2019 ANNUAL REPORT - blackrock.com · 2019 ANNUAL REPORT. ... Lojas Renner SA ..... 2.6 BancodoBrasil SA..... 2.6 (a) Excludes money market funds. FundSummaryas ofAugust 31, 2019

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

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholderreports 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 accessthe 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 includedwith this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Pleasenote 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 toreceive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financialintermediaries may offer this service.

AUGUST 31, 2019

2019 ANNUAL REPORT

Page

Market Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Fund Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4About Fund Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20Shareholder Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20Schedules of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21Financial Statements

Statements of Assets and Liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48Statements of Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50

Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54Notes to Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72Important Tax Information (Unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73Board Review and Approval of Investment Advisory Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74Supplemental Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82Director and Officer Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90Glossary of Terms Used in this Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91

Table of Contents

iShares, Inc.

Global Market Overview

Global equity markets declined for the 12 months ended August 31, 2019 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developedand emerging markets, returned -0.28% in U.S. dollar terms.

Volatility characterized the reporting period as global stocks declined sharply, rebounded strongly, and decreased again, finishing the reporting period nearly flat. Marketsdeclined worldwide late in 2018, driven by slowing global economic growth and trade tensions, particularly between the U.S. and China. In the first half of 2019, marketsrebounded with a shift to more stimulative monetary policies, expectations of improving trade relations, and sustained consumer spending. However, renewed escalationof trade tensions and slowing industrial production weighed on markets late in the reporting period.

The most influential central banks reacted to signs of an economic slowdown by changing their outlooks for interest rate policy, benefiting markets in 2019. The U.S. FederalReserve Bank (“Fed”) increased interest rates twice in late 2018, held interest rates steady for six months, then lowered interest rates in July 2019 for the first time in 11years. While maintaining negative short-term interest rates, the European Central Bank (“ECB”) signaled that it would reduce interest rates and bring back its monetarystimulus program if slow growth persisted. The Bank of Japan (“BoJ”) also sustained negative short-term interest rates and signaled a possible future decrease. China, thesecond largest economy in the world, enacted stimulus measures, including infrastructure spending and tax cuts.

The U.S. stock market advanced modestly as unemployment decreased to its lowest level in 50 years, despite variable economic growth. Consumer spending was robust,as job growth and rising wages corresponded with an increase in borrowing. Government spending also increased, reaching its highest level in nine years. A budget dealreached in July 2019 established plans to increase spending further while allowing the government to exceed spending limits for the next two years. Consequently, thefederal budget deficit increased, and bond issuance by the U.S. Treasury Department reached a record high. The trade dispute between the U.S. and China worsened latein the reporting period, as the Chinese yuan weakened, the U.S. declared China a currency manipulator, and investors reduced their expectations for a resolution in the nearfuture. Thereafter, China announced $75 billion in tariffs on automobiles, food, and agricultural products, prompting a retaliatory increase in existing tariffs on Chinesegoods.

The Eurozone economy grew at a slower pace, as inflation declined to 1% annually, well below the ECB’s target of 2%. Ongoing trade tensions and the subsequentslowdown in global trade flows led to stagnant growth for export-reliant European economies like Germany and the Netherlands. A decline in manufacturing activity late inthe reporting period weighed on Eurozone economies, as demand for equipment weakened, and Brexit-related uncertainty negatively affected economic growth.

Emerging markets declined during the reporting period, due to a strengthening U.S. dollar and slower global trade. The relative strength of the U.S. economy meant thatthe U.S. dollar appreciated against most currencies, leading to concerns among investors about foreign-denominated debt. Slower global growth and rising protectionismdampened global trade, which particularly worked against emerging markets, as a relatively larger portion of their economies is supported by international trade. Similarly,corporate earnings and stocks declined in the Asia Pacific region, as countries that supply China with industrial and consumer goods and services were negatively impactedby China’s recent struggles.

Market Overview

M A R K E T O V E R V I E W 3

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 useof 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31.36% (2.87)% (0.54)% 31.36% (13.55)% (5.23)%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.73 (2.88) (0.53) 29.73 (13.59) (5.16)Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.46 (2.24) 0.01 32.46 (10.71) 0.06

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

$9,477$10,006

4,0005,0006,0007,0008,0009,000

10,00011,00012,00013,00014,000

$15,000

Aug 19Aug 18Aug 17Aug 16Aug 15Aug 14Aug 13Aug 12Aug 11Aug 10

Fund Index

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 theMSCI Brazil 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 redemptionor sale of fund shares. See “About Fund Performance” on page 20 for more information.

Expense Example

Actual Hypothetical 5% Return

BeginningAccount Value

(03/01/19)

EndingAccount Value

(08/31/19)

ExpensesPaid Duringthe Period (a)


(03/01/19)

EndingAccount Value

(08/31/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 960.60 $ 2.87 $ 1,000.00 $ 1,022.30 $ 2.96 0.58%

(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 ofdays in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 20 for more information.

Fund Summary as of August 31, 2019 iShares� MSCI Brazil ETF

4 2 0 1 9 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Portfolio Management Commentary

Brazilian equities advanced sharply during the reporting period amid signs of an upturn in economic growth, construction and manufacturing activity, and public debtreduction. Investor sentiment improved after the 2018 election of a president perceived as market-friendly. Optimism surrounding efforts to rein in the country’s large deficit— including a key pension reform bill — and privatize government enterprises mounted. Brazil remained relatively insulated from global trade tensions and interest ratesdeclined to a record low.

The financials sector contributed the most to the Index’s performance, driven by bank stocks. Brazilian banks’ net interest margins, a key measure of profitability, remainedstrong despite lower interest rates, while decreasing competition from public banks helped improve loan growth. Cost-cutting by focusing on digital platforms bolsteredprofits. Capital markets stocks advanced amid low interest rates, increased trading volume, and new services such as market data and securities lending.

The utilities, consumer staples, and consumer discretionary sectors were also notable contributors. Among utilities, government-controlled electric utilities were driven inpart by increasing optimism about potential privatization and deregulation. In the consumer staples sector, stocks in the packaged foods and meats industry gained sharply,bolstered by increased exports to China in the wake of a pork disease outbreak. Higher meat prices also benefited producers. Consumer discretionary sector performancewas driven by the retail industry — where sales growth notched a six-year high — and particularly by multiline retailers. Brick-and-mortar retailers’ focus on e-commercedrove performance.

On the downside, the materials sector detracted from the Index’s return. The metals and mining industry declined, driven largely by an iron ore and nickel producer amidmine closures following a deadly dam collapse in early 2019. Sales of iron ore, a key steelmaking material, also slowed amid volatile pricing and weakening steel demandin China.

Portfolio Information

ALLOCATION BY SECTOR

SectorPercent of

Total Investments(a)

Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.6%Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.6Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.3Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.3Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.8Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7

TEN LARGEST HOLDINGS

SecurityPercent of


Itau Unibanco Holding SA (Preferred) . . . . . . . . . . . . . . . . . . . . . . . . 9.7%Vale SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.4Banco Bradesco SA (Preferred) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.7Petroleo Brasileiro SA (Preferred) . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.1Petroleo Brasileiro SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7B3 SA - Brasil, Bolsa, Balcao . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6Ambev SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4Itausa-Investimentos Itau SA (Preferred) . . . . . . . . . . . . . . . . . . . . . 2.9Lojas Renner SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6Banco do Brasil SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6

(a) Excludes money market funds.

Fund Summary as of August 31, 2019 (continued) iShares� MSCI Brazil ETF

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


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 ChileIMI 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



Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (16.22)% (1.94)% (0.53)% (16.22)% (9.31)% (5.18)%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (16.03) (1.97) (0.54) (16.03) (9.48) (5.23)Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (15.90) (1.83) (0.02) (15.90) (8.82) (0.16)



$9,482$9,984

6,000

8,000

10,000

12,000

14,000

16,000

18,000

$20,000


Fund Index

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


Expense Example



(03/01/19)

EndingAccount Value

(08/31/19)



(03/01/19)

EndingAccount Value

(08/31/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 806.70 $ 2.64 $ 1,000.00 $ 1,022.30 $ 2.96 0.58%


Fund Summary as of August 31, 2019 iShares� MSCI Chile ETF



Stocks in Chile declined sharply for the reporting period amid a slowdown in the Chilean economy and heightened concerns about demand for copper, one of Chile’s mainexports, as global trade tensions escalated. In the last two quarters of the reporting period, the country’s economic growth slowed to below a 2% annual rate for the first timesince 2017. Slowing economic growth was reflected in a lower rate of mining growth. On the consumer side, weaker domestic demand pressured retail sales, which declinedmeaningfully in late 2018 and remained weak through July 2019. Similarly, the unemployment rate increased moderately to end the reporting period at 7.2%.

The materials sector was the leading detractor from the Index’s return, driven by chemicals companies that produce lithium used in electric car batteries. Global economicuncertainty and tariffs negatively impacted Chinese demand for lithium at a time of abundant supply. Chilean exports of lithium to China decreased by 90% during the firstquarter of 2019. This led to price and production reductions, lowering profits of lithium mining companies. Reduced demand and abundant supply also made for a difficultpricing environment for pulp products, which weighed on the paper products industry.

The energy sector declined amid lower energy prices. A South American conglomerate with many divisions, including energy and natural resources, drove the sector’sdecline. The company’s natural resources division struggled amid weakening prices and demand for pulp and copper. Other notable detractors included department storesin the consumer discretionary sector and hypermarkets and super centers in the consumer staples sector. The slowdown in retail sales, driven in part by declining tourismfrom Argentina, affected companies in both industries.



SectorPercent of


Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.0%Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.2Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.7Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.6Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.7Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.1Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.8Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2


SecurityPercent of


Enel Americas SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.5%Banco de Chile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.3Banco Santander Chile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.8SACI Falabella . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.0Empresas COPEC SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.8Banco de Credito e Inversiones SA . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7Latam Airlines Group SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4Sociedad Quimica y Minera de Chile SA (Preferred), SeriesB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3Empresas CMPC SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1Cencosud SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9


Fund Summary as of August 31, 2019 (continued) iShares� MSCI Chile ETF



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 MSCIAll Colombia Capped Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similarto 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


1 Year 5 YearsSince

Inception 1 Year 5 YearsSince

Inception

Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8.18)% (13.39)% (8.97)% (8.18)% (51.27)% (44.19)%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9.33) (13.57) (9.03) (9.33) (51.76) (44.43)Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7.82) (13.29) (8.69) (7.82) (50.97) (43.10)


(SINCE INCEPTION AT NET ASSETVALUE)

$5,581$5,690

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

$12,000

Aug 19Aug 18Aug 17Aug 16Aug 15Aug 14Aug 13

Fund Index

The inception date of the Fund was 6/18/13. The first day of secondary market trading was 6/20/13.


Expense Example



(03/01/19)

EndingAccount Value

(08/31/19)



(03/01/19)

EndingAccount Value

(08/31/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 946.10 $ 2.99 $ 1,000.00 $ 1,022.10 $ 3.11 0.61%


Fund Summary as of August 31, 2019 iShares� MSCI Colombia ETF



Stocks in Colombia declined during the reporting period amid increasing political instability, though economic growth improved. The economy’s steady expansion wassupported by retail sales, which grew at a healthy year-over-year pace. However, a key measure of manufacturing activity vacillated between expansion and contraction,as industrial production showed signs of moderating. The unemployment rate surged in January 2019 and remained high thereafter, while consumer confidence wasnegative during much of the reporting period. In contrast, inflation generally increased and exceeded the Central Bank of Colombia’s 3% target. In this environment, thecentral bank kept short-term interest rates steady at 4.25% throughout the reporting period.

The energy sector was the leading detractor from the Index’s performance. Integrated oil and gas producers weakened amid the decline in energy prices. Oil producers werefurther hindered by slow regulatory approval of new proposed projects, while existing pipelines and production were disrupted by politically motivated violence. The oil andgas refining and marketing and transportation industry’s detraction was driven by a South American conglomerate whose natural resources division struggled amidweakening prices and demand for pulp and copper.

The materials sector detracted meaningfully, as construction materials companies’ profits were weighed down by a slowdown in housing construction activity. Theindustrials sector also worked against the Index’s return, driven by the transportation industry, which declined amid airline route restructuring and canceled orders for newaircraft.

On the upside, the financials and utilities sectors contributed to the Index’s return. Colombian banks benefited from relatively healthy economic conditions and rising retailspending. Traditional banks also invested in digital technology to meet strong consumer demand for cashless transactions. Utilities stocks advanced amid the completionof energy infrastructure projects and improving business conditions in neighboring countries.



SectorPercent of


Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.4%Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.8Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.2Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.2Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.1Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4


SecurityPercent of


Ecopetrol SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.2%Bancolombia SA (Preferred). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.8Bancolombia SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.4Interconexion Electrica SA ESP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7Canacol Energy Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6Almacenes Exito SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5Grupo Nutresa SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5Grupo Energia Bogota SA ESP. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5Banco Davivienda SA (Preferred). . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5Grupo de Inversiones Suramericana SA . . . . . . . . . . . . . . . . . . . . . 4.3


Fund Summary as of August 31, 2019 (continued) iShares� MSCI Colombia ETF



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 IsraelCapped Investable Market Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profilesimilar 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



Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5.45)% 2.70% 3.49% (5.45)% 14.26% 40.95%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5.52) 2.58 3.46 (5.52) 13.57 40.50Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4.85) 3.18 3.88 (4.85) 16.93 46.36



$14,095$14,636

8,000

9,000

10,000

11,000

12,000

13,000

14,000

15,000

$16,000


Fund Index


Expense Example



(03/01/19)

EndingAccount Value

(08/31/19)



(03/01/19)

EndingAccount Value

(08/31/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 981.30 $ 2.90 $ 1,000.00 $ 1,022.30 $ 2.96 0.58%


Fund Summary as of August 31, 2019 iShares� MSCI Israel ETF



Despite a generally healthy economy, Israeli stocks declined for the reporting period amid concerns about global growth and trade, reaching their lowest level in seven yearsin December 2018. Israeli economic growth was steady throughout the reporting period. The unemployment rate declined to a near record low in July 2019. The inflationrate, however, declined to 0.5% year-over-year through July 2019, below the Bank of Israel’s inflation target range of 1% to 3%. Given a stable economy and strongemployment, the Central Bank of Israel increased interest rates in late 2018 from a record low of 0.1% to 0.25%.

From a sector perspective, healthcare detracted the most from the Index’s return. Pharmaceuticals companies represented about 13% of the Index on average, and thepoor performance of this industry made it the leading source of weakness. A key Israeli generic drug manufacturer struggled with competition and pricing pressure for drugs,amid expected healthcare reform and pricing controls in the U.S. Drug manufacturers also faced the risk of fines or penalties due to pending court cases relating to the opioiddrug crisis in the U.S. The communication services sector also detracted from the Index’s performance, as a leading integrated telecommunication services companystruggled to restructure its business and raise capital by selling a controlling interest in one of its brands.

On the upside, the real estate sector contributed the most to the Index’s performance. Real estate management and development companies were the leading sources ofstrength, reflecting steady demand for office and retail space, as well as senior housing. The information technology sector was another notable contributor, as theapplication software industry benefited from growth in cloud computing.



SectorPercent of


Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.7%Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.5Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.6Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.5Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6


SecurityPercent of


Check Point Software Technologies Ltd. . . . . . . . . . . . . . . . . . . . . . 11.1%Bank Leumi Le-Israel BM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.6Nice Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6Bank Hapoalim BM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.0Teva Pharmaceutical Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 6.1Wix. com Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9Israel Discount Bank Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4Elbit Systems Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4CyberArk Software Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4Azrieli Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1


Fund Summary as of August 31, 2019 (continued) iShares� MSCI Israel ETF



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 25/50Index (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 tothe use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


1 Year 5 YearsSince


Inception

Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.64% 5.11% 0.13% 23.64% 28.29% 1.15%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.44 4.98 0.05 23.44 27.53 0.44Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.01 5.80 0.73 24.01 32.54 6.63



$10,115$10,663

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

$13,000

Aug 19Aug 18Aug 17Aug 16Aug 15Aug 14Aug 13Aug 12Aug 11

Fund Index



Expense Example



(03/01/19)

EndingAccount Value

(08/31/19)



(03/01/19)

EndingAccount Value

(08/31/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,122.60 $ 3.10 $ 1,000.00 $ 1,022.30 $ 2.96 0.58%


Fund Summary as of August 31, 2019 iShares� MSCI Russia ETF



Russian stocks rose significantly for the reporting period, despite a decrease in economic growth and continued political and economic challenges. The country’s economicand financial conditions continue to be impacted by several years of international sanctions following Russia’s annexation of Crimea in 2014. In addition, the government’sincrease of a value-added tax weighed on consumption and consumer confidence. Manufacturing activity slowed during the reporting period, eventually contracting forseveral months in 2019. In that environment, the Central Bank of Russia initially increased interest rates in late 2018, before reversing course and lowering rates to supporteconomic growth. However, Russian stock performance was supported by government policy intended to force the country’s state-owned enterprises — its leadingcompanies — to return half of their profits to shareholders in the form of dividends. Higher dividends generally contribute to greater total returns while also increasing theappeal of the stocks to income-oriented investors.

The energy sector was the leading contributor to the Index’s performance. Despite low oil prices, stocks in the sector, which constituted approximately 50% of the Index onaverage during the reporting period, advanced, as leading integrated oil and gas companies announced important management changes, sizable increases in theirdividends, and a number of partnership deals. Additionally, oil and gas exploration and production stocks contributed amid rising demand for Russian liquified natural gasexports.

Materials and financials stocks also buoyed the Index’s performance. In the materials sector, metals and mining stocks benefited from increased production levels andhigher prices for gold and industrial metals. Gains the financials sector were led by banks, as Russia’s leading diversified bank reported steady earnings growth amidincreasing consumer and mortgage lending, despite the challenging economic conditions.



SectorPercent of


Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48.3%Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.6Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.1Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.7Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2


SecurityPercent of


Gazprom PJSC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.4%LUKOIL PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.7Sberbank of Russia PJSC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.6MMC Norilsk Nickel PJSC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8Tatneft PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7Novatek PJSC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6Sberbank of Russia PJSC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2Magnit PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3X5 Retail Group NV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3Mobile TeleSystems PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1


Fund Summary as of August 31, 2019 (continued) iShares� MSCI Russia ETF



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 SouthAfrica 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



Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8.45)% (4.50)% 2.24% (8.45)% (20.57)% 24.86%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8.44) (4.47) 2.19 (8.44) (20.44) 24.16Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8.08) (3.94) 2.87 (8.08) (18.20) 32.70



$12,486$13,270

9,000

10,000

11,000

12,000

13,000

14,000

15,000

16,000

17,000

18,000

$19,000


Fund Index

Index performance through August 31, 2017 reflects the performance of the MSCI South Africa Index. Index performance beginning on September 1, 2017 reflectsthe performance of the MSCI South Africa 25/50 Index.


Expense Example



(03/01/19)

EndingAccount Value

(08/31/19)



(03/01/19)

EndingAccount Value

(08/31/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 912.00 $ 2.80 $ 1,000.00 $ 1,022.30 $ 2.96 0.58%


Fund Summary as of August 31, 2019 iShares� MSCI South Africa ETF



South African stocks declined in a volatile period for equities amid economic and fiscal challenges. Economic growth stalled in 2019, with no growth at the start of the yearand only a 0.9% expansion in the second quarter. Underscoring the economic difficulties, the unemployment rate rose to 29% during the reporting period, the highest levelsince 2003. With growth slowing and unemployment rising, the South African Reserve Bank decreased interest rates in July 2019 after having raised them earlier in thereporting period. South African fiscal conditions weakened further following a bailout of a state-owned energy company, resulting in a credit rating agency assigning anegative outlook to the country’s government debt. In addition to these challenges, the poor performance of SouthAfrican stocks reflected larger uncertainties around globaltrade, with goods and services exports making up approximately 30% of the country’s economy.

