2019 annual report · prices declined slightly, as wheat and barley production expanded modestly...

iShares, Inc.

� iShares MSCI Global Agriculture Producers ETF | VEGI | NYSE Arca

� iShares MSCI Global Energy Producers ETF | FILL | NYSE Arca

� iShares MSCI Global Gold Miners ETF | RING | NASDAQ

� iShares MSCI Global Metals & Mining Producers ETF | PICK | Cboe BZX

� iShares MSCI Global Silver Miners ETF | SLVP | 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.

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AUGUST 31, 2019

2019 ANNUAL REPORT

Page

Market Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Fund Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4About Fund Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14Shareholder Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14Schedules of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15Financial Statements

Statements of Assets and Liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32Statements of Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37Notes to Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51Important Tax Information (Unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52Board Review and Approval of Investment Advisory Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53Supplemental Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55Director and Officer Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60Glossary of Terms Used in this Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

Table of Contents

iShares, Inc.

Global Market Overview

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

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

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

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

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

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

Market Overview

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

Investment Objective

The iShares MSCI Global Agriculture Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarilyengaged in the business of agriculture, as represented by the MSCI ACWI Select Agriculture Producers Investable Market Index (the "Index"). The Fund invests in arepresentative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fundmay 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5.88)% 1.72% 2.92% (5.88)% 8.90% 24.43%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6.10) 1.52 2.86 (6.10) 7.85 23.84Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5.80) 1.68 2.98 (5.80) 8.69 24.91

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

$12,443$12,491

9,000

9,500

10,000

10,500

11,000

11,500

12,000

12,500

13,000

13,500

$14,000

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

Fund Index

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

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 14 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 $ 958.50 $ 1.93 $ 1,000.00 $ 1,023.20 $ 1.99 0.39%

(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 14 for more information.

Fund Summary as of August 31, 2019 iShares� MSCI Global Agriculture Producers 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

Stocks of global agriculture producers declined in a volatile time characterized by uncertainty around global economic growth and trade. The United Nations Food andAgriculture Organization Food Price Index, a broad measure of global food prices, increased slightly during the reporting period. Prices for three of five food groups thatmake up the index — dairy, vegetable oils, and cereal — decreased from August 2018, while meat and sugar prices rose. Meat prices were supported by strong demandand limited supply for pork. An outbreak of African swine fever resulted in very limited Chinese pork output, while Asian demand to replace that lost production was strong.Sugar prices rose, rebounding from a multiyear low in 2018 prior to the start of the reporting period, as lower prices led to production cuts in Brazil, Europe, and India. Cerealprices declined slightly, as wheat and barley production expanded modestly from the prior year and flooding in the U.S. disrupted the corn planting season. Dairy pricesdeclined and vegetable oil prices touched an 11-year low amid a global production glut and poor demand.

From a country perspective, the extensive flooding in North America that delayed the planting season limited profitability for Canadian potash fertilizer and agriculturalchemicals companies and producers of U.S. agricultural products, making Canada and the U.S. the leading detractors from the Index’s return. In Chile, a fertilizer andagricultural chemicals conglomerate that produces lithium used in electric car batteries declined, as global economic uncertainty and tariffs reduced Chinese demand forlithium at a time of abundant supply. In the U.K., ongoing delays and financial difficulties in the development and production of a chemicals company made the country anotable detractor.

Performance from a sector perspective reflected these conditions, as the delayed planting season meant agricultural products companies detracted from the Index’s return.Similarly, fertilizer and agricultural chemicals companies were significant detractors.

Portfolio Information

ALLOCATION BY SECTOR

SectorPercent of

Total Investments(a)

Fertilizers & Agricultural Chemicals . . . . . . . . . . . . . . . . . . . . . . . . . . 35.9%Agricultural & Farm Machinery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.8Agricultural Products. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.8Packaged Foods & Meats . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.5

TEN LARGEST COUNTRIES

CountryPercent of


United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47.2%Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.1Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.0Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.8Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2Saudi Arabia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1

(a) Excludes money market funds.

Fund Summary as of August 31, 2019 (continued) iShares� MSCI Global Agriculture Producers ETF

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


The iShares MSCI Global Energy Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarilyengaged in the business of energy exploration and production, as represented by the MSCI ACWI Select Energy Producers Investable Market Index (the "Index"). The Fundinvests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representativesampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


1 Year 5 YearsSince


Inception

Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (18.56)% (5.82)% (1.45)% (18.56)% (25.89)% (10.48)%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (18.96) (5.82) (1.48) (18.96) (25.91) (10.66)Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (18.76) (6.09) (1.64) (18.76) (26.94) (11.76)



$8,952$8,824

6,000

7,000

8,000

9,000

10,000

11,000

12,000

$13,000


Fund Index



Expense Example



(03/01/19)

EndingAccount Value

(08/31/19)



(03/01/19)

EndingAccount Value

(08/31/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 882.60 $ 1.85 $ 1,000.00 $ 1,023.20 $ 1.99 0.39%


Fund Summary as of August 31, 2019 iShares� MSCI Global Energy Producers ETF



Stocks of global energy producers declined sharply for the reporting period in an environment of economic uncertainty and declining prices for energy commodities. TheOrganization of the Petroleum Exporting Countries (“OPEC”) pledged repeatedly to limit production in an attempt to support prices, as Russia cut its oil output to a three-yearlow in July 2019 after joining an expanded OPEC alliance. However, production in the U.S., the world’s leading oil producer in 2018, increased. While supply rose, demandfor crude oil slumped along with global economic growth. The market for natural gas was different, however, as U.S. demand hit a record high and Asian consumption wasstrong. Despite this strong demand, record U.S. natural gas output constrained prices. Similarly, U.S. gasoline prices followed the trajectory of oil prices, suffering amidconcerns about global growth and the U.S.-China trade dispute.

The U.S., which constituted approximately 46% of the Index on average for the reporting period, was the Index’s primary detractor. Large U.S. energy companies enduredone of the sharpest declines in earnings of any sector during the first quarter of 2019. In Canada, also a notable detractor, the government of the country’s leadingoil-producing province imposed production limits in January 2019 due to a lack of pipeline capacity to ship its oil. These limits helped reduce the backlog and supportedpricing for Canadian oil but resulted in significant reduction in capital spending and hiring among Canada’s oil and gas companies, leading those stocks to decline to nearhistoric lows.

Given this environment, detraction in both the U.S. and Canada was driven by oil and gas exploration and production companies, though some companies were able toreduce production costs and build inventories in anticipation of an eventual energy price rebound. Low energy prices pressured integrated oil and gas producers in thosecountries, as companies scaled back production and spent on refinery maintenance. Earnings of the U.S. oil and gas refining and marketing industry also declined.U.K.-based integrated oil and gas stocks detracted modestly amid weak energy and chemicals and refining businesses.



SectorPercent of


Integrated Oil & Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64.5%Oil & Gas Exploration & Production . . . . . . . . . . . . . . . . . . . . . . . . . . 23.4Oil & Gas Refining & Marketing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.2Coal & Consumable Fuels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9


CountryPercent of


United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.3%United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.7Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.4France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.9Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0


Fund Summary as of August 31, 2019 (continued) iShares� MSCI Global Energy Producers ETF



The iShares MSCI Global Gold Miners ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engagedin the business of gold mining, as represented by the MSCI ACWI Select Gold Miners Investable Market Index (the "Index"). The Fund invests in a representative sampleof securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not holdall of the securities that are included in the Index.

Performance


1 Year 5 YearsSince


Inception

Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68.13% 2.22% (8.33)% 68.13% 11.58% (48.29)%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68.49 2.29 (8.33) 68.49 11.98 (48.29)Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68.61 2.44 (8.16) 68.61 12.83 (47.56)



$5,171$5,244

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

$10,000


Fund Index


Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility andinvestors should not expect that such exceptional returns will be repeated.


Expense Example



(03/01/19)

EndingAccount Value

(08/31/19)



(03/01/19)

EndingAccount Value

(08/31/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,385.80 $ 2.35 $ 1,000.00 $ 1,023.20 $ 1.99 0.39%


Fund Summary as of August 31, 2019 iShares� MSCI Global Gold Miners ETF



Global gold mining stocks advanced significantly as the price of gold reached its highest level since 2013, finishing the reporting period above $1,500 per ounce. Demandfor gold was strong, supported by record central bank buying in the first half of 2019, following a strong year for central bank purchases in 2018 — the most in any calendaryear in almost 50 years. Investment demand for gold also surged as holdings of gold-backed ETFs reached their highest level since 2013. Despite higher gold prices, jewelrydemand increased due to robust Indian consumer purchases. Gold also benefited from demand from investors seeking to avoid the uncertainty and volatility associated withBrexit and global economic and market conditions. This environment led many leading central banks to ease monetary policy, with interest rates declining across developedmarket economies. Because gold does not pay interest, its appeal increases as its carrying cost relative to bonds declines. Rising gold prices also brought greater minesupply and gold recycling activity, leading to a modest increase in gold supply in the first half of 2019.

Stocks of gold miners benefited not only from higher gold prices but also from consolidation. A number of mergers among the largest gold producers in the world wereintended to achieve greater operational efficiency and cost savings and consolidate control over top-tier mines.

From a country perspective, Canadian gold miners, which represented more than 50% of the Index on average, contributed the most to the Index’s performance for thereporting period. In particular, a joint venture between leading Canadian and U.S. gold miners formed one of the world’s largest gold operations in Nevada, designed tocreate significant efficiencies and cost savings for companies in both countries. South African gold mining stocks also made notable contributions to the Index’s return,buoyed not only by higher gold prices but also by plans for cost cutting and divestitures. Australian gold mining stocks were another source of strength, due to reduced costsand indebtedness and higher dividend payouts.


ALLOCATION BY COUNTRY

CountryPercent of


Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51.2%United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.6Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.2South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.8Peru . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7Turkey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7

TEN LARGEST HOLDINGS

SecurityPercent of


Barrick Gold Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.9%Newmont Goldcorp Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.1Newcrest Mining Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.5AngloGold Ashanti Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8Kirkland Lake Gold Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7Agnico Eagle Mines Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6Kinross Gold Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9Gold Fields Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3Yamana Gold Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4Sibanye Gold Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2


Fund Summary as of August 31, 2019 (continued) iShares� MSCI Global Gold Miners ETF



The iShares MSCI Global Metals & Mining Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companiesprimarily engaged in mining, extraction or production of diversified metals, excluding gold and silver, as represented by the MSCI ACWI Select Metals & Mining Producersex Gold & Silver Investable Market Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investmentprofile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


1 Year 5 YearsSince


Inception

Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12.16)% (4.33)% (4.68)% (12.16)% (19.84)% (30.51)%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11.93) (4.45) (4.71) (11.93) (20.37) (30.65)Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11.98) (4.11) (4.56) (11.98) (18.93) (29.82)



$6,949$7,018

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

$11,000


Fund Index



Expense Example



(03/01/19)

EndingAccount Value

(08/31/19)



(03/01/19)

EndingAccount Value

(08/31/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 860.40 $ 1.83 $ 1,000.00 $ 1,023.20 $ 1.99 0.39%


Fund Summary as of August 31, 2019 iShares� MSCI Global Metals & Mining Producers ETF



Stocks of global metals and mining producers declined in a volatile period characterized by a global economic slowdown and declining prices for many industrial metals.Lower levels of manufacturing activity led to decreased demand for many industrial commodities. The U.S.-China trade dispute weighed on global industrial production, astrade slowed between those countries, as well as for their trading partners, such as Japan and South Korea, that export parts used in their manufacturing processes. U.S.industrial production was lower during several months in 2019. Similarly, euro-area manufacturing activity weakened year over year through July 2019, the ninth straightmonth of declines. Chinese industrial production, which is a key support for global commodity demand, fell to the slowest pace in more than seven years in August 2019.

