939,691
Evergy Inc.		285,768		15,208,573
Eversource Energy		114,297		9,796,396
Extra Space Storage Inc.		157,140		16,743,267
F5 Networks Inc.^(a)(b)		46,765		6,188,412
Fidelity National Information Services Inc.		205,693		31,028,789
Fiserv Inc.^(a)(b)		263,388		26,228,177
General Mills Inc.		163,300		10,443,035
Genuine Parts Co.		56,247		5,311,967
Gilead Sciences Inc.		901,677		60,186,940
Henry Schein Inc.^(a)		55,826		3,709,079
Hershey Co. (The)		241,374		35,877,831
Home Depot Inc. (The)		77,258		22,021,620
Hormel Foods Corp.		688,907		35,120,479
Humana Inc.		19,612		8,142,314
Intel Corp.		57,133		2,910,926
Intercontinental Exchange Inc.		83,896		8,912,272
International Business Machines Corp.		106,559		13,139,790
Intuit Inc.		25,637		8,854,763
Jack Henry & Associates Inc.		182,303		30,156,562
JM Smucker Co. (The)		102,185		12,280,593
Johnson & Johnson		369,110		56,625,165
Juniper Networks Inc.		138,185		3,454,625
Kellogg Co.		358,749		25,438,892
Keysight Technologies Inc.^(a)		459,429		45,262,945
Kimberly-Clark Corp.		152,425		24,046,568
L3Harris Technologies Inc.		104,465		18,881,004
Liberty Broadband Corp., Class C, NVS^(a)(b)		261,934		36,694,334
Lockheed Martin Corp.		44,114		17,215,930
Markel Corp.^(a)		26,112		28,379,305
Marsh & McLennan Companies Inc.		265,397		30,496,769
Mastercard Inc., Class A^(b)		51,576		18,474,007
McCormick & Co. Inc./MD, NVS		150,320		30,995,984
McDonald’s Corp.		291,191		62,175,102
Medtronic PLC		250,545		26,926,071
Merck & Co. Inc.		836,730		71,347,967
Microsoft Corp.		47,296		10,666,667
Mondelez International Inc., Class A		110,505		6,455,702
Motorola Solutions Inc.		257,106		39,787,153
Newmont Corp.		1,210,949		81,472,649


Security	Shares		Value

United States (continued)
NextEra Energy Inc.		225,651	$	62,994,990
Oracle Corp.		103,986		5,950,079
O’Reilly Automotive Inc.^(a)		30,592		14,244,553
Palo Alto Networks Inc.^(a)		21,129		5,438,816
Paychex Inc.		455,999		34,870,244
PepsiCo Inc.		434,850		60,905,091
Pfizer Inc.		548,294		20,720,030
Philip Morris International Inc.		39,873		3,181,467
Procter & Gamble Co. (The)		325,848		45,074,554
Progressive Corp. (The)^(b)		207,573		19,727,738
Public Storage		172,869		36,717,376
Regeneron Pharmaceuticals Inc.^(a)		132,718		82,275,870
RenaissanceRe Holdings Ltd.		108,003		19,844,471
Republic Services Inc.		546,383		50,660,632
Ross Stores Inc.		138,608		12,624,417
Southern Co. (The)		762,546		39,789,650
Starbucks Corp.		307,985		26,015,493
Stryker Corp.		27,216		5,393,123
Target Corp.		84,497		12,776,791
TJX Companies Inc. (The)		432,887		23,717,879
TransUnion		34,799		3,017,769
Travelers Companies Inc. (The)		170,007		19,727,612
Tyler Technologies Inc.^(a)(b)		96,377		33,279,942
UnitedHealth Group Inc.		37,452		11,705,623
Universal Health Services Inc., Class B		37,237		4,109,103
VeriSign Inc.^(a)		47,874		10,283,335
Verizon Communications Inc.		1,500,436		88,930,842
Visa Inc., Class A^(b)		290,545		61,592,635
Walmart Inc.		410,348		56,976,820
Walt Disney Co. (The)		66,397		8,755,772
Waste Management Inc.		585,272		66,721,008
WEC Energy Group Inc.		501,549		47,185,730
Western Union Co. (The)		999,031		23,567,141
WR Berkley Corp.		344,142		21,354,011
Xcel Energy Inc.		699,577		48,603,112


				3,112,591,724


Total Common Stocks — 99.4% (Cost: $5,057,989,287)				5,889,895,400


Warrants

Thailand — 0.0%
BTS Group Holdings PCL (Expires 02/16/21)^(a)		1		0	^(e)


Total Warrants — 0.0% (Cost: $0)				0	^(e)


Short-Term Investments

Money Market Funds — 2.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.37%^(f)(g)(h)		105,421,740		105,527,162


43		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Global Min Vol Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.07%^(f)(g)		13,570,000	$	13,570,000


				119,097,162


Total Short-Term Investments — 2.0% (Cost: $118,974,360)				119,097,162


Total Investments in Securities — 101.4% (Cost: $5,176,963,647)				6,008,992,562

Other Assets, Less Liabilities — (1.4)%				(84,174,829	)


Net Assets — 100.0%			$	5,924,817,733

^(a)	Non-income producing security.

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

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

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

^(e)	Rounds to less than $1.

^(f)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 08/31/19		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	25,427,517	$	80,007,329	^(a)	$	—	$	(23,404	)	$	115,720	$	105,527,162		105,421,740	$	498,352	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		10,157,000		3,413,000	^(a)		—		—			—		13,570,000		13,570,000		109,940			—


								$	(23,404	)	$	115,720	$	119,097,162			$	608,292		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
2-Year U.S. Treasury Note		15		12/31/20	$	3,314	$	1,040
MSCI EAFE E-Mini Index		75		09/18/20		7,125		299,726
MSCI Emerging Markets E-Mini Index		65		09/18/20		3,576		275,843
S&P 500 E-Mini Index		81		09/18/20		14,171		1,487,497


							$	2,064,106


S C H E D U L E O F I N V E S T M E N T S		44

Schedule of Investments (continued)

August 31, 2020

iShares^® MSCI Global Min Vol Factor ETF

Derivative Financial Instruments Categorized by Risk Exposure

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



	Equity Contracts		Interest Rate Contracts		Total

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	2,063,066	$	1,040	$	2,064,106

^(a)

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts		Interest Rate Contracts			Total

Net Realized Gain (Loss) from:
Futures contracts	$	1,701,837	$	(721	)	$	1,701,116

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	2,395,035	$	1,040		$	2,396,075

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	24,605,283

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

Fair Value Measurements



	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	5,889,895,397		$	—	$	3	$	5,889,895,400
Warrants		0	^(a)		—		—		0	^(a)
Money Market Funds		119,097,162			—		—		119,097,162


	$	6,008,992,559		$	—	$	3	$	6,008,992,562

Derivative financial instruments^(b)
Assets
Futures Contracts	$	2,064,106		$	—	$	—	$	2,064,106

^(a)

Rounds to less than $1.