The financials sector detracted the most from the Index’s return for the reporting period, particularly diversified financial services companies and banks with significantexposure to the country’s deteriorating economic and fiscal situation. South African life and health insurers also faced challenges amid the planned evolution to universalhealthcare with government cost controls. The healthcare sector was another source of weakness, as a leading pharmaceutical company struggled with mounting debt andnecessary asset divestitures. The consumer staples sector was another notable detractor, led by food and staples retailers. These stocks declined amid the sharp economicdownturn and a slump in retail sales.

On the upside, the communication services sector contributed to the Index’s performance, led by a media and entertainment conglomerate. The company planned to listits consumer internet business units on a major European exchange, increasing the company’s profile and pool of prospective investors.



SectorPercent of


Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.4%Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.2Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.0Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.5Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.3Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0


SecurityPercent of


Naspers Ltd., Class N. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.6%Standard Bank Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5FirstRand Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9MTN Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2Sasol Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0AngloGold Ashanti Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8Sanlam Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4Absa Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8Bid Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8Remgro Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3


Fund Summary as of August 31, 2019 (continued) iShares� MSCI South Africa ETF



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 TurkeyIMI 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



Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.38% (13.12)% (4.42)% 23.38% (50.51)% (36.36)%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.07 (12.99) (4.45) 23.07 (50.12) (36.60)Index(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.94 (12.92) (4.07) 23.94 (49.92) (33.99)MSCI Turkey Investable Market Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.62 (13.10) (4.17) 22.62 (50.45) (34.69)MSCI Turkey IMI 25/50 Index(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A N/A N/A N/A N/A N/A



$6,364$6,531$6,601

4,000

6,000

8,000

10,000

12,000

14,000

16,000

$18,000


Fund Index MSCI Turkey Investable Market Index

(a) Index performance through May 28, 2019 reflects the performance of MSCI Turkey Investable Market Index. Index performance beginning on May 29, 2019 reflects the performanceof the MSCI Turkey IMI 25/50 Index, which, effective as of May 29, 2019, replaced the MSCI Turkey Investable Market Index as the underlying index of the Fund.

(b) The inception date of the MSCI Turkey IMI 25/50 Index was March 11, 2019. The cumulative total return of this index for the period March 11, 2019 through August 31, 2019 was-5.86%.


Expense Example



(03/01/19)

EndingAccount Value

(08/31/19)



(03/01/19)

EndingAccount Value

(08/31/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 880.60 $ 2.75 $ 1,000.00 $ 1,022.30 $ 2.96 0.58%


Fund Summary as of August 31, 2019 iShares� MSCI Turkey ETF



Turkish stocks rose sharply for the reporting period, as government attempts to support the financial system contributed to stability, though economic conditions remainedweak. The Turkish lira declined to a record low relative to the U.S. dollar in August 2018, hindering economic growth during the reporting period and leading to an increasein inflation in late 2018. In order to promote price stability, Turkey’s central bank raised short-term interest rates significantly in September 2018, to 24%. Inflation slowedover the reporting period, and the currency recovered modestly. However, the large increase led to the removal of the central bank’s governor and subsequent interest ratereductions.

The financials sector was the leading contributor to the Index’s performance. Banks benefited from government support in 2019, which included large reductions in interestrates, lowering reserve requirements, providing capital, and promoting reforms intended to recapitalize the banking industry. In addition, banks were buoyed by the recoveryin the value of the Turkish lira, as a significant portion of bank loans to Turkish companies are denominated in foreign currencies, while the companies’ revenues are typicallyin lira. The stronger the lira, the less costly it is for companies to finance debt denominated in foreign currencies.

Consumer staples stocks were another source of strength, led by the food retail industry. Discount retailers held up well in the economic downturn and benefited from foreignoperations in locations such as Morocco and Egypt. The energy sector also contributed, led by the oil, gas, and consumable fuels industry, where a leading companycompleted capital improvement projects, restarted production ahead of schedule, and made progress on improving global trading and distribution.



SectorPercent of


Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.0%Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.8Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.9Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.9Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.8Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3


SecurityPercent of


Turkiye Garanti Bankasi AS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.1%BIM Birlesik Magazalar AS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.8Akbank T. A. S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.7Tupras Turkiye Petrol Rafinerileri AS. . . . . . . . . . . . . . . . . . . . . . . . . 6.8KOC Holding AS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6Turkcell Iletisim Hizmetleri AS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8Eregli Demir ve Celik Fabrikalari TAS . . . . . . . . . . . . . . . . . . . . . . . . 4.5Aselsan Elektronik Sanayi Ve Ticaret AS . . . . . . . . . . . . . . . . . . . . . 3.3Turk Hava Yollari AO. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3Turkiye Is Bankasi AS, Class C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2


Fund Summary as of August 31, 2019 (continued) iShares� MSCI Turkey ETF



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 bythe 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 profilesimilar 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


1 Year 5 YearsSince


Inception

Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.23)% 8.08% 11.55% (0.23)% 47.49% 177.25%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.27) 8.07 11.55 (0.27) 47.41 177.10Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.09) 8.22 11.73 (0.09) 48.44 181.21



$27,725$28,121

8,00010,00012,00014,00016,00018,00020,00022,00024,00026,00028,000

$30,000


Fund Index


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 MSCIUSA Equal Weighted Index.


Expense Example



(03/01/19)

EndingAccount Value

(08/31/19)



(03/01/19)

EndingAccount Value

(08/31/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,023.80 $ 0.77 $ 1,000.00 $ 1,024.40 $ 0.77 0.15%


Fund Summary as of August 31, 2019 iShares� MSCI USA Equal Weighted ETF



U.S. equal-weighted stocks posted a relatively flat return for the reporting period, as the U.S. economy continued to grow, albeit at a slowing pace. The energy sector wasthe top detractor from the Index’s return, due primarily to falling prices for oil and natural gas. Fossil fuel prices were pressured by a slowdown in global growth, concernsabout oversupply, and a trade dispute between the U.S. and China. Despite a summer heatwave in the U.S. that increased demand for power, oil, gas, and consumablefuels companies declined amid pipeline bottlenecks and extensive industry-wide capacity due to previous investments in extraction infrastructure.

The consumer discretionary sector also weighed on the Index’s return, despite relatively brisk spending by U.S. consumers. The textiles, apparel, and luxury goods industrywas the primary source of weakness, due in part to tepid sales in China, an important consumer of luxury brands. A global slowdown in car sales negatively affected theauto parts and equipment industry, which derives a large portion of its sales from car manufacturers.

On the upside, the real estate sector was a contributor to the Index’s return, driven almost entirely by real estate investment trusts (“REITs”). REITs benefited from fallingTTinterest rates later in the reporting period, as their dividend yields became more attractive to investors relative to low and declining bond yields. REITs specializing inproperties such as cell phone towers and data centers, which are relatively resilient to slowing economic growth, fared particularly well.

Stocks in the utilities sector, which also benefit from falling interest rates, advanced modestly. Electric utilities benefited from solid demand for electricity and cost-cuttingmeasures. The information technology sector also contributed, led by the data processing and outsourced services industry, which gained following a series ofconsolidations within the industry.



SectorPercent of


Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.2%Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.6Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.8Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.3Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.5Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9


SecurityPercent of


Target Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2%Lowe's Companies Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Burlington Stores Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Roku Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Keysight Technologies Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Dollar General Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Parsley Energy Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Nordstrom Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2JB Hunt Transport Services Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Seagate Technology PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2


Fund Summary as of August 31, 2019 (continued) iShares� MSCI USA Equal Weighted ETF


Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the mostrecent month-end is available at www.iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deductionof 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 withchanges 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 mayreflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculatemarket 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 fundare 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 theperiod from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns.Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore doesnot incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may bepayable 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) ongoingcosts, 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 (orfrom 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 andcents) 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 feewaivers, 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 valuedivided 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 yourFund’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 yourFund 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 commissionspaid 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 relativetotal costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

About Fund Performance


Security Shares Value

Common StocksAerospace & Defense — 0.9%Embraer SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,304,887 $ 70,827,337

Banks — 5.6%Banco Bradesco SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,148,848 147,744,566Banco do Brasil SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,671,487 208,937,021Banco Santander Brasil SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,672,575 99,717,268

456,398,855Beverages — 4.4%Ambev SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,141,455 358,532,510

Capital Markets — 4.9%B3 SA - Brasil, Bolsa, Balcao . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,285,477 371,712,252Banco BTG Pactual SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,430,200 34,451,652

406,163,904Containers & Packaging — 0.8%Klabin SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,581,000 64,074,793

Diversified Consumer Services — 1.0%Kroton Educacional SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,908,519 82,715,714

Electric Utilities — 2.2%Centrais Eletricas Brasileiras SA. . . . . . . . . . . . . . . . . . . . . . . . 6,051,600 67,279,053Energisa SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,890,300 21,724,589Equatorial Energia SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,128,500 95,684,247

184,687,889Electrical Equipment — 1.3%WEG SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,028,981 109,058,630

Food & Staples Retailing — 2.2%Atacadao SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,627,600 57,353,342Raia Drogasil SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,529,400 123,161,022

180,514,364Food Products — 4.0%BRF SA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,256,750 122,359,141JBS SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,331,607 174,529,024M. Dias Branco SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,242,600 28,406,689

325,294,854Health Care Providers & Services — 0.7%Notre Dame Intermedica Participacoes SA . . . . . . . . . . . . . . 4,015,000 54,489,424

Independent Power and Renewable Electricity Producers — 0.7%Engie Brasil Energia SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,378,643 58,547,835

Insurance — 4.7%BB Seguridade Participacoes SA . . . . . . . . . . . . . . . . . . . . . . . 15,721,495 124,297,285IRB Brasil Resseguros S/A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,613,000 147,381,661Porto Seguro SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,981,920 40,411,287Sul America SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,168,549 72,326,170

384,416,403Internet & Direct Marketing Retail — 0.7%B2W Cia. Digital(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,098,500 57,990,780

IT Services — 0.7%Cielo SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,132,796 58,390,003

Metals & Mining — 9.0%Cia. Siderurgica Nacional SA . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,127,569 56,045,664Vale SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,235,432 686,333,826

742,379,490


Multiline Retail — 4.2%Lojas Renner SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,577,909 $ 215,033,953Magazine Luiza SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,735,500 129,410,797

344,444,750Oil, Gas & Consumable Fuels — 6.2%Cosan SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,481,050 54,210,273Petroleo Brasileiro SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,102,969 383,822,403Ultrapar Participacoes SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,330,710 68,866,526

506,899,202Paper & Forest Products — 1.1%Suzano SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,598,030 88,657,546

Personal Products — 0.9%Natura Cosmeticos SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,935,965 78,813,942

Pharmaceuticals — 0.8%Hypera SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,864,100 69,008,784

Real Estate Management & Development — 1.4%BR Malls Participacoes SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,375,438 66,468,444Multiplan Empreendimentos Imobiliarios SA . . . . . . . . . . . . . 8,019,838 50,441,796

116,910,240Road & Rail — 3.5%Localiza Rent a Car SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,291,931 151,312,239Rumo SA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,436,390 136,039,935

287,352,174Specialty Retail — 0.8%Petrobras Distribuidora SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,088,400 63,342,994

Transportation Infrastructure — 1.4%CCR SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,099,265 114,433,729

Water Utilities — 1.3%Cia. de Saneamento Basico do Estado de Sao Paulo . . . . 8,274,000 103,520,110

Wireless Telecommunication Services — 0.8%TIM Participacoes SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,978,125 65,420,584

Total Common Stocks — 66.2%(Cost: $3,848,162,817). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,433,286,840

Preferred StocksBanks — 20.2%Banco Bradesco SA, Preference Shares, NVS . . . . . . . . . . 78,977,046 629,759,853Itau Unibanco Holding SA, Preference Shares, NVS . . . . . 96,008,547 788,570,274Itausa-Investimentos Itau SA, Preference Shares, NVS . . 80,078,027 238,168,276

1,656,498,403Chemicals — 0.4%Braskem SA, Class A, Preference Shares, NVS . . . . . . . . . 4,681,356 31,970,347

Diversified Telecommunication Services — 1.6%Telefonica Brasil SA, Preference Shares, NVS. . . . . . . . . . . 10,333,364 134,212,198

Electric Utilities — 1.9%Centrais Eletricas Brasileiras SA, Class B, Preference

Shares, NVS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,366,946 72,341,154Cia. Energetica de Minas Gerais, Preference

Shares, NVS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,869,170 81,687,466

154,028,620Food & Staples Retailing — 1.0%Cia. Brasileira de Distribuicao, Preference Shares, NVS . 3,885,264 82,327,505

Schedule of InvestmentsAugust 31, 2019

iShares� MSCI Brazil ETF(Percentages shown are based on Net Assets)

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


Metals & Mining — 1.0%Gerdau SA, Preference Shares, NVS . . . . . . . . . . . . . . . . . . . 24,932,726 $ 77,654,563

Multiline Retail — 1.0%Lojas Americanas SA, Preference Shares, NVS . . . . . . . . . 18,545,417 84,060,709

Oil, Gas & Consumable Fuels — 6.1%Petroleo Brasileiro SA, Preference Shares, NVS. . . . . . . . . 80,890,083 499,176,496

Total Preferred Stocks — 33.2%(Cost: $1,886,674,816). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,719,928,841

RightsInternet & Direct Marketing Retail — 0.0%B2W Cia. Digital, (Expires 09/21/19)(a) . . . . . . . . . . . . . . . . . . 711,988 1,411,157

Total Rights — 0.0%(Cost: $0) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,411,157


Short-Term InvestmentsMoney Market Funds — .00%BlackRock Cash Funds: Treasury, SL Agency Shares,

2.02%(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,634,000 $ 5,634,000

Total Short-Term Investments — 0.0%(Cost: $5,634,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,634,000

Total Investments in Securities — 99.4%(Cost: $5,740,471,633). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,160,260,838

Other Assets, Less Liabilities — 0.6% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,483,076

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,205,743,914

(a) Non-income producing security.(b) Affiliate of the Fund.(c) Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended August 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer

SharesHeld at

08/31/18 Net Activity

SharesHeld at

08/31/19Value at

08/31/19 IncomeNet RealizedGain (Loss)(a)

Change inUnrealized

Appreciation(Depreciation)

BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . . 3,435,968 2,198,032 5,634,000 $5,634,000 $163,866 $ — $ —

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

Futures Contracts

DescriptionNumber ofContracts

ExpirationDate

NotionalAmount

(000)

Value/Unrealized


Long ContractsMSCI Emerging Markets E-Mini . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 851 09/20/19 $41,869 $ 511,953

Derivative Financial Instruments Categorized by Risk Exposure

As of August 31, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

EquityContracts

Assets — Derivative Financial InstrumentsFutures contracts

Unrealized appreciation on futures contracts(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 511,953

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

Schedule of Investments (continued)

August 31, 2019

iShares� MSCI Brazil ETF(Percentages shown are based on Net Assets)


For the year ended August 31, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:

EquityContracts

Net Realized Gain (Loss) from:Futures contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(5,370,741)

Net Change in Unrealized Appreciation (Depreciation) on:Futures contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,841,550

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:Average notional value of contracts — long . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $62,136,304

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 valuationof financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of August 31, 2019. The breakdown of the Fund's investmentsinto major categories is disclosed in the Schedule of Investments above.

Level 1 Level 2 Level 3 Total

InvestmentsAssets

Common Stocks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,433,286,840 $ — $ — $5,433,286,840Preferred Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,719,928,841 — — 2,719,928,841Rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,411,157 — — 1,411,157Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,634,000 — — 5,634,000

$8,160,260,838 $ — $ — $8,160,260,838

Derivative financial instruments(a)

AssetsFutures Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 511,953 $ — $ — $ 511,953

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

See notes to financial statements.


August 31, 2019

iShares� MSCI Brazil ETF



Common StocksAirlines — 4.4%Latam Airlines Group SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,727,083 $ 14,545,638

Banks — 25.8%Banco de Chile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 236,556,686 33,797,335Banco de Credito e Inversiones SA. . . . . . . . . . . . . . . . . . . . . . 247,112 15,626,415Banco Santander Chile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360,425,729 25,822,517Grupo Security SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,876,498 2,339,170Itau CorpBanca. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 993,315,684 7,730,889

85,316,326Beverages — 4.7%Cia. Cervecerias Unidas SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 921,749 10,491,816Vina Concha y Toro SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,579,044 5,007,724

15,499,540Construction & Engineering — 1.4%Besalco SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,252,949 2,174,902Salfacorp SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,710,234 2,376,674

4,551,576Diversified Financial Services — 1.1%Inversiones La Construccion SA. . . . . . . . . . . . . . . . . . . . . . . . . 259,750 3,768,861

Electric Utilities — 16.1%Enel Americas SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210,436,614 34,569,484Enel Chile SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,517,898 12,497,000Engie Energia Chile SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,532,288 6,053,036

53,119,520Food & Staples Retailing — 4.9%Cencosud SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,548,657 12,831,451SMU SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,112,341 3,228,956

16,060,407Independent Power and Renewable Electricity Producers — 4.1%AES Gener SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,632,357 4,427,702Colbun SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,200,412 8,965,294

13,392,996IT Services — 1.2%SONDA SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,437,417 4,032,077

Marine — 0.3%Cia. Sud Americana de Vapores SA(a) . . . . . . . . . . . . . . . . . . . 30,802,133 1,006,011

Metals & Mining — 1.2%CAP SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 478,229 3,880,865


Multiline Retail — 8.1%Ripley Corp. SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,414,151 $ 3,762,309SACI Falabella . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,106,337 23,113,394

26,875,703Oil, Gas & Consumable Fuels — 5.8%Empresas COPEC SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,099,150 18,966,088

Paper & Forest Products — 4.1%Empresas CMPC SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,867,558 13,577,685

Real Estate Management & Development — 3.1%Parque Arauco SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,679,228 10,318,866

Textiles, Apparel & Luxury Goods — 0.6%Forus SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 925,111 1,800,014

Water Utilities — 4.0%Aguas Andinas SA, Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,637,054 9,179,542Inversiones Aguas Metropolitanas SA . . . . . . . . . . . . . . . . . . . 2,918,488 4,096,693

13,276,235Wireless Telecommunication Services — 2.6%Empresa Nacional de Telecomunicaciones SA(a) . . . . . . . . . 970,504 8,475,935

Total Common Stocks — 93.5%(Cost: $261,254,120) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 308,464,343

Preferred StocksBeverages — 2.2%Embotelladora Andina SA, Class B, Preference

Shares, NVS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,308,678 7,156,172

Chemicals — 4.2%Sociedad Quimica y Minera de Chile SA, Series B,

Preference Shares, NVS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 567,784 14,046,148

Total Preferred Stocks — 6.4%(Cost: $17,680,965) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,202,320

Total Investments in Securities — 99.9%(Cost: $278,935,085) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 329,666,663

Other Assets, Less Liabilities — 0.1% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 473,216

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 330,139,879

(a) Non-income producing security.

