2019 ANNUAL REPORT - Exchange-Traded Funds (ETFs) | iShares · The iShares MSCI India ETF(the...

iShares Trust

� iShares MSCI India ETF | INDA | Cboe BZX

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

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

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

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

AUGUST 31, 2019

2019 ANNUAL REPORT

Page

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

Consolidated Statements of Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Consolidated Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Consolidated Statements of Changes in Net Assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Consolidated Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19Notes to Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Important Tax Information (Unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Board Review and Approval of Investment Advisory Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29Supplemental Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33Trustee and Officer Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38Glossary of Terms Used in this Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

Table of Contents

iShares Trust

Global Market Overview

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

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

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

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

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

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

Market Overview

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

Investment Objective

The iShares MSCI India ETF (the “Fund”) seeks to track the investment results of an index composed of Indian equities, as represented by the MSCI India Index (the"Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use ofrepresentative 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 YearsSince

Inception 1 Year 5 YearsSince

Inception

Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7.61)% 2.10% 4.11% (7.61)% 10.96% 35.75%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8.20) 1.85 4.02 (8.20) 9.62 34.84Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7.64) 2.92 4.86 (7.64) 15.48 43.28

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

$13,575$14,328

7,000

8,000

9,000

10,000

11,000

12,000

13,000

14,000

15,000

16,000

$17,000

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

Fund Index

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the 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)


(03/01/19)

EndingAccount Value

(08/31/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,007.30 $ 3.39 $ 1,000.00 $ 1,021.80 $ 3.41 0.67%

(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 India 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

Indian equities declined for the reporting period as economic growth reached a six-year low. Consumer spending weakened amid continued high unemployment, risinginflation, and credit and liquidity shortages. Manufacturing growth stagnated and exports slowed, while growth in agriculture — a major employer in struggling rural areas— dipped sharply.

The consumer discretionary sector was the leading detractor from the Index’s return, particularly automobiles and components stocks. Sales of cars, scooters, and trucksdeclined amid slowing wage growth and limited access to auto loans. Stricter safety and environmental regulations, higher insurance costs, and proposed fees also weighedon customer sentiment. Ride-sharing services grew in popularity, further pressuring car sales. Auto components stocks also weakened amid a global automotive slowdown.

The healthcare sector’s detraction stemmed largely from pharmaceuticals stocks, which weakened amid generic pricing pressures in the U.S. market, where the industrygenerates nearly half of its revenues. Domestic sales growth also slowed, particularly for anti-infectives and cardiovascular drugs.

In the materials sector, metals and mining stocks struggled amid lower metals prices. Steel industry profits dropped as demand from automotive and infrastructurecustomers weakened. Meanwhile, key raw material costs for steel production rose. Consumer staples sector performance was driven by the tobacco industry, whichdeclined amid higher cigarettes taxes, restrictions on public smoking, and higher input costs.

On the upside, the information technology sector contributed to the Index’s performance. Software and services stocks advanced due to higher sales, particularly to financialservices customers. The transition from legacy systems to updated technologies undertaken by many businesses also supported the industry. Services companies’ relativeinsulation from global trade disputes and a depreciating rupee, which helped strengthen margins for India’s many U.S. dollar-earning consulting companies, were alsobeneficial.

Portfolio Information

ALLOCATION BY SECTOR

SectorPercent of

Total Investments(a)

Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.3%Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.5Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.8Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.7Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.9Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8

TEN LARGEST HOLDINGS

SecurityPercent of


Reliance Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.8%Housing Development Finance Corp. Ltd. . . . . . . . . . . . . . . . . . . . 10.8Infosys Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.6Tata Consultancy Services Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2Axis Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8Hindustan Unilever Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7ICICI Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0ITC Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6Bharti Airtel Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2Maruti Suzuki India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0

(a) Excludes money market funds.

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

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

Investment Objective

The iShares MSCI India Small-Cap ETF(the “Fund”) seeks to track the investment results of an index composed of small-capitalization Indian equities, as representedby the MSCI India Small Cap Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profilesimilar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

Average Annual Total Returns Cumulative Total Returns

1 Year 5 YearsSince

Inception 1 Year 5 YearsSince

Inception

Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (23.88)% 2.52% 5.01% (23.88)% 13.27% 44.78%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (24.46) 2.44 4.90 (24.46) 12.83 43.57Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (23.24) 3.37 5.79 (23.24) 18.05 53.01

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

$14,478$15,301

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

22,000

$24,000

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

Fund Index

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the 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)



(03/01/19)

EndingAccount Value

(08/31/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 937.70 $ 3.71 $ 1,000.00 $ 1,021.40 $ 3.87 0.76%

(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number 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 India Small-Cap ETF


Portfolio Management Commentary

Indian small-capitalization stocks declined sharply for the reporting period, as economic growth reached a six-year low. Consumer spending weakened amid continued highunemployment, rising inflation, and credit and liquidity shortages. Manufacturing growth stagnated and exports slowed, while growth in agriculture — a major employer instruggling rural areas — dipped sharply.

The financials sector was the leading detractor from the Index’s return, as stocks in the banking and diversified financials industries declined sharply, driven by a liquiditycrisis among the country’s non-banking finance companies (“NBFCs”). NBFCs are a major source of credit in India, and when one defaulted on some debt payments in2018, it exposed weaknesses in the sector and drove up funding costs. The government took control of the failed company, but in June 2019, another NBFC missed debtpayments, raising investor concerns about the banking system and conventional banks’ exposure to NBFCs.

The consumer discretionary sector also weighed on the Index’s performance, as consumers, whose spending accounts for the majority of India’s economic activity, grewcautious. The automobiles and components industry declined amid a global automotive slowdown and a slump in Indian sales of cars, scooters, and trucks amid slowingwage growth and limited access to auto loans. Auto components stocks, including tire makers, declined. Pressures on the agricultural and mining sectors affected salesvolumes of off-road tires.

The industrials sector also detracted from the Index’s performance, as manufacturing activity slowed. The electrical equipment industry declined as rising costs for rawmaterials and falling prices for finished products strained margins. Construction and engineering stocks declined amid cuts to government spending, stalled infrastructureprojects, and a slumping real estate market.

Portfolio Information

ALLOCATION BY SECTOR

SectorPercent of


Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.4%Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.5Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.0Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.8Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.7Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1

TEN LARGEST HOLDINGS

SecurityPercent of


Apollo Hospitals Enterprise Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0%Info Edge India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0Federal Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0RBL Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6AU Small Finance Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Mphasis Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Crompton Greaves Consumer Electricals Ltd. . . . . . . . . . . . . . . . 1.4Jubilant Foodworks Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4IDFC First Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Tata Global Beverages Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3

(a) Excludes money market funds.

