2019 ANNUAL REPORT - BlackRock · of trade tensions and slowing industrial production weighed on markets late in the reporting period. ... future. Thereafter, China announced $75

iShares, Inc.

� iShares MSCI Hong Kong ETF | EWH | NYSE Arca

� iShares MSCI Japan Small-Cap ETF | SCJ | NYSE Arca

� iShares MSCI Malaysia ETF | EWM | NYSE Arca

� iShares MSCI Pacific ex Japan ETF | EPP | NYSE Arca

� iShares MSCI Singapore ETF | EWS | NYSE Arca

� iShares MSCI Taiwan ETF | EWT | NYSE Arca

� iShares MSCI Thailand ETF | THD | NYSE Arca

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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Shareholder Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Schedules of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19Financial Statements

Statements of Assets and Liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49Statements of Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55Notes 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 Hong Kong ETF (the “Fund”) seeks to track the investment results of an index composed of Hong Kong equities, as represented by the MSCI Hong KongIndex (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

Average Annual Total Returns Cumulative Total Returns

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

Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2.00)% 4.16% 8.07% (2.00)% 22.59% 117.24%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2.60) 4.04 7.98 (2.60) 21.92 115.57Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.42) 4.77 8.67 (1.42) 26.26 129.57

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

$21,724$22,957

8,000

10,000

12,000

14,000

16,000

18,000

20,000

22,000

24,000

$26,000

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

Fund 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 18 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 $ 904.90 $ 2.40 $ 1,000.00 $ 1,022.70 $ 2.55 0.50%

(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number ofdays in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 18 for more information.

Fund Summary as of August 31, 2019 iShares� MSCI Hong Kong 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

Hong Kong equities posted a slightly negative return after declining sharply late in the reporting period amid investor outflows as mass protests against China’s sovereigntyand for democratic reforms disrupted the economy, dragged on business activity and consumer spending, and raised concerns about mainland intervention. Economicgrowth was modest, and depreciation of the Chinese yuan prompted concerns about future profits for Hong Kong companies that earn revenue in China.

In that environment, industrials stocks detracted modestly from the Index’s return, as capital goods conglomerates declined amid weaker global trade and political unrestin Hong Kong. Other broad issues, such as the global automotive slump, the slowdown in Europe, and Brexit lowered profits and impacted investor sentiment, furtherweighing on the industry.

The consumer discretionary sector also weighed on the Index’s performance, as Hong Kong-based casinos and gaming companies operating in the gambling hub of Macaudeclined. Revenues and profits dropped as the lucrative high-roller market languished amid reports of Chinese restrictions on tour operators. Tourism visits, previouslystrong, dropped sharply.

The real estate sector’s detraction from the Index’s performance stemmed from declines in the real estate management and development industry. Real estate pricesdropped, first driven by lower demand from China, and later by the ongoing protests.

On the upside, the financials sector contributed to the Index’s return, driven by the insurance industry. Insurance stocks advanced due to strong gains in new business inHong Kong and China, which opened its financials sector to greater participation by foreign companies. The capital markets industry advanced as international funds usedthe Hong Kong Stock Exchange to invest in Chinese stocks added to MSCI indexes.

Portfolio Information

ALLOCATION BY SECTOR

SectorPercent of

Total Investments(a)

Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.8%Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.6Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.9Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.7Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.8Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7

TEN LARGEST HOLDINGS

SecurityPercent of


AIA Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.9%Hong Kong Exchanges & Clearing Ltd. . . . . . . . . . . . . . . . . . . . . . . 7.4Link REIT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8CK Hutchison Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8Sun Hung Kai Properties Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6Hong Kong & China Gas Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0CK Asset Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6CLP Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4Hang Seng Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2Galaxy Entertainment Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8

(a) Excludes money market funds.

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

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


The iShares MSCI Japan Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization Japanese equities, asrepresented by the MSCI Japan Small Cap Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has aninvestment 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






$19,266$19,942

8,000

10,000

12,000

14,000

16,000

18,000

20,000

22,000

$24,000


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 $ 997.10 $ 2.52 $ 1,000.00 $ 1,022.70 $ 2.55 0.50%


Fund Summary as of August 31, 2019 iShares� MSCI Japan Small-Cap ETF



Japanese small-capitalization stocks declined during the reporting period amid slowing global economic growth and escalating trade tensions. Government-imposedrestrictions on certain exports to South Korea, following a diplomatic dispute, added to uncertainty surrounding trade. Nevertheless, the domestic economy, buoyed bydomestic consumption, posted steady gains, and unemployment declined to its lowest level in over 26 years.

The industrials sector was the leading detractor from the Index’s return. The sector, like much of the country’s economy, relies heavily on exports and was negatively affectedby the U.S.-China trade dispute, which led to disruptions in Asian supply chains and lower trading volumes. The capital goods industry was the sector’s largest detractor,with companies sharply decreasing production output as industrial machinery orders decreased.

The financials sector also weighed on the Index’s return. Regional banks struggled amid historically low interest rates, which pressured lending margins. Lower demandfor services from the country’s aging and declining population further constrained the industry. The consumer discretionary sector was also a meaningful detractor. Tradetensions particularly weighed on auto component manufacturers, a key driver of the sector’s downturn. The retail industry was a smaller, though meaningful, detractor amidlower retail sales and weakening consumer confidence. The materials sector was also a notable detractor, driven primarily by chemicals companies, whose stocks declineddue to slowing growth in demand for basic chemicals from China and the trade dispute with South Korea.

On the upside, the real estate sector contributed meaningfully to the Index’s return. Commercial land prices in Japan rose due to higher demand for hotels and storescatering to increasing numbers of foreign visitors. Residential land prices, particularly in urban areas, also increased, driven higher by demand from overseas investors andlow interest rates.



SectorPercent of


Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.5%Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.0Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.7Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.6Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.2Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.2Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9Other (each representing less than 1%). . . . . . . . . . . . . . . . . . . . . . 1.6


SecurityPercent of


Orix JREIT Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8%GLP J-REIT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Advance Residence Investment Corp. . . . . . . . . . . . . . . . . . . . . . . . 0.6TIS Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Nihon M&A Center Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Nippon Shinyaku Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Sojitz Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Skylark Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Activia Properties Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5COMSYS Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5


Fund Summary as of August 31, 2019 (continued) iShares� MSCI Japan Small-Cap ETF



The iShares MSCI Malaysia ETF (the “Fund”) seeks to track the investment results of an index composed of Malaysian equities, as represented by the MSCI MalaysiaIndex (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



Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11.69)% (6.16)% 3.35% (11.69)% (27.24)% 39.05%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10.99) (6.18) 3.41 (10.99) (27.29) 39.87Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11.38) (5.88) 3.75 (11.38) (26.15) 44.55



$13,905$14,455

9,00010,00011,00012,00013,00014,00015,00016,00017,00018,00019,000

$20,000


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 $ 924.00 $ 2.42 $ 1,000.00 $ 1,022.70 $ 2.55 0.50%


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



Malaysian stocks declined during the reporting period, amid steady but subdued economic growth, as foreign investment outflows weighed on equities. After the 2018elections, the government reduced spending under austerity measures designed to reduce the country’s budget deficit, as well as corruption and inefficiencies. Corporateffearnings were largely disappointing, as consumer sentiment weakened. Exports and total trade contracted in the first half of 2019 amid escalating trade tensions. Towardthe end of the reporting period, there were some positive signals surrounding consumer spending and the government’s potential return to delayed infrastructure projects.

The financials sector was the leading detractor from the Index’s return, as trade tensions escalated and heightened concerns about domestic and global growth. Thebanking industry declined in an increasingly competitive landscape. The central bank cut interest rates in May 2019 for the first time in three years, which pressured netinterest margins — a key measure of bank profitability — and industry profits weakened. Loan growth slowed, driven in part by a steady contraction of automotive loans.

The consumer discretionary sector weighed on the Index’s performance, driven almost exclusively by weakness in the hotels, restaurants, and leisure industry. TheMalaysian government substantially raised the gross income taxes and annual fees on casino operators for the first time since the Asian financial crisis of the late 1990s,and the casino and gaming industry declined. Legal issues with U.S.-based casino and entertainment companies, skepticism about acquisitions, and delays in opening atheme park also weighed on the industry.

The utilities and materials sectors also detracted from the Index’s return. Utilities declined amid rising costs and government restrictions that reduced profits. Withinmaterials, the chemicals industry declined as demand shrank amid trade tensions, driving lower prices and sales volume.



SectorPercent of


Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.2%Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.9Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.0Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.2Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.0Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.9Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0


SecurityPercent of


Public Bank Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.5%Tenaga Nasional Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.4Malayan Banking Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2CIMB Group Holdings Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3Petronas Chemicals Group Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6DiGi.Com Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4Axiata Group Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0Maxis Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8Genting Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Dialog Group Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7


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



The iShares MSCI Pacific ex Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Pacific region developed market equities, excludingJapan, as represented by the MSCI Pacific ex Japan Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectivelyhas 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.56% 1.44% 6.20% 0.56% 7.41% 82.44%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.37 1.41 6.15 0.37 7.27 81.62Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.99 1.86 6.65 0.99 9.65 90.30



$18,244$19,030

8,000

10,000

12,000

14,000

16,000

18,000

20,000

$22,000


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 $ 990.80 $ 2.41 $ 1,000.00 $ 1,022.80 $ 2.45 0.48%


Fund Summary as of August 31, 2019 iShares� MSCI Pacific ex Japan ETF



Asian Pacific equities excluding Japan were flat during the reporting period amid slowing global economic growth, a strengthening U.S. dollar, and escalating trade tensions.Corporate earnings weakened and stocks declined in the region, as countries that supply China with industrial and consumer goods were negatively impacted by China’srecent economic struggles and rising protectionism, which dampened global trade.

Australian equities contributed the most to the Index’s return amid slowing economic growth, which reached its lowest level in a decade. Decreasing manufacturingproduction led to lower business inventories as economic expansion moderated. In the materials sector, metals and mining stocks gained alongside iron ore prices, whichwere driven higher by a global production disruption following dam collapses in Brazil. A cyclone in Australia also reduced production of iron ore, exacerbating the globalshortage, with Chinese stockpiles of the steelmaking metal declining to their lowest level since 2017. Advancing gold prices similarly supported the industry.

Australian industrials and real estate sectors contributed modestly. Transportation stocks buoyed the industrial sector, benefiting from lower borrowing costs, gains fromexpansion, and increasing traffic on private toll roads. The real estate sector advanced amid strong demand for industrial and office space, which bolstered real estateinvestment trusts (“REITs”). REITs also benefited from attractive dividend yields as compared to Australian bonds, whose yields dipped to their lowest level in three years.The consumer discretionary sector also contributed modestly to the Index’s return, as the Reserve Bank of Australia reduced interest rates, boosting consumer spendingand bolstering the retail industry.

Industrials stocks in Hong Kong detracted modestly from the Index’s return, as capital goods conglomerates declined amid weaker global trade and political unrest in HongKong. Other broad issues, such as the global automotive slump, the slowdown in Europe, and Brexit lowered profits and impacted investor sentiment, further weighing onthe industry. Hong Kong-based casinos and gaming companies operating in the gambling hub of Macau declined, as the lucrative high-roller market languished amid reportsof Chinese restrictions on tour operators.



SectorPercent of


Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38.1%Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.7Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.6Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.3Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.8Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7

ALLOCATION BY COUNTRY

CountryPercent of


Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57.7%Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.8Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.5New Zealand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0Malta. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0(b)

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

Fund Summary as of August 31, 2019 (continued) iShares� MSCI Pacific ex Japan ETF



The iShares MSCI Singapore ETF (the “Fund”) seeks to track the investment results of an index composed of Singaporean equities, as represented by the MSCI Singapore25/50 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. Dueto 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.41)% (0.22)% 4.99% (0.41)% (1.11)% 62.79%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.26) (0.23) 4.98 (0.26) (1.17) 62.60Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.08 0.17 5.37 0.08 0.85 68.71



$16,279$16,871

9,00010,00011,00012,00013,00014,00015,00016,00017,00018,00019,000

$20,000


Fund Index

Index performance through November 30, 2016 reflects the performance of the MSCI Singapore Index. Index performance beginning on December 1, 2016 reflects the performanceof the MSCI Singapore 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 $ 989.90 $ 2.51 $ 1,000.00 $ 1,022.70 $ 2.55 0.50%


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



Singaporean equities were nearly flat during the reporting period, amid modest economic growth that included the largest quarterly slowdown since 2012. Singapore’seconomy, which relies heavily on exports, was negatively affected by trade tensions between the U.S. and China, two of its largest trading partners. Exports weakeneddramatically, particularly electronics, amid cooling markets for technology products and semiconductors. Singapore’s manufacturing activity slowed, and trade tensionsweighed on corporate earnings. However, toward the end of the reporting period, signs emerged of easing pressure on exports, improving manufacturing activity, strongerlending to foreigners, and increasing tourism.

The real estate sector was the primary contributor to the Index’s return, driven largely by real estate investment trusts (“REITs”), which advanced sharply. Investors preferredREITs’ relatively high dividend yields, as compared to domestic and global bond yields, which continued to decline amid further global central bank easing. Singapore-basedREITs pay higher dividends than many peers despite facing higher debt restrictions, but the central bank is considering easing those rules. Analysts believe that looser debtrules would allow REITs to accelerate acquisitions aimed at building scale and lure increased foreign investment.

Contribution in consumer staples came from the agricultural products industry, which advanced despite lowered demand for animal feed due to an outbreak of African swinefever in China. Optimism surrounding an initial public offering in China for a large Singaporean food producer helped bolster performance.

On the downside, the communication services sector weighed on the Index’s return, driven almost entirely by a single stock in the media and entertainment industry, whichdeclined as the continued loss of print advertisers and subscribers weighed on profits. The company also reduced its dividend amid mixed success in its efforts to diversify.



SectorPercent of


Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48.4%Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.5Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.8Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3


SecurityPercent of


DBS Group Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.1%Oversea-Chinese Banking Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . 13.9United Overseas Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.0Singapore Telecommunications Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 4.4Keppel Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1Ascendas REIT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1Wilmar International Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8Singapore Exchange Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4Singapore Technologies Engineering Ltd. . . . . . . . . . . . . . . . . . . . 3.3ComfortDelGro Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9


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



The iShares MSCI Taiwan ETF (the “Fund”) seeks to track the investment results of an index composed of Taiwanese equities, as represented by the MSCI Taiwan 25/50Index (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






$20,504$21,657

8,000

10,000

12,000

14,000

16,000

18,000

20,000

22,000

$24,000


Fund Index

Index performance through November 30, 2016 reflects the performance of the MSCI Taiwan Index. Index performance beginning on December 1, 2016 reflects the performance of theMSCI Taiwan 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 $ 1,030.70 $ 2.97 $ 1,000.00 $ 1,022.30 $ 2.96 0.58%


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



Taiwanese equities declined during the reporting period amid signs of weakening global growth and escalations in the trade dispute between the U.S. and China. Decliningexports, particularly to China and the U.S., Taiwan’s two largest trading partners, led to slower economic growth in Taiwan’s export-driven economy. A dispute betweenSouth Korea and Japan raised concerns about the global technology supply chains that link to Taiwanese factories. Foreign capital outflows also weighed on equities, drivenin part by Taiwan’s close relationship with China, as investors took advantage of newly available ways to invest in China A-shares, through Hong Kong and a popularemerging markets index.

Growth and trade issues weighed heavily on the information technology sector, the largest detractor from the Index’s return. Sales slowed across the technology hardwareand equipment industry, amid escalating tensions and lower demand from key markets, including China. A U.S. hardware giant and key customer of Taiwan’s contractmanufacturers faced declining sales for smartphones, which pressured its suppliers on pricing, limiting their profits. Change in U.S. policy toward a major Chinesesmartphone manufacturer and threats of more tariffs on Chinese goods raised concerns about future growth and earnings. Expectations of additional U.S. tariffs targetinglaptops and smartphones, key products for Taiwan’s information technology sector, also dampened investor sentiment.

The materials sector also weighed on the Index’s performance, due largely to weakness in the chemicals industry, where exports declined. Amid trade tensions, salesslowed as demand for chemicals slipped both in China and globally. Profit margins tightened as prices declined, reducing the spread between plastics and raw materialsto multi-year lows. A wave of new production raised the potential for even more margin pressure.



SectorPercent of


Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53.4%Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.2Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.6Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Other (each representing less than 1%). . . . . . . . . . . . . . . . . . . . . . 1.5


SecurityPercent of


Taiwan Semiconductor Manufacturing Co. Ltd. . . . . . . . . . . . . . . 22.7%Hon Hai Precision Industry Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 5.4MediaTek Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2Formosa Plastics Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3Largan Precision Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3Chunghwa Telecom Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3CTBC Financial Holding Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2Uni-President Enterprises Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1Nan Ya Plastics Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0Cathay Financial Holding Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9


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



The iShares MSCI Thailand ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Thai equities, as represented by the MSCIThailand IMI 25/50 Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar tothe 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.03% 4.31% 12.24% 2.03% 23.47% 217.16%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.02 4.17 12.14 2.02 22.66 214.43Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.36 4.59 12.57 2.36 25.13 226.82



$31,716$32,682

5,000

10,000

15,000

20,000

25,000

30,000

$35,000


Fund Index

Index performance through February 11, 2013 reflects the performance of the MSCI Thailand Investable Market Index. Index performance beginning on February 12, 2013 reflects theperformance of the MSCI Thailand 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 $ 1,020.10 $ 2.95 $ 1,000.00 $ 1,022.30 $ 2.96 0.58%


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



Despite slowing economic growth both domestically and globally, Thai stocks posted a positive return for the reporting period. While trade tensions between the U.S. andChina weighed on economic activity around the region, Thailand experienced some gains from the disruption as companies and trade flows moved from China to avoidtariffs. An election in March 2019, the first since a military takeover in 2014, resulted in a coalition government that investors viewed as a sign of stability. Nonetheless,economic signals began to turn negative toward the second half of the reporting period, as growth stalled, corporate profits declined, and consumer confidence weakened.