^(b)

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

See notes to financial statements.


45		2 0 2 0 I S H A R E S A N 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

August 31, 2020


	iShares ESG Aware MSCI EM ETF		iShares MSCI Emerging Markets ex China ETF		iShares MSCI Emerging Markets Min Vol Factor ETF (Consolidated)			iShares MSCI Emerging Markets Multifactor ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	3,638,492,187	$	63,071,341	$	4,239,226,168		$	539,895,004
Affiliated^(c)		20,628,651		10,399,973		61,478,073			8,496,667
Cash		13,032,667		8,265		1,013,975			193,467
Foreign currency, at value^(d)		26,324,403		88,376		7,540,731			1,111,486
Cash pledged:
Futures contracts		937,000		—		952,000			201,000
Receivables:
Investments sold		139,061,545		1,054,844		699,925			761,638
Securities lending income — Affiliated		17,647		—		129,780			7,918
Capital shares sold		48,810,038		—		—			—
Dividends		3,654,645		80,069		9,377,742			1,100,693
Tax reclaims		13,307		—		40,596			768


Total assets		3,890,972,090		74,702,868		4,320,458,990			551,768,641


LIABILITIES
Collateral on securities loaned, at value		16,676,159		—		54,408,578			7,386,997
Deferred foreign capital gain tax		3,882,401		—		9,370,177			791,432
Payables:
Investments purchased		209,793,002		1,087,247		7,373,010			1,729,966
Variation margin on futures contracts		197,140		—		199,689			42,983
Bank borrowings		5,192,727		—		—			—
Investment advisory fees		750,552		9,811		849,223			207,830
Foreign taxes		18		18		—			1,694


Total liabilities		236,491,999		1,097,076		72,200,677			10,160,902


NET ASSETS	$	3,654,480,091	$	73,605,792	$	4,248,258,313		$	541,607,739


NET ASSETS CONSIST OF:
Paid-in capital	$	3,381,733,354	$	71,811,148	$	4,744,615,625		$	560,615,402
Accumulated earnings (loss)		272,746,737		1,794,644		(496,357,312	)		(19,007,663	)


NET ASSETS	$	3,654,480,091	$	73,605,792	$	4,248,258,313		$	541,607,739


Shares outstanding		101,700,000		1,600,000		75,900,000			12,300,000


Net asset value	$	35.93	$	46.00	$	55.97		$	44.03


Shares authorized		600 million		50 million		500 million			525 million


Par value	$	0.001	$	0.001	$	0.001		$	0.001


^(a) Securities loaned, at value	$	16,061,457	$	—	$	51,067,826		$	7,444,520
^(b) Investments, at cost — Unaffiliated	$	3,196,469,098	$	60,214,513	$	3,790,071,495		$	486,510,387
^(c) Investments, at cost — Affiliated	$	20,616,633	$	9,651,904	$	61,446,291		$	8,494,578
^(d) Foreign currency, at cost	$	26,325,335	$	88,934	$	7,507,238		$	1,104,460

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		46

Statements of Assets and Liabilities (continued)

August 31, 2020


	iShares MSCI Global Min Vol Factor ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	5,889,895,400
Affiliated^(c)		119,097,162
Cash		5,068
Foreign currency, at value^(d)		4,092,497
Cash pledged:
Futures contracts		1,994,000
Receivables:
Securities lending income — Affiliated		39,996
Dividends		11,847,624
Tax reclaims		4,397,599


Total assets		6,031,369,346


LIABILITIES
Collateral on securities loaned, at value		105,400,760
Payables:
Variation margin on futures contracts		156,487
Investment advisory fees		994,366


Total liabilities		106,551,613


NET ASSETS	$	5,924,817,733


NET ASSETS CONSIST OF:
Paid-in capital	$	5,424,531,661
Accumulated earnings		500,286,072


NET ASSETS	$	5,924,817,733


Shares outstanding		63,600,000


Net asset value	$	93.16


Shares authorized		500 million


Par value	$	0.001


^(a) Securities loaned, at value	$	101,612,588
^(b) Investments, at cost — Unaffiliated	$	5,057,989,287
^(c) Investments, at cost — Affiliated	$	118,974,360
^(d) Foreign currency, at cost	$	4,024,481

See notes to financial statements.


47		2 0 2 0 I S H A R E S A N 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

Year Ended August 31, 2020


	iShares ESG Aware MSCI EM ETF			iShares MSCI Emerging Markets ex China ETF			iShares MSCI Emerging Markets Min Vol Factor ETF (Consolidated)			iShares MSCI Emerging Markets Multifactor ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	59,438,761		$	1,056,983		$	152,427,712		$	16,171,909
Dividends — Affiliated		20,408			20,759			95,154			7,393
Non-cash dividends — Unaffiliated		6,965,467			337,693			—			—
Interest — Unaffiliated		1,588			—			4,652			911
Securities lending income — Affiliated — net		315,587			—			764,334			75,016
Foreign taxes withheld		(6,911,226	)		(149,450	)		(16,168,681	)		(1,724,105	)
Other foreign taxes		(13,120	)		(50	)		(63,659	)		—


Total investment income		59,817,465			1,265,935			137,059,512			14,531,124


EXPENSES
Investment advisory fees		4,984,228			133,790			33,670,285			2,070,774
Commitment fees		9,050			—			28,840			1,568
Miscellaneous		264			264			264			264
Mauritius income taxes		—			—			251,670			—
Interest expense		6,985			—			17,034			7,462