The U.S. detracted the most from the Index’s return for the reporting period, in part reflecting the poor performance of steel companies. The volatility in steel prices capturedthe complexity and uncertainty affecting industrial commodities markets during the reporting period. On the one hand, supply disruptions in Brazil and Australia led to higheriron ore prices, a key steelmaking input, at a time when the U.S. was imposing significant tariffs on foreign steel.

On the other hand, slower global manufacturing activity meant steel prices declined, hurting earnings for steel companies and reducing the value of their inventory. Inaddition, U.S. producers, encouraged by tariffs, made significant investments in new production capacity, which resulted in higher prices for protected U.S. steel. Investorsshowed concern that a significant new increase in steel supply could further depress prices unless met by a comparable rise in demand. This sentiment was mirrored acrossother geographies — Japan, France, and South Korea all detracted from the Index’s performance.

Copper and aluminum stocks were other sources of weakness, particularly in the U.S. The intensification of the trade dispute between the U.S. and China weighed oncopper prices, which declined to a two-year low and reversed gains posted earlier in the reporting period. Declining aluminum prices and lower global economic activity alsopressured the aluminum industry.



SectorPercent of


Diversified Metals & Mining. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54.6%Steel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.1Copper. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2Aluminum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Precious Metals & Minerals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1


CountryPercent of


Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.0%United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.3United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.2Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.8Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.8Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6South Korea. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0


Fund Summary as of August 31, 2019 (continued) iShares� MSCI Global Metals & Mining Producers ETF



The iShares MSCI Global Silver Miners ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engagedin the business of silver mining, as represented by the MSCI ACWI Select Silver Miners Investable Market Index (the "Index"). The Fund invests in a representative sampleof securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not holdall of the securities that are included in the Index.

Performance


1 Year 5 YearsSince


Inception

Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.89% (1.70)% (9.06)% 29.89% (8.20)% (51.37)%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.44 (1.83) (9.04) 30.44 (8.83) (51.28)Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.75 (1.77) (9.07) 29.75 (8.56) (51.39)



$4,863$4,861

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

$11,000


Fund Index



Expense Example



(03/01/19)

EndingAccount Value

(08/31/19)



(03/01/19)

EndingAccount Value

(08/31/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,186.00 $ 2.15 $ 1,000.00 $ 1,023.20 $ 1.99 0.39%


Fund Summary as of August 31, 2019 iShares� MSCI Global Silver Miners ETF



Stocks of global silver miners advanced strongly, as the price of the precious metal rose to its highest level in three years, surpassing $18.00 per ounce by the end of thereporting period. In terms of supply, mine supply declined for a third straight year in 2018, as did recycling activity of above-ground silver. Some of the world’s leading silvermines significantly cut back production, including those in Mexico, Peru, and Chile, which together account for approximately 45% of the world’s silver output.

Decreased silver production reflected mixed demand fundamentals. On the one hand, the majority of silver production goes to industrial applications, so silver tends to tradein line with industrial metals, whose prices generally declined along with global growth. Demand for silver used for industrial fabrication edged down in 2018. On the otherhand, precious metals such as gold and silver benefited from demand from investors seeking to avoid the uncertainty and volatility associated with global economic andmarket conditions. Gold, which reached its highest price since 2013 during the reporting period, is important because investors use the ratio of the prices of gold and silverto determine the relative valuation of silver. As gold’s price increases, silver looks more attractive by comparison. The ratio of gold to silver prices climbed to a 27-year high,supporting investment demand for silver. On balance, demand for silver reached its highest level in three years during the reporting period.

Stocks of Canadian silver mining companies, which made up more than 60% of the Index on average during the reporting period, were the main drivers of the Index’sperformance, due to the sharp rise in silver prices. Leading Canadian silver miners also had exposure to rising gold prices, which further supported earnings. Consolidationand joint ventures also helped Canadian silver mining stock performance, as companies struck deals to secure lower-cost production and financing in exchange for a stockof their output. Mining stocks in Peru and Japan contributed marginally amid efficiency improvements and acquisition activity.


ALLOCATION BY COUNTRY

CountryPercent of


Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69.4%United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.1United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.4Peru . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.4Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5

TEN LARGEST HOLDINGS

SecurityPercent of


Wheaton Precious Metals Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.0%Pan American Silver Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.2Cia. de Minas Buenaventura SAA . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.4First Majestic Silver Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4Eldorado Gold Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4SSR Mining Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2Fresnillo PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1MAG Silver Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3Coeur Mining Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3Industrias Penoles SAB de CV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2


Fund Summary as of August 31, 2019 (continued) iShares� MSCI Global Silver Miners ETF


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

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

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

Shareholder Expenses

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

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

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

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

About Fund Performance


Security Shares Value

Common StocksArgentina — 0.2%Adecoagro SA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,771 $ 43,362

Australia — 1.5%Australian Agricultural Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,149 16,677Costa Group Holdings Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,736 46,131Elders Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,084 41,924GrainCorp Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,264 87,553Inghams Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,648 48,371Nufarm Ltd./Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,451 69,662Select Harvests Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,201 37,843Tassal Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,020 40,807

388,968Brazil — 0.4%Sao Martinho SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,300 57,420SLC Agricola SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,600 31,874

89,294Canada — 9.1%Ag Growth International Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,349 43,999Nutrien Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,947 2,217,524Rogers Sugar Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,866 31,789Village Farms International Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,945 30,806

2,324,118China — 2.0%Beijing Dabeinong Technology Group Co. Ltd., Class A . . . . . . 15,200 11,830China Agri-Industries Holdings Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . 171,200 48,288China BlueChemical Ltd., Class H . . . . . . . . . . . . . . . . . . . . . . . . . . 138,000 36,634China Huishan Dairy Holdings Co. Ltd.(a)(b) . . . . . . . . . . . . . . . . . . 295,050 640China Modern Dairy Holdings Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . 190,000 28,614COFCO Meat Holdings Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104,000 29,865Henan Shuanghui Investment & Development Co. Ltd.,

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000 18,745Inner Mongolia Yili Industrial Group Co. Ltd., Class A . . . . . . . . 20,900 83,664Muyuan Foodstuff Co. Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . . . . 5,700 64,033New Hope Liuhe Co. Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . 15,200 41,435Sinofert Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152,000 16,683Tongwei Co. Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,300 27,224Wens Foodstuffs Group Co. Ltd., Class A . . . . . . . . . . . . . . . . . . . 17,100 99,131

506,786Finland — 0.1%Ponsse OYJ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 836 25,318

France — 0.1%Vilmorin & Cie SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 494 26,575

Germany — 1.5%K+S AG, Registered. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,288 226,028KWS Saat SE & Co. KGaA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 836 57,356Suedzucker AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,358 88,508

371,892Hong Kong — 2.5%Ausnutria Dairy Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,000 65,284WH Group Ltd.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 712,500 573,794

639,078India — 2.3%Balrampur Chini Mills Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,987 16,720Bayer CropScience Ltd./India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 608 26,681Chambal Fertilizers and Chemicals Ltd. . . . . . . . . . . . . . . . . . . . . . 7,448 16,156Coromandel International Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,111 27,549


India (continued)EID Parry India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,446 $ 9,591Escorts Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,104 29,323Gujarat Narmada Valley Fertilizers & Chemicals Ltd. . . . . . . . . . 3,135 7,892Jain Irrigation Systems Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,408 6,409Kaveri Seed Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,919 12,686KRBL Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,477 10,379Monsanto India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 266 7,544Rallis India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,009 8,806Sharda Cropchem Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,653 6,387Tata Global Beverages Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,211 86,626UPL Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,033 315,745Venky's India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 304 6,078

594,572Indonesia — 1.1%Charoen Pokphand Indonesia Tbk PT . . . . . . . . . . . . . . . . . . . . . . . 560,500 198,556Eagle High Plantations Tbk PT(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . 811,300 7,435Inti Agri Resources Tbk PT(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,260,000 7,966Japfa Comfeed Indonesia Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . 262,200 29,113Perusahaan Perkebunan London Sumatra Indonesia Tbk PT. 250,800 21,305Sawit Sumbermas Sarana Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . 216,600 13,972Tunas Baru Lampung Tbk PT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171,000 10,849

289,196Ireland — 0.2%Origin Enterprises PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,348 49,928

Israel — 1.1%Israel Chemicals Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,763 238,205Israel Corp. Ltd. (The)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285 55,067

293,272Italy — 3.1%CNH Industrial NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,247 785,092

Japan — 6.7%Chubu Shiryo Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,900 20,030Hokuto Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,900 33,974Iseki & Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,900 24,254Kubota Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,900 1,119,200Kumiai Chemical Industry Co. Ltd.(d) . . . . . . . . . . . . . . . . . . . . . . . . 6,200 54,672Maruha Nichiro Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,300 85,279Mitsui Sugar Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,300 26,663NH Foods Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,600 253,691Sakata Seed Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,200 74,511YAMABIKO Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,600 25,230

1,717,504Malaysia — 2.7%Boustead Plantations Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,400 8,046FGV Holdings Bhd(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119,700 27,182Genting Plantations Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,000 45,269IOI Corp. Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142,500 149,429Kuala Lumpur Kepong Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,300 184,177QL Resources Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,405 81,529Sime Darby Plantation Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155,800 184,493

680,125Mexico — 0.2%Industrias Bachoco SAB de CV, Series B . . . . . . . . . . . . . . . . . . . . 13,300 60,743

Netherlands — 0.6%ForFarmers NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,964 19,487

Schedule of InvestmentsAugust 31, 2019

iShares� MSCI Global Agriculture Producers ETF(Percentages shown are based on Net Assets)

S C H E D U L E O F I N V E S T M E N T S 15


Netherlands (continued)OCI NV(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,384 $ 140,150

159,637Norway — 8.0%Austevoll Seafood ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,802 69,878Bakkafrost P/F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,097 182,121Grieg Seafood ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,762 46,187Leroy Seafood Group ASA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,420 147,132Mowi ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,889 787,350Norway Royal Salmon ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 960 19,651Salmar ASA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,237 201,282Yara International ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,338 578,999

2,032,600Pakistan — 0.3%Engro Corp. Ltd./Pakistan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,220 37,811Engro Fertilizers Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,467 16,196Fauji Fertilizer Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,100 23,411Millat Tractors Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,280 9,722

87,140Poland — 0.1%Grupa Azoty SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,382 32,271

Russia — 0.6%PhosAgro PJSC, GDR(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,816 113,903Ros Agro PLC, GDR(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,508 27,297

141,200Saudi Arabia — 2.1%Almarai Co. JSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,639 246,237National Agriculture Development Co. (The)(a) . . . . . . . . . . . . . . . 2,660 17,404Saudi Arabian Fertilizer Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,521 263,727

527,368Singapore — 2.2%Bumitama Agri Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,600 10,738China XLX Fertiliser Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,000 10,330First Resources Ltd.(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,900 42,569Golden Agri-Resources Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 476,900 91,103Japfa Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,400 10,191Wilmar International Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142,500 391,382

556,313South Africa — 0.3%Astral Foods Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,888 30,206Oceana Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,795 26,716Tongaat Hulett Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,038 7,695

64,617South Korea — 0.3%Dongwon Industries Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95 17,961Easy Bio Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,344 14,301Farmsco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,368 5,523Harim Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,204 17,577Namhae Chemical Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,862 13,589

68,951Sweden — 0.1%Scandi Standard AB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,028 30,353

Taiwan — 0.4%Charoen Pokphand Enterprise . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,000 28,599Taiwan Fertilizer Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,000 82,388

110,987


Thailand — 1.2%Charoen Pokphand Foods PCL, NVDR. . . . . . . . . . . . . . . . . . . . . . 288,800 $ 278,669GFPT PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,800 24,610Khon Kaen Sugar Industry PCL, NVDR . . . . . . . . . . . . . . . . . . . . . 138,754 10,257

313,536United Kingdom — 0.8%Cranswick PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,895 130,922Sirius Minerals PLC(a)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 528,105 66,566