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

Common StocksAirlines — 0.5%InterGlobe Aviation Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 981,375 $ 23,232,369

Auto Components — 0.8%Bharat Forge Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,228,261 11,993,588Bosch Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,296 15,265,188Motherson Sumi Systems Ltd. . . . . . . . . . . . . . . . . . . . . . . 10,077,020 13,829,751

41,088,527Automobiles — 5.9%Bajaj Auto Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 892,647 34,855,829Eicher Motors Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142,233 32,384,387Hero MotoCorp Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,041,035 37,497,379Mahindra & Mahindra Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 7,934,554 58,758,424Maruti Suzuki India Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,124,664 96,448,709Tata Motors Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,892,532 27,607,163

287,551,891Banks — 8.6%Axis Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,253,560 188,304,289ICICI Bank Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,383,164 145,617,941State Bank of India(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,986,818 72,815,042Yes Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,056,275 16,838,199

423,575,471Beverages — 0.6%United Spirits Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,091,800 27,201,951

Chemicals — 2.8%Asian Paints Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,060,993 69,280,914Pidilite Industries Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,296,849 25,020,745UPL Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,688,951 44,869,478

139,171,137Construction & Engineering — 1.9%Larsen & Toubro Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,073,498 94,372,072

Construction Materials — 2.7%Ambuja Cements Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,336,592 17,956,228Grasim Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,147,844 31,340,681Shree Cement Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,938 23,133,657UltraTech Cement Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,022,526 58,026,552

130,457,118Consumer Finance — 2.5%Bajaj Finance Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,844,413 86,076,481Mahindra & Mahindra Financial Services Ltd. . . . . . . . . 3,219,973 14,427,481Shriram Transport Finance Co. Ltd. . . . . . . . . . . . . . . . . . 1,785,937 24,163,891

124,667,853Diversified Financial Services — 0.3%REC Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,352,753 14,853,266

Diversified Telecommunication Services — 0.3%Bharti Infratel Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,541,483 12,421,166

Electric Utilities — 1.3%Power Grid Corp. of India Ltd.. . . . . . . . . . . . . . . . . . . . . . . 19,477,561 54,689,647Tata Power Co. Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . 11,796,349 9,374,965

64,064,612Electrical Equipment — 0.5%Havells India Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,661,346 25,308,084

Food & Staples Retailing — 0.6%Avenue Supermarts Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 1,327,719 29,213,258


Food Products — 1.4%Britannia Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 613,523 $ 23,212,190Nestle India Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246,146 44,381,598

67,593,788Gas Utilities — 0.6%GAIL India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,791,562 30,522,631

Household Products — 3.7%Hindustan Unilever Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,908,315 182,064,321

Independent Power and Renewable Electricity Producers — 0.9%NTPC Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,260,414 43,033,706

Insurance — 2.2%Bajaj Finserv Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 406,266 40,505,985HDFC Life Insurance Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . 5,365,177 41,861,266ICICI Lombard General Insurance Co. Ltd.(a) . . . . . . . . 1,450,115 25,542,900

107,910,151IT Services — 18.5%HCL Technologies Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,770,877 88,926,016Infosys Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,753,283 419,427,236Tata Consultancy Services Ltd. . . . . . . . . . . . . . . . . . . . . . 9,579,690 303,137,171Tech Mahindra Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,915,866 47,752,553Wipro Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,840,029 45,744,542

904,987,518Life Sciences Tools & Services — 0.4%Divi's Laboratories Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 847,164 19,283,414

Machinery — 0.2%Ashok Leyland Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,490,475 11,273,481

Media — 0.6%Zee Entertainment Enterprises Ltd.. . . . . . . . . . . . . . . . . . 5,619,332 29,360,680

Metals & Mining — 2.4%Hindalco Industries Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,421,266 32,084,900JSW Steel Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,999,475 27,405,186Tata Steel Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,714,683 17,942,011Vedanta Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,770,534 38,526,343

115,958,440Oil, Gas & Consumable Fuels — 14.8%Bharat Petroleum Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 6,922,521 34,439,318Coal India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,111,002 33,921,613Hindustan Petroleum Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . 6,483,765 23,621,489Indian Oil Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,028,314 34,344,670Oil & Natural Gas Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 26,764,130 45,426,777Petronet LNG Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,382,402 23,851,052Reliance Industries Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,343,716 530,555,566

726,160,485Personal Products — 1.9%Dabur India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,636,589 35,426,267Godrej Consumer Products Ltd.. . . . . . . . . . . . . . . . . . . . . 3,805,593 32,453,396Marico Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,805,975 26,322,400

94,202,063Pharmaceuticals — 4.2%Aurobindo Pharma Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,804,661 23,593,598Cipla Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,685,508 24,384,249Dr. Reddy's Laboratories Ltd. . . . . . . . . . . . . . . . . . . . . . . . 1,218,452 43,639,547Glenmark Pharmaceuticals Ltd. . . . . . . . . . . . . . . . . . . . . . 1,470,744 7,915,232Lupin Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,358,796 24,477,371Piramal Enterprises Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 951,839 27,064,579

Consolidated Schedule of InvestmentsAugust 31, 2019

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

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 9


Pharmaceuticals (continued)Sun Pharmaceutical Industries Ltd.. . . . . . . . . . . . . . . . . . 8,932,665 $ 56,342,433

207,417,009Road & Rail — 0.3%Container Corp. of India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 2,203,631 15,686,106

Textiles, Apparel & Luxury Goods — 1.4%Page Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,137 15,192,965Titan Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,305,288 51,152,523

66,345,488Thrifts & Mortgage Finance — 11.5%Housing Development Finance Corp. Ltd. . . . . . . . . . . . 17,401,581 527,950,918Indiabulls Housing Finance Ltd. . . . . . . . . . . . . . . . . . . . . . 2,955,181 18,844,542LIC Housing Finance Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,167,279 18,868,613

565,664,073Tobacco — 2.6%ITC Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,511,770 125,604,682

Transportation Infrastructure — 0.7%Adani Ports & Special Economic Zone Ltd. . . . . . . . . . . 6,608,823 33,845,836

Wireless Telecommunication Services — 2.3%Bharti Airtel Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,832,030 106,030,151Vodafone Idea Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,416,257 5,725,267

111,755,418

Total Common Stocks — 99.9%(Cost: $3,961,471,361). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,895,848,065

SecurityPar/

Shares Value

Corporate Bonds & NotesFood Products — 0.0%Britannia Industries Ltd., 8.00%, 08/28/22 . . . . . . . . . . . INR 18,679,230 $ 266,761

Total Corporate Bonds & Notes — 0.0%(Cost: $266,370). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 266,761

Short-Term InvestmentsMoney Market Funds — 0.8%BlackRock Cash Funds: Treasury, SL Agency

Shares, 2.02%(c)(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,584,000 38,584,000

Total Short-Term Investments — 0.8%(Cost: $38,584,000). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,584,000

Total Investments in Securities — 100.7%(Cost: $4,000,321,731). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,934,698,826

Other Assets, Less Liabilities — (0.7)% . . . . . . . . . . . . . . . . . . . . . . . . . . . . (34,949,925)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,899,748,901

(a) Security exempt from registration pursuant to Rule 144A under the Securities Act of1933, as amended. These securities may be resold in transactions exempt fromregistration to qualified institutional investors.