Total expenses		5,000,527			134,054			33,968,093			2,080,068

Less:
Investment advisory fees waived		—			(74,549	)		(21,891,681	)		—


Total expenses after fees waived		5,000,527			59,505			12,076,412			2,080,068


Net investment income		54,816,938			1,206,430			124,983,100			12,451,056


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(a)		(159,150,447	)		(1,630,476	)		(237,463,027	)		(29,064,260	)
Investments — Affiliated		(12,034	)		(25,632	)		(28,974	)		(3,093	)
In-kind redemptions — Unaffiliated		49,253,026			(47,161	)		36,412,595			924,038
In-kind redemptions — Affiliated		—			(72,243	)		—			—
Futures contracts		3,099,320			—			3,345,201			497,411
Foreign currency transactions		(1,399,166	)		(19,107	)		(963,269	)		(214,857	)


Net realized loss		(108,209,301	)		(1,794,619	)		(198,697,474	)		(27,860,761	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(b)		455,572,331			3,636,014			20,961,403			73,556,154
Investments — Affiliated		10,313			994,352			20,490			1,930
Futures contracts		208,615			—			333,017			140,472
Foreign currency translations		(50,875	)		(1,152	)		128,153			6,450


Net change in unrealized appreciation (depreciation)		455,740,384			4,629,214			21,443,063			73,705,006


Net realized and unrealized gain (loss)		347,531,083			2,834,595			(177,254,411	)		45,844,245


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	402,348,021		$	4,041,025		$	(52,271,311	)	$	58,295,301


^(a) Net of foreign capital gain tax of	$	—		$	—		$	98,006		$	7,266
^(b) Net of deferred foreign capital gain tax of	$	3,815,567		$	—		$	(1,597,792	)	$	791,432

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		48

Statements of Operations (continued)

Year Ended August 31, 2020


	iShares MSCI Global Min Vol Factor ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	149,902,287
Dividends — Affiliated		109,940
Securities lending income — Affiliated — net		498,352
Foreign taxes withheld		(9,643,781	)
Other foreign taxes		(8,970	)


Total investment income		140,857,828


EXPENSES
Investment advisory fees		17,683,512
Commitment fees		10,143
Miscellaneous		264
Interest expense		10,256

Total expenses		17,704,175

Less:
Investment advisory fees waived		(6,584,070	)


Total expenses after fees waived		11,120,105


Net investment income		129,737,723


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(202,242,581	)
Investments — Affiliated		(23,404	)
In-kind redemptions — Unaffiliated		155,834,979
Futures contracts		1,701,116
Foreign currency transactions		(20,779	)


Net realized loss		(44,750,669	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		78,383,576
Investments — Affiliated		115,720
Futures contracts		2,396,075
Foreign currency translations		508,319


Net change in unrealized appreciation (depreciation)		81,403,690


Net realized and unrealized gain		36,653,021


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	166,390,744

See notes to financial statements.


49		2 0 2 0 I S H A R E S A N 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 ESG Aware MSCI EM ETF								iShares MSCI Emerging Markets ex China ETF

	Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/20				Year Ended 08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	54,816,938			$	13,880,674			$	1,206,430			$	538,662
Net realized loss			(108,209,301	)			(21,353,323	)			(1,794,619	)			(406,140	)
Net change in unrealized appreciation (depreciation)			455,740,384				(6,895,209	)			4,629,214				(947,735	)


Net increase (decrease) in net assets resulting from operations			402,348,021				(14,367,858	)			4,041,025				(815,213	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(36,825,677	)			(10,952,741	)			(1,107,668	)			(321,357	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			2,616,414,670				368,110,977				42,923,974				18,966,426


NET ASSETS
Total increase in net assets			2,981,937,014				342,790,378				45,857,331				17,829,856
Beginning of year			672,543,077				329,752,699				27,748,461				9,918,605


End of year		$	3,654,480,091			$	672,543,077			$	73,605,792			$	27,748,461

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		50

Statements of Changes in Net Assets (continued)


	iShares MSCI Emerging Markets Min Vol Factor ETF (Consolidated)								iShares MSCI Emerging Markets Multifactor ETF

	Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/20				Year Ended 08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	124,983,100			$	142,041,168			$	12,451,056			$	11,186,154
Net realized loss			(198,697,474	)			(100,762,003	)			(27,860,761	)			(36,746,895	)
Net change in unrealized appreciation (depreciation)			21,443,063				(100,503,198	)			73,705,006				(4,230,105	)


Net increase (decrease) in net assets resulting from operations			(52,271,311	)			(59,224,033	)			58,295,301				(29,790,846	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(130,476,146	)			(130,514,441	)			(12,464,595	)			(9,249,430	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(986,258,750	)			940,306,068				84,202,522				159,543,885


NET ASSETS
Total increase (decrease) in net assets			(1,169,006,207	)			750,567,594				130,033,228				120,503,609
Beginning of year			5,417,264,520				4,666,696,926				411,574,511				291,070,902


End of year		$	4,248,258,313			$	5,417,264,520			$	541,607,739			$	411,574,511

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

See notes to financial statements.


51		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares MSCI Global Min Vol Factor ETF


	Year Ended 08/31/20			Year Ended 08/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	129,737,723		$	98,989,651
Net realized gain (loss)		(44,750,669	)		52,580,087
Net change in unrealized appreciation (depreciation)		81,403,690			301,773,485


Net increase in net assets resulting from operations		166,390,744			453,343,223


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(142,389,395	)		(93,156,234	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		625,095,917			1,573,133,776


NET ASSETS
Total increase in net assets		649,097,266			1,933,320,765
Beginning of year		5,275,720,467			3,342,399,702


End of year	$	5,924,817,733		$	5,275,720,467

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		52

Financial Highlights

(For a share outstanding throughout each period)


	iShares ESG Aware MSCI EM ETF

		Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18	^(a)		Year Ended 08/31/17	^(a)		Period From 06/28/16 to 08/31/16	^(a)(b)


Net asset value, beginning of period	$	32.03		$	33.65		$	34.58		$	28.23		$	25.19

Net investment income^(c)		0.89			0.91			0.94			0.85			0.16
Net realized and unrealized gain (loss)^(d)		3.89			(1.85	)		(1.17	)		5.81			2.88

Net increase (decrease) from investment operations		4.78			(0.94	)		(0.23	)		6.66			3.04


Distributions^(e)
From net investment income		(0.88	)		(0.68	)		(0.70	)		(0.31	)		—

Total distributions		(0.88	)		(0.68	)		(0.70	)		(0.31	)		—


Net asset value, end of period	$	35.93		$	32.03		$	33.65		$	34.58		$	28.23


Total Return
Based on net asset value		15.11	%		(2.76	)%		(0.72	)%		23.75	%		12.09	%^(f)


Ratios to Average Net Assets
Total expenses		0.25	%		0.25	%		0.25	%		0.42	%		0.45	%^(g)

Net investment income		2.75	%		2.76	%		2.63	%		2.73	%		3.26	%^(g)


Supplemental Data
Net assets, end of period (000)	$	3,654,480		$	672,543		$	329,753		$	96,812		$	5,645

Portfolio turnover rate^(h)		46	%		34	%		45	%		29	%		9	%^(f)

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on May 24, 2018.

