2019 ANNUAL REPORT - iShares · 2019-10-24 · emerging market equities while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar,

iShares, Inc.

� iShares Currency Hedged MSCI Emerging Markets ETF | HEEM | Cboe BZX

� iShares MSCI Emerging Markets ETF | EEM | 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.

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AUGUST 31, 2019

2019 ANNUAL REPORT

Page

Market Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Fund Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4About Fund Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8Shareholder Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8Schedules of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Financial Statements

Statements of Assets and Liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Statements of Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Notes to Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42Important Tax Information (Unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43Board Review and Approval of Investment Advisory Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44Supplemental Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48Director and Officer Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53Glossary of Terms Used in this Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54

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 Currency Hedged MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalizationemerging market equities while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCIEmerging Markets 100% Hedged to USD 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. The Fundcurrently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Emerging Markets ETF.

Performance

Average Annual Total Returns Cumulative Total Returns

1 YearSince

Inception 1 YearSince

Inception

Fund NAV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2.72)% 3.05% (2.72)% 15.99%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2.84) 3.03 (2.84) 15.87Index. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2.98) 3.36 (2.98) 17.73

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

$11,599$11,773

8,0008,5009,0009,500

10,00010,50011,00011,50012,00012,50013,000

$13,500

Aug 19Feb 19Aug 18Feb 18Aug 17Feb 17Aug 16Feb 16Aug 15Feb 15

Fund Index

The inception date of the Fund was 9/23/14. The first day of secondary market trading was 9/25/14.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemptionor sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

Actual Hypothetical 5% Return

BeginningAccount Value

(03/01/19)

EndingAccount Value

(08/31/19)

ExpensesPaid Duringthe Period (a)(b)


(03/01/19)

EndingAccount Value

(08/31/19)

ExpensesPaid Duringthe Period (a)(b)

AnnualizedExpense

Ratio (a)

$ 1,000.00 $ 982.00 $ 0.00 $ 1,000.00 $ 1,025.20 $ 0.00 0.00%

(a) Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.(b) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of

days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 8 for more information.

Fund Summary as of August 31, 2019 iShares� Currency Hedged MSCI Emerging Markets 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

Emerging markets stocks declined during the reporting period, as trade tensions intensified, and global economic growth slowed. South Korean equities detracted the mostfrom the Index’s return in U.S. dollar terms, led by the information technology sector. The technology hardware and equipment industry weakened amid concerns aboutmoderating global growth and uncertainties about semiconductor demand. The country is a major global supplier of electronics and semiconductors, particularly memorychips, and Japan curbed exports of key chip-making components to South Korea, creating supply chain disruptions. The South Korean healthcare sector also declined,driven by increased competition and rising costs for bringing biotechnology drugs to market. Multiple failed clinical trials and lost drug licenses also drove declines.

Chinese equities detracted notably amid escalating trade tensions with the U.S. and slowing economic growth. Pro-democracy protests in Hong Kong, where many Chinesecompanies in the Index are listed, also weighed on the Index’s return. The protests led to market volatility and decreasing demand for Chinese stocks. Informationtechnology stocks, driven by the internet software and services industry, led the decline. Slower growth and trade concerns, intensifying competition, lower onlineadvertising revenue, and temporary regulatory restrictions all weighed on the industry. Companies vying for market share in emerging fields such as 5G and artificialintelligence were particularly affected by new tariffs.

Indian stocks were modest detractors. Weakness in Indian equities was led by automobile manufacturers in the consumer discretionary sector. Sales of cars, scooters, andtrucks declined amid slowing wage growth and limited access to auto loans.

On the upside, Brazilian stocks contributed to the Index’s return in U.S. dollar terms, led by bank stocks in the financials sector. Brazilian banks’ net interest margins, a keymeasure of profitability, remained strong despite lower interest rates, while decreasing competition from public banks helped improve loan growth. Additionally,cost-reductions, achieved through focusing on digital platforms, bolstered profits. Russian equities also contributed modestly, led by the energy sector. Despite low oilprices, leading integrated oil and gas companies announced important management changes, sizable dividend increases, and several partnership deals.

In terms of currency performance, most emerging market currencies depreciated against the U.S. dollar for the reporting period, as the relative stability of the U.S. economyattracted investors. The Chinese yuan and South Korean won depreciated against the U.S. dollar by approximately 5% and 8%, respectively, as both currencies wereaffected by trade tensions. The South African rand depreciated against the U.S. dollar by approximately 3%, as trade disruptions and large debts held by a state-supportedutility company pressured the currency.

The negative performance of some foreign currencies meant hedging activity contributed to the Index’s return. A fully hedged investor seeks to bypass the currencyfluctuations — both on the upside and on the downside — related to holding foreign-currency-denominated securities. The Index’s hedging activity offset the negativeffimpact of foreign currency performance relative to the U.S. dollar, resulting in an Index return that was relatively close to the Index’s return measured in local currencies.

Portfolio Information

Tables shown are for the underlying fund in which the Fund invests.

ALLOCATION BY SECTOR

SectorPercent of

Total Investments(a)

Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.6%Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.4Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.9Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.6Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.4Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.4Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.9Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7

TEN LARGEST COUNTRIES

CountryPercent of


China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.3%South Korea. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.5Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.2India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.7Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.4South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0Saudi Arabia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5

(a) Excludes money market funds.

Fund Summary as of August 31, 2019 (continued) iShares� Currency Hedged MSCI Emerging Markets ETF

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

Investment Objective

The iShares MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging marketequities, as represented by the MSCI Emerging Markets 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

Average Annual Total Returns Cumulative Total Returns

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

Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4.87)% (0.20)% 3.26% (4.87)% (0.99)% 37.83%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4.89) (0.20) 3.29 (4.89) (1.01) 38.20Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4.36) 0.38 4.07 (4.36) 1.93 49.08

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

$13,783

$14,908

9,000

10,000

11,000

12,000

13,000

14,000

15,000

16,000

17,000

18,000

$19,000

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 8 for more information.

Expense Example

Actual Hypothetical 5% Return


(03/01/19)

EndingAccount Value

(08/31/19)

ExpensesPaid Duringthe Period (a)


(03/01/19)

EndingAccount Value

(08/31/19)

ExpensesPaid Duringthe Period (a)

AnnualizedExpense

Ratio

$ 1,000.00 $ 950.40 $ 3.34 $ 1,000.00 $ 1,021.80 $ 3.47 0.68%

(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 8 for more information.

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


Portfolio Management Commentary

Emerging markets stocks declined during the reporting period, as trade tensions intensified, and global economic growth slowed. South Korean equities detracted the mostfrom the Index’s return, led by the information technology sector. The technology hardware and equipment industry weakened amid concerns about moderating globalgrowth and uncertainties about semiconductor demand. The country is a major global supplier of electronics and semiconductors, particularly memory chips, and Japancurbed exports of key chip-making components to South Korea, creating supply chain disruptions. The South Korean healthcare sector also declined, driven by increasedcompetition and rising costs for bringing biotechnology drugs to market. Multiple failed clinical trials and lost drug licenses also drove declines.

Chinese equities detracted notably amid escalating trade tensions with the U.S. and slowing economic growth. Pro-democracy protests in Hong Kong, where many Chinesecompanies in the Index are listed, also weighed on the Index’s return. The protests led to market volatility and decreasing demand for Chinese stocks. Informationtechnology stocks, driven by the internet software and services industry, led the decline. Slower growth and trade concerns, intensifying competition, lower onlineadvertising revenue, and temporary regulatory restrictions all weighed on the industry. Companies vying for market share in emerging fields such as 5G and artificialintelligence were particularly affected by new tariffs.

Indian stocks were modest detractors. Weakness in Indian equities was led by automobile manufacturers in the consumer discretionary sector. Sales of cars, scooters, andtrucks declined amid slowing wage growth and limited access to auto loans.

On the upside, Brazilian stocks contributed to the Index’s return, led by bank stocks in the financials sector. Brazilian banks’ net interest margins, a key measure ofprofitability, remained strong despite lower interest rates, while decreasing competition from public banks helped improve loan growth. Additionally, cost-reductions,achieved through focusing on digital platforms, bolstered profits. Russian equities also contributed modestly, led by the energy sector. Despite low oil prices, leadingintegrated oil and gas companies announced important management changes, sizable dividend increases, and several partnership deals.

Portfolio Information

ALLOCATION BY SECTOR

SectorPercent of


Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.6%Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.4Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.9Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.6Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.4Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.4Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.9Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7

TEN LARGEST COUNTRIES

CountryPercent of


China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.3%South Korea. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.5Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.2India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.7Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.4South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0Saudi Arabia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5

(a) Excludes money market funds.

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

F U N D S U M M A R Y 7

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

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

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

Shareholder Expenses

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

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

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

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

About Fund Performance


Security Shares Value

Investment CompaniesExchange-Traded Funds — 100.1%iShares MSCI Emerging Markets ETF(a)(b) . . . . . . . . . . . . . . . . 4,491,885 $ 180,528,858

Total Investment Companies — 100.1%(Cost: $191,982,500) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180,528,858

Short-Term InvestmentsMoney Market Funds — 42.3%BlackRock Cash Funds: Institutional, SL Agency Shares,

2.25%(a)(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,473,253 71,508,989BlackRock Cash Funds: Treasury, SL Agency Shares,

2.02%(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,729,000 4,729,000

76,237,989

Total Short-Term Investments — 42.3%(Cost: $76,245,136) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,237,989

Total Investments in Securities — 142.4%(Cost: $268,227,636) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 256,766,847

Other Assets, Less Liabilities — (42.4)% . . . . . . . . . . . . . . . . . . . . . . . . . . . . (76,391,304)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 180,375,543

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

securities.

Affiliates

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

Affiliated Issuer

SharesHeld at

08/31/18Shares

PurchasedShares

Sold

SharesHeld at

08/31/19Value at

08/31/19 Income

NetRealized

Gain (Loss)(a)

Change inUnrealized

Appreciation(Depreciation)

BlackRock Cash Funds: Institutional, SL AgencyShares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155,991,380 — (84,518,127)(b) 71,473,253 $ 71,508,989 $ 97,599(c) $ 15,033 $ (9,695)

BlackRock Cash Funds: Treasury, SL Agency Shares. . 7,866,429 — (3,137,429)(b) 4,729,000 4,729,000 2,392 — —iShares MSCI Emerging Markets ETF . . . . . . . . . . . . . . . . 7,975,290 2,619,261 (6,102,666) 4,491,885 180,528,858 5,727,101 3,933,288 (23,150,769)

$256,766,847 $5,827,092 $ 3,948,321 $(23,160,464)

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

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

Forward Foreign Currency Exchange Contracts

Currency Purchased Currency Sold Counterparty Settlement Date

UnrealizedAppreciation

(Depreciation)

BRL 55,386,000 USD 13,356,323 GS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 18,707

BRL 29,000 USD 6,919 JPM 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84

CLP 893,000 USD 1,235 JPM 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

CNY 450,000 USD 62,740 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110

HKD 325,193,000 USD 41,448,685 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,898

INR 1,090,589,000 USD 15,200,671 JPM 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,080

INR 1,098,365,000 USD 15,306,222 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,426

INR 7,526,000 USD 104,879 SSB 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 516

INR 121,512,000 USD 1,693,344 UBS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,326

KRW 17,267,000 USD 14,236 JPM 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Schedule of InvestmentsAugust 31, 2019

iShares� Currency Hedged MSCI Emerging Markets 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 9

Forward Foreign Currency Exchange Contracts (continued)



(Depreciation)

KRW 884,120,000 USD 727,684 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,240

KRW 435,464,000 USD 358,989 SSB 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 528

KRW 32,594,881,000 USD 26,902,343 UBS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,776

MXN 86,359,000 USD 4,290,734 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,275

RUB 399,210,000 USD 5,980,388 CITI 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,872

TRY 5,857,000 USD 1,003,864 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 922

TWD 338,000 USD 10,735 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

TWD 18,607,000 USD 590,015 UBS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,376

USD 101,550 BRL 386,000 CITI 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,335

USD 92,787 BRL 384,000 DB 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56

USD 13,383,110 BRL 55,386,000 GS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,080

USD 7,007 BRL 29,000 JPM 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

USD 14,180,348 BRL 53,871,000 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,171,171

USD 47,358 CLP 34,107,000 CITI 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92

USD 1,240 CLP 893,000 JPM 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

USD 4,743,264 CLP 3,362,929,000 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,886

USD 16,957 CLP 11,871,000 SSB 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 506

USD 2,865,634 CNY 19,734,320 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,444

USD 3,509,946 EUR 3,143,000 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,633

USD 38,225,659 HKD 298,948,000 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96,482

USD 15,583,838 INR 1,075,690,000 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 519,734

USD 108,878 INR 7,526,000 SSB 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,483

USD 190,375 KRW 224,690,000 JPM 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,872

USD 26,206,848 KRW 30,948,243,000 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 656,183

USD 4,446,510 MXN 85,156,000 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197,527

USD 5,983,078 RUB 381,143,000 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 269,647

USD 43,043 RUB 2,748,000 UBS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,850

USD 985,581 TRY 5,575,000 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,174

USD 27,558,905 TWD 855,376,000 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 326,304

USD 204,206 TWD 6,336,000 UBS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,486

USD 10,166,500 ZAR 145,292,000 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 588,123

ZAR 154,083,000 USD 10,053,744 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104,179

INR 3,128,000 USD 43,436 MS 10/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

USD 381,694 BRL 1,583,000 MS 10/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192

USD 2,446,387 CLP 1,763,764,000 MS 10/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,367

USD 3,311,210 EUR 2,984,000 MS 10/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,857

USD 280,532 HKD 2,199,000 MS 10/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73

USD 406,088 INR 29,229,000 MS 10/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178

USD 355,967 KRW 430,259,000 MS 10/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 234

USD 80,273 RUB 5,371,000 MS 10/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84

USD 596,955 TWD 18,640,000 MS 10/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 379

ZAR 6,171,000 USD 404,765 MS 10/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 449

4,502,252

BRL 386,000 USD 93,270 CITI 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (56)

BRL 384,000 USD 96,884 DB 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,153)

BRL 59,646,000 USD 14,427,705 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (23,938)

BRL 751,000 USD 189,431 SSB 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,074)

CLP 214,799,000 USD 298,559 CITI 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (889)

CLP 3,362,929,000 USD 4,667,715 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,337)

Schedule of Investments (continued)

August 31, 2019

iShares� Currency Hedged MSCI Emerging Markets ETF





(Depreciation)

CNY 22,875,320 USD 3,201,406 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (6,529)

EUR 3,143,000 USD 3,481,361 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (27,048)

HKD 6,376,000 USD 814,001 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (778)

INR 14,807,000 USD 207,946 GS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (587)

INR 76,657,000 USD 1,110,065 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (36,550)

KRW 655,503,000 USD 554,915 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13,736)

MXN 8,162,000 USD 421,171 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13,916)

RUB 2,697,000 USD 41,038 JPM 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (609)

RUB 19,044,000 USD 294,094 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,620)

RUB 5,364,000 USD 81,858 UBS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,450)

TRY 310,000 USD 54,574 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,393)

TWD 492,000 USD 15,683 CITI 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (19)

TWD 914,196,000 USD 29,162,817 JPM 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (57,564)

TWD 24,726,000 USD 790,704 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,503)

USD 1,390,092 BRL 5,775,000 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,498)

USD 249,196 CLP 180,692,000 CITI 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,209)

USD 500,915 CNY 3,591,000 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (622)

USD 4,158,704 HKD 32,621,000 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,925)

USD 206,345 INR 14,807,000 GS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,015)

USD 15,198,025 INR 1,090,589,000 JPM 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (74,726)

USD 1,384,252 INR 99,332,000 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,806)

USD 1,691,077 INR 121,512,000 UBS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,593)

USD 2,814,255 KRW 3,414,302,000 UBS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,570)

USD 466,182 MXN 9,365,000 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,098)

USD 634,804 RUB 42,424,000 JPM 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,143)

USD 101,533 TRY 592,000 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (26)

USD 3,075,873 TWD 96,647,000 JPM 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,077)

USD 1,017,683 ZAR 15,670,000 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (15,361)

ZAR 6,879,000 USD 473,206 MS 09/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (19,708)

BRL 2,001,000 USD 483,357 MS 10/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,117)

CLP 53,741,000 USD 74,754 MS 10/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (256)

EUR 248,000 USD 273,784 MS 10/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (572)

HKD 19,995,000 USD 2,552,033 MS 10/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,885)

KRW 1,266,326,000 USD 1,048,411 MS 10/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,428)

RUB 7,346,000 USD 109,841 MS 10/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (165)

TRY 383,000 USD 64,936 MS 10/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (17)

TWD 28,124,000 USD 900,490 MS 10/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (377)

USD 13,323,230 BRL 55,386,000 GS 10/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (24,756)

USD 175,115 BRL 732,000 MS 10/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,296)

USD 52,827 EUR 48,000 MS 10/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (53)

USD 40,889,102 HKD 320,747,000 MS 10/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (18,748)

USD 15,019,674 INR 1,082,528,000 JPM 10/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13,662)

USD 211,652 INR 15,247,000 MS 10/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (87)

USD 26,922,830 KRW 32,594,881,000 UBS 10/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (26,224)

USD 4,469,494 MXN 90,435,000 MS 10/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (19,375)

USD 5,953,443 RUB 398,992,000 CITI 10/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,538)

USD 132,992 RUB 8,918,000 MS 10/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (155)