Affiliates


Affiliated Issuer

SharesHeld at


SharesHeld at

08/31/19Value at


Change inUnrealized


BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280,439 (280,439) — $ — $25,058 $ — $ —





iShares� MSCI Chile ETF(Percentages shown are based on Net Assets)


Fair Value Measurements (continued)



InvestmentsAssets

Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $308,464,343 $ — $ — $308,464,343Preferred Stocks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,202,320 — — 21,202,320

$329,666,663 $ — $ — $329,666,663



August 31, 2019

iShares� MSCI Chile ETF



Common StocksBanks — 6.8%Banco de Bogota SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,798 $ 99,462Bancolombia SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130,073 1,503,150

1,602,612Capital Markets — 1.5%Bolsa de Valores de Colombia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98,382 345,271

Construction & Engineering — 0.5%Constructora Conconcreto SA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 838,254 126,044

Construction Materials — 8.3%Cementos Argos SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133,419 299,170Cemex Latam Holdings SA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 512,930 658,198Grupo Argos SA/Colombia. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,340 632,444Tecnoglass Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,593 369,922

1,959,734Diversified Financial Services — 5.1%Corp. Financiera Colombiana SA(a) . . . . . . . . . . . . . . . . . . . . . . . . . 24,776 190,251Grupo de Inversiones Suramericana SA. . . . . . . . . . . . . . . . . . . . . 104,094 1,018,145

1,208,396Diversified Telecommunication Services — 0.4%Empresa de Telecomunicaciones de Bogota(a) . . . . . . . . . . . . . . . 1,364,054 93,194

Electric Utilities — 8.7%Celsia SA ESP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,860 23,623Enel Americas SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,703,223 936,897Interconexion Electrica SA ESP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206,822 1,097,818

2,058,338Food & Staples Retailing — 4.6%Almacenes Exito SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209,239 1,073,992

Food Products — 4.5%Grupo Nutresa SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141,083 1,064,404

Gas Utilities — 4.5%Grupo Energia Bogota SA ESP(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,713,045 1,057,836

Metals & Mining — 1.0%Mineros SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270,794 245,098


Oil, Gas & Consumable Fuels — 27.7%Canacol Energy Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 298,270 $ 1,075,191Ecopetrol SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,639,489 4,511,591Empresas COPEC SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104,555 944,668

6,531,450

Total Common Stocks — 73.6%(Cost: $16,034,559). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,366,369

Preferred StocksAirlines — 1.4%Avianca Holdings SA, Preference Shares, NVS . . . . . . . . . . . . . . 993,997 322,142

Banks — 23.6%Banco Davivienda SA, Preference Shares, NVS . . . . . . . . . . . . . 86,514 1,051,808Bancolombia SA, Preference Shares, NVS . . . . . . . . . . . . . . . . . . 297,411 3,711,342Grupo Aval Acciones y Valores SA, Preference Shares, NVS . 2,141,870 803,592

5,566,742Construction Materials — 0.8%Cementos Argos SA, Preference Shares, NVS. . . . . . . . . . . . . . . 13,469 25,168Grupo Argos SA/Colombia, Preference Shares, NVS. . . . . . . . . 43,870 178,042

203,210Diversified Financial Services — 0.3%Grupo de Inversiones Suramericana SA, Preference

Shares, NVS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,961 80,898

Total Preferred Stocks — 26.1%(Cost: $5,423,708) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,172,992

Total Investments in Securities — 99.7%(Cost: $21,458,267). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,539,361

Other Assets, Less Liabilities — 0.3% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,625

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 23,604,986

(a) Non-income producing security.

Affiliates


Affiliated Issuer

SharesHeld at


SharesHeld at

08/31/19Value at


Change inUnrealized


BlackRock Cash Funds: Institutional, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — $ — $ 48(b) $ — $ —BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,489 (43,489) — — 879 — —

$ — $ 927 $ — $ —

(a) Includes realized capital gain distributions from an affiliated fund, if any.(b) Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to

and from borrowers of securities, and less fees paid to BTC as securities lending agent.




iShares� MSCI Colombia ETF(Percentages shown are based on Net Assets)





InvestmentsAssets

Common Stocks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $17,366,369 $ — $ — $17,366,369Preferred Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,172,992 — — 6,172,992

$23,539,361 $ — $ — $23,539,361



August 31, 2019

iShares� MSCI Colombia ETF



Common StocksAerospace & Defense — 3.4%Elbit Systems Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,304 $ 3,908,028

Banks — 24.3%Bank Hapoalim BM(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,091,542 8,007,063Bank Leumi Le-Israel BM. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,441,328 9,829,973First International Bank of Israel Ltd. . . . . . . . . . . . . . . . . . . . . . . . 53,682 1,391,179Israel Discount Bank Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . . . . 1,220,690 5,085,703Mizrahi Tefahot Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151,824 3,495,940

27,809,858Biotechnology — 0.3%UroGen Pharma Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,844 368,154

Building Products — 0.4%Caesarstone Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,516 427,455

Chemicals — 3.1%Israel Chemicals Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 667,490 3,013,465Israel Corp. Ltd. (The)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,873 555,111

3,568,576Communications Equipment — 1.7%Gilat Satellite Networks Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,507 148,601Ituran Location and Control Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,129 569,601Radware Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,494 1,210,128

1,928,330Construction & Engineering — 2.3%Ashtrom Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,872 170,836Elco Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,857 227,699Electra Ltd./Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,543 778,583Shapir Engineering and Industry Ltd.. . . . . . . . . . . . . . . . . . . . . . . 135,177 578,496Shikun & Binui Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 276,214 887,922

2,643,536Diversified Telecommunication Services — 1.3%Bezeq The Israeli Telecommunication Corp. Ltd.. . . . . . . . . . . . 2,370,762 1,490,644

Equity Real Estate Investment Trusts (REITs) — 1.1%REIT 1 Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213,055 1,252,111

Food & Staples Retailing — 1.3%Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. . . . . 9,213 482,210Shufersal Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142,698 965,937

1,448,147Food Products — 1.5%Strauss Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,775 1,653,938

Hotels, Restaurants & Leisure — 0.4%Fattal Holdings 1998 Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,576 395,073

Household Durables — 0.2%Maytronics Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,255 214,597

Independent Power and Renewable Electricity Producers — 0.6%Energix-Renewable Energies Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . 73,508 172,801Kenon Holdings Ltd./Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,527 562,433

735,234Insurance — 3.1%Clal Insurance Enterprises Holdings Ltd.(a) . . . . . . . . . . . . . . . . . 29,155 434,177Harel Insurance Investments & Financial Services Ltd.. . . . . . 138,252 1,076,414IDI Insurance Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,368 340,148Menora Mivtachim Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,047 556,791Migdal Insurance & Financial Holding Ltd. . . . . . . . . . . . . . . . . . . 526,051 522,810


Insurance (continued)Phoenix Holdings Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,266 $ 668,637

3,598,977IT Services — 5.9%Formula Systems 1985 Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,494 337,662Matrix IT Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,924 772,641Wix.com Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,037 5,615,189

6,725,492Machinery — 1.1%Kornit Digital Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,888 1,294,501

Oil, Gas & Consumable Fuels — 2.8%Delek Group Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,297 744,123Equital Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,757 352,954Naphtha Israel Petroleum Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . 55,181 322,892Oil Refineries Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,256,724 623,245Paz Oil Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,689 1,154,185

3,197,399Paper & Forest Products — 0.1%Hadera Paper Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,807 146,601

Pharmaceuticals — 6.1%Teva Pharmaceutical Industries Ltd., ADR(a) . . . . . . . . . . . . . . . . 1,015,685 7,008,227

Real Estate Management & Development — 12.5%ADO Group Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,955 130,262AFI Properties Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,729 645,373Airport City Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89,828 1,720,358Alony Hetz Properties & Investments Ltd. . . . . . . . . . . . . . . . . . . 127,531 1,834,539Amot Investments Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159,964 1,125,400Azrieli Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,140 3,516,725Bayside Land Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,051 621,536Big Shopping Centers Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,045 256,398Blue Square Real Estate Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,802 216,792Brack Capital Properties NV(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,594 151,986Gazit-Globe Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116,227 1,148,527Industrial Buildings Corp. Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,308 243,956Jerusalem Economy Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160,910 683,608Melisron Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,003 1,362,878Norstar Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,448 346,740Property & Building Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,567 150,453Summit Real Estate Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 18,210 181,958

14,337,489Semiconductors & Semiconductor Equipment — 2.1%Nova Measuring Instruments Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . 18,818 518,051Tower Semiconductor Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,535 1,906,924

2,424,975Software — 23.0%Check Point Software Technologies Ltd.(a)(b). . . . . . . . . . . . . . . . 117,933 12,701,384CyberArk Software Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,740 3,902,692Hilan Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,910 357,081Nice Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,491 8,647,847Sapiens International Corp. NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,278 725,176

26,334,180Specialty Retail — 0.2%Delek Automotive Systems Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,064 251,804

Textiles, Apparel & Luxury Goods — 0.3%Delta-Galil Industries Ltd.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,771 360,154


iShares� MSCI Israel ETF(Percentages shown are based on Net Assets)



Wireless Telecommunication Services — 0.7%Cellcom Israel Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,274 $ 214,276Partner Communications Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . 147,587 635,785

850,061


Short-Term InvestmentsMoney Market Funds — 6.9%BlackRock Cash Funds: Institutional, SL Agency Shares,

2.25%(c)(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,807,734 7,811,637BlackRock Cash Funds: Treasury, SL Agency Shares,

2.02%(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,000 92,000

7,903,637

Total Short-Term Investments — 6.9%(Cost: $7,902,432). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,903,637


Other Assets, Less Liabilities — (6.7)%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,723,987)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 114,553,191

(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

SharesHeld at


SharesHeld at

08/31/19Value at


Change inUnrealized


BlackRock Cash Funds: Institutional, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . 7,120,644 687,090 7,807,734 $7,811,637 $41,834(b) $ 5,126 $ 205BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . . . 15,507 76,493 92,000 92,000 2,119 — —

$7,903,637 $43,953 $ 5,126 $ 205







InvestmentsAssets

Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $114,373,541 $ — $ — $114,373,541Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,903,637 — — 7,903,637

$122,277,178 $ — $ — $122,277,178



August 31, 2019

iShares� MSCI Israel ETF(Percentages shown are based on Net Assets)



Common StocksBanks — 16.0%Sberbank of Russia PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,770,930 $ 66,544,953Sberbank of Russia PJSC, ADR. . . . . . . . . . . . . . . . . . . . . . 1,940,665 26,596,814VTB Bank PJSC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,000,215,016 6,387,634VTB Bank PJSC, GDR(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600,487 695,364

100,224,765Capital Markets — 2.1%Moscow Exchange MICEX-RTS PJSC. . . . . . . . . . . . . . . . 9,196,710 13,063,750

Chemicals — 1.8%PhosAgro PJSC, GDR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 903,268 11,670,223

Electric Utilities — 2.2%Inter RAO UES PJSC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218,492,000 14,071,657

Food & Staples Retailing — 6.7%Magnit PJSC, GDR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,587,364 20,961,141X5 Retail Group NV, GDR(a). . . . . . . . . . . . . . . . . . . . . . . . . . 604,354 20,853,950

41,815,091Metals & Mining — 19.7%Alrosa PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,297,530 14,824,441Magnitogorsk Iron & Steel Works PJSC. . . . . . . . . . . . . . . 16,567,300 10,406,288MMC Norilsk Nickel PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . 123,460 29,818,154Novolipetsk Steel PJSC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,631,280 14,817,313Polymetal International PLC, New . . . . . . . . . . . . . . . . . . . . 1,285,623 18,619,085Polyus PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160,296 18,445,365Severstal PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,126,375 16,957,028

123,887,674Oil, Gas & Consumable Fuels — 45.2%Gazprom PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,488,460 102,771,619LUKOIL PJSC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,066,991 86,169,800Novatek PJSC, GDR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148,711 28,835,063Rosneft Oil Co. PJSC, GDR(a). . . . . . . . . . . . . . . . . . . . . . . . 2,144,139 13,066,383Rosneft Oil Co. PJSC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,621,450 9,905,970Surgutneftegas PJSC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,314,446 13,728,635


Oil, Gas & Consumable Fuels (continued)Tatneft PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,622,805 $ 29,259,418

283,736,888Wireless Telecommunication Services — 3.1%Mobile TeleSystems PJSC, ADR . . . . . . . . . . . . . . . . . . . . . 2,416,646 19,405,667


Preferred StocksOil, Gas & Consumable Fuels — 3.1%Surgutneftegas PJSC, Preference Shares, NVS. . . . . . . 30,387,300 14,709,805Transneft PJSC, Preference Shares . . . . . . . . . . . . . . . . . . 2,048 4,624,132

19,333,937

Total Preferred Stocks — 3.1%(Cost: $21,720,221) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,333,937

Short-Term InvestmentsMoney Market Funds — 0.1%BlackRock Cash Funds: Treasury, SL Agency Shares,

2.02%(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 653,000 653,000

Total Short-Term Investments — 0.1%(Cost: $653,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 653,000


Other Assets, Less Liabilities — (0.0)%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (281,667)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 627,580,985

(a) This security may be resold to qualified foreign investors and foreign institutional buyersunder Regulation S of the Securities Act of 1933.

(b) Affiliate of the Fund.(c) Annualized 7-day yield as of period-end.

Affiliates


Affiliated Issuer

SharesHeld at


SharesHeld at

08/31/19Value at


Change inUnrealized


BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . 349,697 303,303 653,000 $653,000 $38,399 $ — $ —





iShares� MSCI Russia ETF(Percentages shown are based on Net Assets)





InvestmentsAssets

Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $607,875,715 $ — $ — $607,875,715Preferred Stocks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,333,937 — — 19,333,937Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 653,000 — — 653,000

$627,862,652 $ — $ — $627,862,652



August 31, 2019

iShares� MSCI Russia ETF



Common StocksBanks — 11.9%Absa Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,026,564 $ 10,390,887Capitec Bank Holdings Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,290 5,212,831Nedbank Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 563,316 8,384,583Standard Bank Group Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,763,752 20,590,610

44,578,911Capital Markets — 1.9%Investec Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 554,756 2,926,181Reinet Investments SCA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245,313 4,094,326

7,020,507Chemicals — 3.9%Sasol Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 779,281 14,778,560

Diversified Financial Services — 9.6%FirstRand Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,610,404 18,215,404PSG Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263,735 3,483,638Remgro Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 767,898 8,684,006RMB Holdings Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,208,488 5,686,768

36,069,816Diversified Telecommunication Services — 0.8%Telkom SA SOC Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 551,242 2,890,220

Equity Real Estate Investment Trusts (REITs) — 3.8%Fortress REIT Ltd., Series A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,210,257 3,072,925Growthpoint Properties Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,456,703 6,750,912Redefine Properties Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,775,789 4,537,084

14,360,921Food & Staples Retailing — 7.3%Bid Corp. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 482,392 10,325,341Clicks Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 409,367 5,365,212Pick n Pay Stores Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 708,980 2,698,875Shoprite Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 712,343 5,300,906SPAR Group Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325,090 3,721,768

27,412,102Food Products — 1.0%Tiger Brands Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 274,154 3,772,207

Health Care Providers & Services — 1.7%Life Healthcare Group Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . 2,449,624 3,679,982Netcare Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,423,745 2,601,929

6,281,911Industrial Conglomerates — 1.6%Bidvest Group Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 496,623 5,844,836

Insurance — 8.9%Discovery Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 642,900 4,876,450Liberty Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 303,867 2,193,986Momentum Metropolitan Holdings(a) . . . . . . . . . . . . . . . . . . . . . . 2,037,706 2,206,299Old Mutual Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,049,829 8,445,633Rand Merchant Investment Holdings Ltd. . . . . . . . . . . . . . . . . . 1,479,355 2,885,881Sanlam Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,631,102 12,606,416

33,214,665Internet & Direct Marketing Retail — 22.6%Naspers Ltd., Class N. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 370,960 84,381,108

Media — 1.6%MultiChoice Group Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 673,367 5,903,589


Metals & Mining — 8.2%Anglo American Platinum Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,671 $ 5,680,587AngloGold Ashanti Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 614,581 14,010,443Gold Fields Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,323,947 7,922,537Kumba Iron Ore Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122,735 3,176,580

30,790,147Multiline Retail — 1.5%Woolworths Holdings Ltd./South Africa . . . . . . . . . . . . . . . . . . . . 1,559,869 5,668,795

Oil, Gas & Consumable Fuels — 1.0%Exxaro Resources Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 427,141 3,830,661

Paper & Forest Products — 0.8%Sappi Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,011,508 3,012,457

Pharmaceuticals — 1.0%Aspen Pharmacare Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 706,290 3,660,823

Real Estate Management & Development — 1.4%NEPI Rockcastle PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 603,921 5,349,228

Specialty Retail — 3.1%Foschini Group Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 399,497 3,959,779Mr. Price Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 411,894 4,657,485Truworths International Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 813,706 2,822,616

11,439,880Wireless Telecommunication Services — 6.2%MTN Group Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,342,185 15,825,126Vodacom Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 955,435 7,254,605

23,079,731



2.25%(c)(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,416,634 14,423,842BlackRock Cash Funds: Treasury, SL Agency Shares,

2.02%(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 242,000 242,000

14,665,842




Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 374,067,425


securities.


iShares� MSCI South Africa ETF(Percentages shown are based on Net Assets)


Affiliates


Affiliated Issuer

SharesHeld at


SharesHeld at

08/31/19Value at


Change inUnrealized


BlackRock Cash Funds: Institutional, SL Agency Shares . . . . . . . . . . . . . . . . . . . . — 14,416,634 14,416,634 $14,423,842 $46,937(b) $ 4,244 $ 1,584BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . . 173,320 68,680 242,000 242,000 7,264 — —

$14,665,842 $54,201 $ 4,244 $ 1,584



Futures Contracts


ExpirationDate

NotionalAmount

(000)

Value/Unrealized


Long ContractsFTSE/JSE Top 40 Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 09/19/19 $ 644 $ (2,257)



EquityContracts

Liabilities — Derivative Financial InstrumentsFutures contracts

Unrealized depreciation on futures contracts(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,257



EquityContracts

Net Realized Gain (Loss) from:Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (5,838)

Net Change in Unrealized Appreciation (Depreciation) on:Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (2,257)


Futures contracts:Average notional value of contracts — long . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $128,756





August 31, 2019

iShares� MSCI South Africa ETF





InvestmentsAssets


$388,006,917 $ — $ — $388,006,917


LiabilitiesFutures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (2,257) $ — $ — $ (2,257)




August 31, 2019

iShares� MSCI South Africa ETF



Common StocksAerospace & Defense — 3.3%Aselsan Elektronik Sanayi Ve Ticaret AS(a) . . . . . . . . . . . . . . . . 3,349,666 $ 10,486,661

Airlines — 5.2%Pegasus Hava Tasimaciligi AS(a)(b). . . . . . . . . . . . . . . . . . . . . . . . 495,206 6,026,193Turk Hava Yollari AO(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,353,859 10,383,798

16,409,991Auto Components — 0.2%Kordsa Teknik Tekstil AS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 312,532 629,758

Automobiles — 2.3%Ford Otomotiv Sanayi AS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 721,044 7,270,772

Banks — 23.3%Akbank T.A.S.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,009,393 27,407,885Turkiye Garanti Bankasi AS(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,640,555 28,474,737Turkiye Halk Bankasi AS(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,639,094 6,472,440Turkiye Is Bankasi AS, Class C(b) . . . . . . . . . . . . . . . . . . . . . . . . . 10,758,496 10,174,523Turkiye Sinai Kalkinma Bankasi AS(b) . . . . . . . . . . . . . . . . . . . . . 5,838,506 841,767

73,371,352Beverages — 4.5%Anadolu Efes Biracilik Ve Malt Sanayii AS. . . . . . . . . . . . . . . . . 2,089,764 9,175,055Coca-Cola Icecek AS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 858,222 5,076,049

14,251,104Building Products — 0.2%Trakya Cam Sanayii AS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,414,175 618,948

Capital Markets — 0.6%Verusa Holding AS(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 679,900 1,748,106

Chemicals — 3.1%Petkim Petrokimya Holding AS(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 11,061,237 6,511,915Sasa Polyester Sanayi AS(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,502,990 2,496,009Soda Sanayii AS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 634,537 601,183

9,609,107Construction & Engineering — 2.3%Tekfen Holding AS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,070,808 7,364,453

Containers & Packaging — 0.2%Anadolu Cam Sanayii AS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,408,307 642,969

Diversified Financial Services — 3.1%Haci Omer Sabanci Holding AS. . . . . . . . . . . . . . . . . . . . . . . . . . . 6,398,537 9,631,439

Electric Utilities — 1.0%Enerjisa Enerji AS(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,119,022 3,153,150

Equity Real Estate Investment Trusts (REITs) — 1.3%Emlak Konut Gayrimenkul Yatirim Ortakligi AS(a) . . . . . . . . . . 20,295,109 4,110,402

Food & Staples Retailing — 11.1%BIM Birlesik Magazalar AS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,425,327 27,643,660Migros Ticaret AS(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 928,617 2,940,654Sok Marketler Ticaret AS(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,323,087 4,202,589

34,786,903Food Products — 1.7%Ulker Biskuvi Sanayi AS(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,708,728 5,255,594