^(b)	Commencement of operations.

^(c)	Based on average shares outstanding.

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

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

^(f)	Not annualized.

^(g)	Annualized.

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

See notes to financial statements.


53		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Emerging Markets ex China ETF

		Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Period From 07/18/17 to 08/31/17	^(a)


Net asset value, beginning of period	$	46.25		$	49.59		$	51.14		$	50.22

Net investment income^(b)		1.46			1.62			1.10			0.13
Net realized and unrealized gain (loss)^(c)		(0.05	)		(3.83	)		(1.80	)		0.79

Net increase (decrease) from investment operations		1.41			(2.21	)		(0.70	)		0.92


Distributions^(d)
From net investment income		(1.66	)		(1.13	)		(0.85	)		—

Total distributions		(1.66	)		(1.13	)		(0.85	)		—


Net asset value, end of period	$	46.00		$	46.25		$	49.59		$	51.14


Total Return
Based on net asset value		2.87	%		(4.42	)%		(1.41	)%		1.83	%^(e)


Ratios to Average Net Assets
Total expenses^(f)		0.36	%		0.49	%		0.49	%		0.49	%^(g)

Total expenses after fees waived^(f)		0.16	%		0.26	%		0.41	%		0.41	%^(g)

Net investment income		3.24	%		3.38	%		2.09	%		2.07	%^(g)


Supplemental Data
Net assets, end of period (000)	$	73,606		$	27,748		$	9,919		$	10,227

Portfolio turnover rate^(h)(i)		18	%		10	%		9	%		0	%^(e)(j)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

^(e)	Not annualized.

^(f)	The 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		54

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Emerging Markets Min Vol Factor ETF (Consolidated)

	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16


Net asset value, beginning of year	$	56.84		$	59.22		$	58.01		$	53.40		$	50.98

Net investment income^(a)		1.42			1.57			1.49			1.28			1.57
Net realized and unrealized gain (loss)^(b)		(0.82	)		(2.46	)		1.23			4.48			2.13

Net increase (decrease) from investment operations		0.60			(0.89	)		2.72			5.76			3.70


Distributions^(c)
From net investment income		(1.47	)		(1.49	)		(1.51	)		(1.15	)		(1.28	)

Total distributions		(1.47	)		(1.49	)		(1.51	)		(1.15	)		(1.28	)


Net asset value, end of year	$	55.97		$	56.84		$	59.22		$	58.01		$	53.40


Total Return
Based on net asset value		1.07	%		(1.44	)%^(d)		4.70	%		11.11	%		7.48	%


Ratios to Average Net Assets
Total expenses		0.70	%		0.68	%		0.67	%		0.69	%		0.71	%

Total expenses after fees waived		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%

Net investment income		2.59	%		2.71	%		2.47	%		2.40	%		3.12	%


Supplemental Data
Net assets, end of year (000)	$	4,248,258		$	5,417,265		$	4,666,697		$	4,037,428		$	4,379,041

Portfolio turnover rate^(e)		23	%		24	%		22	%		23	%		23	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Includes payment received from an affiliate, which had no impact on the Fund’s total return.

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

See notes to financial statements.


55		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Emerging Markets Multifactor ETF

		Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Period From 12/08/15 to 08/31/16	^(a)


Net asset value, beginning of period	$	40.35		$	44.78		$	46.04		$	37.46		$	33.82

Net investment income^(b)		1.11			1.47			1.39			0.91			1.27
Net realized and unrealized gain (loss)^(c)		3.73			(4.72	)		(1.63	)		8.53			2.50

Net increase (decrease) from investment operations		4.84			(3.25	)		(0.24	)		9.44			3.77


Distributions^(d)
From net investment income		(1.16	)		(1.18	)		(1.02	)		(0.86	)		(0.13	)

Total distributions		(1.16	)		(1.18	)		(1.02	)		(0.86	)		(0.13	)


Net asset value, end of period	$	44.03		$	40.35		$	44.78		$	46.04		$	37.46


Total Return
Based on net asset value		12.17	%		(7.16	)%		(0.65	)%		25.80	%		11.16	%^(e)


Ratios to Average Net Assets
Total expenses		0.45	%		0.45	%		0.45	%^(f)		0.50	%^(f)		0.65	%^(f)(g)

Total expenses after fees waived		0.45	%		0.45	%		0.42	%^(f)		0.42	%^(f)		0.49	%^(f)(g)

Net investment income		2.71	%		3.55	%		2.87	%		2.24	%		4.91	%^(g)


Supplemental Data
Net assets, end of period (000)	$	541,608		$	411,575		$	291,071		$	82,873		$	29,969

Portfolio turnover rate^(h)		45	%		53	%		39	%⁽ⁱ⁾		36	%⁽ⁱ⁾		11	%^(e)(i)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

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

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		56

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Global Min Vol Factor ETF

	Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16


Net asset value, beginning of year	$	93.54		$	87.04		$	81.13		$	75.82		$	67.59

Net investment income^(a)		2.13			2.16			1.82			1.84			1.79
Net realized and unrealized gain (loss)^(b)		(0.18	)		6.36			5.85			5.40			8.07

Net increase from investment operations		1.95			8.52			7.67			7.24			9.86


Distributions^(c)
From net investment income		(2.33	)		(2.02	)		(1.76	)		(1.93	)		(1.63	)

Total distributions		(2.33	)		(2.02	)		(1.76	)		(1.93	)		(1.63	)


Net asset value, end of year	$	93.16		$	93.54		$	87.04		$	81.13		$	75.82


Total Return
Based on net asset value		2.13	%		9.99	%		9.56	%		9.75	%		14.76	%


Ratios to Average Net Assets
Total expenses		0.32	%		0.32	%		0.31	%		0.32	%		0.32	%

Total expenses after fees waived		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%

Net investment income		2.33	%		2.45	%		2.17	%		2.40	%		2.49	%


Supplemental Data
Net assets, end of year (000)	$	5,924,818		$	5,275,720		$	3,342,400		$	3,675,374		$	3,267,688

Portfolio turnover rate^(d)		22	%		21	%		23	%		24	%		24	%

^(a)	Based on average shares outstanding.