197,488United States — 47.0%AGCO Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,921 340,140American Vanguard Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,071 29,346Archer-Daniels-Midland Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,990 1,597,719Bunge Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,602 566,253Cal-Maine Foods Inc.(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,318 93,972CF Industries Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,606 800,243Corteva Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,449 1,655,085Darling Ingredients Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,502 232,537Deere & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,629 3,505,458FMC Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,899 854,581Fresh Del Monte Produce Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,337 60,855Ingredion Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,978 384,650Intrepid Potash Inc.(a)(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,429 22,064Lindsay Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 817 72,108Mosaic Co. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,531 506,295Pilgrim's Pride Corp.(a)(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,693 146,234Sanderson Farms Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,501 224,580Scotts Miracle-Gro Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,116 331,293Titan International Inc.(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,161 10,819Toro Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,961 573,272

12,007,504

Total Common Stocks — 98.8%(Cost: $26,355,503). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,215,788

Preferred StocksChile — 0.8%Sociedad Quimica y Minera de Chile SA, Series B,

Preference Shares, NVS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,569 211,985

Total Preferred Stocks — 0.8%(Cost: $255,789). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211,985

Short-Term InvestmentsMoney Market Funds — 1.3%BlackRock Cash Funds: Institutional, SL Agency Shares,

2.25%(f)(g)(h) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 327,331 327,494BlackRock Cash Funds: Treasury, SL Agency Shares,

2.02%(f)(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,000 21,000

348,494

Total Short-Term Investments — 1.3%(Cost: $348,467). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 348,494

Total Investments in Securities — 100.9%(Cost: $26,959,759). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,776,267

Other Assets, Less Liabilities — (0.9)% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (241,202)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25,535,065

Schedule of Investments (continued)

August 31, 2019

iShares� MSCI Global Agriculture Producers ETF(Percentages shown are based on Net Assets)


(a) Non-income producing security.(b) Security is valued using significant unobservable inputs and is classified as Level 3 in the

fair value hierarchy.(c) Security exempt from registration pursuant to Rule 144A under the Securities Act of

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

(d) All or a portion of this security is on loan.(e) This security may be resold to qualified foreign investors and foreign institutional buyers

under Regulation S of the Securities Act of 1933.(f) Affiliate of the Fund.(g) Annualized 7-day yield as of period-end.(h) All or a portion of this security was purchased with cash collateral received from loaned

securities.

Affiliates

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

Affiliated Issuer

SharesHeld at

08/31/18 Net Activity

SharesHeld at

08/31/19Value at

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

Change inUnrealized

Appreciation(Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares. . . . . . . . . . . . . . . . . . . . . . . . . . 311,298 16,033 327,331 $327,494 $15,695(b) $ 135 $ (38)BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,148 (10,148) 21,000 21,000 667 — —

$348,494 $16,362 $ 135 $ (38)

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

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

Fair Value Measurements

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

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

Level 1 Level 2 Level 3 Total

InvestmentsAssets

Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $25,207,453 $ — $ 8,335 $25,215,788Preferred Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211,985 — — 211,985Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 348,494 — — 348,494

$25,767,932 $ — $ 8,335 $25,776,267

See notes to financial statements.


August 31, 2019

iShares� MSCI Global Agriculture Producers ETF



Common StocksArgentina — 0.1%YPF SA, ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,082 $ 34,942

Australia — 2.1%Beach Energy Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,222 66,394Cooper Energy Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,532 14,927New Hope Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,046 10,824Oil Search Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,876 142,604Santos Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,392 201,071Senex Energy Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,278 8,113Washington H Soul Pattinson & Co. Ltd.. . . . . . . . . . . . . . . . . . . . . 2,730 38,424Whitehaven Coal Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,134 39,596Woodside Petroleum Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,788 471,658

993,611Austria — 0.4%OMV AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,458 176,735

Brazil — 1.0%Dommo Energia SA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,160 2,844Enauta Participacoes SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,600 6,978Petro Rio SA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,600 10,633Petroleo Brasileiro SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,600 462,478

482,933Canada — 6.3%Advantage Oil & Gas Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,238 4,720ARC Resources Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,904 33,429Athabasca Oil Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,088 4,327Baytex Energy Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,957 16,772Birchcliff Energy Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,876 7,827Cameco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,022 79,302Canacol Energy Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,782 10,028Canadian Natural Resources Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,950 669,092Cardinal Energy Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,160 7,013Cenovus Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,310 212,584Crescent Point Energy Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,246 38,707Encana Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,072 146,843Enerplus Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,460 35,789Freehold Royalties Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,236 12,200Frontera Energy Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,586 15,337Husky Energy Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,138 54,445Imperial Oil Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,292 154,696Kelt Exploration Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,283 6,967MEG Energy Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,486 20,973NexGen Energy Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,697 10,079NuVista Energy Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,420 5,355Paramount Resources Ltd., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . 1,300 5,547Parex Resources Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,536 54,259Peyto Exploration & Development Corp. . . . . . . . . . . . . . . . . . . . . . 3,718 8,954PrairieSky Royalty Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,966 63,047Seven Generations Energy Ltd., Class A(a) . . . . . . . . . . . . . . . . . . 6,994 37,896Suncor Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,530 1,070,498Surge Energy Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,072 5,854Tamarack Valley Energy Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,290 6,070TORC Oil & Gas Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,718 9,261Tourmaline Oil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,902 56,053Vermilion Energy Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,458 49,315Whitecap Resources Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,958 27,503

2,940,742


China — 2.4%China Coal Energy Co. Ltd., Class H . . . . . . . . . . . . . . . . . . . . . . . . 52,000 $ 20,640China Shenhua Energy Co. Ltd., Class A . . . . . . . . . . . . . . . . . . . . 5,200 13,579China Shenhua Energy Co. Ltd., Class H. . . . . . . . . . . . . . . . . . . . 78,000 152,509CNOOC Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 404,000 603,266Inner Mongolia Yitai Coal Co. Ltd., Class B . . . . . . . . . . . . . . . . . . 28,600 25,454PetroChina Co. Ltd., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,600 13,340PetroChina Co. Ltd., Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 488,000 242,276Shaanxi Coal Industry Co. Ltd., Class A . . . . . . . . . . . . . . . . . . . . . 13,000 16,166Shanxi Lu'an Environmental Energy Development Co. Ltd.,

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,800 8,076Yanzhou Coal Mining Co. Ltd., Class H. . . . . . . . . . . . . . . . . . . . . . 52,000 45,062

1,140,368Colombia — 0.2%Ecopetrol SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113,646 90,917

Finland — 0.7%Neste OYJ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,724 306,693

France — 5.8%Etablissements Maurel et Prom SA(b) . . . . . . . . . . . . . . . . . . . . . . . 1,014 3,255TOTAL SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,470 2,722,723

2,725,978Greece — 0.1%Motor Oil Hellas Corinth Refineries SA . . . . . . . . . . . . . . . . . . . . . . 1,272 31,154

Hong Kong — 0.0%Agritrade Resources Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000 6,968

Hungary — 0.2%MOL Hungarian Oil & Gas PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,464 92,810

India — 3.3%Bharat Petroleum Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,548 77,351Coal India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,224 75,610Hindustan Petroleum Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,066 51,245Indian Oil Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,680 74,903Oil & Natural Gas Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,034 101,896Oil India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,538 11,474Reliance Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,696 361,866Reliance Industries Ltd., GDR(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,620 784,914

1,539,259Indonesia — 0.3%Adaro Energy Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 322,400 25,569Alfa Energi Investama Tbk PT(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,200 2,951Bukit Asam Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,000 11,318Bumi Resources Tbk PT(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,258,400 8,339Delta Dunia Makmur Tbk PT(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117,000 2,937Indika Energy Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,400 3,464Medco Energi Internasional Tbk PT(a) . . . . . . . . . . . . . . . . . . . . . . . 193,466 10,093Sugih Energy Tbk PT(a)(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206,700 58United Tractors Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,000 57,531

122,260Israel — 0.2%Equital Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 381 11,424Naphtha Israel Petroleum Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 599 3,502Oil Refineries Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,814 23,712Paz Oil Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260 34,537

73,175Italy — 2.0%Eni SpA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,514 896,585


iShares� MSCI Global Energy Producers ETF(Percentages shown are based on Net Assets)



Italy (continued)Saras SpA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,104 $ 20,405

916,990Japan — 1.4%Cosmo Energy Holdings Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 836 15,161Idemitsu Kosan Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,568 122,866Inpex Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,400 202,597Japan Petroleum Exploration Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . 700 17,114JXTG Holdings Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,400 311,914

669,652Malaysia — 0.0%Hengyuan Refining Co. Bhd(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,600 2,770Hibiscus Petroleum Bhd(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,400 5,036Petron Malaysia Refining & Marketing Bhd . . . . . . . . . . . . . . . . . . 2,600 3,233

11,039New Zealand — 0.0%New Zealand Refining Co. Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . 4,290 5,547

Norway — 1.0%Aker BP ASA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,496 66,277DNO ASA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,612 19,360Equinor ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,400 400,353

485,990Pakistan — 0.0%Oil & Gas Development Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,200 12,167Pakistan Oilfields Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,111 7,335

19,502Philippines — 0.0%Petron Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98,800 9,660Semirara Mining & Power Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,800 9,270

18,930Poland — 0.4%Grupa Lotos SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,054 44,535Lubelski Wegiel Bogdanka SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190 1,844Polski Koncern Naftowy ORLEN SA. . . . . . . . . . . . . . . . . . . . . . . . . 6,812 155,450

201,829Portugal — 0.4%Galp Energia SGPS SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,700 168,273

Russia — 3.8%LUKOIL PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,360 755,910Novatek PJSC, GDR(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,106 408,353Rosneft Oil Co. PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,820 53,884Rosneft Oil Co. PJSC, GDR(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,912 96,968Surgutneftegas PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,400 36,429Surgutneftegas PJSC, ADR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,498 18,469Tatneft PJSC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,360 394,468

1,764,481Saudi Arabia — 0.1%Rabigh Refining & Petrochemical Co.(a) . . . . . . . . . . . . . . . . . . . . . 4,992 26,379

South Africa — 0.1%Exxaro Resources Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,694 51,065

South Korea — 0.6%SK Innovation Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,300 177,090S-Oil Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,040 83,028

260,118Spain — 1.1%Repsol SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,800 492,078


Sweden — 0.3%Lundin Petroleum AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,368 $ 132,820

Thailand — 0.6%Bangchak Corp. PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,800 18,539Banpu PCL, NVDR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104,000 43,202Esso Thailand PCL, NVDR(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,800 5,851IRPC PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 254,800 33,004PTT Exploration & Production PCL, NVDR . . . . . . . . . . . . . . . . . . 33,831 137,770Thai Oil PCL, NVDR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,000 57,617

295,983Turkey — 0.1%Tupras Turkiye Petrol Rafinerileri AS . . . . . . . . . . . . . . . . . . . . . . . . 2,808 60,727

United Arab Emirates — 0.0%Dana Gas PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,072 19,268

United Kingdom — 17.4%Anglo Pacific Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,798 13,240BP PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 463,840 2,825,568Cairn Energy PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,234 26,915Diversified Gas & Oil PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,586 18,385EnQuest PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,592 10,463Gulf Keystone Petroleum Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,760 19,511Hurricane Energy PLC(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,646 18,980Premier Oil PLC(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,830 24,421Royal Dutch Shell PLC, Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98,904 2,740,846Royal Dutch Shell PLC, Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,838 2,340,198Soco International PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,596 8,869Tullow Oil PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,294 85,326