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

Affiliates

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

Affiliated Issuer

SharesHeld at

08/31/18 Net Activity

SharesHeld at

08/31/19Value at

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

Change inUnrealized

Appreciation(Depreciation)

BlackRock Cash Funds: Treasury, SL Agency Shares. . . . . . . . . . . . . . . . . . 40,830,082 (2,246,082) 38,584,000 $38,584,000 $1,147,607 $ — $ —

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

Futures Contracts

DescriptionNumber ofContracts

ExpirationDate

NotionalAmount

(000)

Value/Unrealized


Long ContractsMSCI Emerging Markets E-Mini . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 09/20/19 $ 2,903 $ 43,306

Consolidated Schedule of Investments (continued)

August 31, 2019

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


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

Assets — Derivative Financial InstrumentsFutures contracts

Unrealized appreciation on futures contracts(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 43,306

(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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(980,759)

Net Change in Unrealized Appreciation (Depreciation) on:Futures contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (51,414)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:Average notional value of contracts — long . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,826,232

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.

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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,895,848,065 $ — $ — $4,895,848,065Corporate Bonds & Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 266,761 — 266,761Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,584,000 — — 38,584,000

$4,934,432,065 $ 266,761 $ — $4,934,698,826

Derivative financial instruments(a)

AssetsFutures Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 43,306 $ — $ — $ 43,306

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

See notes to consolidated financial statements.


August 31, 2019

iShares� MSCI India ETF



Common StocksAir Freight & Logistics — 0.2%Blue Dart Express Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,742 $ 463,829

Airlines — 0.3%SpiceJet Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 445,500 828,830

Auto Components — 4.7%Apollo Tyres Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 797,040 1,911,467Balkrishna Industries Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239,760 2,499,588Ceat Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,214 714,252Endurance Technologies Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,156 1,130,102Exide Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 634,392 1,586,258Mahindra CIE Automotive Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 281,232 607,894Minda Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194,238 916,549Sundram Fasteners Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156,654 932,366Suprajit Engineering Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101,736 235,436Tube Investments of India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220,644 1,044,086WABCO India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,094 1,208,335

12,786,333Automobiles — 0.2%Maharashtra Scooters Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,638 462,804

Banks — 9.5%AU Small Finance Bank Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 443,232 4,181,709Canara Bank(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 467,694 1,444,852City Union Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 910,116 2,587,950DCB Bank Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 470,772 1,372,282Federal Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,553,010 5,285,783IDFC First Bank Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,922,882 3,612,247Indian Bank(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 298,728 836,267Jammu & Kashmir Bank Ltd. (The)(a). . . . . . . . . . . . . . . . . . . . . . . 589,194 342,835Karnataka Bank Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 426,708 448,474Karur Vysya Bank Ltd. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 993,222 808,125RBL Bank Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 925,830 4,242,294South Indian Bank Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,828,194 431,710

25,594,528Beverages — 0.9%Radico Khaitan Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163,944 709,431Varun Beverages Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203,472 1,841,456

2,550,887Building Products — 1.9%Astral Poly Technik Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148,230 2,733,560Blue Star Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,280 720,361Cera Sanitaryware Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,580 497,945Kajaria Ceramics Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196,992 1,307,900

5,259,766Capital Markets — 3.7%BSE Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,556 287,115Care Ratings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,744 502,864CRISIL Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,728 1,002,374Edelweiss Financial Services Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . 1,415,070 2,187,778ICICI Securities Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199,908 602,041IIFL Securities Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 344,560 525,688IIFL Wealth Management Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,222 525,679Indiabulls Ventures Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 485,028 1,213,122Indian Energy Exchange Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 453,762 855,321JM Financial Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 624,834 641,394Motilal Oswal Financial Services Ltd.. . . . . . . . . . . . . . . . . . . . . . . 108,378 873,915Multi Commodity Exchange of India Ltd. . . . . . . . . . . . . . . . . . . . 26,730 365,908


Capital Markets (continued)Tata Investment Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,584 $ 405,854

9,989,053Chemicals — 8.1%Aarti Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,800 1,444,235Akzo Nobel India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,188 679,244Arti Surfactants Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,688 38,306Atul Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,036 2,237,215BASF India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,238 475,980Bayer CropScience Ltd./India. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,596 1,123,238Chambal Fertilizers and Chemicals Ltd. . . . . . . . . . . . . . . . . . . . . 309,744 671,909Coromandel International Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218,376 1,177,088EID Parry India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166,050 358,226Finolex Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104,004 733,486GFL Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,514 50,626Gujarat Alkalies & Chemicals Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 53,298 289,264Gujarat Narmada Valley Fertilizers & Chemicals Ltd. . . . . . . . . 116,478 293,203Gulf Oil Lubricants India Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,098 447,727Himadri Speciality Chemical Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . 254,502 276,929Inox Fluorochemicals Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,544 827,829Linde India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,370 439,077Monsanto India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,368 294,034Phillips Carbon Black Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158,922 248,818PI Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171,072 2,734,469Rain Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251,748 285,214Rallis India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148,068 325,238Sharda Cropchem Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,068 259,133SRF Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,768 1,661,788Supreme Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118,098 1,828,177Tata Chemicals Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190,674 1,560,212Vinati Organics Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,232 1,134,766

21,895,431Communications Equipment — 0.2%Sterlite Technologies Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,024 480,240

Construction & Engineering — 3.9%Ashoka Buildcon Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204,522 282,978Dilip Buildcon Ltd.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,926 508,181Engineers India Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 473,364 680,141Gayatri Projects Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 254,664 381,064GE Power India Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,734 534,724GMR Infrastructure Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,500,522 948,540IRB Infrastructure Developers Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 437,238 467,195Kalpataru Power Transmission Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 114,048 710,569KEC International Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191,484 656,716NBCC India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,343,466 665,078NCC Ltd./India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,211,436 931,384PNC Infratech Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190,512 476,764Sadbhav Engineering Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260,820 497,661Voltas Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 307,638 2,757,250