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

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

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

See notes to financial statements.


57		2 0 2 0 I S H A R E S A N 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

1. ORGANIZATION

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


iShares ETF		Diversification Classification

ESG Aware MSCI EM^(a)		Diversified
MSCI Emerging Markets ex China^(b)		Diversified
MSCI Emerging Markets Min Vol Factor^(c)		Diversified
MSCI Emerging Markets Multifactor^(d)		Diversified
MSCI Global Min Vol Factor^(e)		Diversified

^(a)

Formerly the iShares ESG MSCI EM ETF.

^(b)

The Fund’s classification changed from non-diversified to diversified during the reporting period.

^(c)

Formerly the iShares Edge MSCI Min Vol Emerging Markets ETF.

^(d)

Formerly the iShares Edge MSCI Multifactor Emerging Markets ETF.

^(e)

Formerly the iShares Edge MSCI Min Vol Global ETF.

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

2. SIGNIFICANT ACCOUNTING POLICIES

The iShares MSCI Emerging Markets Min Vol Factor ETF conducts its investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, the Subsidiary must have commercial substance, on an annual basis, to satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius, have the place of effective management outside of India, and related requirements. The Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.


N O T E S T O F I N A N C I A L S T A T E M E N T S		58

Notes to Financial Statements (continued)

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

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

•

Futures contracts are valued based on that day’s last reported settlement price on the exchange where the contract is traded.

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;


59		2 0 2 0 I S H A R E S A N 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 (continued)

•

4. SECURITIES AND OTHER INVESTMENTS

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



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

ESG Aware MSCI EM
Barclays Bank PLC	$	393,560	$	393,560		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		2,224		2,224			—		—
Citigroup Global Markets Inc.		3,756,173		3,756,173			—		—
HSBC Bank PLC		394,192		394,192			—		—
Jefferies LLC		4,036,548		4,030,787			—		(5,761	)^(b)
JPMorgan Securities LLC		3,963,067		3,963,067			—		—
Macquarie Bank Limited		1,981,135		1,981,135			—		—
Morgan Stanley & Co. International PLC		1,513,746		1,513,746			—		—
State Street Bank & Trust Company		20,812		20,812			—		—

	$	16,061,457	$	16,055,696		$	—	$	(5,761	)


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		60

Notes to Financial Statements (continued)



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

MSCI Emerging Markets Min Vol Factor
Barclays Bank PLC	$	8,778,467	$	8,778,467		$	—	$	—
BofA Securities, Inc.		16,464,952		16,464,952			—		—
Citigroup Global Markets Inc.		2,204,708		2,204,708			—		—
Credit Suisse Securities (USA) LLC		1,357,809		1,357,809			—		—
JPMorgan Securities LLC		11,237,293		11,237,293			—		—
Macquarie Bank Limited		6,330,653		6,330,653			—		—
Morgan Stanley & Co. International PLC		106,914		106,914			—		—
Morgan Stanley & Co. LLC		4,587,030		4,587,030			—		—

	$	51,067,826	$	51,067,826		$	—	$	—


MSCI Emerging Markets Multifactor
HSBC Bank PLC	$	3,450,299	$	3,381,688		$	—	$	(68,611	)^(b)
Jefferies LLC		145,180		141,519			—		(3,661	)^(b)
JPMorgan Securities LLC		1,292,565		1,292,565			—		—
Morgan Stanley & Co. LLC		152,595		152,595			—		—
TD Prime Services LLC		2,100,242		2,047,276			—		(52,966	)^(b)
Wells Fargo Bank, National Association		303,639		303,639			—		—

	$	7,444,520	$	7,319,282		$	—	$	(125,238	)


MSCI Global Min Vol Factor
BNP Paribas Prime Brokerage International Ltd.	$	3,124,639	$	3,124,639		$	—	$	—
BofA Securities, Inc.		60,103,684		60,103,684			—		—
Citigroup Global Markets Inc.		4,818,812		4,818,812			—		—
Credit Suisse Securities (USA) LLC		2,283,467		2,283,467			—		—
Goldman Sachs & Co.		3,036,038		3,036,038			—		—
HSBC Bank PLC		3,395,792		3,395,792			—		—
JPMorgan Securities LLC		4,693,238		4,430,035			—		(263,203	)^(b)
Morgan Stanley & Co. International PLC		1,818,329		1,818,329			—		—
Morgan Stanley & Co. LLC		17,415,437		17,415,437			—		—
SG Americas Securities LLC		370,656		370,656			—		—
Wells Fargo Bank, National Association		552,496		551,861			—		(635	)^(b)

	$	101,612,588	$	101,348,750		$	—	$	(263,838	)

^(a)

^(b)

5. DERIVATIVE FINANCIAL INSTRUMENTS


61		2 0 2 0 I S H A R E S A N 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 (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


iShares ETF	Investment Advisory Fee
ESG Aware MSCI EM		0.25	%
MSCI Emerging Markets ex China		0.25
MSCI Emerging Markets Multifactor		0.45

Prior to March 27, 2020, for its investment advisory services to the iShares MSCI Emerging Markets ex China ETF, BFA was entitled to an annual investment advisory fee of 0.49%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

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


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

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


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

For each of the iShares MSCI Emerging Markets Min Vol Factor and iShares MSCI Global Min Vol Factor ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through December 31, 2023 in order to limit each Fund’s total annual operating expenses after fee waiver to 0.25% and 0.20%, respectively, of average daily net assets.

For each of the iShares MSCI Emerging Markets ex China and iShares MSCI Emerging Markets Multifactor ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through December 31, 2021 and December 31, 2022, respectively, in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund’s investments in other iShares funds.