USD 1,017,407 TRY 6,010,000 MS 10/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,282)

USD 29,223,412 TWD 914,196,000 JPM 10/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (35,541)


August 31, 2019






(Depreciation)

USD 10,004,483 ZAR 153,930,000 MS 10/04/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (103,206)

USD 4,653,114 CNY 33,310,320 MS 10/09/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,303)

(623,169)

Net unrealized appreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,879,083

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:

ForeignCurrency

ExchangeContracts

Assets — Derivative Financial InstrumentsForward foreign currency exchange contracts

Unrealized appreciation on forward foreign currency exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,502,252

Liabilities — Derivative Financial InstrumentsForward foreign currency exchange contracts

Unrealized depreciation on forward foreign currency exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 623,169

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

ForeignCurrency

ExchangeContracts

Net Realized Gain (Loss) from:Forward foreign currency exchange contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,580,170

Net Change in Unrealized Appreciation (Depreciation) on:Forward foreign currency exchange contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(3,184,226)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:Average amounts purchased — in USD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $356,283,642Average amounts sold — in USD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $595,290,181

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

Derivative Financial Instruments - Offsetting as of Period End

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

Assets Liabilities

Derivative Financial Instruments:Forward foreign currency exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,502,252 $ 623,169

Total derivative assets and liabilities in the Statement of Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,502,252 $ 623,169Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —

Total derivative assets and liabilities subject to an MNA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,502,252 $ 623,169


August 31, 2019



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

Counterparty

DerivativeAssets

Subject toan MNA by

Counterparty

DerivativesAvailablefor Offset(a)

CashCollateralReceived(b)

Net Amountof Derivative

Assets(c)(d)

Citibank N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 12,299 $ (5,711) $ — $ 6,588Deutsche Bank AG London . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 (56) — —Goldman Sachs & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,787 (26,358) — 429JPMorgan Chase Bank N.A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,063 (77,063) — —Morgan Stanley & Co. International PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,358,200 (351,714) (4,006,486) —State Street Bank and Trust Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,033 (5,033) — —UBS AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,814 (22,814) — —

$ 4,502,252 $ (488,749) $(4,006,486) $ 7,017

Counterparty

DerivativeLiabilities

Subject toan MNA by

Counterparty

DerivativesAvailablefor Offset(a)

CashCollateralPledged

Net Amountof Derivative

Liabilities(e)

Citibank N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,711 $ (5,711) $ — $ —Deutsche Bank AG London . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,153 (56) — 4,097Goldman Sachs & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,358 (26,358) — —JPMorgan Chase Bank N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184,322 (77,063) — 107,259Morgan Stanley & Co. International PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 351,714 (351,714) — —State Street Bank and Trust Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,074 (5,033) — 3,041UBS AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,837 (22,814) — 20,023

$ 623,169 $(488,749) $ — $ 134,420

(a) The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA.(b) Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.(c) Net amount represents the net amount receivable from the counterparty in the event of default.(d) Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.(e) Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Measurements

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

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

Level 1 Level 2 Level 3 Total

InvestmentsAssets

Investment Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $180,528,858 $ — $ — $180,528,858Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,237,989 — — 76,237,989

$256,766,847 $ — $ — $256,766,847

Derivative financial instruments(a)

AssetsForward Foreign Currency Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 4,502,252 $ — $ 4,502,252

LiabilitiesForward Foreign Currency Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (623,169) — (623,169)

$ — $ 3,879,083 $ — $ 3,879,083

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

See notes to financial statements.


August 31, 2019




Common StocksArgentina — 0.2%Banco BBVA Argentina SA, ADR. . . . . . . . . . . . . . . 289,372 $ 1,221,150Banco Macro SA, ADR . . . . . . . . . . . . . . . . . . . . . . . . 215,030 5,012,349Globant SA(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160,631 15,248,701Grupo Financiero Galicia SA, ADR. . . . . . . . . . . . . 483,357 5,239,590Pampa Energia SA, ADR(a)(b). . . . . . . . . . . . . . . . . . 294,868 3,827,386Telecom Argentina SA, ADR. . . . . . . . . . . . . . . . . . . 384,589 3,438,226Transportadora de Gas del Sur SA, Class B. . . . 328,032 2,460,240YPF SA, ADR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 840,391 7,193,747

43,641,389Brazil — 4.9%Ambev SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,792,915 98,727,886Atacadao SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,826,900 9,859,124B2W Cia. Digital(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 859,500 9,776,027B3 SA - Brasil, Bolsa, Balcao . . . . . . . . . . . . . . . . . . 9,591,301 103,985,839Banco Bradesco SA . . . . . . . . . . . . . . . . . . . . . . . . . . 5,716,669 41,918,366Banco BTG Pactual SA . . . . . . . . . . . . . . . . . . . . . . . 993,200 14,080,068Banco do Brasil SA . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,957,974 44,290,382Banco Santander Brasil SA . . . . . . . . . . . . . . . . . . . 1,902,000 19,608,247BB Seguridade Participacoes SA . . . . . . . . . . . . . . 3,276,000 25,900,712BR Malls Participacoes SA . . . . . . . . . . . . . . . . . . . . 3,732,088 12,174,761BRF SA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,636,685 24,336,471CCR SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,640,100 22,179,862Centrais Eletricas Brasileiras SA. . . . . . . . . . . . . . . 974,900 10,838,514Cia. de Saneamento Basico do Estado de

Sao Paulo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,583,224 19,808,499Cia. Siderurgica Nacional SA . . . . . . . . . . . . . . . . . . 2,872,228 9,981,413Cielo SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,716,076 10,720,582Cosan SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 754,000 9,121,645Embraer SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,324,100 14,439,668Energisa SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 728,600 8,373,557Engie Brasil Energia SA. . . . . . . . . . . . . . . . . . . . . . . 947,350 10,312,135Equatorial Energia SA . . . . . . . . . . . . . . . . . . . . . . . . 792,400 18,365,071Hypera SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,780,500 13,861,547IRB Brasil Resseguros S/A . . . . . . . . . . . . . . . . . . . . 1,042,900 27,383,633JBS SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,043,665 36,177,879Klabin SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,233,600 11,785,009Kroton Educacional SA. . . . . . . . . . . . . . . . . . . . . . . . 6,872,380 16,764,336Localiza Rent a Car SA . . . . . . . . . . . . . . . . . . . . . . . 2,692,489 30,650,666Lojas Renner SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,726,989 45,592,976M. Dias Branco SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . 504,600 4,420,531Magazine Luiza SA . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,842,200 24,960,902Multiplan Empreendimentos Imobiliarios SA. . . . 1,326,109 8,340,732Natura Cosmeticos SA . . . . . . . . . . . . . . . . . . . . . . . . 914,900 14,608,466Notre Dame Intermedica Participacoes SA . . . . . 1,584,400 21,502,626Petrobras Distribuidora SA . . . . . . . . . . . . . . . . . . . . 3,069,600 21,394,047Petroleo Brasileiro SA. . . . . . . . . . . . . . . . . . . . . . . . . 13,966,074 95,547,387Porto Seguro SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 462,400 6,266,492Raia Drogasil SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,076,400 23,975,571Rumo SA(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,082,500 27,182,433Sul America SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,082,536 12,692,723Suzano SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,511,700 17,675,871TIM Participacoes SA . . . . . . . . . . . . . . . . . . . . . . . . . 3,946,576 11,747,467Ultrapar Participacoes SA . . . . . . . . . . . . . . . . . . . . . 3,356,500 13,337,624Vale SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,648,309 161,541,901WEG SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,915,806 21,321,726

1,207,531,374Chile — 0.9%Aguas Andinas SA, Class A . . . . . . . . . . . . . . . . . . . 13,250,067 7,310,763


Chile (continued)Banco de Chile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186,476,794 $ 26,642,319Banco de Credito e Inversiones SA . . . . . . . . . . . . 230,375 14,568,031Banco Santander Chile . . . . . . . . . . . . . . . . . . . . . . . 304,871,999 21,842,398Cencosud SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,720,589 10,087,538Cia. Cervecerias Unidas SA . . . . . . . . . . . . . . . . . . . 687,172 7,821,742Colbun SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,117,374 7,164,564Empresa Nacional de

Telecomunicaciones SA(a) . . . . . . . . . . . . . . . . . . 741,145 6,472,819Empresas CMPC SA. . . . . . . . . . . . . . . . . . . . . . . . . . 5,529,845 12,796,208Empresas COPEC SA . . . . . . . . . . . . . . . . . . . . . . . . 1,817,267 16,419,239Enel Americas SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177,515,887 29,161,430Enel Chile SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137,943,909 11,928,522Itau CorpBanca . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 771,675,055 6,005,879Latam Airlines Group SA . . . . . . . . . . . . . . . . . . . . . . 1,454,536 12,250,224SACI Falabella . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,428,365 19,297,284

209,768,960China — 32.2%3SBio Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,160,500 9,497,83251job Inc., ADR(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 116,714 8,395,23858.com Inc., ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 438,718 23,598,641AAC Technologies Holdings Inc.(b) . . . . . . . . . . . . . 3,452,500 14,937,399Agile Group Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . 6,560,000 8,389,057Agricultural Bank of China Ltd., Class A . . . . . . . . 21,113,700 10,030,261Agricultural Bank of China Ltd., Class H. . . . . . . . 124,860,000 48,125,125Aier Eye Hospital Group Co. Ltd., Class A. . . . . . 1,106,758 5,223,737Air China Ltd., Class H . . . . . . . . . . . . . . . . . . . . . . . . 9,144,000 7,924,057Alibaba Group Holding Ltd., ADR(a) . . . . . . . . . . . . 6,572,869 1,150,449,261Alibaba Health Information

Technology Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 16,634,000 15,773,465Alibaba Pictures Group Ltd.(a) . . . . . . . . . . . . . . . . . 68,850,000 11,335,358Aluminum Corp. of China Ltd., Class H(a)(b) . . . . 20,838,000 6,116,817Angang Steel Co. Ltd., Class A . . . . . . . . . . . . . . . . 5,039,447 2,196,881Angang Steel Co. Ltd., Class H(b) . . . . . . . . . . . . . . 4,066,600 1,411,699Anhui Conch Cement Co. Ltd., Class A . . . . . . . . 1,142,186 6,292,636Anhui Conch Cement Co. Ltd., Class H . . . . . . . . 5,510,000 31,047,305ANTA Sports Products Ltd. . . . . . . . . . . . . . . . . . . . . 5,038,402 41,797,256Autohome Inc., ADR(a)(b) . . . . . . . . . . . . . . . . . . . . . . 274,265 23,904,937AviChina Industry & Technology Co. Ltd.,

Class H. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,311,000 5,918,702BAIC Motor Corp. Ltd., Class H(c) . . . . . . . . . . . . . . 8,017,000 4,522,471Baidu Inc., ADR(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,285,838 134,331,496Bank of Beijing Co. Ltd., Class A. . . . . . . . . . . . . . . 7,226,606 5,301,059Bank of China Ltd., Class A . . . . . . . . . . . . . . . . . . . 11,108,800 5,479,120Bank of China Ltd., Class H . . . . . . . . . . . . . . . . . . . 360,589,000 137,602,163Bank of Communications Co. Ltd., Class A . . . . . 12,034,773 9,097,125Bank of Communications Co. Ltd., Class H. . . . . 35,143,600 23,009,396Bank of Jiangsu Co. Ltd., Class A. . . . . . . . . . . . . . 4,946,092 4,616,445Bank of Nanjing Co. Ltd., Class A. . . . . . . . . . . . . . 3,198,086 3,485,409Bank of Ningbo Co. Ltd., Class A . . . . . . . . . . . . . . 1,725,899 5,507,829Bank of Shanghai Co. Ltd., Class A . . . . . . . . . . . . 4,023,563 5,070,915Baoshan Iron & Steel Co. Ltd., Class A . . . . . . . . 5,101,973 4,141,744Baozun Inc., ADR(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 185,370 8,482,531BBMG Corp., Class H. . . . . . . . . . . . . . . . . . . . . . . . . 12,110,000 3,446,598Beijing Capital International Airport Co. Ltd.,

Class H. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,084,000 6,788,812Beijing Enterprises Holdings Ltd. . . . . . . . . . . . . . . 2,447,500 11,666,885Beijing Enterprises Water Group Ltd.(b) . . . . . . . . 26,558,000 13,964,783BOC Aviation Ltd.(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . 1,013,900 8,812,190BOE Technology Group Co. Ltd., Class A . . . . . . 8,411,100 4,301,331Bosideng International Holdings Ltd. . . . . . . . . . . . 11,516,000 3,953,626

Consolidated Schedule of InvestmentsAugust 31, 2019

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



China (continued)Brilliance China Automotive Holdings Ltd.(b) . . . . 14,328,000 $ 15,232,535BYD Co. Ltd., Class A. . . . . . . . . . . . . . . . . . . . . . . . . 483,196 3,338,556BYD Co. Ltd., Class H(b) . . . . . . . . . . . . . . . . . . . . . . 2,956,000 15,316,942BYD Electronic International Co. Ltd.(b) . . . . . . . . 3,261,500 3,925,280CGN Power Co. Ltd., Class H(c) . . . . . . . . . . . . . . . 50,747,000 13,406,713China Agri-Industries Holdings Ltd. . . . . . . . . . . . . 10,064,000 2,838,602China Aoyuan Group Ltd. . . . . . . . . . . . . . . . . . . . . . 5,557,000 6,553,208China Cinda Asset Management Co. Ltd.,

Class H. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,060,000 8,957,839China CITIC Bank Corp. Ltd., Class H . . . . . . . . . 42,661,800 22,323,620China Coal Energy Co. Ltd., Class H. . . . . . . . . . . 9,540,000 3,786,608China Communications Construction Co. Ltd.,

Class H. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,418,000 16,619,735China Communications Services Corp. Ltd.,

Class H. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,484,000 6,434,270China Conch Venture Holdings Ltd. . . . . . . . . . . . . 7,784,000 25,928,950China Construction Bank Corp., Class A . . . . . . . 3,365,868 3,245,003China Construction Bank Corp., Class H . . . . . . . 441,249,760 327,754,804China Ding Yi Feng Holdings Ltd.(b)(d) . . . . . . . . . . 5,872,000 82,437China Eastern Airlines Corp. Ltd., Class A(a). . . . 4,780,532 3,386,516China Eastern Airlines Corp. Ltd., Class H(a)(b) . 3,852,000 1,814,071China Education Group Holdings Ltd.(b) . . . . . . . . 2,722,000 4,050,683China Everbright Bank Co. Ltd., Class A . . . . . . . 10,804,300 5,676,145China Everbright Bank Co. Ltd., Class H . . . . . . . 14,127,000 5,895,753China Everbright International Ltd. . . . . . . . . . . . . . 17,493,813 13,730,969China Everbright Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 5,054,000 5,772,978China Evergrande Group(b). . . . . . . . . . . . . . . . . . . . 8,499,388 17,616,324China First Capital Group Ltd.(a) . . . . . . . . . . . . . . . 15,104,000 5,783,022China Fortune Land Development Co. Ltd.,

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,026,427 3,826,334China Galaxy Securities Co. Ltd., Class H. . . . . . 16,751,500 7,995,892China Gas Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . 8,432,800 34,870,519China Hongqiao Group Ltd. . . . . . . . . . . . . . . . . . . . 8,690,500 5,700,980China Huarong Asset Management Co. Ltd.,

Class H(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,627,000 7,633,508China Huishan Dairy Holdings Co. Ltd.(a)(d). . . . . 5,603,350 12,157China International Capital Corp. Ltd.,

Class H(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,451,200 9,433,946China International Marine Containers Group

Co. Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,776,164 2,464,344China International Travel Service Corp. Ltd.,

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 490,240 6,540,187China Jinmao Holdings Group Ltd.. . . . . . . . . . . . . 24,264,000 13,563,698China Life Insurance Co. Ltd., Class A . . . . . . . . . 843,199 3,398,951China Life Insurance Co. Ltd., Class H . . . . . . . . . 34,240,000 80,144,678China Literature Ltd.(a)(b)(c) . . . . . . . . . . . . . . . . . . . . 1,262,800 3,884,125China Longyuan Power Group Corp. Ltd.,

Class H. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,346,000 8,441,392China Medical System Holdings Ltd. . . . . . . . . . . . 6,719,000 8,386,584China Mengniu Dairy Co. Ltd. . . . . . . . . . . . . . . . . . 12,887,000 51,150,963China Merchants Bank Co. Ltd., Class A . . . . . . . 4,648,576 22,265,361China Merchants Bank Co. Ltd., Class H(b) . . . . . 17,835,467 81,263,271China Merchants Port Holdings Co. Ltd. . . . . . . . 6,632,000 10,360,186China Merchants Securities Co. Ltd., Class A . . 2,654,984 5,927,993China Merchants Shekou Industrial Zone

Holdings Co. Ltd., Class A . . . . . . . . . . . . . . . . . . 1,907,997 5,265,187China Minsheng Banking Corp. Ltd., Class A . . . 12,073,035 9,800,801China Minsheng Banking Corp. Ltd., Class H. . . 26,979,048 17,767,156China Mobile Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,424,500 235,620,780China Molybdenum Co. Ltd., Class A . . . . . . . . . . 5,828,998 2,923,865


China (continued)China Molybdenum Co. Ltd., Class H(b) . . . . . . . . 17,244,000 $ 4,687,694China National Building Material Co. Ltd.,

Class H. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,090,000 15,514,916China National Nuclear Power Co. Ltd.,

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,352,100 4,030,714China Oilfield Services Ltd., Class H . . . . . . . . . . . 8,504,000 10,527,775China Oriental Group Co. Ltd. . . . . . . . . . . . . . . . . . 5,388,000 2,131,724China Overseas Land & Investment Ltd. . . . . . . . 17,810,960 56,374,228China Pacific Insurance Group Co. Ltd.,

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,677,894 8,861,869China Pacific Insurance Group Co. Ltd.,

Class H. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,777,000 47,196,079China Petroleum & Chemical Corp., Class A . . . 7,627,499 5,307,384China Petroleum & Chemical Corp., Class H . . . 115,748,800 67,806,415China Power International Development Ltd. . . . 20,936,000 4,542,388China Railway Construction Corp. Ltd.,

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,614,596 4,595,895China Railway Construction Corp. Ltd.,

Class H. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,577,500 9,261,316China Railway Group Ltd., Class A . . . . . . . . . . . . 6,254,498 5,252,135China Railway Group Ltd., Class H . . . . . . . . . . . . 17,072,000 11,177,466China Railway Signal & Communication Corp.