Gas Utilities — 0.2%Aygaz AS(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 367,980 621,484


Health Care Providers & Services — 1.7%MLP Saglik Hizmetleri AS(a)(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,260,779 $ 3,001,417Selcuk Ecza Deposu Ticaret ve Sanayi AS . . . . . . . . . . . . . . . . 2,851,287 2,393,099

5,394,516Household Durables — 1.7%Arcelik AS(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 933,725 2,738,873Vestel Elektronik Sanayi ve Ticaret AS(a)(b) . . . . . . . . . . . . . . . . 1,418,799 2,681,137

5,420,010Independent Power and Renewable Electricity Producers — 0.6%Zorlu Enerji Elektrik Uretim AS(b). . . . . . . . . . . . . . . . . . . . . . . . . . 8,965,675 1,800,444

Industrial Conglomerates — 7.1%Dogan Sirketler Grubu Holding AS. . . . . . . . . . . . . . . . . . . . . . . . 14,360,588 3,253,547Enka Insaat ve Sanayi AS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2KOC Holding AS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,851,270 17,565,109Turkiye Sise ve Cam Fabrikalari AS. . . . . . . . . . . . . . . . . . . . . . . 2,072,928 1,540,575

22,359,233Insurance — 0.0%Anadolu Anonim Turk Sigorta Sirketi . . . . . . . . . . . . . . . . . . . . . . 1 1

Machinery — 0.2%Otokar Otomotiv Ve Savunma Sanayi AS . . . . . . . . . . . . . . . . . 27,478 615,469

Metals & Mining — 8.7%Eregli Demir ve Celik Fabrikalari TAS . . . . . . . . . . . . . . . . . . . . . 12,892,234 14,183,947Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS,

Class D(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,624,966 3,370,080Koza Altin Isletmeleri AS(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 513,790 6,031,879Koza Anadolu Metal Madencilik Isletmeleri AS(b). . . . . . . . . . . 2,567,586 3,604,867

27,190,773Oil, Gas & Consumable Fuels — 6.8%Tupras Turkiye Petrol Rafinerileri AS. . . . . . . . . . . . . . . . . . . . . . 985,172 21,305,586

Personal Products — 0.6%EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi

ve Ticaret AS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,258,775 1,907,814

Textiles, Apparel & Luxury Goods — 1.7%Aksa Akrilik Kimya Sanayii AS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,499,882 2,219,092Mavi Giyim Sanayi Ve Ticaret AS, Class B(b)(c) . . . . . . . . . . . . 498,898 3,159,723

5,378,815Transportation Infrastructure — 2.4%TAV Havalimanlari Holding AS. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,850,357 7,495,117

Wireless Telecommunication Services — 4.8%Turkcell Iletisim Hizmetleri AS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,797,981 15,086,530



iShares� MSCI Turkey ETF(Percentages shown are based on Net Assets)




2.25%(d)(e)(f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,992,086 $ 37,010,582



Other Assets, Less Liabilities — (11.7)% . . . . . . . . . . . . . . . . . . . . . . . . . . . . (36,736,837)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 314,190,246

(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 fromregistration 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

SharesHeld at


SharesHeld at

08/31/19Value at


Change inUnrealized


BlackRock Cash Funds: Institutional, SL Agency Shares. . . . . . . . . . . . . . . 18,539,408 18,452,678 36,992,086 $37,010,582 $1,240,985(b) $ (3,101) $ 879BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . 315,285 (315,285) — — 8,404 — —

$37,010,582 $1,249,389 $ (3,101) $ 879







InvestmentsAssets


$350,927,083 $ — $ — $350,927,083



August 31, 2019

iShares� MSCI Turkey ETF(Percentages shown are based on Net Assets)



Common StocksAerospace & Defense — 2.1%Arconic Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,328 $ 499,435Boeing Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,451 528,295General Dynamics Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,607 498,641HEICO Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,428 206,589HEICO Corp., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,523 278,438Huntington Ingalls Industries Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 2,329 486,761L3Harris Technologies Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,270 479,901Lockheed Martin Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,272 488,588Northrop Grumman Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,300 478,231Raytheon Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,660 492,951Spirit AeroSystems Holdings Inc., Class A. . . . . . . . . . . . . . . . . 6,617 533,330Textron Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,952 492,840TransDigm Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 922 496,331United Technologies Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,838 499,861

6,460,192Air Freight & Logistics — 0.8%CH Robinson Worldwide Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,728 483,959Expeditors International of Washington Inc. . . . . . . . . . . . . . . . 6,746 479,641FedEx Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,107 492,801United Parcel Service Inc., Class B . . . . . . . . . . . . . . . . . . . . . . . 4,169 494,694XPO Logistics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,233 512,530

2,463,625Airlines — 0.6%American Airlines Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,689 491,708Delta Air Lines Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,315 481,106Southwest Airlines Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,851 515,404United Airlines Holdings Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,818 490,515

1,978,733Auto Components — 0.7%Aptiv PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,997 498,770Autoliv Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,502 513,137BorgWarner Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,279 498,554Lear Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,479 502,813

2,013,274Automobiles — 0.6%Ford Motor Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,600 491,512General Motors Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,027 483,171Harley-Davidson Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,153 483,381Tesla Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,207 497,921

1,955,985Banks — 3.5%Bank of America Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,091 497,683BB&T Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,449 497,895CIT Group Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,465 488,294Citigroup Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,744 498,326Citizens Financial Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,115 509,980Comerica Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,013 494,002East West Bancorp. Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,370 508,778Fifth Third Bancorp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,830 498,054First Republic Bank/CA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,243 470,402Huntington Bancshares Inc./OH . . . . . . . . . . . . . . . . . . . . . . . . . . 38,236 506,627JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,515 496,018KeyCorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,829 495,161M&T Bank Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,283 480,007People's United Financial Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,490 481,251PNC Financial Services Group Inc. (The) . . . . . . . . . . . . . . . . . 3,807 490,837Regions Financial Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,995 511,627


Banks (continued)Signature Bank/New York NY . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,099 $ 478,148SunTrust Banks Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,011 492,757SVB Financial Group(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,554 497,060U.S. Bancorp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,260 487,909Wells Fargo & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,947 509,802Zions Bancorp. N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,114 497,764

10,888,382Beverages — 1.0%Brown-Forman Corp., Class B, NVS . . . . . . . . . . . . . . . . . . . . . . 8,329 491,328Coca-Cola Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,815 485,178Constellation Brands Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . 2,443 499,227Molson Coors Brewing Co., Class B . . . . . . . . . . . . . . . . . . . . . . 9,337 479,548Monster Beverage Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,339 489,249PepsiCo Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,633 496,740

2,941,270Biotechnology — 2.4%AbbVie Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,540 495,680Alexion Pharmaceuticals Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,355 438,810Alkermes PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,777 477,861Alnylam Pharmaceuticals Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 6,002 484,301Amgen Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,382 496,933Biogen Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,093 459,937BioMarin Pharmaceutical Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 6,620 496,897Celgene Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,120 495,616Exact Sciences Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,017 478,907Gilead Sciences Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,553 479,918Incyte Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,892 482,083Ionis Pharmaceuticals Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,037 444,809Regeneron Pharmaceuticals Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 1,620 469,881Sarepta Therapeutics Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,894 351,044Seattle Genetics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,190 449,642Vertex Pharmaceuticals Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,622 472,012

7,474,331Building Products — 1.1%Allegion PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,013 482,601AO Smith Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,301 479,202Fortune Brands Home & Security Inc. . . . . . . . . . . . . . . . . . . . . . 9,549 487,572Johnson Controls International PLC . . . . . . . . . . . . . . . . . . . . . . 11,432 488,032Lennox International Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,892 480,152Masco Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,497 509,003Owens Corning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,749 501,843

3,428,405Capital Markets — 4.3%Affiliated Managers Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,375 488,516Ameriprise Financial Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,868 498,895Bank of New York Mellon Corp. (The) . . . . . . . . . . . . . . . . . . . . . 11,397 479,358BlackRock Inc.(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,160 490,170Cboe Global Markets Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,897 464,367Charles Schwab Corp. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,990 497,127CME Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,233 485,209E*TRADE Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,798 492,448Eaton Vance Corp., NVS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,281 529,557FactSet Research Systems Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,745 474,797Franklin Resources Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,582 462,055Goldman Sachs Group Inc. (The). . . . . . . . . . . . . . . . . . . . . . . . . 2,421 493,666Intercontinental Exchange Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,248 490,583Invesco Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,243 490,515KKR & Co. Inc., Class A, NVS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,804 511,735MarketAxess Holdings Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,303 518,099


iShares� MSCI USA Equal Weighted ETF(Percentages shown are based on Net Assets)



Capital Markets (continued)Moody's Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,262 $ 487,642Morgan Stanley. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,146 503,938MSCI Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,141 502,343Nasdaq Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,897 488,916Northern Trust Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,555 488,451Raymond James Financial Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,439 505,526S&P Global Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,876 488,116SEI Investments Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,554 491,941State Street Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,730 499,246T Rowe Price Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,503 498,122TD Ameritrade Holding Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,018 489,309

13,310,647Chemicals — 2.8%Air Products & Chemicals Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,102 474,884Albemarle Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,702 475,444Axalta Coating Systems Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,256 498,353Celanese Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,420 501,095CF Industries Holdings Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,117 487,538Corteva Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,710 489,937Dow Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,947 466,671DuPont de Nemours Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,287 495,006Eastman Chemical Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,392 483,215Ecolab Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,332 481,115FMC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,685 490,786International Flavors & Fragrances Inc. . . . . . . . . . . . . . . . . . . . 4,294 471,267Linde PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,549 481,532LyondellBasell Industries NV, Class A. . . . . . . . . . . . . . . . . . . . . 6,541 506,143Mosaic Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,618 452,725PPG Industries Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,332 479,942Sherwin-Williams Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 915 481,976Westlake Chemical Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,837 459,170

8,676,799Commercial Services & Supplies — 0.9%Cintas Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,826 481,699Copart Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,370 480,234Republic Services Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,303 473,293Rollins Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,590 478,698Waste Connections Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,203 478,156Waste Management Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,018 479,548

2,871,628Communications Equipment — 0.8%Arista Networks Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,192 496,751Cisco Systems Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,268 480,645F5 Networks Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,764 484,540Juniper Networks Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,251 469,013Motorola Solutions Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,760 499,312

2,430,261Construction & Engineering — 0.3%Fluor Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,268 499,496Jacobs Engineering Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,814 516,632

1,016,128Construction Materials — 0.3%Martin Marietta Materials Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,899 481,909Vulcan Materials Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,420 483,075

964,984Consumer Finance — 0.8%Ally Financial Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,788 494,954American Express Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,881 467,156


Consumer Finance (continued)Capital One Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,676 $ 491,655Discover Financial Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,009 480,539Synchrony Financial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,496 464,597

2,398,901Containers & Packaging — 1.3%Amcor PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,958 480,768Avery Dennison Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,254 491,635Ball Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,088 489,536Crown Holdings Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,303 480,830International Paper Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,293 480,656Packaging Corp. of America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,750 477,755Sealed Air Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,310 450,364Westrock Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,567 497,900

3,849,444Distributors — 0.3%Genuine Parts Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,344 482,510LKQ Corp.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,312 507,326

989,836Diversified Consumer Services — 0.1%H&R Block Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,427 422,082

Diversified Financial Services — 0.6%AXA Equitable Holdings Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,924 496,901Berkshire Hathaway Inc., Class B(a) . . . . . . . . . . . . . . . . . . . . . . 2,395 487,167Jefferies Financial Group Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,237 489,058Voya Financial Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,797 483,188

1,956,314Diversified Telecommunication Services — 0.6%AT&T Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,829 487,610CenturyLink Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,970 511,759Verizon Communications Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,461 492,092Zayo Group Holdings Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,063 473,361

1,964,822Electric Utilities — 2.4%Alliant Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,209 483,012American Electric Power Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 5,256 479,084Duke Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,319 493,284Edison International. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,589 476,187Entergy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,357 491,644Evergy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,385 480,025Eversource Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,026 482,863Exelon Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,635 502,610FirstEnergy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,764 495,144NextEra Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,191 480,004OGE Energy Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,166 478,687Pinnacle West Capital Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,075 483,698PPL Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,332 482,611Southern Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,241 480,121Xcel Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,718 495,650

7,284,624Electrical Equipment — 1.0%Acuity Brands Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,904 489,601AMETEK Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,650 485,505Eaton Corp. PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,256 504,984Emerson Electric Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,418 501,629Rockwell Automation Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,255 497,331Sensata Technologies Holding PLC(a)(b). . . . . . . . . . . . . . . . . . . 10,900 496,822

2,975,872


August 31, 2019




Electronic Equipment, Instruments & Components — 2.0%Amphenol Corp., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,627 $ 492,588Arrow Electronics Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,191 497,617CDW Corp./DE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,368 504,504Cognex Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,912 491,913Corning Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,504 487,486Flex Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,059 472,438FLIR Systems Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,288 506,890IPG Photonics Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,072 503,828Keysight Technologies Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,729 554,911TE Connectivity Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,440 496,237Trimble Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,050 489,636Zebra Technologies Corp., Class A(a)(b) . . . . . . . . . . . . . . . . . . . 2,402 492,482

5,990,530Energy Equipment & Services — 1.0%Baker Hughes a GE Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,930 497,352Halliburton Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,021 490,236Helmerich & Payne Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,123 455,703National Oilwell Varco Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,979 530,751Schlumberger Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,005 486,612TechnipFMC PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,630 512,449

2,973,103Entertainment — 1.3%Activision Blizzard Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,434 527,960Electronic Arts Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,404 506,247Liberty Media Corp.-Liberty Formula One, Class C, NVS(a). 11,729 489,569Live Nation Entertainment Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . 6,842 475,587Netflix Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,606 471,763Take-Two Interactive Software Inc.(a)(b). . . . . . . . . . . . . . . . . . . . 3,765 496,867Viacom Inc., Class B, NVS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,301 457,159Walt Disney Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,581 491,528

3,916,680Equity Real Estate Investment Trusts (REITs) — 6.0%Alexandria Real Estate Equities Inc. . . . . . . . . . . . . . . . . . . . . . . 3,272 490,277American Tower Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,118 487,542AvalonBay Communities Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,323 493,777Boston Properties Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,736 479,777Camden Property Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,521 489,398Crown Castle International Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 3,334 483,997Digital Realty Trust Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,939 486,979Duke Realty Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,430 480,086Equinix Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 869 483,407Equity LifeStyle Properties Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,538 476,639Equity Residential . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,852 496,016Essex Property Trust Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,519 487,994Extra Space Storage Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,931 479,268Federal Realty Investment Trust . . . . . . . . . . . . . . . . . . . . . . . . . . 3,652 471,875HCP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,846 480,595Host Hotels & Resorts Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,441 488,274Invitation Homes Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,052 490,416Iron Mountain Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,324 488,069Kimco Realty Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,642 471,300Liberty Property Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,253 482,266Macerich Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,893 453,427Mid-America Apartment Communities Inc.. . . . . . . . . . . . . . . . . 3,844 486,958National Retail Properties Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,698 488,393Prologis Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,848 489,010Public Storage. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,827 483,680Realty Income Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,576 485,375Regency Centers Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,302 471,052


Equity Real Estate Investment Trusts (REITs) (continued)SBA Communications Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,831 $ 480,509Simon Property Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,211 478,246SL Green Realty Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,070 486,935Sun Communities Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,279 484,636UDR Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,197 491,291Ventas Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,516 478,209VEREIT Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,675 484,331Vornado Realty Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,873 476,080Welltower Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,380 481,833Weyerhaeuser Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,164 504,205WP Carey Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,401 485,010

18,377,132Food & Staples Retailing — 0.8%Costco Wholesale Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,750 515,830Kroger Co. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,363 505,876Sysco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,573 488,571Walgreens Boots Alliance Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,635 493,216Walmart Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,214 481,491

2,484,984Food Products — 2.3%Archer-Daniels-Midland Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,919 491,568Bunge Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,823 471,236Campbell Soup Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,158 502,110Conagra Brands Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,460 466,806General Mills Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,740 470,212Hershey Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,054 483,998Hormel Foods Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,473 488,864Ingredion Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,315 487,960JM Smucker Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,182 439,779Kellogg Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,477 469,556Kraft Heinz Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,950 483,604Lamb Weston Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,994 492,308McCormick & Co. Inc./MD, NVS . . . . . . . . . . . . . . . . . . . . . . . . . . 2,816 458,642Mondelez International Inc., Class A . . . . . . . . . . . . . . . . . . . . . . 8,830 487,593Tyson Foods Inc., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,405 502,881

7,197,117Gas Utilities — 0.3%Atmos Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,342 478,618UGI Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,201 496,483

975,101Health Care Equipment & Supplies — 3.3%Abbott Laboratories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,657 482,655ABIOMED Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,472 477,269Align Technology Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,724 498,792Baxter International Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,536 486,891Becton Dickinson and Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,928 489,558Boston Scientific Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,342 484,644Cooper Companies Inc. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,416 438,606Danaher Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,462 491,915Dentsply Sirona Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,086 473,835DexCom Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,001 515,001Edwards Lifesciences Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,207 489,601Hologic Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,532 470,595IDEXX Laboratories Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,739 503,858Intuitive Surgical Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 950 485,773Medtronic PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,667 503,522ResMed Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,589 499,948Steris PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,132 483,581Stryker Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,206 486,776


August 31, 2019




Health Care Equipment & Supplies (continued)Teleflex Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,289 $ 469,093Varian Medical Systems Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,425 468,740Zimmer Biomet Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,514 489,149

10,189,802Health Care Providers & Services — 2.4%AmerisourceBergen Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,524 454,459Anthem Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,732 452,953Cardinal Health Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,307 487,671Centene Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,985 465,501Cigna Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,974 457,907CVS Health Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,995 487,055DaVita Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,060 454,342HCA Healthcare Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,852 463,010Henry Schein Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,717 475,522Humana Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,632 462,199Laboratory Corp. of America Holdings(a) . . . . . . . . . . . . . . . . . . 2,902 486,259McKesson Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,362 464,864Quest Diagnostics Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,754 486,667UnitedHealth Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,944 454,896Universal Health Services Inc., Class B . . . . . . . . . . . . . . . . . . . 3,267 472,343WellCare Health Plans Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,742 471,629

7,497,277Health Care Technology — 0.3%Cerner Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,858 472,585Veeva Systems Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,994 480,178

952,763Hotels, Restaurants & Leisure — 2.5%Aramark. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,787 522,477Carnival Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,720 472,538Chipotle Mexican Grill Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 587 492,152Darden Restaurants Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,133 500,010Domino's Pizza Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,039 462,527Hilton Worldwide Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,190 479,400Las Vegas Sands Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,237 512,376Marriott International Inc./MD, Class A . . . . . . . . . . . . . . . . . . . . 3,748 472,473McDonald's Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,176 474,303MGM Resorts International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,002 477,076Norwegian Cruise Line Holdings Ltd.(a) . . . . . . . . . . . . . . . . . . . 9,670 490,752Royal Caribbean Cruises Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,572 476,768Starbucks Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,971 480,000Vail Resorts Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,024 478,231Wynn Resorts Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,633 510,325Yum! Brands Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,079 476,346

7,777,754Household Durables — 1.6%DR Horton Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,110 500,142Garmin Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,185 504,511Leggett & Platt Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,637 469,970Lennar Corp., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,789 499,239Mohawk Industries Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,300 511,227Newell Brands Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,905 496,423NVR Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136 489,464PulteGroup Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,124 511,191Roku Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,670 555,491Whirlpool Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,677 511,434

5,049,092Household Products — 0.8%Church & Dwight Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,012 479,638Clorox Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,993 473,373


Household Products (continued)Colgate-Palmolive Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,654 $ 493,394Kimberly-Clark Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,410 481,185Procter & Gamble Co. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,045 486,330

2,413,920Independent Power and Renewable Electricity Producers — 0.5%AES Corp./VA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,152 492,890NRG Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,838 503,703Vistra Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,003 524,025

1,520,618Industrial Conglomerates — 0.6%3M Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,028 489,688General Electric Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,287 489,118Honeywell International Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,927 481,843Roper Technologies Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,360 498,793