For the year ended August 31, 2020, BFA has voluntarily waived a portion of its investment advisory fee for the iShares MSCI Emerging Markets ex China ETF in the amount of $42,398.


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		62

Notes to Financial Statements (continued)


iShares ETF	Fees Paid to BTC
ESG Aware MSCI EM	$	74,045
MSCI Emerging Markets Min Vol Factor		182,619
MSCI Emerging Markets Multifactor		18,525
MSCI Global Min Vol Factor		134,574

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

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


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
ESG Aware MSCI EM	$	8,799,933	$	5,450,915	$	1,175,313
MSCI Emerging Markets ex China		21,226		78,596		(5,461	)
MSCI Emerging Markets Min Vol Factor		82,209,708		59,648,494		4,670,904
MSCI Emerging Markets Multifactor		12,634,861		7,366,991		(2,683,521	)
MSCI Global Min Vol Factor		192,987,657		124,201,786		(17,478,737	)

7. PURCHASES AND SALES

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


63		2 0 2 0 I S H A R E S A N 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 (continued)


iShares ETF	Purchases		Sales
ESG Aware MSCI EM	$	2,842,572,857	$	923,529,826
MSCI Emerging Markets ex China		33,690,616		6,891,972
MSCI Emerging Markets Min Vol Factor		1,117,444,563		1,747,560,563
MSCI Emerging Markets Multifactor		274,413,948		202,143,592
MSCI Global Min Vol Factor		1,607,101,757		1,220,289,617

For the year ended August 31, 2020, purchases and sales related to in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
ESG Aware MSCI EM	$	891,913,924	$	193,424,618
MSCI Emerging Markets ex China		17,740,373		1,613,368
MSCI Emerging Markets Min Vol Factor		5,614,503		351,895,860
MSCI Emerging Markets Multifactor		18,866,178		6,332,542
MSCI Global Min Vol Factor		704,566,636		480,876,037

8. INCOME TAX INFORMATION


iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)
ESG Aware MSCI EM	$	47,905,923		$	(47,905,923	)
MSCI Emerging Markets ex China		(125,711	)		125,711
MSCI Emerging Markets Min Vol Factor		31,553,380			(31,553,380	)
MSCI Emerging Markets Multifactor		678,293			(678,293	)
MSCI Global Min Vol Factor		152,399,194			(152,399,194	)

The tax character of distributions paid was as follows:


iShares ETF	Year Ended 08/31/20		Year Ended 08/31/19
ESG Aware MSCI EM
Ordinary income	$	36,825,677	$	10,952,741


MSCI Emerging Markets ex China
Ordinary income	$	1,107,668	$	321,357


MSCI Emerging Markets Min Vol Factor
Ordinary income	$	130,476,146	$	130,514,441


MSCI Emerging Markets Multifactor
Ordinary income	$	12,464,595	$	9,249,430


MSCI Global Min Vol Factor
Ordinary income	$	142,389,395	$	93,156,234


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		64

Notes to Financial Statements (continued)

As of August 31, 2020, the tax components of accumulated net earnings (losses) were as follows:


iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Total
ESG Aware MSCI EM	$	27,022,607	$	(118,176,694	)	$	363,900,824		$	272,746,737
MSCI Emerging Markets ex China		562,062		(1,902,762	)		3,135,344			1,794,644
MSCI Emerging Markets Min Vol Factor		51,719,001		(939,409,730	)		391,333,417			(496,357,312	)
MSCI Emerging Markets Multifactor		4,978,718		(68,592,107	)		44,605,726			(19,007,663	)
MSCI Global Min Vol Factor		13,045,587		(308,064,673	)		795,305,158			500,286,072

^(a)

Amounts available to offset future realized capital gains.

^(b)


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
ESG Aware MSCI EM	$	3,291,270,539	$	523,366,403	$	(155,525,137	)	$	367,841,266
MSCI Emerging Markets ex China		70,334,464		6,843,702		(3,707,020	)		3,136,682
MSCI Emerging Markets Min Vol Factor		3,900,025,106		815,147,727		(414,468,592	)		400,679,135
MSCI Emerging Markets Multifactor		502,984,844		96,945,088		(51,538,091	)		45,406,997
MSCI Global Min Vol Factor		5,214,134,666		1,032,990,293		(238,132,397	)		794,857,896

9. LINE OF CREDIT

The iShares MSCI Emerging Markets ex China ETF did not borrow under the credit agreement during the year ended August 31, 2020.

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


iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
ESG Aware MSCI EM	$	18,600,000	$	435,712		1.58	%
MSCI Emerging Markets Min Vol Factor		33,720,000		932,451		1.80
MSCI Emerging Markets Multifactor		12,771,000		308,287		2.30
MSCI Global Min Vol Factor		18,166,000		408,667		2.44

10. PRINCIPAL RISKS


65		2 0 2 0 I S H A R E S A N 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 (continued)

such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.


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		66

Notes to Financial Statements (continued)

11. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:



	Year Ended 08/31/20						Year Ended 08/31/19
iShares ETF	Shares			Amount			Shares			Amount

ESG Aware MSCI EM
Shares sold		93,500,000		$	3,029,376,010			11,200,000		$	368,110,977
Shares redeemed		(12,800,000	)		(412,961,340	)		—			—

Net increase		80,700,000		$	2,616,414,670			11,200,000		$	368,110,977


MSCI Emerging Markets ex China
Shares sold		1,100,000		$	47,047,530			400,000		$	18,966,426
Shares redeemed		(100,000	)		(4,123,556	)		—			—

Net increase		1,000,000		$	42,923,974			400,000		$	18,966,426


MSCI Emerging Markets Min Vol Factor
Shares sold		400,000		$	28,787,517			19,800,000		$	1,132,727,160
Shares redeemed		(19,800,000	)		(1,015,046,267	)		(3,300,000	)		(192,421,092	)

Net increase (decrease)		(19,400,000	)	$	(986,258,750	)		16,500,000		$	940,306,068


MSCI Emerging Markets Multifactor
Shares sold		2,400,000		$	97,057,223			5,100,000		$	215,590,994
Shares redeemed		(300,000	)		(12,854,701	)		(1,400,000	)		(56,047,109	)