8,132,722United States — 44.6%Antero Resources Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,668 17,968Apache Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,736 188,435Arch Coal Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 442 33,840Berry Petroleum Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,326 10,595Bonanza Creek Energy Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 364 8,212Cabot Oil & Gas Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,698 166,030California Resources Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,014 9,927Callon Petroleum Co.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,122 21,051Carrizo Oil & Gas Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,184 18,105Centennial Resource Development Inc./DE, Class A(a) . . . . . . . 4,134 19,926Chaparral Energy Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 1,170 1,556Chesapeake Energy Corp.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,118 39,050Chevron Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,758 5,151,192Cimarex Energy Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,366 101,217CNX Resources Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,342 34,606Concho Resources Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,654 340,440ConocoPhillips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,182 1,366,177CONSOL Energy Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 572 9,587Continental Resources Inc./OK(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 2,262 66,050Contura Energy Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 390 11,232CVR Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 728 28,960Delek U.S. Holdings Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,794 58,753Denbury Resources Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,506 13,506Devon Energy Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,724 213,831Diamondback Energy Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,614 354,461EOG Resources Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,442 997,262EQT Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,980 60,817Extraction Oil & Gas Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,652 10,688Exxon Mobil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97,292 6,662,556


August 31, 2019




United States (continued)Gran Tierra Energy Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,398 $ 11,841Gulfport Energy Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,562 8,549Hess Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,318 397,718HighPoint Resources Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,782 3,255HollyFrontier Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,744 166,084Jagged Peak Energy Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,248 8,611Kosmos Energy Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,500 41,080Laredo Petroleum Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,588 8,898Magnolia Oil & Gas Corp., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . 2,522 25,750Marathon Oil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,006 225,031Marathon Petroleum Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,392 757,440Matador Resources Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,522 39,469Montage Resources Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210 626Murphy Oil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,848 70,149Noble Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,232 253,619Northern Oil and Gas Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,654 8,563Oasis Petroleum Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,344 19,793Occidental Petroleum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,722 900,993Par Pacific Holdings Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 806 17,522Parsley Energy Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,526 116,881PBF Energy Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,652 62,852PDC Energy Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,508 48,030Peabody Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,846 34,022Penn Virginia Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260 7,410Pioneer Natural Resources Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,900 481,338QEP Resources Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,304 18,882Range Resources Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,966 17,679Ring Energy Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,248 1,822SandRidge Energy Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 364 1,704SM Energy Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,418 22,923Southwestern Energy Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,714 20,088SRC Energy Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,720 28,714Talos Energy Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 546 10,396Tellurian Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,132 13,922Texas Pacific Land Trust. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156 102,213Unit Corp.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 936 2,836Valero Energy Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,672 728,108W&T Offshore Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,106 9,224Whiting Petroleum Corp.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,040 13,525WPX Energy Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,828 105,749

20,829,339

Total Common Stocks — 97.0%(Cost: $53,318,637). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,321,277


Preferred StocksBrazil — 1.3%Petroleo Brasileiro SA, Preference Shares, NVS . . . . . . . . . . . . . 98,800 $ 609,699

Russia — 0.1%Surgutneftegas PJSC, Preference Shares, NVS . . . . . . . . . . . . . 166,400 80,551

Total Preferred Stocks — 1.4%(Cost: $520,873). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 690,250


2.25%(f)(g)(h) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 792,223 792,619BlackRock Cash Funds: Treasury, SL Agency Shares,

2.02%(f)(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,000 91,000

883,619

Total Short-Term Investments — 1.9%(Cost: $883,583). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 883,619

Total Investments in Securities — 100.3%(Cost: $54,723,093). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,895,146

Other Assets, Less Liabilities — (0.3)% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (161,807)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 46,733,339

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


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

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

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

securities.

Affiliates


Affiliated Issuer

SharesHeld at


SharesHeld at

08/31/19Value at


Change inUnrealized


BlackRock Cash Funds: Institutional, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 554,418 237,805 792,223 $792,619 $ 5,650(b) $ 267 $ (126)BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,523 20,477 91,000 91,000 1,435 — —

$883,619 $ 7,085 $ 267 $ (126)




August 31, 2019







InvestmentsAssets

Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $45,321,219 $ — $ 58 $45,321,277Preferred Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 690,250 — — 690,250Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 883,619 — — 883,619

$46,895,088 $ — $ 58 $46,895,146



August 31, 2019

iShares� MSCI Global Energy Producers ETF



Common StocksAustralia — 12.2%Newcrest Mining Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,237,791 $ 30,856,583Resolute Mining Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,361,587 2,657,169St. Barbara Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,769,291 3,838,433Westgold Resources Ltd.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,435,549 2,263,251

39,615,436Canada — 51.1%Agnico Eagle Mines Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 236,782 14,832,732Alacer Gold Corp.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 853,754 3,752,200Alamos Gold Inc., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 902,273 6,369,146B2Gold Corp.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,915,699 6,891,211Barrick Gold Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,983,488 57,949,899Centerra Gold Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 553,596 5,045,189China Gold International Resources Corp. Ltd.(b) . . . . . . . . . . 1,077,661 1,119,184Detour Gold Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 397,718 7,138,451Eldorado Gold Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 444,250 4,092,128Endeavour Mining Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187,410 3,659,911IAMGOLD Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,095,046 4,095,709Kinross Gold Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,575,443 12,830,699Kirkland Lake Gold Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310,121 15,109,297New Gold Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,937,989 2,173,091Premier Gold Mines Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 840,738 1,442,567SEMAFO Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 958,560 3,570,795SSR Mining Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 279,977 4,607,990Torex Gold Resources Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 227,722 3,663,980Yamana Gold Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,137,087 7,735,843

166,080,022Peru — 2.0%Cia. de Minas Buenaventura SAA, ADR. . . . . . . . . . . . . . . . . . . 420,181 6,403,558

Russia — 1.8%Polymetal International PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 414,863 5,977,001

South Africa — 11.8%AngloGold Ashanti Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 689,043 15,707,934Gold Fields Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,777,456 10,636,348Harmony Gold Mining Co. Ltd.(b). . . . . . . . . . . . . . . . . . . . . . . . . . 1,343,491 4,916,069Sibanye Gold Ltd.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,214,371 7,167,131

38,427,482


Turkey — 0.7%Koza Altin Isletmeleri AS(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,708 $ 2,356,306

United Kingdom — 1.7%Acacia Mining PLC(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182,816 592,229Centamin PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,716,280 4,799,941

5,392,170United States — 18.5%Coeur Mining Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 467,371 2,556,519McEwen Mining Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,049,497 2,130,479Newmont Goldcorp Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,394,084 55,610,011

60,297,009

Total Common Stocks — 99.8%(Cost: $276,213,811) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 324,548,984


2.25%(c)(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,240,200 10,245,320BlackRock Cash Funds: Treasury, SL Agency Shares,

2.02%(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98,000 98,000

10,343,320

Total Short-Term Investments — 3.2%(Cost: $10,342,489) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,343,320

Total Investments in Securities — 103.0%(Cost: $286,556,300) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 334,892,304

Other Assets, Less Liabilities — (3.0)%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9,608,245)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 325,284,059

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

securities.

Affiliates


Affiliated Issuer

SharesHeld at


SharesHeld at

08/31/19Value at


Change inUnrealized


BlackRock Cash Funds: Institutional, SL Agency Shares . . . . . . . . . . . . . . . . . . . 8,281,703 1,958,497 10,240,200 $10,245,320 $76,041(b) $ 1,150 $ (1,259)BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . 114,042 (16,042) 98,000 98,000 3,326 — —

$10,343,320 $79,367 $ 1,150 $ (1,259)






iShares� MSCI Global Gold Miners ETF(Percentages shown are based on Net Assets)


Fair Value Measurements (continued)



InvestmentsAssets

Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $324,548,984 $ — $ — $324,548,984Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,343,320 — — 10,343,320

$334,892,304 $ — $ — $334,892,304



August 31, 2019

iShares� MSCI Global Gold Miners ETF



Common StocksAustralia — 27.8%Alumina Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 844,932 $ 1,235,322Ausdrill Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213,655 287,180BHP Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,020,527 24,952,282BHP Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 731,790 15,801,165BlueScope Steel Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180,958 1,522,787Fortescue Metals Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 479,037 2,582,010Galaxy Resources Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135,463 105,415Iluka Resources Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146,185 704,219Independence Group NL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172,308 631,543Jupiter Mines Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 471,425 119,108Kidman Resources Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126,636 161,683Lynas Corp. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219,883 354,069Mineral Resources Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,301 519,286Mount Gibson Iron Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138,919 66,922Orocobre Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,795 118,511OZ Minerals Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,547 681,502Pilbara Minerals Ltd.(a)(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 499,970 117,899Rio Tinto Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128,712 7,594,912Sandfire Resources NL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,149 227,288Sims Metal Management Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,377 467,402South32 Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,742,802 3,099,922Syrah Resources Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147,742 67,190Western Areas Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,496 159,564

61,577,181Austria — 0.4%voestalpine AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,309 929,976

Belgium — 0.2%Bekaert SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,802 348,790

Brazil — 5.8%Cia. Siderurgica Nacional SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224,900 781,560Vale SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,089,962 12,020,127

12,801,687Canada — 3.5%Altius Minerals Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,013 117,162ERO Copper Corp.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,971 333,170First Quantum Minerals Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 238,567 1,465,011HudBay Minerals, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,445 270,612Ivanhoe Mines Ltd., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194,279 543,888Labrador Iron Ore Royalty Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,144 433,948Largo Resources Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101,724 104,878Lithium Americas Corp.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,781 53,798Lucara Diamond Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107,952 84,490Lundin Mining Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229,225 1,095,408Major Drilling Group International Inc.(a) . . . . . . . . . . . . . . . . . . . . 29,756 115,996Stelco Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,283 102,882Teck Resources Ltd., Class B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173,692 2,963,273Trevali Mining Corp.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174,903 24,351Turquoise Hill Resources Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . 278,357 121,498

7,830,365Chile — 0.1%CAP SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,355 189,528

China — 2.0%Aluminum Corp. of China Ltd., Class A(a) . . . . . . . . . . . . . . . . . . . 207,600 104,424Aluminum Corp. of China Ltd., Class H(a). . . . . . . . . . . . . . . . . . . 1,384,000 406,261Angang Steel Co. Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121,183 52,828Angang Steel Co. Ltd., Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . . 453,400 157,395


China (continued)Baoshan Iron & Steel Co. Ltd., Class A. . . . . . . . . . . . . . . . . . . . . 276,899 $ 224,785China Hongqiao Group Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 605,500 397,209China Metal Recycling Holdings Ltd.(a)(c) . . . . . . . . . . . . . . . . . . . 132,000 0(d)

China Molybdenum Co. Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . 276,800 138,845China Molybdenum Co. Ltd., Class H . . . . . . . . . . . . . . . . . . . . . . 1,557,000 423,263China Northern Rare Earth Group High-Tech Co. Ltd.,

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,370 85,027China Oriental Group Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 346,000 136,892China Zhongwang Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 622,800 255,945Ganfeng Lithium Co. Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . . . . 17,300 50,399Hesteel Co. Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224,900 80,445Inner Mongolia BaoTou Steel Union Co. Ltd., Class A . . . . . . . 813,198 170,434Inner Mongolia Eerduosi Resources Co. Ltd., Class B . . . . . . 179,596 127,872Jiangxi Copper Co. Ltd., Class H . . . . . . . . . . . . . . . . . . . . . . . . . . 519,000 584,222Jinchuan Group International Resources Co. Ltd. . . . . . . . . . . . 865,000 71,758Jinduicheng Molybdenum Co. Ltd., Class A . . . . . . . . . . . . . . . . 34,600 32,149Maanshan Iron & Steel Co. Ltd., Class H. . . . . . . . . . . . . . . . . . . 692,000 259,654MMG Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 698,000 144,315Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A . . . . 69,200 39,642Shougang Fushan Resources Group Ltd. . . . . . . . . . . . . . . . . . . 692,000 145,724Tiangong International Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 346,000 106,864Tongling Nonferrous Metals Group Co. Ltd., Class A . . . . . . . . 242,200 75,804Zhejiang Huayou Cobalt Co. Ltd., Class A . . . . . . . . . . . . . . . . . . 17,300 60,624

4,332,780Egypt — 0.0%Ezz Steel Co. SAE(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,504 50,811

Finland — 0.1%Outokumpu OYJ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,028 318,309

France — 0.3%APERAM SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,646 427,130Eramet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,287 163,326

590,456Germany — 1.1%Aurubis AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,591 514,413Salzgitter AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,148 238,980thyssenkrupp AG(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,130 1,715,246

2,468,639India — 1.9%APL Apollo Tubes Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,422 44,950Hindalco Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 404,647 1,045,228Jindal Saw Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,554 50,105Jindal Steel & Power Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143,355 193,931JSW Steel Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 293,235 892,959MOIL Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,410 51,647National Aluminium Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185,975 108,474Tata Steel Ltd., GDR(b)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117,121 559,838Vedanta Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 399,457 778,412Vedanta Ltd., ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,356 505,838Welspun Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,664 33,348

4,264,730Indonesia — 0.1%Aneka Tambang Tbk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,975,638 224,458Krakatau Steel Persero Tbk PT(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,072,653 26,466Timah Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,020,767 70,522

321,446Japan — 6.7%Asahi Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,300 365,900


iShares� MSCI Global Metals & Mining Producers ETF(Percentages shown are based on Net Assets)



Japan (continued)Daido Steel Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,600 $ 473,042Dowa Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,300 554,148Hitachi Metals Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,200 745,818JFE Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173,000 2,026,713Kobe Steel Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121,100 632,054Kyoei Steel Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,300 274,303Maruichi Steel Tube Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,300 421,152Mitsubishi Materials Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,700 938,834Mitsui Mining & Smelting Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 17,300 363,293Nakayama Steel Works Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,300 72,039Neturen Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,300 130,714Nippon Denko Co. Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,900 76,766Nippon Light Metal Holdings Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . 224,900 389,859Nippon Steel Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 276,805 3,875,192Sumitomo Metal Mining Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 86,500 2,437,842Toho Titanium Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,300 121,912Tokyo Steel Manufacturing Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 34,600 268,599UACJ Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,338 253,344Yamato Kogyo Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,300 423,597

14,845,121Malaysia — 0.3%Press Metal Aluminium Holdings Bhd . . . . . . . . . . . . . . . . . . . . . . 484,400 566,698

Mexico — 1.3%Grupo Mexico SAB de CV, Series B. . . . . . . . . . . . . . . . . . . . . . . . 1,211,000 2,785,635

Netherlands — 1.8%AMG Advanced Metallurgical Group NV(b) . . . . . . . . . . . . . . . . . . 10,553 235,103ArcelorMittal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229,744 3,312,349Constellium SE, Class A(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,520 499,901

4,047,353Norway — 0.7%Norsk Hydro ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 464,678 1,471,661

Peru — 0.4%Southern Copper Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,237 923,889

Poland — 0.5%Jastrzebska Spolka Weglowa SA . . . . . . . . . . . . . . . . . . . . . . . . . . 19,549 146,275KGHM Polska Miedz SA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,094 948,330

1,094,605Qatar — 0.1%Qatar Aluminum Manufacturing Co. . . . . . . . . . . . . . . . . . . . . . . . . 911,262 191,635

Russia — 4.0%Alrosa PJSC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 884,032 985,542Magnitogorsk Iron & Steel Works PJSC . . . . . . . . . . . . . . . . . . . . 743,900 467,260Mechel PJSC, ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,368 65,394MMC Norilsk Nickel PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,971 5,306,453Novolipetsk Steel PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 416,930 931,612Raspadskaya OJSC(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,900 97,986Severstal PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,660 1,093,861

8,948,108Saudi Arabia — 0.7%Saudi Arabian Mining Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138,919 1,640,790

South Africa — 1.9%African Rainbow Minerals Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,752 422,925Anglo American Platinum Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,684 1,145,300Impala Platinum Holdings Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 241,681 1,376,032Kumba Iron Ore Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,317 577,600


South Africa (continued)Northam Platinum Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123,003 $ 637,141Royal Bafokeng Platinum Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,323 85,959

4,244,957South Korea — 3.2%Dongkuk Steel Mill Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,722 98,671Hyundai Steel Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,853 857,723Jenax Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,050 28,321KISWIRE Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,903 36,528Korea Zinc Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,941 1,056,210Poongsan Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,574 119,404POSCO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,161 4,731,452Seah Besteel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,325 57,666SeAH Steel Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 42Young Poong Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173 80,412

7,066,429Spain — 0.3%Acerinox SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,512 493,498Tubacex SA(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,098 116,684

610,182Sweden — 1.4%Boliden AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,631 2,093,948Granges AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,950 235,108SSAB AB, Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78,369 217,203SSAB AB, Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218,845 547,626

3,093,885Switzerland — 0.0%Schmolz + Bickenbach AG, Registered(a). . . . . . . . . . . . . . . . . . . 167,118 48,812

Taiwan — 2.0%China Metal Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173,011 166,897China Steel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,979,612 2,933,079Chung Hung Steel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 352,000 111,170Feng Hsin Steel Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173,000 300,726Hsin Kuang Steel Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173,000 148,986TA Chen Stainless Pipe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 346,610 420,434Tung Ho Steel Enterprise Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173,000 114,287Yieh Phui Enterprise Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395,644 113,743

4,309,322Turkey — 0.3%Eregli Demir ve Celik Fabrikalari TAS . . . . . . . . . . . . . . . . . . . . . . 477,480 525,320Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS,

Class D(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260,538 91,225Koza Anadolu Metal Madencilik Isletmeleri AS(a) . . . . . . . . . . . . 72,833 102,257

718,802United Kingdom — 19.2%Anglo American PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 364,857 7,883,501Antofagasta PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136,843 1,443,226Central Asia Metals PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,799 144,700Evraz PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174,211 1,052,965Ferrexpo PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102,935 253,351Glencore PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,800,637 10,967,484Hill & Smith Holdings PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,545 399,781KAZ Minerals PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,517 448,937Rio Tinto PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 393,575 19,889,193

42,483,138United States — 10.1%AK Steel Holding Corp.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,855 237,287Alcoa Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,529 1,157,005


August 31, 2019




United States (continued)Allegheny Technologies Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,423 $ 860,644Carpenter Technology Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,435 799,398Century Aluminum Co.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,300 95,323Cleveland-Cliffs Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97,918 777,469Commercial Metals Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,655 637,064Compass Minerals International Inc. . . . . . . . . . . . . . . . . . . . . . . . 11,591 576,420Coronado Global Resources Inc.(f) . . . . . . . . . . . . . . . . . . . . . . . . . 69,546 124,639Freeport-McMoRan Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 502,219 4,615,393Haynes International Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,325 129,188Kaiser Aluminum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,709 504,847Materion Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,093 417,352Nucor Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105,530 5,168,859Reliance Steel & Aluminum Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,355 2,270,807Ryerson Holding Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,266 49,917Schnitzer Steel Industries Inc., Class A. . . . . . . . . . . . . . . . . . . . . 9,342 206,832Steel Dynamics Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,985 2,078,595SunCoke Energy Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,621 191,075TimkenSteel Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,494 70,439U.S. Steel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,031 664,543Warrior Met Coal Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,608 347,107Worthington Industries Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,840 480,248

22,460,451

Total Common Stocks — 98.2%(Cost: $272,166,702) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217,576,171

Preferred StocksBrazil — 1.0%Bradespar SA, Preference Shares, NVS . . . . . . . . . . . . . . . . . . . 86,500 595,130Cia. Ferro Ligas da Bahia-Ferbasa, Preference

Shares, NVS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,300 73,894Gerdau SA, Preference Shares, NVS . . . . . . . . . . . . . . . . . . . . . . 380,600 1,185,403Metalurgica Gerdau SA, Preference Shares, NVS . . . . . . . . . . 224,900 340,164

2,194,591

Total Preferred Stocks — 1.0%(Cost: $1,260,422). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,194,591



2.25%(g)(h)(i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,540,139 $ 3,541,909BlackRock Cash Funds: Treasury, SL Agency Shares,

2.02%(g)(h) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186,000 186,000

3,727,909

Total Short-Term Investments — 1.7%(Cost: $3,726,719). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,727,909

Total Investments in Securities — 100.9%(Cost: $277,153,843) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223,498,671


Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 221,470,139

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

fair value hierarchy.(d) Rounds to less than $1.(e) This security may be resold to qualified foreign investors and foreign institutional buyers

under Regulation S of the Securities Act of 1933.(f) Security exempt from registration pursuant to Rule 144A under the Securities Act of


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

securities.

Affiliates


Affiliated Issuer

SharesHeld at


SharesHeld at

08/31/19Value at


Change inUnrealized


BlackRock Cash Funds: Institutional, SL Agency Shares . . . . . . . . . . . . . . . . . . . 13,214,268 (9,674,129) 3,540,139 $3,541,909 $149,231(b) $ 1,744 $ (762)BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . 469,147 (283,147) 186,000 186,000 9,385 — —

$3,727,909 $158,616 $ 1,744 $ (762)






August 31, 2019






InvestmentsAssets

Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $217,458,272 $ — $ 117,899 $217,576,171Preferred Stocks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,194,591 — — 2,194,591Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,727,909 — — 3,727,909

$223,380,772 $ — $ 117,899 $223,498,671



August 31, 2019

iShares� MSCI Global Metals & Mining Producers ETF



Common StocksCanada — 69.2%Americas Silver Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 436,961 $ 1,479,775Dundee Precious Metals Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 555,319 2,194,028Eldorado Gold Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 472,735 4,354,513Endeavour Silver Corp.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 589,672 1,557,607Excellon Resources Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 756,719 637,813First Majestic Silver Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 403,577 4,397,799Fortuna Silver Mines Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 570,505 2,361,362GoGold Resources Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,285,615 715,951Great Panther Mining Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,359,917 1,125,759Lundin Gold Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 244,592 1,533,302MAG Silver Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255,234 3,263,415Mandalay Resources Corp.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . 680,254 629,675Maya Gold & Silver Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 444,415 662,208Minco Silver Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 423,611 270,973New Gold Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,803,811 2,022,636Pan American Silver Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 440,730 8,139,309Premier Gold Mines Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 766,346 1,314,922Seabridge Gold Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146,909 2,325,027Silvercorp Metals Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 687,710 2,944,815SSR Mining Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255,513 4,205,350Wheaton Precious Metals Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 777,336 22,908,246

69,044,485Japan — 2.5%Asahi Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119,200 2,521,117

Mexico — 3.2%Industrias Penoles SAB de CV . . . . . . . . . . . . . . . . . . . . . . . . . . . . 266,916 3,200,521

Peru — 7.4%Cia. de Minas Buenaventura SAA, ADR . . . . . . . . . . . . . . . . . . . . 483,992 7,376,038

United Kingdom — 8.4%Fresnillo PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 456,930 4,120,121Hochschild Mining PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 910,712 2,431,171SolGold PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,878,109 941,121


United Kingdom (continued)Trans-Siberian Gold PLC(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 555,815 $ 852,893

8,345,306United States — 9.1%Coeur Mining Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 592,409 3,240,477Gold Resource Corp.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 282,943 964,836Golden Minerals Co.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 532,287 144,942Hecla Mining Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,498,945 2,668,122McEwen Mining Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,001,201 2,032,438

9,050,815

Total Common Stocks — 99.8%(Cost: $86,389,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99,538,282


2.25%(c)(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,547,929 9,552,703BlackRock Cash Funds: Treasury, SL Agency Shares,

2.02%(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000 35,000

9,587,703

Total Short-Term Investments — 9.6%(Cost: $9,585,696). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,587,703

Total Investments in Securities — 109.4%(Cost: $95,974,696) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,125,985


Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 99,757,057

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

securities.

Affiliates


Affiliated Issuer

SharesHeld at


SharesHeld at

08/31/19Value at


Change inUnrealized


BlackRock Cash Funds: Institutional, SL Agency Shares . . . . . . . . . . . . . . . . . . . . 7,592,922 1,955,007 9,547,929 $9,552,703 $189,371(b) $ 579 $ 281BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . . 32,226 2,774 35,000 35,000 788 — —

$9,587,703 $190,159 $ 579 $ 281






iShares� MSCI Global Silver Miners ETF(Percentages shown are based on Net Assets)





InvestmentsAssets

Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 99,538,282 $ — $ — $ 99,538,282Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,587,703 — — 9,587,703

$109,125,985 $ — $ — $109,125,985



August 31, 2019

iShares� MSCI Global Silver Miners ETF


iSharesMSCI Global

AgricultureProducers

ETF

iSharesMSCI Global

EnergyProducers

ETF

iSharesMSCI GlobalGold Miners

ETF

iSharesMSCI Global

Metals &Mining

ProducersETF

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

Unaffiliated(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $25,427,773 $ 46,011,527 $324,548,984 $219,770,762Affiliated(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 348,494 883,619 10,343,320 3,727,909

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,508 827 525 —Foreign currency, at value(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,240 47,453 546,557 304,766Receivables:

Investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,881 276,107 — —Securities lending income — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 524 910 4,979 6,916Capital shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 1,000,567Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,784 318,529 397,247 1,365,129Tax reclaims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,927 2,282 — 42,816

Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,887,131 47,541,254 335,841,612 226,218,865

LIABILITIESBank overdraft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 6,967Collateral on securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 327,399 792,358 10,247,714 3,538,326Deferred foreign capital gain tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,851 — — —Payables:

Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 216,966 1,135,121Capital shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,881 — — —Investment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,935 15,557 92,873 67,776Foreign taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 536

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 352,066 807,915 10,557,553 4,748,726

NET ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $25,535,065 $ 46,733,339 $325,284,059 $221,470,139

NET ASSETS CONSIST OF:Paid-in capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $29,942,464 $ 57,238,558 $331,272,735 $317,893,721Accumulated loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,407,399) (10,505,219) (5,988,676) (96,423,582)

NET ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $25,535,065 $ 46,733,339 $325,284,059 $221,470,139

Shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 950,000 2,600,000 13,550,000 8,650,000

Net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 26.88 $ 17.97 $ 24.01 $ 25.60

Shares authorized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 million 500 million 500 million 500 million

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

(a) Securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 315,619 $ 742,055 $ 9,620,123 $ 3,414,751(b) Investments, at cost — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $26,611,292 $ 53,839,510 $276,213,811 $273,427,124(c) Investments, at cost — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 348,467 $ 883,583 $ 10,342,489 $ 3,726,719(d) Foreign currency, at cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25,456 $ 47,697 $ 546,583 $ 305,100


Statements of Assets and LiabilitiesAugust 31, 2019


iSharesMSCI GlobalSilver Miners

ETF

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

Unaffiliated(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 99,538,282Affiliated(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,587,703

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 324Foreign currency, at value(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,899Receivables:

Securities lending income — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,055Capital shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,021Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,680

Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,335,964

LIABILITIESCollateral on securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,549,026Payables:

Investment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,881

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,578,907

NET ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 99,757,057

NET ASSETS CONSIST OF:Paid-in capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $109,813,438Accumulated loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,056,381)

NET ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 99,757,057

Shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,200,000

Net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10.84

Shares authorized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 million

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

(a) Securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,739,119(b) Investments, at cost — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 86,389,000(c) Investments, at cost — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,585,696(d) Foreign currency, at cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 87,869


Statements of Assets and Liabilities (continued)

August 31, 2019

F I N A N C I A L S T A T E M E N T S 31

iSharesMSCI Global

AgricultureProducers

ETF

iSharesMSCI Global

EnergyProducers

ETF

iSharesMSCI GlobalGold Miners

ETF

iSharesMSCI Global

Metals &Mining

ProducersETF

INVESTMENT INCOMEDividends — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 724,752 $ 1,921,184 $ 3,067,183 $ 15,934,603Dividends — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 667 1,435 3,326 9,385Securities lending income — Affiliated — net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,695 5,650 76,041 149,231Foreign taxes withheld. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (58,992) (107,824) (121,003) (483,584)Other foreign taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — (494)

Total investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 682,122 1,820,445 3,025,547 15,609,141

EXPENSESInvestment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116,980 186,787 826,403 1,120,023Commitment fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 19 — 178Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 127 — 87

Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117,029 186,933 826,403 1,120,288

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 565,093 1,633,512 2,199,144 14,488,853

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

Investments — Unaffiliated(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,780,650) (998,814) (17,496,140) (13,289,261)Investments — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135 267 1,150 1,744In-kind redemptions — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,055,364 317,541 (8,809,976) (3,454,488)Foreign currency transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,598) (5,044) (14,751) (15,104)

Net realized loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (727,749) (686,050) (26,319,717) (16,757,109)

Net change in unrealized appreciation (depreciation) on:Investments — Unaffiliated(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,730,775) (10,616,163) 141,304,484 (31,007,566)Investments — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (38) (126) (1,259) (762)Foreign currency translations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 797 33 4,260 59,481

Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,730,016) (10,616,256) 141,307,485 (30,948,847)

Net realized and unrealized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,457,765) (11,302,306) 114,987,768 (47,705,956)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(1,892,672) $ (9,668,794) $117,186,912 $(33,217,103)

(a) Net of foreign capital gain tax of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 72 $ 1 $ — $ —(b) Net of deferred foreign capital gain tax of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 13,851 $ — $ — $ —


Statements of OperationsYear Ended August 31, 2019


iSharesMSCI GlobalSilver Miners

ETF

INVESTMENT INCOMEDividends — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 666,477Dividends — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 788Securities lending income — Affiliated — net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189,371Foreign taxes withheld. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (53,542)

Total investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 803,094

EXPENSESInvestment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228,064

Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228,064

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 575,030

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

Investments — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,726,846)Investments — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 579Foreign currency transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,416

Net realized loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,711,851)

Net change in unrealized appreciation (depreciation) on:Investments — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,278,264Investments — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 281Foreign currency translations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (184)

Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,278,361

Net realized and unrealized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,566,510

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $19,141,540


Statements of Operations (continued)

Year Ended August 31, 2019


iSharesMSCI Global Agriculture Producers

ETFiShares

MSCI Global Energy Producers 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 565,093 $ 580,997 $ 1,633,512 $ 1,091,652Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (727,749) 658,065 (686,050) 83,290Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,730,016) 1,441,579 (10,616,256) 6,714,181

Net increase (decrease) in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,892,672) 2,680,641 (9,668,794) 7,889,123

DISTRIBUTIONS TO SHAREHOLDERS(a)(b)

Decrease in net assets resulting from distributions to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (581,369) (539,577) (1,510,562) (1,078,574)

CAPITAL SHARE TRANSACTIONSNet increase (decrease) in net assets derived from capital share transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,512,108) 2,945,823 10,023,638 9,510,421

NET ASSETS(b)

Total increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,986,149) 5,086,887 (1,155,718) 16,320,970Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,521,214 28,434,327 47,889,057 31,568,087

End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $25,535,065 $33,521,214 $ 46,733,339 $47,889,057

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

to Note 12 for this prior year information.


Statements of Changes in Net Assets


iSharesMSCI Global Gold Miners ETF

iSharesMSCI Global Metals & Mining

Producers ETF

Year Ended08/31/19

Year Ended08/31/18

Year Ended08/31/19

Year Ended08/31/18


OPERATIONSNet investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,199,144 $ 1,843,233 $ 14,488,853 $ 15,533,636Net realized gain (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (26,319,717) 5,370,210 (16,757,109) 31,205,185Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141,307,485 (104,086,474) (30,948,847) (65,843,140)

Net increase (decrease) in net assets resulting from operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117,186,912 (96,873,031) (33,217,103) (19,104,319)


Decrease in net assets resulting from distributions to shareholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,150,687) (2,189,407) (16,052,832) (14,546,060)

CAPITAL SHARE TRANSACTIONSNet increase (decrease) in net assets derived from capital share transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (22,741,524) (59,194,873) (132,895,907) 90,027,203

NET ASSETS(b)

Total increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,294,701 (158,257,311) (182,165,842) 56,376,824Beginning of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232,989,358 391,246,669 403,635,981 347,259,157

End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $325,284,059 $ 232,989,358 $ 221,470,139 $403,635,981

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

to Note 12 for this prior year information.


Statements of Changes in Net Assets (continued)


iSharesMSCI Global Silver Miners ETF

Year Ended08/31/19

Year Ended08/31/18


OPERATIONSNet investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 575,030 $ 567,136Net realized loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,711,851) (3,089,345)Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,278,361 (15,232,129)

Net increase (decrease) in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,141,540 (17,754,338)


Decrease in net assets resulting from distributions to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (550,188) (528,302)

CAPITAL SHARE TRANSACTIONSNet increase in net assets derived from capital share transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,588,900 4,601,395

NET ASSETS(b)

Total increase (decrease) in net assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,180,252 (13,681,245)Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,576,805 64,258,050

End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $99,757,057 $ 50,576,805

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

changes. Refer to Note 12 for this prior year information.


Statements of Changes in Net Assets (continued)


iShares MSCI Global Agriculture Producers 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 29.15 $ 27.08 $ 24.31 $ 24.03 $ 27.29

Net investment income(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.53 0.53 0.45 0.54 0.50Net realized and unrealized gain (loss)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2.25) 2.03 2.81 0.27 (3.21)

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.72) 2.56 3.26 0.81 (2.71)

Distributions(c)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.55) (0.49) (0.49) (0.53) (0.55)

Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.55) (0.49) (0.49) (0.53) (0.55)

Net asset value, end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 26.88 $ 29.15 $ 27.08 $ 24.31 $ 24.03

Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5.88)% 9.49% 13.53% 3.55% (10.11)%

Ratios to Average Net AssetsTotal expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.39% 0.39% 0.39% 0.39% 0.39%

Total expenses after fees waived. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.39% 0.37% 0.37% 0.38% 0.38%

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.88% 1.84% 1.76% 2.38% 1.87%

Supplemental DataNet assets, end of year (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $25,535 $33,521 $28,434 $27,951 $27,640

Portfolio turnover rate(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13% 25% 16% 7% 10%

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

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


Financial Highlights(For a share outstanding throughout each period)

F I N A N C I A L H I G H L I G H T S 37

iShares MSCI Global Energy Producers ETF

Year Ended08/31/19

Year Ended08/31/18

Year Ended08/31/17

Year Ended08/31/16

Year Ended08/31/15


Net investment income(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.70 0.64 0.60 0.59 0.68Net realized and unrealized gain (loss)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4.90) 4.23 (0.16) 1.00 (10.61)


Distributions(c)




Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (18.56)% 26.48% 2.26% 9.31% (35.63)%








Financial Highlights (continued)

(For a share outstanding throughout each period)


iShares MSCI Global Gold Miners ETF

Year Ended08/31/19

Year Ended08/31/18

Year Ended08/31/17(a)




Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.18 0.10 0.06 0.02 0.14Net realized and unrealized gain (loss)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.59 (5.51) (1.04) 10.11 (11.42)

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.77 (5.41) (0.98) 10.13 (11.28)

Distributions(d)




Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68.13% (27.22)% (4.30)% 91.17% (50.16)%




Portfolio turnover rate(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15% 4% 26% 30% 20%

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

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





iShares MSCI Global Metals & Mining Producers ETF

Year Ended08/31/19

Year Ended08/31/18





Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.49 1.06 0.53 0.42 1.62Net realized and unrealized gain (loss)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5.13) (1.05) 10.26 0.41 (17.91)


Distributions(d)




Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12.16)% (0.10)% 50.55% 4.52% (41.94)%


Total expenses after fees waived. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.39% 0.39% 0.39% 0.39% 0.39%



Portfolio turnover rate(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14% 14% 12% 8% 17%

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

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





iShares MSCI Global Silver Miners ETF

Year Ended08/31/19

Year Ended08/31/18

Year Ended08/31/17

Year Ended08/31/16

Year Ended08/31/15


Net investment income(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.09 0.10 0.09 0.05 0.05Net realized and unrealized gain (loss)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.40 (3.05) (1.94) 7.44 (6.42)

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.49 (2.95) (1.85) 7.49 (6.37)

Distributions(c)




Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.89% (25.87)% (13.26)% 122.11% (50.51)%











1. ORGANIZATION

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

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

iShares ETFDiversificationClassification

MSCI Global Agriculture Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-diversifiedMSCI Global Energy Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-diversifiedMSCI Global Gold Miners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-diversifiedMSCI Global Metals & Mining Producers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-diversifiedMSCI Global Silver Miners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

Foreign CurrencyTranslation: The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assetsand liabilities denominated in non-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchasesand sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations arereflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currencygain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generallytreated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certainforeign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in whicheach Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source arepresented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividendsare presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in theirrespective net realized gain (loss) categories. Foreign taxes payable or deferred as of August 31, 2019, if any, are disclosed in the statement of assets and liabilities.

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

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

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.

Notes to Financial Statements


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

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

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

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

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

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

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

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges andmaintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government.The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S.exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securitieson loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fundor excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loanedsecurities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is requiredto return borrowed securities within the standard time period for settlement of securities transactions.

As of August 31, 2019, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market fundsmanaged by BlackRock Fund Advisors (“BFA”), the Funds' investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateralreceived cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in itsschedule of investments. The market value of any securities on loan as of August 31, 2019 and the value of the related cash collateral are disclosed in the statements ofassets and liabilities.

Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default(including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral.

Notes to Financial Statements (continued)

N O T E S T O F I N A N C I A L S T A T E M E N T S 43

In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The valueof the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcyor insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy orinsolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received inconnection with loaned securities.

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of August 31, 2019:

iShares ETF and CounterpartyMarket Value of

Securities on LoanCash Collateral

Received(a)Non-Cash Collateral

Received Net Amount

MSCI Global Agriculture ProducersBarclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22,064 $ 22,064 $ — $ —BofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,166 51,166 — —Citigroup Global Markets Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,608 10,608 — —Goldman Sachs & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,081 27,081 — —Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,672 54,672 — —SG Americas Securities LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,156 19,156 — —Wells Fargo Bank, National Association . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130,872 130,872 — —

$ 315,619 $ 315,619 $ — $ —

MSCI Global Energy ProducersBarclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,867 $ 10,867 $ — $ —Barclays Capital Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,316 12,316 — —BNP Paribas Prime Brokerage International Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,490 46,490 — —BNP Paribas Securities Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176,544 176,544 — —BofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,879 2,879 — —Citadel Clearing LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,254 62,254 — —Citigroup Global Markets Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,326 20,326 — —Credit Suisse Securities (USA) LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159,709 159,709 — —Goldman Sachs & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,621 87,621 — —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,826 83,826 — —Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,558 5,558 — —Morgan Stanley & Co. LLC (U.S. Equity Securities Lending). . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,213 10,213 — —Scotia Capital (USA) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 376 376 — —SG Americas Securities LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,263 37,263 — —UBS AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,885 5,885 — —Wells Fargo Bank, National Association . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,928 19,827 — (101)(b)

$ 742,055 $ 741,954 $ — $ (101)

MSCI Global Gold MinersCredit Suisse Securities (USA) LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 895,457 $ 895,457 $ — $ —Goldman Sachs & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,174,451 6,174,451 — —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,633,181 1,633,181 — —Morgan Stanley & Co. LLC (U.S. Equity Securities Lending). . . . . . . . . . . . . . . . . . . . . . . . . . . . 484,904 484,904 — —Wells Fargo Bank, National Association . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 432,130 432,130 — —

$ 9,620,123 $ 9,620,123 $ — $ —

MSCI Global Metals & Mining ProducersBMO Capital Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,780 $ 4,780 $ — $ —BNP Paribas Prime Brokerage International Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,428 8,428 — —BofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,102 82,102 — —Credit Suisse AG Dublin Branch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214,443 214,443 — —Credit Suisse Securities (USA) LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,326 9,326 — —Deutsche Bank Securities Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,040 16,040 — —HSBC Bank PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,179 34,179 — —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 283,780 283,780 — —Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,908,630 1,908,630 — —Scotia Capital (USA) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101,845 101,845 — —Wells Fargo Bank, National Association . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 751,198 749,303 — (1,895)(b)

$ 3,414,751 $ 3,412,856 $ — $ (1,895)



iShares ETF and CounterpartyMarket Value of

Securities on LoanCash Collateral

Received(a)Non-Cash Collateral

Received Net Amount

MSCI Global Silver MinersBarclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 129,921 $ 129,921 $ — $ —Barclays Capital Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207,932 207,932 — —BNP Paribas Prime Brokerage International Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700,707 700,707 — —BofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,239,903 1,239,903 — —Citigroup Global Markets Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 474,789 474,789 — —Credit Suisse Securities (USA) LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 501,885 501,885 — —Goldman Sachs & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,584 30,584 — —HSBC Bank PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,035 46,035 — —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,343,098 1,343,098 — —Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89,734 87,189 — (2,545)(b)

Morgan Stanley & Co. LLC (U.S. Equity Securities Lending). . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,053 37,053 — —Nomura Securities International Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93,295 93,295 — —Scotia Capital (USA) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,526,611 1,526,611 — —SG Americas Securities LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,111 7,111 — —State Street Bank & Trust Company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,285,525 2,285,525 — —UBS AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,936 24,936 — —

$ 8,739,119 $ 8,736,574 $ — $ (2,545)

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

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

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigatethese risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of thesecurities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if thevalue of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateralfalls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.39%, accrued daily and paid monthly by the Funds, based onthe average daily net assets of each Fund.

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees andexpenses”). For each of the iShares MSCI Global Agriculture Producers and iShares MSCI Global Metals & Mining Producers ETFs, BFA has contractually agreed to waivea portion of its investment advisory fee for each Fund through December 31, 2023 in an amount equal to the acquired fund fees and expenses, if any, attributable to eachFund’s investments in other iShares funds.

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees orexpenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company,N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operationalcosts directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a moneymarket fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateralinvestment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from thereinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion ofsecurities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

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

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 ActiShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending



agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securitieslending income plus the collateral investment fees.

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the year endedAugust 31, 2019, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETFFees Paid

to BTC

MSCI Global Agriculture Producers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,355MSCI Global Energy Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,328MSCI Global Gold Miners. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,720MSCI Global Metals & Mining Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,510MSCI Global Silver Miners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,114

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

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

For the year ended August 31, 2019, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF Purchases SalesNet Realized

Gain (Loss)

MSCI Global Agriculture Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,575,880 $ 867,013 $ (61,919)MSCI Global Energy Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,171 81,853 (71,303)MSCI Global Gold Miners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,044,297 3,977,647 (397,408)MSCI Global Metals & Mining Producers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 498,248 1,511,060 (506,268)MSCI Global Silver Miners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,072,546 14,244 (16,387)

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

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

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 Global Agriculture Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,004,518 $ 4,649,187MSCI Global Energy Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,735,014 2,835,557MSCI Global Gold Miners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,008,653 34,279,093MSCI Global Metals & Mining Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,791,035 62,729,363MSCI Global Silver Miners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,415,723 16,447,134

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

iShares ETFIn-kind

PurchasesIn-kindSales

MSCI Global Agriculture Producers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 4,887,392MSCI Global Energy Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,359,431 1,850,284MSCI Global Gold Miners. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,946,002 122,823,696MSCI Global Metals & Mining Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,594,844 174,810,255MSCI Global Silver Miners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,484,078 —



7. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company's other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investmentcompany by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, asamended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieveit from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2019, inclusive of the open tax return years, and does not believethat there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications haveno effect on net assets or NAV per share. As of August 31, 2019, the following permanent differences attributable to realized gains (losses) from in-kind redemptions wasreclassified to the following accounts:

iShares ETF Paid-in CapitalAccumulated

Loss

MSCI Global Agriculture Producers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 880,063 $ (880,063)MSCI Global Energy Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201,913 (201,913)MSCI Global Gold Miners. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13,354,655) 13,354,655MSCI Global Metals & Mining Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,228,371) 8,228,371

The tax character of distributions paid was as follows:

iShares ETFYear Ended

08/31/19Year Ended

08/31/18

MSCI Global Agriculture ProducersOrdinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 581,369 $ 539,577

MSCI Global Energy ProducersOrdinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,510,562 $ 1,078,574

MSCI Global Gold MinersOrdinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,150,687 $ 2,189,407

MSCI Global Metals & Mining ProducersOrdinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $16,052,832 $14,546,060

MSCI Global Silver MinersOrdinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 550,188 $ 528,302

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

iShares ETFUndistributed

Ordinary Income

Non-expiringCapital Loss

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

MSCI Global Agriculture Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 101,762 $ (2,807,927) $ (1,701,234) $ (4,407,399)MSCI Global Energy Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,293,324 (2,230,448) (9,568,095) (10,505,219)MSCI Global Gold Miners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193,361 (43,645,352) 37,463,315 (5,988,676)MSCI Global Metals & Mining Producers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,116,937 (38,149,859) (60,390,660) (96,423,582)MSCI Global Silver Miners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,939,581 (17,475,006) 5,479,044 (10,056,381)

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

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

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 Global Agriculture Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 27,463,271 $ 2,995,165 $ (4,682,169) $ (1,687,004)MSCI Global Energy Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,462,607 1,941,974 (11,509,435) (9,567,461)MSCI Global Gold Miners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 297,429,417 47,406,546 (9,943,659) 37,462,887MSCI Global Metals & Mining Producers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 283,886,648 11,057,367 (71,445,344) (60,387,977)MSCI Global Silver Miners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103,647,021 12,427,669 (6,948,705) 5,478,964

8. LINE OFCREDIT

The iShares MSCI Global Agriculture Producers, iShares MSCI Global Energy Producers and iShares MSCI Global Metals & Mining Producers ETFs, along with certainother iShares funds, are parties to a $300 million credit agreement with State Street Bank and Trust Company, which expires on October 23, 2019. The line of credit maybe used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the followingterms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR (not lessthan zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is allocatedto each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certainforeign markets.

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

The iShares MSCI Global Agriculture Producers ETF did not borrow under the credit agreement during the year ended August 31, 2019.

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

iShares ETF

MaximumAmount

BorrowedAverage

Borrowing

WeightedAverage

Interest Rates

MSCI Global Energy Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 267,000 $ 3,658 3.43%MSCI Global Metals & Mining Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149,600 2,459 3.48

9. PRINCIPAL RISKS

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

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

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

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



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

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

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

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

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

Year Ended08/31/19

Year Ended08/31/18

iShares ETF Shares Amount Shares Amount

MSCI Global Agriculture ProducersShares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — $ 359 150,000 $ 4,376,651Shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (200,000) (5,512,467) (50,000) (1,430,828)

Net increase(decrease) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (200,000) $ (5,512,108) 100,000 $ 2,945,823

MSCI Global Energy ProducersShares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600,000 $ 11,989,843 500,000 $ 11,572,019Shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (100,000) (1,966,205) (100,000) (2,061,598)

Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500,000 $ 10,023,638 400,000 $ 9,510,421

MSCI Global Gold MinersShares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,300,000 $ 103,615,697 4,250,000 $ 76,199,350Shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,900,000) (126,357,221) (7,700,000) (135,394,223)

Net decrease . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,600,000) $ (22,741,524) (3,450,000) $ (59,194,873)

MSCI Global Metals & Mining ProducersShares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,600,000 $ 74,143,858 9,100,000 $ 313,480,901Shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,000,000) (207,039,765) (6,950,000) (223,453,698)

Net increase(decrease) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,400,000) $(132,895,907) 2,150,000 $ 90,027,203

MSCI Global Silver MinersShares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200,000 $ 30,588,900 900,000 $ 9,366,685Shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (500,000) (4,765,290)

Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200,000 $ 30,588,900 400,000 $ 4,601,395

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

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



11. LEGAL PROCEEDINGS

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

12. REGULATION S-X AMENDMENTS

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

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

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

iShares ETFNet

Investment Income

MSCI Global Agriculture Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 539,577MSCI Global Energy Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,078,574MSCI Global Gold Miners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,189,407MSCI Global Metals & Mining Producers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,546,060MSCI Global Silver Miners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 528,302

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 Global Agriculture Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 107,413MSCI Global Energy Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 267,105MSCI Global Gold Miners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159,655MSCI Global Metals & Mining Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,206,084MSCI Global Silver Miners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (266,371)

13. SUBSEQUENT EVENTS

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



To the Board of Directors of iShares, Inc. andShareholders of iShares MSCI Global Agriculture Producers ETF,iShares MSCI Global Energy Producers ETF, iShares MSCI Global Gold Miners ETF,iShares MSCI Global Metals & Mining Producers ETF andiShares MSCI Global Silver Miners ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares MSCI Global Agriculture Producers ETF, iSharesMSCI Global Energy Producers ETF, iShares MSCI Global Gold Miners ETF, iShares MSCI Global Metals & Mining Producers ETF and iShares MSCI Global Silver MinersETF (five of the funds constituting iShares, Inc., hereafter collectively referred to as the "Funds") as of August 31, 2019, the related statements of operations for the yearended August 31, 2019, the statements of changes in net assets for each of the two years in the period ended August 31, 2019, including the related notes, and the financialhighlights for each of the five years in the period endedAugust 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements presentfairly, in all material respects, the financial position of each of the Funds as of August 31, 2019, the results of each of their operations for the year then ended, the changesin each of their net assets for each of the two years in the period ended August 31, 2019 and each of the financial highlights for each of the five years in the period endedAugust 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

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

/s/PricewaterhouseCoopers LLPPhiladelphia, PennsylvaniaOctober 22, 2019

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

Report of Independent Registered Public Accounting Firm

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 51

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

iShares ETFDividends-Received

Deduction

MSCI Global Agriculture Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44.73%MSCI Global Energy Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.93%MSCI Global Gold Miners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57.11%MSCI Global Metals & Mining Producers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.02%

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 Global Agriculture Producers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 627,748MSCI Global Energy Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,853,128MSCI Global Gold Miners. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,507,914MSCI Global Metals & Mining Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,344,824MSCI Global Silver Miners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 662,804

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 Global Agriculture Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 475,287 $ 53,556MSCI Global Energy Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,216,009 102,502MSCI Global Gold Miners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,756,810 98,491MSCI Global Metals & Mining Producers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,180,139 449,400MSCI Global Silver Miners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 653,945 42,896

Important Tax Information (unaudited)


iShares MSCI Global Agriculture Producers ETF, iShares MSCI Global Energy Producers ETF, iShares MSCI Global Gold Miners ETF, iShares MSCI Global Metals& Mining Producers ETF and iShares MSCI Global Silver Miners ETF (the “Funds”)

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

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

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

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

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

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

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

Costs of Services Provided to the Funds and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRockin managing the Funds, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to 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 53

and its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iSharesfunds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board recognized thatprofitability may be affected by numerous factors including, among other things, fee waivers by the Adviser, the types of funds managed, expense allocations and businessmix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillaryrevenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Funds. The Board also discussed BFA’s estimated profitmargin as reflected in the Funds’ profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

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

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Funds increase, notingthat the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c)Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providingservices, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, andshowed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scaleare difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds throughvarious means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additionalinvestment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted thattheAdvisory Contract for the Funds did not provide for breakpoints in the Funds' investment advisory fee rate as the assets of the Funds 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 objectives and strategies as the Funds and that track the same indexes. The Board furthernoted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Funds, including in terms of the types of servicesand generally more extensive services provided to the Funds, as well as other significant differences. In that regard, the Board considered that the pricing of services toinstitutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overallrelationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challengesof managing and providing other services to the Funds, as a publicly traded ETFs, as compared to the Other Accounts, particularly those that are institutional clients, in lightof differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for clientsegmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board alsoconsidered the “all-inclusive” nature of the Funds’ advisory fee structure, and the Funds’ expenses borne by BFA under this arrangement. The Board noted that theinvestment advisory fee rates under the Advisory Contract for the Funds was generally higher than the investment advisory/management fee rates for certain of the OtherAccounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

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

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of theIndependent Directors, determined that the Funds’ investment advisory fee rates under the Advisory Contract do not constitute fees that are so disproportionately large asto bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuanceof the Advisory Contract for the coming year.

Board Review and Approval of Investment Advisory Contract (continued)


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 Global Energy Producers . . . . . . . . . . . . . . . . . . . . $ 0.629401 $ — $ — $ 0.629401 100% —% —% 100%MSCI Global Metals & Mining Producers . . . . . . . . . . . 1.693584 — — 1.693584 100 — — 100MSCI Global Silver Miners(a) . . . . . . . . . . . . . . . . . . . . . . . 0.076962 — 0.007875 0.084837 91 — 9 100

(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.

iShares MSCI Global Agriculture Producers ETFPeriod Covered: January 01, 2014 through June 30, 2019

Premium/Discount RangeNumberof Days

Percentage ofTotal Days

Greater than 1.0% and Less than 1.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 0.72%Greater than 0.5% and Less than 1.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181 13.10Greater than 0.0% and Less than 0.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 405 29.31At NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 0.87Less than 0.0% and Greater than –0.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 646 46.73Less than –0.5% and Greater than –1.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121 8.76Less than –1.0% and Greater than –1.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 0.51

1,382 100.00%

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 55

iShares MSCI Global Energy Producers ETFPeriod Covered: January 01, 2014 through June 30, 2019



Greater than 6.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07%Greater than 2.5% and Less than 3.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0.22Greater than 2.0% and Less than 2.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 0.65Greater than 1.5% and Less than 2.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 1.30Greater than 1.0% and Less than 1.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 4.85Greater than 0.5% and Less than 1.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 264 19.10Greater than 0.0% and Less than 0.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 426 30.82At NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 1.16Less than 0.0% and Greater than –0.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 517 37.42Less than –0.5% and Greater than –1.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 4.34Less than –1.0% and Greater than –1.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07

1,382 100.00%

iShares MSCI Global Gold Miners ETFPeriod Covered: January 01, 2014 through June 30, 2019



Greater than 3.5% and Less than 4.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14%Greater than 3.0% and Less than 3.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Greater than 2.5% and Less than 3.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 0.29Greater than 2.0% and Less than 2.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14Greater than 1.5% and Less than 2.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 0.65Greater than 1.0% and Less than 1.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 2.03Greater than 0.5% and Less than 1.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178 12.88Greater than 0.0% and Less than 0.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 568 41.11At NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 1.74Less than 0.0% and Greater than –0.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 448 32.42Less than –0.5% and Greater than –1.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86 6.22Less than –1.0% and Greater than –1.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 1.52Less than –1.5% and Greater than –2.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0.22Less than –2.0% and Greater than –2.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 0.36Less than –2.5% and Greater than –3.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Less than –6.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0.14

1,382 100.00%

iShares MSCI Global Metals & Mining Producers ETFPeriod Covered: January 01, 2014 through June 30, 2019



Greater than 2.5% and Less than 3.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07%Greater than 2.0% and Less than 2.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 0.51Greater than 1.5% and Less than 2.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 2.53Greater than 1.0% and Less than 1.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129 9.33Greater than 0.5% and Less than 1.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 291 21.06Greater than 0.0% and Less than 0.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 464 33.58At NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 0.87Less than 0.0% and Greater than –0.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 318 23.01Less than –0.5% and Greater than –1.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91 6.58Less than –1.0% and Greater than –1.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 1.37Less than –1.5% and Greater than –2.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 0.80Less than –3.0% and Greater than –3.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Less than –6.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0.22

1,382 100.00%

Supplemental Information (unaudited) (continued)


iShares MSCI Global Silver Miners ETFPeriod Covered: January 01, 2014 through June 30, 2019



Greater than 3.5% and Less than 4.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07%Greater than 3.0% and Less than 3.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Greater than 2.5% and Less than 3.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 0.43Greater than 2.0% and Less than 2.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 1.66Greater than 1.5% and Less than 2.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 2.03Greater than 1.0% and Less than 1.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 6.66Greater than 0.5% and Less than 1.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 305 22.07Greater than 0.0% and Less than 0.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 507 36.70At NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 0.65Less than 0.0% and Greater than –0.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 328 23.74Less than –0.5% and Greater than –1.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 3.98Less than –1.0% and Greater than –1.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 1.37Less than –1.5% and Greater than –2.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 0.36Less than –2.0% and Greater than –2.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Less than –2.5% and Greater than –3.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Less than –3.0% and Greater than –3.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07

1,382 100.00%

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S U P P L E M E N T A L I N F O R M A T I O N 57

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

The registered investment companies advised by BFAor its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, indexand money market funds (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (the “BlackRockFixed-Income Complex”) and one complex of ETFs ("Exchange-Traded Fund Complex") (each, a "BlackRock Fund Complex"). Each Fund is included in the BlackRockFund Complex referred to as the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and,as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 352 funds as of August 31, 2019. With the exception of Robert S. Kapito,Mark K. Wiedman, Charles Park, Martin Small, Benjamin Archibald and Neal J. Andrews, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street,San Francisco, CA 94105. The address of Mr. Kapito, Mr. Wiedman, Mr. Park, Mr. Small, Mr. Archibald and Mr. Andrews is c/o BlackRock, Inc., Park Avenue Plaza, 55 East52nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Directors andofficers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares(1-800-474-2737).

Interested Directors

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

Robert S.Kapito(a) (62)

Director (since2009).

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

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

Mark K.Wiedman(b)

(48)

Director (since2013).

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

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

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

Independent Directors


Cecilia H.Herbert (70)

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

Chair of the Finance Committee (since 2019) and Trustee and Member of theFinance, Technology and Quality Committees of Stanford Health Care (since 2016);Member of the Audit Committee (since 2018) and Trustee and Member of theInvestment Committee, WNET, a New York public media company (since 2011);Chair (1994-2005) and Member (since 1992) of the Investment Committee,Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios)(2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director(1998-2013) and President (2007-2011) of the Board of Directors, Catholic CharitiesCYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee(2006-2010) of the Thacher School.

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

Jane D.Carlin (63)

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

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

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

Richard L.Fagnani (64)

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

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

Director and Officer Information


Independent Directors (continued)


John E.Kerrigan (64)

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

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

Drew E.Lawton (60)

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

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

John E.Martinez (58)

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

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

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

Madhav V.Rajan (55)

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

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

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

Officers(a)

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

MartinSmall (44)

President (since2016).

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

Neal J.Andrews (53)

Treasurer andChief FinancialOfficer (since2019).

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

CharlesPark (52)

Chief ComplianceOfficer (since2006).

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

DeepaDamre (44)

Secretary (since2019).

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

ScottRadell (50)

Executive VicePresident (since2012).

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

AlanMason (58)

Executive VicePresident (since2016).

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

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

Director and Officer Information (continued)

D I R E C T O R A N D O F F I C E R I N F O R M A T I O N 59

Electronic Delivery

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

To enroll in electronic delivery:

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

General Information


Portfolio Abbreviations - Equity

ADR American Depositary Receipt

GDR Global Depositary Receipt

NVDR Non-Voting Depositary Receipt

NVS Non-Voting Shares

Glossary of Terms Used in this Report

G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T 61

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

Investing involves risk, including possible loss of principal.

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

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

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

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

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