10,498,245Construction Materials — 2.9%Birla Corp. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,186 428,009Century Textiles & Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 83,430 994,921Dalmia Bharat Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143,370 1,807,296HeidelbergCement India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168,966 465,317India Cements Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 522,288 540,884JK Cement Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,510 828,895JK Lakshmi Cement Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,530 417,097Prism Johnson Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 367,254 456,191

Consolidated Schedule of InvestmentsAugust 31, 2019

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



Construction Materials (continued)Ramco Cements Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175,770 $ 1,792,223

7,730,833Consumer Finance — 2.7%Equitas Holdings Ltd./India(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 509,004 799,423Magma Fincorp Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 399,816 365,060Manappuram Finance Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 663,228 1,103,871Muthoot Finance Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 297,594 2,530,950Repco Home Finance Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,256 412,733Sundaram Finance Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,620 1,753,292Ujjivan Financial Services Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,558 385,655

7,350,984Containers & Packaging — 0.2%Essel Propack Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 234,428 354,888Time Technoplast Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 344,574 293,147

648,035Diversified Financial Services — 1.6%IDFC Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,378,322 1,180,710IFCI Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,765,962 174,352Power Finance Corp. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,962,792 2,880,658Reliance Capital Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 304,884 149,010

4,384,730Diversified Telecommunication Services — 0.6%Himachal Futuristic Communications Ltd. . . . . . . . . . . . . . . . . . . 1,589,220 418,406Tata Communications Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212,058 1,278,005

1,696,411Electric Utilities — 2.4%Adani Transmissions Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 850,014 2,787,253CESC Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185,166 2,008,348Reliance Infrastructure Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 396,576 215,761Torrent Power Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 357,372 1,391,302

6,402,664Electrical Equipment — 2.1%Amara Raja Batteries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,342 550,148CG Power and Industrial Solutions Ltd.(a) . . . . . . . . . . . . . . . . . . 1,135,296 166,938Finolex Cables Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213,354 1,097,134GE T&D India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186,462 393,122Graphite India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181,764 683,707HEG Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,484 391,902KEI Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119,718 788,815Suzlon Energy Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,243,532 427,141V-Guard Industries Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 317,844 1,033,107

5,532,014Electronic Equipment, Instruments & Components — 0.4%Redington India Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 722,034 1,097,093

Entertainment — 1.0%Chennai Super Kings Cricket Ltd., NVS(a)(c) . . . . . . . . . . . . . . . . 206,787 29Inox Leisure Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143,856 567,003PVR Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,122 2,014,513

2,581,545Food Products — 2.6%Avanti Feeds Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101,736 453,062Balrampur Chini Mills Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 376,164 699,834CCL Products India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162,324 535,795Future Consumer Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,427,868 556,890Kaveri Seed Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78,408 518,328KRBL Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145,962 435,694Tata Global Beverages Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 921,294 3,593,185


Food Products (continued)Venky's India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,145 $ 202,822

6,995,610Gas Utilities — 2.6%Gujarat Gas Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 511,110 1,275,136Gujarat State Petronet Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 419,256 1,290,809Indraprastha Gas Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 650,106 3,055,814Mahanagar Gas Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122,634 1,451,618

7,073,377Health Care Providers & Services — 3.3%Apollo Hospitals Enterprise Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 258,390 5,457,282Dr Lal PathLabs Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,598 1,352,117Fortis Healthcare Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,285,956 2,235,780

9,045,179Hotels, Restaurants & Leisure — 3.6%Chalet Hotel Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190,350 781,313Cox & Kings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 269,600 16,801EIH Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 441,450 994,704Indian Hotels Co. Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,473,066 2,867,432Jubilant Foodworks Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224,856 3,744,687Lemon Tree Hotels Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 591,462 447,277Thomas Cook India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 277,020 547,969Westlife Development Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115,344 452,363

9,852,546Household Durables — 3.3%Bajaj Electricals Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,626 421,184Crompton Greaves Consumer Electricals Ltd. . . . . . . . . . . . . . . 1,165,104 3,760,900IFB Industries Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,160 266,455Johnson Controls-Hitachi Air Conditioning India Ltd. . . . . . . . . 20,574 465,503LA Opala RG Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118,908 300,153Symphony Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,840 914,836TTK Prestige Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,368 833,106Whirlpool of India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,284 2,043,134

9,005,271Household Products — 0.2%Jyothy Labs Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 271,998 542,034

Independent Power and Renewable Electricity Producers — 1.2%Adani Power Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,387,556 1,952,642JSW Energy Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,018,656 952,215PTC India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 566,754 448,038

3,352,895Industrial Conglomerates — 0.6%Godrej Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,776 1,475,174

Insurance — 1.4%Cholamandalam Financial Holdings Ltd.(a) . . . . . . . . . . . . . . . . . 220,968 1,393,128Max Financial Services Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 409,374 2,415,282

3,808,410Interactive Media & Services — 2.4%Info Edge India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188,892 5,361,298Just Dial Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,322 1,100,400

6,461,698IT Services — 4.2%eClerx Services Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,482 368,709Firstsource Solutions Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 510,300 345,167Hexaware Technologies Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 369,198 2,001,164Mindtree Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128,952 1,243,516Mphasis Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 288,198 3,938,292NIIT Technologies Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,940 1,527,646


August 31, 2019




IT Services (continued)Persistent Systems Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121,338 $ 921,069Sonata Software Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98,010 422,607Vakrangee Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,315,116 568,166

11,336,336Life Sciences Tools & Services — 0.7%Dishman Carbogen Amcis Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . 199,584 472,215Syngene International Ltd.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 296,784 1,286,137

1,758,352Machinery — 3.2%AIA Engineering Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116,802 2,510,243BEML Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,266 346,210Carborundum Universal Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,130 554,574Cochin Shipyard Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97,200 469,342Escorts Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171,396 1,224,609Greaves Cotton Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183,546 311,147Jain Irrigation Systems Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 972,324 266,204Lakshmi Machine Works Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,100 420,209Schaeffler India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,636 718,929Thermax Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89,262 1,243,037Timken India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,454 546,692

8,611,196Media — 0.4%Dish TV India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,715,094 526,003Jagran Prakashan Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218,700 194,635TV18 Broadcast Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,363,878 389,638

1,110,276Metals & Mining — 1.4%APL Apollo Tubes Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,144 336,734Jindal Saw Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 348,948 339,138Jindal Steel & Power Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,260,522 1,705,233MOIL Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187,272 328,871National Aluminium Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,399,518 816,300Welspun Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202,500 343,420

3,869,696Multiline Retail — 0.4%Shoppers Stop Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,990 359,346V-Mart Retail Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,434 707,571

1,066,917Oil, Gas & Consumable Fuels — 1.1%Aegis Logistics Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247,860 658,287Chennai Petroleum Corp. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,998 297,071Great Eastern Shipping Co. Ltd. (The) . . . . . . . . . . . . . . . . . . . . . 154,548 519,218Oil India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 678,456 1,405,701

2,880,277Paper & Forest Products — 0.1%Century Plyboards India Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161,514 306,709

Personal Products — 1.0%Bajaj Consumer Care Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159,408 565,459Gillette India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,250 2,069,920

2,635,379Pharmaceuticals — 5.7%Ajanta Pharma Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,124 932,753Alembic Pharmaceuticals Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139,968 975,949AstraZeneca Pharma India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,552 409,591Caplin Point Laboratories Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,376 337,392Eris Lifesciences Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106,596 566,960FDC Ltd./India(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126,522 285,796


Pharmaceuticals (continued)Granules India Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 385,884 $ 488,789Ipca Laboratories Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136,890 1,838,523Jubilant Life Sciences Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222,264 1,367,060Laurus Labs Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97,362 448,241Natco Pharma Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 256,122 1,944,207Pfizer Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,020 1,393,697Procter & Gamble Health Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,312 709,417Sanofi India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,172 1,476,324Shilpa Medicare Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,318 262,293Strides Pharma Science Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136,080 726,541Sun Pharma Advanced Research Co. Ltd.(a). . . . . . . . . . . . . . . . 203,310 455,407Suven Life Sciences Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138,186 502,565Wockhardt Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,374 292,800

15,414,305Professional Services — 1.3%L&T Technology Services Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,476 1,463,831Quess Corp. Ltd.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136,080 905,294TeamLease Service Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,752 1,207,339

3,576,464Real Estate Management & Development — 3.5%Godrej Properties Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170,424 2,149,527Indiabulls Real Estate Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 629,208 597,861NESCO Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,192 378,272Oberoi Realty Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168,966 1,343,896Phoenix Mills Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166,212 1,620,048Prestige Estates Projects Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 348,138 1,440,916Sobha Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132,192 991,706Sunteck Realty Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158,436 1,033,941

9,556,167Software — 0.7%Birlasoft Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 418,038 386,089KPIT Technologies Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 464,778 632,331Tata Elxsi Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,170 408,794Zensar Technologies Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164,268 505,980

1,933,194Specialty Retail — 0.6%Arvind Fashions Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,938 610,793Future Lifestyle Fashions Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,498 899,521PC Jeweller Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 475,146 222,244

1,732,558Technology Hardware, Storage & Peripherals — 0.0%Ricoh India Ltd.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,870 —

Textiles, Apparel & Luxury Goods — 3.5%Aditya Birla Fashion and Retail Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . 574,776 1,525,733Arvind Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 406,458 275,782Bata India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,580 2,063,789KPR Mill Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,298 422,533Rajesh Exports Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228,582 2,260,611Raymond Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,134 655,335TCNS Clothing Co. Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,538 537,569Vardhman Textiles Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,768 522,386VIP Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105,138 642,393Welspun India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 935,550 658,354

9,564,485Thrifts & Mortgage Finance — 2.5%Aavas Financiers Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,576 1,515,246Can Fin Homes Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99,306 574,287Dewan Housing Finance Corp. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . 443,070 295,659


August 31, 2019




Thrifts & Mortgage Finance (continued)GRUH Finance Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 545,130 $ 1,970,354IIFL Finance Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395,118 654,034PNB Housing Finance Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182,088 1,643,593

6,653,173Tobacco — 0.2%Godfrey Phillips India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,718 555,605

Trading Companies & Distributors — 0.3%Adani Enterprises Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 409,050 786,794

Transportation Infrastructure — 0.3%Gujarat Pipavav Port Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 670,356 735,061

Total Common Stocks — 99.8%(Cost: $292,858,522) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 269,929,393

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

2.02%(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310,000 310,000

Total Short-Term Investments — 0.1%(Cost: $310,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310,000

Total Investments in Securities — 99.9%(Cost: $293,168,522) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270,239,393

Other Assets, Less Liabilities — 0.1% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193,727

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 270,433,120

(a) Non-income producing security.(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of

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

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

(d) Affiliate of the Fund.(e) Annualized 7-day yield as of period-end.

Affiliates

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

Affiliated Issuer

SharesHeld at

08/31/18 Net Activity

SharesHeld at

08/31/19Value at

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

Change inUnrealized


BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 310,000 310,000 $310,000 $ 8,115 $ — $ —

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

Fair Value Measurements

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

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $268,011,862 $ 1,917,502 $ 29 $269,929,393Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310,000 — — 310,000

$268,321,862 $ 1,917,502 $ 29 $270,239,393



August 31, 2019



iSharesMSCI India ETF

iSharesMSCI IndiaSmall-Cap

ETF

ASSETSInvestments in securities, at value:

Unaffiliated(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,896,114,826 $269,929,393Affiliated(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,584,000 310,000

Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 344,802 179,574Foreign currency, at value(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,140,158 55,777Cash pledged:

Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155,000 —Receivables:

Variation margin on futures contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,599 —Dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,105,702 125,464

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,942,468,087 270,600,208

LIABILITIESDeferred foreign capital gain tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,773,770 —Payables:

Investments purchased. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 268,045 1,329Investment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,677,371 165,759

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,719,186 167,088

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,899,748,901 $270,433,120

NET ASSETS CONSIST OF:Paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,569,170,883 $332,344,034Accumulated earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 330,578,018 (61,910,914)

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,899,748,901 $270,433,120

Shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151,300,000 8,100,000

Net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 32.38 $ 33.39

Shares authorized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Unlimited Unlimited

Par value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None

(a) Investments, at cost — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,961,737,731 $292,858,522(b) Investments, at cost — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 38,584,000 $ 310,000(c) Foreign currency, at cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,136,640 $ 55,577


Consolidated Statements of Assets and LiabilitiesAugust 31, 2019


iSharesMSCI India

ETF

iSharesMSCI IndiaSmall-Cap

ETF

INVESTMENT INCOMEDividends — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 73,329,801 $ 2,708,052Dividends — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,147,607 8,115

Total investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,477,408 2,716,167

EXPENSESInvestment advisory fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,067,163 1,931,698Mauritius income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,990,913 59,671

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,058,076 1,991,369

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,419,332 724,798

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

Investments — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (51,033,409) (19,456,843)Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (980,759) —Foreign currency transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,978,106) (329,634)

Net realized loss. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (53,992,274) (19,786,477)

Net change in unrealized appreciation (depreciation) on:Investments — Unaffiliated(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (409,281,365) (53,270,781)Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (51,414) —Foreign currency translations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,626 16,144

Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (409,282,153) (53,254,637)

Net realized and unrealized loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (463,274,427) (73,041,114)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(421,855,095) $(72,316,316)

(a) Net of deferred foreign capital gain tax of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (32,248,070) $ (10,296)


Consolidated Statements of OperationsYear Ended August 31, 2019

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

iSharesMSCI India ETF

iSharesMSCI India Small-Cap ETF

Year Ended08/31/19

Year Ended08/31/18

Year Ended08/31/19

Year Ended08/31/18

INCREASE (DECREASE) IN NET ASSETS

OPERATIONSNet investment income (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 41,419,332 $ 37,959,625 $ 724,798 $ (5,337)Net realized loss. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (53,992,274) (47,736,260) (19,786,477) (5,942,280)Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (409,282,153) 248,886,635 (53,254,637) (10,628,355)

Net increase (decrease) in net assets resulting from operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (421,855,095) 239,110,000 (72,316,316) (16,575,972)

DISTRIBUTIONS TO SHAREHOLDERS(a)(b)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (71,243,559) (47,283,590) (1,642,473) (3,843,860)Return of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13,794,003) — — (2,942,209)

Decrease in net assets resulting from distributions to shareholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (85,037,562) (47,283,590) (1,642,473) (6,786,069)

CAPITAL SHARE TRANSACTIONSNet increase (decrease) in net assets derived from capital share transactions . . . . . . . . . . . . . . . . . . . . . . 324,521,530 (373,524,895) 62,127,507 99,712,128

NET ASSETS(b)

Total increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (182,371,127) (181,698,485) (11,831,282) 76,350,087Beginning of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,082,120,028 5,263,818,513 282,264,402 205,914,315

End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,899,748,901 $5,082,120,028 $270,433,120 $282,264,402

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

presentation changes. Refer to Note 11 for this prior year information.


Consolidated Statements of Changes in Net Assets


iShares MSCI India ETF

Year Ended08/31/19

Year Ended08/31/18

Year Ended08/31/17

Year Ended08/31/16

Year Ended08/31/15

Net asset value, beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 35.68 $ 34.20 $ 29.61 $ 28.12 $ 30.83

Net investment income(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.29 0.25 0.26 0.22 0.45Net realized and unrealized gain (loss)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3.00) 1.54 4.53 1.64 (2.92)

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2.71) 1.79 4.79 1.86 (2.47)

Distributions(c)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.49) (0.31) (0.20) (0.37) (0.24)Return of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.10) — — — —

Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.59) (0.31) (0.20) (0.37) (0.24)

Net asset value, end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 32.38 $ 35.68 $ 34.20 $ 29.61 $ 28.12

Total ReturnBased on net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7.61)% 5.26% 16.27% 6.73% (8.05)%

Ratios to Average Net AssetsTotal expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.69% 0.68% 0.68% 0.71% 0.68%

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.86% 0.72% 0.87% 0.79% 1.47%

Supplemental DataNet assets, end of year (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,899,749 $5,082,120 $5,263,819 $4,112,252 $3,583,362

Portfolio turnover rate(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9%(e) 10%(e) 13%(e) 25%(e) 30%(e)

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

transactions in relation to the fluctuating market values of the Fund’s underlying securities.(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.(d) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations").(e) Portfolio turnover rate excluding cash creations was as follows: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6% 5% 5% 15% 22%


Consolidated Financial Highlights(For a share outstanding throughout each period)

C O N S O L I D A T E D F I N A N C I A L H I G H L I G H T S 19

iShares MSCI India Small-Cap ETF

Year Ended08/31/19

Year Ended08/31/18

Year Ended08/31/17

Year Ended08/31/16

Year Ended08/31/15

Net asset value, beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 44.10 $ 46.27 $ 36.01 $ 32.24 $ 31.44

Net investment income(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10 (0.00)(b) 0.09 0.07 0.21Net realized and unrealized gain (loss)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10.60) (1.06) 10.55 4.36 0.69

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10.50) (1.06) 10.64 4.43 0.90

Distributions(d)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.21) (0.63) (0.38) (0.66) (0.10)Return of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (0.48) — — —

Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.21) (1.11) (0.38) (0.66) (0.10)

Net asset value, end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 33.39 $ 44.10 $ 46.27 $ 36.01 $ 32.24

Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (23.88)% (2.36)% 29.97% 13.99% 2.87%

Ratios to Average Net AssetsTotal expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.76% 0.77% 0.75% 0.80% 0.74%

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.28% (0.00)%(e) 0.21% 0.23% 0.62%

Supplemental DataNet assets, end of year (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $270,433 $282,264 $205,914 $64,825 $62,874

Portfolio turnover rate(f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24%(g) 49%(g) 38%(g) 53%(g) 73%(g)

(a) Based on average shares outstanding.(b) Rounds to less than $0.01.(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share

transactions in relation to the fluctuating market values of the Fund’s underlying securities.(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.(e) Rounds to less than 0.01%.(f) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations").(g) Portfolio turnover rate excluding cash creations was as follows: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19% 31% 22% 25% 61%


Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)


1. ORGANIZATION

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

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

iShares ETFDiversificationClassification

MSCI India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-diversifiedMSCI India Small-Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Diversified

Basis of Consolidation: The accompanying consolidated financial statements for each Fund includes the accounts of its subsidiary in the Republic of Mauritius, which isa wholly-owned subsidiary (each, a “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, each Fund expects to obtain certain benefitsunder a current tax treaty between Mauritius and India. Intercompany accounts and transactions, if any, have been eliminated.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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 consolidated statement of operations as follows: foreign taxes withheld atsource are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stockdividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions areincluded in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of August 31, 2019, if any, are disclosed in the consolidated statementof assets and liabilities.

Each Fund conducts its investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) betweenIndia and Mauritius. In order to be eligible to claim benefits under the DTAA, each Subsidiary must have commercial substance, on an annual basis, to satisfy certain testsand conditions, including the establishment and maintenance of valid tax residence in Mauritius and related requirements. Each Fund has obtained a current tax residencecertificate 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, each Subsidiary is subject to tax in Mauritius on its net incomeat the rate of 15%. However, each Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreignsource income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessarysubstance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the FSC, each Subsidiaryis entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against each Subsidiary’s tax liability computed at 15% on 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 each

Notes to Consolidated Financial Statements

N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S 21

Subsidiary and are disclosed in its consolidated statement of operations. Any dividends paid by a Subsidiary to its Fund are not subject to tax in Mauritius. Each 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.

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 Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed bymanagement 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.

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

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

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

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

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

quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered tobe active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, lossseverities, credit risks and default rates) or other market-corroborated inputs; and

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

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

Notes to Consolidated Financial Statements (continued)


in its consolidated schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financialinstruments and is not necessarily an indication of the risks associated with investing in those securities.

4. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures 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 consolidated schedule of investments and cash deposited, if any, is shown as cash pledged for futures contractsin the consolidated statement of assets and liabilities.

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

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BlackRock Fund Advisors ("BFA") manages the investment of each Fund’sassets. BFA is a California corporation indirectly owned by BlackRock, Inc. ("BlackRock"). Under the Investment Advisory Agreement, BFA is responsible for substantiallyall expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii)distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of theindependent trustees).

For its investment advisory services to the iShares MSCI India ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, basedon the average daily net assets of the Fund as follows:

Aggregate Average Daily Net Assets Investment Advisory Fee

First $4 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6500%Over $4 billion, up to and including $6 billion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6175Over $6 billion, up to and including $8 billion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5867Over $8 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5573

For its investment advisory services to the iShares MSCI India Small-Cap ETF, BFA is entitled to an annual investment advisory fee of 0.74%, accrued daily and paid monthlyby the Fund, based on the average daily net assets of the Fund.

Each Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separatecompensation from the Subsidiary for providing it with such services. Each 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.

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

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investmentsis shown as dividends – affiliated in the consolidated statement of operations.

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



6. PURCHASES AND SALES

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

iShares ETF Purchases Sales

MSCI India. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 738,544,798 $ 429,177,224MSCI India Small-Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125,995,922 63,192,427

There were no in-kind transactions for the year ended August 31, 2019.

7. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated 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' consolidated financial statements.

The tax character of distributions paid was as follows:

iShares ETFYear Ended

08/31/19Year Ended

08/31/18

MSCI IndiaOrdinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 71,243,559 $ 47,283,590Return of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,794,003 —

$ 85,037,562 $ 47,283,590

MSCI India Small-CapOrdinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,642,473 $ 3,843,860Return of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 2,942,209

$ 1,642,473 $ 6,786,069

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

iShares ETFUndistributed

Ordinary Income

Non-expiringCapital Loss

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

QualifiedLate-Year Losses(c) Total

MSCI India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ (342,383,502) $ 674,219,577 $ (1,258,057) $ 330,578,018MSCI India Small-Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 511,400 (24,706,178) (37,716,136) — (61,910,914)

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

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

(c) The Funds elected to defer certain qualified late-year losses and recognize such losses in the year ending next taxable year.

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

As of August 31, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federalincome tax purposes were as follows:

iShares ETF Tax CostGross Unrealized

AppreciationGross Unrealized

Depreciation

Net UnrealizedAppreciation

(Depreciation)

MSCI India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,220,698,524 $ 1,193,018,769 $ (479,018,467) $ 714,000,302MSCI India Small-Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 307,955,811 30,956,504 (68,672,922) (37,716,418)



8. PRINCIPAL RISKS

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

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but 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 consolidated statement of assets and liabilities.

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

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

When a fund concentrates its investments in securities within a single or limited number of market sectors, it assumes the risk that economic, regulatory, political and socialconditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.

9. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

Year Ended08/31/19

Year Ended08/31/18

iShares ETF Shares Amount Shares Amount

MSCI IndiaShares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,250,000 $ 463,520,113 4,150,000 $ 154,495,054Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,400,000) (138,998,583) (15,600,000) (528,019,949)

Net increase(decrease) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,850,000 $ 324,521,530 (11,450,000) $(373,524,895)



Year Ended08/31/19

Year Ended08/31/18

iShares ETF Shares Amount Shares Amount

MSCI India Small-CapShares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 $ 74,141,311 3,000,000 $ 149,328,288Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (300,000) (12,013,804) (1,050,000) (49,616,160)

Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,700,000 $ 62,127,507 1,950,000 $ 99,712,128

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

10. LEGAL PROCEEDINGS

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

11. REGULATION S-X AMENDMENTS

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

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

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

iShares ETFNet

Investment IncomeReturn of

capital

MSCI India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 47,283,590 $ —MSCI India Small-Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,843,860 2,942,209

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

iShares ETF

Undistributed(distributions in excess of)

net investment income

MSCI India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 28,262,202MSCI India Small-Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (785,842)

12. SUBSEQUENT EVENTS

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



To the Board of Trustees of iShares Trust andShareholders of iShares MSCI India ETF and iShares MSCI India Small-Cap ETF

Opinions on the Consolidated Financial Statements

We have audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, of iShares MSCI India ETF andiShares MSCI India Small-Cap ETF and their subsidiaries (two of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of August 31,2019, the related consolidated statements of operations for the year ended August 31, 2019, the consolidated statements of changes in net assets for each of the two yearsin the period ended August 31, 2019, including the related notes, and the consolidated financial highlights for each of the five years in the period ended August 31, 2019(collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financialposition of each of the Funds as of August 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of thetwo years in the period endedAugust 31, 2019 and each of the financial highlights for each of the five years in the period endedAugust 31, 2019 in conformity with accountingprinciples generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, andperforming procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in theconsolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluatingthe overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of August 31, 2019 by correspondence withthe custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide areasonable 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

R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M 27

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

iShares ETFQualified Dividend

Income

MSCI India. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 71,949,797MSCI India Small-Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,720,565

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

iShares ETFForeign SourceIncome Earned

ForeignTaxes Paid

MSCI India. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 72,077,011 $ 1,990,913MSCI India Small-Cap. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,756,075 59,671

Important Tax Information (unaudited)


iShares MSCI India ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust's Board of Trustees (the “Board”), including a majority of Trustees who are not“interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment AdvisoryContract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and itscommittees (composed solely of Independent Trustees) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative andshareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal andregulatory requirements. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel,deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of the Independent Trustees(the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c)Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 17-19, 2019,the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Trustees, 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 Trustees. 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 IndependentTrustees 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 Trustees, 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 Trustees, to approve the Advisory Contract arediscussed below.

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

The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of theinvestment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided,and the Board reviewed, a comparison of the Fund’s performance for the one-, three-, five-, ten-year, and since inception periods, as applicable, and for the quarter endedDecember 31, 2018, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, duringthe year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparativeperformance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed inline with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided by BFA: Based on management’s representations, including information about recent and proposed enhancements tothe iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and riskmanagement, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA underthe Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Boardconsidered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year,to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s complianceprogram and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliancematters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has providedinformation and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board alsoreviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managingthe Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and riskmanagement processes and strategies, which were provided at the June 17-19, 2019 meeting and throughout the year.

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

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRockin managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA

Board Review and Approval of Investment Advisory Contract

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 29

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 already provided for breakpoints in the Fund’s investment advisory fee rate and that the Board would continue to assess theappropriateness 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 Trustees, 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 India Small-Cap ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust's Board of Trustees (the “Board”), including a majority of Trustees who are not“interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment AdvisoryContract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its

Board Review and Approval of Investment Advisory Contract (continued)


committees (composed solely of Independent Trustees) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative andshareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal andregulatory requirements. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel,deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of the Independent Trustees(the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c)Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 17-19, 2019,the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Trustees, 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 Trustees. 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 IndependentTrustees 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 Trustees, 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 Trustees, to approve the Advisory Contract arediscussed below.

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

The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of theinvestment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided,and the Board reviewed, a comparison of the Fund’s performance for the one-, three-, five-, ten-year, and since inception periods, as applicable, and for the quarter endedDecember 31, 2018, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, duringthe year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparativeperformance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed inline with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided by BFA: Based on management’s representations, including information about recent and proposed enhancements tothe iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and riskmanagement, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA underthe Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Boardconsidered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year,to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s complianceprogram and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliancematters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has providedinformation and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board alsoreviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managingthe Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and riskmanagement processes and strategies, which were provided at the June 17-19, 2019 meeting and throughout the year.

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

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


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 31

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

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

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, notingthat the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c)Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providingservices, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, andshowed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scaleare difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds throughvarious means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additionalinvestment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted thatthe Advisory Contract for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board wouldcontinue to assess the appropriateness of adding breakpoints in the future.

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 Trustees, determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large asto bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuanceof the Advisory Contract for the coming year.



Section 19(a) Notices

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

Total Cumulative Distributionsfor the Fiscal Year

% Breakdown of the Total CumulativeDistributions for the Fiscal Year

iShares ETF

NetInvestment

IncomeNet Realized

Capital GainsReturn of

CapitalTotal Per

Share

NetInvestment

IncomeNet Realized

Capital GainsReturn of

CapitalTotal Per

Share

MSCI India(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0.354200 $ — $0.230815 $0.585015 61% —% 39% 100%

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

Premium/Discount Information

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

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

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

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

Supplemental Information (unaudited)

S U P P L E M E N T A L I N F O R M A T I O N 33

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

Premium/Discount RangeNumberof Days

Percentage ofTotal Days

Greater than 3.0% and Less than 3.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07%Greater than 2.5% and Less than 3.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14Greater than 2.0% and Less than 2.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0.22Greater than 1.5% and Less than 2.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 0.72Greater than 1.0% and Less than 1.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 4.56Greater than 0.5% and Less than 1.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213 15.42Greater than 0.0% and Less than 0.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 538 38.94At NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 1.95Less than 0.0% and Greater than –0.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 369 26.71Less than –0.5% and Greater than –1.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112 8.10Less than –1.0% and Greater than –1.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 2.17Less than –1.5% and Greater than –2.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 0.43Less than –2.0% and Greater than –2.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 0.29Less 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 0.07Less than –4.0% and Greater than –4.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07

1,382 100.00%

iShares MSCI India Small-Cap ETFPeriod Covered: January 01, 2014 through June 30, 2019

Premium/Discount RangeNumberof Days

Percentage ofTotal Days

Greater than 6.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0.22%Greater than 5.0% and Less than 5.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Greater than 4.0% and Less than 4.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Greater than 3.5% and Less than 4.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 0.36Greater than 3.0% and Less than 3.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 0.29Greater than 2.5% and Less than 3.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 0.51Greater than 2.0% and Less than 2.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 1.45Greater than 1.5% and Less than 2.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 3.40Greater than 1.0% and Less than 1.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86 6.22Greater than 0.5% and Less than 1.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 284 20.55Greater than 0.0% and Less than 0.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360 26.05At NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 1.30Less than 0.0% and Greater than –0.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 273 19.75Less than –0.5% and Greater than –1.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176 12.74Less than –1.0% and Greater than –1.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 4.85Less than –1.5% and Greater than –2.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 1.16Less than –2.0% and Greater than –2.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 0.36Less than –2.5% and Greater than –3.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0.22Less than –3.0% and Greater than –3.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 0.36Less than –4.0% and Greater than –4.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 India ETF (the “Fund”) to be marketed to EU investors in the United Kingdom, the Netherlands, Finland, Sweden, andLuxembourg.

Supplemental Information (unaudited) (continued)


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.

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 iShares MSCI India ETF in respect of the Company's financialyear ending December 31, 2018 was USD 503.39 thousand. This figure is comprised of fixed remuneration of USD 217.54 thousand and variable remuneration of USD285.85 thousand. There were a total of 469 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the iShares MSCI India ETF in respect of the Company's financial yearending December 31, 2018, to its senior management was USD 69.88 thousand, and to members of its staff whose actions have a material impact on the risk profile of theFund was USD 9.17 thousand.

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 35

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and otherservice providers. Each Trustee 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. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred toas independent trustees (“Independent Trustees”).

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 exchange-traded funds (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included inthe BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. 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 ofRobert S. Kapito, Salim Ramji, Charles Park, Martin Small and Neal J. Andrews, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, SanFrancisco, CA 94105. The address of Mr. Kapito, Mr. Ramji, Mr. Park, Mr. Small and Mr. Andrews is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York,NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in theFunds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees

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

Robert S.Kapito(a) (62)

Trustee (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); Directorof iShares, Inc. (since 2009); Trustee of iSharesU.S. ETF Trust (since 2011).

Salim Ramji(b)

(49)Trustee (since2019).

Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’sETF and Index Investments Business (since 2019); Head of BlackRock’sU.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy,BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).

Director of iShares, Inc. (since 2019); Trustee ofiShares U.S. ETF Trust (since 2019).

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

Independent Trustees


Cecilia H.Herbert (70)

Trustee (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.

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

Jane D.Carlin (63)

Trustee (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).

Director of iShares, Inc. (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)

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

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

Trustee and Officer Information


Independent Trustees (continued)


John E.Kerrigan (64)

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

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

Drew E.Lawton (60)

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

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

John E.Martinez (58)

Trustee (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).


Madhav V.Rajan (55)

Trustee (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).


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.

Trustee and Officer Information (continued)

T R U S T E E A N D O F F I C E R I N F O R M A T I O N 37

Electronic Delivery

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

To enroll in electronic delivery:

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

General Information


Portfolio Abbreviations - Equity

NVS Non-Voting Shares

Currency Abbreviations

INR Indian Rupee

Glossary of Terms Used in this Report

G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T 39

THIS PAGE INTENTIONALLY LEFT BLANK.

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

Investing involves risk, including possible loss of principal.

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

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

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

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

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