Ltd., Class H(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,211,000 4,325,486China Reinsurance Group Corp., Class H . . . . . . 24,302,000 3,970,028China Resources Beer Holdings Co. Ltd.. . . . . . . 6,914,000 39,267,295China Resources Cement Holdings Ltd.. . . . . . . . 11,522,000 10,220,080China Resources Gas Group Ltd.(b). . . . . . . . . . . . 4,280,000 21,166,891China Resources Land Ltd. . . . . . . . . . . . . . . . . . . . 12,917,333 52,590,238China Resources Pharmaceutical Group Ltd.(c) . 7,905,500 8,172,519China Resources Power Holdings Co. Ltd. . . . . . 9,078,999 12,004,369China Shenhua Energy Co. Ltd., Class A . . . . . . 1,216,494 3,176,788China Shenhua Energy Co. Ltd., Class H . . . . . . 15,559,000 30,421,600China Shipbuilding Industry Co. Ltd., Class A . . 6,254,992 5,313,728China Southern Airlines Co. Ltd., Class A . . . . . . 2,618,400 2,403,645China Southern Airlines Co. Ltd., Class H(b) . . . . 7,580,000 4,266,280China State Construction Engineering Corp.

Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,122,371 7,736,394China State Construction International

Holdings Ltd.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,666,000 8,721,834China Taiping Insurance Holdings Co. Ltd. . . . . . 7,605,660 17,142,304China Telecom Corp. Ltd., Class H . . . . . . . . . . . . 64,640,000 28,956,766China Tower Corp. Ltd., Class H(c) . . . . . . . . . . . . . 194,116,000 44,346,154China Traditional Chinese Medicine Holdings

Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,044,000 5,186,995China Unicom Hong Kong Ltd. . . . . . . . . . . . . . . . . 28,594,000 28,501,489China United Network Communications Ltd.,

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,200,398 6,702,854China Vanke Co. Ltd., Class A. . . . . . . . . . . . . . . . . 2,572,259 9,272,640China Vanke Co. Ltd., Class H . . . . . . . . . . . . . . . . 6,308,331 21,818,524China Yangtze Power Co. Ltd., Class A . . . . . . . . 4,895,455 12,736,254China Zhongwang Holdings Ltd.(b) . . . . . . . . . . . . . 8,176,400 3,360,157Chongqing Rural Commercial Bank Co. Ltd.,

Class H. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,891,000 5,751,739Chongqing Zhifei Biological Products Co. Ltd.,

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 387,576 2,587,992CIFI Holdings Group Co. Ltd. . . . . . . . . . . . . . . . . . . 12,920,000 6,958,515CITIC Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,065,000 32,089,677CITIC Securities Co. Ltd., Class A . . . . . . . . . . . . . 2,876,585 8,970,990CITIC Securities Co. Ltd., Class H . . . . . . . . . . . . . 8,492,500 15,217,533CNOOC Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,786,000 123,618,753

Consolidated Schedule of Investments (continued)

August 31, 2019




China (continued)COSCO SHIPPING Energy Transportation Co.

Ltd., Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,636,000 $ 3,193,711COSCO SHIPPING Holdings Co. Ltd.,

Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,389,490 2,815,112COSCO SHIPPING Holdings Co. Ltd.,

Class H(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,111,500 3,613,393COSCO SHIPPING Ports Ltd. . . . . . . . . . . . . . . . . . 8,370,000 7,338,779Country Garden Holdings Co. Ltd. . . . . . . . . . . . . . 35,045,939 43,609,782Country Garden Services Holdings Co. Ltd. . . . . 5,665,000 16,412,222CRRC Corp. Ltd., Class A . . . . . . . . . . . . . . . . . . . . . 7,410,237 7,537,589CRRC Corp. Ltd., Class H. . . . . . . . . . . . . . . . . . . . . 18,674,300 12,846,200CSPC Pharmaceutical Group Ltd. . . . . . . . . . . . . . 21,830,000 43,685,911Ctrip.com International Ltd., ADR(a)(b) . . . . . . . . . . 1,919,685 62,159,400Dali Foods Group Co. Ltd.(c). . . . . . . . . . . . . . . . . . . 9,857,000 6,566,846Daqin Railway Co. Ltd., Class A . . . . . . . . . . . . . . . 4,013,855 4,340,818Datang International Power Generation Co.

Ltd., Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,834,000 3,256,329Dongfeng Motor Group Co. Ltd., Class H . . . . . . 13,142,000 12,210,528East Money Information Co. Ltd., Class A . . . . . . 1,761,743 3,561,886ENN Energy Holdings Ltd. . . . . . . . . . . . . . . . . . . . . 3,682,000 42,057,981Far East Horizon Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 10,805,000 9,666,837Focus Media Information Technology Co. Ltd.,

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,559,778 3,421,267Foshan Haitian Flavouring & Food Co. Ltd.,

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 520,050 8,332,281Fosun International Ltd. . . . . . . . . . . . . . . . . . . . . . . . 12,215,000 15,714,320Foxconn Industrial Internet Co. Ltd., Class A . . . 1,170,597 2,324,184Future Land Development Holdings Ltd.(b) . . . . . 8,212,000 6,498,038Fuyao Glass Industry Group Co. Ltd.,

Class H(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,722,400 7,765,529Ganfeng Lithium Co. Ltd., Class A . . . . . . . . . . . . . 575,138 1,675,510GDS Holdings Ltd., ADR(a)(b) . . . . . . . . . . . . . . . . . . 274,367 11,067,965Geely Automobile Holdings Ltd.(b) . . . . . . . . . . . . . 23,223,000 35,922,168Genscript Biotech Corp.(a)(b) . . . . . . . . . . . . . . . . . . . 4,434,000 9,948,467GF Securities Co. Ltd., Class A(a) . . . . . . . . . . . . . . 2,035,387 3,776,714GF Securities Co. Ltd., Class H(a). . . . . . . . . . . . . . 6,482,400 6,659,986GOME Retail Holdings Ltd.(a)(b) . . . . . . . . . . . . . . . . 52,271,200 4,736,553Great Wall Motor Co. Ltd., Class H(b) . . . . . . . . . . 14,636,500 9,302,682Gree Electric Appliances Inc. of Zhuhai,

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 751,875 5,830,524Greentown Service Group Co. Ltd.(b) . . . . . . . . . . 5,446,000 4,983,545Guangdong Investment Ltd. . . . . . . . . . . . . . . . . . . . 14,004,110 29,526,173Guangzhou Automobile Group Co. Ltd.,

Class H. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,131,838 14,248,441Guangzhou R&F Properties Co. Ltd., Class H . . 4,744,400 7,641,564Guotai Junan Securities Co. Ltd., Class A . . . . . . 2,779,340 6,636,708Guotai Junan Securities Co. Ltd., Class H(c) . . . . 2,509,200 3,580,294Haidilao International Holding Ltd.(c) . . . . . . . . . . . 1,462,000 6,810,545Haier Electronics Group Co. Ltd.. . . . . . . . . . . . . . . 6,040,000 15,725,654Haier Smart Home Co. Ltd., Class A . . . . . . . . . . . 1,813,341 4,031,054Haitian International Holdings Ltd. . . . . . . . . . . . . . 3,385,000 6,376,563Haitong Securities Co. Ltd., Class A . . . . . . . . . . . 2,566,791 4,899,031Haitong Securities Co. Ltd., Class H . . . . . . . . . . . 13,433,600 12,807,212Hangzhou Hikvision Digital Technology Co.

Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,247,002 9,707,601Hengan International Group Co. Ltd. . . . . . . . . . . . 3,357,000 22,107,653Hengli Petrochemical Co. Ltd., Class A . . . . . . . . 1,697,291 3,253,714HengTen Networks Group Ltd.(a)(b). . . . . . . . . . . . . 109,664,000 1,749,507Hua Hong Semiconductor Ltd.(b)(c) . . . . . . . . . . . . . 2,260,000 3,784,285


China (continued)Huadian Power International Corp. Ltd.,

Class H. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,198,000 $ 3,201,629Huaneng Power International Inc., Class H. . . . . 19,100,000 10,506,359Huaneng Renewables Corp. Ltd., Class H(d) . . . 23,682,000 6,558,729Huatai Securities Co. Ltd., Class A. . . . . . . . . . . . . 1,963,700 5,202,145Huatai Securities Co. Ltd., Class H(b)(c) . . . . . . . . 7,056,400 10,284,683Huaxia Bank Co. Ltd., Class A. . . . . . . . . . . . . . . . . 5,146,109 5,205,789Huayu Automotive Systems Co. Ltd., Class A . . 898,679 3,130,371Huazhu Group Ltd., ADR. . . . . . . . . . . . . . . . . . . . . . 613,133 20,251,783Hundsun Technologies Inc., Class A . . . . . . . . . . . 295,174 3,064,333Hutchison China MediTech Ltd., ADR(a) . . . . . . . . 285,787 6,227,299Iflytek Co. Ltd., Class A(a) . . . . . . . . . . . . . . . . . . . . . 706,875 3,249,432Industrial & Commercial Bank of China Ltd.,

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,175,635 11,428,905Industrial & Commercial Bank of China Ltd.,

Class H. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 293,339,085 185,317,627Industrial Bank Co. Ltd., Class A. . . . . . . . . . . . . . . 4,981,972 11,951,999Inner Mongolia BaoTou Steel Union Co. Ltd.,

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,874,800 4,165,460Inner Mongolia Yili Industrial Group Co. Ltd.,

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,488,115 5,957,034Inner Mongolia Yitai Coal Co. Ltd., Class B. . . . . 5,112,217 4,549,873iQIYI Inc., ADR(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 586,325 10,723,884JD.com Inc., ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,410,844 104,030,742Jiangsu Expressway Co. Ltd., Class H . . . . . . . . . 6,066,000 8,051,510Jiangsu Hengrui Medicine Co. Ltd., Class A . . . . 1,047,013 11,710,688Jiangsu Yanghe Brewery Joint-Stock Co. Ltd.,

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 356,387 5,576,110Jiangxi Copper Co. Ltd., Class H . . . . . . . . . . . . . . 6,770,000 7,620,770Kaisa Group Holdings Ltd. . . . . . . . . . . . . . . . . . . . . 11,000,000 3,804,552Kingboard Holdings Ltd.. . . . . . . . . . . . . . . . . . . . . . . 3,355,000 7,861,525Kingboard Laminates Holdings Ltd. . . . . . . . . . . . . 5,298,500 4,185,865Kingdee International Software Group

Co. Ltd.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,066,000 10,027,453Kingsoft Corp. Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 3,934,000 7,260,127Kunlun Energy Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . 15,352,000 13,382,192Kweichow Moutai Co. Ltd., Class A . . . . . . . . . . . . 268,813 42,892,894KWG Group Holdings Ltd.. . . . . . . . . . . . . . . . . . . . . 6,004,000 5,233,630Lee & Man Paper Manufacturing Ltd. . . . . . . . . . . 6,921,000 3,665,714Legend Holdings Corp., Class H(c) . . . . . . . . . . . . . 1,849,200 3,979,084Lenovo Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,766,000 22,236,730Li Ning Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,136,500 26,994,324Logan Property Holdings Co. Ltd.. . . . . . . . . . . . . . 6,536,000 9,225,901Longfor Group Holdings Ltd.(c). . . . . . . . . . . . . . . . . 8,199,000 29,247,200LONGi Green Energy Technology Co. Ltd.,

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 919,444 3,552,134Luxshare Precision Industry Co. Ltd., Class A . . 1,429,448 4,889,323Luye Pharma Group Ltd.(b)(c) . . . . . . . . . . . . . . . . . . 5,612,000 4,361,909Luzhou Laojiao Co. Ltd., Class A . . . . . . . . . . . . . . 358,732 4,855,939Maanshan Iron & Steel Co. Ltd., Class H(b). . . . . 8,712,000 3,268,939Meitu Inc.(a)(b)(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,664,000 2,442,101Meituan Dianping, Class B(a) . . . . . . . . . . . . . . . . . . 4,657,500 44,195,234Metallurgical Corp. of China Ltd., Class A . . . . . . 10,683,490 4,105,016Metallurgical Corp. of China Ltd., Class H . . . . . . 9,438,000 2,107,947Midea Group Co. Ltd., Class A . . . . . . . . . . . . . . . . 888,360 6,551,298MMG Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,948,000 2,470,312Momo Inc., ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 691,043 25,416,562Muyuan Foodstuff Co. Ltd., Class A. . . . . . . . . . . . 420,550 4,724,357NARI Technology Co. Ltd., Class A . . . . . . . . . . . . 1,391,283 3,363,029NetEase Inc., ADR. . . . . . . . . . . . . . . . . . . . . . . . . . . . 325,456 82,991,280


August 31, 2019




China (continued)New China Life Insurance Co. Ltd., Class A . . . . 773,292 $ 5,211,104New China Life Insurance Co. Ltd., Class H . . . . 3,532,000 13,951,566New Hope Liuhe Co. Ltd., Class A . . . . . . . . . . . . . 1,082,997 2,952,253New Oriental Education & Technology

Group Inc., ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . 659,988 74,842,639Nexteer Automotive Group Ltd. . . . . . . . . . . . . . . . . 4,238,000 3,293,972Nine Dragons Paper Holdings Ltd.(b) . . . . . . . . . . . 7,796,000 5,910,169NIO Inc., ADR(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,057,600 8,744,736Noah Holdings Ltd., ADR(a)(b). . . . . . . . . . . . . . . . . . 147,831 4,434,930Orient Securities Co. Ltd./China, Class A. . . . . . . 1,861,400 2,587,806People's Insurance Co. Group of China Ltd.

(The), Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,328,000 15,017,448PetroChina Co. Ltd., Class A . . . . . . . . . . . . . . . . . . 3,422,000 2,926,176PetroChina Co. Ltd., Class H . . . . . . . . . . . . . . . . . . 97,968,000 48,637,970PICC Property & Casualty Co. Ltd., Class H. . . . 31,977,192 36,689,485Pinduoduo Inc., ADR(a)(b). . . . . . . . . . . . . . . . . . . . . . 894,023 29,297,134Ping An Bank Co. Ltd., Class A . . . . . . . . . . . . . . . . 4,025,329 7,964,043Ping An Insurance Group Co. of China Ltd.,

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,541,892 31,012,716Ping An Insurance Group Co. of China Ltd.,

Class H. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,481,500 292,365,606Poly Developments and Holdings Group Co.

Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,879,115 5,410,660Postal Savings Bank of China Co. Ltd.,

Class H(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,786,000 22,159,817Power Construction Corp. of China Ltd.,

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,039,900 2,641,712SAIC Motor Corp. Ltd., Class A . . . . . . . . . . . . . . . . 1,932,471 6,771,884Sany Heavy Industry Co. Ltd., Class A . . . . . . . . . 2,491,388 4,688,975SDIC Power Holdings Co. Ltd., Class A . . . . . . . . 2,007,100 2,717,451Seazen Holdings Co. Ltd., Class A. . . . . . . . . . . . . 573,473 1,986,362Semiconductor Manufacturing

International Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . 14,250,499 15,677,577Shaanxi Coal Industry Co. Ltd., Class A. . . . . . . . 2,830,884 3,520,311Shandong Gold Mining Co. Ltd., Class A . . . . . . . 509,600 2,839,576Shandong Weigao Group Medical Polymer Co.

Ltd., Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,344,000 10,680,181Shanghai Electric Group Co. Ltd., Class H . . . . . 15,566,000 4,906,995Shanghai Fosun Pharmaceutical Group Co.

Ltd., Class H(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,800,000 8,326,367Shanghai Industrial Holdings Ltd. . . . . . . . . . . . . . . 2,703,000 5,271,218Shanghai International Airport Co. Ltd.,

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 291,898 3,427,976Shanghai Lujiazui Finance & Trade Zone

Development Co. Ltd., Class B . . . . . . . . . . . . . 6,202,506 6,953,009Shanghai Pharmaceuticals Holding Co. Ltd.,

Class H. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,344,300 8,205,841Shanghai Pudong Development Bank Co. Ltd.,

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,794,944 10,709,371Shanxi Xinghuacun Fen Wine Factory Co. Ltd.,

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 244,300 2,619,816Shenwan Hongyuan Group Co. Ltd., Class A. . . 10,004,789 6,681,974Shenzhen International Holdings Ltd. . . . . . . . . . . 4,603,000 8,717,992Shenzhen Investment Ltd.. . . . . . . . . . . . . . . . . . . . . 13,348,000 5,059,577Shenzhen Mindray Bio-Medical Electronics Co.

Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111,132 2,893,593Shenzhou International Group Holdings Ltd. . . . 3,523,000 47,885,481Shimao Property Holdings Ltd. . . . . . . . . . . . . . . . . 5,352,500 15,165,308Shui On Land Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,545,500 3,650,018Sihuan Pharmaceutical Holdings Group Ltd. . . . 19,060,000 3,405,591


China (continued)SINA Corp./China(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 295,341 $ 12,159,189Sino Biopharmaceutical Ltd. . . . . . . . . . . . . . . . . . . . 32,199,500 47,916,962Sino-Ocean Group Holding Ltd. . . . . . . . . . . . . . . . 14,770,500 5,278,309Sinopec Engineering Group Co. Ltd., Class H . . 6,496,500 4,245,130Sinopec Shanghai Petrochemical Co. Ltd.,

Class H. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,721,000 5,111,381Sinopharm Group Co. Ltd., Class H. . . . . . . . . . . . 5,593,200 20,237,414Sinotrans Ltd., Class H. . . . . . . . . . . . . . . . . . . . . . . . 9,934,000 3,207,645Sinotruk Hong Kong Ltd.(b) . . . . . . . . . . . . . . . . . . . . 3,290,000 5,080,692SOHO China Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,070,500 3,249,651SSY Group Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,610,000 6,740,401Sun Art Retail Group Ltd.. . . . . . . . . . . . . . . . . . . . . . 11,368,000 11,070,066Sunac China Holdings Ltd. . . . . . . . . . . . . . . . . . . . . 11,314,000 45,340,617Suning.com Co. Ltd., Class A. . . . . . . . . . . . . . . . . . 3,019,413 4,531,018Sunny Optical Technology Group Co. Ltd.(b) . . . . 3,318,100 46,032,082TAL Education Group, ADR(a)(b) . . . . . . . . . . . . . . . 1,768,659 63,017,320Tencent Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 26,415,600 1,095,010,035Tencent Music Entertainment Group, ADR(a)(b) . 426,614 5,673,966Tingyi Cayman Islands Holding Corp. . . . . . . . . . . 9,492,000 13,083,474Tong Ren Tang Technologies Co. Ltd., Class H . 2,742,000 2,978,095Towngas China Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . 4,909,000 3,395,736Transfar Zhilian Co. Ltd., Class A . . . . . . . . . . . . . . 1,540,198 1,581,732TravelSky Technology Ltd., Class H. . . . . . . . . . . . 4,629,000 9,298,941Tsingtao Brewery Co. Ltd., Class H . . . . . . . . . . . . 2,018,000 13,637,310Uni-President China Holdings Ltd. . . . . . . . . . . . . . 6,254,000 6,952,126Vipshop Holdings Ltd., ADR(a) . . . . . . . . . . . . . . . . . 2,027,594 16,970,962Wanhua Chemical Group Co. Ltd., Class A. . . . . 758,800 4,740,247Want Want China Holdings Ltd.. . . . . . . . . . . . . . . . 23,921,000 18,653,578Weibo Corp., ADR(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 256,911 10,628,408Weichai Power Co. Ltd., Class A. . . . . . . . . . . . . . . 2,048,000 3,313,657Weichai Power Co. Ltd., Class H . . . . . . . . . . . . . . 8,896,800 13,625,633Wens Foodstuffs Group Co. Ltd., Class A . . . . . . 1,247,194 7,230,135Wuliangye Yibin Co. Ltd., Class A. . . . . . . . . . . . . . 847,181 16,749,492WuXi AppTec Co. Ltd., Class A . . . . . . . . . . . . . . . . 438,100 5,307,150WuXi AppTec Co. Ltd., Class H(b)(c) . . . . . . . . . . . . 671,080 7,528,436Wuxi Biologics Cayman Inc.(a)(c) . . . . . . . . . . . . . . . 2,618,000 27,598,869Xiaomi Corp., Class B(a)(b)(c) . . . . . . . . . . . . . . . . . . . 36,197,400 39,406,513Xinjiang Goldwind Science & Technology Co.

Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,229,793 4,034,626Xinjiang Goldwind Science & Technology Co.

Ltd., Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,107,246 2,482,324Xinyi Solar Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . 14,890,000 9,406,791Yanzhou Coal Mining Co. Ltd., Class H(b) . . . . . . 8,924,800 7,734,101Yihai International Holding Ltd. . . . . . . . . . . . . . . . . 2,262,000 13,568,507Yonghui Superstores Co. Ltd., Class A . . . . . . . . . 2,726,400 3,752,276Yonyou Network Technology Co. Ltd., Class A. . 756,400 3,389,374Yuexiu Property Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . 32,306,000 6,968,054Yum China Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . 1,665,810 75,677,748Yunnan Baiyao Group Co. Ltd., Class A. . . . . . . . 308,792 3,309,256Yuzhou Properties Co. Ltd. . . . . . . . . . . . . . . . . . . . . 8,080,000 3,403,039YY Inc., ADR(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 254,258 14,530,845Zhangzhou Pientzehuang Pharmaceutical Co.

Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192,300 2,679,088Zhaojin Mining Industry Co. Ltd., Class H(b) . . . . 5,091,500 6,667,065Zhejiang Expressway Co. Ltd., Class H . . . . . . . . 7,204,000 6,031,414Zhejiang Longsheng Group Co. Ltd., Class A. . . 814,500 1,587,575ZhongAn Online P&C Insurance Co. Ltd.,

Class H(a)(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,408,300 3,181,340Zhongsheng Group Holdings Ltd.(b) . . . . . . . . . . . . 2,682,500 8,387,787


August 31, 2019




China (continued)Zhuzhou CRRC Times Electric Co. Ltd.,

Class H. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,576,300 $ 10,258,707Zijin Mining Group Co. Ltd., Class A . . . . . . . . . . . 5,239,500 2,679,415Zijin Mining Group Co. Ltd., Class H . . . . . . . . . . . 25,910,000 9,688,948ZTE Corp., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . 727,800 2,929,708ZTE Corp., Class H(a) . . . . . . . . . . . . . . . . . . . . . . . . . 3,534,200 8,795,638ZTO Express Cayman Inc., ADR. . . . . . . . . . . . . . . 1,478,608 30,326,250

7,928,151,937Colombia — 0.3%Bancolombia SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,064,839 12,305,497Cementos Argos SA . . . . . . . . . . . . . . . . . . . . . . . . . . 2,203,343 4,940,635Ecopetrol SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,636,002 18,108,802Grupo Argos SA/Colombia . . . . . . . . . . . . . . . . . . . . 1,473,005 7,741,340Grupo de Inversiones Suramericana SA . . . . . . . 1,254,377 12,269,089Interconexion Electrica SA ESP . . . . . . . . . . . . . . . 2,021,649 10,730,972

66,096,335Czech Republic — 0.1%CEZ AS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700,644 15,453,962Komercni Banka AS. . . . . . . . . . . . . . . . . . . . . . . . . . . 335,770 11,935,071Moneta Money Bank AS(c). . . . . . . . . . . . . . . . . . . . . 2,257,457 7,310,845

34,699,878Egypt — 0.2%Commercial International Bank Egypt SAE . . . . . 7,076,009 34,281,232Eastern Co. SAE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,986,407 5,545,113EISewedy Electric Co. . . . . . . . . . . . . . . . . . . . . . . . . 4,145,763 3,547,070

43,373,415Greece — 0.3%Alpha Bank AE(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,371,733 15,018,356Eurobank Ergasias SA(a) . . . . . . . . . . . . . . . . . . . . . . 12,052,155 10,684,311FF Group(a)(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246,892 2,719Hellenic Telecommunications Organization SA . 1,096,213 14,655,464JUMBO SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 503,937 9,700,712Motor Oil Hellas Corinth Refineries SA . . . . . . . . . 308,823 7,563,631National Bank of Greece SA(a). . . . . . . . . . . . . . . . . 2,561,268 7,440,733OPAP SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 939,166 9,918,521Titan Cement International SA(a) . . . . . . . . . . . . . . . 222,266 4,552,730

79,537,177Hungary — 0.3%MOL Hungarian Oil & Gas PLC . . . . . . . . . . . . . . . . 1,831,148 17,957,391OTP Bank Nyrt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,039,111 41,514,257Richter Gedeon Nyrt . . . . . . . . . . . . . . . . . . . . . . . . . . 671,183 11,219,392

70,691,040India — 8.6%Adani Ports & Special Economic Zone Ltd. . . . . . 2,799,333 14,336,254Ambuja Cements Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 2,778,596 7,873,807Ashok Leyland Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,466,934 4,934,270Asian Paints Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,333,710 30,186,494Aurobindo Pharma Ltd. . . . . . . . . . . . . . . . . . . . . . . . 1,241,516 10,443,982Avenue Supermarts Ltd.(a)(c). . . . . . . . . . . . . . . . . . . 583,134 12,830,459Axis Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,819,187 81,995,004Bajaj Auto Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 390,918 15,264,456Bajaj Finance Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800,190 37,343,881Bajaj Finserv Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179,535 17,900,198Bharat Forge Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 997,566 5,369,387Bharat Petroleum Corp. Ltd. . . . . . . . . . . . . . . . . . . . 2,996,631 14,908,142Bharti Airtel Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,179,609 44,581,989Bharti Infratel Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,553,981 5,450,331Bosch Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,777 7,253,275


India (continued)Britannia Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . 264,057 $ 9,990,402Cipla Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,617,468 10,701,576Coal India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,650,318 14,618,860Container Corp. of India Ltd.. . . . . . . . . . . . . . . . . . . 966,629 6,880,755Dabur India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,457,663 15,446,545Divi's Laboratories Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 373,327 8,497,787Dr. Reddy's Laboratories Ltd. . . . . . . . . . . . . . . . . . . 534,214 19,133,177Eicher Motors Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,622 14,258,119GAIL India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,289,889 13,251,095Glenmark Pharmaceuticals Ltd. . . . . . . . . . . . . . . . 668,607 3,598,301Godrej Consumer Products Ltd. . . . . . . . . . . . . . . . 1,669,844 14,240,122Grasim Industries Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . 1,398,426 13,923,061Havells India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,176,239 11,185,451HCL Technologies Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 2,520,614 38,841,265HDFC Life Insurance Co. Ltd.(c) . . . . . . . . . . . . . . . 2,187,655 17,068,963Hero MotoCorp Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 422,258 15,209,448Hindalco Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . 5,493,145 14,189,134Hindustan Petroleum Corp. Ltd. . . . . . . . . . . . . . . . 2,795,517 10,184,557Hindustan Unilever Ltd. . . . . . . . . . . . . . . . . . . . . . . . 3,008,416 79,284,922Housing Development Finance Corp. Ltd. . . . . . . 7,561,266 229,403,140ICICI Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,047,880 63,379,394ICICI Lombard General Insurance Co. Ltd.(c) . . . 603,030 10,622,009Indiabulls Housing Finance Ltd. . . . . . . . . . . . . . . . 1,288,599 8,217,114Indian Oil Corp. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . 8,549,381 14,660,529Infosys Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,988,721 182,462,749InterGlobe Aviation Ltd.(c) . . . . . . . . . . . . . . . . . . . . . 428,120 10,135,006ITC Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,843,508 54,503,487JSW Steel Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,953,878 12,040,343Larsen & Toubro Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 2,180,960 40,568,009LIC Housing Finance Ltd. . . . . . . . . . . . . . . . . . . . . . 1,381,010 8,227,170Lupin Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,035,543 10,745,893Mahindra & Mahindra Financial Services Ltd. . . 1,427,798 6,397,423Mahindra & Mahindra Ltd. . . . . . . . . . . . . . . . . . . . . . 3,515,232 26,031,645Marico Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,074,708 11,363,208Maruti Suzuki India Ltd. . . . . . . . . . . . . . . . . . . . . . . . 490,418 42,057,168Motherson Sumi Systems Ltd. . . . . . . . . . . . . . . . . . 4,452,315 6,110,379Nestle India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107,667 19,413,005NTPC Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,970,728 18,689,760Oil & Natural Gas Corp. Ltd. . . . . . . . . . . . . . . . . . . . 11,479,942 19,484,914Page Industries Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . 26,076 6,814,451Petronet LNG Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,821,745 10,544,868Pidilite Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 572,632 11,048,071Piramal Enterprises Ltd.. . . . . . . . . . . . . . . . . . . . . . . 396,055 11,261,423Power Grid Corp. of India Ltd. . . . . . . . . . . . . . . . . . 8,464,497 23,766,854REC Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,269,301 6,604,302Reliance Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . 13,184,702 230,532,643Shree Cement Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,897 10,377,606Shriram Transport Finance Co. Ltd. . . . . . . . . . . . . 782,987 10,593,886State Bank of India(a) . . . . . . . . . . . . . . . . . . . . . . . . . 8,231,207 31,566,937Sun Pharmaceutical Industries Ltd. . . . . . . . . . . . . 3,916,362 24,702,299Tata Consultancy Services Ltd. . . . . . . . . . . . . . . . . 4,169,511 131,938,901Tata Motors Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,308,666 11,944,422Tata Power Co. Ltd. (The) . . . . . . . . . . . . . . . . . . . . . 5,089,226 4,044,583Tata Steel Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,565,667 7,562,211Tech Mahindra Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,150,679 20,891,622Titan Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,436,598 22,232,741UltraTech Cement Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 444,678 25,234,694United Spirits Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,346,003 11,842,263UPL Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,490,594 19,643,630Vedanta Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,466,977 16,499,385


August 31, 2019




India (continued)Vodafone Idea Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . 33,335,723 $ 2,497,582Wipro Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,602,419 19,959,464Yes Bank Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,945,702 6,670,796Zee Entertainment Enterprises Ltd. . . . . . . . . . . . . 2,475,723 12,935,508

2,127,398,956Indonesia — 2.2%Adaro Energy Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . 67,556,200 5,357,823Astra International Tbk PT. . . . . . . . . . . . . . . . . . . . . 93,510,000 44,002,767Bank Central Asia Tbk PT . . . . . . . . . . . . . . . . . . . . . 45,403,700 97,625,157Bank Mandiri Persero Tbk PT . . . . . . . . . . . . . . . . . 85,878,600 43,892,834Bank Negara Indonesia Persero Tbk PT . . . . . . . 34,100,476 18,510,657Bank Rakyat Indonesia Persero Tbk PT. . . . . . . . 255,671,410 76,962,772Bank Tabungan Negara Persero Tbk PT . . . . . . . 19,886,800 2,803,920Barito Pacific Tbk PT. . . . . . . . . . . . . . . . . . . . . . . . . . 120,743,600 7,703,416Bukit Asam Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,194,200 2,297,474Bumi Serpong Damai Tbk PT(a). . . . . . . . . . . . . . . . 36,960,800 3,517,595Charoen Pokphand Indonesia Tbk PT . . . . . . . . . 34,539,145 12,235,404Gudang Garam Tbk PT . . . . . . . . . . . . . . . . . . . . . . . 2,204,000 10,794,706Hanjaya Mandala Sampoerna Tbk PT . . . . . . . . . 42,163,700 7,995,795Indah Kiat Pulp & Paper Corp. Tbk PT . . . . . . . . . 12,778,800 6,170,940Indocement Tunggal Prakarsa Tbk PT . . . . . . . . . 8,698,600 13,322,318Indofood CBP Sukses Makmur Tbk PT. . . . . . . . . 10,839,900 9,208,375Indofood Sukses Makmur Tbk PT. . . . . . . . . . . . . . 20,374,400 11,382,948Jasa Marga Persero Tbk PT. . . . . . . . . . . . . . . . . . . 10,545,995 4,163,382Kalbe Farma Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . 100,834,915 12,013,465Pabrik Kertas Tjiwi Kimia Tbk PT . . . . . . . . . . . . . . 6,498,700 4,558,482Pakuwon Jati Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . 84,034,800 3,791,489Perusahaan Gas Negara Tbk PT . . . . . . . . . . . . . . 51,053,300 6,910,281Semen Indonesia Persero Tbk PT . . . . . . . . . . . . . 13,936,200 13,017,599Surya Citra Media Tbk PT . . . . . . . . . . . . . . . . . . . . . 28,862,500 2,512,879Telekomunikasi Indonesia Persero Tbk PT . . . . . 228,704,200 71,747,176Unilever Indonesia Tbk PT . . . . . . . . . . . . . . . . . . . . 7,054,500 24,294,136United Tractors Tbk PT. . . . . . . . . . . . . . . . . . . . . . . . 7,790,153 11,491,643