1,959,442Insurance — 5.0%Aflac Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,120 457,642Alleghany Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 639 478,809Allstate Corp. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,663 477,445American Financial Group Inc./OH. . . . . . . . . . . . . . . . . . . . . . . . 4,611 465,573American International Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . 8,836 459,825Aon PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,511 489,268Arch Capital Group Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,205 482,097Arthur J Gallagher & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,366 486,750Assurant Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,924 482,652Athene Holding Ltd., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,587 489,131Brighthouse Financial Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,041 495,086Chubb Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,085 482,124Cincinnati Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,373 491,919Erie Indemnity Co., Class A, NVS. . . . . . . . . . . . . . . . . . . . . . . . . 2,172 476,341Everest Re Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,924 453,833Fidelity National Financial Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,900 478,946Globe Life Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,542 494,679Hartford Financial Services Group Inc. (The) . . . . . . . . . . . . . . 8,203 478,071Lincoln National Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,186 485,756Loews Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,806 471,374Markel Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 421 481,237Marsh & McLennan Companies Inc. . . . . . . . . . . . . . . . . . . . . . . 4,913 490,760MetLife Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,617 470,333Principal Financial Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,101 484,355Progressive Corp. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,164 467,231Prudential Financial Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,930 474,934Reinsurance Group of America Inc. . . . . . . . . . . . . . . . . . . . . . . . 3,263 502,404RenaissanceRe Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,533 457,333Travelers Companies Inc. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . 3,262 479,383Unum Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,435 468,433Willis Towers Watson PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,494 493,737WR Berkley Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,688 476,520

15,323,981Interactive Media & Services — 1.1%Alphabet Inc., Class A(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199 236,915Alphabet Inc., Class C, NVS(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . 208 247,125Facebook Inc., Class A(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,604 483,485IAC/InterActiveCorp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,938 493,492Snap Inc., Class A, NVS(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,699 470,135TripAdvisor Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,351 469,214Twitter Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,846 505,232Zillow Group Inc., Class C, NVS(a)(b) . . . . . . . . . . . . . . . . . . . . . . 13,785 474,618

3,380,216


August 31, 2019




Internet & Direct Marketing Retail — 1.2%Amazon.com Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 268 $ 476,046Booking Holdings Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 249 489,636eBay Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,041 485,132Expedia Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,745 487,224GrubHub Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,111 481,307MercadoLibre Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 774 460,220Qurate Retail Inc., Series A(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,151 440,727Wayfair Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,424 498,762

3,819,054IT Services — 4.6%Accenture PLC, Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,506 496,614Akamai Technologies Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,587 497,969Alliance Data Systems Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,085 379,301Automatic Data Processing Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 2,877 488,630Broadridge Financial Solutions Inc. . . . . . . . . . . . . . . . . . . . . . . . 3,749 485,271Cognizant Technology Solutions Corp., Class A . . . . . . . . . . . 7,839 481,236DXC Technology Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,514 515,375EPAM Systems Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,574 492,483Fidelity National Information Services Inc. . . . . . . . . . . . . . . . . . 3,519 479,358Fiserv Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,501 481,337FleetCor Technologies Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,657 494,449Gartner Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,754 501,797Global Payments Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,038 504,247GoDaddy Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,564 479,104International Business Machines Corp. . . . . . . . . . . . . . . . . . . . 3,600 487,908Jack Henry & Associates Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,346 485,036Leidos Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,728 500,398Mastercard Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,746 491,272MongoDB Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,353 510,695Okta Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,729 471,719Paychex Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,930 484,481PayPal Holdings Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,525 493,451Sabre Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,828 468,734Square Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,659 473,633Total System Services Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,760 504,667Twilio Inc., Class A(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,855 502,962VeriSign Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,335 475,990Visa Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,694 487,129Western Union Co. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,744 503,097

14,118,343Leisure Products — 0.3%Hasbro Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,198 463,753Polaris Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,855 480,227

943,980Life Sciences Tools & Services — 1.1%Agilent Technologies Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,824 485,255Illumina Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,668 469,275IQVIA Holdings Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,121 484,223Mettler-Toledo International Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 721 473,545PerkinElmer Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,888 486,938Thermo Fisher Scientific Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,737 498,623Waters Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,348 497,518

3,395,377Machinery — 2.9%Caterpillar Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,121 490,399Cummins Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,252 485,426Deere & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,320 514,301Dover Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,336 500,197Flowserve Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,400 486,552


Machinery (continued)Fortive Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,054 $ 500,129IDEX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,936 483,588Illinois Tool Works Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,239 485,396Ingersoll-Rand PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,077 493,684Middleby Corp. (The)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,315 473,183PACCAR Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,455 488,750Parker-Hannifin Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,018 500,294Pentair PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,403 481,436Snap-on Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,297 490,198Stanley Black & Decker Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,613 480,023WABCO Holdings Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,597 480,235Wabtec Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,622 527,519Xylem Inc./NY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,320 484,175

8,845,485Media — 2.2%Altice USA Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,654 509,848CBS Corp., Class B, NVS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,954 460,725Charter Communications Inc., Class A(a)(b) . . . . . . . . . . . . . . . . 1,247 510,759Comcast Corp., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,224 496,774Discovery Inc., Class A(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,647 155,857Discovery Inc., Class C, NVS(a). . . . . . . . . . . . . . . . . . . . . . . . . . . 12,770 332,403DISH Network Corp., Class A(a). . . . . . . . . . . . . . . . . . . . . . . . . . . 14,901 500,078Fox Corp., Class A, NVS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,738 323,009Fox Corp., Class B(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,754 155,931Interpublic Group of Companies Inc. (The) . . . . . . . . . . . . . . . . 24,266 482,408Liberty Broadband Corp., Class C, NVS(a). . . . . . . . . . . . . . . . . 4,831 509,381Liberty Global PLC, Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000 133,600Liberty Global PLC, Class C, NVS(a) . . . . . . . . . . . . . . . . . . . . . . 13,398 349,956Liberty Media Corp.-Liberty SiriusXM, Class A(a). . . . . . . . . . . 4,117 166,697Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a). . . . . 7,797 318,196News Corp., Class A, NVS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,790 478,362Omnicom Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,273 477,124Sirius XM Holdings Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,546 490,799

6,851,907Metals & Mining — 0.6%Freeport-McMoRan Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,824 485,452Newmont Goldcorp Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,328 491,764Nucor Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,954 487,547Steel Dynamics Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,907 483,489

1,948,252Mortgage Real Estate Investment — 0.3%AGNC Investment Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,424 437,535Annaly Capital Management Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 46,755 388,066

825,601Multi-Utilities — 1.6%Ameren Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,264 483,268CenterPoint Energy Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,224 476,933CMS Energy Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,751 488,700Consolidated Edison Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,461 485,483Dominion Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,163 478,434DTE Energy Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,691 478,575NiSource Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,358 483,379Public Service Enterprise Group Inc.. . . . . . . . . . . . . . . . . . . . . . 8,222 497,184Sempra Energy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,434 486,357WEC Energy Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,236 501,452

4,859,765Multiline Retail — 1.0%Dollar General Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,549 553,963Dollar Tree Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,099 517,702


August 31, 2019




Multiline Retail (continued)Kohl's Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,727 $ 506,958Macy's Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,387 433,752Nordstrom Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,734 542,724Target Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,752 615,694

3,170,793Oil, Gas & Consumable Fuels — 4.3%Apache Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,828 513,970Cabot Oil & Gas Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,134 498,774Cheniere Energy Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,044 480,307Chevron Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,060 477,943Cimarex Energy Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,334 527,648Concho Resources Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,857 501,590ConocoPhillips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,328 486,735Continental Resources Inc./OK(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 16,455 480,486Devon Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,965 483,010Diamondback Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,957 486,183EOG Resources Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,337 470,142Exxon Mobil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,062 483,606Hess Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,965 501,397HollyFrontier Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,857 481,617Kinder Morgan Inc./DE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,890 484,250Marathon Oil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,509 467,787Marathon Petroleum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,460 514,737Noble Energy Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,379 505,318Occidental Petroleum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,803 469,714ONEOK Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,989 498,176Parsley Energy Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,677 549,425Phillips 66 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,872 480,525Pioneer Natural Resources Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . 3,860 476,401Plains GP Holdings LP, Class A . . . . . . . . . . . . . . . . . . . . . . . . . . 21,685 475,335Targa Resources Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,355 518,503Valero Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,190 465,983Williams Companies Inc. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,719 488,968

13,268,530Personal Products — 0.3%Coty Inc., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,707 503,352Estee Lauder Companies Inc. (The), Class A. . . . . . . . . . . . . . 2,712 536,949

1,040,301Pharmaceuticals — 1.9%Allergan PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,009 480,597Bristol-Myers Squibb Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,380 498,967Elanco Animal Health Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,268 423,293Eli Lilly & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,309 486,788Jazz Pharmaceuticals PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,614 463,134Johnson & Johnson. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,638 466,974Merck & Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,690 492,014Mylan NV(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,967 525,048Nektar Therapeutics(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,107 458,700Perrigo Co. PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,398 486,418Pfizer Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,773 489,630Zoetis Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,847 486,338

5,757,901Professional Services — 1.3%CoStar Group Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 778 478,369Equifax Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,368 493,008IHS Markit Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,461 489,516ManpowerGroup Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,690 465,101Nielsen Holdings PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,474 487,320Robert Half International Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,849 473,156


Professional Services (continued)TransUnion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,875 $ 491,444Verisk Analytics Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,061 494,474

3,872,388Real Estate Management & Development — 0.3%CBRE Group Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,411 491,913Jones Lang LaSalle Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,698 495,717

987,630Road & Rail — 1.4%AMERCO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,368 481,016CSX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,373 494,139JB Hunt Transport Services Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 4,980 538,039Kansas City Southern . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,056 510,245Knight-Swift Transportation Holdings Inc. . . . . . . . . . . . . . . . . . 14,901 508,720Norfolk Southern Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,796 486,644Old Dominion Freight Line Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,928 479,489Uber Technologies Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,295 465,588Union Pacific Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,924 473,571

4,437,451Semiconductors & Semiconductor Equipment — 2.9%Advanced Micro Devices Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 16,006 503,389Analog Devices Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,379 480,946Applied Materials Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,070 483,561Broadcom Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,768 499,707Intel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,391 492,637KLA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,597 531,996Lam Research Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,388 502,698Marvell Technology Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,721 472,712Maxim Integrated Products Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . 9,052 493,696Microchip Technology Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,469 472,139Micron Technology Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,243 508,971NVIDIA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,192 534,692ON Semiconductor Corp.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,150 501,070Qorvo Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,774 483,867QUALCOMM Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,674 519,037Skyworks Solutions Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,285 473,072Texas Instruments Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,962 490,297Xilinx Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,595 478,156

8,922,643Software — 3.6%Adobe Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,680 477,977ANSYS Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,327 480,665Autodesk Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,329 475,448Cadence Design Systems Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . 7,000 479,360CDK Global Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,859 468,674Citrix Systems Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,190 482,566DocuSign Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,762 502,478Dropbox Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,514 492,501Fortinet Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,929 469,458Intuit Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,773 511,262Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,553 489,816Oracle Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,030 470,102Palo Alto Networks Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,213 450,611Paycom Software Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,020 505,242PTC Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,454 488,013salesforce.com Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,342 521,586ServiceNow Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,883 493,045Splunk Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,844 429,836SS&C Technologies Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . 10,652 496,490Symantec Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,523 477,160


August 31, 2019




Software (continued)Synopsys Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,731 $ 529,093VMware Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,336 471,844Workday Inc., Class A(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,553 452,596

11,115,823Specialty Retail — 2.4%Advance Auto Parts Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,454 476,479AutoZone Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 439 483,642Best Buy Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,428 472,792Burlington Stores Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,817 570,414CarMax Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,636 469,366Gap Inc. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,918 488,195Home Depot Inc. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,353 536,272L Brands Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,119 398,205Lowe's Companies Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,086 570,649O'Reilly Automotive Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,265 485,457Ross Stores Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,683 496,445Tiffany & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,895 500,309TJX Companies Inc. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,460 520,016Tractor Supply Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,806 489,635Ulta Salon Cosmetics & Fragrance Inc.(a) . . . . . . . . . . . . . . . . . 1,482 352,316

7,310,192Technology Hardware, Storage & Peripherals — 1.3%Apple Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,354 491,374Dell Technologies Inc., Class C(a) . . . . . . . . . . . . . . . . . . . . . . . . . 10,126 521,793Hewlett Packard Enterprise Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 37,452 517,587HP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,586 467,968NetApp Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,219 491,125Seagate Technology PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,699 537,197Western Digital Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,702 498,363Xerox Holdings Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,002 492,888

4,018,295Textiles, Apparel & Luxury Goods — 1.5%Capri Holdings Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,595 464,156Hanesbrands Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,224 494,820Lululemon Athletica Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,712 500,825NIKE Inc., Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,972 504,634PVH Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,864 520,291Ralph Lauren Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,583 493,202Tapestry Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,416 504,190Under Armour Inc., Class A(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . 13,355 248,537Under Armour Inc., Class C, NVS(a). . . . . . . . . . . . . . . . . . . . . . . 13,799 233,479VF Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,129 502,272

4,466,406


Tobacco — 0.3%Altria Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,439 $ 456,602Philip Morris International Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,621 405,218

861,820Trading Companies & Distributors — 0.7%Fastenal Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,219 496,626HD Supply Holdings Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,671 493,029United Rentals Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,542 511,247WW Grainger Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,797 491,749

1,992,651Water Utilities — 0.2%American Water Works Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 3,814 485,599

Wireless Telecommunication Services — 0.3%Sprint Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,226 470,045T-Mobile U.S. Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,146 479,695

949,740



2.25%(c)(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,638,607 10,643,927BlackRock Cash Funds: Treasury, SL Agency Shares,

2.02%(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 619,000 619,000

11,262,927




Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 308,089,942


securities.

Affiliates


Affiliated Issuer

SharesHeld at

08/31/18Shares

PurchasedShares

Sold

SharesHeld at

08/31/19Value at

08/31/19 Income

NetRealized

Gain (Loss)(a)

Change inUnrealized


BlackRock Cash Funds: Institutional, SL Agency Shares. . . . . . . . . . . 4,597,711 6,040,896(b) — 10,638,607 $10,643,927 $27,992(c) $ 334 $ 624BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . 339,808 279,192(b) — 619,000 619,000 6,671 — —BlackRock Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 643 622 (105) 1,160 490,170 10,824 (6,884) (30,913)PNC Financial Services Group Inc. (The)(d) . . . . . . . . . . . . . . . . . . . . . . . 2,134 2,189 (516) 3,807 N/A 11,572 (4,027) (51,311)

$11,753,097 $57,059 $ (10,577) $ (81,600)



August 31, 2019



Affiliates (continued)

(b) Net of purchases and sales.(c) Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to

and from borrowers of securities, and less fees paid to BTC as securities lending agent.(d) As of year end, the entity is no longer an affiliate of the Fund.

Futures Contracts


ExpirationDate

NotionalAmount

(000)

Value/Unrealized


Long ContractsS&P 500 E-Mini Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 09/20/19 $ 439 $ 3,615S&P MidCap 400 E-Mini . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 09/20/19 564 (295)

$ 3,320



EquityContracts

Assets — Derivative Financial InstrumentsFutures contracts

Unrealized appreciation on futures contracts(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,615

Liabilities — Derivative Financial InstrumentsFutures contracts

Unrealized depreciation on futures contracts(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 295



EquityContracts

Net Realized Gain (Loss) from:Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (11,790)

Net Change in Unrealized Appreciation (Depreciation) on:Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,320


Futures contracts:Average notional value of contracts — long . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $200,628





August 31, 2019

iShares� MSCI USA Equal Weighted ETF





InvestmentsAssets


$318,224,905 $ — $ — $318,224,905


AssetsFutures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,615 $ — $ — $ 3,615

LiabilitiesFutures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (295) — — (295)

$ 3,320 $ — $ — $ 3,320




August 31, 2019

iShares� MSCI USA Equal Weighted ETF


iSharesMSCI Brazil ETF

iSharesMSCI Chile

ETF

iSharesMSCI

ColombiaETF

iSharesMSCI Israel

ETF

ASSETSInvestments in securities, at value (including securities on loan)(a):

Unaffiliated(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $8,154,626,838 $ 329,666,663 $ 23,539,361 $114,373,541Affiliated(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,634,000 — — 7,903,637

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 438,647 2,326,848 — 964Foreign currency, at value(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,473,146 53 111,952 96,996Cash pledged:

Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,235,000 — — —Receivables:

Investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 55,693 558,521 —Securities lending income — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 1,882Variation margin on futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340,402 — — —Capital shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 3,590,603 31,928 —Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,469,545 356 3,422 126,447

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,211,217,578 335,640,216 24,245,184 122,503,467

LIABILITIESBank overdraft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 565,835 —Collateral on securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 7,803,612Deferred foreign capital gain tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 82,689Payables:

Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,232,136 5,334,656 31,928 —Capital shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 32,036 —Investment advisory fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,241,528 165,681 10,399 63,975

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,473,664 5,500,337 640,198 7,950,276

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $8,205,743,914 $ 330,139,879 $ 23,604,986 $114,553,191

NET ASSETS CONSIST OF:Paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $8,686,531,421 $ 472,444,724 $ 36,515,562 $168,567,118Accumulated loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (480,787,507) (142,304,845) (12,910,576) (54,013,927)

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $8,205,743,914 $ 330,139,879 $ 23,604,986 $114,553,191

Shares outstanding. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,550,000 9,200,000 1,900,000 2,150,000

Net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 40.92 $ 35.88 $ 12.42 $ 53.28

Shares authorized. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 million 200 million 25 million 500 million

Par value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.001 $ 0.001 $ 0.001 $ 0.001

(a) Securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ — $ 7,682,121(b) Investments, at cost — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,734,837,633 $ 278,935,085 $ 21,458,267 $136,476,397(c) Investments, at cost — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,634,000 $ — $ — $ 7,902,432(d) Foreign currency, at cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 18,313,816 $ 53 $ 111,911 $ 96,975


Statements of Assets and LiabilitiesAugust 31, 2019


iSharesMSCI Russia

ETF

iSharesMSCI South

Africa ETF

iSharesMSCI Turkey

ETF

iSharesMSCI USA

EqualWeighted

ETF

ASSETSInvestments in securities, at value (including securities on loan)(a):

Unaffiliated(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $627,209,652 $ 373,341,075 $ 313,916,501 $306,471,808Affiliated(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 653,000 14,665,842 37,010,582 11,753,097

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 192 — 11,981Foreign currency, at value(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 548,146 147 —Cash pledged:

Futures contracts(e). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 47,000Foreign currency collateral pledged:

Futures contracts(e). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 31,086 — —Receivables:

Investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 576,441 — 359,855 —Securities lending income — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 5,118 117,844 2,653Variation margin on futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 9,215 — 884Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,945 355,124 418 482,724

Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 628,463,038 388,955,798 351,405,347 318,770,147

LIABILITIESBank overdraft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 522,770 — 43,157 —Collateral on securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 14,422,100 37,000,922 10,642,750Payables:

Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,828 275,139 158 —Capital shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 19Investment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310,455 191,134 170,864 37,436

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 882,053 14,888,373 37,215,101 10,680,205

NET ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $627,580,985 $ 374,067,425 $ 314,190,246 $308,089,942

NET ASSETS CONSIST OF:Paid-in capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $675,276,171 $ 665,483,163 $ 662,879,063 $293,097,147Accumulated earnings (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (47,695,186) (291,415,738) (348,688,817) 14,992,795

NET ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $627,580,985 $ 374,067,425 $ 314,190,246 $308,089,942

Shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,600,000 7,800,000 13,050,000 5,300,000

Net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 37.81 $ 47.96 $ 24.08 $ 58.13

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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 14,142,795 $ 34,045,720 $ 10,294,826(b) Investments, at cost — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $574,098,879 $ 515,311,253 $ 479,889,322 $284,669,675(c) Investments, at cost — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 653,000 $ 14,664,258 $ 37,005,641 $ 11,749,935(d) Foreign currency, at cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 548,114 $ 147 $ —(e) Foreign currency collateral pledged, at cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 30,904 $ — $ —


Statements of Assets and Liabilities (continued)

August 31, 2019

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


iSharesMSCI Chile

ETF

iSharesMSCI

ColombiaETF

iSharesMSCI Israel

ETF

INVESTMENT INCOMEDividends — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 289,052,214 $ 13,273,186 $ 722,363 $ 1,906,690Dividends — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163,866 25,058 879 2,119Securities lending income — Affiliated — net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 48 41,834Foreign taxes withheld . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (21,665,350) (3,799,279) (52,065) (445,158)

Total investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 267,550,730 9,498,965 671,225 1,505,485