Net increase		2,100,000		$	84,202,522			3,700,000		$	159,543,885


MSCI Global Min Vol Factor
Shares sold		12,600,000		$	1,142,022,589			20,500,000		$	1,789,740,435
Shares redeemed		(5,400,000	)		(516,926,672	)		(2,500,000	)		(216,606,659	)

Net increase		7,200,000		$	625,095,917			18,000,000		$	1,573,133,776


67		2 0 2 0 I S H A R E S A N 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 (continued)

12. LEGAL PROCEEDINGS

13. SUBSEQUENT EVENTS


N O T E S T O F I N A N C I A L S T A T E M E N T S		68

Report of Independent Registered Public Accounting Firm

To the Board of Directors of iShares, Inc. and

Shareholders of iShares ESG Aware MSCI EM ETF,

iShares MSCI Emerging Markets ex China ETF,

iShares MSCI Emerging Markets Min Vol Factor ETF,

iShares MSCI Emerging Markets Multifactor ETF and iShares MSCI Global Min Vol Factor ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares ESG Aware MSCI EM ETF, iShares MSCI Emerging Markets ex China ETF, iShares MSCI Emerging Markets Min Vol Factor ETF, iShares MSCI Emerging Markets Multifactor ETF and iShares MSCI Global Min Vol Factor ETF (five of the funds constituting iShares, Inc., hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2020

We have served as the auditor of one or more BlackRock investment companies since 2000.


69		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Important Tax Information (unaudited)

For corporate shareholders, the percentage of ordinary income distributions paid during the fiscal year ended August 31, 2020 that qualified for the dividends-received deduction were as follows:


iShares ETF	Dividends-Received Deduction
MSCI Emerging Markets ex China		0.10	%
MSCI Emerging Markets Min Vol Factor		0.15	%
MSCI Emerging Markets Multifactor		0.40	%
MSCI Global Min Vol Factor		46.92	%

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2020:


iShares ETF	Qualified Dividend Income
ESG Aware MSCI EM	$	34,127,488
MSCI Emerging Markets ex China		533,517
MSCI Emerging Markets Min Vol Factor		74,461,106
MSCI Emerging Markets Multifactor		7,419,812
MSCI Global Min Vol Factor		110,352,181

The following maximum amounts are hereby designated as qualified business income for individuals for the fiscal year ended August 31, 2020:


iShares ETF	Qualified Business Income
MSCI Global Min Vol Factor	$	3,267,859

For the fiscal year ended August 31, 2020, the Funds earned foreign source income and paid foreign taxes which they intend to pass through to their shareholders:


iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
ESG Aware MSCI EM	$	66,391,597	$	6,468,613
MSCI Emerging Markets ex China		1,461,971		141,445
MSCI Emerging Markets Min Vol Factor		152,212,670		17,008,459
MSCI Emerging Markets Multifactor		16,115,727		1,572,047


I M P O R T A N T T A X I N F O R M A T I O N		70

Board Review and Approval of Investment Advisory Contract

iShares ESG Aware MSCI EM ETF, iShares MSCI Emerging Markets ex China ETF (each the “Fund”)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.


71		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

iShares MSCI Emerging Markets Min Vol Factor ETF (the “Fund”)


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		72

Board Review and Approval of Investment Advisory Contract (continued)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.


73		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

iShares MSCI Emerging Markets Multifactor ETF (the “Fund”)


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		74

Board Review and Approval of Investment Advisory Contract (continued)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.


75		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

iShares MSCI Global Min Vol Factor ETF (the “Fund”)


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		76

Board Review and Approval of Investment Advisory Contract (continued)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.


77		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		78

Supplemental Information (unaudited)

Section 19(a) Notices

August 31, 2020


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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 Aware MSCI EM	$	0.882674	$	—	$	—	$	0.882674		100	%		—	%		—	%		100	%
MSCI Emerging Markets ex China		1.655326		—		—		1.655326		100			—			—			100
MSCI Emerging Markets Min Vol Factor^(a)		1.463636		—		0.004183		1.467819		100			—			0	^(b)		100
MSCI Emerging Markets Multifactor		1.159873		—		—		1.159873		100			—			—			100
MSCI Global Min Vol Factor^(a)		2.323896		—		0.009094		2.332990		100			—			0	^(b)		100

^(a)

^(b)

Rounds to less than 1%.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Company has registered the iShares MSCI Emerging Markets Min Vol Factor ETF ( the “Fund”) to be marketed to EU investors in the United Kingdom, the Netherlands, Finland, Sweden, and Luxembourg.

Report on Remuneration

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area.As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.


79		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Supplemental Information (unaudited) (continued)

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year ending December 31, 2019 was USD 463.03 thousand. This figure is comprised of fixed remuneration of USD 214.07 thousand and variable remuneration of USD 248.96 thousand. There were a total of 448 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the Fund in respect of the Company’s financial year ending December 31, 2019, to its senior management was USD 59.04 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund was USD 6.94 thousand.


S U P P L E M E N T A L I N F O R M A T I O N		80

Director and Officer Information


Interested Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director

Robert S. Kapito^(a)(63)	Director (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Trustee of iShares Trust (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji^(b) (50)	Director (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Trustee of iShares Trust (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).
^(a)Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates ^(b)Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates


Independent Directors

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director

Cecilia H. Herbert (71)	Director (since 2005); Independent Board Chair (since 2016).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Jane D. Carlin (64)	Director (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares Trust (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (65)	Director (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


81		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Director and Officer Information (continued)


Independent Directors (continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Director

John E. Kerrigan (65)	Director (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

Drew E. Lawton (61)	Director (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

John E. Martinez (59)	Director (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).	Trustee of iShares Trust (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016).

Madhav V. Rajan (56)	Director (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Trustee of iShares Trust (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years

Armando Senra (49)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Walker (46)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles Park (53)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Deepa Damre (45)	Secretary (since 2019).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).

Scott Radell (51)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).

Alan Mason (59)	Executive Vice President (since 2016).	Managing Director, BlackRock, Inc. (since 2009).

Marybeth Leithead (57)	Executive Vice President (since 2019).	Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016).