528,285,433Malaysia — 2.1%AirAsia Group Bhd(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 6,814,800 2,900,604Alliance Bank Malaysia Bhd . . . . . . . . . . . . . . . . . . . 4,873,900 3,476,804AMMB Holdings Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . 7,963,075 7,952,661Axiata Group Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,703,300 15,254,230British American Tobacco Malaysia Bhd. . . . . . . . 699,600 3,280,493CIMB Group Holdings Bhd . . . . . . . . . . . . . . . . . . . . 21,987,600 26,455,179Dialog Group Bhd(b). . . . . . . . . . . . . . . . . . . . . . . . . . . 17,144,112 14,186,544DiGi.Com Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,279,100 17,044,604Fraser & Neave Holdings Bhd(b) . . . . . . . . . . . . . . . 566,200 4,752,553Gamuda Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,096,200 6,930,524Genting Bhd(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,976,500 14,233,504Genting Malaysia Bhd. . . . . . . . . . . . . . . . . . . . . . . . . 13,811,200 10,312,012Genting Plantations Bhd . . . . . . . . . . . . . . . . . . . . . . 1,395,200 3,324,196HAP Seng Consolidated Bhd(b) . . . . . . . . . . . . . . . . 2,870,200 6,770,273Hartalega Holdings Bhd . . . . . . . . . . . . . . . . . . . . . . . 6,904,400 8,422,202Hong Leong Bank Bhd(b) . . . . . . . . . . . . . . . . . . . . . . 3,073,900 12,133,335Hong Leong Financial Group Bhd. . . . . . . . . . . . . . 1,067,900 4,281,249IHH Healthcare Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . . 10,286,800 14,162,542IJM Corp. Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,150,940 7,129,745IOI Corp. Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,202,120 9,649,590Kuala Lumpur Kepong Bhd. . . . . . . . . . . . . . . . . . . . 2,031,000 11,580,877Malayan Banking Bhd. . . . . . . . . . . . . . . . . . . . . . . . . 17,266,900 35,679,315Malaysia Airports Holdings Bhd(b) . . . . . . . . . . . . . . 5,002,300 9,789,307Maxis Bhd(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,645,400 14,099,365


Malaysia (continued)MISC Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,241,700 $ 9,048,803Nestle Malaysia Bhd(b) . . . . . . . . . . . . . . . . . . . . . . . . 298,300 10,462,311Petronas Chemicals Group Bhd . . . . . . . . . . . . . . . 11,088,800 18,272,592Petronas Dagangan Bhd . . . . . . . . . . . . . . . . . . . . . . 1,074,400 5,845,267Petronas Gas Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,857,900 10,927,365PPB Group Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,799,260 12,420,447Press Metal Aluminium Holdings Bhd(b) . . . . . . . . 6,752,500 7,899,727Public Bank Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,260,330 68,902,605QL Resources Bhd(b). . . . . . . . . . . . . . . . . . . . . . . . . . 2,449,900 4,042,874RHB Bank Bhd(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,786,025 9,197,561RHB Capital Bhd(a)(d) . . . . . . . . . . . . . . . . . . . . . . . . . 3,214,200 8Sime Darby Bhd(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,183,073 6,633,988Sime Darby Plantation Bhd(b) . . . . . . . . . . . . . . . . . . 10,232,973 12,117,514Sime Darby Property Bhd . . . . . . . . . . . . . . . . . . . . . 12,879,173 2,694,964SP Setia Bhd Group . . . . . . . . . . . . . . . . . . . . . . . . . . 6,757,100 2,506,498Telekom Malaysia Bhd . . . . . . . . . . . . . . . . . . . . . . . . 5,181,800 4,620,556Tenaga Nasional Bhd . . . . . . . . . . . . . . . . . . . . . . . . . 14,403,250 47,811,050Top Glove Corp. Bhd(b). . . . . . . . . . . . . . . . . . . . . . . . 7,075,400 7,991,476Westports Holdings Bhd. . . . . . . . . . . . . . . . . . . . . . . 4,510,000 4,504,102YTL Corp. Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,419,689 3,428,769

513,130,185Mexico — 2.5%Alfa SAB de CV, Class A . . . . . . . . . . . . . . . . . . . . . . 13,892,000 11,851,760Alsea SAB de CV(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 2,314,600 4,929,749America Movil SAB de CV, Series L, NVS . . . . . . 155,423,200 113,543,982Arca Continental SAB de CV . . . . . . . . . . . . . . . . . . 1,989,136 10,409,010Banco Santander Mexico SA Institucion de

Banca Multiple Grupo Financiero Santand. . . 8,372,700 10,626,953Cemex SAB de CV, CPO. . . . . . . . . . . . . . . . . . . . . . 69,785,373 25,977,617Coca-Cola Femsa SAB de CV. . . . . . . . . . . . . . . . . 2,411,793 14,249,267El Puerto de Liverpool SAB de CV,

Series C1, NVS(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 884,565 4,583,024Fibra Uno Administracion SA de CV . . . . . . . . . . . 14,842,200 20,480,263Fomento Economico Mexicano SAB de CV . . . . 8,915,500 81,317,176Gruma SAB de CV, Series B . . . . . . . . . . . . . . . . . . 944,040 8,781,242Grupo Aeroportuario del Pacifico SAB de CV,

Series B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,659,700 15,813,638Grupo Aeroportuario del Sureste SAB de CV,

Class B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 967,195 14,211,158Grupo Bimbo SAB de CV, Series A(b) . . . . . . . . . . 7,647,100 13,364,319Grupo Carso SAB de CV, Series A1 . . . . . . . . . . . 2,307,041 6,627,793Grupo Financiero Banorte SAB de CV,

Class O. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,956,656 64,242,638Grupo Financiero Inbursa SAB de CV,

Class O(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,921,400 13,480,892Grupo Mexico SAB de CV, Series B . . . . . . . . . . . 16,310,188 37,517,947Grupo Televisa SAB, CPO. . . . . . . . . . . . . . . . . . . . . 11,310,300 19,974,786Industrias Penoles SAB de CV . . . . . . . . . . . . . . . . 672,448 8,063,150Infraestructura Energetica Nova SAB de CV . . . 2,536,500 10,658,099Kimberly-Clark de Mexico SAB de CV, Class A . 6,931,300 14,154,709Megacable Holdings SAB de CV, CPO. . . . . . . . . 1,368,660 5,580,452Mexichem SAB de CV . . . . . . . . . . . . . . . . . . . . . . . . 4,898,434 8,970,753Promotora y Operadora de Infraestructura SAB

de CV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,054,250 8,814,509Wal-Mart de Mexico SAB de CV . . . . . . . . . . . . . . . 23,990,700 67,821,909

616,046,795Pakistan — 0.0%Habib Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,979,800 2,087,575MCB Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,925,800 2,080,578


August 31, 2019




Pakistan (continued)Oil & Gas Development Co. Ltd. . . . . . . . . . . . . . . . 3,266,900 $ 2,184,060

6,352,213Peru — 0.4%Cia. de Minas Buenaventura SAA, ADR. . . . . . . . 977,418 14,895,850Credicorp Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 309,142 64,029,491Southern Copper Corp. . . . . . . . . . . . . . . . . . . . . . . . 390,318 12,334,049

91,259,390Philippines — 1.1%Aboitiz Equity Ventures Inc. . . . . . . . . . . . . . . . . . . . 9,725,580 10,069,803Aboitiz Power Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . 6,218,864 4,539,535Alliance Global Group Inc.. . . . . . . . . . . . . . . . . . . . . 18,499,580 4,513,176Altus San Nicolas Corp.(a) . . . . . . . . . . . . . . . . . . . . . 195,768 19,532Ayala Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,275,056 22,656,232Ayala Land Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,291,500 31,157,623Bank of the Philippine Islands . . . . . . . . . . . . . . . . . 4,356,614 7,360,403BDO Unibank Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,285,171 26,576,199DMCI Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,810,300 3,270,100Globe Telecom Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 163,240 6,365,600GT Capital Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . 464,622 8,104,054International Container Terminal Services Inc. . . 4,000,640 10,436,285JG Summit Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . 13,872,204 19,173,127Jollibee Foods Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 2,137,829 9,765,658Manila Electric Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 952,750 6,680,185Megaworld Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,082,900 5,231,048Metro Pacific Investments Corp. . . . . . . . . . . . . . . . 68,427,500 6,506,577Metropolitan Bank & Trust Co. . . . . . . . . . . . . . . . . . 6,586,860 8,971,010PLDT Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 413,238 9,359,028Robinsons Land Corp. . . . . . . . . . . . . . . . . . . . . . . . . 9,439,606 4,533,259Security Bank Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,032,150 4,044,731SM Investments Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1,169,482 23,049,292SM Prime Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . 47,293,825 32,069,770Universal Robina Corp. . . . . . . . . . . . . . . . . . . . . . . . 4,248,640 14,119,286

278,571,513Poland — 1.0%Alior Bank SA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 428,407 4,357,467Bank Millennium SA(a) . . . . . . . . . . . . . . . . . . . . . . . . 2,903,074 4,871,408Bank Polska Kasa Opieki SA . . . . . . . . . . . . . . . . . . 755,193 18,507,405CCC SA(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136,012 4,222,178CD Projekt SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 314,307 20,020,310Cyfrowy Polsat SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200,725 8,796,963Dino Polska SA(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . 228,197 8,836,138Grupa Lotos SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 423,778 9,188,374Jastrzebska Spolka Weglowa SA . . . . . . . . . . . . . . 244,926 1,832,652KGHM Polska Miedz SA(a) . . . . . . . . . . . . . . . . . . . . 649,943 12,815,754LPP SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,294 11,773,668mBank SA(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,244 5,705,186Orange Polska SA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 3,052,998 4,900,077PGE Polska Grupa Energetyczna SA(a) . . . . . . . . 3,866,780 7,501,959Polski Koncern Naftowy ORLEN SA . . . . . . . . . . . 1,379,859 31,488,417Polskie Gornictwo Naftowe i Gazownictwo SA. . 7,949,733 9,486,961Powszechna Kasa Oszczednosci Bank

Polski SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,999,868 39,425,177Powszechny Zaklad Ubezpieczen SA. . . . . . . . . . 2,741,959 25,811,465Santander Bank Polska SA. . . . . . . . . . . . . . . . . . . . 163,863 12,582,791

242,124,350Qatar — 1.0%Barwa Real Estate Co. . . . . . . . . . . . . . . . . . . . . . . . . 5,796,063 5,382,115Commercial Bank PSQC (The) . . . . . . . . . . . . . . . . 9,898,896 12,868,700Industries Qatar QSC . . . . . . . . . . . . . . . . . . . . . . . . . 8,304,950 24,677,825


Qatar (continued)Masraf Al Rayan QSC. . . . . . . . . . . . . . . . . . . . . . . . . 18,547,258 $ 18,387,695Mesaieed Petrochemical Holding Co. . . . . . . . . . . 18,780,327 14,566,743Ooredoo QPSC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,013,137 7,672,254Qatar Electricity & Water Co. QSC. . . . . . . . . . . . . 2,459,446 10,142,738Qatar Fuel QSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,504,864 14,776,748Qatar Insurance Co. SAQ . . . . . . . . . . . . . . . . . . . . . 7,925,124 6,774,720Qatar Islamic Bank SAQ . . . . . . . . . . . . . . . . . . . . . . 5,589,079 24,117,834Qatar National Bank QPSC . . . . . . . . . . . . . . . . . . . 20,963,166 109,639,391

249,006,763Russia — 3.8%Alrosa PJSC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,013,590 13,393,071Gazprom PJSC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,900,099 156,483,447Gazprom PJSC, ADR . . . . . . . . . . . . . . . . . . . . . . . . . 2,100,269 14,491,856Inter RAO UES PJSC . . . . . . . . . . . . . . . . . . . . . . . . . 164,706,000 10,607,649LUKOIL PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,818,058 146,825,694Magnit PJSC, GDR(e) . . . . . . . . . . . . . . . . . . . . . . . . . 1,700,238 22,451,643Magnitogorsk Iron & Steel Works PJSC . . . . . . . . 10,386,900 6,524,242MMC Norilsk Nickel PJSC. . . . . . . . . . . . . . . . . . . . . 294,531 71,135,352Mobile TeleSystems PJSC, ADR. . . . . . . . . . . . . . . 2,294,103 18,421,647Moscow Exchange MICEX-RTS PJSC . . . . . . . . . 6,720,570 9,546,440Novatek PJSC, GDR(e). . . . . . . . . . . . . . . . . . . . . . . . 423,301 82,078,064Novolipetsk Steel PJSC . . . . . . . . . . . . . . . . . . . . . . . 5,463,480 12,207,913PhosAgro PJSC, GDR(e) . . . . . . . . . . . . . . . . . . . . . . 557,728 7,205,846Polymetal International PLC, New . . . . . . . . . . . . . 832,401 12,055,280Polyus PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103,068 11,860,102Rosneft Oil Co. PJSC . . . . . . . . . . . . . . . . . . . . . . . . . 5,173,017 31,603,659Rosneft Oil Co. PJSC, GDR(e) . . . . . . . . . . . . . . . . . 293,831 1,790,606Sberbank of Russia PJSC. . . . . . . . . . . . . . . . . . . . . 49,803,191 167,627,472Severstal PJSC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 940,073 14,152,342Surgutneftegas PJSC . . . . . . . . . . . . . . . . . . . . . . . . . 25,471,060 10,496,434Surgutneftegas PJSC, ADR . . . . . . . . . . . . . . . . . . . 704,504 2,892,693Tatneft PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,074,540 78,921,964VTB Bank PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,660,771,998 8,513,256X5 Retail Group NV, GDR(e) . . . . . . . . . . . . . . . . . . . 662,619 22,864,453

934,151,125Saudi Arabia — 2.6%Advanced Petrochemical Co. . . . . . . . . . . . . . . . . . . 311,842 4,655,971Al Rajhi Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,851,180 94,381,419Alinma Bank. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,803,685 22,310,787Almarai Co. JSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,100,735 14,541,664Bank AlBilad. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,571,528 10,977,693Bank Al-Jazira . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,048,745 7,374,106Banque Saudi Fransi. . . . . . . . . . . . . . . . . . . . . . . . . . 2,473,714 23,083,688Bupa Arabia for Cooperative Insurance Co. . . . . 120,306 3,316,618Co for Cooperative Insurance (The)(a). . . . . . . . . . 196,743 3,472,522Dar Al Arkan Real Estate Development Co.(a) . . 2,566,719 7,910,862Emaar Economic City(a) . . . . . . . . . . . . . . . . . . . . . . . 1,583,670 4,222,332Etihad Etisalat Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,843,362 12,217,980Jarir Marketing Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 242,159 10,033,196National Commercial Bank . . . . . . . . . . . . . . . . . . . . 5,697,807 72,386,622National Industrialization Co.(a) . . . . . . . . . . . . . . . . 1,511,636 5,505,358Rabigh Refining & Petrochemical Co.(a) . . . . . . . . 982,478 5,191,755Riyad Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,690,533 38,840,122Sahara International Petrochemical Co. . . . . . . . . 1,496,690 7,214,695Samba Financial Group . . . . . . . . . . . . . . . . . . . . . . . 4,678,491 35,799,369Saudi Airlines Catering Co. . . . . . . . . . . . . . . . . . . . . 112,711 2,629,433Saudi Arabian Fertilizer Co. . . . . . . . . . . . . . . . . . . . 729,971 15,375,186Saudi Arabian Mining Co.(a) . . . . . . . . . . . . . . . . . . . 1,909,453 22,552,795Saudi Basic Industries Corp. . . . . . . . . . . . . . . . . . . 3,651,613 97,260,815


August 31, 2019




Saudi Arabia (continued)Saudi British Bank (The) . . . . . . . . . . . . . . . . . . . . . . 1,684,514 $ 14,371,837Saudi Cement Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228,429 3,812,530Saudi Electricity Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 3,726,816 20,369,459Saudi Industrial Investment Group . . . . . . . . . . . . . 761,083 4,423,603Saudi Kayan Petrochemical Co.(a) . . . . . . . . . . . . . 3,641,476 10,194,230Saudi Telecom Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,914,354 50,529,513Savola Group (The)(a) . . . . . . . . . . . . . . . . . . . . . . . . . 1,029,631 8,578,657Yanbu National Petrochemical Co. . . . . . . . . . . . . . 1,050,024 15,005,542

648,540,359South Africa — 5.4%Absa Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,304,737 33,450,566Anglo American Platinum Ltd. . . . . . . . . . . . . . . . . . 254,097 15,575,747AngloGold Ashanti Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 1,910,748 43,558,825Aspen Pharmacare Holdings Ltd. . . . . . . . . . . . . . . 1,821,375 9,440,501Bid Corp. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,576,982 33,754,451Bidvest Group Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . 1,308,737 15,402,737Capitec Bank Holdings Ltd.. . . . . . . . . . . . . . . . . . . . 211,402 15,244,195Clicks Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,221,015 16,002,765Discovery Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,813,008 13,751,816Exxaro Resources Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 1,164,588 10,444,189FirstRand Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,463,592 61,095,637Fortress REIT Ltd., Series A . . . . . . . . . . . . . . . . . . . 5,346,023 7,432,587Foschini Group Ltd. (The) . . . . . . . . . . . . . . . . . . . . . 1,087,402 10,778,233Gold Fields Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,846,765 23,019,153Growthpoint Properties Ltd. . . . . . . . . . . . . . . . . . . . 13,662,958 20,696,339Investec Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,378,153 7,269,368Kumba Iron Ore Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 296,824 7,682,285Liberty Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 623,446 4,501,417Life Healthcare Group Holdings Ltd.(b) . . . . . . . . . 6,546,396 9,834,415Momentum Metropolitan Holdings(a) . . . . . . . . . . . 4,490,232 4,861,738Mr. Price Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,192,123 13,479,911MTN Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,844,854 53,004,269MultiChoice Group Ltd.(a). . . . . . . . . . . . . . . . . . . . . . 2,058,706 18,049,227Naspers Ltd., Class N. . . . . . . . . . . . . . . . . . . . . . . . . 2,028,667 461,454,521Nedbank Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,700,967 25,317,760NEPI Rockcastle PLC. . . . . . . . . . . . . . . . . . . . . . . . . 1,771,204 15,688,432Netcare Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,446,079 5,846,453Old Mutual Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,591,257 27,064,129Pick n Pay Stores Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 1,721,183 6,552,029PSG Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 719,789 9,507,591Rand Merchant Investment Holdings Ltd. . . . . . . 3,467,382 6,764,064Redefine Properties Ltd. . . . . . . . . . . . . . . . . . . . . . . 25,093,154 12,973,163Reinet Investments SCA . . . . . . . . . . . . . . . . . . . . . . 690,283 11,520,969Remgro Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,482,035 28,068,839RMB Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,584,119 16,865,748Sanlam Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,473,277 40,598,067Sappi Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,493,526 7,426,179Sasol Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,609,641 49,490,154Shoprite Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 2,219,752 16,518,303SPAR Group Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . 889,559 10,184,048Standard Bank Group Ltd.. . . . . . . . . . . . . . . . . . . . . 5,911,825 69,016,554Telkom SA SOC Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,296,042 6,795,285Tiger Brands Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 757,685 10,425,326Truworths International Ltd. . . . . . . . . . . . . . . . . . . . 2,076,732 7,203,851Vodacom Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 2,942,678 22,343,713Woolworths Holdings Ltd./South Africa . . . . . . . . . 4,640,439 16,864,044