The consumer staples sector was the largest contributor to the Index’s return, driven mostly by the food retail industry. Despite the slowing economy, overall retail salesremained strong, growing substantially year-over-year. Thailand’s retail infrastructure, particularly in the capital, benefited from substantial investments by developers.

Industrials stocks also advanced, due in part to substantial transportation infrastructure projects initiated by the government to support economic expansion. Investmentsin infrastructure linking railroads, highways, and airports benefited stocks as demand for logistics services rose, supported by growth in e-commerce and increasingdevelopment. The telecommunications services sector also performed well, as wireless carriers benefited from an ongoing shift away from fixed-line service.

On the downside, the energy sector was a significant detractor, particularly oil, gas, and consumable fuels companies. Declining prices for crude oil and natural gas weighedon the industry, and the government advanced plans to increase Thailand’s supply of renewable energy as its fossil fuel reserves dwindled. The materials sector alsodetracted from the Index’s return, as prices for many commodities chemicals declined due to weakening demand from China.



SectorPercent of


Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.6%Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.4Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.1Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.6Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.5Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.5Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.7Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.6Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.8Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6


SecurityPercent of


PTT PCL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.7%CP ALL PCL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.5Siam Cement PCL (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6Airports of Thailand PCL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3Advanced Info Service PCL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7Bangkok Dusit Medical Services PCL . . . . . . . . . . . . . . . . . . . . . . . . 3.8Kasikornbank PCL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2PTT Exploration & Production PCL . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0Central Pattana PCL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6Intouch Holdings PCL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5


Fund Summary as of August 31, 2019 (continued) iShares� MSCI Thailand 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. Market and NAV returns assume that dividends and capital gain distributions have been reinvestedat 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 StocksBanks — 6.4%Bank of East Asia Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,740,210 $ 9,461,091BOC Hong Kong Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 10,634,500 35,899,165Hang Seng Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,198,600 45,906,177

91,266,433Biotechnology — 1.0%BeiGene Ltd., ADR(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103,410 14,865,188

Capital Markets — 7.4%Hong Kong Exchanges & Clearing Ltd.(b). . . . . . . . . . . . . . . . 3,438,900 105,334,924

Diversified Telecommunication Services — 1.7%HKT Trust & HKT Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,891,500 17,041,969PCCW Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,190,169 6,612,113

23,654,082Electric Utilities — 6.7%CK Infrastructure Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 1,908,500 12,872,970CLP Holdings Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,725,200 48,697,238HK Electric Investments & HK Electric Investments Ltd. . . 7,688,000 7,368,768Power Assets Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,985,000 26,548,527

95,487,503Equity Real Estate Investment Trusts (REITs) — 4.8%Link REIT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,067,500 68,145,009

Food & Staples Retailing — 0.5%Dairy Farm International Holdings Ltd. . . . . . . . . . . . . . . . . . . 975,600 6,985,296

Food Products — 2.3%Vitasoy International Holdings Ltd.(b) . . . . . . . . . . . . . . . . . . . . 2,138,000 9,959,606WH Group Ltd.(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,550,000 22,186,693

32,146,299Gas Utilities — 4.0%Hong Kong & China Gas Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . 29,211,100 56,443,688

Hotels, Restaurants & Leisure — 7.4%Galaxy Entertainment Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . 6,235,000 39,151,027Melco Resorts & Entertainment Ltd., ADR . . . . . . . . . . . . . . . 605,192 12,587,994MGM China Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,718,688 4,073,513Sands China Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,988,400 31,751,873Shangri-La Asia Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,596,000 3,758,765SJM Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,736,000 5,424,615Wynn Macau Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,482,400 8,970,120

105,717,907Industrial Conglomerates — 9.1%CK Hutchison Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,766,767 67,702,168Jardine Matheson Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 637,600 34,666,312Jardine Strategic Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 636,600 20,116,560NWS Holdings Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,506,000 7,763,661

130,248,701Insurance — 23.7%AIA Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,778,200 338,445,347

Machinery — 1.9%Techtronic Industries Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,944,147 27,283,117


Real Estate Management & Development — 19.7%CK Asset Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,445,267 $ 50,598,948Hang Lung Properties Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,827,000 13,178,025Henderson Land Development Co. Ltd. . . . . . . . . . . . . . . . . . 4,174,762 19,447,608Hongkong Land Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 3,357,500 18,331,950Hysan Development Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,807,000 7,322,232Kerry Properties Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,876,000 6,332,863New World Development Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . 17,687,066 22,076,807Sino Land Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,800,000 12,578,889Sun Hung Kai Properties Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,586,000 65,026,400Swire Pacific Ltd., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,428,500 13,992,658Swire Properties Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,354,800 11,025,174Wharf Holdings Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,511,150 7,689,680Wharf Real Estate Investment Co. Ltd. . . . . . . . . . . . . . . . . . . 3,498,150 18,952,117Wheelock & Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,357,357 13,704,252

280,257,603Road & Rail — 1.8%MTR Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,419,583 25,608,182

Semiconductors & Semiconductor Equipment — 0.7%ASM Pacific Technology Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 876,100 10,046,467

Textiles, Apparel & Luxury Goods — 0.4%Yue Yuen Industrial Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . 2,100,500 5,375,002

Total Common Stocks — 99.5%(Cost: $1,543,757,402). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,417,310,748

Short-Term InvestmentsMoney Market Funds — 1.2%BlackRock Cash Funds: Institutional, SL Agency Shares,

2.25%(d)(e)(f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,773,322 16,781,709BlackRock Cash Funds: Treasury, SL Agency Shares,

2.02%(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 613,000 613,000

17,394,709

Total Short-Term Investments — 1.2%(Cost: $17,396,386). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,394,709

Total Investments in Securities — 100.7%(Cost: $1,561,153,788). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,434,705,457

Other Assets, Less Liabilities — (0.7)% . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,042,891)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,424,662,566

(a) Non-income producing security.(b) All or a portion of this security is on loan.(c) Security exempt from registration pursuant to Rule 144A under the Securities Act of

1933, as amended. These securities may be resold in transactions exempt 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.

Schedule of InvestmentsAugust 31, 2019

iShares� MSCI Hong Kong 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 19

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: Institutional, SL Agency Shares. . . . . . . . . . . . . . . . . 18,423,432 (1,650,110) 16,773,322 $16,781,709 $130,831(b) $ 1,097 $ (2,434)BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . 663,374 (50,374) 613,000 613,000 48,924 — —

$17,394,709 $179,755 $ 1,097 $ (2,434)

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

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

Futures Contracts

DescriptionNumber ofContracts

ExpirationDate

NotionalAmount

(000)

Value/Unrealized


Long ContractsHang Seng Index. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 09/27/19 $ 6,700 $ 451

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) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 451

(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).

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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(795,898)

Net Change in Unrealized Appreciation (Depreciation) on:Futures contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 212,698

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:Average notional value of contracts — long . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12,929,163

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.

Schedule of Investments (continued)

August 31, 2019

iShares� MSCI Hong Kong ETF


Fair Value Measurements (continued)

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of August 31, 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,417,310,748 $ — $ — $1,417,310,748Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,394,709 — — 17,394,709

$1,434,705,457 $ — $ — $1,434,705,457

Derivative financial instruments(a)

AssetsFutures Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 451 $ — $ — $ 451

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

See notes to financial statements.


August 31, 2019

iShares� MSCI Hong Kong ETF



Common StocksAerospace & Defense — 0.0%Jamco Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 $ 22,038

Air Freight & Logistics — 0.3%Kintetsu World Express Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 85,619Konoike Transport Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 75,203Maruwa Unyu Kikan Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 81,398Mitsui-Soko Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 48,779SBS Holdings Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 45,281

336,280Auto Components — 2.8%Aisan Industry Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 32,559Daido Metal Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 27,087Daikyonishikawa Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 43,955Eagle Industry Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 29,484Exedy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 90,081FCC Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 87,277Futaba Industrial Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 52,683G-Tekt Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 46,337Ichikoh Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 32,650Kasai Kogyo Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 21,525Keihin Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 87,488KYB Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 88,573Mitsuba Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 24,465Musashi Seimitsu Industry Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 6,400 74,223NHK Spring Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,400 216,233Nifco Inc./Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,800 294,480Nihon Tokushu Toryo Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 15,435Nippon Seiki Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 123,981Nissin Kogyo Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 82,725NOK Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,400 199,561Pacific Industrial Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 86,764Piolax Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 79,770Press Kogyo Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,800 53,421Riken Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 54,793Shoei Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 69,113Showa Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 102,501Sumitomo Riko Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 34,413Tachi-S Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 53,949Taiho Kogyo Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 22,791Tokai Rika Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 126,469Topre Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 74,660Toyo Tire Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000 195,808Toyota Boshoku Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 129,513TPR Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 49,623TS Tech Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 176,061Unipres Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 99,607Yorozu Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 37,745

3,117,803Automobiles — 0.1%Nissan Shatai Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 85,197

Banks — 4.0%77 Bank Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 104,386Aichi Bank Ltd. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 51,175Akita Bank Ltd. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 28,655Aomori Bank Ltd. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 76,695Awa Bank Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 103,285Bank of Iwate Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 74,736


Banks (continued)Bank of Nagoya Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 $ 47,407Bank of Okinawa Ltd. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 92,402Bank of Saga Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 20,681Bank of the Ryukyus Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 63,491Chugoku Bank Ltd. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,400 187,396Chukyo Bank Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 32,559Daishi Hokuetsu Financial Group Inc. . . . . . . . . . . . . . . . . . . . . . . 6,400 151,702Ehime Bank Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 50,015Gunma Bank Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,200 166,896Hachijuni Bank Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,000 201,536Hiroshima Bank Ltd. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,800 168,147Hokkoku Bank Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 73,499Hokuhoku Financial Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,200 177,267Hyakugo Bank Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,000 97,979Hyakujushi Bank Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 60,415Iyo Bank Ltd. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,200 168,132Juroku Bank Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 96,864Kansai Mirai Financial Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 14,474 94,225Keiyo Bank Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,400 82,619Kiyo Bank Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 131,594Kyushu Financial Group Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,400 212,178Miyazaki Bank Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 34,459Musashino Bank Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 79,906Nanto Bank Ltd. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 102,562Nishi-Nippon Financial Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . 20,800 131,292North Pacific Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,200 86,689Ogaki Kyoritsu Bank Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 99,667Oita Bank Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 44,995San ju San Financial Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 45,221San-in Godo Bank Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,400 128,308Senshu Ikeda Holdings Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,800 62,059Shiga Bank Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 139,884Shikoku Bank Ltd. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 41,558Suruga Bank Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,600 96,472Toho Bank Ltd. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,800 65,661Tokyo Kiraboshi Financial Group Inc.. . . . . . . . . . . . . . . . . . . . . . . 4,830 58,518TOMONY Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,400 68,163Towa Bank Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 31,745Yamagata Bank Ltd. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 43,412Yamaguchi Financial Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,000 203,495Yamanashi Chuo Bank Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 28,278

4,408,280Beverages — 0.8%Ito En Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 365,915Sapporo Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 231,804Takara Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,000 233,793

831,512Biotechnology — 0.5%AnGes Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000 91,497GNI Group Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,799 92,030HEALIOS KK(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 38,981Japan Tissue Engineering Co. Ltd.(b). . . . . . . . . . . . . . . . . . . . . . . 1,600 13,129SanBio Co. Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 151,039Takara Bio Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 177,192

563,868Building Products — 1.5%Aica Kogyo Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 228,744Bunka Shutter Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 65,948Central Glass Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 132,890


iShares� MSCI Japan Small-Cap ETF(Percentages shown are based on Net Assets)



Building Products (continued)Maeda Kosen Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 $ 42,267Nichias Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 159,721Nichiha Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 81,308Nippon Sheet Glass Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,400 84,518Nitto Boseki Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,400 93,661Noritz Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 51,959Okabe Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 36,086Sankyo Tateyama Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 34,609Sanwa Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,400 338,526Sekisui Jushi Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 85,739Sinko Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 51,582Takara Standard Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 76,198Takasago Thermal Engineering Co. Ltd.. . . . . . . . . . . . . . . . . . . . 6,400 103,767

1,667,523Capital Markets — 0.8%GMO Financial Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 34,730Ichiyoshi Securities Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 38,769Jafco Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 168,223Kyokuto Securities Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 24,299M&A Capital Partners Co. Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 93,758Marusan Securities Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 36,328Matsui Securities Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,600 145,416Monex Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,600 72,836Okasan Securities Group Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,200 63,310SPARX Group Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,400 32,016Strike Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 40,684Tokai Tokyo Financial Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . 30,400 78,474Uzabase Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 35,303

864,146Chemicals — 5.2%Achilles Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 22,309ADEKA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,800 155,440C.I. Takiron Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 28,354Chugoku Marine Paints Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 51,552Dainichiseika Color & Chemicals Manufacturing Co. Ltd. . . . . 1,600 41,905Denka Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,800 334,154DIC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 296,289Fujimi Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 73,228Fujimori Kogyo Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 44,528Fuso Chemical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 65,571Hodogaya Chemical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 39,689Ishihara Sangyo Kaisha Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 39,207JCU Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 55,290JSP Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 26,017Kanto Denka Kogyo Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 44,256KH Neochem Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 100,391Koatsu Gas Kogyo Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 35,363Konishi Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 65,525Kumiai Chemical Industry Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 12,849 113,304Kureha Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 172,142Lintec Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 124,328Nihon Nohyaku Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 19,671Nihon Parkerizing Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,400 159,540Nippon Kayaku Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,400 244,164Nippon Shokubai Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 278,110Nippon Soda Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 73,620NOF Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 363,503Okamoto Industries Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 60,672Osaka Soda Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 37,187


Chemicals (continued)Sakai Chemical Industry Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 $ 34,730Sakata INX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 54,808Sanyo Chemical Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 69,867Sekisui Plastics Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 21,375Shikoku Chemicals Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 46,668Shin-Etsu Polymer Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 41,362Stella Chemifa Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 39,327Sumitomo Bakelite Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 171,614Sumitomo Seika Chemicals Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . 1,600 46,955T. Hasegawa Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 91,573Taiyo Holdings Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 98,733Takasago International Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 38,574Tanaka Chemical Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 11,697Tayca Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 28,188Tenma Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 58,456Toagosei Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000 156,465Tokai Carbon Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,800 275,940Tokuyama Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 202,681Tokyo Ohka Kogyo Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 162,344Toyo Ink SC Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 99,532Toyobo Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,800 163,158Ube Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000 306,599Valqua Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 31,082W-Scope Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 26,590Zeon Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,400 261,258

5,704,885Commercial Services & Supplies — 1.7%Aeon Delight Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 98,884Bell System24 Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 72,580Central Security Patrols Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 77,479Daiseki Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,860 118,724Duskin Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 164,424Japan Elevator Service Holdings Co. Ltd.(a) . . . . . . . . . . . . . . . . 3,200 76,906Kokuyo Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,800 170,996Matsuda Sangyo Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,660 22,114Mitsubishi Pencil Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 74,705Nichiban Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 22,641Nippon Kanzai Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 56,798Nippon Parking Development Co. Ltd. . . . . . . . . . . . . . . . . . . . . . 30,400 48,115Okamura Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 94,512Oyo Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 32,197Pilot Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 168,449Prestige International Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 141,165Raksul Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 122,399Relia Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 80,976Sato Holdings Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 119,610Toppan Forms Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 71,374

1,835,048Communications Equipment — 0.1%Denki Kogyo Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 43,307Icom Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 33,358

76,665Construction & Engineering — 4.8%Chiyoda Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,600 71,389Chudenko Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 101,612COMSYS Holdings Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,200 543,558Dai-Dan Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 31,821Daiho Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 78,685Fukuda Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 56,677


August 31, 2019




Construction & Engineering (continued)Hazama Ando Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,800 $ 192,371Hibiya Engineering Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 55,743Kandenko Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,400 123,589Kinden Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,800 304,715Kumagai Gumi Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 132,588Kyowa Exeo Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000 385,887Kyudenko Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 198,672Maeda Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,400 181,066Maeda Road Construction Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 9,600 212,811Mirait Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,600 171,467Nippo Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 142,296Nippon Densetsu Kogyo Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 91,844Nippon Koei Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 39,146Nippon Road Co. Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 90,442Nishimatsu Construction Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 8,200 146,780Okumura Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 126,257OSJB Holdings Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,800 44,679Penta-Ocean Construction Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 41,600 215,946Raito Kogyo Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 83,870Sanki Engineering Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 75,911Shinnihon Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 34,368SHO-BOND Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 225,503Sumitomo Densetsu Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 60,687Sumitomo Mitsui Construction Co. Ltd. . . . . . . . . . . . . . . . . . . . . . 24,000 119,158Taihei Dengyo Kaisha Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 36,117Taikisha Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 95,869Takamatsu Construction Group Co. Ltd. . . . . . . . . . . . . . . . . . . . . 1,600 33,991Tekken Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 40,518Toa Corp./Tokyo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 38,739Toda Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,200 195,988Tokyu Construction Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,840 88,669Toshiba Plant Systems & Services Corp. . . . . . . . . . . . . . . . . . . . 8,000 130,086Totetsu Kogyo Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 93,156Toyo Construction Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 44,739Yahagi Construction Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 30,208Yokogawa Bridge Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 68,827Yurtec Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 29,982

5,266,427Construction Materials — 0.2%Sumitomo Osaka Cement Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 267,408

Consumer Finance — 0.4%Aiful Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,200 103,707Hitachi Capital Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 159,781J Trust Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 33,916Jaccs Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 66,656Orient Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,400 88,875

452,935Containers & Packaging — 0.6%FP Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 210,731Fuji Seal International Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 217,664Pack Corp. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 49,592Rengo Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,200 195,009

672,996Distributors — 0.3%Arata Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 54,868Doshisha Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 51,824PALTAC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 237,411

344,103


Diversified Consumer Services — 0.1%Japan Best Rescue System Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . 1,600 $ 18,043Meiko Network Japan Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 27,705Riso Kyoiku Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000 68,284Studio Alice Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 30,163