EXPENSESInvestment advisory fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,075,670 2,396,388 123,179 743,396Commitment fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 68 —

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,075,670 2,396,388 123,247 743,396

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220,475,060 7,102,577 547,978 762,089

REALIZED AND UNREALIZED GAIN (LOSS)Net realized gain (loss) from:

Investments — Unaffiliated(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,323,145 (23,950,405) (2,432,103) 3,353,095Investments — Affiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 5,126In-kind redemptions — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 32,446 14,352,016Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,370,741) — — —Foreign currency transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,466,645) (82,764) (44,787) (11,161)

Net realized gain (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,485,759 (24,033,169) (2,444,444) 17,699,076

Net change in unrealized appreciation (depreciation) on:Investments — Unaffiliated(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,547,308,910 (51,312,418) (131,824) (24,639,597)Investments — Affiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 205Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,841,550 — — —Foreign currency translations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,890,747 9 (22,067) (1,760)

Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,552,041,207 (51,312,409) (153,891) (24,641,152)

Net realized and unrealized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,557,526,966 (75,345,578) (2,598,335) (6,942,076)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,778,002,026 $(68,243,001) $(2,050,357) $ (6,179,987)

(a) Net of foreign capital gain tax of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ — $ 42,915(b) Net of deferred foreign capital gain tax of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ — $ 51,375


Statements of OperationsYear Ended August 31, 2019


iSharesMSCI Russia

ETF

iSharesMSCI South

Africa ETF

iSharesMSCI Turkey

ETF

iSharesMSCI USA

EqualWeighted

ETF

INVESTMENT INCOMEDividends — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 45,386,774 $ 15,946,560 $ 14,106,823 $ 4,181,565Dividends — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,399 7,264 8,404 29,067Securities lending income — Affiliated — net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 46,937 1,240,985 27,992Foreign taxes withheld. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,696,516) (2,269,689) (1,944,640) (459)

Total investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,728,657 13,731,072 13,411,572 4,238,165

EXPENSESInvestment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,327,060 2,622,277 2,610,331 358,105

Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,327,060 2,622,277 2,610,331 358,105

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,401,597 11,108,795 10,801,241 3,880,060

REALIZED AND UNREALIZED GAIN (LOSS)Net realized gain (loss) from:

Investments — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (19,501,230) (26,733,065) (123,082,213) (4,714,435)Investments — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 4,244 (3,101) (16,643)In-kind redemptions — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,545,339 18,575,633 56,455,087 8,025,666In-kind redemptions — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 6,066Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (5,838) — (11,790)Foreign currency transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (437,307) 23,535 182,834 (6)

Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,393,198) (8,135,491) (66,447,393) 3,288,858

Net change in unrealized appreciation (depreciation) on:Investments — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93,343,639 (46,657,257) 155,583,272 (3,047,214)Investments — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 1,584 879 (81,600)Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (2,257) — 3,320Foreign currency translations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (76) 30,565 5,546 —

Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93,343,563 (46,627,365) 155,589,697 (3,125,494)

Net realized and unrealized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,950,365 (54,762,856) 89,142,304 163,364

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $118,351,962 $(43,654,061) $ 99,943,545 $ 4,043,424


Statements of Operations (continued)

Year Ended August 31, 2019



iSharesMSCI Chile ETF

Year Ended08/31/19

Year Ended08/31/18

Year Ended08/31/19

Year Ended08/31/18

INCREASE (DECREASE) IN NET ASSETS

OPERATIONSNet investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 220,475,060 $ 215,074,597 $ 7,102,577 $ 7,512,011Net realized gain (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,485,759 (317,730,471) (24,033,169) 29,985,852Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,552,041,207 (1,355,630,047) (51,312,409) (56,500,492)

Net increase (decrease) in net assets resulting from operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,778,002,026 (1,458,285,921) (68,243,001) (19,002,629)

DISTRIBUTIONS TO SHAREHOLDERS(a)(b)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (220,258,100) (186,603,443) (7,045,063) (7,431,414)Return of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (197,183) (465,343)

Decrease in net assets resulting from distributions to shareholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (220,258,100) (186,603,443) (7,242,246) (7,896,757)

CAPITAL SHARE TRANSACTIONSNet increase (decrease) in net assets derived from capital share transactions . . . . . . . . . . . . . . . . . . . . . . 1,146,968,776 818,001,540 12,273,938 (47,394,474)

NET ASSETS(b)

Total increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,704,712,702 (826,887,824) (63,211,309) (74,293,860)Beginning of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,501,031,212 6,327,919,036 393,351,188 467,645,048

End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $8,205,743,914 $ 5,501,031,212 $330,139,879 $393,351,188

(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.(b) Prior year distribution character information and undistributed (distributions in excess of) net investment income has been modified or removed to conform with current year Regulation S-X

presentation changes. Refer to Note 13 for this prior year information.


Statements of Changes in Net Assets


iSharesMSCI Colombia ETF

iSharesMSCI Israel ETF

Year Ended08/31/19

Year Ended08/31/18

Year Ended08/31/19

Year Ended08/31/18


OPERATIONSNet investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 547,978 $ 462,142 $ 762,089 $ 1,215,568Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,444,444) (150,451) 17,699,076 3,243,415Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (153,891) (1,227,252) (24,641,152) 15,413,516

Net increase (decrease) in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,050,357) (915,561) (6,179,987) 19,872,499


Decrease in net assets resulting from distributions to shareholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (580,532) (365,825) (616,740) (2,219,395)

CAPITAL SHARE TRANSACTIONSNet increase (decrease) in net assets derived from capital share transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 401,594 4,521,784 (385,452) 14,930,276

NET ASSETS(b)

Total increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,229,295) 3,240,398 (7,182,179) 32,583,380Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,834,281 22,593,883 121,735,370 89,151,990

End of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $23,604,986 $25,834,281 $114,553,191 $121,735,370

(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.(b) Prior year distribution character information and undistributed (distributions in excess of) net investment income has been modified or removed to conform with current year Regulation S-X

presentation changes. Refer to Note 13 for this prior year information.


Statements of Changes in Net Assets (continued)


iSharesMSCI Russia ETF

iSharesMSCI South Africa ETF

Year Ended08/31/19

Year Ended08/31/18

Year Ended08/31/19

Year Ended08/31/18


OPERATIONSNet investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 37,401,597 $ 21,439,425 $ 11,108,795 $ 9,864,282Net realized gain (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,393,198) 49,219,605 (8,135,491) (17,918,274)Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93,343,563 (37,535,134) (46,627,365) (35,884,667)

Net increase (decrease) in net assets resulting from operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118,351,962 33,123,896 (43,654,061) (43,938,659)


Decrease in net assets resulting from distributions to shareholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (32,427,517) (20,645,275) (18,209,216) (9,978,039)

CAPITAL SHARE TRANSACTIONSNet increase (decrease) in net assets derived from capital share transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,796,717 (63,695,247) 62,816,771 7,443,919

NET ASSETS(b)

Total increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148,721,162 (51,216,626) 953,494 (46,472,779)Beginning of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 478,859,823 530,076,449 373,113,931 419,586,710

End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $627,580,985 $478,859,823 $374,067,425 $373,113,931

(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.(b) Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer

to Note 13 for this prior year information.




iSharesMSCI Turkey ETF

iSharesMSCI USA Equal Weighted ETF

Year Ended08/31/19

Year Ended08/31/18

Year Ended08/31/19

Year Ended08/31/18


OPERATIONSNet investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,801,241 $ 9,347,813 $ 3,880,060 $ 2,628,092Net realized gain (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (66,447,393) (19,295,791) 3,288,858 9,677,841Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155,589,697 (211,430,501) (3,125,494) 11,921,504

Net increase (decrease) in net assets resulting from operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99,943,545 (221,378,479) 4,043,424 24,227,437


Decrease in net assets resulting from distributions to shareholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,891,206) (8,942,652) (4,050,996) (2,338,579)

CAPITAL SHARE TRANSACTIONSNet increase (decrease) in net assets derived from capital share transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (161,658,897) 192,391,352 115,277,153 34,986,308

NET ASSETS(b)

Total increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (72,606,558) (37,929,779) 115,269,581 56,875,166Beginning of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 386,796,804 424,726,583 192,820,361 135,945,195

End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 314,190,246 $ 386,796,804 $308,089,942 $192,820,361

(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.(b) Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer

to Note 13 for this prior year information.




iShares MSCI Brazil ETF

Year Ended08/31/19

Year Ended08/31/18

Year Ended08/31/17

Year Ended08/31/16

Year Ended08/31/15

Net asset value, beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 32.03 $ 40.06 $ 33.52 $ 24.71 $ 53.61

Net investment income(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.12 1.14 0.76 0.63 1.00Net realized and unrealized gain (loss)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.88 (8.22) 6.45 8.62 (28.87)

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00 (7.08) 7.21 9.25 (27.87)

Distributions(c)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.11) (0.95) (0.67) (0.44) (1.03)

Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.11) (0.95) (0.67) (0.44) (1.03)

Net asset value, end of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 40.92 $ 32.03 $ 40.06 $ 33.52 $ 24.71

Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31.36% (17.87)% 22.03% 38.22% (52.49)%

Ratios to Average Net AssetsTotal expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.59% 0.59% 0.62% 0.63% 0.62%

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.75% 2.86% 2.10% 2.41% 2.73%

Supplemental DataNet assets, end of year (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $8,205,744 $5,501,031 $6,327,919 $3,899,630 $1,989,135

Portfolio turnover rate(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16%(e) 30%(e) 20%(e) 18%(e) 63%(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:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10% 13% 13% 4% 48%


Financial Highlights(For a share outstanding throughout each period)


iShares MSCI Chile ETF

Year Ended08/31/19

Year Ended08/31/18

Year Ended08/31/17

Year Ended08/31/16

Year Ended08/31/15

Net asset value, beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 43.71 $ 47.96 $ 36.77 $ 34.75 $ 43.52

Net investment income(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.74 0.78 0.69 0.78 0.66Net realized and unrealized gain (loss)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7.76) (4.06) 11.21 2.03 (8.81)

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7.02) (3.28) 11.90 2.81 (8.15)

Distributions(c)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.79) (0.92) (0.67) (0.75) (0.62)Return of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.02) (0.05) (0.04) (0.04) —

Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.81) (0.97) (0.71) (0.79) (0.62)

Net asset value, end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 35.88 $ 43.71 $ 47.96 $ 36.77 $ 34.75

Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (16.22)% (7.03)% 32.65% 8.17% (18.85)%

Ratios to Average Net AssetsTotal expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.59% 0.59% 0.62% 0.64% 0.62%

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.74% 1.55% 1.68% 2.20% 1.64%

Supplemental DataNet assets, end of year (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $330,140 $393,351 $467,645 $327,244 $234,536

Portfolio turnover rate(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75%(e) 54%(e) 54%(e) 73%(e) 71%(e)


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: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12% 11% 8% 11% 10%


Financial Highlights (continued)

(For a share outstanding throughout each period)

F I N A N C I A L H I G H L I G H T S 55

iShares MSCI Colombia ETF

Year Ended08/31/19

Year Ended08/31/18

Year Ended08/31/17

Year Ended08/31/16

Year Ended08/31/15


Net investment income(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35 0.30 0.23 0.25 0.46(b)

Net realized and unrealized gain (loss)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.50) (0.70) 1.34 1.23 (16.34)

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.15) (0.40) 1.57 1.48 (15.88)

Distributions(d)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.39) (0.22) (0.17) (0.18) (0.45)Return of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — (0.01)



Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8.18)% (2.69)% 12.05% 12.49% (56.73)%


Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.71% 2.01% 1.72% 2.16% 2.60%(b)


Portfolio turnover rate(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88% 26% 14% 68% 86%

(a) Based on average shares outstanding.(b) Includes a one-time special distribution from Ecopetrol SA. Excluding such special distribution, the net investment income would have been $0.33 per share and 1.87% of average

net assets.(c) 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.





iShares MSCI Israel ETF

Year Ended08/31/19

Year Ended08/31/18

Year Ended08/31/17

Year Ended08/31/16

Year Ended08/31/15


Net investment income(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.33 0.59 0.62 0.71 1.23Net realized and unrealized gain (loss)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3.42) 8.88 (0.98) (0.87) (0.34)

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3.09) 9.47 (0.36) (0.16) 0.89

Distributions(c)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.25) (1.04) (0.81) (0.99) (1.07)



Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5.45)% 19.91% (0.77)% (0.23)% 1.80%




Portfolio turnover rate(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17% 6% 28% 46% 14%


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.





iShares MSCI Russia ETF

Year Ended08/31/19

Year Ended08/31/18

Year Ended08/31/17(a)




Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.33 1.21 1.14 1.06 0.94Net realized and unrealized gain (loss)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.04 0.22 4.07 2.65 (11.27)

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.37 1.43 5.21 3.71 (10.33)

Distributions(d)




Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.64% 4.37% 18.73% 15.62% (27.57)%





(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






iShares MSCI South Africa ETF

Year Ended08/31/19

Year Ended08/31/18

Year Ended08/31/17

Year Ended08/31/16

Year Ended08/31/15


Net investment income(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.31 1.41 1.07 1.02 1.28Net realized and unrealized gain (loss)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5.84) (7.69) 9.79 (3.24) (13.24)

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4.53) (6.28) 10.86 (2.22) (11.96)

Distributions(c)




Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8.45)% (10.20)% 20.91% (3.64)% (17.07)%











iShares MSCI Turkey ETF

Year Ended08/31/19

Year Ended08/31/18

Year Ended08/31/17

Year Ended08/31/16

Year Ended08/31/15


Net investment income(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.60 1.01 0.97 0.96 1.13(b)

Net realized and unrealized gain (loss)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.06 (26.05) 8.12 (0.17) (17.49)

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.66 (25.04) 9.09 0.79 (16.36)

Distributions(d)




Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.38% (54.97)% 24.23% 1.98% (29.69)%


Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.43% 2.76% 2.58% 2.45% 2.31%(b)



(a) Based on average shares outstanding.(b) Includes a one-time special distribution from Turkcell Iletisim Hizmetleri AS. Excluding such special distribution, the net investment income would have been $0.76 per share and 1.55%

of average net assets.(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share






iShares MSCI USA Equal Weighted ETF

Year Ended08/31/19

Year Ended08/31/18

Year Ended08/31/17

Year Ended08/31/16

Year Ended08/31/15


Net investment income(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.92 0.98 0.85 0.77 0.80Net realized and unrealized gain (loss)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.11) 7.94 5.18 3.63 (0.57)

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.19) 8.92 6.03 4.40 0.23

Distributions(c)




Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.23)% 17.55% 13.22% 10.54% 0.48%











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 ETFDiversificationClassification

MSCI Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-diversifiedMSCI Chile. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-diversifiedMSCI Colombia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-diversifiedMSCI Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-diversifiedMSCI Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-diversifiedMSCI South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-diversifiedMSCI Turkey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-diversifiedMSCI USA Equal Weighted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 principlesgenerally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to makecertain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financialstatements 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 aredetermined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxeswithheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds mayinclude 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. Uponnotification 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-cashdividends, 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 assetsand 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. Purchasesand 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 arereflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currencygain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generallytreated 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 certainforeign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in whicheach 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 arepresented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividendsare 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 theirrespective net realized gain (loss) categories. Foreign taxes payable or deferred as of August 31, 2019, if any, are disclosed in the statement of assets and liabilities.

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

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

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 theFund’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 notopen. 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

Notes to Financial Statements


the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by theBoard of Directors of the Company (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formedby management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:• Equity investments traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where

the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).• Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

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

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 resultin 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 valuehierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets for identical assets or liabilities;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to,

quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered tobe active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, lossseverities, 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 GlobalValuation 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 tounobservable 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 classificationis determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is includedin its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is notnecessarily 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 andmaintains 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 securitieson 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 Fundor 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 loanedsecurities 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 requiredto return borrowed securities within the standard time period for settlement of securities transactions.

As of August 31, 2019, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market fundsmanaged by BlackRock Fund Advisors (“BFA”), the Funds' investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateralreceived 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 itsschedule of investments. The market value of any securities on loan as of August 31, 2019 and the value of the related cash collateral are disclosed in the statements ofassets 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 valueof 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, bankruptcyor 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

Notes to Financial Statements (continued)

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

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 inconnection 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, 2019:

iShares ETF and CounterpartyMarket Value of

Securities on LoanCash Collateral

Received(a)Non-Cash Collateral

Received Net Amount

MSCI IsraelBofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,407,298 $ 2,407,298 $ — $ —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,152,708 2,152,708 — —Morgan Stanley & Co. LLC (U.S. Equity Securities Lending). . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,122,115 3,122,115 — —

$ 7,682,121 $ 7,682,121 $ — $ —

MSCI South AfricaCitigroup Global Markets Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14,142,795 $ 14,142,795 $ — $ —

MSCI TurkeyBofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 105,601 $ 105,601 $ — $ —Citigroup Global Markets Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,447,217 1,447,217 — —Credit Suisse Securities (USA) LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,751,058 1,751,058 — —Deutsche Bank Securities Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,887,215 15,887,215 — —Goldman Sachs & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,440,485 4,440,485 — —HSBC Bank PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 946,346 946,346 — —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,277,396 8,277,396 — —Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 920,929 920,929 — —UBS AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 269,473 269,473 — —

$ 34,045,720 $ 34,045,720 $ — $ —

MSCI USA Equal WeightedBarclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,803,635 $ 1,803,635 $ — $ —Barclays Capital Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 474,833 474,833 — —BNP Paribas Prime Brokerage International Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 362,989 362,989 — —BofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,059,054 1,059,054 — —Citigroup Global Markets Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 662,070 662,070 — —Credit Suisse AG Dublin Branch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 413,005 413,005 — —Credit Suisse Securities (USA) LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 324,852 324,852 — —Deutsche Bank Securities Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,274 18,274 — —Goldman Sachs & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,587,953 1,587,953 — —HSBC Bank PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 719,066 719,066 — —ING Financial Markets LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 566,876 566,876 — —Jefferies LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130,752 130,752 — —Morgan Stanley & Co. LLC (U.S. Equity Securities Lending). . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,708,407 1,708,407 — —State Street Bank & Trust Company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 316,385 316,385 — —Virtu Americas LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146,675 146,675 — —

$ 10,294,826 $ 10,294,826 $ — $ —

(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 statementof assets and liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigatethese risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of thesecurities 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 thevalue 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 collateralfalls 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 contractsin 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. Futurescontracts 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 termsof 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 thesettlement 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. governmentsecurities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Securitiesdeposited 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 statementof 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 (“variationmargin”). Variation margin is recorded as unrealized appreciation or depreciation and, if any, shown as variation margin receivable or payable on futures contracts in thestatement 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 notionalamount 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 decreasesdue 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 thecontract. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each of the iShares MSCI Brazil, iShares MSCI Chile, iShares MSCI Israel, iShares MSCI Russia, iShares MSCI South Africa andiShares 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 ofthe 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.69Over $4 billion, up to and including $8 billion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.64Over $8 billion, up to and including $16 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.57Over $16 billion, up to and including $24 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.51Over $24 billion, up to and including $32 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.48Over $32 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.45

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, basedon 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

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 orexpenses 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 operationalcosts directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a moneymarket fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateralinvestment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from thereinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion ofsecurities 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, the iShares MSCI USA Equal Weighted ETF (the “Group 1 Fund”), retains 73.5% of securities lending income (whichexcludes 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 excludescollateral 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 ActiShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold, the Group 1 Fund, pursuant to the securities lendingagreement, will retain for the remainder of that calendar year 80% of securities lending income and the amount retained can never be less than 70% of the total of securitieslending income plus the collateral investment fees. Each Group 2 Fund will receive for the remainder of that calendar year 85% of securities lending income and the amountretained can never be less than 70% of the total of securities lending income plus the collateral investment fees.



Prior to January 1, 2019, each Group 1 Fund retained 71.5% of securities lending income (which excludes collateral investment fees) and the amount retained was not lessthan 65% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund retained 80% of securities lending income (which excludescollateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. In addition,commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all the iShares ETFComplex in a given calendar year exceeds a specified threshold, each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of thatcalendar year 75% of securities lending income and the amount retained can never be less than 65% of the total of securities lending income plus the collateral investmentfees. Each Group 2 Fund will receive for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of thetotal 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 endedAugust 31, 2019, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETFFees Paid

to BTC

MSCI Colombia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8MSCI Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,344MSCI South Africa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,581MSCI Turkey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 254,170MSCI USA Equal Weighted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,353

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

Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterlymeetings, 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, 2019, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF Purchases SalesNet Realized

Gain (Loss)

MSCI Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 578,152 $ 1,890,563 $ 35,732MSCI Russia. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,144,819 886,771 (31,847)MSCI USA Equal Weighted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,251,893 19,609,960 (1,355,916)

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 investmentsis shown as dividends – affiliated in the statement of operations.

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

7. PURCHASES AND SALES

For the year ended August 31, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF Purchases Sales

MSCI Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,398,431,962 $ 1,251,268,671MSCI Chile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 313,569,176 301,801,916MSCI Colombia. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,376,977 18,054,444MSCI Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,341,912 22,944,899MSCI Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122,334,495 100,995,948MSCI South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,558,035 51,662,743MSCI Turkey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,820,082 93,554,260MSCI USA Equal Weighted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,299,757 57,428,018

For the year ended August 31, 2019, in-kind transactions were as follows:

iShares ETFIn-kind

PurchasesIn-kindSales

MSCI Colombia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 726,406 $ 662,095MSCI Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,065,095 46,646,668MSCI Russia. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,071,309 30,519,681MSCI South Africa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 437,713,903 384,813,443MSCI Turkey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151,347,358 312,086,655MSCI USA Equal Weighted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137,113,943 22,629,607



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 investmentcompany by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, asamended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieveit 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, 2019, inclusive of the open tax return years, and does not believethat 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 haveno effect on net assets or NAV per share. As of August 31, 2019, the following permanent differences attributable to the expiration of capital loss carryforwards, distributionspaid in excess of taxable income and realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:

iShares ETF Paid-in CapitalAccumulated

Earnings (Loss)

MSCI Chile. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (976,991) $ 976,991MSCI Colombia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,323 (23,323)MSCI Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,317,705 (6,317,705)MSCI Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,884,577 (5,884,577)MSCI South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (509,434) 509,434MSCI Turkey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,568,868 (15,568,868)MSCI USA Equal Weighted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,904,613 (7,904,613)

The tax character of distributions paid was as follows:

iShares ETFYear Ended

08/31/19Year Ended

08/31/18

MSCI BrazilOrdinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 220,258,100 $ 186,603,443

MSCI ChileOrdinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,045,063 $ 7,431,414Return of capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197,183 465,343

$ 7,242,246 $ 7,896,757

MSCI ColombiaOrdinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 580,532 $ 365,825

MSCI IsraelOrdinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 616,740 $ 2,219,395

MSCI RussiaOrdinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 32,427,517 $ 20,645,275

MSCI South AfricaOrdinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 18,209,216 $ 9,978,039

MSCI TurkeyOrdinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,891,206 $ 8,942,652

MSCI USA Equal WeightedOrdinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,050,996 $ 2,338,579

As of August 31, 2019, the tax components of accumulated net earnings (losses) were as follows:

iShares ETFUndistributed

Ordinary Income

Non-expiringCapital Loss

Carryforwards(a)Net UnrealizedGains (Losses)(b)

QualifiedLate-Year Losses Total

MSCI Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 52,582,351 $ (2,428,319,347) $ 1,894,949,489 $ — $ (480,787,507)MSCI Chile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (138,772,701) (3,455,108) (77,036) (142,304,845)MSCI Colombia. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,610 (11,656,921) (1,277,265) — (12,910,576)MSCI Israel. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,375,090 (28,754,391) (26,634,626) — (54,013,927)MSCI Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,994,090 (89,746,813) 21,057,537 — (47,695,186)MSCI South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 942,846 (122,895,248) (169,463,336) — (291,415,738)MSCI Turkey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,863,025 (151,898,678) (198,653,164) — (348,688,817)MSCI USA Equal Weighted. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 687,554 (2,269,871) 16,575,112 — 14,992,795



(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 thecharacterization of corporate actions.

For the year ended August 31, 2019, the Funds utilized the following amounts of their capital loss carryforwards as follows:

iShares ETF Utilized

MSCI Brazil. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 19,865,910MSCI Israel. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,649,507

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 tomark-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, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federalincome tax purposes were as follows:

iShares ETF Tax CostGross Unrealized

AppreciationGross Unrealized

Depreciation

Net UnrealizedAppreciation

(Depreciation)

MSCI Brazil. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,263,813,665 $ 2,075,757,577 $ (179,310,404) $ 1,896,447,173MSCI Chile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 333,121,771 5,056,498 (8,511,606) (3,455,108)MSCI Colombia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,816,742 2,649,929 (3,927,310) (1,277,381)MSCI Israel. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148,829,089 17,959,586 (44,511,497) (26,551,911)MSCI Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 606,804,791 62,875,164 (41,817,303) 21,057,861MSCI South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 557,469,219 12,033,064 (181,497,623) (169,464,559)MSCI Turkey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 549,579,280 4,186,668 (202,838,865) (198,652,197)MSCI USA Equal Weighted. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 301,649,793 33,662,278 (17,087,166) 16,575,112

9. LINE OFCREDIT

The iShares MSCI Colombia ETF, along with certain other iShares funds, is a party to a $300 million credit agreement with State Street Bank and Trust Company, whichexpires on October 23, 2019. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolioholdings. 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 equalto the higher of (a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum onamounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average dailyvalue of assets invested in local securities of certain foreign markets.

At a meeting held on September 13, 2019, the Board approved extending the expiration date to October 21, 2020 with no changes to the terms of the credit agreement. Therenewed credit agreement is expected to be effective on or around October 23, 2019.

The Funds did not borrow under the credit agreement during the year ended August 31, 2019.

10. 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 variousrisks, 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 mayalso 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 socialinstability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus providesdetails 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 wellas 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 compositionof the portfolio is monitored by BFA.

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



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

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

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

When a fund concentrates its investments in issuers located in a single country or a limited number of countries, it assumes the risk that economic, regulatory, political andsocial 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.

The United States and the European Union, along with the regulatory bodies of a number of countries including Japan, Australia, Norway, Switzerland and Canada, haveimposed economic sanctions, which can consist of prohibiting certain securities trades, prohibiting certain private transactions in the energy sector, asset freezes andprohibition of all business, on certain Russian individuals and Russian corporate entities. Broader sanctions on Russia could also be instituted. These sanctions, or eventhe 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 theRussian economy, and may negatively impact a fund. Current or future sanctions may result in Russia taking counter measures or retaliatory actions, which may furtherimpair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by a fund.

When a fund concentrates its investments in securities within a single or limited number of market sectors, it assumes the risk that economic, regulatory, political and socialconditions 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.

11. 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 whenaggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

Year Ended08/31/19

Year Ended08/31/18

iShares ETF Shares Amount Shares Amount

MSCI BrazilShares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,900,000 $1,597,335,848 51,100,000 $ 2,106,146,096Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11,100,000) (450,367,072) (37,300,000) (1,288,144,556)

Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,800,000 $1,146,968,776 13,800,000 $ 818,001,540

MSCI ChileShares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,150,000 $ 266,264,905 4,200,000 $ 204,165,240Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,950,000) (253,990,967) (4,950,000) (251,559,714)

Net increase(decrease) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000 $ 12,273,938 (750,000) $ (47,394,474)

MSCI ColombiaShares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,050,000 $ 13,424,743 400,000 $ 6,036,941Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,000,000) (13,023,149) (100,000) (1,515,157)

Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000 $ 401,594 300,000 $ 4,521,784

MSCI IsraelShares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900,000 $ 48,475,728 600,000 $ 30,421,376Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (900,000) (48,861,180) (300,000) (15,491,100)

Net increase(decrease) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — $ (385,452) 300,000 $ 14,930,276

MSCI RussiaShares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 $ 102,646,729 6,800,000 $ 228,623,987Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,150,000) (39,850,012) (8,550,000) (292,319,234)

Net increase(decrease) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,850,000 $ 62,796,717 (1,750,000) $ (63,695,247)



Year Ended08/31/19

Year Ended08/31/18

iShares ETF Shares Amount Shares Amount

MSCI South AfricaShares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,400,000 $ 448,398,024 3,500,000 $ 223,536,185Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,400,000) (385,581,253) (3,400,000) (216,092,266)

Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 $ 62,816,771 100,000 $ 7,443,919

MSCI TurkeyShares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,500,000 $ 152,434,904 13,950,000 $ 339,600,282Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,700,000) (314,093,801) (3,900,000) (147,208,930)

Net increase(decrease) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,200,000) $ (161,658,897) 10,050,000 $ 192,391,352

MSCI USA Equal WeightedShares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,450,000 $ 138,103,245 1,400,000 $ 78,296,192Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (400,000) (22,826,092) (800,000) (43,309,884)

Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,050,000 $ 115,277,153 600,000 $ 34,986,308

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 specifiedamount 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 CreationUnits 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 transferand other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cashmay 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 transactionsare reflected as a receivable or a payable in the statement of assets and liabilities.

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 RussellMid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iSharesMorningstar 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 lawsuitalleges 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-lossorders 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 thePlaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs haveappealed the court’s decision. The appeal was fully briefed on January 18, 2019, and a hearing on Plaintiffs’ appeal has been scheduled for November 19, 2019.

13. REGULATION S-X AMENDMENTS

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

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

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

iShares ETFNet

Investment IncomeReturn of

capital

MSCI Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 186,603,443 $ —MSCI Chile. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,431,414 465,343MSCI Colombia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 365,825 —MSCI Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,219,395 —MSCI Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,645,275 —MSCI South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,978,039 —MSCI Turkey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,942,652 —MSCI USA Equal Weighted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,338,579 —



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

iShares ETF

Undistributed(distributions in excess of)

net investment income

MSCI Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,812,884MSCI Chile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (51,786)MSCI Colombia. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,951MSCI Israel. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (519,165)MSCI Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,405,253MSCI South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 504,766MSCI Turkey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167,417MSCI USA Equal Weighted. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 692,087

14. SUBSEQUENT EVENTS

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



To the Board of Directors of iShares, Inc. andShareholders of iShares MSCI Brazil ETF, iShares MSCI Chile ETF, iShares MSCI Colombia ETF, iShares MSCI Israel ETF, iShares MSCI Russia ETF, iShares MSCI SouthAfrica 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 USAEqual Weighted ETF (eight of the funds constituting iShares, Inc., hereafter collectively referred to as the "Funds") as of August 31, 2019, the related statements ofoperations for the year ended August 31, 2019, the statements of changes in net assets for each of the two years in the period ended August 31, 2019, including the relatednotes, and the financial highlights for each of the five years in the period ended August 31, 2019 (collectively referred to as the “financial statements”). In our opinion, thefinancial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2019, the results of each of their operations for theyear then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2019 and each of the financial highlights for each of thefive years in the period ended August 31, 2019 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 ouraudits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent withrespect 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 thePCAOB.

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 obtainreasonable 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 performingprocedures 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 thefinancial statements. Our procedures included confirmation of securities owned as of August 31, 2019 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 LLPPhiladelphia, PennsylvaniaOctober 22, 2019

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

Report of Independent Registered Public Accounting Firm


For corporate shareholders, the percentage of ordinary income distributions paid during the fiscal year ended August 31, 2019 that qualified for the dividends-receiveddeduction were as follows:

iShares ETFDividends-Received

Deduction

MSCI USA Equal Weighted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92.93%

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2019:

iShares ETFQualified Dividend

Income

MSCI Colombia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 41,918MSCI Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,641,347MSCI Russia. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,517,356MSCI South Africa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,133,604MSCI Turkey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,607,910MSCI USA Equal Weighted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,045,753

For the fiscal year ended August 31, 2019, the Funds earned foreign source income and paid foreign taxes which they intend to pass through to their shareholders:

iShares ETFForeign SourceIncome Earned

ForeignTaxes Paid

MSCI Brazil. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 289,020,834 $ 18,796,273MSCI Chile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,273,167 3,922,666MSCI Colombia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 722,365 50,265MSCI Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,908,271 452,902MSCI Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,408,112 4,696,525MSCI South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,329,923 2,214,391MSCI Turkey. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,104,636 1,944,956

Important Tax Information (unaudited)

I M P O R T A N T T A X I N F O R M A T I O N 73

iShares MSCI Brazil ETF, iShares MSCI Chile ETF, iShares MSCI Israel ETF, iShares MSCI South Africa ETF, iShares MSCI Turkey ETF (the “Funds”)

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 Directors who are not“interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider and approve the InvestmentAdvisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Funds. The Board’s consideration entails a year-long process whereby theBoard and its committees (composed solely of Independent Directors) assess BlackRock’s services to the Funds, including investment management; fund accounting;administrative and shareholder services; oversight of the Funds’ service providers; risk management and oversight; legal and compliance services; and ability to meetapplicable legal and regulatory requirements. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice fromindependent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of theIndependent Directors (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initialrequests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting heldon June 17-19, 2019, the Board, including the Independent Directors, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Directors, approved the continuance of the Advisory Contract for the Funds, basedon a review of qualitative and quantitative information provided by BFA and their cumulative experience as Directors. The Board noted its satisfaction with the extent andquality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The IndependentDirectors were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the AdvisoryContract for the Funds, the Board, including the Independent Directors, considered various factors, including: (i) the expenses and performance of each Fund; (ii) the nature,extent and quality of the services provided by BFA; (iii) the costs of services provided to each Fund and profits realized by BFA and its affiliates; (iv) economies of scale; (v)the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The materialfactors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Directors, to approve the Advisory Contract arediscussed below.

Expenses and Performance of the Funds: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independentprovider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which eachFund invests (if applicable), and waivers/reimbursements (if applicable) of each 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 each Fund’s applicable peer group pursuant to Broadridge’s proprietaryETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine theapplicable Peer Groups. The Board further noted that due to the limitations in providing comparable funds in the various Peer Groups, the statistical information providedin Broadridge’s report may or may not provide meaningful direct comparisons to the Funds in all instances.

The Board also noted that the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) for the Funds were lower than the median ofthe investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in their respective Peer Group, excluding iShares funds. Inaddition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as any particular Fund, Broadridge alsoprovided, and the Board reviewed, a comparison of such Fund’s performance for the one-, three-, five-, ten-year, and since inception periods, as applicable, and for thequarter ended December 31, 2018, to that of relevant comparison fund(s) for the same periods. The Board noted that each Fund seeks to track its specified underlying indexand that, during the year, the Board received periodic reports on each Fund’s short- and longer-term performance in comparison with its underlying index. Such periodiccomparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that each Fund generallyperformed in line with its respective 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 rateand expense level and the historical performance of each Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA: Based on management’s representations, including information about recent and proposed enhancements tothe iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and riskmanagement, 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 underthe Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Boardconsidered 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 complianceprogram and its compliance record with respect to the Funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliancematters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has providedinformation and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board alsoreviewed the background and experience of the persons responsible for the day-to-day management of the Funds, as well as the resources available to them in managingthe Funds. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment andrisk management processes and strategies provided at the June 17-19, 2019 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 theFunds under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Funds and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRockin managing the Funds, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFAand its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares

Board Review and Approval of Investment Advisory Contract


funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board recognized thatprofitability may be affected by numerous factors including, among other things, fee waivers by the Adviser, the types of funds managed, expense allocations and businessmix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillaryrevenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Funds. The Board also discussed BFA’s estimated profitmargin as reflected in the Funds’ 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 Funds andBFA 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 Funds increase, notingthat 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 providingservices, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, andshowed 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 scaleare 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 throughvarious means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additionalinvestment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted thatthe Advisory Contract for each Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of each Fund, on an aggregated basis withthe 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, supportedthe 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 investmentadvisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-endfunds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Boardacknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and itsaffiliates do not manage Other Accounts with substantially the same investment objectives and strategies as the Funds and that track the same indexes. The Board furthernoted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Funds, including in terms of the types of servicesand generally more extensive services provided to the Funds, as well as other significant differences. In that regard, the Board considered that the pricing of services toinstitutional 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 overallrelationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challengesof managing and providing other services to the Funds, as a publicly traded ETFs, as compared to the Other Accounts, particularly those that are institutional clients, in lightof differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for clientsegmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board alsoconsidered the “all-inclusive” nature of the Funds’ advisory fee structure, and the Funds’ expenses borne by BFA under this arrangement. The Board noted that theinvestment advisory fee rates under the Advisory Contract for the Funds was generally higher than the investment advisory/management fee rates for certain of the OtherAccounts (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 servicesprovided to the Funds by BFA, both direct and indirect, such as payment of revenue to BTC, the Funds’ securities lending agent, for loaning portfolio securities (which wasincluded 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 Funds in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’sincreased 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 serviceprovider 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 notedthat 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 forportfolio transactions for the Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from anunderwriting syndicate in which a BFAaffiliate 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 Funds and thus would not alter the Board’s conclusion withrespect 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 theIndependent Directors, determined that the Funds’ investment advisory fee rates under the Advisory Contract do not constitute fees that are so disproportionately large asto 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 continuanceof the Advisory Contract for the coming year.

iShares MSCI Colombia ETF (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 Directors who are not“interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider and approve the InvestmentAdvisory Contract between the Company and BFA(the “Advisory Contract”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Boardand its committees (composed solely of Independent Directors) assess BlackRock’s services to the Fund, including investment management; fund accounting;

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 75

administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meetapplicable legal and regulatory requirements. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice fromindependent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of theIndependent Directors (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initialrequests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting heldon June 17-19, 2019, the Board, including the Independent Directors, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Directors, approved the continuance of the Advisory Contract for the Fund, basedon a review of qualitative and quantitative information provided by BFA and their cumulative experience as Directors. The Board noted its satisfaction with the extent andquality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The IndependentDirectors were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the AdvisoryContract for the Fund, the Board, including the Independent Directors, 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) economies of scale; (v)the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The materialfactors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Directors, to approve the Advisory Contract arediscussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independentprovider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which theFund 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 proprietaryETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’sPeer Group. The Board further noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s reportmay or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of theinvestment advisory fee rates and overall expenses (net of any 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-, three-, five-, ten-year, and since inception periods, as applicable, and for the quarter endedDecember 31, 2018, 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, duringthe year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparativeperformance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed inline 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 rateand 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 by BFA: Based on management’s representations, including information about recent and proposed enhancements tothe iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and riskmanagement, 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 underthe Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Boardconsidered 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 complianceprogram 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 compliancematters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has providedinformation and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board alsoreviewed 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 managingthe Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and riskmanagement processes and strategies, which were provided at the June 17-19, 2019 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 theFund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming 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 BlackRockin 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 BFAand its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iSharesfunds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board recognized thatprofitability may be affected by numerous factors including, among other things, fee waivers by the Adviser, the types of funds managed, expense allocations and businessmix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillary



revenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profitmargin 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 andBFA 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, notingthat 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 providingservices, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, andshowed 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 scaleare 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 throughvarious means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additionalinvestment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted thatthe 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 wouldcontinue 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 investmentadvisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-endfunds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Boardacknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and itsaffiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index. The Board further notedthat 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 andgenerally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services toinstitutional 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 overallrelationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challengesof managing and providing other services to the Fund, as a publicly traded ETF, as compared to the Other Accounts, particularly those that are institutional clients, in lightof differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for clientsegmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board alsoconsidered 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 theinvestment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the OtherAccounts (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 servicesprovided 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 wasincluded 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’sincreased 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 serviceprovider 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 notedthat 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 forportfolio 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 anunderwriting syndicate in which a BFAaffiliate 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 withrespect 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 theIndependent Directors, determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large asto 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 continuanceof the Advisory Contract for the coming year.

iShares MSCI Russia ETF (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 Directors who are not“interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider and approve the InvestmentAdvisory Contract between the Company and BFA(the “Advisory Contract”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Boardand its committees (composed solely of Independent Directors) 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 meetapplicable legal and regulatory requirements. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice fromindependent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of the



Independent Directors (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initialrequests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting heldon June 17-19, 2019, the Board, including the Independent Directors, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Directors, approved the continuance of the Advisory Contract for the Fund, basedon a review of qualitative and quantitative information provided by BFA and their cumulative experience as Directors. The Board noted its satisfaction with the extent andquality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The IndependentDirectors were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the AdvisoryContract for the Fund, the Board, including the Independent Directors, 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) economies of scale; (v)the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The materialfactors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Directors, to approve the Advisory Contract arediscussed below.


The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of theinvestment advisory fee rates and overall expenses (net of any 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 BlackRockin 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 BFAand its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iSharesfunds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board recognized thatprofitability may be affected by numerous factors including, among other things, fee waivers by the Adviser, the types of funds managed, expense allocations and businessmix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillaryrevenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profitmargin 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, notingthat 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 providingservices, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, andshowed 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 scaleare 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 throughvarious means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additionalinvestment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted thatthe 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 theassets 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.





iShares MSCI USA Equal Weighted ETF (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 Directors who are not“interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider and approve the InvestmentAdvisory Contract between the Company and BFA(the “Advisory Contract”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Boardand its committees (composed solely of Independent Directors) 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 meetapplicable legal and regulatory requirements. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice fromindependent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of theIndependent Directors (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initialrequests of the 15(c) Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting heldon June 17-19, 2019, the Board, including the Independent Directors, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Directors, approved the continuance of the Advisory Contract for the Fund, basedon a review of qualitative and quantitative information provided by BFA and their cumulative experience as Directors. 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 IndependentDirectors were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the AdvisoryContract for the Fund, the Board, including the Independent Directors, 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) economies of scale; (v)the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The materialfactors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Directors, to approve the Advisory Contract arediscussed below.


The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of theinvestment advisory fee rates and overall expenses (net of any 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 BlackRockin 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 BFAand its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iSharesfunds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board recognized thatprofitability may be affected by numerous factors including, among other things, fee waivers by the Adviser, the types of funds managed, expense allocations and businessmix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillaryrevenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profitmargin 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, notingthat 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 providingservices, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, andshowed 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 throughvarious means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additionalinvestment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted thatthe 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 wouldcontinue to assess the appropriateness of adding breakpoints in the future.







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 reportingpurposes. 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 changesbased 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 taxpurposes.

Total Cumulative Distributionsfor the Fiscal Year

% Breakdown of the Total CumulativeDistributions for the Fiscal Year

iShares ETF

NetInvestment

IncomeNet Realized

Capital GainsReturn of

CapitalTotal Per

Share

NetInvestment

IncomeNet Realized

Capital GainsReturn of

CapitalTotal Per

Share

MSCI Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.105574 $ — $ — $ 1.105574 100% —% —% 100%MSCI Colombia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.393168 — — 0.393168 100 — — 100MSCI Israel(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.243621 — 0.002752 0.246373 99 — 1 100MSCI Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.026721 — — 2.026721 100 — — 100MSCI South Africa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.381908 — — 2.381908 100 — — 100MSCI Turkey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.668173 — — 0.668173 100 — — 100MSCI USA Equal Weighted(a) . . . . . . . . . . . . . . . . . . . . . . 0.965545 — 0.045159 1.010704 96 — 4 100

(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 returnof 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 theFund's investment performance and should not be confused with "yield" or "income". When distributions exceed total return performance, the difference will incrementally reduce theFund's net asset value per share.

Premium/Discount Information

The Premium/Discount Information section is intended to present information about the differences between the daily market price on secondary markets for shares of afund and that fund’s NAV. NAV is the price at which a fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fundshares. The “Market Price” of a fund generally is determined using the midpoint between the highest bid and the lowest ask on the primary securities exchange on whichshares of such fund are listed for trading, as of the time that the fund’s NAV is calculated. A fund’s Market Price may be at, above or below its NAV. The NAV of a fund willfluctuate with changes in the value of its portfolio holdings. The Market Price of a fund will fluctuate in accordance with changes in its NAV, as well as market supply anddemand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a fund on a given day, generally at the time the NAV iscalculated. A premium is the amount that a fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a fund is tradingbelow the reported NAV, expressed as a percentage of the NAV.

Premium/discount information for the Funds covering the most recently completed calendar year and the most recently completed calendar quarters since that year (orsince the Fund began trading, if shorter) is publicly accessible, free of charge, at www.iShares.com.

The following information shows the frequency of distributions of premiums and discounts for the Funds for the immediately preceding five calendar years (or from the datea Fund began trading on the secondary market, if less than five years) through the date of the most recent calendar quarter-end. Each line in each table shows the numberof trading days in which the Fund traded within the premium/discount range indicated. Premium/discount ranges with no trading days are omitted. The number of tradingdays in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented hererepresents past performance, which cannot be used to predict future results.

Supplemental Information (unaudited)


iShares MSCI Brazil ETFPeriod Covered: January 01, 2014 through June 30, 2019

Premium/Discount RangeNumberof Days

Percentage ofTotal Days

Greater than 5.0% and Less than 5.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07%Greater than 4.0% and Less than 4.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Greater than 3.5% and Less than 4.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Greater than 3.0% and Less than 3.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14Greater than 2.5% and Less than 3.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0.22Greater than 2.0% and Less than 2.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 0.65Greater than 1.5% and Less than 2.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 1.45Greater than 1.0% and Less than 1.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 4.05Greater than 0.5% and Less than 1.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186 13.46Greater than 0.0% and Less than 0.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 409 29.59At NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 0.51Less than 0.0% and Greater than –0.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 410 29.67Less than –0.5% and Greater than –1.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193 13.97Less than –1.0% and Greater than –1.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 4.05Less than –1.5% and Greater than –2.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 0.87Less than –2.0% and Greater than –2.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 0.80Less than –2.5% and Greater than –3.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0.22Less than –3.0% and Greater than –3.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14

1,382 100.00%

iShares MSCI Chile ETFPeriod Covered: January 01, 2014 through June 30, 2019



Greater than 3.5% and Less than 4.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07%Greater than 3.0% and Less than 3.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Greater than 2.5% and Less than 3.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14Greater than 2.0% and Less than 2.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14Greater than 1.5% and Less than 2.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 1.16Greater than 1.0% and Less than 1.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 2.53Greater than 0.5% and Less than 1.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149 10.78Greater than 0.0% and Less than 0.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 451 32.64At NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 0.80Less than 0.0% and Greater than –0.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 463 33.51Less than –0.5% and Greater than –1.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183 13.24Less than –1.0% and Greater than –1.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 3.84Less than –1.5% and Greater than –2.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 0.72Less than –2.0% and Greater than –2.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14Less than –3.0% and Greater than –3.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0.22

1,382 100.00%

Supplemental Information (unaudited) (continued)

S U P P L E M E N T A L I N F O R M A T I O N 83

iShares MSCI Colombia ETFPeriod Covered: January 01, 2014 through June 30, 2019



Greater than 3.0% and Less than 3.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07%Greater than 2.5% and Less than 3.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 0.36Greater than 2.0% and Less than 2.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 1.01Greater than 1.5% and Less than 2.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 2.97Greater than 1.0% and Less than 1.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 7.75Greater than 0.5% and Less than 1.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 283 20.48Greater than 0.0% and Less than 0.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 364 26.35At NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 0.72Less than 0.0% and Greater than –0.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 306 22.14Less than –0.5% and Greater than –1.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166 12.00Less than –1.0% and Greater than –1.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 4.78Less than –1.5% and Greater than –2.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 1.23Less than –2.0% and Greater than –2.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14

1,382 100.00%

iShares MSCI Israel ETFPeriod Covered: January 01, 2014 through June 30, 2019



Greater than 6.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07%Greater than 2.0% and Less than 2.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Greater than 1.5% and Less than 2.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 0.29Greater than 1.0% and Less than 1.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 1.30Greater than 0.5% and Less than 1.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 7.38Greater than 0.0% and Less than 0.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 565 40.89At NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 1.37Less than 0.0% and Greater than –0.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 535 38.72Less than –0.5% and Greater than –1.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 7.02Less than –1.0% and Greater than –1.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 2.10Less than –1.5% and Greater than –2.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 0.58Less than –2.0% and Greater than –2.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14Less than –2.5% and Greater than –3.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07

1,382 100.00%



iShares MSCI Russia ETFPeriod Covered: January 01, 2014 through June 30, 2019



Greater than 6.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14%Greater than 4.5% and Less than 5.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14Greater than 4.0% and Less than 4.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14Greater than 3.5% and Less than 4.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0.22Greater than 3.0% and Less than 3.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14Greater than 2.5% and Less than 3.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 0.72Greater than 2.0% and Less than 2.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 1.09Greater than 1.5% and Less than 2.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 2.68Greater than 1.0% and Less than 1.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 5.35Greater than 0.5% and Less than 1.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219 15.85Greater than 0.0% and Less than 0.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 380 27.51At NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 0.87Less than 0.0% and Greater than –0.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 306 22.14Less than –0.5% and Greater than –1.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158 11.43Less than –1.0% and Greater than –1.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93 6.74Less than –1.5% and Greater than –2.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 2.39Less than –2.0% and Greater than –2.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 1.30Less than –2.5% and Greater than –3.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 0.36Less than –3.0% and Greater than –3.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 0.51Less than –4.0% and Greater than –4.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Less than –5.0% and Greater than –5.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Less than –6.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14

1,382 100.00%

iShares MSCI South Africa ETFPeriod Covered: January 01, 2014 through June 30, 2019



Greater than 4.5% and Less than 5.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14%Greater than 3.5% and Less than 4.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0.22Greater than 3.0% and Less than 3.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 0.29Greater than 2.5% and Less than 3.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0.22Greater than 2.0% and Less than 2.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 1.37Greater than 1.5% and Less than 2.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 2.60Greater than 1.0% and Less than 1.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 6.44Greater than 0.5% and Less than 1.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241 17.44Greater than 0.0% and Less than 0.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 364 26.35At NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 0.58Less than 0.0% and Greater than –0.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 316 22.87Less than –0.5% and Greater than –1.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164 11.87Less than –1.0% and Greater than –1.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 5.50Less than –1.5% and Greater than –2.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 2.10Less than –2.0% and Greater than –2.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 1.09Less than –2.5% and Greater than –3.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 0.43Less than –3.0% and Greater than –3.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Less than –3.5% and Greater than –4.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14Less than –4.0% and Greater than –4.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14Less than –4.5% and Greater than –5.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14

1,382 100.00%



iShares MSCI Turkey ETFPeriod Covered: January 01, 2014 through June 30, 2019



Greater than 6.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07%Greater than 3.5% and Less than 4.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Greater than 3.0% and Less than 3.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0.22Greater than 2.5% and Less than 3.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 0.51Greater than 2.0% and Less than 2.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 0.36Greater than 1.5% and Less than 2.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 2.03Greater than 1.0% and Less than 1.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 4.92Greater than 0.5% and Less than 1.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209 15.12Greater than 0.0% and Less than 0.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 422 30.54At NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 1.01Less than 0.0% and Greater than –0.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 358 25.91Less than –0.5% and Greater than –1.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138 9.99Less than –1.0% and Greater than –1.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 5.50Less than –1.5% and Greater than –2.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 1.95Less than –2.0% and Greater than –2.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 1.09Less than –2.5% and Greater than –3.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 0.29Less than –3.0% and Greater than –3.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14Less than –3.5% and Greater than –4.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14Less than –4.0% and Greater than –4.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Less than –4.5% and Greater than –5.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07

1,382 100.00%

iShares MSCI USA Equal Weighted ETFPeriod Covered: January 01, 2014 through June 30, 2019



Greater than 0.0% and Less than 0.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 761 55.06%At NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155 11.22Less than 0.0% and Greater than –0.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 466 33.72

1,382 100.00%

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 complywith 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 Brazil ETF and iShares MSCI USA Equal Weighted ETF (each a “Fund”, collectively the “Funds”) to be marketed to EUinvestors 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 ofcurrently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to makechanges 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 notbeing 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 profileof 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 BlackRockbusiness 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 isincluded 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 allemployees 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 andother non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and otherconsiderations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentiveawards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock's independent compensation committee, taking into account bothactual 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.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the businessunits. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the seniormembers 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 functionsof 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 eachFund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representativeof 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 financialyear ending December 31, 2018 was USD 821.81 thousand. This figure is comprised of fixed remuneration of USD 355.14 thousand and variable remuneration of USD466.66 thousand. There were a total of 469 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 yearending December 31, 2018, to its senior management was USD 114.09 thousand, and to members of its staff whose actions have a material impact on the risk profile ofthe Fund was USD 14.96 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 theCompany's financial year ending December 31, 2018 was USD 21.09 thousand. This figure is comprised of fixed remuneration of USD 9.12 thousand and variableremuneration of USD 11.98 thousand. There were a total of 469 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'sfinancial year ending December 31, 2018, to its senior management was USD 2.93 thousand, and to members of its staff whose actions have a material impact on the riskprofile of the Fund was USD 0.38 thousand.



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 otherservice 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 successoris 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 referredto 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, indexand money market funds (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (the “BlackRockFixed-Income Complex”) and one complex of ETFs ("Exchange-Traded Fund Complex") (each, a "BlackRock Fund Complex"). Each Fund is included in the BlackRockFund 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 352 funds as of August 31, 2019. With the exception of Robert S. Kapito,Mark K. Wiedman, Charles Park, Martin Small, Benjamin Archibald and Neal J. Andrews, 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. Wiedman, Mr. Park, Mr. Small, Mr. Archibald and Mr. Andrews is c/o BlackRock, Inc., Park Avenue Plaza, 55 East52nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Directors andofficers 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) (62)

Director (since2009).

President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Headof BlackRock’s Portfolio Management Group (since its formation in 1998) andBlackRock, Inc.’s predecessor entities (since 1988); Trustee, University ofPennsylvania (since 2009); President of Board of Directors, Hope & HeroesChildren’s Cancer Fund (since 2002).

Director of BlackRock, Inc. (since 2006); Trusteeof iShares Trust (since 2009); Trustee of iSharesU.S. ETF Trust (since 2011).

Mark K.Wiedman(b)

(48)

Director (since2013).

Senior Managing Director, BlackRock, Inc. (since 2014); Managing Director,BlackRock, Inc. (2007-2014); Head of International and of Corporate Strategy forBlackRock (since 2019); Global Head of BlackRock’s ETF and Index InvestmentsBusiness (2016-2019); Global Head of iShares (2011-2016); Head of CorporateStrategy, BlackRock, Inc. (2009-2011).

Trustee of iShares Trust (since 2013); Trustee ofiShares U.S. ETF Trust (since 2013); Director ofPennyMac Financial Services, Inc. (since 2008).

(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.ff(b) Mark K. Wiedman 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


Cecilia H.Herbert (70)

Director (since2005);IndependentBoard Chair(since 2016).

Chair of the Finance Committee (since 2019) and Trustee and Member of theFinance, Technology and Quality Committees of Stanford Health Care (since 2016);Member of the Audit Committee (since 2018) and Trustee and Member of theInvestment Committee, WNET, a New York public media company (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 CharitiesCYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee(2006-2010) of the Thacher School.

Trustee of iShares Trust (since 2005); Trustee ofiShares U.S. ETF Trust (since 2011);Independent Board Chair of iShares Trust andiShares U.S. ETF Trust (since 2016); Trustee ofThrivent Church Loan and Income Fund (since2019).

Jane D.Carlin (63)

Director (since2015); RiskCommittee Chair(since 2016).

Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of theNominating and Governance Committee (2017-2018) and Director of PHHCorporation (mortgage solutions) (2012-2018); Managing Director and Global Headof Financial Holding Company Governance & Assurance and the Global Head ofOperational Risk Management of Morgan Stanley (2006-2012).

Trustee of iShares Trust (since 2015); Trustee ofiShares U.S. ETF Trust (since 2015); Member ofthe Audit Committee (since 2016) and Director ofThe Hanover Insurance Group, Inc. (since 2016).

Richard L.Fagnani (64)

Director (since2017); AuditCommittee Chair(since 2019).

Partner, KPMG LLP (2002-2016). Trustee of iShares Trust (since 2017); Trustee ofiShares U.S. ETF Trust (since 2017).

Director and Officer Information


Independent Directors (continued)


John E.Kerrigan (64)

Director (since2005); Nominatingand Governanceand Equity PlusCommittee Chairs(since 2019).

Chief Investment Officer, Santa Clara University (since 2002). Trustee of iShares Trust (since 2005); Trustee ofiShares U.S. ETF Trust (since 2011).

Drew E.Lawton (60)

Director (since2017); 15(c)Committee Chair(since 2017).

Senior Managing Director of New York Life Insurance Company (2010-2015). Trustee of iShares Trust (since 2017); Trustee ofiShares U.S. ETF Trust (since 2017).

John E.Martinez (58)

Director (since2003); SecuritiesLendingCommittee Chair(since 2019).

Director of Real Estate Equity Exchange, Inc. (since 2005); Director of ClouderaFoundation (since 2017); Director of Reading Partners (2012-2016).

Trustee of iShares Trust (since 2003); Trustee ofiShares U.S. ETF Trust (since 2011).

Madhav V.Rajan (55)

Director (since2011); FixedIncome PlusCommittee Chair(since 2019).

Dean, and George Pratt Shultz Professor of Accounting, University of Chicago BoothSchool of Business (since 2017); Robert K. Jaedicke Professor of Accounting,Stanford University Graduate School of Business (2001-2017); Professor of Law (bycourtesy), Stanford Law School (2005-2017); Senior Associate Dean for AcademicAffairs and Head of MBA Program, Stanford University Graduate School of Business(2010-2016).

Trustee of iShares Trust (since 2011); Trustee ofiShares U.S. ETF Trust (since 2011).

Officers(a)

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

MartinSmall (44)

President (since2016).

Managing Director, BlackRock, Inc. (since 2010); Head of BlackRock's U.S. Wealth Advisory Business (since 2019); Head of U.S. iShares(2015-2019); Co-Head of the U.S. Financial Markets Advisory Group, BlackRock, Inc. (2008-2014).

Neal J.Andrews (53)

Treasurer andChief FinancialOfficer (since2019).

Managing Director, BlackRock, Inc. (since 2006); Chief Financial Officer of the BlackRock-advised Funds in the BlackRock Multi-AssetComplex and the BlackRock Fixed-Income Complex (since 2007).

CharlesPark (52)

Chief ComplianceOfficer (since2006).

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

DeepaDamre (44)

Secretary (since2019).

Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).

ScottRadell (50)

Executive VicePresident (since2012).

Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).

AlanMason (58)

Executive VicePresident (since2016).

Managing Director, BlackRock, Inc. (since 2009).

(a) Effective September 13, 2019, Armando Senra has replaced Martin Small as President and Marybeth Leithead has been appointed as Executive Vice President.

Director and Officer Information (continued)

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 89

Electronic Delivery

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

To enroll in electronic delivery:

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

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copyof certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contactyour 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 currentlyenrolled 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 FormN-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds' Forms N-PORT and N-Q are available on theSEC’s website at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

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

General Information


Portfolio Abbreviations - Equity

ADR American Depositary Receipt

GDR Global Depositary Receipt

NVS Non-Voting Shares

Glossary of Terms Used in this Report

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 91

THIS PAGE INTENTIONALLY LEFT BLANK.



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

Investing involves risk, including possible loss of principal.

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

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

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

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

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2019 ANNUAL REPORT - blackrock.com · 2019 ANNUAL REPORT. ... Lojas Renner SA ..... 2.6 BancodoBrasil SA..... 2.6 (a) Excludes money market funds. FundSummaryas ofAugust 31, 2019