1,332,819,593South Korea — 10.8%Amorepacific Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . 147,431 15,823,348


South Korea (continued)AMOREPACIFIC Group(b) . . . . . . . . . . . . . . . . . . . . . 136,731 $ 6,660,168BGF retail Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,362 6,277,124BNK Financial Group Inc. . . . . . . . . . . . . . . . . . . . . . 1,273,787 7,045,922Celltrion Healthcare Co. Ltd.(a)(b). . . . . . . . . . . . . . . 237,376 8,711,136Celltrion Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 416,037 53,925,952Celltrion Pharm Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 74,722 2,041,939Cheil Worldwide Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 332,491 7,246,863CJ CheilJedang Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 37,739 7,119,390CJ Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,590 4,413,280CJ ENM Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,865 6,889,642CJ Logistics Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 41,299 4,875,754Daelim Industrial Co. Ltd. . . . . . . . . . . . . . . . . . . . . . 127,006 10,244,364Daewoo Engineering & Construction

Co. Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 826,889 2,853,578Daewoo Shipbuilding & Marine Engineering

Co. Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176,691 3,982,385DB Insurance Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 230,989 9,134,673Doosan Bobcat Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 217,525 6,438,201E-MART Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,904 9,184,614Fila Korea Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 227,560 10,746,280GS Engineering & Construction Corp.. . . . . . . . . . 274,735 7,348,949GS Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235,018 9,313,407GS Retail Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125,735 4,017,292Hana Financial Group Inc.. . . . . . . . . . . . . . . . . . . . . 1,422,049 38,156,113Hankook Tire & Technology Co. Ltd. . . . . . . . . . . . 345,466 8,314,001Hanmi Pharm Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 30,640 7,095,579Hanmi Science Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . 64,912 2,191,869Hanon Systems. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 888,047 8,504,723Hanwha Chemical Corp. . . . . . . . . . . . . . . . . . . . . . . 488,080 6,971,132Hanwha Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182,254 3,686,459Hanwha Life Insurance Co. Ltd. . . . . . . . . . . . . . . . 1,448,192 3,036,869HDC Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 1 10HDC Hyundai Development Co-Engineering &

Construction, Class E . . . . . . . . . . . . . . . . . . . . . . 123,680 3,660,622Helixmith Co. Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 89,845 13,566,688HLB Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158,182 5,517,597Hotel Shilla Co. Ltd.(b). . . . . . . . . . . . . . . . . . . . . . . . . 146,325 9,519,430Hyundai Department Store Co. Ltd. . . . . . . . . . . . . 66,183 4,261,939Hyundai Engineering & Construction Co. Ltd. . . 359,136 12,260,288Hyundai Glovis Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . 86,934 11,483,542Hyundai Heavy Industries Holdings Co. Ltd.. . . . 45,561 12,469,326Hyundai Marine & Fire Insurance Co. Ltd. . . . . . . 290,447 5,731,008Hyundai Mobis Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . 309,638 63,525,319Hyundai Motor Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 681,488 72,298,211Hyundai Steel Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 371,201 11,430,999Industrial Bank of Korea. . . . . . . . . . . . . . . . . . . . . . . 1,140,500 11,675,707Kakao Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232,377 25,803,679Kangwon Land Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 551,533 12,863,412KB Financial Group Inc. . . . . . . . . . . . . . . . . . . . . . . . 1,825,600 59,835,971KCC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,031 5,218,568Kia Motors Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,216,926 43,904,781Korea Aerospace Industries Ltd. . . . . . . . . . . . . . . . 347,487 11,274,501Korea Electric Power Corp.(a). . . . . . . . . . . . . . . . . . 1,180,647 24,904,463Korea Gas Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126,626 4,082,349Korea Investment Holdings Co. Ltd. . . . . . . . . . . . 196,067 11,703,318Korea Shipbuilding & Offshore Engineering

Co. Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180,044 16,350,745Korea Zinc Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,987 14,360,656Korean Air Lines Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . 211,109 3,869,242KT&G Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 533,668 44,940,463


August 31, 2019




South Korea (continued)Kumho Petrochemical Co. Ltd. . . . . . . . . . . . . . . . . 85,295 $ 4,950,455LG Chem Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211,099 57,600,181LG Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 435,934 25,625,181LG Display Co. Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 1,068,106 12,301,407LG Electronics Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 489,659 24,781,091LG Household & Health Care Ltd. . . . . . . . . . . . . . 43,021 41,875,549LG Innotek Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,382 5,479,568LG Uplus Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 488,597 5,324,648Lotte Chemical Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 79,026 14,679,752Lotte Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132,410 3,645,716Lotte Shopping Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . 52,151 5,855,551Medy-Tox Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,096 6,130,685Meritz Securities Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . 1,227,136 4,817,364Mirae Asset Daewoo Co. Ltd.. . . . . . . . . . . . . . . . . . 1,893,561 11,631,037NAVER Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 663,346 80,231,322NCSoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,400 33,871,455Netmarble Corp.(a)(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . 120,298 9,355,683NH Investment & Securities Co. Ltd. . . . . . . . . . . . 653,732 6,638,517OCI Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,331 4,842,253Orange Life Insurance Ltd.(c) . . . . . . . . . . . . . . . . . . 158,276 3,521,600Orion Corp./Republic of Korea. . . . . . . . . . . . . . . . . 110,056 8,186,622Ottogi Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,088 2,869,967Pan Ocean Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 1,201,856 4,822,308Pearl Abyss Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 30,607 4,919,862POSCO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360,172 62,742,037POSCO Chemical Co. Ltd.(b) . . . . . . . . . . . . . . . . . . 110,633 4,813,506Posco International Corp. . . . . . . . . . . . . . . . . . . . . . 231,678 3,509,838S-1 Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,572 6,801,876Samsung Biologics Co. Ltd.(a)(b)(c) . . . . . . . . . . . . . 77,550 17,222,663Samsung C&T Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 389,770 27,802,789Samsung Card Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . 139,910 3,829,116Samsung Electro-Mechanics Co. Ltd.(b) . . . . . . . . 260,888 19,191,018Samsung Electronics Co. Ltd. . . . . . . . . . . . . . . . . . 22,021,583 799,958,433Samsung Engineering Co. Ltd.(a) . . . . . . . . . . . . . . 735,893 9,417,000Samsung Fire & Marine Insurance Co. Ltd.. . . . . 142,197 26,883,891Samsung Heavy Industries Co. Ltd.(a). . . . . . . . . . 2,047,657 13,101,624Samsung Life Insurance Co. Ltd. . . . . . . . . . . . . . . 322,174 18,140,158Samsung SDI Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 255,252 52,578,224Samsung SDS Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . 162,573 26,306,962Samsung Securities Co. Ltd. . . . . . . . . . . . . . . . . . . 299,095 8,716,659Shinhan Financial Group Co. Ltd.. . . . . . . . . . . . . . 2,116,638 71,209,906Shinsegae Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,549 6,588,911SillaJen Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 286,604 2,484,493SK Holdings Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . 157,371 25,984,892SK Hynix Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,524,653 161,327,672SK Innovation Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 255,173 34,760,409SK Telecom Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 90,336 17,862,103S-Oil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 208,482 16,644,136Woongjin Coway Co. Ltd. . . . . . . . . . . . . . . . . . . . . . 242,522 16,858,908Woori Financial Group Inc. . . . . . . . . . . . . . . . . . . . . 2,292,058 22,518,465Yuhan Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,724 8,095,074

2,668,072,377Taiwan — 11.1%Acer Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,774,121 7,542,658Advantech Co. Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . 1,668,126 14,179,868Airtac International Group(b) . . . . . . . . . . . . . . . . . . . 601,000 6,189,860ASE Technology Holding Co. Ltd.. . . . . . . . . . . . . . 16,192,110 36,807,280Asia Cement Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,050,077 13,758,463Asustek Computer Inc.(b) . . . . . . . . . . . . . . . . . . . . . . 3,339,968 21,692,247AU Optronics Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . 39,754,000 10,353,000


Taiwan (continued)Catcher Technology Co. Ltd.(b) . . . . . . . . . . . . . . . . 3,077,210 $ 21,602,190Cathay Financial Holding Co. Ltd.(b) . . . . . . . . . . . 34,943,644 44,666,899Chailease Holding Co. Ltd. . . . . . . . . . . . . . . . . . . . . 5,588,911 22,152,799Chang Hwa Commercial Bank Ltd. . . . . . . . . . . . . 25,940,244 16,682,360Cheng Shin Rubber Industry Co. Ltd.(b) . . . . . . . . 9,226,128 12,924,216Chicony Electronics Co. Ltd.. . . . . . . . . . . . . . . . . . . 2,735,998 7,682,745China Airlines Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,839,347 3,482,826China Development Financial Holding Corp. . . . 60,205,848 17,423,469China Life Insurance Co. Ltd./Taiwan(a) . . . . . . . . 12,348,490 9,671,215China Steel Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,237,313 39,974,333Chunghwa Telecom Co. Ltd.. . . . . . . . . . . . . . . . . . . 17,279,410 59,963,569Compal Electronics Inc.(b) . . . . . . . . . . . . . . . . . . . . . 18,518,908 10,583,075CTBC Financial Holding Co. Ltd. . . . . . . . . . . . . . . 83,721,772 54,241,899Delta Electronics Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 9,084,000 42,368,863E.Sun Financial Holding Co. Ltd. . . . . . . . . . . . . . . 48,001,170 38,587,378Eclat Textile Co. Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . 912,427 11,154,790Eva Airways Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,992,953 4,501,760Evergreen Marine Corp. Taiwan Ltd. . . . . . . . . . . . 10,451,663 4,275,832Far Eastern New Century Corp. . . . . . . . . . . . . . . . 14,605,038 13,251,945Far EasTone Telecommunications Co. Ltd. . . . . . 7,371,000 17,177,880Feng TAY Enterprise Co. Ltd.. . . . . . . . . . . . . . . . . . 1,546,281 10,067,318First Financial Holding Co. Ltd. . . . . . . . . . . . . . . . . 44,903,026 30,735,914Formosa Chemicals & Fibre Corp. . . . . . . . . . . . . . 16,213,090 45,475,111Formosa Petrochemical Corp.(b) . . . . . . . . . . . . . . . 5,742,000 17,768,940Formosa Plastics Corp. . . . . . . . . . . . . . . . . . . . . . . . 20,620,280 61,775,497Formosa Taffeta Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . 4,051,000 4,391,485Foxconn Technology Co. Ltd.. . . . . . . . . . . . . . . . . . 4,405,637 8,892,626Fubon Financial Holding Co. Ltd.(b) . . . . . . . . . . . . 30,566,969 42,478,453Giant Manufacturing Co. Ltd. . . . . . . . . . . . . . . . . . . 1,405,203 9,775,131Globalwafers Co. Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . 1,049,000 9,618,338Highwealth Construction Corp.(b) . . . . . . . . . . . . . . 3,906,170 6,155,855Hiwin Technologies Corp.(b) . . . . . . . . . . . . . . . . . . . 1,141,649 9,250,228Hon Hai Precision Industry Co. Ltd.(b) . . . . . . . . . . 57,760,873 136,448,799Hotai Motor Co. Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . 1,393,000 19,624,403Hua Nan Financial Holdings Co. Ltd.. . . . . . . . . . . 36,709,615 23,316,040Innolux Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,502,002 8,828,528Inventec Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,755,281 8,046,436Largan Precision Co. Ltd. . . . . . . . . . . . . . . . . . . . . . 477,000 59,074,499Lite-On Technology Corp. . . . . . . . . . . . . . . . . . . . . . 9,850,246 15,680,111MediaTek Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,986,338 81,740,822Mega Financial Holding Co. Ltd. . . . . . . . . . . . . . . . 49,367,162 45,186,434Micro-Star International Co. Ltd.(b) . . . . . . . . . . . . . 3,198,000 8,532,073Nan Ya Plastics Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . 23,703,160 51,919,051Nanya Technology Corp.(b) . . . . . . . . . . . . . . . . . . . . 5,637,000 12,634,346Nien Made Enterprise Co. Ltd.. . . . . . . . . . . . . . . . . 804,000 7,039,159Novatek Microelectronics Corp.(b). . . . . . . . . . . . . . 2,701,000 15,994,460Pegatron Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,105,414 15,190,184Phison Electronics Corp. . . . . . . . . . . . . . . . . . . . . . . 734,535 6,746,684Pou Chen Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,118,220 12,627,642Powertech Technology Inc. . . . . . . . . . . . . . . . . . . . . 3,615,300 8,644,031President Chain Store Corp.(b). . . . . . . . . . . . . . . . . 2,643,000 24,570,392Quanta Computer Inc.(b) . . . . . . . . . . . . . . . . . . . . . . 12,325,000 22,170,089Realtek Semiconductor Corp.(b) . . . . . . . . . . . . . . . 2,275,637 15,576,630Ruentex Development Co. Ltd. . . . . . . . . . . . . . . . . 2,675,458 3,624,347Ruentex Industries Ltd.(b) . . . . . . . . . . . . . . . . . . . . . 1,680,958 3,730,111Shanghai Commercial & Savings Bank

Ltd. (The)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,108,000 22,817,141Shin Kong Financial Holding Co. Ltd.(b) . . . . . . . . 49,208,088 14,413,066SinoPac Financial Holdings Co. Ltd. . . . . . . . . . . . 49,849,626 18,806,688Standard Foods Corp. . . . . . . . . . . . . . . . . . . . . . . . . 2,214,615 4,385,516


August 31, 2019




Taiwan (continued)Synnex Technology International Corp. . . . . . . . . 6,601,834 $ 7,776,754TaiMed Biologics Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 942,000 4,378,606Taishin Financial Holding Co. Ltd.. . . . . . . . . . . . . . 43,126,482 18,398,435Taiwan Business Bank . . . . . . . . . . . . . . . . . . . . . . . . 18,489,493 7,240,394Taiwan Cement Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 22,602,898 27,668,941Taiwan Cooperative Financial Holding Co. Ltd. . 41,133,869 26,191,575Taiwan High Speed Rail Corp. . . . . . . . . . . . . . . . . . 9,066,000 10,939,236Taiwan Mobile Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 7,354,600 26,224,616Taiwan Semiconductor Manufacturing Co. Ltd. . 113,882,000 939,046,100Tatung Co. Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,904,000 4,776,581Uni-President Enterprises Corp. . . . . . . . . . . . . . . . 22,283,839 54,343,905United Microelectronics Corp. . . . . . . . . . . . . . . . . . 53,907,000 23,083,386Vanguard International Semiconductor Corp.(b) . 4,239,000 8,637,249Walsin Technology Corp.(b) . . . . . . . . . . . . . . . . . . . . 1,476,000 7,424,642Win Semiconductors Corp. . . . . . . . . . . . . . . . . . . . . 1,583,000 13,128,669Winbond Electronics Corp.(b) . . . . . . . . . . . . . . . . . . 14,224,000 7,721,082Wistron Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,248,940 10,502,980WPG Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,382,449 9,342,641Yageo Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,218,861 8,808,706Yuanta Financial Holding Co. Ltd.. . . . . . . . . . . . . . 46,146,635 26,518,522Zhen Ding Technology Holding Ltd. . . . . . . . . . . . . 2,330,075 8,605,180