144,195Diversified Financial Services — 0.8%eGuarantee Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 57,476Financial Products Group Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 92,703Fuyo General Lease Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 183,899IBJ Leasing Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 120,560Japan Investment Adviser Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 26,093Japan Securities Finance Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 12,800 60,898NEC Capital Solutions Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 31,278Ricoh Leasing Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 48,914Zenkoku Hosho Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 304,866

926,687Diversified Telecommunication Services — 0.2%ARTERIA Networks Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 43,292Internet Initiative Japan Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 106,812Vision Inc./Tokyo Japan(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 68,284

218,388Electric Utilities — 0.6%Hokkaido Electric Power Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 27,200 138,121Hokuriku Electric Power Co.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,600 161,108Okinawa Electric Power Co. Inc. (The) . . . . . . . . . . . . . . . . . . . . . 6,412 97,559Shikoku Electric Power Co. Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,000 229,723

626,511Electrical Equipment — 1.6%Chiyoda Integre Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 29,695Cosel Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 30,569Daihen Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 91,950Denyo Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 46,337Fujikura Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,800 117,183Furukawa Electric Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 245,325Futaba Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 58,652GS Yuasa Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 160,987Idec Corp./Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 79,589Mabuchi Motor Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 283,763Nippon Carbon Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 54,190Nissin Electric Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 94,663Nitto Kogyo Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 59,903Sanyo Denki Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 63,762Sinfonia Technology Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 33,795Tatsuta Electric Wire and Cable Co. Ltd. . . . . . . . . . . . . . . . . . . . 6,400 25,867Toyo Tanso Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 29,318Ushio Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000 205,455

1,711,003Electronic Equipment, Instruments & Components — 4.6%Ai Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 78,775Amano Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 239,295Anritsu Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,800 389,761Azbil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,200 490,197Canon Electronics Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 54,085Canon Marketing Japan Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 163,098Citizen Watch Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,400 211,575CMK Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 30,027CONEXIO Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 20,259Daiwabo Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 124,660Dexerials Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 54,039


August 31, 2019




Electronic Equipment, Instruments & Components (continued)Elematec Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 $ 28,640Enplas Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 44,724ESPEC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 56,647Hioki E.E. Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 49,291Hochiki Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 20,259Horiba Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 329,210Hosiden Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 75,369Ibiden Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,600 342,068Iriso Electronics Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 153,451Japan Aviation Electronics Industry Ltd. . . . . . . . . . . . . . . . . . . . . 8,000 105,893Japan Cash Machine Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 28,459Japan Display Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,200 54,989Kaga Electronics Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 48,055Koa Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 36,810Macnica Fuji Electronics Holdings Inc. . . . . . . . . . . . . . . . . . . . . . 8,000 102,803Maruwa Co. Ltd./Aichi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 89,839Meiko Electronics Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 44,015Nichicon Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 56,316Nippon Ceramic Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 79,770Nippon Chemi-Con Corp.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 20,907Nippon Signal Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 69,641Nissha Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 57,039Nohmi Bosai Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 65,179Ohara Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 19,008Oki Electric Industry Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,800 179,558Optex Group Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 63,943Osaki Electric Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 29,891Restar Holdings Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 50,738Riken Keiki Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 27,178Ryosan Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 78,172Ryoyo Electro Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 26,409Sanshin Electronics Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 22,339Siix Corp.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 61,184Taiyo Yuden Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,600 331,456Tamura Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 56,029Topcon Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000 185,105V Technology Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 79,740

5,025,895Energy Equipment & Services — 0.1%Modec Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 72,595Raiznext Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 52,185

124,780Entertainment — 2.4%Akatsuki Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 105,968Amuse Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 38,197Ateam Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 16,807Avex Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 37,895Capcom Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,400 375,381COLOPL Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 51,929Daiichikosho Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 288,813DeNA Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,600 371,914GungHo Online Entertainment Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 145,552KLab Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 48,025Koei Tecmo Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,068 168,513Marvelous Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 35,363Shochiku Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 186,160Square Enix Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,800 511,301Toei Animation Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 71,751Toei Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,100 158,660


Entertainment (continued)UUUM Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 $ 74,313

2,686,542Equity Real Estate Investment Trusts (REITs) — 11.4%Activia Properties Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112 545,518Advance Residence Investment Corp. . . . . . . . . . . . . . . . . . . . . . 208 670,178AEON REIT Investment Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224 294,179Comforia Residential REIT Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 302,982Daiwa Office Investment Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 374,883Frontier Real Estate Investment Corp. . . . . . . . . . . . . . . . . . . . . . 80 345,188Fukuoka REIT Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 161,259Global One Real Estate Investment Corp. . . . . . . . . . . . . . . . . . . 144 205,259GLP J-REIT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 544 671,384Hankyu Hanshin REIT Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 118,781Heiwa Real Estate REIT Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144 181,653Hoshino Resorts REIT Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 166,414Hulic Reit Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176 311,725Ichigo Office REIT Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192 191,376Industrial & Infrastructure Fund Investment Corp. . . . . . . . . . . . 240 338,028Invesco Office J-Reit Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,392 256,381Invincible Investment Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 848 506,507Japan Excellent Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192 302,801Japan Hotel REIT Investment Corp.. . . . . . . . . . . . . . . . . . . . . . . . 688 530,203Japan Logistics Fund Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128 325,351Japan Rental Housing Investments Inc. . . . . . . . . . . . . . . . . . . . . 256 237,080Kenedix Office Investment Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . 64 490,197Kenedix Residential Next Investment Corp. . . . . . . . . . . . . . . . . 128 244,435Kenedix Retail REIT Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 206,811LaSalle Logiport REIT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176 241,089MCUBS MidCity Investment Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 240 251,204Mirai Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 256 136,508Mitsubishi Estate Logistics REIT Investment Corp.. . . . . . . . . . 32 97,979Mitsui Fudosan Logistics Park Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 48 199,651Mori Hills REIT Investment Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 272 422,049Mori Trust Hotel Reit Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 63,129Mori Trust Sogo REIT Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160 288,662Nippon Accommodations Fund Inc. . . . . . . . . . . . . . . . . . . . . . . . . 64 402,167NIPPON REIT Investment Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 332,752One REIT Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 93,156Orix JREIT Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 844,505Premier Investment Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 208 291,782Samty Residential Investment Corp. . . . . . . . . . . . . . . . . . . . . . . . 48 53,632Sekisui House Reit Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 640 539,639Star Asia Investment Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 68,495Tokyu REIT Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144 275,261

12,580,233Food & Staples Retailing — 3.3%Ain Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 259,569Arcs Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 132,830Axial Retailing Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 114,560Belc Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 77,027Cawachi Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 30,389cocokara fine Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 175,760Cosmos Pharmaceutical Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 326,798Create SD Holdings Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 108,124Daikokutenbussan Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 48,160Genky DrugStores Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 31,519Halows Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 31,655Heiwado Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 88,950Itochu-Shokuhin Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 62,857


August 31, 2019




Food & Staples Retailing (continued)Japan Meat Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 $ 31,338Kansai Super Market Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 16,702Kato Sangyo Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 93,909Kobe Bussan Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 236,959Kusuri no Aoki Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,700 207,565Life Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 31,534Matsumotokiyoshi Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . 11,200 415,733Ministop Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 21,751Mitsubishi Shokuhin Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 39,418Nihon Chouzai Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 55,321Okuwa Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 34,217Qol Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 43,231Retail Partners Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,800 32,578San-A Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 133,101Shoei Foods Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 45,146Sogo Medical Holdings Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 43,804Sugi Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,400 283,367United Super Markets Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . 8,000 72,128Valor Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 107,506Yakuodo Co. Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 36,554Yaoko Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 142,296Yokohama Reito Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 62,104

3,674,460Food Products — 4.8%Ariake Japan Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 242,687Chubu Shiryo Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 33,735DyDo Group Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 65,420Ezaki Glico Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 347,449Feed One Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,800 19,053Fuji Oil Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 222,865Fujicco Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 57,461Fujiya Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 29,816Hokuto Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 57,220House Foods Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 366,291Itoham Yonekyu Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,400 138,859J-Oil Mills Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 60,144Kagome Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 282,994Kameda Seika Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 70,696Kenko Mayonnaise Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 33,388Kewpie Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000 374,582KEY Coffee Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 64,395Kotobuki Spirits Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 207,414Marudai Food Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 64,395Maruha Nichiro Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 165,389Megmilk Snow Brand Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 184,276Mitsui Sugar Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 32,815Morinaga & Co. Ltd./Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 316,548Morinaga Milk Industry Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 264,695Nagatanien Holdings Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 30,313Nichirei Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,200 372,396Nippon Beet Sugar Manufacturing Co. Ltd. . . . . . . . . . . . . . . . . . 1,600 26,590Nippon Flour Mills Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 99,909Nippon Suisan Kaisha Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,200 250,706Nisshin Oillio Group Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 99,487Prima Meat Packers Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 95,010Riken Vitamin Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 50,648Rock Field Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 41,995Rokko Butter Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 25,113S Foods Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 90,895Sakata Seed Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 162,570


Food Products (continued)Showa Sangyo Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 $ 92,251Starzen Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 60,446Warabeya Nichiyo Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . 1,600 26,424

5,227,340Gas Utilities — 0.3%K&O Energy Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 20,410Nippon Gas Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 194,451Shizuoka Gas Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 66,098

280,959Health Care Equipment & Supplies — 1.6%CYBERDYNE Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000 96,773Eiken Chemical Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 72,218Hogy Medical Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 87,397Jeol Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 140,970Mani Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 224,568Menicon Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 181,563Nagaileben Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 62,797Nakanishi Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 157,822Nihon Kohden Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,800 355,499Nikkiso Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 83,885Nipro Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,800 218,886Paramount Bed Holdings Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 117,424Seed Co. Ltd/Tokyo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 12,240

1,812,042Health Care Providers & Services — 1.3%As One Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 142,597BML Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 90,895Elan Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 25,731Japan Lifeline Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 150,406Miraca Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 176,589NichiiGakkan Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 99,366Ship Healthcare Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 296,048Solasto Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 99,863Toho Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 191,210Tokai Corp./Gifu . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 68,616Tsukui Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 32,785Vital KSK Holdings Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 63,068

1,437,174Health Care Technology — 0.1%EM Systems Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 27,148Medical Data Vision Co. Ltd.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 30,569

57,717Hotels, Restaurants & Leisure — 4.3%Aeon Fantasy Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 43,503Arcland Service Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 57,431Atom Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,400 135,528BRONCO BILLY Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 33,132Colowide Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 186,492Create Restaurants Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 97,678Daisyo Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 23,741Doutor Nichires Holdings Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 91,347Fuji Kyuko Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 134,759Fujio Food System Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 42,146Fujita Kanko Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 41,408Hiday Hidaka Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,284 66,178HIS Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 117,394Ichibanya Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,700 82,321Kappa Create Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 63,536Kisoji Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 79,408


August 31, 2019




Hotels, Restaurants & Leisure (continued)KNT-CT Holdings Co. Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 $ 21,977Komeda Holdings Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 148,928Koshidaka Holdings Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 106,722Kourakuen Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 39,749Kura Sushi Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 63,762Kyoritsu Maintenance Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,880 193,094Matsuyafoods Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 57,431Monogatari Corp. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900 82,076MOS Food Services Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 70,575Ohsho Food Service Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 109,134Pepper Food Service Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 23,410Plenus Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 52,276Renaissance Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 23,500Resorttrust Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,800 200,058Ringer Hut Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 76,002Round One Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 156,917Royal Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 117,168Saizeriya Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 119,158Skylark Holdings Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,000 547,779St. Marc Holdings Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 74,916Sushiro Global Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,900 246,173TKP Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 80,494Tokyo Dome Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,800 124,569Tokyotokeiba Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 95,417Toridoll Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 72,836Tosho Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 40,307WATAMI Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 42,900Yoshinoya Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 203,405Zensho Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,800 290,380

4,777,115Household Durables — 1.6%Chofu Seisakusho Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 64,576Corona Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 15,029ES-Con Japan Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 34,323Foster Electric Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 52,879France Bed Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 30,449Fujitsu General Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 154,656Haseko Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,600 447,177Hinokiya Group Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 27,690JVCKenwood Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,000 69,188LEC Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,800 34,547Misawa Homes Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 31,806Pressance Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 69,731Sangetsu Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 151,566Starts Corp. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 107,400Sumitomo Forestry Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,800 254,942Tamron Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 33,042Token Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,620 95,388Zojirushi Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 58,697

1,733,086Household Products — 0.1%Earth Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 77,177S.T. Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 23,229

100,406Independent Power and Renewable Electricity Producers — 0.1%eRex Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 35,484RENOVA Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 24,419

59,903


Industrial Conglomerates — 0.4%Katakura Industries Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 $ 38,076Mie Kotsu Group Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 40,473Nisshinbo Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,400 167,349Noritsu Koki Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 53,843TOKAI Holdings Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,400 133,493

433,234Insurance — 0.1%Anicom Holdings Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 124,810

Interactive Media & Services — 0.6%Bengo4.com Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200 43,243COOKPAD Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 22,234Dip Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 109,164Gree Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,200 86,282Gurunavi Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 30,750Itokuro Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 25,369Kamakura Shinsho Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 50,828Lifull Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 59,330Mixi Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 134,216MTI Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 20,983ZIGExN Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 44,694

627,093Internet & Direct Marketing Retail — 0.3%ASKUL Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 87,397Belluna Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 47,407Enigmo Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 35,393Istyle Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 39,433Oisix ra daichi Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 41,604Open Door Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 33,614Yume No Machi Souzou Iinkai Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . 3,200 44,618

329,466IT Services — 3.2%Argo Graphics Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 80,343Comture Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 56,979Digital Garage Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 156,691Digital Hearts Holdings Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 14,320DTS Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 133,734Future Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 53,934GMO Internet Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 196,787Ines Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 33,041Infocom Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 76,635Information Services International-Dentsu Ltd.. . . . . . . . . . . . . . 1,600 50,497Kanematsu Electronics Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 45,372LAC Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 41,302Mitsubishi Research Institute Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 54,416NEC Networks & System Integration Corp. . . . . . . . . . . . . . . . . . 3,200 83,659NET One Systems Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,800 343,440Nihon Unisys Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 362,448NS Solutions Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 160,535NSD Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 190,532SCSK Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,056 397,696SHIFT Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 81,398Softbank Technology Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 30,630TIS Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,248 660,182TKC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 137,623Transcosmos Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 76,424

3,518,618Leisure Products — 0.5%Heiwa Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,016 161,687


August 31, 2019




Leisure Products (continued)Mars Group Holdings Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 $ 28,534Mizuno Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 82,936Tomy Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,800 133,493Universal Entertainment Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 142,447Yonex Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 37,835

586,932Life Sciences Tools & Services — 0.1%CMIC Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 25,716EPS Holdings Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 59,466Linical Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 15,541

100,723Machinery — 5.6%Aichi Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 29,303Aida Engineering Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 60,521Anest Iwata Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 40,292Asahi Diamond Industrial Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 45,221Bando Chemical Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 37,172CKD Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 79,740Daiwa Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 48,251DMG Mori Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,600 238,934Ebara Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,400 342,279Fuji Corp./Aichi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 128,880Fujitec Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 113,324Fukushima Industries Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 45,221Furukawa Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 59,692Giken Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 50,045Glory Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 219,926Harmonic Drive Systems Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 254,444Hirata Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 99,487Hisaka Works Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 12,149Hitachi Zosen Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,600 82,001Hosokawa Micron Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 55,999Iseki & Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 40,850Japan Steel Works Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 171,207Kitz Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 72,490Komori Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 78,911Kyokuto Kaihatsu Kogyo Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 54,401Makino Milling Machine Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 129,785Max Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 51,673Meidensha Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 79,092METAWATER Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 55,471Mitsubishi Logisnext Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 51,416Mitsuboshi Belting Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 52,668Mitsui E&S Holdings Co. Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 85,151Miura Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,800 353,449Morita Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 72,083Nachi-Fujikoshi Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 64,139Nihon Trim Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 66,852Nippon Sharyo Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 34,021Nippon Thompson Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 32,032Nissei ASB Machine Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 46,050Nitta Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 83,056Nitto Kohki Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 30,916Nittoku Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 37,187Noritake Co. Ltd./Nagoya Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 58,411NTN Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,000 170,032Obara Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 51,552Oiles Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,296 46,888OKUMA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 235,150


Machinery (continued)Organo Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 $ 61,275OSG Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 212,193Rheon Automatic Machinery Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . 3,200 44,648Ryobi Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 48,145Shibuya Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 41,136Shima Seiki Manufacturing Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 115,540Shinmaywa Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 74,826Sintokogio Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 54,446Sodick Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 45,281Star Micronics Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 66,068Tadano Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000 141,542Takeuchi Manufacturing Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 71,223Takuma Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 129,363Teikoku Sen-I Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 49,291Tocalo Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,800 66,076Toshiba Machine Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 62,164Tsubaki Nakashima Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 95,628Tsubakimoto Chain Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 97,225Tsugami Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 50,527Tsukishima Kikai Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 59,692Tsurumi Manufacturing Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 57,250Union Tool Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 46,653YAMABIKO Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 46,578Yamashin-Filter Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 28,625Yushin Precision Equipment Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . 3,200 28,037

6,141,246Marine — 0.2%Iino Kaiun Kaisha Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,800 39,071Kawasaki Kisen Kaisha Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,800 128,911NS United Kaiun Kaisha Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 32,303

200,285Media — 0.6%F@N Communications Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 32,861Kadokawa Dwango(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,408 95,747Macromill Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 56,014OPT Holding Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 23,228Proto Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 36,358RPA Holdings Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 47,181SKY Perfect JSAT Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,800 83,674Tokyo Broadcasting System Holdings Inc. . . . . . . . . . . . . . . . . . . 4,800 76,831TV Asahi Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 50,678ValueCommerce Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 51,974Vector Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 39,659Wowow Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 38,076Zenrin Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 79,770

712,051Metals & Mining — 1.6%Aichi Steel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 46,879Asahi Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 135,362Daido Steel Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 180,206Dowa Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 256,253Godo Steel Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 31,022Kyoei Steel Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 50,738Mitsui Mining & Smelting Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 201,596Nakayama Steel Works Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 13,325Neturen Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 36,267Nippon Denko Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000 23,666Nippon Light Metal Holdings Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . 80,000 138,678Nittetsu Mining Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 58,863


August 31, 2019




Metals & Mining (continued)Osaka Steel Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 $ 20,093OSAKA Titanium Technologies Co. Ltd. . . . . . . . . . . . . . . . . . . . . 3,200 44,950Pacific Metals Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 28,399Sanyo Special Steel Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 41,694Toho Titanium Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 33,826Toho Zinc Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 27,886Tokyo Steel Manufacturing Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 16,000 124,208Topy Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 27,449UACJ Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,814 70,343Yamato Kogyo Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 156,706Yodogawa Steel Works Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 53,723

1,802,132Multiline Retail — 0.9%Fuji Co. Ltd./Ehime. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 55,290H2O Retailing Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,435 151,632Izumi Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 243,893Kintetsu Department Store Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 1,600 46,050Matsuya Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 34,278Parco Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 36,991Seria Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 157,189Takashimaya Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,800 233,191

958,514Oil, Gas & Consumable Fuels — 0.6%Cosmo Energy Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 174,102Itochu Enex Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 61,124Iwatani Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 211,635Japan Petroleum Exploration Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . 4,800 117,349San-Ai Oil Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 74,238Sinanen Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 26,213

664,661Paper & Forest Products — 0.5%Daiken Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 27,675Daio Paper Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 135,166Hokuetsu Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,200 95,869Nippon Paper Industries Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000 265,900Tokushu Tokai Paper Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 54,492

579,102Personal Products — 1.2%Euglena Co. Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 93,804Fancl Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,800 311,121Kitanotatsujin Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 66,023Mandom Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 157,611Milbon Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 156,767MTG Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 16,129Noevir Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,100 155,956Rohto Pharmaceutical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,400 357,609YA-MAN Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 35,634

1,350,654Pharmaceuticals — 2.4%ASKA Pharmaceutical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 31,203Fuji Pharma Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 18,993JCR Pharmaceuticals Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 123,001Kaken Pharmaceutical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 230,176Kissei Pharmaceutical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 109,933KYORIN Holdings Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 106,963Mochida Pharmaceutical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 187,668Nichi-Iko Pharmaceutical Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . 6,450 69,091Nippon Shinyaku Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,700 633,294Sawai Pharmaceutical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 340,063


Pharmaceuticals (continued)Seikagaku Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 $ 68,314Sosei Group Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 240,788Torii Pharmaceutical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 40,171Towa Pharmaceutical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 73,409Tsumura & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 263,639ZERIA Pharmaceutical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 84,292

2,620,998Professional Services — 2.6%Altech Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,780 24,081BayCurrent Consulting Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 144,708Benefit One Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 181,171en-japan Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 179,076FULLCAST Holdings Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 60,084Funai Soken Holdings Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 136,749JAC Recruitment Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 29,891Link And Motivation Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 24,148Meitec Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 165,208Nihon M&A Center Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,400 654,199Nomura Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,800 162,555Outsourcing Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000 145,763Pasona Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 42,990SMS Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 250,390Tanseisha Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 57,883TechnoPro Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 372,019Trust Tech Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 37,323UT Group Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 88,181WDB Holdings Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 35,469World Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 23,078YAMADA Consulting Group Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . 1,600 24,193Yumeshin Holdings Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 47,452

2,886,611Real Estate Management & Development — 2.2%Daibiru Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 61,742Goldcrest Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 60,807Heiwa Real Estate Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 112,420Ichigo Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000 161,289Japan Asset Marketing Co. Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 20,800 17,048Katitas Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 183,824Keihanshin Building Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 56,572Kenedix Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,600 163,655Leopalace21 Corp.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,400 105,275Open House Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 218,192Raysum Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 16,973Relo Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000 405,634SAMTY Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,300 56,707Sun Frontier Fudousan Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 54,989Takara Leben Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,800 49,201TOC Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 48,477Tokyo Tatemono Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,400 396,665Tosei Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 54,039Unizo Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 194,451

2,417,960Road & Rail — 2.4%Fukuyama Transporting Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 166,414Hamakyorex Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 55,095Hitachi Transport System Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 200,782Maruzen Showa Unyu Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 46,729Nankai Electric Railway Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000 409,854Nikkon Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 214,167


August 31, 2019




Road & Rail (continued)Nishi-Nippon Railroad Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 $ 220,679Sakai Moving Service Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 94,362Sankyu Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 405,483Seino Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,800 268,071Senko Group Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,600 139,944Sotetsu Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 298,716Trancom Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 85,317

2,605,613Semiconductors & Semiconductor Equipment — 1.6%Ferrotec Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 37,307Japan Material Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 98,853Lasertec Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 367,196Megachips Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 48,236Micronics Japan Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 34,866Mimasu Semiconductor Industry Co. Ltd.. . . . . . . . . . . . . . . . . . . 1,600 26,952Mitsui High-Tec Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 37,383Optorun Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 89,056Rorze Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 34,097RS Technologies Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 42,402Sanken Electric Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 55,863SCREEN Holdings Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 367,799Shindengen Electric Manufacturing Co. Ltd. . . . . . . . . . . . . . . . . 1,600 46,201Shinko Electric Industries Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 88,211Tokyo Seimitsu Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 127,569Ulvac Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 260,775

1,762,766Software — 1.5%Broadleaf Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,400 75,429Computer Engineering & Consulting Ltd. . . . . . . . . . . . . . . . . . . . 3,200 67,802Cybozu Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 33,735Digital Arts Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 114,862Fuji Soft Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 137,623Fukui Computer Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 31,157Gunosy Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 20,862Infomart Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000 235,602Justsystems Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 180,206Miroku Jyoho Service Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 83,086Money Forward Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 50,799OBIC Business Consultants Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . 3,200 134,307Optim Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 44,241PKSHA Technology Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 71,600Rakus Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 92,251Sourcenext Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,800 52,215Systena Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 167,243UNITED Inc./Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 16,868

1,609,888Specialty Retail — 2.6%Adastria Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 92,975Alpen Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 46,698AOKI Holdings Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 62,646Aoyama Trading Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 113,354Arcland Sakamoto Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 36,267Asahi Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 18,073Autobacs Seven Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 187,819Bic Camera Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000 158,726Chiyoda Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 46,126DCM Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000 158,877EDION Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,800 122,037Geo Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 60,280


Specialty Retail (continued)IDOM Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 $ 31,353JINS Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 88,483Joshin Denki Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 58,546Joyful Honda Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 101,898Keiyo Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 28,339Kohnan Shoji Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 69,822Komeri Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 98,446K's Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,800 309,041LIXIL VIVA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,400 44,396Nextage Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 51,009Nishimatsuya Chain Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 54,386Nojima Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 81,896PAL GROUP Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 49,216Sac's Bar Holdings Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 27,133Sanrio Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 152,697Shimachu Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 150,978T-Gaia Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 64,335Tokyo Base Co. Ltd.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 26,982United Arrows Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 96,321VT Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 47,482World Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 68,736Xebio Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 33,976Yellow Hat Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 72,083

2,911,432Technology Hardware, Storage & Peripherals — 0.6%Eizo Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 106,873Elecom Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 125,866Maxell Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 108,229MCJ Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 61,139Melco Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 41,618Riso Kagaku Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 56,466Roland DG Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 29,484Toshiba TEC Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 93,005Wacom Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,800 64,862

687,542Textiles, Apparel & Luxury Goods — 1.3%Asics Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,900 321,850Descente Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 65,706Fujibo Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 38,046Goldwin Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 221,131Gunze Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 132,649Japan Wool Textile Co. Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 54,687Kurabo Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 58,305Onward Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,400 68,103Seiko Holdings Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 67,199Seiren Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 73,379TSI Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 48,025Wacoal Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 149,592Yondoshi Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 73,741

1,372,413Thrifts & Mortgage Finance — 0.1%Aruhi Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 87,684

Trading Companies & Distributors — 2.0%Advan Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 34,579Chori Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 24,238Daiichi Jitsugyo Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 41,694Gecoss Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 12,677Hanwa Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 129,378


August 31, 2019




Trading Companies & Distributors (continued)Inaba Denki Sangyo Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 $ 143,502Inabata & Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 74,886Japan Pulp & Paper Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 56,376Kamei Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 31,806Kanamoto Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 124,313Kanematsu Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 127,463Nagase & Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000 217,062Nichiden Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 29,077Nippon Steel Trading Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,344 127,749Nishio Rent All Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 84,292Sojitz Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196,800 600,718Trusco Nakayama Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 145,190Wakita & Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 62,043Yamazen Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 84,925Yuasa Trading Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 88,242

2,240,210Transportation Infrastructure — 0.4%Mitsubishi Logistics Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 235,602Nissin Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 22,083Sumitomo Warehouse Co. Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . 9,600 127,072

384,757

Total Common Stocks — 99.5%(Cost: $143,629,228) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,438,945



2.25%(c)(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,094,708 $ 3,096,256BlackRock Cash Funds: Treasury, SL Agency Shares,

2.02%(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,000 48,000

3,144,256

Total Short-Term Investments — 2.9%(Cost: $3,142,809). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,144,256

Total Investments in Securities — 102.4%(Cost: $146,772,037) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112,583,201

Other Assets, Less Liabilities — (2.4)%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,587,946)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 109,995,255

(a) All or a portion of this security is on loan.(b) Non-income producing security.(c) Affiliate of the Fund.(d) Annualized 7-day yield as of period-end.(e) All or a portion of this security was purchased with cash collateral received from loaned

securities.

Affiliates


Affiliated Issuer

SharesHeld at


SharesHeld at

08/31/19Value at


Change inUnrealized


BlackRock Cash Funds: Institutional, SL Agency Shares . . . . . . . . . . . . . . . . . . 17,897,350 (14,802,642) 3,094,708 $3,096,256 $351,709(b) $ 5,026 $ (2,915)BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . 55,060 (7,060) 48,000 48,000 3,029 — —

$3,144,256 $354,738 $ 5,026 $ (2,915)



Futures Contracts


ExpirationDate

NotionalAmount

(000)

Value/Unrealized


Long ContractsTOPIX Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 09/12/19 $ 427 $ (12,894)


August 31, 2019





EquityContracts

Liabilities — Derivative Financial InstrumentsFutures contracts

Unrealized depreciation on futures contracts(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 12,894



EquityContracts


Net Change in Unrealized Appreciation (Depreciation) on:Futures contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (11,089)


Futures contracts:Average notional value of contracts — long . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,416,321






InvestmentsAssets

Common Stocks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $109,402,391 $ 36,554 $ — $109,438,945Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,144,256 — — 3,144,256

$112,546,647 $ 36,554 $ — $112,583,201


LiabilitiesFutures Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (12,894) $ — $ — $ (12,894)




August 31, 2019

iShares� MSCI Japan Small-Cap ETF



Common StocksAirlines — 0.6%AirAsia Group Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,287,100 $ 2,250,365

Banks — 33.0%Alliance Bank Malaysia Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,266,000 2,329,806AMMB Holdings Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,805,137 5,797,545CIMB Group Holdings Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,027,612 20,487,390Hong Leong Bank Bhd(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,280,340 9,000,985Hong Leong Financial Group Bhd . . . . . . . . . . . . . . . . . . . . . . . . 804,500 3,225,269Malayan Banking Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,542,481 27,983,393Public Bank Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,875,280 52,546,829RHB Bank Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,617,402 7,613,647RHB Capital Bhd(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,621,200 4

128,984,868Beverages — 1.1%Fraser & Neave Holdings Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . 514,100 4,315,237

Chemicals — 3.6%Petronas Chemicals Group Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . 8,407,900 13,854,892

Construction & Engineering — 2.6%Gamuda Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,028,500 5,160,528IJM Corp. Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,541,880 5,173,103

10,333,631Diversified Telecommunication Services — 0.9%Telekom Malaysia Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,947,800 3,520,212

Electric Utilities — 9.3%Tenaga Nasional Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,945,112 36,331,890

Energy Equipment & Services — 2.7%Dialog Group Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,848,754 10,632,187

Food Products — 12.1%Genting Plantations Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 848,600 2,021,870IOI Corp. Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,602,930 6,924,009Kuala Lumpur Kepong Bhd(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,495,700 8,528,566Nestle Malaysia Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246,800 8,656,046PPB Group Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,993,719 8,846,224QL Resources Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,272,900 3,750,785Sime Darby Plantation Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,236,155 8,568,791

47,296,291Gas Utilities — 2.0%Petronas Gas Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,081,000 7,956,838

Health Care Equipment & Supplies — 3.2%Hartalega Holdings Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,253,800 6,408,749Top Glove Corp. Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,378,700 6,075,098

12,483,847Health Care Providers & Services — 2.7%IHH Healthcare Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,681,800 10,576,060

Hotels, Restaurants & Leisure — 4.7%Genting Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,474,100 10,663,322Genting Malaysia Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,401,400 7,766,115

18,429,437Industrial Conglomerates — 2.6%HAP Seng Consolidated Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,172,000 5,123,348


Industrial Conglomerates (continued)Sime Darby Bhd(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,514,655 $ 5,180,968

10,304,316Marine — 1.7%MISC Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,914,120 6,756,988

Metals & Mining — 1.5%Press Metal Aluminium Holdings Bhd(a) . . . . . . . . . . . . . . . . . . . 4,930,000 5,767,590

Multi-Utilities — 0.6%YTL Corp. Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,571,162 2,275,868

Oil, Gas & Consumable Fuels — 1.2%Petronas Dagangan Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 871,600 4,741,935

Real Estate Management & Development — 1.0%Sime Darby Property Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,331,955 1,743,460SP Setia Bhd Group(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,566,800 2,064,964

3,808,424Tobacco — 0.6%British American Tobacco Malaysia Bhd(a). . . . . . . . . . . . . . . . . 500,800 2,348,300

Transportation Infrastructure — 2.5%Malaysia Airports Holdings Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . . 3,491,500 6,832,730Westports Holdings Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,996,800 2,992,881

9,825,611Wireless Telecommunication Services — 9.1%Axiata Group Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,585,000 11,509,749DiGi.Com Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,897,000 13,007,476Maxis Bhd(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,216,500 10,882,393

35,399,618



2.25%(d)(e)(f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,581,320 3,583,110BlackRock Cash Funds: Treasury, SL Agency Shares,

2.02%(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198,000 198,000

3,781,110

Total Short-Term Investments — 1.0%(Cost: $3,780,032). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,781,110



Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 390,889,023

(a) All or a portion of this security is on loan.(b) Security is valued using significant unobservable inputs and is classified as Level 3 in the

fair value hierarchy.(c) Non-income producing security.(d) Affiliate of the Fund.(e) Annualized 7-day yield as of period-end.(f) All or a portion of this security was purchased with cash collateral received from loaned

securities.


iShares� MSCI Malaysia 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 . . . . . . . . . . . . . . . . . . . 13,332,868 (9,751,548) 3,581,320 $3,583,110 $344,828(b) $ 1,170 $ (567)BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . — 198,000 198,000 198,000 11,722 — —

$3,781,110 $356,550 $ 1,170 $ (567)







InvestmentsAssets

Common Stocks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $388,194,401 $ — $ 4 $388,194,405Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,781,110 — — 3,781,110

$391,975,511 $ — $ 4 $391,975,515



August 31, 2019

iShares� MSCI Malaysia ETF



Common StocksAustralia — 57.2%AGL Energy Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 893,676 $ 11,416,086Alumina Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,322,667 4,857,864AMP Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,560,721 5,208,372APA Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,607,777 11,926,470Aristocrat Leisure Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 782,080 15,676,061ASX Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263,573 15,327,130Aurizon Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,715,720 10,813,624AusNet Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,501,634 3,033,857Australia & New Zealand Banking Group Ltd.. . . . . . . . . . . . 3,854,955 69,451,161Bank of Queensland Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 553,484 3,419,583Bendigo & Adelaide Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 660,303 4,973,749BHP Group Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,005,136 97,927,131BlueScope Steel Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 710,161 5,976,103Boral Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,606,954 4,601,413Brambles Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,175,713 16,564,520Caltex Australia Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 338,651 5,466,860Challenger Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 757,215 3,423,265CIMIC Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131,818 2,753,184Coca-Cola Amatil Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 688,027 5,038,878Cochlear Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78,697 11,558,819Coles Group Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,544,304 14,400,172Commonwealth Bank of Australia . . . . . . . . . . . . . . . . . . . . . . . 2,408,238 128,262,610Computershare Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 666,339 6,904,788Crown Resorts Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 512,146 4,144,151CSL Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 616,463 100,043,418Dexus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,487,462 12,928,091Flight Centre Travel Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 75,996 2,381,419Fortescue Metals Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,888,866 10,180,988Goodman Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,225,542 21,772,144GPT Group (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,631,721 11,330,250Harvey Norman Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 719,371 2,122,882Incitec Pivot Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,175,906 4,705,914Insurance Australia Group Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . 3,144,387 17,075,358James Hardie Industries PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . 603,659 9,171,429Lendlease Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 770,066 8,851,274Macquarie Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 439,396 36,661,973Magellan Financial Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 166,703 5,698,921Medibank Pvt Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,760,701 9,222,932Mirvac Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,352,092 11,503,051National Australia Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,821,599 70,446,594Newcrest Mining Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,047,489 26,112,592Oil Search Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,873,228 8,380,260Orica Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 517,506 7,506,858Origin Energy Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,398,167 12,328,288QBE Insurance Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,798,215 15,180,689Ramsay Health Care Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193,130 8,541,165REA Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,394 5,027,110Rio Tinto Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 505,846 29,848,469Santos Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,411,286 11,713,395Scentre Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,218,301 19,647,855Seek Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 452,015 6,191,402Sonic Healthcare Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 613,720 12,177,394South32 Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,876,934 12,232,003Stockland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,246,074 9,885,432Suncorp Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,767,199 16,442,882Sydney Airport . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,498,638 8,511,833Tabcorp Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,745,069 8,711,099Telstra Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,667,554 14,204,875


Australia (continued)TPG Telecom Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 502,912 $ 2,256,654Transurban Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,645,552 36,720,052Treasury Wine Estates Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 979,517 12,367,456Vicinity Centres . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,373,369 7,631,584Washington H Soul Pattinson & Co. Ltd. . . . . . . . . . . . . . . . . 162,604 2,288,592Wesfarmers Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,541,152 40,599,532Westpac Banking Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,690,013 89,172,276Woodside Petroleum Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,275,667 27,615,114Woolworths Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,715,172 43,646,905WorleyParsons Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 453,135 3,752,134

1,295,916,389Hong Kong — 29.6%AIA Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,445,414 160,039,158ASM Pacific Technology Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 414,500 4,753,180Bank of East Asia Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,735,920 4,391,117BeiGene Ltd., ADR(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,800 7,015,000BOC Hong Kong Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 5,052,500 17,055,859CK Asset Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,523,232 23,944,317CK Hutchison Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,678,232 32,062,798CK Infrastructure Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 899,208 6,065,223CLP Holdings Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,229,500 22,976,909Dairy Farm International Holdings Ltd. . . . . . . . . . . . . . . . . . . 465,000 3,329,400Galaxy Entertainment Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . 2,950,000 18,523,742Hang Lung Properties Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,768,736 6,261,622Hang Seng Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,042,600 21,769,208Henderson Land Development Co. Ltd. . . . . . . . . . . . . . . . . . 1,985,442 9,248,934HK Electric Investments & HK Electric Investments Ltd. . . 3,592,000 3,442,848HKT Trust & HKT Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,177,338 8,100,999Hong Kong & China Gas Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . 13,792,366 26,650,554Hong Kong Exchanges & Clearing Ltd.. . . . . . . . . . . . . . . . . . 1,625,300 49,783,609Hongkong Land Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,592,500 8,695,050Hysan Development Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 855,830 3,467,950Jardine Matheson Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 301,000 16,365,370Jardine Strategic Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 302,500 9,559,000Kerry Properties Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 895,500 3,022,963Link REIT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,875,086 32,290,525Melco Resorts & Entertainment Ltd., ADR . . . . . . . . . . . . . . . 285,435 5,937,048MGM China Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,287,200 1,928,660MTR Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,092,286 12,123,234New World Development Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . 8,350,921 10,423,530NWS Holdings Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,129,000 3,668,183PCCW Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,756,867 3,122,603Power Assets Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,890,500 12,594,728Sands China Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,303,600 15,009,944Shangri-La Asia Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,725,000 1,803,078Sino Land Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,122,800 5,893,210SJM Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,690,000 2,543,971Sun Hung Kai Properties Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,166,500 30,719,515Swire Pacific Ltd., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 680,000 6,660,838Swire Properties Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,604,000 5,271,366Techtronic Industries Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,863,707 12,891,947Vitasoy International Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . 1,026,000 4,779,493WH Group Ltd.(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,992,500 10,463,180Wharf Holdings Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,678,600 3,676,259Wharf Real Estate Investment Co. Ltd. . . . . . . . . . . . . . . . . . . 1,649,600 8,937,127Wheelock & Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,113,000 6,470,311Wynn Macau Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,114,800 4,232,110Yue Yuen Industrial Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . 997,000 2,551,239

670,516,909


iShares� MSCI Pacific ex Japan ETF(Percentages shown are based on Net Assets)



Malta — 0.0%BGP Holdings PLC(a)(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,004,595 $ 297

New Zealand — 2.0%a2 Milk Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 993,787 9,056,991Auckland International Airport Ltd. . . . . . . . . . . . . . . . . . . . . . . 1,316,158 7,985,570Fisher & Paykel Healthcare Corp. Ltd. . . . . . . . . . . . . . . . . . . 782,365 8,215,736Fletcher Building Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,156,320 3,238,052Meridian Energy Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,753,716 5,508,222Ryman Healthcare Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 545,674 4,480,918Spark New Zealand Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,508,865 6,993,947

45,479,436Singapore — 10.4%Ascendas REIT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,372,025 7,486,907CapitaLand Commercial Trust . . . . . . . . . . . . . . . . . . . . . . . . . . 3,583,493 5,502,336CapitaLand Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,462,600 8,661,492CapitaLand Mall Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,522,100 6,728,348City Developments Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 616,100 4,254,785ComfortDelGro Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,971,200 5,247,578DBS Group Holdings Ltd.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,445,600 43,245,796Genting Singapore Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,300,300 5,325,308Golden Agri-Resources Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 8,665,387 1,655,369Jardine Cycle & Carriage Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . 135,800 3,015,167Keppel Corp. Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,986,200 8,361,742Oversea-Chinese Banking Corp. Ltd. . . . . . . . . . . . . . . . . . . . 4,350,524 33,400,433SATS Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 925,500 3,202,422Sembcorp Industries Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,342,440 2,003,208Singapore Airlines Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 732,100 4,660,065Singapore Exchange Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,096,500 6,481,618Singapore Press Holdings Ltd.(b). . . . . . . . . . . . . . . . . . . . . . . . 2,132,717 3,059,477Singapore Technologies Engineering Ltd. . . . . . . . . . . . . . . . 2,139,400 6,076,439Singapore Telecommunications Ltd. . . . . . . . . . . . . . . . . . . . . 11,125,828 25,424,506Suntec REIT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,543,000 3,538,055United Overseas Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,716,500 30,885,121UOL Group Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 628,800 3,331,661Venture Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 373,600 4,088,270


Singapore (continued)Wilmar International Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,630,700 $ 7,225,322Yangzijiang Shipbuilding Holdings Ltd. . . . . . . . . . . . . . . . . . . 3,294,700 2,161,316

235,022,741



2.25%(e)(f)(g). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,671,267 10,676,602BlackRock Cash Funds: Treasury, SL Agency Shares,

2.02%(e)(f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 831,000 831,000

11,507,602

Total Short-Term Investments — 0.5%(Cost: $11,502,350). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,507,602


Other Assets, Less Liabilities — 0.3% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,672,369

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,266,115,743

(a) Non-income producing security.(b) All or a portion of this security is on loan.(c) Security exempt from registration pursuant to Rule 144A under the Securities Act of

1933, as amended. These securities may be resold in transactions exempt fromregistration to qualified institutional investors.

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

(e) Affiliate of the Fund.(f) Annualized 7-day yield as of period-end.(g) All or a portion of this security was purchased with cash collateral received from loaned

securities.

Affiliates


Affiliated Issuer

SharesHeld at


SharesHeld at

08/31/19Value at


Change inUnrealized


BlackRock Cash Funds: Institutional, SL Agency Shares. . . . . . . . . . . . . . . . . 19,716,683 (9,045,416) 10,671,267 $10,676,602 $293,853(b) $ 16,228 $ 1,334BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . 1,387,961 (556,961) 831,000 831,000 36,704 — —

$11,507,602 $330,557 $ 16,228 $ 1,334




August 31, 2019

iShares� MSCI Pacific ex Japan ETF(Percentages shown are based on Net Assets)


Futures Contracts


ExpirationDate

NotionalAmount

(000)

Value/Unrealized


Long ContractsASX SPI 200 Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 09/19/19 $11,622 $ 73,757Hang Seng Index. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 09/27/19 4,739 (4,511)MSCI Singapore Index. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 09/27/19 2,801 42,230

$ 111,476



EquityContracts


Unrealized appreciation on futures contracts(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 115,987

Liabilities — Derivative Financial InstrumentsFutures contracts

Unrealized depreciation on futures contracts(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,511



EquityContracts

Net Realized Gain (Loss) from:Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $450,931

Net Change in Unrealized Appreciation (Depreciation) on:Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 58,185







August 31, 2019

iShares� MSCI Pacific ex Japan ETF


Fair Value Measurements (continued)



InvestmentsAssets

Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,246,935,475 $ — $ 297 $2,246,935,772Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,507,602 — — 11,507,602

$2,258,443,077 $ — $ 297 $2,258,443,374


AssetsFutures Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 115,987 $ — $ — $ 115,987

LiabilitiesFutures Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,511) — — (4,511)

$ 111,476 $ — $ — $ 111,476




August 31, 2019

iShares� MSCI Pacific ex Japan ETF



Common StocksAerospace & Defense — 3.3%Singapore Technologies Engineering Ltd. . . . . . . . . . . . . . . . . . 5,919,000 $ 16,811,462

Airlines — 2.6%Singapore Airlines Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,060,767 13,117,483

Banks — 44.6%DBS Group Holdings Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,203,600 92,015,793Oversea-Chinese Banking Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . 9,205,550 70,674,097United Overseas Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,695,100 66,486,228

229,176,118Capital Markets — 3.4%Singapore Exchange Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,974,300 17,581,647

Distributors — 1.8%Jardine Cycle & Carriage Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 425,044 9,437,252

Diversified Telecommunication Services — 4.4%Singapore Telecommunications Ltd. . . . . . . . . . . . . . . . . . . . . . . 9,906,068 22,637,136

Electronic Equipment, Instruments & Components — 2.3%Venture Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,067,300 11,679,364

Equity Real Estate Investment Trusts (REITs) — 8.7%Ascendas REIT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,312,681 20,676,944CapitaLand Commercial Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,903,883 4,458,817CapitaLand Mall Trust. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,834,100 7,324,369Suntec REIT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,863,300 12,331,437

44,791,567Food Products — 5.1%Golden Agri-Resources Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,394,128 6,761,422Wilmar International Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,069,500 19,416,663

26,178,085Hotels, Restaurants & Leisure — 2.8%Genting Singapore Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,371,842 14,353,330

Industrial Conglomerates — 5.4%Keppel Corp. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,940,800 20,800,369Sembcorp Industries Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,479,000 6,683,629

27,483,998


Machinery — 1.3%Yangzijiang Shipbuilding Holdings Ltd. . . . . . . . . . . . . . . . . . . . . 10,534,100 $ 6,910,345

Media — 1.8%Singapore Press Holdings Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 6,386,900 9,162,292

Real Estate Management & Development — 6.9%CapitaLand Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,634,200 11,592,181City Developments Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,809,700 12,497,784UOL Group Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,149,200 11,387,414

35,477,379Road & Rail — 2.9%ComfortDelGro Corp. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,426,800 14,882,973

Transportation Infrastructure — 1.9%SATS Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,881,800 9,971,626



2.25%(b)(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,443,253 15,450,975BlackRock Cash Funds: Treasury, SL Agency Shares,

2.02%(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 236,000 236,000

15,686,975

Total Short-Term Investments — 3.1%(Cost: $15,682,299) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,686,975



Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 513,650,803

(a) All or a portion of this security is on loan.(b) Affiliate of the Fund.(c) Annualized 7-day yield as of period-end.(d) All or a portion of this security was purchased with cash collateral received from loaned

securities.

Affiliates


Affiliated Issuer

SharesHeld at


SharesHeld at

08/31/19Value at


Change inUnrealized


BlackRock Cash Funds: Institutional, SL Agency Shares . . . . . . . . . . . . . . . . . . 6,147,480 9,295,773 15,443,253 $15,450,975 $289,113(b) $ (7,098) $ 2,891BlackRock Cash Funds: Treasury, SL Agency Shares. . . . . . . . . . . . . . . . . . . . . 165,742 70,258 236,000 236,000 9,085 — —

$15,686,975 $298,198 $ (7,098) $ 2,891




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


Futures Contracts


ExpirationDate

NotionalAmount

(000)

Value/Unrealized


Long ContractsMSCI Singapore Index. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152 09/27/19 $ 3,906 $ 63,097



EquityContracts


Unrealized appreciation on futures contracts(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 63,097



EquityContracts


Net Change in Unrealized Appreciation (Depreciation) on:Futures contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 88,001


Futures contracts:Average notional value of contracts — long . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,215,897






InvestmentsAssets

Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $509,652,057 $ — $ — $509,652,057Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,686,975 — — 15,686,975

$525,339,032 $ — $ — $525,339,032


AssetsFutures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 63,097 $ — $ — $ 63,097




August 31, 2019

iShares� MSCI Singapore ETF



Common StocksAirlines — 0.5%China Airlines Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,098,761 $ 6,500,877Eva Airways Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,764,893 7,552,475

14,053,352Auto Components — 0.6%Cheng Shin Rubber Industry Co. Ltd. . . . . . . . . . . . . . . . . . . 10,668,670 14,944,969

Banks — 12.6%Chang Hwa Commercial Bank Ltd. . . . . . . . . . . . . . . . . . . . . 30,016,576 19,303,879CTBC Financial Holding Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . 88,392,325 57,267,870E.Sun Financial Holding Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . 51,398,826 41,318,700First Financial Holding Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 49,275,013 33,728,519Hua Nan Financial Holdings Co. Ltd.. . . . . . . . . . . . . . . . . . . 41,260,103 26,206,274Mega Financial Holding Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . 52,578,271 48,125,606Shanghai Commercial & Savings Bank Ltd. (The) . . . . . . 16,351,000 26,444,788SinoPac Financial Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . 57,150,724 21,561,161Taishin Financial Holding Co. Ltd. . . . . . . . . . . . . . . . . . . . . . 52,111,660 22,231,654Taiwan Business Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,432,950 10,742,607Taiwan Cooperative Financial Holding Co. Ltd. . . . . . . . . . 46,269,400 29,461,573

336,392,631Biotechnology — 0.2%TaiMed Biologics Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,354,000 6,293,664

Capital Markets — 1.1%Yuanta Financial Holding Co. Ltd. . . . . . . . . . . . . . . . . . . . . . 50,292,248 28,900,830

Chemicals — 6.1%Formosa Chemicals & Fibre Corp.(b) . . . . . . . . . . . . . . . . . . . 16,764,610 47,022,036Formosa Plastics Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,574,518 61,638,400Nan Ya Plastics Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,384,938 53,412,408

162,072,844Construction Materials — 1.7%Asia Cement Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,192,136 16,690,922Taiwan Cement Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,479,139 29,965,708

46,656,630Diversified Financial Services — 0.9%Chailease Holding Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,297,383 24,960,974

Diversified Telecommunication Services — 2.3%Chunghwa Telecom Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 17,526,648 60,821,542

Electrical Equipment — 0.0%Ya Hsin Industrial Co. Ltd.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . 6,845,461 2

Electronic Equipment, Instruments & Components — 12.8%AU Optronics Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,816,830 13,494,482Delta Electronics Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,993,180 46,609,388Foxconn Technology Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . 5,334,499 10,767,502Hon Hai Precision Industry Co. Ltd.(b) . . . . . . . . . . . . . . . . . . 60,198,002 142,206,041Innolux Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,102,873 12,091,760Largan Precision Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 493,794 61,154,367Pacific Electric Wire & Cable Co. Ltd.(a)(c) . . . . . . . . . . . . . . 197 —Synnex Technology International Corp. . . . . . . . . . . . . . . . . 9,144,364 10,771,775Walsin Technology Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,954,000 9,829,099WPG Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,156,604 11,587,870Yageo Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,524,125 11,014,848Zhen Ding Technology Holding Ltd. . . . . . . . . . . . . . . . . . . . . 3,048,072 11,256,808

340,783,940Food & Staples Retailing — 1.1%President Chain Store Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . 3,048,215 28,337,433


Food Products — 2.4%Standard Foods Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,810,056 $ 7,544,906Uni-President Enterprises Corp.(b) . . . . . . . . . . . . . . . . . . . . . 22,860,189 55,749,458

63,294,364Household Durables — 0.6%Nien Made Enterprise Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 1,185,000 10,374,880Tatung Co. Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,954,000 6,949,217

17,324,097Industrial Conglomerates — 0.6%Far Eastern New Century Corp. . . . . . . . . . . . . . . . . . . . . . . . 16,764,843 15,211,653

Insurance — 5.4%Cathay Financial Holding Co. Ltd.(b) . . . . . . . . . . . . . . . . . . . 38,862,483 49,676,176China Development Financial Holding Corp. . . . . . . . . . . . 70,104,508 20,288,124China Life Insurance Co. Ltd./Taiwan(a) . . . . . . . . . . . . . . . . 15,895,479 12,449,181Fubon Financial Holding Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . 32,004,515 44,476,189Shin Kong Financial Holding Co. Ltd.(b) . . . . . . . . . . . . . . . . 56,388,929 16,516,337

143,406,007Leisure Products — 0.6%Giant Manufacturing Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 2,286,590 15,906,397

Machinery — 0.7%Airtac International Group(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 762,000 7,848,042Hiwin Technologies Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,494,339 12,107,904

19,955,946Marine — 0.3%Evergreen Marine Corp. Taiwan Ltd. . . . . . . . . . . . . . . . . . . . 17,791,136 7,278,450

Metals & Mining — 1.7%China Steel Corp.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,960,977 44,929,851

Oil, Gas & Consumable Fuels — 0.7%Formosa Petrochemical Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . 6,096,950 18,867,352

Real Estate Management & Development — 0.5%Highwealth Construction Corp.(b) . . . . . . . . . . . . . . . . . . . . . . 5,334,790 8,407,262Ruentex Development Co. Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . 4,572,076 6,193,628

14,600,890Semiconductors & Semiconductor Equipment — 32.7%ASE Technology Holding Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . 16,764,432 38,108,260Globalwafers Co. Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,307,000 11,983,954MediaTek Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,116,175 83,259,927Nanya Technology Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,858,000 15,371,003Novatek Microelectronics Corp.(b). . . . . . . . . . . . . . . . . . . . . . 3,048,544 18,052,505Phison Electronics Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 909,698 8,355,551Powertech Technology Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,572,036 10,931,547Realtek Semiconductor Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . 2,484,063 17,003,297Taiwan Semiconductor Manufacturing Co. Ltd. . . . . . . . . . 72,679,882 599,302,433United Microelectronics Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 61,722,501 26,430,043Vanguard International Semiconductor Corp.(b) . . . . . . . . . 5,334,000 10,868,386Win Semiconductors Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,297,000 19,050,255Winbond Electronics Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,812,000 10,754,365

869,471,526Specialty Retail — 0.8%Hotai Motor Co. Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,524,000 21,469,914

Technology Hardware, Storage & Peripherals — 7.4%Acer Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,288,737 10,014,845Advantech Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,139,614 18,187,741Asustek Computer Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,810,857 24,750,552Catcher Technology Co. Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . 3,225,743 22,644,901


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



Technology Hardware, Storage & Peripherals (continued)Chicony Electronics Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 3,857,405 $ 10,831,681Compal Electronics Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,622,554 13,499,677Inventec Corp.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,240,868 10,432,304Lite-On Technology Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,430,071 18,194,955Micro-Star International Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . 4,572,000 12,197,822Pegatron Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,668,037 17,797,043Quanta Computer Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,716,240 24,672,638Wistron Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,526,921 13,894,312

197,118,471Textiles, Apparel & Luxury Goods — 2.2%Eclat Textile Co. Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,154,601 14,115,466Feng TAY Enterprise Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . 2,540,623 16,541,146Formosa Taffeta Co. Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,096,515 6,608,925Pou Chen Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,430,103 14,264,885Ruentex Industries Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,048,157 6,763,978

58,294,400Transportation Infrastructure — 0.6%Taiwan High Speed Rail Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 12,192,000 14,711,137

Wireless Telecommunication Services — 1.9%Far EasTone Telecommunications Co. Ltd. . . . . . . . . . . . . . 8,382,259 19,534,586Taiwan Mobile Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,382,609 29,890,233

49,424,819



Short-Term InvestmentsMoney Market Funds — 6.4%BlackRock Cash Funds: Institutional, SL Agency

Shares, 2.25%(d)(e)(f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155,033,037 $ 155,110,554BlackRock Cash Funds: Treasury, SL Agency Shares,

2.02%(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,551,000 14,551,000

169,661,554

Total Short-Term Investments — 6.4%(Cost: $169,620,627) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169,661,554


Other Assets, Less Liabilities — (5.4)% . . . . . . . . . . . . . . . . . . . . . . . . . . . . (142,650,728)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,662,494,911

(a) Non-income producing security.(b) All or a portion of this security is on loan.(c) Security is valued using significant unobservable inputs and is classified as Level 3 in the

fair value hierarchy.(d) Affiliate of the Fund.(e) Annualized 7-day yield as of period-end.(f) All or a portion of this security was purchased with cash collateral received from loaned

securities.

Affiliates


Affiliated Issuer

SharesHeld at


SharesHeld at

08/31/19Value at


Change inUnrealized


BlackRock Cash Funds: Institutional, SL Agency Shares . . . . . . . . . . 146,508,163 8,524,874 155,033,037 $155,110,554 $3,222,795(b) $ 7,226 $ 743BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . 33,708,447 (19,157,447) 14,551,000 14,551,000 161,721 — —

$169,661,554 $3,384,516 $ 7,226 $ 743



Futures Contracts


ExpirationDate

NotionalAmount

(000)

Value/Unrealized


Long ContractsMSCI Taiwan Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 648 09/27/19 $25,330 $ 276,748


August 31, 2019

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




EquityContracts


Unrealized appreciation on futures contracts(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $276,748



EquityContracts

Net Realized Gain (Loss) from:Futures contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(1,436,886)

Net Change in Unrealized Appreciation (Depreciation) on:Futures contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (74,492)








InvestmentsAssets

Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,635,484,083 $ — $ 2 $2,635,484,085Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169,661,554 — — 169,661,554

$2,805,145,637 $ — $ 2 $2,805,145,639


AssetsFutures Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 276,748 $ — $ — $ 276,748




August 31, 2019

iShares� MSCI Taiwan ETF



Common StocksAirlines — 0.4%Asia Aviation PCL, NVDR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,567,500 $ 687,415Bangkok Airways PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,789,700 564,907Thai Airways International PCL, NVDR(a)(b). . . . . . . . . . . . . . . . 2,158,366 702,453

1,954,775Auto Components — 0.2%Sri Trang Agro-Industry PCL, NVDR(a) . . . . . . . . . . . . . . . . . . . . 2,261,145 791,373

Banks — 11.0%Bangkok Bank PCL, Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,168,500 6,554,837Kasikornbank PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,051,900 10,738,539Kasikornbank PCL, Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,872,600 15,033,641Kiatnakin Bank PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 521,573 1,236,865Krung Thai Bank PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,545,100 4,807,448Siam Commercial Bank PCL (The), NVDR . . . . . . . . . . . . . . . . 2,079,500 8,400,302Thanachart Capital PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . 717,400 1,325,803Tisco Financial Group PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . 492,510 1,643,177TMB Bank PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,797,400 1,367,371

51,107,983Beverages — 0.3%Carabao Group PCL, NVDR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 614,300 1,542,155

Building Products — 0.1%Dynasty Ceramic PCL, NVDR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 6,226,740 419,563

Chemicals — 3.4%Eastern Polymer Group PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . 2,394,400 591,307Global Green Chemicals PCL, NVDR(a)(b) . . . . . . . . . . . . . . . . . 748,800 276,766Indorama Ventures PCL, NVDR(a) . . . . . . . . . . . . . . . . . . . . . . . . 4,123,710 4,754,625PTT Global Chemical PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . 5,522,507 9,618,889Vinythai PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 579,300 466,131

15,707,718Construction & Engineering — 1.0%CH Karnchang PCL, NVDR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,908,100 2,216,329Italian-Thai Development PCL, NVDR(a) . . . . . . . . . . . . . . . . . . 9,857,448 612,614Sino-Thai Engineering & Construction PCL, NVDR(a) . . . . . . 2,441,228 1,541,114Unique Engineering & Construction PCL, NVDR(a). . . . . . . . . 1,593,200 497,672

4,867,729Construction Materials — 6.0%Siam Cement PCL (The), NVDR. . . . . . . . . . . . . . . . . . . . . . . . . . 1,910,700 25,998,894Tipco Asphalt PCL, NVDR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,553,800 1,041,881TPI Polene PCL, NVDR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,220,000 923,732

27,964,507Consumer Finance — 1.9%AEON Thana Sinsap Thailand PCL, NVDR . . . . . . . . . . . . . . . 184,900 1,324,494Muangthai Capital PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,558,800 2,804,285Ratchthani Leasing PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . 3,227,585 749,558Srisawad Corp PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,276,160 4,150,655

9,028,992Containers & Packaging — 0.1%Polyplex Thailand PCL, NVDR(a) . . . . . . . . . . . . . . . . . . . . . . . . . 657,900 314,182

Diversified Telecommunication Services — 1.7%Jasmine International PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . 8,984,968 1,983,761True Corp. PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,638,718 5,901,510

7,885,271Electrical Equipment — 0.2%Gunkul Engineering PCL, NVDR(a) . . . . . . . . . . . . . . . . . . . . . . . 9,855,022 1,025,071


Electronic Equipment, Instruments & Components — 0.6%Hana Microelectronics PCL, NVDR(a) . . . . . . . . . . . . . . . . . . . . . 1,376,900 $ 1,283,560KCE Electronics PCL, NVDR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,873,700 1,017,366SVI PCL, NVDR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,761,015 335,955

2,636,881Entertainment — 0.5%Major Cineplex Group PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . 1,536,400 1,294,049RS PCL, NVDR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,008,300 560,671Workpoint Entertainment PCL, NVDR(a). . . . . . . . . . . . . . . . . . . 543,000 410,280

2,265,000Food & Staples Retailing — 9.5%Berli Jucker PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,940,000 5,216,944CP ALL PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,303,100 39,298,729

44,515,673Food Products — 3.4%Charoen Pokphand Foods PCL, NVDR . . . . . . . . . . . . . . . . . . . 9,487,100 9,154,287GFPT PCL, NVDR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,245,400 733,247Khon Kaen Sugar Industry PCL, NVDR . . . . . . . . . . . . . . . . . . . 3,759,878 277,940Taokaenoi Food & Marketing PCL, Class R, NVDR(a) . . . . . . 1,186,500 391,975Thai Union Group PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,195,600 4,664,435Thai Vegetable Oil PCL, NVDR. . . . . . . . . . . . . . . . . . . . . . . . . . . 988,053 848,357

16,070,241Health Care Providers & Services — 5.6%Bangkok Chain Hospital PCL, NVDR . . . . . . . . . . . . . . . . . . . . . 3,046,425 1,594,335Bangkok Dusit Medical Services PCL, NVDR . . . . . . . . . . . . . 23,029,400 17,777,213Bumrungrad Hospital PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . 1,072,876 4,860,359Chularat Hospital PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,917,600 857,052Thonburi Healthcare Group PCL, NVDR(a) . . . . . . . . . . . . . . . . 1,244,000 976,564

26,065,523Hotels, Restaurants & Leisure — 1.9%Erawan Group PCL (The), NVDR(a) . . . . . . . . . . . . . . . . . . . . . . . 3,371,000 645,036Minor International PCL, NVDR(a). . . . . . . . . . . . . . . . . . . . . . . . . 6,788,910 8,438,256

9,083,292Independent Power and Renewable Electricity Producers — 6.0%BCPG PCL, NVDR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,465,600 896,450CK Power PCL, NVDR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,420,960 1,081,621Electricity Generating PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . 709,400 7,796,497Energy Absolute PCL, NVDR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,109,300 6,350,950Gulf Energy Development PCL, NVDR. . . . . . . . . . . . . . . . . . . . 1,307,600 6,201,717Ratch Group PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,778,500 4,275,730SPCG PCL, NVDR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,199,600 729,824Super Energy Corp. PCL, NVDR(a)(b) . . . . . . . . . . . . . . . . . . . . . 33,522,250 701,750

28,034,539Industrial Conglomerates — 0.1%Thoresen Thai Agencies PCL, NVDR . . . . . . . . . . . . . . . . . . . . . 3,363,589 632,615

Insurance — 0.2%Bangkok Life Assurance PCL, NVDR . . . . . . . . . . . . . . . . . . . . . 1,269,600 851,314

Marine — 0.1%Precious Shipping PCL, NVDR(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 1,913,700 557,100

Media — 0.5%BEC World PCL, NVDR(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,948,000 800,340Plan B Media PCL, NVDR(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,754,700 1,399,699

2,200,039Multiline Retail — 0.6%Robinson PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,222,900 2,570,000


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



Oil, Gas & Consumable Fuels — 15.6%Bangchak Corp. PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,531,000 $ 2,255,941Banpu PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,731,700 4,458,012Esso Thailand PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,587,800 727,944IRPC PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,571,800 3,571,325Prima Marine PCL, NVDR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,842,500 557,466PTT Exploration & Production PCL, NVDR . . . . . . . . . . . . . . . . 3,403,684 13,860,779PTT PCL, NVDR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,986,800 40,507,512Siamgas & Petrochemicals PCL, NVDR. . . . . . . . . . . . . . . . . . . 1,800,700 494,754Thai Oil PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,751,500 6,097,445

72,531,178Pharmaceuticals — 0.2%Mega Lifesciences PCL, NVDR(a). . . . . . . . . . . . . . . . . . . . . . . . . 864,600 883,760

Real Estate Management & Development — 8.6%Amata Corp. PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,973,800 1,710,874Ananda Development PCL, NVDR(a). . . . . . . . . . . . . . . . . . . . . . 3,263,900 345,900AP Thailand PCL, NVDR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,825,286 1,390,943Bangkok Land PCL, NVDR(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,351,500 1,333,019Central Pattana PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,496,900 12,091,472Land & Houses PCL, NVDR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,514,700 7,246,995LPN Development PCL, NVDR(a) . . . . . . . . . . . . . . . . . . . . . . . . . 3,290,047 661,830MBK PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,488,100 1,896,238Origin Property PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,798,700 464,788Platinum Group PCL (The), NVDR(a) . . . . . . . . . . . . . . . . . . . . . . 2,045,600 347,931Pruksa Holding PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,339,500 849,989Quality Houses PCL, NVDR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,673,532 1,891,902Sansiri PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,929,437 1,396,112SC Asset Corp. PCL, NVDR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,562,004 307,587Siam Future Development PCL, NVDR(a) . . . . . . . . . . . . . . . . . 2,862,953 561,868Singha Estate PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,550,800 834,793Supalai PCL, NVDR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,935,100 2,535,660U City PCL, NVDR(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,251,141 609,946Univentures PCL, NVDR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,629,100 325,047WHA Corp. PCL, NVDR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,140,240 3,402,077

40,204,971Road & Rail — 1.5%BTS Group Holdings PCL, NVDR(a). . . . . . . . . . . . . . . . . . . . . . . 16,024,300 7,075,903

Specialty Retail — 2.9%Beauty Community PCL, NVDR(a) . . . . . . . . . . . . . . . . . . . . . . . . 5,562,900 527,677Com7 PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,478,600 1,257,457Home Product Center PCL, NVDR. . . . . . . . . . . . . . . . . . . . . . . . 14,497,473 8,535,596PTG Energy PCL, NVDR(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,853,300 1,303,327Siam Global House PCL, NVDR(a) . . . . . . . . . . . . . . . . . . . . . . . . 3,598,643 1,800,940

13,424,997Transportation Infrastructure — 6.9%Airports of Thailand PCL, NVDR. . . . . . . . . . . . . . . . . . . . . . . . . . 10,498,200 24,723,866Bangkok Aviation Fuel Services PCL, NVDR . . . . . . . . . . . . . . 466,500 507,355


Transportation Infrastructure (continued)Bangkok Expressway & Metro PCL, NVDR. . . . . . . . . . . . . . . . 18,710,653 $ 6,854,504

32,085,725Water Utilities — 0.6%Eastern Water Resources Development and Management

PCL, NVDR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,422,000 586,056TTW PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,410,366 1,561,702WHA Utilities and Power PCL, NVDR(a) . . . . . . . . . . . . . . . . . . . 2,865,700 674,889

2,822,647Wireless Telecommunication Services — 7.9%Advanced Info Service PCL, NVDR. . . . . . . . . . . . . . . . . . . . . . . 2,855,219 21,666,884Intouch Holdings PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,498,200 11,509,847Total Access Communication PCL, NVDR. . . . . . . . . . . . . . . . . 1,742,600 3,505,435

36,682,166


WarrantsMedia — 0.0%VGI PCL, (Expires 09/11/22)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 —

Total Warrants — 0.0%(Cost: $0) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —


2.25%(c)(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,300,710 14,307,860BlackRock Cash Funds: Treasury, SL Agency Shares,

2.02%(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 860,000 860,000

15,167,860

Total Short-Term Investments — 3.2%(Cost: $15,165,276) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,167,860



Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 466,236,895

(a) All or a portion of this security is on loan.(b) Non-income producing security.(c) Affiliate of the Fund.(d) Annualized 7-day yield as of period-end.(e) All or a portion of this security was purchased with cash collateral received from loaned

securities.


August 31, 2019

iShares� MSCI Thailand 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 . . . . . . . . . . . . . . . 21,003,656 (6,702,946) 14,300,710 $14,307,860 $1,227,968(b) $ 9,122 $ (2,947)BlackRock Cash Funds: Treasury, SL Agency Shares. . . . . . . . . . . . . . . . . . 1,195,576 (335,576) 860,000 860,000 23,522 — —

$15,167,860 $1,251,490 $ 9,122 $ (2,947)







InvestmentsAssets

Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $463,802,883 $ — $ — $463,802,883Warrants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0(a) — — 0(a)

Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,167,860 — — 15,167,860

$478,970,743 $ — $ — $478,970,743

(a) Rounds to less than $1.



August 31, 2019

iShares� MSCI Thailand ETF


iSharesMSCI Hong Kong

ETF

iSharesMSCI Japan

Small-CapETF

iSharesMSCI

MalaysiaETF

iSharesMSCI Pacific ex

Japan ETF

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

Unaffiliated(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,417,310,748 $109,438,945 $388,194,405 $2,246,935,772Affiliated(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,394,709 3,144,256 3,781,110 11,507,602

Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,098 165 988 525Foreign currency, at value(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,758,333 210,420 1,298,526 4,159,619Foreign currency collateral pledged:

Futures contracts(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 602,092 12,425 — 1,003,366Receivables:

Investments sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 86Securities lending income — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,249 8,074 3,826 76,430Variation margin on futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,512 5,221 — 228,124Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,881,957 313,360 1,366,146 13,797,175

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,442,098,698 113,132,866 394,645,001 2,277,708,699

LIABILITIESCollateral on securities loaned, at value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,783,389 3,091,023 3,582,525 10,650,246Payables:

Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 66Investment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 652,743 46,588 173,453 942,644

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,436,132 3,137,611 3,755,978 11,592,956

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,424,662,566 $109,995,255 $390,889,023 $2,266,115,743

NET ASSETS CONSIST OF:Paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,013,319,213 $150,984,846 $373,198,216 $2,830,792,486Accumulated earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (588,656,647) (40,989,591) 17,690,807 (564,676,743)

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,424,662,566 $109,995,255 $390,889,023 $2,266,115,743

Shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,950,000 1,600,000 13,950,000 51,300,000

Net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 23.00 $ 68.75 $ 28.02 $ 44.17

Shares authorized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 375 million 500 million 300 million 1 billion

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

(a) Securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,198,706 $ 2,874,277 $ 3,331,790 $ 10,256,324(b) Investments, at cost — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,543,757,402 $143,629,228 $272,715,592 $2,357,923,869(c) Investments, at cost — Affiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 17,396,386 $ 3,142,809 $ 3,780,032 $ 11,502,350(d) Foreign currency, at cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,861,317 $ 208,270 $ 1,296,034 $ 4,167,057(e) Foreign currency collateral pledged, at cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 498,892 $ 12,166 $ — $ 1,010,627


Statements of Assets and LiabilitiesAugust 31, 2019

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

iSharesMSCI

SingaporeETF

iSharesMSCI Taiwan ETF

iSharesMSCI

Thailand ETF

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

Unaffiliated(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 509,652,057 $2,635,484,085 $463,802,883Affiliated(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,686,975 169,661,554 15,167,860

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 922 603 717Foreign currency, at value(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,382,944 3,709,605 89Cash pledged:

Futures contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 1,295,000 —Foreign currency collateral pledged:

Futures contracts(e). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202,826 — —Receivables:

Securities lending income — Affiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,630 330,890 90,307Variation margin on futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93,253 450,647 —Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,170,338 16,579,089 1,706,383

Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 531,318,945 2,827,511,473 480,768,239

LIABILITIESCollateral on securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,448,484 155,077,700 14,289,406Payables:

Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,982,156 7,944,845 —Investment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 237,502 1,353,496 241,938Foreign taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 640,521 —

Total liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,668,142 165,016,562 14,531,344

NET ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 513,650,803 $2,662,494,911 $466,236,895

NET ASSETS CONSIST OF:Paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 727,439,582 $1,521,436,846 $559,698,424Accumulated earnings (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (213,788,779) 1,141,058,065 (93,461,529)

NET ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 513,650,803 $2,662,494,911 $466,236,895

Shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,500,000 76,200,000 5,150,000

Net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22.83 $ 34.94 $ 90.53

Shares authorized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 million 900 million 200 million

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

(a) Securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14,704,589 $ 145,906,020 $ 12,741,811(b) Investments, at cost — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 574,817,057 $1,253,705,564 $496,634,107(c) Investments, at cost — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,682,299 $ 169,620,627 $ 15,165,276(d) Foreign currency, at cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,380,981 $ 3,710,673 $ 89(e) Foreign currency collateral pledged, at cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 203,091 $ — $ —


Statements of Assets and Liabilities (continued)

August 31, 2019


iSharesMSCI Hong

Kong ETF

iSharesMSCI Japan

Small-CapETF

iSharesMSCI

MalaysiaETF

iSharesMSCI Pacific

ex JapanETF

INVESTMENT INCOMEDividends — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 74,069,824 $ 5,318,199 $ 19,600,502 $101,856,625Dividends — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,924 3,029 11,722 36,704Interest — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 2,508Securities lending income — Affiliated — net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130,831 351,709 344,828 293,853Foreign taxes withheld. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (525,695) — (1,111,592)

Total investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,249,579 5,147,242 19,957,052 101,078,098

EXPENSESInvestment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,174,615 1,045,703 2,524,782 11,151,001

Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,174,615 1,045,703 2,524,782 11,151,001

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,074,964 4,101,539 17,432,270 89,927,097

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

Investments — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (82,431,071) (4,376,574) (36,845,886) (52,752,175)Investments — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,097 5,026 1,170 16,228In-kind redemptions — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 254,699,885 (31,195,790) — 42,004,345Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (795,898) (275,007) — 450,931Foreign currency transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,203 62,595 (709,542) (560,185)

Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171,568,216 (35,779,750) (37,554,258) (10,840,856)

Net change in unrealized appreciation (depreciation) on:Investments — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (205,323,935) (2,331,571) (52,517,433) (79,651,426)Investments — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,434) (2,915) (567) 1,334Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212,698 (11,089) — 58,185Foreign currency translations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,765 5,992 (10,128) 24,142

Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (205,108,906) (2,339,583) (52,528,128) (79,567,765)

Net realized and unrealized loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (33,540,690) (38,119,333) (90,082,386) (90,408,621)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 28,534,274 $(34,017,794) $(72,650,116) $ (481,524)


Statements of OperationsYear Ended August 31, 2019


iSharesMSCI

SingaporeETF

iSharesMSCI Taiwan

ETF

iSharesMSCI

Thailand ETF

INVESTMENT INCOMEDividends — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 24,065,563 $ 131,914,090 $ 14,055,315Dividends — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,085 161,721 23,522Interest — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 10,741 —Securities lending income — Affiliated — net(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 289,113 3,222,795 1,227,968Foreign taxes withheld . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (215,182) (25,147,924) (1,377,167)Other foreign taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (1,263,670) —

Total investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,148,579 108,897,753 13,929,638

EXPENSESInvestment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,746,155 19,459,461 2,776,869

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,746,155 19,459,461 2,776,869

Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,402,424 89,438,292 11,152,769

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

Investments — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,451,647) 173,634,578 (23,934,322)Investments — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,098) 7,226 9,122In-kind redemptions — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,883,715 — 37,549,288Futures contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (875,559) (1,436,886) —Foreign currency transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (123,319) (372,279) (32,535)

Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,573,908) 171,832,639 13,591,553

Net change in unrealized appreciation (depreciation) on:Investments — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (21,656,197) (507,257,412) (19,978,544)Investments — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,891 743 (2,947)Futures contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,001 (74,492) —Foreign currency translations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,881 14,041 9,586

Net change in unrealized appreciation (depreciation). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (21,563,424) (507,317,120) (19,971,905)

Net realized and unrealized loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (26,137,332) (335,484,481) (6,380,352)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (4,734,908) $(246,046,189) $ 4,772,417

(a) Net of securities lending income tax paid of. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 800,716 $ —


Statements of Operations (continued)

Year Ended August 31, 2019


iSharesMSCI Hong Kong ETF

iSharesMSCI Japan Small-Cap 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 62,074,964 $ 66,523,413 $ 4,101,539 $ 4,235,524Net realized gain (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171,568,216 (39,701,210) (35,779,750) 49,208,901Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (205,108,906) (32,661,007) (2,339,583) (45,831,781)

Net increase (decrease) in net assets resulting from operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,534,274 (5,838,804) (34,017,794) 7,612,644

DISTRIBUTIONS TO SHAREHOLDERS(a)(b)

Decrease in net assets resulting from distributions to shareholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (67,889,451) (100,789,012) (4,647,949) (4,732,916)

CAPITAL SHARE TRANSACTIONSNet increase (decrease) in net assets derived from capital share transactions . . . . . . . . . . . . . . . . . . . . . . (1,265,603,711) 980,802,040 (136,251,360) 92,816,668

NET ASSETS(b)

Total increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,304,958,888) 874,174,224 (174,917,103) 95,696,396Beginning of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,729,621,454 1,855,447,230 284,912,358 189,215,962

End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,424,662,566 $2,729,621,454 $ 109,995,255 $284,912,358

(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 12 for this prior year information.


Statements of Changes in Net Assets


iSharesMSCI Malaysia ETF

iSharesMSCI Pacific ex Japan ETF

Year Ended08/31/19

Year Ended08/31/18

Year Ended08/31/19

Year Ended08/31/18


OPERATIONSNet investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 17,432,270 $ 14,176,454 $ 89,927,097 $ 102,324,651Net realized gain (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (37,554,258) (7,368,623) (10,840,856) 165,198,688Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (52,528,128) 30,835,443 (79,567,765) (145,434,956)

Net increase (decrease) in net assets resulting from operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (72,650,116) 37,643,274 (481,524) 122,088,383



CAPITAL SHARE TRANSACTIONSNet increase (decrease) in net assets derived from capital share transactions . . . . . . . . . . . . . . . . . . . . . . (76,742,616) 112,710,143 (4,695,754) (738,069,585)

NET ASSETS(b)

Total increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (166,331,036) 119,996,184 (108,717,817) (745,592,696)Beginning of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 557,220,059 437,223,875 2,374,833,560 3,120,426,256

End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 390,889,023 $557,220,059 $2,266,115,743 $2,374,833,560

(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 12 for this prior year information.


Statements of Changes in Net Assets (continued)


iSharesMSCI Singapore ETF

iSharesMSCI Taiwan ETF

Year Ended08/31/19

Year Ended08/31/18

Year Ended08/31/19

Year Ended08/31/18


OPERATIONSNet investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 21,402,424 $ 27,561,521 $ 89,438,292 $ 102,838,128Net realized gain (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,573,908) (7,420,348) 171,832,639 46,785,988Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (21,563,424) (29,174,128) (507,317,120) 11,762,468

Net increase (decrease) in net assets resulting from operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,734,908) (9,032,955) (246,046,189) 161,386,584



CAPITAL SHARE TRANSACTIONSNet increase (decrease) in net assets derived from capital share transactions . . . . . . . . . . . . . . . . . . . . . . (39,601,577) 19,149,528 (1,070,161,394) 261,146,609

NET ASSETS(b)

Total increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (65,641,604) (20,975,253) (1,420,396,486) 318,401,000Beginning of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 579,292,407 600,267,660 4,082,891,397 3,764,490,397

End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $513,650,803 $579,292,407 $ 2,662,494,911 $4,082,891,397

(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 12 for this prior year information.




iSharesMSCI Thailand ETF

Year Ended08/31/19

Year Ended08/31/18


OPERATIONSNet investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 11,152,769 $ 9,935,178Net realized gain. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,591,553 25,014,195Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (19,971,905) 2,586,714

Net increase in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,772,417 37,536,087


Decrease in net assets resulting from distributions to shareholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,822,599) (9,963,198)

CAPITAL SHARE TRANSACTIONSNet increase in net assets derived from capital share transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,445,341 52,678,820

NET ASSETS(b)

Total increase in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,395,159 80,251,709Beginning of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 435,841,736 355,590,027

End of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $466,236,895 $435,841,736

(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 12 for this prior year information.




iShares MSCI Hong Kong 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 24.18 $ 24.69 $ 21.08 $ 19.42 $ 21.89

Net investment income(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.62 0.71 0.68 0.54 0.52Net realized and unrealized gain (loss)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.08) (0.12) 3.54 1.72 (2.50)

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.46) 0.59 4.22 2.26 (1.98)

Distributions(c)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.72) (1.10) (0.61) (0.60) (0.49)

Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.72) (1.10) (0.61) (0.60) (0.49)

Net asset value, end of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 23.00 $ 24.18 $ 24.69 $ 21.08 $ 19.42

Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2.00)% 2.33% 20.38% 11.94% (9.29)%

Ratios to Average Net AssetsTotal expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.49% 0.48% 0.49% 0.48% 0.48%

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.52% 2.83% 3.08% 2.73% 2.36%

Supplemental DataNet assets, end of year (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,424,663 $2,729,621 $1,855,447 $1,596,576 $2,722,224

Portfolio turnover rate(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12% 7% 8% 9% 7%

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

transactions in relation to the fluctuating market values of the Fund’s underlying securities.(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.(d) Portfolio turnover rate excludes in-kind transactions.


Financial Highlights(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 Japan Small-Cap 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 77.00 $ 72.78 $ 60.95 $ 56.79 $ 56.61

Net investment income(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.37 0.94 1.02 0.84 0.70Net realized and unrealized gain (loss)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7.90) 4.24 12.62 4.29 0.71

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6.53) 5.18 13.64 5.13 1.41

Distributions(c)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.72) (0.96) (1.81) (0.97) (1.23)

Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.72) (0.96) (1.81) (0.97) (1.23)

Net asset value, end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 68.75 $ 77.00 $ 72.78 $ 60.95 $ 56.79

Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8.42)% 7.09% 22.81% 9.10% 2.63%

Ratios to Average Net AssetsTotal expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.49% 0.47% 0.49% 0.48% 0.48%

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.94% 1.18% 1.53% 1.44% 1.26%

Supplemental DataNet assets, end of year (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $109,995 $284,912 $189,216 $164,553 $159,004

Portfolio turnover rate(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10% 9% 8% 12% 10%




Financial Highlights (continued)

(For a share outstanding throughout each period)


iShares MSCI Malaysia ETF

Year Ended08/31/19

Year Ended08/31/18

Year Ended08/31/17(a)




Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.03 0.91 0.56 1.00 1.44Net realized and unrealized gain (loss)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4.85) 2.06 (0.05) 2.79 (23.47)

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3.82) 2.97 0.51 3.79 (22.03)

Distributions(d)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.03) (2.13) (1.61) (1.81) (1.57)From net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — (9.60) (0.18)



Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11.69)% 9.59% 2.14% 12.58% (34.62)%




Portfolio turnover rate(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48%(f) 63%(f) 24%(f) 72%(f) 24%(f)

(a) Per share amounts reflect a one-for-four reverse stock split effective after the close of trading on November 4, 2016.(b) Based on average shares outstanding.(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share

transactions in relation to the fluctuating market values of the Fund’s underlying securities.(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.(e) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations").(f) Portfolio turnover rate excluding cash creations was as follows: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9% 17% 10% 17% 5%





iShares MSCI Pacific ex Japan 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) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.74 1.66 1.60 1.54 1.97Net realized and unrealized gain (loss)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.58) 0.03 5.55 2.98 (13.09)

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.16 1.69 7.15 4.52 (11.12)

Distributions(c)



Net asset value, end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 44.17 $ 46.02 $ 46.43 $ 40.94 $ 38.01

Total ReturnBased on net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.56% 3.63% 18.06% 12.20% (22.19)%




Portfolio turnover rate(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7% 6% 3% 6% 7%







iShares MSCI Singapore ETF

Year Ended08/31/19

Year Ended08/31/18





Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.91 1.04 0.56 0.84 0.82Net realized and unrealized gain (loss)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.02) (0.77) 3.84 (0.24) (6.64)

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.11) 0.27 4.40 0.60 (5.82)

Distributions(d)




Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.41)% 0.91% 21.51% 2.87% (21.27)%




Portfolio turnover rate(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9% 26% 12% 7% 10%

(a) Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016.(b) Based on average shares outstanding.(c) 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 Taiwan ETF

Year Ended08/31/19

Year Ended08/31/18





Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.92 0.98 0.87 0.68 0.74Net realized and unrealized gain (loss)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2.89) 0.60 6.88 3.25 (5.88)

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.97) 1.58 7.75 3.93 (5.14)

Distributions(d)



Net asset value, end of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 34.94 $ 37.91 $ 37.35 $ 30.30 $ 27.17

Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4.92)% 4.43% 26.17% 15.02% (15.79)%




Portfolio turnover rate(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7%(f) 12%(f) 11%(f) 27%(f) 14%(f)

(a) Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016.(b) Based on average shares outstanding.(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share

transactions in relation to the fluctuating market values of the Fund’s underlying securities.(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.(e) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations").(f) Portfolio turnover rate excluding cash creations was as follows:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6% 11% 8% 9% 4%





iShares MSCI Thailand 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) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.10 2.12 1.99 2.05 1.66Net realized and unrealized gain (loss)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.33) 8.13 6.90 10.54 (17.98)

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.77 10.25 8.89 12.59 (16.32)

Distributions(c)




Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.03% 12.55% 12.01% 19.87% (19.92)%




Portfolio turnover rate(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17% 10% 7% 16% 13%







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 Hong Kong. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-diversifiedMSCI Japan Small-Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DiversifiedMSCI Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-diversifiedMSCI Pacific ex Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DiversifiedMSCI Singapore. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-diversifiedMSCI Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-diversifiedMSCI Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting 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 atthe measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the

Notes to Financial Statements


Board 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 orinsolvency. 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.

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

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 Hong KongGoldman Sachs & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 143,552 $ 143,552 $ — $ —SG Americas Securities LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,055,154 15,055,154 — —

$ 15,198,706 $ 15,198,706 $ — $ —

MSCI Japan Small-CapBarclays Capital Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 44,618 $ 44,618 $ — $ —BofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,008 19,008 — —Citigroup Global Markets Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,835 37,835 — —Credit Suisse Securities (USA) LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,743 109,743 — —Deutsche Bank Securities Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,017 33,017 — —Goldman Sachs & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 595,299 595,299 — —HSBC Bank PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154,317 154,317 — —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 682,179 682,179 — —Macquarie Bank Limited. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,874 94,874 — —Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,050,840 1,050,840 — —UBS AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,547 52,547 — —

$ 2,874,277 $ 2,874,277 $ — $ —

MSCI MalaysiaMacquarie Bank Limited. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 463,859 $ 463,859 $ — $ —Morgan Stanley & Co. International PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,867,931 2,867,931 — —

$ 3,331,790 $ 3,331,790 $ — $ —

MSCI Pacific ex JapanBofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,116,456 $ 1,116,456 $ — $ —Citigroup Global Markets Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,015,806 2,015,806 — —Goldman Sachs & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,750,287 1,750,287 — —Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,182,391 5,182,391 — —State Street Bank & Trust Company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191,384 191,384 — —

$ 10,256,324 $ 10,256,324 $ — $ —

MSCI SingaporeGoldman Sachs & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,559,716 $ 8,559,716 $ — $ —Jefferies LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 430,234 430,234 — —Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,714,639 5,714,639 — —

$ 14,704,589 $ 14,704,589 $ — $ —

MSCI TaiwanCitigroup Global Markets Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 13,648,107 $ 13,648,107 $ — $ —Credit Suisse Securities (Europe) Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,060,527 5,060,527 — —Deutsche Bank AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,413,088 2,413,088 — —JPMorgan Securities PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,631,011 11,631,011 — —Macquarie Bank Limited. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,867,253 27,867,253 — —Morgan Stanley & Co. International PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,286,034 85,286,034 — —

$ 145,906,020 $ 145,906,020 $ — $ —

MSCI ThailandBarclays Capital Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,106,366 $ 1,106,366 $ — $ —BofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270,550 270,550 — —Credit Suisse Securities (USA) LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,432,039 2,432,039 — —Goldman Sachs & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,513,198 3,513,198 — —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,933,967 1,933,967 — —Macquarie Bank Limited. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166,143 166,143 — —Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,918,409 1,918,409 — —Scotia Capital (USA) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,302 70,302 — —SG Americas Securities LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 732,915 732,915 — —UBS AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 597,922 597,922 — —

$ 12,741,811 $ 12,741,811 $ — $ —



(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 Hong Kong, iShares MSCI Japan Small-Cap, iShares MSCI Malaysia and iShares MSCI Singapore ETFs,BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the averagedaily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets Investment Advisory Fee

First $7 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.59%Over $7 billion, up to and including $11 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.54Over $11 billion, up to and including $24 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.49Over $24 billion, up to and including $48 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.44Over $48 billion, up to and including $72 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.40Over $72 billion, up to and including $96 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.36Over $96 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.32

For its investment advisory services to the iShares MSCI Pacific ex Japan ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by theFund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:


First $46 billion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5000%Over $46 billion, up to and including $81 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4750Over $81 billion, up to and including $111 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4513Over $111 billion, up to and including $141 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4287Over $141 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4073

Each reduced investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place) from the investment advisory fee at the prior aggregate average daily net assetlevel.



For its investment advisory services to each of the iShares MSCI Taiwan and iShares MSCI Thailand ETFs, BFA is entitled to an annual investment advisory fee, accrueddaily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds,as follows:


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

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, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amountretained 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, each Fund, pursuant to the securities lendingagreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securitieslending income plus the collateral investment fees.

Prior to January 1, 2019, each Fund retained 80% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70%of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lendingincome plus the collateral investment fees generated across all the iShares ETF Complex in a given calendar year exceeds a specified threshold, each Fund, pursuant tothe securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70%of the total of securities lending income plus the collateral investment fees.

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 Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 30,726MSCI Japan Small-Cap. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,062MSCI Malaysia. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,468MSCI Pacific ex Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78,105MSCI Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68,334MSCI Taiwan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 877,843MSCI Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 254,940

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 Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,907,881 $ 8,264,439 $ (4,807,706)MSCI Japan Small-Cap. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,262,836 9,698,461 389,307MSCI Pacific ex Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,367,884 10,521,304 (7,715,174)MSCI Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,372,646 2,192,190 (413,811)

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 Hong Kong. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 679,199,530 $ 297,474,751MSCI Japan Small-Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,145,570 22,269,197MSCI Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245,291,450 323,363,609MSCI Pacific ex Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155,075,299 157,584,276MSCI Singapore. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,831,493 60,159,359MSCI Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217,930,204 1,290,581,598MSCI Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97,836,398 81,881,933

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

iShares ETFIn-kind

PurchasesIn-kindSales

MSCI Hong Kong. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 49,934,888 $ 1,697,216,731MSCI Japan Small-Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185,670,341 319,997,870MSCI Pacific ex Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 243,529,125 260,044,914MSCI Singapore. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,050,801 98,351,621MSCI Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360,917,374 340,578,149

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 and realizedgains (losses) from in-kind redemptions, were reclassified to the following accounts:

iShares ETF Paid-in CapitalAccumulated

Earnings (Loss)

MSCI Hong Kong. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 183,688,944 $ (183,688,944)MSCI Japan Small-Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (32,471,619) 32,471,619MSCI Pacific ex Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11,301,603) 11,301,603MSCI Singapore. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,483,656) 7,483,656MSCI Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (19,669,957) 19,669,957MSCI Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,094,103 (25,094,103)



The tax character of distributions paid was as follows:

iShares ETFYear Ended

08/31/19Year Ended

08/31/18

MSCI Hong KongOrdinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 67,889,451 $100,789,012

MSCI Japan Small-CapOrdinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,647,949 $ 4,732,916

MSCI MalaysiaOrdinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 16,938,304 $ 30,357,233

MSCI Pacific ex JapanOrdinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $103,540,539 $129,611,494

MSCI SingaporeOrdinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 21,305,119 $ 31,091,826

MSCI TaiwanOrdinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $104,188,903 $104,132,193

MSCI ThailandOrdinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,822,599 $ 9,963,198

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) Total

MSCI Hong Kong. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,879,654 $ (420,080,374) $ (173,455,927) $ (588,656,647)MSCI Japan Small-Cap. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,996,502 (6,835,514) (36,150,579) (40,989,591)MSCI Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,436,367 (54,108,940) 70,363,380 17,690,807MSCI Pacific ex Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,424,633 (386,018,900) (200,082,476) (564,676,743)MSCI Singapore. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,479,941 (132,911,937) (83,356,783) (213,788,779)MSCI Taiwan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,649,152 (146,686,322) 1,206,095,235 1,141,058,065MSCI Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,213,967 (51,274,844) (44,400,652) (93,461,529)

(a) Amounts available to offset future realized capital gains.(b) The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of

unrealized gains on investments in passive foreign investment companies and the characterization of corporate actions.

For the year ended August 31, 2019, the iShares MSCI Taiwan ETF utilized $143,841,581 of its capital loss carryforwards.

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 Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,608,167,393 $ 73,937,317 $ (247,398,802) $ (173,461,485)MSCI Japan Small-Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148,727,163 3,424,548 (39,581,404) (36,156,856)MSCI Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 321,616,322 76,110,898 (5,751,705) 70,359,193MSCI Pacific ex Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,458,577,021 264,786,076 (464,808,247) (200,022,171)MSCI Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 608,759,985 16,382,151 (99,740,007) (83,357,856)MSCI Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,599,292,565 1,259,608,840 (53,479,018) 1,206,129,822MSCI Thailand. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 523,379,806 23,888,982 (68,298,045) (44,409,063)

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to 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 social



instability; (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.

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.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except 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 Hong KongShares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,400,000 $ 641,855,226 38,250,000 $ 993,462,562Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (77,325,000) (1,907,458,937) (525,000) (12,660,522)

Net increase(decrease) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (50,925,000) $(1,265,603,711) 37,725,000 $ 980,802,040

MSCI Japan Small-CapShares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,600,000 $ 188,325,229 5,500,000 $ 444,537,508Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,700,000) (324,576,589) (4,400,000) (351,720,840)

Net increase(decrease) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,100,000) $ (136,251,360) 1,100,000 $ 92,816,668

MSCI MalaysiaShares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,825,000 $ 211,840,133 11,025,000 $ 376,972,344Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9,825,000) (288,582,749) (7,725,000) (264,262,201)

Net increase(decrease) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,000,000) $ (76,742,616) 3,300,000 $ 112,710,143



Year Ended08/31/19

Year Ended08/31/18

iShares ETF Shares Amount Shares Amount

MSCI Pacific ex JapanShares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000,000 $ 271,812,469 4,500,000 $ 212,570,632Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,300,000) (276,508,223) (20,100,000) (950,640,217)

Net decrease . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (300,000) $ (4,695,754) (15,600,000) $(738,069,585)

MSCI SingaporeShares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000,000 $ 93,905,772 11,150,000 $ 295,823,970Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,800,000) (133,507,349) (11,150,000) (276,674,442)

Net increase(decrease) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,800,000) $ (39,601,577) — $ 19,149,528

MSCI TaiwanShares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 $ 13,078,670 8,100,000 $ 304,794,945Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (31,600,000) (1,083,240,064) (1,200,000) (43,648,336)

Net increase(decrease) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (31,500,000) $(1,070,161,394) 6,900,000 $ 261,146,609

MSCI ThailandShares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,300,000 $ 384,240,938 2,250,000 $ 213,303,678Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,950,000) (347,795,597) (1,750,000) (160,624,858)

Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350,000 $ 36,445,341 500,000 $ 52,678,820

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.

11. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares 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.

12. REGULATION S-X AMENDMENTS

On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification. 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 Income

MSCI Hong Kong. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 100,789,012MSCI Japan Small-Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,732,916MSCI Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,357,233MSCI Pacific ex Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,611,494MSCI Singapore. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,091,826MSCI Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104,132,193MSCI Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,963,198

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 Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,599,938MSCI Japan Small-Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 322,056MSCI Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,245,264)MSCI Pacific ex Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,556,042MSCI Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,982,920)MSCI Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,026,169MSCI Thailand. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,914,983

13. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has 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 Hong Kong ETF, iShares MSCI Japan Small-CapETF,iShares MSCI Malaysia ETF, iShares MSCI Pacific ex Japan ETF, iShares MSCI Singapore ETF,iShares MSCI Taiwan ETF and iShares MSCI Thailand ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares MSCI Hong Kong ETF, iShares MSCI JapanSmall-Cap ETF, iShares MSCI Malaysia ETF, iShares MSCI Pacific ex Japan ETF, iShares MSCI Singapore ETF, iShares MSCI Taiwan ETF and iShares MSCI ThailandETF (seven of the funds constituting iShares, Inc., hereafter collectively referred to as the "Funds") as of August 31, 2019, the related statements of operations for the yearended 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 related notes, and the financialhighlights for each of the five years in the period endedAugust 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements presentfairly, 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 the year then ended, the changesin 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 the five years in the period endedAugust 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


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 Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 682,052MSCI Japan Small-Cap. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,491,330MSCI Pacific ex Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,398,655MSCI Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,894,931

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 Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 74,069,824 $ —MSCI Japan Small-Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,318,371 492,183MSCI Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,600,502 —MSCI Pacific ex Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101,892,835 947,417MSCI Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,065,766 215,181MSCI Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135,703,225 22,582,566MSCI Thailand. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,122,429 1,188,631

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 Hong Kong ETF, iShares MSCI Pacific ex Japan ETF, iShares MSCI Singapore 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 manage OtherAccounts with substantially the same investment objectives and strategies as the Funds and that track the same indexes. The Board further notedthat BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Funds, including in terms of the types of services andgenerally 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 Japan Small-Cap 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 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.


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 Malaysia ETF and iShares MSCI Thailand 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 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 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 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 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.


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 Taiwan 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.

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 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.

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 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).

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 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 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.


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.



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 Japan Small-Cap. . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.718111 $ — $ — $ 1.718111 100% —% —% 100%MSCI Pacific ex Japan(a). . . . . . . . . . . . . . . . . . . . . . . . . . . 1.786071 — 0.223174 2.009245 89 — 11 100MSCI Singapore(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.615057 — 0.280726 0.895783 69 — 31 100

(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 Hong Kong ETFPeriod Covered: January 01, 2014 through June 30, 2019

Premium/Discount RangeNumberof Days

Percentage ofTotal Days

Greater than 4.0% and Less than 4.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07%Greater than 2.0% and Less than 2.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14Greater than 1.5% and Less than 2.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0.22Greater than 1.0% and Less than 1.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 2.32Greater than 0.5% and Less than 1.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169 12.23Greater than 0.0% and Less than 0.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 36.17At NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 0.87Less than 0.0% and Greater than –0.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 422 30.54Less than –0.5% and Greater than –1.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162 11.72Less than –1.0% and Greater than –1.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 3.62Less than –1.5% and Greater than –2.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 1.30Less than –2.0% and Greater than –2.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 0.29Less than –2.5% and Greater than –3.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0.22Less than –3.0% and Greater than –3.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0.22Less than –3.5% and Greater than –4.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07

1,382 100.00%

iShares MSCI Japan Small-Cap 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% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14Greater 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% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 0.43Greater than 1.5% and Less than 2.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 2.24Greater than 1.0% and Less than 1.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 4.63Greater than 0.5% and Less than 1.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206 14.91Greater than 0.0% and Less than 0.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 422 30.54At NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 0.80Less than 0.0% and Greater than –0.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 363 26.28Less than –0.5% and Greater than –1.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151 10.93Less than –1.0% and Greater than –1.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 4.34Less than –1.5% and Greater than –2.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 2.82Less than –2.0% and Greater than –2.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 0.72Less than –2.5% and Greater than –3.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 0.43Less than –3.0% and Greater than –3.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0.22Less than –3.5% and Greater than –4.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0.22Less than –4.0% and Greater than –4.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07

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 Malaysia 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% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0.22Greater than 3.0% and Less than 3.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Greater than 2.5% and Less than 3.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 0.29Greater than 2.0% and Less than 2.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 0.58Greater than 1.5% and Less than 2.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 1.88Greater than 1.0% and Less than 1.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 5.14Greater than 0.5% and Less than 1.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228 16.50Greater than 0.0% and Less than 0.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 421 30.47At NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 0.72Less than 0.0% and Greater than –0.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 327 23.67Less than –0.5% and Greater than –1.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160 11.58Less than –1.0% and Greater than –1.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 4.63Less than –1.5% and Greater than –2.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 2.60Less than –2.0% and Greater than –2.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 0.72Less than –2.5% and Greater than –3.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 0.29Less than –3.0% and Greater than –3.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14Less than –5.0% and Greater than –5.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Less than –6.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 0.36

1,382 100.00%

iShares MSCI Pacific ex Japan ETFPeriod Covered: January 01, 2014 through June 30, 2019



Greater than 2.0% and Less than 2.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14%Greater than 1.5% and Less than 2.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 0.58Greater than 1.0% and Less than 1.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 3.11Greater than 0.5% and Less than 1.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169 12.23Greater than 0.0% and Less than 0.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 535 38.72At NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 1.16Less than 0.0% and Greater than –0.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 407 29.45Less than –0.5% and Greater than –1.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132 9.55Less than –1.0% and Greater than –1.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 2.82Less than –1.5% and Greater than –2.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 1.45Less than –2.0% and Greater than –2.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 0.43Less than –2.5% and Greater than –3.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0.22Less than –3.0% and Greater than –3.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Less than –3.5% and Greater than –4.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07

1,382 100.00%



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



Greater than 1.5% and Less than 2.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 0.58%Greater than 1.0% and Less than 1.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 1.66Greater than 0.5% and Less than 1.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168 12.16Greater than 0.0% and Less than 0.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 585 42.34At NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 1.09Less than 0.0% and Greater than –0.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 413 29.89Less than –0.5% and Greater than –1.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124 8.97Less than –1.0% and Greater than –1.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 2.10Less than –1.5% and Greater than –2.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 0.72Less than –2.0% and Greater than –2.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14Less than –2.5% and Greater than –3.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Less than –3.5% and Greater than –4.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14Less than –6.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14

1,382 100.00%

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



Greater than 4.0% and Less than 4.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14%Greater than 3.0% and Less than 3.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0.22Greater than 2.5% and Less than 3.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 0.29Greater than 2.0% and Less than 2.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 0.58Greater than 1.5% and Less than 2.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 1.66Greater than 1.0% and Less than 1.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72 5.21Greater than 0.5% and Less than 1.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198 14.33Greater than 0.0% and Less than 0.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 389 28.16At NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 0.58Less than 0.0% and Greater than –0.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 374 27.07Less than –0.5% and Greater than –1.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174 12.59Less than –1.0% and Greater than –1.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 4.63Less than –1.5% and Greater than –2.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 1.95Less than –2.0% and Greater than –2.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 1.37Less than –2.5% and Greater than –3.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 0.43Less than –3.0% and Greater than –3.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 0.36Less than –3.5% and Greater than –4.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0.22Less than –5.0% and Greater than –5.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Less than –6.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14

1,382 100.00%



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



Greater than 4.5% and Less than 5.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07%Greater than 2.0% and Less than 2.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0.22Greater than 1.5% and Less than 2.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 1.52Greater than 1.0% and Less than 1.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 4.63Greater than 0.5% and Less than 1.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222 16.06Greater than 0.0% and Less than 0.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 460 33.29At NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 0.58Less than 0.0% and Greater than –0.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 326 23.59Less than –0.5% and Greater than –1.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194 14.04Less than –1.0% and Greater than –1.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 3.98Less than –1.5% and Greater than –2.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 1.30Less than –2.0% and Greater than –2.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 0.43Less than –2.5% and Greater than –3.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Less than –3.0% and Greater than –3.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0.22

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 Hong Kong ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Malaysia ETF, iShares MSCI Taiwan ETF and iSharesMSCI Thailand ETF (each a “Fund”, collectively the “Funds”) to be marketed to EU investors in the United Kingdom, the Netherlands, Finland, Sweden, and Luxembourg.

Report on Remuneration

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 Hong Kong ETF in respect of the Company’sfinancial year ending December 31, 2018 was USD 248.4 thousand. This figure is comprised of fixed remuneration of USD 107.35 thousand and variable remuneration ofUSD 141.05 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 Hong Kong ETF in respect of the Company's financialyear ending December 31, 2018, to its senior management was USD 34.48 thousand, and to members of its staff whose actions have a material impact on the risk profileof the Fund was USD 4.52 thousand.

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the iShares MSCI Japan Small-Cap ETF in respect of the Company’sfinancial year ending December 31, 2018 was USD 28.12 thousand. This figure is comprised of fixed remuneration of USD 12.15 thousand and variable remuneration ofUSD 15.97 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 Japan Small-Cap ETF in respect of the Company’sfinancial year ending December 31, 2018, to its senior management was USD 3.9 thousand, and to members of its staff whose actions have a material impact on the riskprofile of the Fund was USD 0.51 thousand.

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the iShares MSCI Malaysia ETF in respect of the Company’s financialyear ending December 31, 2018 was USD 51.77 thousand. This figure is comprised of fixed remuneration of USD 22.37 thousand and variable remuneration of USD29.4 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 Malaysia ETF in respect of the Company’s financialyear ending December 31, 2018, to its senior management was USD 7.19 thousand, and to members of its staff whose actions have a material impact on the risk profileof the Fund was USD 0.94 thousand.

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the iShares MSCI Taiwan ETF in respect of the Company’s financialyear ending December 31, 2018 was USD 353.91 thousand. This figure is comprised of fixed remuneration of USD 152.94 thousand and variable remuneration of USD200.97 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 Taiwan ETF in respect of the Company’s financial yearending December 31, 2018, to its senior management was USD 49.13 thousand, and to members of its staff whose actions have a material impact on the risk profile of theFund was USD 6.44 thousand.

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the iShares MSCI Thailand ETF in respect of the Company’s financialyear ending December 31, 2018 was USD 50.5 thousand. This figure is comprised of fixed remuneration of USD 21.82 thousand and variable remuneration of USD28.68 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 Thailand ETF in respect of the Company’s financialyear ending December 31, 2018, to its senior management was USD 7.01 thousand, and to members of its staff whose actions have a material impact on the risk profileof the Fund was USD 0.92 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

NVDR Non-Voting Depositary Receipt

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

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This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by 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 · of trade tensions and slowing industrial production weighed on markets late in the reporting period. ... future. Thereafter, China announced $75