2021 Semi-Annual Report (Unaudited)

FEBRUARY 28, 2021

iShares Trust • iShares MSCI India ETF | INDA | Cboe BZX • iShares MSCI India Small-Cap ETF | SMIN | Cboe BZX The Markets in Review

Dear Shareholder, The 12-month reporting period as of February 28, 2021 reflected a remarkable period of disruption and adaptation, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. As the period began, the threat from the virus was becoming increasingly apparent, and countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemploy- ment claims spiked, causing a global recession and a sharp fall in equity prices. After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving Rob Kapito economic indicators. Many equity indices neared or surpassed all-time highs late in the reporting period President, BlackRock, Inc. following the implementation of mass vaccination campaigns and progress of additional stimulus through the U.S. Congress. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and emerging markets re- Total Returns as of February 28, 2021 bounded substantially from lows in late March 2020. 6-Month 12-Month During the market downturn, the performance of different types of fixed-income securities initially U.S. large cap equities diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environ- 9.74% 31.29% ment, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) dropped to historic (S&P 500 Index) lows. However, inflation risk from a rapidly expanding economy raised yields late in the reporting period, U.S. small cap equities 41.69 51.00 leading to a negative overall return for most U.S. Treasuries. In the corporate bond market, support from (Russell 2000 Index) the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns. International equities (MSCI Europe, Australasia, 14.33 22.46 Following the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing Far East Index) short-term interest rates, already low as the year began, close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, Emerging market equities including the European Central Bank and the Bank of Japan. (MSCI Emerging Markets 22.32 36.05 Index) Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and 3-month Treasury bills pent-up consumer demand leads to higher spending. In early 2021, Congress passed one of the largest (ICE BofA 3-Month 0.06 0.40 economic rescue packages in U.S. history, which should provide a solid tailwind for economic growth. U.S. Treasury Bill Index) Inflation is likely to increase somewhat as the expansion continues, but a shift in central bank policy means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the U.S. Treasury securities (ICE BofA 10-Year (6.34) (1.96) equity expansion. U.S. Treasury Index) Overall, we favor a positive stance toward risk, with an overweight in equities. We see U.S. and Asian equities outside of Japan benefiting from structural growth trends in tech, while emerging markets should U.S. investment grade bonds be particularly helped by a vaccine-led economic expansion. While we are neutral overall on credit, rising (Bloomberg Barclays (1.55) 1.38 inflation should provide tailwinds for inflation-protected bonds, and global high-yield and Asian bonds also U.S. Aggregate Bond Index) present attractive opportunities. We believe that international diversification and a focus on sustainability Tax-exempt municipal bonds 0.92 1.22 can help provide portfolio resilience, and the disruption created by the coronavirus appears to be (S&P Municipal Bond Index) accelerating the shift toward sustainable investments. U.S. high yield bonds In this environment, our view is that investors need to think globally, extend their scope across a broad (Bloomberg Barclays 6.08 9.31 array of asset classes, and be nimble as market conditions change. We encourage you to talk with your U.S. Corporate High Yield 2% financial advisor and visit iShares.com for further insight about investing in today’s markets. Issuer Capped Index)

Sincerely, Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

Rob Kapito President, BlackRock, Inc.

2 T H I S P A G E I S NO T P ART O F Y OUR F U ND R E P O RT Table of Contents

Page The Markets in Review ...... 2 Fund Summary ...... 4 About Fund Performance ...... 6 Shareholder Expenses ...... 6 Consolidated Schedules of Investments ...... 7 Consolidated Financial Statements Consolidated Statements of Assets and Liabilities ...... 15 Consolidated Statements of Operations ...... 16 Consolidated Statements of Changes in Net Assets ...... 17 Consolidated Financial Highlights ...... 18 Notes to Consolidated Financial Statements ...... 20 Statement Regarding Liquidity Risk Management Program ...... 26 Supplemental Information ...... 27 General Information ...... 28 Glossary of Terms Used in this Report ...... 29 Fund Summary as of February 28, 2021 iShares MSCI India ETF

Investment Objective

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

Performance

Average Annual Total Returns Cumulative Total Returns Since Since 6 Months 1 Year 5 Years Inception 1 Year 5 Years Inception Fund NAV...... 22.30% 26.89% 12.29% 6.14% 26.89% 78.53% 71.67% Fund Market ...... 23.06 27.59 12.27 6.20 27.59 78.37 72.63 Index ...... 25.18 29.10 13.44 6.99 29.1087.84 84.73

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 6 for more information.

Expense Example

Actual Hypothetical 5% Return Beginning Ending Expenses Beginning Ending Expenses Annualized Account Value Account Value Paid During Account Value Account Value Paid During Expense (09/01/20) (02/28/21) the Period (a) (09/01/20) (02/28/21) the Period (a) Ratio $ 1,000.00 $ 1,223.00 $ 3.69 $ 1,000.00 $ 1,021.50 $ 3.36 0.67%

(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 6 for more information. Portfolio Information

ALLOCATION BY SECTOR TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Financials ...... 27.2% Reliance Industries Ltd...... 10.6% Information Technology ...... 16.5 Housing Development Finance Corp. Ltd...... 7.8 Energy ...... 13.0 Infosys Ltd...... 7.6 Consumer Staples ...... 9.3 ICICI Bank Ltd...... 5.5 Materials ...... 9.2 Tata Consultancy Services Ltd...... 4.9 Consumer Discretionary ...... 8.7 Hindustan Unilever Ltd...... 3.1 Health Care ...... 5.3 Axis Bank Ltd...... 2.9 Communication Services...... 3.7 Bajaj Finance Ltd...... 2.6 Industrials ...... 3.6 Bharti Airtel Ltd...... 2.4 Utilities...... 3.2 Larsen & Toubro Ltd...... 1.8 Real Estate...... 0.3

(a) Excludes money market funds.

4 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Fund Summary as of February 28, 2021 iShares MSCI India Small-Cap ETF

Investment Objective

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

Performance

Average Annual Total Returns Cumulative Total Returns Since Since 6 Months 1 Year 5 Years Inception 1 Year 5 Years Inception Fund NAV...... 36.79%(a) 34.78% 14.06% 8.55% 34.78% 93.01% 110.25% Fund Market ...... 36.84 36.12 14.268.55 36.12 94.76 110.32 Index ...... 40.03 38.44 15.53 9.55 38.44 105.79 128.49

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

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

(a) The NAV total return presented in the table for the six-months period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. 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 redemption or sale of fund shares. See “About Fund Performance” on page 6 for more information.

Expense Example

ALLOCATION BY SECTOR TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Financials ...... 20.3% Voltas Ltd...... 1.8% Industrials ...... 17.8 Cholamandalam Investment and Finance Co. Ltd...... 1.8 Materials ...... 16.6 Crompton Greaves Consumer Electricals Ltd...... 1.5 Consumer Discretionary ...... 12.4 Max Financial Services Ltd...... 1.5 Health Care ...... 9.7 Ashok Leyland Ltd...... 1.4 Information Technology ...... 6.5 Sundaram Finance Ltd...... 1.4 Utilities...... 5.6 SRF Ltd...... 1.3 Consumer Staples ...... 3.8 Astral Poly Technik Ltd...... 1.2 Real Estate...... 3.6 IDFC First Bank Ltd...... 1.2 Communication Services...... 2.8 Adani Total Gas Ltd...... 1.2 Energy ...... 0.9

(a) Excludes money market funds.

F U ND S U MMARY 5 About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of 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 with changes 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 may reflect 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. Beginning August 10, 2020, the price used to calculate market return ("Market Price") is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are 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 the period 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 does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable 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) ongoing costs, 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 (or from 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 and cents) 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 fee waivers, 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 value divided 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 your Fund’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 your Fund 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 commissions and other fees paid 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 relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

6 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Consolidated Schedule of Investments (unaudited) iShares MSCI India ETF February 28, 2021 (Percentages shown are based on Net Assets)

Security s Value Security s Value Common Stocks Diversified Financial Services (continued) REC Ltd...... 5,974,855 $ 11,017,117 Airlines — 0.3% InterGlobe Aviation Ltd.(a)(b) ...... 646,750 $ 14,257,368 28,002,420 Diversified Telecommunication Services — 0.3% Auto Components — 1.3% Indus Towers Ltd...... 4,529,544 15,890,541 Balkrishna Industries Ltd...... 584,856 12,399,886 Bharat Forge Ltd...... 1,564,791 12,990,417 Electric Utilities — 0.8% Motherson Sumi Systems Ltd...... 8,491,879 24,729,701 Power Grid Corp. of India Ltd...... 14,076,940 41,051,755 MRF Ltd...... 12,831 14,753,974 Electrical Equipment — 0.4% 64,873,978 Havells India Ltd...... 1,473,049 22,161,384 Automobiles — 5.6% Bajaj Auto Ltd...... 467,312 24,157,013 Food & Staples Retailing — 0.9% (a)(b) Eicher Motors Ltd...... 918,528 31,231,327 Avenue Supermarts Ltd...... 1,091,975 44,493,319 Hero MotoCorp Ltd...... 806,074 35,364,803 Food Products — 2.3% Mahindra & Mahindra Ltd...... 5,433,144 59,621,519 Britannia Industries Ltd...... 728,715 33,356,672 Maruti Suzuki India Ltd...... 914,093 85,409,263 (b) Nestle India Ltd...... 226,872 49,710,855 Tata Motors Ltd...... 11,438,819 50,271,029 Tata Consumer Products Ltd...... 4,027,450 33,385,333 286,054,954 116,452,860 Banks — 12.1% Gas Utilities — 0.7% Axis Bank Ltd.(b) ...... 15,247,535 150,390,057 (a)(b) GAIL India Ltd...... 10,630,227 20,512,570 Bandhan Bank Ltd...... 4,871,967 22,889,659 Indraprastha Gas Ltd...... 2,117,758 14,177,465 ICICI Bank Ltd.(b) ...... 34,326,346 279,221,247 Kotak Mahindra Bank Ltd.(b) ...... 3,726,850 90,291,861 34,690,035 State Bank of India(b)...... 12,000,108 63,711,535 Health Care Providers & Services — 0.5% Yes Bank Ltd.(b)...... 67,378,074 14,441,106 Apollo Hospitals Enterprise Ltd...... 607,974 25,305,568 620,945,465 Hotels, Restaurants & Leisure — 0.4% Beverages — 0.3% Jubilant Foodworks Ltd...... 532,340 21,695,653 United Spirits Ltd.(b) ...... 1,954,089 14,229,204 Household Products — 3.1% Biotechnology — 0.3% Hindustan Unilever Ltd...... 5,528,658 160,405,189 Biocon Ltd.(b) ...... 2,823,678 14,993,525 Independent Power and Renewable Electricity Producers — 1.7% Capital Markets — 0.3% Adani Green Energy Ltd.(b) ...... 2,628,733 41,490,590 HDFC Asset Management Co. Ltd.(a) ...... 357,887 14,303,791 NTPC Ltd...... 29,934,686 43,709,489

Chemicals — 3.1% 85,200,079 Asian Paints Ltd...... 2,580,065 79,952,698 Industrial Conglomerates — 0.2% Berger Paints India Ltd...... 1,632,388 15,102,116 Siemens Ltd...... 478,842 12,054,946 PI Industries Ltd...... 560,987 16,620,056 Insurance — 3.2% Pidilite Industries Ltd...... 1,024,858 23,513,089 Bajaj Finserv Ltd...... 256,898 33,730,776 UPL Ltd...... 3,340,934 25,530,400 HDFC Life Insurance Co. Ltd.(a)(b) ...... 5,433,444 51,805,709 160,718,359 ICICI Lombard General Insurance Co. Ltd.(a)(b) ...... 1,497,359 29,056,732 Construction & Engineering — 1.8% ICICI Prudential Life Insurance Co. Ltd.(a)(b) ...... 2,413,409 15,158,317 Larsen & Toubro Ltd...... 4,626,030 90,808,305 SBI Life Insurance Co. Ltd.(a)(b) ...... 2,691,013 31,745,787

Construction Materials — 3.0% 161,497,321 ACC Ltd...... 505,001 11,910,835 Interactive Media & Services — 0.6% Ambuja Cements Ltd...... 4,672,352 17,389,784 Info Edge India Ltd...... 475,462 31,770,903 Grasim Industries Ltd...... 1,995,083 32,601,152 IT Services — 16.5% Shree Cement Ltd...... 72,817 26,260,792 HCL Technologies Ltd...... 7,301,539 90,363,811 UltraTech Cement Ltd...... 777,511 64,700,004 Infosys Ltd...... 22,909,433 390,724,534 152,862,567 Larsen & Toubro Infotech Ltd.(a) ...... 352,148 17,250,867 Consumer Finance — 3.3% Tata Consultancy Services Ltd...... 6,308,482 248,467,571 Bajaj Finance Ltd...... 1,823,562 130,650,767 Tech Mahindra Ltd...... 4,225,859 52,839,770 Muthoot Finance Ltd...... 809,129 14,310,743 Wipro Ltd...... 7,684,892 42,908,229 Shriram Transport Finance Co. Ltd...... 1,277,050 22,295,588 842,554,782 167,257,098 Life Sciences Tools & Services — 0.8% Diversified Financial Services — 0.5% Divi's Laboratories Ltd...... 892,609 40,850,967 Piramal Enterprises Ltd...... 682,337 16,985,303 Media — 0.3% Zee Entertainment Enterprises Ltd...... 5,811,761 15,896,631

C O N SOLIDATED S C HEDU LE O F I N VES TMENTS 7 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI India ETF February 28, 2021 (Percentages shown are based on Net Assets)

Security s Value Security s Value

Metals & Mining — 3.1% Textiles, Apparel & Luxury Goods — 1.2% Hindalco Industries Ltd...... 10,572,218 $ 48,951,448 Page Industries Ltd...... 37,494 $ 14,329,229 JSW Steel Ltd...... 5,688,308 30,610,892 Titan Co. Ltd...... 2,387,449 45,708,675 Tata Steel Ltd...... 4,544,065 44,222,469 60,037,904 Vedanta Ltd...... 12,503,822 35,273,080 Thrifts & Mortgage Finance — 7.8% 159,057,889 Housing Development Finance Corp. Ltd...... 11,488,736 397,012,944 Multiline Retail — 0.3% Trent Ltd...... 1,218,878 13,412,883 Tobacco — 1.1% ITC Ltd...... 19,854,547 55,077,219 Oil, Gas & Consumable Fuels — 13.0% Bharat Petroleum Corp. Ltd...... 4,376,260 26,789,965 Transportation Infrastructure — 0.6% Coal India Ltd...... 8,346,535 17,287,101 Adani Ports & Special Economic Zone Ltd...... 3,414,888 31,409,441 Hindustan Petroleum Corp. Ltd...... 4,610,126 15,210,247 Wireless Telecommunication Services — 2.4% Indian Oil Corp. Ltd...... 12,660,898 16,893,258 Bharti Airtel Ltd...... 16,505,074 124,947,577 Oil & Natural Gas Corp. Ltd...... 16,969,413 25,632,508 Petronet LNG Ltd...... 5,042,282 17,507,495 Total Common Stocks — 100.1% Reliance Industries Ltd...... 19,183,608 544,507,989 (Cost: $3,388,007,779)...... 5,115,672,529 663,828,563 Personal Products — 1.7% Short-Term Investments Colgate-Palmolive India Ltd...... 822,857 17,705,675 Money Market Funds — 0.1% Dabur India Ltd...... 3,564,733 24,405,214 BlackRock Cash Funds: Treasury, SL Agency Shares, Godrej Consumer Products Ltd...... 2,749,687 25,683,951 0.00%(c)(d) ...... 2,360,000 2,360,000 Marico Ltd...... 3,472,443 18,785,735 86,580,575 Total Short-Term Investments — 0.1% Pharmaceuticals — 3.7% (Cost: $2,360,000)...... 2,360,000 Aurobindo Pharma Ltd...... 1,969,645 22,922,234 Total Investments in Securities — 100.2% Cipla Ltd...... 2,982,507 31,943,691 (Cost: $3,390,367,779)...... 5,118,032,529 Dr. Reddy's Laboratories Ltd...... 782,513 47,136,598 Ipca Laboratories Ltd...... 468,967 11,803,469 Other Assets, Less Liabilities — (0.2)%...... (9,340,755) Lupin Ltd...... 1,524,795 21,130,503 Net Assets — 100.0% ...... $ 5,108,691,774 Sun Pharmaceutical Industries Ltd...... 5,647,253 45,694,450 Torrent Pharmaceuticals Ltd...... 341,306 11,277,937 (a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from 191,908,882 registration to qualified institutional investors. Real Estate Management & Development — 0.3% (b) Non-income producing security. DLF Ltd...... 4,160,406 17,126,255 (c) Affiliate of the Fund. (d) Annualized 7-day yield as of period-end. Road & Rail — 0.3% Container Corp. of India Ltd...... 1,843,340 13,993,430

Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 02/28/21 02/28/21 Income Funds BlackRock Cash Funds: Treasury, SL Agency Shares . .... $ — $2,360,000(a) $ — $ — $ — $2,360,000 2,360,000 $ 8,252 $ —

(a) Represents net amount purchased (sold).

8 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI India ETF February 28, 2021

Futures Contracts

Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts MSCI India NTR Index...... 58 03/19/21 $ 4,769 $ (253,618)

Derivative Financial Instruments Categorized by Risk Exposure As of February 28, 2021, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

Equity Contracts Liabilities — Derivative Financial Instruments Futures contracts Unrealized depreciation on futures contracts(a) ...... $253,618

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

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

Equity Contracts Net Realized Gain (Loss) from: Futures contracts...... $ 2,328,785 Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts...... $(1,246,400)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: Average notional value of contracts — long ...... $4,983,558 For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

Fair Value Measurements Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements. The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund's investments into major categories is disclosed in the Consolidated Schedule of Investments above.

Level 1 Level 2 Level 3 Total Investments Assets Common Stocks...... $5,115,672,529 $ — $ — $5,115,672,529 Money Market Funds ...... 2,360,000 — — 2,360,000 $5,118,032,529 $ — $ — $5,118,032,529 Derivative financial instruments(a) Liabilities Futures Contracts ...... $ (253,618) $ — $ — $ (253,618)

(a) Shown at the unrealized appreciation (depreciation) on the contracts. See notes to consolidated financial statements.

C O N SOLIDATED S C HEDU LE O F I N VES TMENTS 9 Consolidated Schedule of Investments (unaudited) iShares MSCI India Small-Cap ETF February 28, 2021 (Percentages shown are based on Net Assets)

Security s Value Securitys Value Common Stocks Chemicals (continued) Bayer CropScience Ltd./India ...... 17,960 $ 1,256,760 Air Freight & Logistics — 0.2% Castrol India Ltd...... 631,791 1,115,102 Blue Dart Express Ltd.(a) ...... 7,611 $ 486,344 Chambal Fertilizers and Chemicals Ltd...... 266,750 886,807 Airlines — 0.1% Coromandel International Ltd...... 162,966 1,710,605 SpiceJet Ltd.(a) ...... 337,269 379,333 Deepak Nitrite Ltd...... 108,628 2,023,185 EID Parry India Ltd.(a) ...... 111,931 484,067 Auto Components — 3.9% Fine Organic Industries Ltd...... 12,306 390,012 Apollo Tyres Ltd...... 458,040 1,446,705 Finolex Industries Ltd...... 79,544 663,651 Ceat Ltd...... 32,147 697,492 Galaxy Surfactants Ltd...... 17,111 513,842 Endurance Technologies Ltd.(b)...... 56,096 1,100,889 Gujarat Fluorochemicals Ltd.(a) ...... 34,886 274,089 Exide Industries Ltd...... 679,690 1,874,847 Gulf Oil Lubricants India Ltd...... 23,761 236,058 Mahindra CIE Automotive Ltd.(a) ...... 182,060 447,686 Linde India Ltd...... 34,217 726,480 Minda Industries Ltd...... 108,517 836,564 Navin Fluorine International Ltd...... 51,419 1,780,720 Sundram Fasteners Ltd...... 151,417 1,476,978 Rallis India Ltd...... 125,229 435,664 Tube Investments of India Ltd...... 150,251 2,209,140 SRF Ltd...... 47,243 3,496,021 10,090,301 Supreme Industries Ltd...... 101,196 2,792,134 Banks — 4.8% Tata Chemicals Ltd...... 264,150 2,658,215 AU Small Finance Bank Ltd.(a)(b)...... 121,728 1,866,048 Vinati Organics Ltd...... 40,990 782,260 City Union Bank Ltd...... 577,068 1,298,079 28,500,180 DCB Bank Ltd.(a) ...... 244,332 387,021 Communications Equipment — 0.3% Federal Bank Ltd.(a)...... 2,353,615 2,675,982 Sterlite Technologies Ltd...... 253,480 717,823 IDFC First Bank Ltd.(a) ...... 3,619,392 3,125,133 Karur Vysya Bank Ltd. (The)(a) ...... 627,999 509,766 Construction & Engineering — 3.4% (b) RBL Bank Ltd.(b) ...... 573,405 1,838,392 Dilip Buildcon Ltd...... 54,451 503,460 Yes Bank Ltd., New, Engineers India Ltd...... 451,620 492,274 (Acquired 03/16/20, Cost: $3,554,476)(a)(c)(d) ...... 4,044,378 688,714 IRB Infrastructure Developers Ltd...... 224,571 330,202 Kalpataru Power Transmission Ltd...... 111,963 581,565 12,389,135 KEC International Ltd...... 184,318 1,080,174 Beverages — 1.2% NBCC India Ltd...... 1,008,947 588,329 Radico Khaitan Ltd...... 106,648 826,727 PNC Infratech Ltd...... 143,569 525,843 Varun Beverages Ltd...... 161,073 2,286,060 Voltas Ltd...... 343,086 4,753,528 3,112,787 8,855,375 Building Products — 2.4% Construction Materials — 3.1% Astral Poly Technik Ltd...... 108,157 3,131,600 Birla Corp. Ltd...... 37,034 428,120 Blue Star Ltd...... 92,285 1,092,890 Dalmia Bharat Ltd...... 119,188 2,329,344 Cera Sanitaryware Ltd...... 8,333 437,668 HeidelbergCement India Ltd...... 108,689 343,660 Kajaria Ceramics Ltd...... 126,738 1,633,357 India Cements Ltd. (The)...... 271,026 599,329 6,295,515 JK Cement Ltd...... 49,443 1,808,638 Capital Markets — 4.2% Ramco Cements Ltd. (The)...... 188,124 2,479,008 Central Depository Services India Ltd...... 81,423 691,517 7,988,099 CRISIL Ltd...... 23,072 611,234 Consumer Finance — 5.9% Dhani Services Ltd...... 373,765 1,841,232 Cholamandalam Financial Holdings Ltd...... 150,307 1,227,144 Edelweiss Financial Services Ltd.(a) ...... 746,121 701,091 Cholamandalam Investment and Finance Co. Ltd...... 653,763 4,616,420 ICICI Securities Ltd.(b) ...... 102,460 566,922 CreditAccess Grameen Ltd.(a) ...... 74,756 692,982 IDFC Ltd.(a)...... 1,915,644 1,431,161 Mahindra & Mahindra Financial Services Ltd.(a) ...... 985,453 2,731,670 IIFL Wealth Management Ltd...... 56,004 923,988 Manappuram Finance Ltd...... 744,040 1,783,023 Indian Energy Exchange Ltd.(b) ...... 234,146 934,704 MAS Financial Services Ltd.(b)...... 26,143 311,681 JM Financial Ltd...... 686,748 849,498 Spandana Sphoorty Financial Ltd.(a) ...... 25,451 216,690 Motilal Oswal Financial Services Ltd...... 58,287 478,685 Sundaram Finance Ltd...... 97,478 3,511,317 Multi Commodity Exchange of India Ltd...... 39,807 818,973 Ujjivan Financial Services Ltd...... 47,040 156,160 Nippon Life India Asset Management Ltd.(b) ...... 196,130 880,230 Tata Investment Corp. Ltd...... 20,104 303,605 15,247,087 Diversified Financial Services — 1.1% 11,032,840 Aditya Birla Capital Ltd.(a) ...... 730,609 1,229,364 Chemicals — 11.0% L&T Finance Holdings Ltd...... 1,184,209 1,690,461 Aarti Industries Ltd...... 138,969 2,335,534 Advanced Enzyme Technologies Ltd...... 80,333 390,542 2,919,825 Akzo Nobel India Ltd...... 14,620 429,359 Diversified Telecommunication Services — 0.6% Alkyl Amines Chemicals...... 8,052 553,499 Tata Communications Ltd...... 113,603 1,672,237 Atul Ltd...... 23,650 2,111,057 BASF India Ltd...... 17,335 454,517

10 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI India Small-Cap ETF February 28, 2021 (Percentages shown are based on Net Assets)

Security s Value Security s Value

Electric Utilities — 2.0% Household Durables (continued) CESC Ltd...... 95,661 $ 788,486 Orient Electric Ltd...... 186,006 $ 685,072 Tata Power Co. Ltd. (The) ...... 2,293,729 2,969,971 Symphony Ltd...... 28,028 427,810 Torrent Power Ltd...... 269,170 1,398,504 TTK Prestige Ltd...... 6,603 652,213 5,156,961 10,732,934 Electrical Equipment — 2.4% Household Products — 0.2% Amara Raja Batteries Ltd...... 122,650 1,472,351 Jyothy Labs Ltd...... 236,077 478,194 Bharat Heavy Electricals Ltd.(a) ...... 1,392,323 901,879 Finolex Cables Ltd...... 109,164 579,876 Independent Power and Renewable Electricity Producers — 0.6% (a) Graphite India Ltd...... 93,959 615,269 Adani Power Ltd...... 1,233,870 926,851 HEG Ltd...... 18,343 360,969 JSW Energy Ltd...... 527,861 516,475 KEI Industries Ltd...... 86,500 588,791 1,443,326 Polycab India Ltd...... 47,630 866,654 Industrial Conglomerates — 0.8% V-Guard Industries Ltd...... 274,573 841,075 3M India Ltd.(a) ...... 4,468 1,388,266 (a) 6,226,864 Godrej Industries Ltd...... 134,750 818,659 Electronic Equipment, Instruments & Components — 0.4% 2,206,925 Redington India Ltd...... 405,163 1,008,979 Insurance — 1.5% Max Financial Services Ltd.(a) ...... 330,236 3,892,187 Entertainment — 0.7% Chennai Super Kings Cricket Ltd.(a)(c)...... 20 6 , 7 8 7 2 8 Interactive Media & Services — 0.2% Inox Leisure Ltd.(a)...... 80,853 338,221 Just Dial Ltd.(a) ...... 54,595 530,794 PVR Ltd...... 72,881 1,351,946 Internet Software & Services — 0.0% 1,690,195 Suvidhaa Infoserve Pvt Ltd.(a) ...... 42,648 5,237 Equity Real Estate Investment Trusts (REITs) — 0.4% Mindspace Business Parks REIT(b) ...... 236,400 980,408 IT Services — 3.8% Coforge Ltd...... 29,018 1,003,813 Food Products — 1.1% DRC Systems India Pvt Ltd.(a) ...... 788 5,235 Avanti Feeds Ltd...... 86,660 563,700 Firstsource Solutions Ltd...... 441,743 598,729 Balrampur Chini Mills Ltd...... 185,400 446,817 Infibeam Avenues Ltd.(a) ...... 319,118 398,436 Bombay Burmah Trading Co...... 28,118 443,666 Mindtree Ltd...... 91,929 2,001,271 CCL Products India Ltd...... 117,433 365,315 Mphasis Ltd...... 133,996 3,003,035 Kaveri Seed Co. Ltd...... 38,340 264,522 Persistent Systems Ltd...... 73,385 1,654,296 KRBL Ltd...... 73,247 196,262 Sonata Software Ltd...... 92,897 604,270 Zydus Wellness Ltd...... 20,137 523,724 Vakrangee Ltd...... 765,910 554,486 2,804,006 9,823,571 Gas Utilities — 3.1% Life Sciences Tools & Services — 0.6% Adani Total Gas Ltd...... 437,635 3,050,373 Jubilant Ingrevia Ltd., NVS ...... 114,337 203,375 Gujarat Gas Ltd...... 275,381 1,853,861 Syngene International Ltd.(a)(b) ...... 192,060 1,461,391 Gujarat State Petronet Ltd...... 450,012 1,529,741 1,664,766 Mahanagar Gas Ltd...... 94,869 1,495,492 Machinery — 5.5% 7,929,467 AIA Engineering Ltd...... 67,707 1,676,205 Health Care Providers & Services — 2.1% Ashok Leyland Ltd...... 2,107,226 3,694,850 (a)(b) Aster DM Healthcare Ltd...... 200,603 391,051 Carborundum Universal Ltd...... 165,884 1,145,849 (b) Dr Lal PathLabs Ltd...... 46,311 1,449,925 Cochin Shipyard Ltd.(b)...... 51,700 261,613 (a) Fortis Healthcare Ltd...... 721,150 1,553,978 Cummins India Ltd...... 198,984 2,133,084 Metropolis Healthcare Ltd...... 40,790 1,087,567 Escorts Ltd...... 96,789 1,726,620 Narayana Hrudayalaya Ltd...... 114,013 669,246 GMM Pfaudler Ltd...... 10,449 584,773 (b) Thyrocare Technologies Ltd...... 29,658 366,502 Lakshmi Machine Works Ltd...... 5,990 525,703 5,518,269 Schaeffler India Ltd...... 12,495 882,999 Hotels, Restaurants & Leisure — 1.1% Thermax Ltd...... 66,289 1,226,236 EIH Ltd.(a) ...... 249,376 328,158 Timken India Ltd...... 30,250 524,276 Indian Hotels Co. Ltd. (The) ...... 1,138,114 1,902,665 14,382,208 (a) Westlife Development Ltd...... 85,939 586,609 Media — 0.5% 2,817,432 Affle India Ltd.(a) ...... 14,288 1,010,941 Household Durables — 4.1% TV18 Broadcast Ltd.(a) ...... 709,534 280,492 Amber Enterprises India Ltd...... 26,869 1,182,002 1,291,433 (a) Bajaj Electricals Ltd...... 72,708 948,118 Metals & Mining — 2.4% Crompton Greaves Consumer Electricals Ltd...... 750,572 3,933,902 APL Apollo Tubes Ltd.(a) ...... 79,850 1,165,613 Dixon Technologies India Ltd...... 9,336 2,521,730 Jindal Steel & Power Ltd.(a) ...... 650,838 2,974,981 (a) Johnson Controls-Hitachi Air Conditioning India Ltd...... 10,905 382,087 Mishra Dhatu Nigam Ltd.(b)...... 72,828 189,491

C O N SOLIDATED S C HEDU LE O F I N VES TMENTS 11 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI India Small-Cap ETF February 28, 2021 (Percentages shown are based on Net Assets)

Security s Value Security s Value

Metals & Mining (continued) Software — 2.1% National Aluminium Co. Ltd...... 1,484,460 $ 1,212,051 Birlasoft Ltd...... 220,816 $ 681,814 Ratnamani Metals & Tubes Ltd...... 26,008 673,090 Cyient Ltd...... 131,426 1,166,890 6,215,226 Tanla Platforms Ltd...... 97,334 1,187,585 Multiline Retail — 0.3% Tata Elxsi Ltd...... 54,417 1,968,187 Future Retail Ltd.(a) ...... 302,160 286,391 Zensar Technologies Ltd...... 108,040 434,086 V-Mart Retail Ltd.(a) ...... 14,295 515,104 5,438,562 801,495 Textiles, Apparel & Luxury Goods — 3.0% (a) Oil, Gas & Consumable Fuels — 0.9% Aditya Birla Fashion and Retail Ltd...... 495,325 1,237,554 Aegis Logistics Ltd...... 221,413 929,522 Bata India Ltd...... 92,510 1,810,545 Great Eastern Shipping Co. Ltd. (The) ...... 163,453 698,765 Garware Technical Fibres Ltd...... 15,844 557,424 Oil India Ltd...... 343,299 590,034 KPR Mill Ltd...... 27,497 346,627 Rajesh Exports Ltd...... 93,926 650,011 2,218,321 Relaxo Footwears Ltd.(a) ...... 78,710 915,632 Paper & Forest Products — 0.2% Vaibhav Global Ltd...... 15,542 741,642 Century Textiles & Industries Ltd...... 71,689 469,634 Vardhman Textiles Ltd.(a) ...... 36,892 594,384 Personal Products — 1.3% VIP Industries Ltd...... 90,825 495,252 Bajaj Consumer Care Ltd...... 153,812 508,206 Welspun India Ltd...... 484,448 456,199 Emami Ltd...... 318,916 1,975,513 7,805,270 Gillette India Ltd...... 10,454 786,856 Thrifts & Mortgage Finance — 2.8% 3,270,575 Aavas Financiers Ltd.(a) ...... 43,850 1,345,933 Pharmaceuticals — 6.9% Can Fin Homes Ltd...... 84,330 548,888 Aarti Drugs Ltd...... 51,520 442,321 IIFL Finance Ltd...... 180,137 680,370 Ajanta Pharma Ltd...... 41,294 982,099 Indiabulls Housing Finance Ltd...... 442,416 1,316,983 Alembic Pharmaceuticals Ltd...... 94,226 1,180,630 LIC Housing Finance Ltd...... 483,020 2,823,122 AstraZeneca Pharma India Ltd...... 8,050 376,428 PNB Housing Finance Ltd.(a)(b) ...... 92,920 556,685 Eris Lifesciences Ltd.(b) ...... 54,377 433,921 7,271,981 FDC Ltd./India...... 79,599 300,751 Tobacco — 0.1% Glenmark Pharmaceuticals Ltd...... 247,115 1,567,735 Godfrey Phillips India Ltd...... 19,719 241,198 Granules India Ltd...... 197,151 868,312 IOL Chemicals and Pharmaceuticals Ltd...... 32,760 247,043 Trading Companies & Distributors — 0.8% (b) JB Chemicals & Pharmaceuticals Ltd...... 57,583 876,537 IndiaMART Intermesh Ltd...... 18,582 2,173,590 Jubilant Pharmova Ltd...... 114,462 1,198,747 (b) Transportation Infrastructure — 0.7% Laurus Labs Ltd...... 513,008 2,444,441 GMR Infrastructure Ltd.(a) ...... 3,372,775 1,195,629 Natco Pharma Ltd...... 145,860 1,610,444 Gujarat Pipavav Port Ltd...... 464,148 624,675 Procter & Gamble Health Ltd...... 10,593 965,695 Sanofi India Ltd...... 14,740 1,658,779 1,820,304 Shilpa Medicare Ltd...... 45,172 226,582 Wireless Telecommunication Services — 0.8% (a) Strides Pharma Science Ltd...... 92,683 1,051,442 Vodafone Idea Ltd...... 13,751,526 2,114,612 (a) Sun Pharma Advanced Research Co. Ltd...... 103,620 230,760 Total Common Stocks — 100.1% Suven Pharmaceuticals Ltd...... 141,150 920,832 (Cost: $166,501,527) ...... 259,611,520 Wockhardt Ltd.(a) ...... 53,188 362,947 17,946,446 Short-Term Investments Professional Services — 1.3% L&T Technology Services Ltd.(b) ...... 41,910 1,464,412 Money Market Funds — 1.2% (a)(b) BlackRock Cash Funds: Treasury, SL Agency Shares, Quess Corp. Ltd...... 106,381 1,086,900 (e)(f) TeamLease Services Ltd.(a) ...... 16,323 756,165 0.00% ...... 3,190,000 3,190,000 3,307,477 Total Short-Term Investments — 1.2% Real Estate Management & Development — 3.2% (Cost: $3,190,000)...... 3,190,000 Godrej Properties Ltd.(a)...... 120,635 2,529,009 Hemisphere Properties India Ltd.(a) ...... 113,630 270,757 Total Investments in Securities — 101.3% Indiabulls Real Estate Ltd.(a)...... 327,676 397,974 (Cost: $169,691,527) ...... 262,801,520 NESCO Ltd...... 33,519 270,168 Other Assets, Less Liabilities — (1.3)%...... (3,280,739) Oberoi Realty Ltd.(a) ...... 203,576 1,511,479 Phoenix Mills Ltd. (The)(a) ...... 137,390 1,521,134 Net Assets — 100.0%...... $ 259,520,781 Prestige Estates Projects Ltd...... 222,253 901,594 (a) Non-income producing security. Sobha Ltd...... 76,156 455,319 (b) Security exempt from registration pursuant to Rule 144A under the Securities Act of Sunteck Realty Ltd...... 82,066 388,358 1933, as amended. These securities may be resold in transactions exempt from 8,245,792 registration to qualified institutional investors.

12 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI India Small-Cap ETF February 28, 2021

(c) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. (d) Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $688,714, representing 0.3% of its net assets as of period end, and an original cost of $3,554,476. (e) Affiliate of the Fund. (f) Annualized 7-day yield as of period-end.

Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 02/28/21 02/28/21 Income Funds BlackRock Cash Funds: Treasury, SL Agency Shares . .... $ —$3,190,000(a) $ — $ — $ — $3,190,000 3,190,000 $ 500$ —

(a) Represents net amount purchased (sold).

Futures Contracts

Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts SGX Nifty 50 Index ...... 8 03/25/21 $ 232 $ (5,210)

Equity Contracts Liabilities — Derivative Financial Instruments Futures contracts Unrealized depreciation on futures contracts(a) ...... $ 5,210

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

Equity Contracts Net Realized Gain (Loss) from: Futures contracts ...... $179,785 Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts ...... $ (10,035)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: Average notional value of contracts — long ...... $121,257 For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

C O N SOLIDATED S C HEDU LE O F I N VES TMENTS 13 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI India Small-Cap ETF February 28, 2021

Level 1 Level 2 Level 3 Total Investments Assets Common Stocks ...... $258,708,931 $ 213,847 $ 688,742 $259,611,520 Money Market Funds ...... 3,190,000 — — 3,190,000 $261,898,931 $ 213,847 $ 688,742 $262,801,520 Derivative financial instruments(a) Liabilities Futures Contracts ...... $ (5,210) $ — $ — $ (5,210)

(a) Shown at the unrealized appreciation (depreciation) on the contracts. See notes to consolidated financial statements.

14 2021 I S H ARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Consolidated Statements of Assets and Liabilities (unaudited) February 28, 2021

iShares MSCI India iShares Small-Cap MSCI India ETF ETF

ASSETS Investments in securities, at value: Unaffiliated(a) ...... $5,115,672,529 $259,611,520 Affiliated(b) ...... 2,360,000 3,190,000 Cash...... 82,914,005 1,151,432 Foreign currency, at value(c) ...... 2,657,029 330,011 Cash pledged: Futures contracts ...... 2,549,000 30,000 Receivables: Investments sold...... 63,983,170 1,030,446 Dividends...... 2,289,452 89,655 Total assets ...... 5,272,425,185 265,433,064

LIABILITIES Deferred foreign capital gain tax...... 82,350,294 4,673,067 Payables: Investments purchased...... 77,794,564 1,079,591 Variation margin on futures contracts...... 1,002,436 15,442 Investment advisory fees ...... 2,586,117 144,183 Total liabilities ...... 163,733,411 5,912,283

NET ASSETS ...... $5,108,691,774 $259,520,781

NET ASSETS CONSIST OF: Paid-in capital ...... $4,340,140,112 $263,133,789 Accumulated earnings (loss) ...... 768,551,662 (3,613,008) NET ASSETS ...... $5,108,691,774 $259,520,781

Shares outstanding ...... 125,250,000 5,500,000 Net asset value...... $ 40.79 $ 47.19 Shares authorized ...... Unlimited Unlimited Par value...... None None

(a) Investments, at cost — Unaffiliated ...... $3,388,007,779 $166,501,527 (b) Investments, at cost — Affiliated...... $ 2,360,000 $ 3,190,000 (c) Foreign currency, at cost ...... $ 2,682,146 $ 334,411

See notes to consolidated financial statements.

C O N SOLIDATED F INANC IAL S T ATEMENTS 15 Consolidated Statements of Operations (unaudited) Six Months Ended February 28, 2021

iShares iShares MSCI India MSCI India Small-Cap ETF ETF

INVESTMENT INCOME Dividends — Unaffiliated ...... $ 22,068,987 $ 808,885 Dividends — Affiliated ...... 8,252 500 Foreign taxes withheld ...... (4,900,821) (167,320) Total investment income ...... 17,176,418 642,065

EXPENSES Investment advisory fees...... 12,695,033 799,102 Mauritius income taxes...... 419,350 20,256 Total expenses ...... 13,114,383 819,358 Net investment income (loss) ...... 4,062,035 (177,293)

REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from: Investments — Unaffiliated(a) ...... 18,432,309 8,816,392 Futures contracts ...... 2,328,785 179,785 Foreign currency transactions ...... (5,101,152) (173,525) Net realized gain ...... 15,659,942 8,822,652 Net change in unrealized appreciation (depreciation) on: Investments — Unaffiliated(b) ...... 720,038,425 60,194,594 Futures contracts ...... (1,246,400) (10,035) Foreign currency translations ...... (117,515) (10,042) Net change in unrealized appreciation (depreciation) ...... 718,674,510 60,174,517 Net realized and unrealized gain ...... 734,334,452 68,997,169 NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ...... $738,396,487 $68,819,876

(a) Net of foreign capital gain tax and capital gain tax refund, if applicable...... $ 52,870 $ 2,318 (b) Net of deferred foreign capital gain tax of ...... $(82,350,294) $ (4,673,067)

See notes to consolidated financial statements.

16 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Consolidated Statements of Changes in Net Assets

iShares iShares MSCI India ETF MSCI India Small-Cap ETF Six Months Ended Six Months Ended 02/28/21 Year Ended 02/28/21 Year Ended (unaudited) 08/31/20 (unaudited) 08/31/20

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS Net investment income (loss)...... $ 4,062,035 $ 17,811,177 $ (177,293) $ 1,042,095 Net realized gain (loss)...... 15,659,942 (334,131,502) 8,822,652 (56,924,723) Net change in unrealized appreciation (depreciation) ...... 718,674,510 31,694,408 60,174,517 51,180,604 Net increase (decrease) in net assets resulting from operations...... 738,396,487 (284,625,917) 68,819,876 (4,702,024)

DISTRIBUTIONS TO SHAREHOLDERS(a) Decrease in net assets resulting from distributions to shareholders...... (3,124,353) (12,672,573) (269,939) (5,550,007)

CAPITAL SHARE TRANSACTIONS Net increase (decrease) in net assets derived from capital share transactions ...... 1,279,586,872 (1,508,617,643) (2,799,124) (66,411,121)

NET ASSETS Total increase (decrease) in net assets ...... 2,014,859,006 (1,805,916,133) 65,750,813 (76,663,152) Beginning of period...... 3,093,832,768 4,899,748,901 193,769,968 270,433,120 End of period...... $5,108,691,774 $ 3,093,832,768 $259,520,781 $193,769,968

(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to consolidated financial statements.

C O N SOLIDATED F INANC IAL S T ATEMENTS 17 Consolidated Financial Highlights (For a share outstanding throughout each period)

iShares MSCI India ETF Six Months Ended 02/28/21 Year Ended Year Ended Year Ended Year Ended Year Ended (unaudited) 08/31/20 08/31/19 08/31/18 08/31/17 08/31/16

Net asset value, beginning of period ...... $ 33.37 $ 32.38 $ 35.68 $ 34.20 $ 29.61 $ 28.12 Net investment income(a) ...... 0.04 0.14 0.29 0.25 0.26 0.22 Net realized and unrealized gain (loss)(b) ...... 7.41 0.96 (3.00) 1.54 4.53 1.64 Net increase (decrease) from investment operations...... 7.45 1.10 (2.71) 1.79 4.79 1.86

Distributions(c) From net investment income...... (0.03) (0.11) (0.49) (0.31) (0.20) (0.37) Return of capital ...... — — (0.10) — — — Total distributions ...... (0.03) (0.11) (0.59) (0.31) (0.20) (0.37)

Net asset value, end of period ...... $ 40.79 $ 33.37 $ 32.38 $ 35.68 $ 34.20 $ 29.61

Total Return Based on net asset value ...... 22.30%(d) 3.40% (7.61)% 5.26% 16.27% 6.73%

Ratios to Average Net Assets Total expenses ...... 0.67%(e) 0.69% 0.69% 0.68% 0.68% 0.71% Net investment income...... 0.21%(e) 0.43% 0.86% 0.72% 0.87% 0.79%

Supplemental Data Net assets, end of period (000)...... $5,108,692 $3,093,833 $4,899,749 $5,082,120 $5,263,819 $4,112,252 Portfolio turnover rate(f) ...... 14%(d)(g) 25%(g) 9%(g) 10%(g) 13%(g) 25%(g)

(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) Not annualized. (e) Annualized. (f) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). (g) Portfolio turnover rate excluding cash creations was as follows: ...... 12% 19% 6% 5% 5% 15%

See notes to consolidated financial statements.

18 2021 I S H ARES S EMI-AN N U AL R E P O RT TO S HAREHO LDERS Consolidated Financial Highlights (continued) (For a share outstanding throughout each period)

iShares MSCI India Small-Cap ETF Six Months Ended 02/28/21 Year Ended Year Ended Year Ended Year Ended Year Ended (unaudited) 08/31/20 08/31/19 08/31/18 08/31/17 08/31/16

Net asset value, beginning of period ...... $ 34.60 $ 33.39 $ 44.10 $ 46.27 $ 36.01 $ 32.24 Net investment income (loss)(a) ...... (0.03) 0.15 0.10 (0.00)(b) 0.09 0.07 Net realized and unrealized gain (loss)(c) ...... 12.67 1.88 (10.60) (1.06) 10.55 4.36 Net increase (decrease) from investment operations ...... 12.64 2.03 (10.50) (1.06) 10.64 4.43

Distributions(d) From net investment income...... (0.05) (0.82) (0.21) (0.63) (0.38) (0.66) Return of capital ...... — — — (0.48) — — Total distributions ...... (0.05) (0.82) (0.21) (1.11) (0.38) (0.66)

Net asset value, end of period ...... $ 47.19 $ 34.60 $ 33.39 $ 44.10 $ 46.27 $ 36.01

Total Return Based on net asset value ...... 36.55%(e) 6.35% (23.88)% (2.36)% 29.97% 13.99%

Ratios to Average Net Assets Total expenses ...... 0.76%(f) 0.81% 0.76% 0.77% 0.75% 0.80% Net investment income (loss)...... (0.16)%(f) 0.45% 0.28% (0.00)%(g) 0.21% 0.23%

Supplemental Data Net assets, end of period (000)...... $259,521 $193,770 $270,433 $282,264 $205,914 $64,825 Portfolio turnover rate(h) ...... 25%(e)(i) 32%(i) 24%(i) 49%(i) 38%(i) 53%(i)

(a) Based on average shares outstanding. (b) Rounds to less than $0.01. (c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. (d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (e) Not annualized. (f) Annualized. (g) Rounds to less than 0.01%. (h) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). (i) Portfolio turnover rate excluding cash creations was as follows: ...... 24% 28% 19% 31% 22% 25%

See notes to consolidated financial statements.

C O N SOLIDATED F INANC IAL H I G HLIG HTS 19 Notes to Consolidated Financial Statements (unaudited)

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

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

Diversification iShares ETF Classification MSCI India ...... Non-diversified MSCI India Small-Cap ...... Diversified

Basis of Consolidation: The accompanying consolidated financial statements for each Fund includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (each, a “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, each Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The net assets of the Subsidiary of the iShares MSCI India ETF and iShares MSCI India Small-Cap ETF as of period end were $5,106,206,900 and $256,436,893, which is 100.0% and 98.8% of each respective Fund's consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements 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. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the consolidated statement of operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated 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 certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its consolidated statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are 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 their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2021, iff any, are disclosed in the consolidated statement of assets and liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The consolidated statement of operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Each Fund conducts its investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, each Subsidiary must have commercial substance, on an annual basis, to satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius, have the place of effective management outside of India, and related requirements. Each Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.

20 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Notes to Consolidated Financial Statements (unaudited) (continued)

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, each Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, each Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign source income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the FSC, each Subsidiary is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against each Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. Taxes on income, if any, are paid by each Subsidiary and are disclosed in its consolidated statement of operations. Any dividends paid by a Subsidiary to its Fund are not subject to tax in Mauritius. Each Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.

The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied. There can be no assurance, however, that the DTAA will remain in effect during the Subsidiary’s existence or that it will continue to enjoy its benefits on the shares acquired prior to April 1, 2017.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

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 net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

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 the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by 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 official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. • Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”). • Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

If events (e.g., a market closure, market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application 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 price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 result in 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 value hierarchy consisting of three broad levels for financial reporting purposes as follows: • Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

N O TES TO C O N SOLIDATED F INANC IAL S T ATEMENTS 21 Notes to Consolidated Financial Statements (unaudited) (continued)

• Level 2 – Other observable inputs (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 active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, 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 Global Valuation 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 to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment 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 classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the consolidated statement of assets and liabilities.

Securities deposited as initial margin are designated in the schedule of investments and cash deposited, if any, are shown as cash pledged for futures contracts in the consolidated statement of assets and liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the consolidated statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the consolidated statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

Aggregate Average Daily Net Assets Investment Advisory Fee First $4 billion...... 0.6500% Over $4 billion, up to and including $6 billion...... 0.6175 Over $6 billion, up to and including $8 billion...... 0.5867 Over $8 billion ...... 0.5573

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

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

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 or expenses for distribution services provided to the Funds.

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

22 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Notes to Consolidated Financial Statements (unaudited) (continued)

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 investments is shown as dividends – affiliated in the consolidated statement of operations.

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

6. PURCHASES AND SALES

For the six months ended February 28, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF Purchases Sales MSCI India...... $ 1,765,510,531 $ 553,199,389 MSCI India Small-Cap ...... 54,355,317 61,821,356

There were no in-kind transactions for the six months ended February 28, 2021.

7. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all off its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' consolidated financial statements.

As of August 31, 2020, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF Non-Expiring MSCI India ...... $ 729,385,183 MSCI India Small-Cap ...... 82,573,978

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 to mark-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 February 28, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

Net Unrealized Gross Unrealized Gross Unrealized Appreciation iShares ETF Tax Cost Appreciation Depreciation (Depreciation) MSCI India ...... $ 3,552,248,687 $ 1,793,456,921 $ (227,926,697) $ 1,565,530,224 MSCI India Small-Cap ...... 187,227,385 100,426,555 (24,857,630) 75,568,925

8. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, 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 may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details 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 well as 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 composition of the portfolio is monitored by BFA.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund's investments. The duration of this pandemic and its effects cannot be determined with certainty.

N O TES TO C O N SOLIDATED F INANC IAL S T ATEMENTS 23 Notes to Consolidated Financial Statements (unaudited) (continued)

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation off the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the consolidated statement of assets and liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

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 particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its consolidated schedule of investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social 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. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds' investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions 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. Investment percentages in specific sectors are presented in the schedule of investments.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

9. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

24 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Notes to Consolidated Financial Statements (unaudited) (continued)

Six Months Ended Year Ended 02/28/21 08/31/20 iShares ETF Shares Amount Shares Amount MSCI India Shares sold ...... 33,800,000 $ 1,321,848,743 8,400,000 $ 324,117,985 Shares redeemed ...... (1,250,000) (42,261,871)(67,000,000) (1,832,735,628) Net increase (decrease)...... 32,550,000 $ 1,279,586,872 (58,600,000) $ (1,508,617,643) MSCI India Small-Cap Shares sold ...... 50,000 $ 2,372,159 300,000 $ 10,982,558 Shares redeemed ...... (150,000) (5,171,283) (2,800,000) (77,393,679) Net decrease...... (100,000) $ (2,799,124) (2,500,000) $ (66,411,121)

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may 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.

10. SUBSEQUENT EVENTS

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

N O TES TO C O N SOLIDATED F INANC IAL S T ATEMENTS 25 Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI India ETF and iShares MSCI India Small-Cap ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 2, 2020 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2019 through September 30, 2020 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and closures in certain countries and the impact of the coronavirus outbreak on the Funds and the overall market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a Fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following enhancements to the Program: (1) certain single country emerging market ETFs were added to a $300 million credit agreement with State Street Bank and Trust Company; and (2) certain updates were made to the RATS and HLIM calculation methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

26 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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 reporting purposes. 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 changes based 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 tax purposes.

February 28, 2021

Total Cumulative Distributions % Breakdown of the Total Cumulative for the Fiscal Year-to-Date Distributions for the Fiscal Year-to-Date Net Net Investment Net Realized Return of Total Per Investment Net Realized Return of Total Per iShares ETF Income Capital Gains Capital Share Income Capital Gains Capital Share MSCI India ...... $ 0.031623 $ —$ —$0.031623 100% —% —% 100%

S U PPLEMENTAL I NFO RMATION 27 General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to 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 off the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if theirr accounts are registered under different names. Please contact your 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 currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The 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 their reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings forr the first and third quarters of each fiscal year available at ishares.com/fundreports.

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 the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

28 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity

NVS Non-Voting Shares REIT Real Estate Investment Trust

G LOSSARY O F T E RMS U S ED IN THIS R E P O RT 29 THIS PAGE INTENTIONALLY LEFT BLANK. THIS PAGE INTENTIONALLY LEFT BLANK. Want to know more? iShares.com | 1-800-474-2737

This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current 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 advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above. ©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners. iS-SAR-809-0221