2,737,404,197Thailand — 2.9%Advanced Info Service PCL, NVDR . . . . . . . . . . . . 5,496,200 41,708,019Airports of Thailand PCL, NVDR . . . . . . . . . . . . . . . 19,775,400 46,572,207Bangkok Bank PCL, Foreign . . . . . . . . . . . . . . . . . . 2,141,700 12,014,116Bangkok Dusit Medical Services PCL, NVDR. . . 43,556,400 33,622,734Bangkok Expressway & Metro PCL, NVDR. . . . . 36,017,600 13,194,770Banpu PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,415,100 8,480,555Berli Jucker PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . 5,866,600 10,410,109BTS Group Holdings PCL, NVDR(b). . . . . . . . . . . . 30,790,200 13,596,130Bumrungrad Hospital PCL, NVDR . . . . . . . . . . . . . 2,029,600 9,194,524Central Pattana PCL, NVDR(b). . . . . . . . . . . . . . . . . 10,414,800 22,909,324Charoen Pokphand Foods PCL, NVDR . . . . . . . . 17,985,400 17,354,462CP ALL PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . 26,860,000 73,799,657Electricity Generating PCL, NVDR . . . . . . . . . . . . . 1,252,000 13,759,817Energy Absolute PCL, NVDR(b) . . . . . . . . . . . . . . . . 7,853,300 12,137,327Gulf Energy Development PCL, NVDR. . . . . . . . . 2,503,900 11,875,558Home Product Center PCL, NVDR. . . . . . . . . . . . . 26,071,714 15,350,097Indorama Ventures PCL, NVDR(b) . . . . . . . . . . . . . 8,000,680 9,224,760Intouch Holdings PCL, NVDR . . . . . . . . . . . . . . . . . 9,702,900 20,311,901IRPC PCL, NVDR(b). . . . . . . . . . . . . . . . . . . . . . . . . . . 52,206,100 6,762,161Kasikornbank PCL, Foreign . . . . . . . . . . . . . . . . . . . 5,905,700 30,907,253Kasikornbank PCL, NVDR . . . . . . . . . . . . . . . . . . . . 3,270,300 17,114,989Krung Thai Bank PCL, NVDR . . . . . . . . . . . . . . . . . 16,423,900 9,240,039Land & Houses PCL, NVDR. . . . . . . . . . . . . . . . . . . 37,186,500 13,136,453Minor International PCL, NVDR. . . . . . . . . . . . . . . . 12,793,420 15,901,544Muangthai Capital PCL, NVDR(b) . . . . . . . . . . . . . . 3,015,800 5,425,431PTT Exploration & Production PCL, NVDR . . . . . 6,435,539 26,207,363PTT Global Chemical PCL, NVDR . . . . . . . . . . . . . 10,594,930 18,453,840PTT PCL, NVDR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,408,600 75,855,116Ratch Group PCL, NVDR . . . . . . . . . . . . . . . . . . . . . 3,194,300 7,679,485Robinson PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . 2,505,700 5,265,884Siam Cement PCL (The), NVDR. . . . . . . . . . . . . . . 3,580,800 48,723,945Siam Commercial Bank PCL (The), NVDR . . . . . 3,847,200 15,541,065Thai Oil PCL, NVDR(b) . . . . . . . . . . . . . . . . . . . . . . . . 5,382,900 11,928,742Thai Union Group PCL, NVDR(b) . . . . . . . . . . . . . . 15,024,800 8,551,199TMB Bank PCL, NVDR. . . . . . . . . . . . . . . . . . . . . . . . 54,118,800 2,761,479Total Access Communication PCL, NVDR. . . . . . 3,112,000 6,260,136


Thailand (continued)True Corp. PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . 54,120,301 $ 11,152,437

722,384,628Turkey — 0.5%Akbank T.A.S.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,004,393 15,490,322Anadolu Efes Biracilik Ve Malt Sanayii AS. . . . . . 1,007,466 4,423,253Arcelik AS(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 939,339 2,755,341Aselsan Elektronik Sanayi Ve Ticaret AS(b) . . . . . 1,681,068 5,262,850BIM Birlesik Magazalar AS . . . . . . . . . . . . . . . . . . . . 1,979,506 15,975,348Enka Insaat ve Sanayi AS . . . . . . . . . . . . . . . . . . . . . 2 2Eregli Demir ve Celik Fabrikalari TAS . . . . . . . . . . 6,444,399 7,090,083Ford Otomotiv Sanayi AS . . . . . . . . . . . . . . . . . . . . . 334,851 3,376,528Haci Omer Sabanci Holding AS. . . . . . . . . . . . . . . . 4,235,223 6,375,096KOC Holding AS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,476,027 10,434,793TAV Havalimanlari Holding AS. . . . . . . . . . . . . . . . . 840,876 3,406,080Tupras Turkiye Petrol Rafinerileri AS . . . . . . . . . . . 576,740 12,472,729Turk Hava Yollari AO(a)(b) . . . . . . . . . . . . . . . . . . . . . . 2,465,926 4,782,658Turkcell Iletisim Hizmetleri AS . . . . . . . . . . . . . . . . . 5,090,509 11,297,195Turkiye Garanti Bankasi AS(a) . . . . . . . . . . . . . . . . . 10,456,019 15,972,293Turkiye Is Bankasi AS, Class C(a) . . . . . . . . . . . . . . 7,089,296 6,704,488Turkiye Sise ve Cam Fabrikalari AS. . . . . . . . . . . . 3,118,668 2,317,757

128,136,816United Arab Emirates — 0.8%Abu Dhabi Commercial Bank PJSC. . . . . . . . . . . . 12,902,982 30,526,092Aldar Properties PJSC . . . . . . . . . . . . . . . . . . . . . . . . 17,173,114 10,472,694DP World PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 791,500 11,081,000Dubai Islamic Bank PJSC . . . . . . . . . . . . . . . . . . . . . 8,729,773 12,168,422Emaar Development PJSC . . . . . . . . . . . . . . . . . . . . 3,216,365 3,598,889Emaar Malls PJSC. . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,778,334 5,692,653Emaar Properties PJSC. . . . . . . . . . . . . . . . . . . . . . . 16,378,154 22,071,481Emirates Telecommunications Group

Co. PJSC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,332,906 38,339,330First Abu Dhabi Bank PJSC . . . . . . . . . . . . . . . . . . . 12,712,588 52,814,095

186,764,656

Total Common Stocks — 96.2%(Cost: $21,814,621,959) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,693,940,854

Preferred StocksBrazil — 2.5%Banco Bradesco SA, Preference Shares, NVS . 18,467,715 147,260,832Braskem SA, Class A, Preference

Shares, NVS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 895,000 6,112,216Centrais Eletricas Brasileiras SA, Class B,

Preference Shares, NVS . . . . . . . . . . . . . . . . . . . 1,152,437 13,093,974Cia. Brasileira de Distribuicao, Preference

Shares, NVS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 733,586 15,544,453Cia. Energetica de Minas Gerais, Preference

Shares, NVS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,277,810 15,280,111Gerdau SA, Preference Shares, NVS . . . . . . . . . . 4,887,385 15,222,072Itau Unibanco Holding SA, Preference

Shares, NVS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,338,579 183,478,866Itausa-Investimentos Itau SA, Preference

Shares, NVS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,464,592 60,865,843Lojas Americanas SA, Preference

Shares, NVS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,499,824 15,863,633Petroleo Brasileiro SA, Preference

Shares, NVS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,213,527 118,567,576Telefonica Brasil SA, Preference Shares, NVS . 2,057,867 26,728,068

618,017,644


August 31, 2019




Chile — 0.1%Embotelladora Andina SA, Class B, Preference

Shares, NVS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,428,723 $ 4,428,590Sociedad Quimica y Minera de Chile SA,

Series B, Preference Shares, NVS . . . . . . . . . . 548,230 13,562,411

17,991,001Colombia — 0.1%Bancolombia SA, Preference Shares, NVS. . . . . 2,115,600 26,400,217Grupo Aval Acciones y Valores SA, Preference

Shares, NVS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,839,507 6,317,888Grupo de Inversiones Suramericana SA,

Preference Shares, NVS . . . . . . . . . . . . . . . . . . . 448,767 4,051,351

36,769,456Russia — 0.1%Surgutneftegas PJSC, Preference

Shares, NVS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,309,400 15,156,172Transneft PJSC, Preference Shares . . . . . . . . . . . 2,452 5,536,314

20,692,486South Korea — 0.6%Amorepacific Corp., Preference Shares, NVS . . 45,287 2,699,460Hyundai Motor Co.

Preference Shares, NVS . . . . . . . . . . . . . . . . . . . 114,044 7,155,702Series 2, Preference Shares, NVS . . . . . . . . . . 180,623 12,884,068

LG Chem Ltd., Preference Shares, NVS . . . . . . . 37,322 5,546,303LG Household & Health Care Ltd., Preference

Shares, NVS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,290 6,167,629Samsung Electronics Co. Ltd., Preference

Shares, NVS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,865,419 117,598,093

152,051,255

Total Preferred Stocks — 3.4%(Cost: $544,712,971) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 845,521,842

RightsBrazil — 0.0%B2W Cia. Digital, (Expires 09/21/19)(a) . . . . . . . . . 126,729 251,177

China — 0.0%Legend Holdings Corp. Class H,

(Expires 10/25/19)(a) . . . . . . . . . . . . . . . . . . . . . . . 188,246 0(f)

Total Rights — 0.0%(Cost: $0) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251,177

SecurityPar/

Shares Value

Corporate Bonds & NotesIndia — 0.0%Britannia Industries Ltd., 8.00%, 08/28/22 . . . . . . INR 8,220,150 $ 117,393

Total Corporate Bonds & Notes — 0.0%(Cost: $117,221) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117,393

Short-Term InvestmentsMoney Market Funds — 2.8%BlackRock Cash Funds: Institutional, SL

Agency Shares, 2.25%(g)(h)(i). . . . . . . . . . . . . . . . 639,656,107 639,975,935BlackRock Cash Funds: Treasury, SL Agency

Shares, 2.02%(g)(h) . . . . . . . . . . . . . . . . . . . . . . . . . 50,332,000 50,332,000

690,307,935

Total Short-Term Investments — 2.8%(Cost: $690,014,334) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 690,307,935

Total Investments in Securities — 102.4%(Cost: $23,049,466,485) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,230,139,201

Other Assets, Less Liabilities — (2.4)%. . . . . . . . . . . . . . . . . . . . . . . . . . . (598,564,610)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 24,631,574,591

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

(f) Rounds to less than $1.(g) Affiliate of the Fund.(h) Annualized 7-day yield as of period-end.(i) All or a portion of this security was purchased with cash collateral received from loaned

securities.

Affiliates

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


BlackRock Cash Funds: Institutional, SL Agency Shares . . . . 1,641,918,956 (1,002,262,849) 639,656,107 $639,975,935 $20,107,516(b) $ 525,379 $ (115,608)BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . 97,280,989 (46,948,989) 50,332,000 50,332,000 1,108,372 — —

$690,307,935 $21,215,888 $ 525,379 $ (115,608)

(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.


August 31, 2019



Futures Contracts

DescriptionNumber ofContracts

ExpirationDate

NotionalAmount

(000)

Value/Unrealized


Long ContractsMSCI Emerging Markets E-Mini . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,587 09/20/19 $78,080 $ (2,148,369)

Derivative Financial Instruments Categorized by Risk Exposure

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

EquityContracts

Liabilities — Derivative Financial InstrumentsFutures contracts

Unrealized depreciation on futures contracts(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,148,369

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

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

EquityContracts

Net Realized Gain (Loss) from:Futures contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(1,483,668)

Net Change in Unrealized Appreciation (Depreciation) on:Futures contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (469,999)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:Average notional value of contracts — long . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $75,341,506

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

Fair Value Measurements

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


August 31, 2019

iShares� MSCI Emerging Markets 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 Consolidated Schedule of Investments above.

Level 1 Level 2 Level 3 Total

InvestmentsAssets

Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $23,687,265,272 $ 19,532 $ 6,656,050 $23,693,940,854Preferred Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 845,521,842 — — 845,521,842Rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251,177 0(a) — 251,177Corporate Bonds & Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 117,393 — 117,393Money Market Funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 690,307,935 — — 690,307,935

$25,223,346,226 $ 136,925 $ 6,656,050 $25,230,139,201

Derivative financial instruments(b)

LiabilitiesFutures Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (2,148,369) $ — $ — $ (2,148,369)

(a) Rounds to less than $1.(b) Shown at the unrealized appreciation (depreciation) on the contracts.



August 31, 2019

iShares� MSCI Emerging Markets ETF


iSharesCurrencyHedged

MSCIEmerging

Markets ETF

iSharesMSCI Emerging

Markets ETF(Consolidated)

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

Unaffiliated(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $24,539,831,266Affiliated(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 256,766,847 690,307,935

Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 10,758,782Foreign currency, at value(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 20,450,578Cash pledged:

Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 4,168,000Receivables:

Investments sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 7,062,461Securities lending income — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,717 1,215,388Variation margin on futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 634,808Capital shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,718,649 —Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,223 44,789,247Tax reclaims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 357,257

Unrealized appreciation on:Forward foreign currency exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,502,252 —

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280,003,796 25,319,575,722

LIABILITIESCash received:

Collateral — forward foreign currency exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,110,000 —Collateral on securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,516,250 639,047,264Deferred foreign capital gain tax. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 22,244,255Payables:

Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,378,834 510,196Bank borrowings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 10,004,307Capital shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 197,010Investment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 15,352,253Foreign taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 645,846

Unrealized depreciation on:Forward foreign currency exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 623,169 —

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99,628,253 688,001,131

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $180,375,543 $24,631,574,591

NET ASSETS CONSIST OF:Paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $196,310,518 $33,747,360,542Accumulated loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (15,934,975) (9,115,785,951)

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $180,375,543 $24,631,574,591

Shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,400,000 612,450,000

Net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 24.38 $ 40.22

Shares authorized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 million 2 billion

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

(a) Securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 70,533,450 $ 604,602,371(b) Investments, at cost — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $22,359,452,151(c) Investments, at cost — Affiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $268,227,636 $ 690,014,334(d) Foreign currency, at cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 96 $ 20,420,086


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 27

iSharesCurrencyHedged

MSCIEmerging

Markets ETF

iSharesMSCI Emerging

Markets ETF(Consolidated)

INVESTMENT INCOMEDividends — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 971,057,954Dividends — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,729,493 1,108,372Interest — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 81,807Securities lending income — Affiliated — net(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97,599 20,107,516Foreign taxes withheld . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (101,184,625)Other foreign taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (1,049,285)

Total investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,827,092 890,121,739

EXPENSESInvestment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,045,870 212,553,877Commitment fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 176,169Professional fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 1,662Mauritius income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 1,177,257Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 18,454

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,045,870 213,927,419

Less:Investment advisory fees waived. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,045,870) —

Total expenses after fees waived . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 213,927,419

Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,827,092 676,194,320

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

Investments — Unaffiliated(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (461,787,857)Investments — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,060,037) 525,379In-kind redemptions — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 704,934,002In-kind redemptions — Affiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,008,358 —Futures contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (1,483,668)Forward foreign currency exchange contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,580,170 —Foreign currency transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (12,104,264)

Net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,528,491 230,083,592

Net change in unrealized appreciation (depreciation) on:Investments — Unaffiliated(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (2,464,887,980)Investments — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (23,160,464) (115,608)Futures contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (469,999)Forward foreign currency exchange contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,184,226) —Foreign currency translations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 1,082,856

Net change in unrealized appreciation (depreciation). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (26,344,690) (2,464,390,731)

Net realized and unrealized loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (16,816,199) (2,234,307,139)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(10,989,107) $(1,558,112,819)

(a) Net of securities lending income tax paid of. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 827,905(b) Net of foreign capital gain tax of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 191,869(c) Net of deferred foreign capital gain tax of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ (26,296,886)


Statements of OperationsYear Ended August 31, 2019


iSharesCurrency Hedged MSCI Emerging Markets

ETF

iSharesMSCI Emerging Markets ETF

(Consolidated)

Year Ended08/31/19

Year Ended08/31/18

Year Ended08/31/19

Year Ended08/31/18

INCREASE (DECREASE) IN NET ASSETS

OPERATIONSNet investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,827,092 $ 9,047,280 $ 676,194,320 $ 678,464,472Net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,528,491 33,646,135 230,083,592 508,209,075Net change in unrealized appreciation (depreciation). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (26,344,690) (30,845,086) (2,464,390,731) (1,724,206,375)

Net increase (decrease) in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,989,107) 11,848,329 (1,558,112,819) (537,532,828)

DISTRIBUTIONS TO SHAREHOLDERS(a)(b)

Decrease in net assets resulting from distributions to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,899,803) (9,015,264) (665,424,186) (789,458,393)

CAPITAL SHARE TRANSACTIONSNet decrease in net assets derived from capital share transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (147,063,312) (52,262,674) (4,293,900,423) (3,415,886,805)

NET ASSETS(b)

Total decrease in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (163,952,222) (49,429,609) (6,517,437,428) (4,742,878,026)Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 344,327,765 393,757,374 31,149,012,019 35,891,890,045

End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 180,375,543 $344,327,765 $24,631,574,591 $31,149,012,019

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

to Note 13 for this prior year information.


Statements of Changes in Net Assets

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

iShares Currency Hedged MSCI Emerging Markets ETF

Year Ended08/31/19

Year Ended08/31/18

Year Ended08/31/17

Year Ended08/31/16

Period From09/23/14(a)

to 08/31/15

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25.70 $ 25.57 $ 21.72 $ 21.40 $ 24.44

Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.55 0.60 0.36 0.50 0.41Net realized and unrealized gain (loss)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.27) 0.12 3.83 1.08 (2.80)

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.72) 0.72 4.19 1.58 (2.39)

Distributions(d)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.60) (0.59) (0.34) (0.48) (0.65)From net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — (0.78) —

Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.60) (0.59) (0.34) (1.26) (0.65)

Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 24.38 $ 25.70 $ 25.57 $ 21.72 $ 21.40

Total ReturnBased on net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2.72)% 2.77% 19.55% 7.84% (10.01)%(e)

Ratios to Average Net AssetsTotal expenses(f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.78% 0.78% 0.78% 0.78% 0.78%(g)

Total expenses after fees waived(f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00% 0.00% 0.00% 0.00% 0.02%(g)

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.22% 2.25% 1.56% 2.42% 1.82%(g)

Supplemental DataNet assets, end of period (000). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $180,376 $344,328 $393,757 $180,254 $211,865

Portfolio turnover rate(h)(i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7% 7% 4% 11% 7%(e)

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

transactions in relation to the fluctuating market values of the Fund’s underlying securities.(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.(e) Not annualized.(f) The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and

expenses.(g) Annualized.(h) Portfolio turnover rate excludes in-kind transactions.(i) Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund's financial highlights for its respective portfolio turnover

rates.