D I R E C T O R A N D O F F I C E R I N F O R M A T I O N		82

General Information

Electronic Delivery

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


83		2 0 2 0 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Glossary of Terms Used in this Report


Portfolio Abbreviations - Equity

ADR		American Depositary Receipt

CPO		Certificates of Participation (Ordinary)

GDR		Global Depositary Receipt

JSC		Joint Stock Company

NVDR		Non-Voting Depositary Receipt

NVS		Non-Voting Shares

PJSC		Public Joint Stock Company


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		84

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

iS-AR-816-0820

Item 2.

Code of Ethics.

The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to clarify an inconsistency in to whom persons covered by the code should report suspected violations of the code. The amendment clarifies that such reporting should be made to BlackRock’s General Counsel, and retains the alternative option of anonymous reporting following “whistleblower” policies. Other non-material changes were also made in connection with this amendment. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.

Item 3.

Audit Committee Financial Expert.

The registrant’s Board of Directors has determined that the registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the registrant’s audit committee are Richard L. Fagnani, John E. Kerrigan, and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).

Item 4.

Principal Accountant Fees and Services.

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the forty-eight series of the registrant for which the fiscal year-end is August 31, 2020 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a)

Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $755,600 for the fiscal year ended August 31, 2019 and $755,600 for the fiscal year ended August 31, 2020.

(b)

Audit-Related Fees – There were no fees billed for the fiscal years ended August 31, 2019 and August 31, 2020 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.

(c)

Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $181,488 for the fiscal year ended August 31, 2019 and $181,488 for the fiscal year ended August 31, 2020. These services related to the review of the Funds’ tax returns and excise tax calculations.

(d)

All Other Fees – There were no other fees billed in each of the fiscal years ended August 31, 2019 and August 31, 2020 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e)

(1) The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)

None of the hours expended on the principal accountant’s engagement to audit the Funds’ financial statements for the fiscal year ended August 31, 2020 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g)

The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $181,488 for the fiscal year ended August 31, 2019 and $181,488 for the fiscal year ended August 31, 2020.

(h)

The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.

Item 5.

Audit Committee of Listed Registrants

(a) The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934. The registrant’s audit committee members are Richard L. Fagnani, John E. Kerrigan, and Madhav V. Rajan.

(b) Not applicable.

Item 6.

Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10.

Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors.

Item 11.

Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13.

Exhibits.

(a) (1) Code of Ethics is not filed as an exhibit; please refer to Item 2.

(a) (2) Section 302 Certifications are attached.

(a) (3) Not applicable.

(a) (4) Not applicable.

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares, Inc.


By: /s/ Armando Senra
Armando Senra, President (Principal Executive Officer)

Date: November 06, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By: /s/ Armando Senra
Armando Senra, President (Principal Executive Officer)

Date: November 06, 2020

By: /s/ Trent Walker
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: November 06, 2020


N-CSR Exhibit for Item 13(a)(2): SECTION 302 CERTIFICATIONS		EX-99.CERT

I, Armando Senra, certify that:

I have reviewed this report on Form N-CSR of iShares, Inc. for the following forty-eight series: iShares Core MSCI Emerging Markets ETF, iShares Currency Hedged MSCI Emerging Markets ETF, iShares ESG Aware MSCI EM ETF (Formerly, iShares ESG MSCI EM ETF), iShares MSCI Australia ETF, iShares MSCI Austria ETF, iShares MSCI Belgium ETF, iShares MSCI Brazil ETF, iShares MSCI BRIC ETF, iShares MSCI Canada ETF, iShares MSCI Chile ETF, iShares MSCI Colombia ETF, iShares MSCI Emerging Markets Asia ETF, iShares MSCI Emerging Markets ETF, iShares MSCI Emerging Markets ex China ETF, iShares MSCI Emerging Markets Min Vol Factor ETF (Formerly, iShares Edge MSCI Min Vol Emerging Markets ETF), iShares MSCI Emerging Markets Multifactor ETF (Formerly, iShares Edge MSCI Multifactor Emerging Markets ETF), iShares MSCI Emerging Markets Small-Cap ETF, iShares MSCI Eurozone ETF, iShares MSCI France ETF, iShares MSCI Frontier 100 ETF, iShares MSCI Germany ETF, iShares MSCI Global Agriculture Producers ETF, iShares MSCI Global Energy Producers ETF, iShares MSCI Global Gold Miners ETF, iShares MSCI Global Metals & Mining Producers ETF, iShares MSCI Global Min Vol Factor ETF (Formerly, iShares Edge MSCI Min Vol Global ETF), iShares MSCI Global Silver and Metals Miners ETF (Formerly, iShares MSCI Global Silver Miners ETF), iShares MSCI Hong Kong ETF, iShares MSCI Israel ETF, iShares MSCI Italy ETF, iShares MSCI Japan ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Malaysia ETF, iShares MSCI Mexico ETF, iShares MSCI Netherlands ETF, iShares MSCI Pacific ex Japan ETF, iShares MSCI Russia ETF, iShares MSCI Singapore ETF, iShares MSCI South Africa ETF, iShares MSCI South Korea ETF, iShares MSCI Spain ETF, iShares MSCI Sweden ETF, iShares MSCI Switzerland ETF, iShares MSCI Taiwan ETF, iShares MSCI Thailand ETF, iShares MSCI Turkey ETF, iShares MSCI USA Equal Weighted ETF and iShares MSCI World ETF;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 06, 2020

/s/ Armando Senra

President

(Principal Executive Officer)

Armando Senra

[Signature]

[Title]


N-CSR Exhibit for Item 13(a)(2): SECTION 302 CERTIFICATIONS		EX-99.CERT

I, Trent Walker, certify that:

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(a)

(b)

(c)

(d)

5.	The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 06, 2020

/s/ Trent Walker

Treasurer and Chief Financial Officer (Principal Financial Officer)

Trent Walker

[Signature]

[Title]

Ex.99.906 CERT

N-CSR Exhibit for Item 13(b): CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Armando Senra, President (Principal Executive Officer), and Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer), of iShares, Inc. (the “Registrant”), each certify, to his knowledge, that:

1. The Registrant’s periodic report on Form N-CSR for the period ended August 31, 2020 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: November 06, 2020

/s/ Armando Senra

President

(Principal Executive Officer)

Armando Senra

[Signature]

[Title]

Date: November 06, 2020

/s/ Trent Walker

Treasurer and Chief Financial Officer

(Principal Financial Officer)

Trent Walker

[Signature]

[Title]