Financial Highlights(For a share outstanding throughout each period)


iShares MSCI Emerging Markets ETF(Consolidated)

Year Ended08/31/19

Year Ended08/31/18

Year Ended08/31/17

Year Ended08/31/16

Year Ended08/31/15

Net asset value, beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 43.24 $ 44.76 $ 36.74 $ 33.79 $ 45.11

Net investment income(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.90 0.83(b) 0.75 0.72 0.73Net realized and unrealized gain (loss)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3.02) (1.36) 7.86 3.00 (11.21)

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2.12) (0.53) 8.61 3.72 (10.48)

Distributions(d)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.90) (0.99) (0.59) (0.77) (0.84)

Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.90) (0.99) (0.59) (0.77) (0.84)

Net asset value, end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 40.22 $ 43.24 $ 44.76 $ 36.74 $ 33.79

Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4.87)% (1.28)%(b) 23.80% 11.28% (23.46)%

Ratios to Average Net AssetsTotal expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.68% 0.67% 0.69% 0.72% 0.69%

Total expenses after fees waived . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.68% 0.67% 0.69% 0.72% 0.69%

Total expenses excluding professional fees for foreign withholding tax claims . . . . . . . . . . . . . . . . . . . 0.68% 0.67% 0.69% N/A N/A

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.16% 1.78%(b) 1.92% 2.15% 1.79%

Supplemental DataNet assets, end of year (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $24,631,575 $31,149,012 $35,891,890 $30,866,469 $21,000,865

Portfolio turnover rate(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15% 16% 9% 23% 10%

(a) Based on average shares outstanding.(b) Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31,

2018:• Net investment income per share by $0.02.• Total return by 0.07%.• Ratio of net investment income to average net assets by 0.04%.

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


Financial Highlights (continued)

(For a share outstanding throughout each period)

F I N A N C I A L H I G H L I G H T S 31

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

Currency Hedged MSCI Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Diversified(a)

MSCI Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Diversified

(a) The Fund's classification changed from non-diversified to diversified during the reporting period.

Currently the iShares Currency Hedged MSCI Emerging Markets ETF seeks to achieve its investment objective by investing a substantial portion of its assets in the iSharesMSCI Emerging Markets ETF (an “underlying fund”). The financial statements and schedule of investments for the underlying fund are included in this report and shouldbe read in conjunction with the financial statements of the iShares Currency Hedged MSCI Emerging Markets ETF.

Basis of Consolidation: The accompanying consolidated financial statements for the iShares MSCI Emerging Markets ETF includes the accounts of its subsidiary in theRepublic of Mauritius, which is a wholly-owned subsidiary (the “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, the Fund expectsto obtain certain benefits under a current tax treaty between Mauritius and India. Intercompany accounts and transactions, if any, have been eliminated.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting 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, including amortization and accretion ofpremiums and discounts on debt securities, and payment- in-kind interest income, if any, are recognized daily on the accrual basis.

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. However, the currency hedged fund has elected to treat realized gains (losses) from certain foreigncurrency contracts as capital gain (loss) for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or 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.

The iShares MSCI Emerging Markets ETF conducts its investment activities in India through its Subsidiary and expects to obtain benefits under the Double TaxAvoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, the Subsidiary must have commercial substance, onan annual basis, to satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius and related requirements. The Fundhas obtained a current tax residence certificate issued by the Mauritian Revenue Authorities and the same covers the period of any exists.

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, the Subsidiary is subject to tax in Mauritius on its net incomeat the rate of 15%. However, the Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign sourceincome, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary

Notes to Financial Statements


substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the FSC, the Subsidiaryis entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against the Subsidiary’s tax liability computed at 15% on suchincome, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. Taxes on income, if any, are paid by theSubsidiary and are disclosed in its consolidated statement of operations. Any dividends paid by the Subsidiary to its Fund are not subject to tax in Mauritius. The Subsidiaryis currently exempt from tax in Mauritius on any gains from the sale of securities.

The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquiredbefore April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under theDTAA are satisfied.

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.

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

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 theBoard of Directors of the Company (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formedby management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.• Fixed-income investments are valued using the last available bid price or current market quotations provided by independent dealers or prices (including evaluated

prices) supplied by approved independent third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of aninstitutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots.The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, credit qualityinformation, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices ofsecurities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other factors and assumptions.

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, asapplicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued atthe last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).• Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.• Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies. Interpolated values are

derived when the settlement date of the contract is an interim date for which quotations are not available.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event 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.

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 33

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.

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

Currency Hedged MSCI Emerging MarketsBofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 70,533,450 $ 70,533,450 $ — $ —



iShares ETF and CounterpartyMarket Value of

Securities on LoanCash Collateral

Received(a)Non-Cash Collateral

Received Net Amount

MSCI Emerging MarketsBarclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 719,726 $ 719,726 $ — $ —Barclays Capital Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,939,000 5,939,000 — —BNP Paribas Prime Brokerage International Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,811 90,811 — —BNP Paribas Securities Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,803,849 4,803,849 — —BofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,372,356 1,372,356 — —Citigroup Global Markets Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,739,042 55,739,042 — —Citigroup Global Markets Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,874,773 23,874,773 — —Credit Suisse Securities (USA) LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,330,673 30,330,673 — —Deutsche Bank Securities Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,618,360 6,618,360 — —Goldman Sachs & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,352,564 61,352,564 — —Goldman Sachs International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,811,807 22,811,807 — —HSBC Bank PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,893,263 19,780,543 — (112,720)(b)

Jefferies LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,194,127 2,194,127 — —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,699,622 56,699,622 — —JPMorgan Securities PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,944,709 17,944,709 — —Macquarie Bank Limited. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,628,287 29,628,287 — —Morgan Stanley & Co. International PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103,600,853 103,600,853 — —Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,512,310 120,512,310 — —Morgan Stanley & Co. LLC (U.S. Equity Securities Lending). . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,130,380 8,130,380 — —Nomura Securities International Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 384,887 384,887 — —Scotia Capital (USA) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,413,109 26,413,109 — —SG Americas Securities LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,825,210 1,669,147 — (156,063)(b)

State Street Bank & Trust Company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,104 45,104 — —UBS AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 790,205 790,205 — —UBS Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,100 129,100 — —Wells Fargo Securities LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,758,244 2,758,244 — —

$ 604,602,371 $ 604,333,588 $ — $ (268,783)

(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.

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

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To 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.



Forward Foreign Currency Exchange Contracts: The currency-hedged fund uses forward foreign currency exchange contracts to hedge the currency exposure ofnon-U.S. dollar-denominated securities held in its portfolio or its underlying fund’s portfolio. A forward foreign currency exchange contract is an agreement between twoparties to buy and sell a currency against another currency at an agreed upon price and quantity. The contracts are traded over-the-counter (“OTC”) and not on an organizedexchange.

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

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a 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 the following Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on theaverage daily net assets of the Fund as follows:

iShares ETF Investment Advisory Fee

Currency Hedged MSCI Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.78%

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

Aggregate Average Daily Net Assets Investment Advisory Fee

First $14 billion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%Over $14 billion, up to and including $28 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.68Over $28 billion, up to and including $42 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.61Over $42 billion, up to and including $56 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.54Over $56 billion, up to and including $70 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.47Over $70 billion, up to and including $84 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.41Over $84 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees andexpenses”). The total of the investment advisory fee and any other fund expenses are a fund’s total annual operating expenses.

For the iShares Currency Hedged MSCI Emerging Markets ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund throughDecember 31, 2020 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investmentin the iShares MSCI Emerging Markets ETF (“EEM”), after taking into account any fee waivers by EEM.



The Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separatecompensation from the Subsidiary for providing it with such services. The Subsidiary has also entered into separate arrangements that provide for the provision of otherservices to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of thoseservices.

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

Currency Hedged MSCI Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 33,478MSCI Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,833,244

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 Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $29,281,117 $80,223,275 $(51,332,706)

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

Currency Hedged MSCI Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 23,253,849 $ 18,937,950MSCI Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,706,717,785 6,508,929,559



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

iShares ETFIn-kind

PurchasesIn-kindSales

Currency Hedged MSCI Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 84,127,883 $ 232,990,711MSCI Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,514,455,560 3,977,006,807

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

Loss

Currency Hedged MSCI Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,281,113 $ (3,281,113)MSCI Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (269,356,631) 269,356,631

The tax character of distributions paid was as follows:

iShares ETFYear Ended

08/31/19Year Ended

08/31/18

Currency Hedged MSCI Emerging MarketsOrdinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,899,803 $ 9,015,264

MSCI Emerging MarketsOrdinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $665,424,186 $789,458,393

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

Currency Hedged MSCI Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,824 $ (3,415,800) $ (12,534,999) $ (15,934,975)MSCI Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 261,918,613 (10,625,028,180) 1,247,323,616 (9,115,785,951)

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

unrealized gains (losses) on certain futures contracts, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, thecharacterization of corporate actions and the realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts.

For the year ended August 31, 2019, the iShares Currency Hedged MSCI Emerging Markets ETF utilized $2,323,218 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)

Currency Hedged MSCI Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 269,636,373 $ 957,696 $ (13,492,695) $ (12,534,999)MSCI Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,960,055,855 5,248,801,455 (3,978,718,109) 1,270,083,346



9. LINE OFCREDIT

The iShares MSCI Emerging Markets ETFs, along with certain other iShares funds, are parties to a $300 million credit agreement with State Street Bank and TrustCompany, which expires on October 23, 2019. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades andrebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement andinterest at a rate equal to the higher of (a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00%per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregateaverage daily value of assets invested in local securities of certain foreign markets.

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

For the year endedAugust 31, 2019, the maximum amount borrowed, the average borrowing and the weighted average interest rate, if any, under the credit agreement wereas follows:

iShares ETF

MaximumAmount

BorrowedAverage

Borrowing

WeightedAverage

Interest Rates

MSCI Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $16,072,120 $547,015 3.17%

10. PRINCIPAL RISKS

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

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

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

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

Changes in market interest rates or economic conditions may affect the value and/or liquidity of fixed income investments. Interest rate risk is the risk that prices of bondsand other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Securities with longer durations tend to be more sensitive to interestrate changes, usually making their prices more volatile than those of securities with shorter durations. Given the environment of historically low interest rates, a fund maybe subject to a greater risk of price losses if interest rates rise.

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.

Investments in Chinese securities, including certain Hong Kong-listed securities, involves risks specific to China. China may be subject to considerable degrees ofeconomic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generallycontinue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and socialinstability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currencyfluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty inChinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffsor other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy.

11. CAPITAL SHARE TRANSACTIONS

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

Currency Hedged MSCI Emerging MarketsShares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,450,000 $ 84,956,699 2,800,000 $ 73,618,617Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9,450,000) (232,020,011) (4,800,000) (125,881,291)

Net decrease . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,000,000) $ (147,063,312) (2,000,000) $ (52,262,674)

MSCI Emerging MarketsShares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,000,000 $ 3,758,906,782 110,250,000 $ 5,376,896,402Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (198,000,000) (8,052,807,205) (191,700,000) (8,792,783,207)

Net decrease . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (108,000,000) $(4,293,900,423) (81,450,000) $(3,415,886,805)

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

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

12. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares RussellMid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iSharesMorningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust,BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuitalleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-lossorders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that thePlaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs haveappealed the court’s decision. The appeal was fully briefed on January 18, 2019, and a hearing on Plaintiffs’ appeal has been scheduled for November 19, 2019.

13. REGULATION S-X AMENDMENTS

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

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



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

iShares ETFNet

Investment Income

Currency Hedged MSCI Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,015,264MSCI Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 789,458,393

Undistributed net investment income as of August 31, 2018 are as follows:

iShares ETFUndistributed

net investment income

Currency Hedged MSCI Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 88,535MSCI Emerging Markets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169,219,344

14. SUBSEQUENT EVENTS

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



To the Board of Directors of iShares, Inc. andShareholders of iShares Currency Hedged MSCI Emerging Markets ETF andiShares MSCI Emerging Markets ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Currency Hedged MSCI Emerging Markets ETFand iShares MSCI Emerging Markets ETF (two of the funds constituting iShares, Inc., hereafter collectively referred to as the "Funds") as of August 31, 2019, the relatedstatements of operations for the year ended August 31, 2019, the statements of changes in net assets for each of the two years in the period ended August 31, 2019,including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, thefinancial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2019, the results of each of their operations for theyear then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2019 and each of the financial highlights for each of theperiods indicated therein 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

Currency Hedged MSCI Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,742,061MSCI Emerging Markets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 598,543,166

For the fiscal year ended August 31, 2019, the iShares Currency Hedged MSCI Emerging Markets ETF intends to pass through to its shareholders foreign source incomeearned and foreign taxes paid by the underlying funds:

iShares ETFForeign SourceIncome Earned

ForeignTaxes Paid

Currency Hedged MSCI Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,469,181 $ 742,081

For the fiscal year ended August 31, 2019, the iShares MSCI Emerging Markets ETF earned foreign source income and paid foreign taxes which it intends to pass throughto its shareholders:

iShares ETFForeign SourceIncome Earned

ForeignTaxes Paid

MSCI Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 973,096,007 $93,957,800

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 43

iShares Currency Hedged MSCI Emerging Markets 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 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 BFA

Board Review and Approval of Investment Advisory Contract


and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the 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 scaleare difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds throughvarious means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additionalinvestment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted thatthe Advisory Contract for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board wouldcontinue to assess the appropriateness of adding breakpoints in the future.

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

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investmentadvisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-endfunds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Boardacknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and itsaffiliates do not manage Other Accounts with substantially the same investment 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 Emerging Markets 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 Board

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 45

and 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 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.

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 Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index. The Board further noted thatBFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generallymore extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clientsis typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between theclient and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providingother services to the Fund, as a publicly traded ETF, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatoryrequirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes,BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the“all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisoryfee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularlyinstitutional 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.


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 47

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

Currency Hedged MSCI Emerging Markets(a) . . . . . . $ 0.597439 $ — $ 0.002862 $ 0.600301 100% —% 0%(b) 100%MSCI Emerging Markets(a). . . . . . . . . . . . . . . . . . . . . . . . 0.890829 — 0.004397 0.895226 100 — 0(b) 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.

(b) Rounds to less than 1%.

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.

iShares Currency Hedged MSCI Emerging Markets ETFPeriod Covered: September 25, 2014 through June 30, 2019

Premium/Discount RangeNumberof Days

Percentage ofTotal Days

Greater than 3.0% and Less than 3.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.08%Greater than 1.0% and Less than 1.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0.25Greater than 0.5% and Less than 1.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 1.50Greater than 0.0% and Less than 0.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 663 55.35At NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 3.09Less than 0.0% and Greater than –0.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 464 38.73Less than –0.5% and Greater than –1.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 1.00

1,198 100.00%

Supplemental Information (unaudited)


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

Premium/Discount RangeNumberof Days

Percentage ofTotal Days

Greater than 2.0% and Less than 2.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 0.36%Greater than 1.5% and Less than 2.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 1.66Greater than 1.0% and Less than 1.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 3.98Greater than 0.5% and Less than 1.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217 15.70Greater than 0.0% and Less than 0.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 471 34.09At NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 0.80Less than 0.0% and Greater than –0.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340 24.60Less than –0.5% and Greater than –1.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162 11.72Less than –1.0% and Greater than –1.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 4.78Less than –1.5% and Greater than –2.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 1.52Less than –2.0% and Greater than –2.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 0.58Less than –2.5% and Greater than –3.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Less 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%

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 Emerging Markets ETF (the “Fund”) to be marketed to EU investors in the United Kingdom, the Netherlands, Finland,Sweden, and Luxembourg.

Report on Remuneration

The Company is required under the Directive to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation 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 Fund.

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 Fund is includedin 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.

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 49

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 Fundaccording to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative ofany individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year endingDecember 31, 2018 was USD 3.13 million. This figure is comprised of fixed remuneration of USD 1.35 million and variable remuneration of USD 1.78 million. There werea 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 Fund in respect of the Company's financial year endingDecember 31, 2018, to its senior management was USD 434.64 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fundwas USD 57.01 thousand.

Supplemental Information (unaudited) (continued)


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

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 51

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)


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

G E N E R A L I N F O R M A T I O N 53

Portfolio Abbreviations - Equity

ADR American Depositary Receipt

CPO Certificates of Participation (Ordinary)

GDR Global Depositary Receipt

NVDR Non-Voting Depositary Receipt

NVS Non-Voting Shares

Counterparty Abbreviations

CITI Citibank N.A.

DB Deutsche Bank AG London

GS Goldman Sachs & Co.

JPM JPMorgan Chase Bank N.A.

MS Morgan Stanley & Co. International PLC

SSB State Street Bank and Trust Co.

UBS UBS AG

Currency Abbreviations

BRL Brazilian Real

CLP Chilean Peso

CNY Chinese Yuan

EUR Euro

HKD Hong Kong Dollar

INR Indian Rupee

KRW South Korean Won

MXN Mexican Peso

RUB New Russian Ruble

TRY Turkish Lira

TWD New Taiwan Dollar

USD United States Dollar

ZAR South African Rand

Glossary of Terms Used in this Report


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 - iShares · 2019-10-24 · emerging market equities while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar,